Document:

EX-10.1

 Exhibit 10.1 

EMPIRE STATE REALTY OP, L.P. 

EMPIRE STATE REALTY TRUST, INC. 

$100,000,000 3.61% Series G Senior Notes due March 17, 2032 

$75,000,000 3.73% Series H Senior Notes due March 17, 2035 

 
  

NOTE PURCHASE AGREEMENT 
  

 
 Dated
March 17, 2020 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1. AUTHORIZATION OF NOTES
	  	 	1	 
		
	 SECTION 2. SALE AND PURCHASE OF NOTES
	  	 	1	 
		
	 SECTION 3. CLOSING
	  	 	2	 
		
	 SECTION 4. CONDITIONS TO CLOSING
	  	 	2	 
			
	 Section 4.1
	 	 Representations and Warranties
	  	 	2	 
	 Section 4.2
	 	 Performance; No Default
	  	 	2	 
	 Section 4.3
	 	 Compliance Certificates
	  	 	3	 
	 Section 4.4
	 	 Opinions of Counsel
	  	 	3	 
	 Section 4.5
	 	 Purchase Permitted By Applicable Law, Etc
	  	 	3	 
	 Section 4.6
	 	 Sale of Other Notes
	  	 	3	 
	 Section 4.7
	 	 Guaranty Agreement
	  	 	3	 
	 Section 4.8
	 	 Payment of Special Counsel Fees
	  	 	4	 
	 Section 4.9
	 	 Private Placement Number
	  	 	4	 
	 Section 4.10
	 	 Changes in Structure
	  	 	4	 
	 Section 4.11
	 	 Funding Instructions
	  	 	4	 
	 Section 4.12
	 	 No Material Adverse Effect
	  	 	4	 
	 Section 4.13
	 	 Proceedings and Documents
	  	 	4	 
		
	 SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND PARENT
	  	 	4	 
			
	 Section 5.1
	 	 Organization; Power and Authority
	  	 	4	 
	 Section 5.2
	 	 Authorization, Etc
	  	 	5	 
	 Section 5.3
	 	 Disclosure
	  	 	5	 
	 Section 5.4
	 	 Organization and Ownership of Shares of Subsidiaries; Affiliates
	  	 	5	 
	 Section 5.5
	 	 Financial Statements; Material Liabilities
	  	 	6	 
	 Section 5.6
	 	 Compliance with Laws, Other Instruments, Etc
	  	 	6	 
	 Section 5.7
	 	 Governmental Authorizations, Etc
	  	 	7	 
	 Section 5.8
	 	 Litigation; Observance of Agreements, Statutes and Orders
	  	 	7	 
	 Section 5.9
	 	 Taxes
	  	 	7	 
	 Section 5.10
	 	 Title to Property; Leases
	  	 	8	 
	 Section 5.11
	 	 Licenses, Permits, Etc
	  	 	8	 
	 Section 5.12
	 	 Compliance with ERISA
	  	 	8	 
	 Section 5.13
	 	 Private Offering by the Company
	  	 	9	 
	 Section 5.14
	 	 Use of Proceeds; Margin Regulations
	  	 	9	 
	 Section 5.15
	 	 Existing Indebtedness; Future Liens
	  	 	10	 
	 Section 5.16
	 	 Foreign Assets Control Regulations, Etc
	  	 	10	 
	 Section 5.17
	 	 Status under Certain Statutes
	  	 	11	 
	 Section 5.18
	 	 Environmental Matters
	  	 	11	 
	 Section 5.19
	 	 Insurance
	  	 	12	 

  
 - i - 

							
	 Section 5.20
	 	 Solvency
	  	 	12	 
	 Section 5.21
	 	 Casualty, Etc
	  	 	12	 
	 Section 5.22
	 	 Unencumbered Properties
	  	 	12	 
	 Section 5.23
	 	 Subsidiary Guarantors
	  	 	12	 
	 Section 5.24
	 	 REIT Status
	  	 	12	 
		
	 SECTION 6. REPRESENTATIONS OF THE PURCHASERS
	  	 	13	 
			
	 Section 6.1
	 	 Purchase for Investment
	  	 	13	 
	 Section 6.2
	 	 Source of Funds
	  	 	13	 
		
	 SECTION 7. INFORMATION AS TO PARENT AND COMPANY
	  	 	15	 
			
	 Section 7.1
	 	 Financial and Business Information
	  	 	15	 
	 Section 7.2
	 	 Officer’s Certificate
	  	 	21	 
	 Section 7.3
	 	 Visitation
	  	 	21	 
	 Section 7.4
	 	 Electronic Delivery
	  	 	22	 
		
	 SECTION 8. PAYMENT AND PREPAYMENT OF THE NOTES
	  	 	23	 
			
	 Section 8.1
	 	 Maturity
	  	 	23	 
	 Section 8.2
	 	 Optional Prepayments with Make-Whole Amount
	  	 	23	 
	 Section 8.3
	 	 Allocation of Partial Prepayments
	  	 	23	 
	 Section 8.4
	 	 Maturity; Surrender, Etc
	  	 	23	 
	 Section 8.5
	 	 Purchase of Notes
	  	 	24	 
	 Section 8.6
	 	 Make-Whole Amount
	  	 	24	 
	 Section 8.7
	 	 Payments Due on Non-Business Days
	  	 	25	 
		
	 SECTION 9. AFFIRMATIVE COVENANTS
	  	 	26	 
			
	 Section 9.1
	 	 Compliance with Laws
	  	 	26	 
	 Section 9.2
	 	 Insurance
	  	 	26	 
	 Section 9.3
	 	 Maintenance of Properties
	  	 	26	 
	 Section 9.4
	 	 Payment of Taxes and Obligations
	  	 	27	 
	 Section 9.5
	 	 Preservation of Existence, Etc
	  	 	27	 
	 Section 9.6
	 	 Books and Records
	  	 	27	 
	 Section 9.7
	 	 Additional Guarantors
	  	 	27	 
	 Section 9.8
	 	 Additional Unencumbered Properties
	  	 	29	 
	 Section 9.9
	 	 Compliance with Environmental Laws
	  	 	30	 
	 Section 9.10
	 	 Maintenance of REIT Status; New York Stock Exchange or NASDAQ Listing
	  	 	30	 
	 Section 9.11
	 	 Further Assurances
	  	 	30	 
	 Section 9.12
	 	 Most Favored Lender
	  	 	31	 
		
	 SECTION 10. NEGATIVE COVENANTS
	  	 	33	 
			
	 Section 10.1
	 	 Liens
	  	 	33	 
	 Section 10.2
	 	 Investments
	  	 	33	 
	 Section 10.3
	 	 Indebtedness
	  	 	34	 
	 Section 10.4
	 	 Minimum Property Condition
	  	 	34	 
	 Section 10.5
	 	 Fundamental Changes; Dispositions
	  	 	34	 
	 Section 10.6
	 	 Restricted Payments
	  	 	35	 

  
 - ii - 

							
	 Section 10.7
	 	 Change in Nature of Business
	  	 	37	 
	 Section 10.8
	 	 Transactions with Affiliates
	  	 	37	 
	 Section 10.9
	 	 Burdensome Agreements
	  	 	37	 
	 Section 10.10
	 	 Use of the Proceeds
	  	 	38	 
	 Section 10.11
	 	 Financial Covenants
	  	 	38	 
	 Section 10.12
	 	 Accounting Changes
	  	 	40	 
	 Section 10.13
	 	 Amendments, Waivers and Terminations of Organization Documents
	  	 	40	 
	 Section 10.14
	 	 Parent Covenants
	  	 	40	 
	 Section 10.15
	 	 Economic Sanctions, Etc
	  	 	41	 
		
	 SECTION 11. EVENTS OF DEFAULT
	  	 	41	 
		
	 SECTION 12. REMEDIES ON DEFAULT, ETC
	  	 	44	 
			
	 Section 12.1
	 	 Acceleration
	  	 	44	 
	 Section 12.2
	 	 Other Remedies
	  	 	44	 
	 Section 12.3
	 	 Rescission
	  	 	45	 
	 Section 12.4
	 	 No Waivers or Election of Remedies, Expenses, Etc
	  	 	45	 
		
	 SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES
	  	 	45	 
			
	 Section 13.1
	 	 Registration of Notes
	  	 	45	 
	 Section 13.2
	 	 Transfer and Exchange of Notes
	  	 	46	 
	 Section 13.3
	 	 Replacement of Notes
	  	 	46	 
		
	 SECTION 14. PAYMENTS ON NOTES
	  	 	46	 
			
	 Section 14.1
	 	 Place of Payment
	  	 	46	 
	 Section 14.2
	 	 Payment by Wire Transfer
	  	 	47	 
	 Section 14.3
	 	 Tax Indemnification; Evidence of Exemption from U.S. Withholding Tax
	  	 	47	 
		
	 SECTION 15. EXPENSES, ETC
	  	 	49	 
			
	 Section 15.1
	 	 Transaction Expenses
	  	 	49	 
	 Section 15.2
	 	 Survival
	  	 	50	 
		
	 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
	  	 	50	 
		
	 SECTION 17. AMENDMENT AND WAIVER
	  	 	51	 
			
	 Section 17.1
	 	 Requirements
	  	 	51	 
	 Section 17.2
	 	 Solicitation of Holders of Notes
	  	 	51	 
	 Section 17.3
	 	 Binding Effect, Etc
	  	 	52	 
	 Section 17.4
	 	 Notes Held by Company, Etc
	  	 	52	 
		
	 SECTION 18. NOTICES
	  	 	52	 
		
	 SECTION 19. REPRODUCTION OF DOCUMENTS
	  	 	53	 
		
	 SECTION 20. CONFIDENTIAL INFORMATION
	  	 	54	 
		
	 SECTION 21. SUBSTITUTION OF PURCHASER
	  	 	55	 

  
 - iii - 

							
	 SECTION 22. MISCELLANEOUS
	  	 	55	 
			
	 Section 22.1
	 	 Successors and Assigns
	  	 	55	 
	 Section 22.2
	 	 Accounting Terms
	  	 	55	 
	 Section 22.3
	 	 Severability
	  	 	56	 
	 Section 22.4
	 	 Construction, Etc
	  	 	56	 
	 Section 22.5
	 	 Counterparts
	  	 	56	 
	 Section 22.6
	 	 Governing Law
	  	 	57	 
	 Section 22.7
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	57	 
	 Section 22.8
	 	 Recourse to Credit Parties
	  	 	57	 

  
 - iv - 

 TABLE OF CONTENTS 

(continued) 
  

					
	SCHEDULE A	 	—	    	DEFINED TERMS
			
	SCHEDULE 1-A	 	—	    	FORM OF 3.61% SERIES G SENIOR NOTE DUE MARCH 17, 2032
			
	SCHEDULE 1-B	 	—	    	FORM OF 3.73% SERIES H SENIOR NOTE DUE March 17, 2035
			
	SCHEDULE 2	 	—	    	UNENCUMBERED ELIGIBLE PROPERTY
			
	SCHEDULE 4.4(a)	 	—	    	FORM OF OPINION OF SPECIAL COUNSEL FOR THE CREDIT PARTIES
			
	SCHEDULE 4.4(b)	 	—	    	FORM OF OPINION OF SPECIAL COUNSEL FOR THE PURCHASERS
			
	SCHEDULE 4.7	 	—	    	FORM OF GUARANTY AGREEMENT
			
	SCHEDULE 5.3	 	—	    	DISCLOSURE MATERIALS
			
	SCHEDULE 5.4	 	—	    	SUBSIDIARIES OF THE PARENT AND OWNERSHIP OF SUBSIDIARY STOCK
			
	SCHEDULE 5.5	 	—	    	FINANCIAL STATEMENTS
			
	SCHEDULE 5.15	 	—	    	EXISTING INDEBTEDNESS
			
	SCHEDULE 7.2	 	—	    	FORM OF COMPLIANCE CERTIFICATE
			
	SCHEDULE 9.12	 	—	    	MINIMUM TANGIBLE NET WORTH COVENANT
			
	SCHEDULE B	 	—	    	INFORMATION RELATING TO PURCHASERS

  
 - v - 

 EMPIRE STATE REALTY OP, L.P. 

EMPIRE STATE REALTY TRUST, INC. 

c/o Empire State Realty Trust, Inc. 

111 West 33rd Street, 12th Floor 

New York, New York 10120 

$100,000,000 3.61% Series G Senior Notes due March 17, 2032 

$75,000,000 3.73% Series H Senior Notes due March 17, 2035 

March 17, 2020 
 To EACH OF THE PURCHASERS
LISTED IN 
 SCHEDULE B HERETO: 
 Ladies and Gentlemen:

 EMPIRE STATE REALTY OP, L.P., a Delaware limited partnership (the “Company”), and EMPIRE STATE REALTY TRUST, INC., a
Maryland corporation (the “Parent”), agree with each of the Purchasers as follows: 
 SECTION 1.    AUTHORIZATION OF
NOTES. 
 The Company will authorize the issue and sale of: 

(a)    $100,000,000 in aggregate principal amount of its 3.61% Series G Senior Notes due March 17,
2032 (as amended, restated, supplemented or otherwise modified from time to time pursuant to Section 17 and including any such notes issued in substitution, replacement or exchange therefor pursuant to Section 13, the “Series G
Notes”); and 
 (b)    $75,000,000 in aggregate principal amount of its 3.73% Series H Senior
Notes due March 17, 2035 (as amended, restated, supplemented or otherwise modified from time to time pursuant to Section 17 and including any such notes issued in substitution, replacement or exchange therefor pursuant to Section 13,
the “Series H Notes” and together with the Series G Notes, collectively, the “Notes”). 
 The Series G Notes shall be
substantially in the form set out in Schedule 1-A. The Series H Notes shall be substantially in the form set out in Schedule 1-B. Certain capitalized and
other terms used in this Agreement are defined in Schedule A. References to a “Schedule” are references to a Schedule attached to this Agreement unless otherwise specified. References to a “Section” are references to a
Section of this Agreement unless otherwise specified. 
 SECTION 2.    SALE AND PURCHASE OF NOTES. 

Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from
the Company, at the Closing provided for in Section 3, Notes in the principal amount and of the series specified opposite or below such 

 
Purchaser’s name in Schedule B at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no
Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder. 

SECTION 3.    CLOSING. 

The sale and purchase of the Notes to be purchased by each Purchaser shall occur at a closing (the “Closing”) to be held not
later than 1:00 p.m. New York time at the offices of Akin Gump Strauss Hauer & Feld LLP, One Bryant Park, New York, New York 10036 on March 17, 2020 (the “Closing Date”). At the Closing, the Company will deliver to
each Purchaser the Notes of each series to be purchased by each Purchaser at the Closing in the form of a single Note for each such series of Notes to be purchased by such Purchaser at the Closing (or such greater number of Notes of each applicable
series in denominations of at least $100,000 as such Purchaser may request) dated the Closing Date and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of
immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company in accordance with the wire instructions set forth in the Funding Instruction Letter delivered by
the Company in connection with the Closing. If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled
to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of any of the conditions specified in
Section 4 not having been fulfilled to such Purchaser’s satisfaction or such failure by the Company to tender such Notes. 
 SECTION
4.    CONDITIONS TO CLOSING. 
 Each Purchaser’s obligation to purchase and pay for the Notes to be sold
to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 

Section 4.1    Representations and Warranties. The representations and warranties of each
Credit Party in the Financing Documents to which such Credit Party is a party shall be correct when made and on the Closing Date. 

Section 4.2    Performance; No Default. Each Credit Party shall have performed and
complied with all agreements and conditions contained in the Financing Documents to which such Credit Party is a party, in each case, as required to be performed or complied with by such Credit Party prior to or at the Closing. From the date of this
Agreement until the Closing, before and after giving effect to the issue and sale of the Notes on the Closing Date (and the application of the proceeds thereof as contemplated by Section 5.14), (a) no Default or Event of Default shall have
occurred and be continuing, and (b) no Change of Control shall have occurred since the date of this Agreement. No Credit Party nor any Subsidiary shall have entered into any transaction since December 31, 2019 that would have been
prohibited by Section 10 had such Section applied since such date. 

  
 2 

 Section 4.3    Compliance Certificates.

 (a)    Officer’s Certificate. The Parent shall have delivered to such Purchaser an
Officer’s Certificate, dated the Closing Date, certifying that the conditions specified in Sections 4.1, 4.2 and 4.10 have been fulfilled. 

(b)    Secretary’s Certificates. Each Credit Party shall have delivered to such Purchaser a
certificate of the Parent’s Secretary or Assistant Secretary, with the Parent signing on behalf of such Credit Party (if applicable), dated the Closing Date, certifying as to (i) the resolutions attached thereto and other organizational
proceedings relating to the authorization, execution and delivery of the Financing Documents to which such Credit Party is a party and (ii) such Credit Party’s organizational documents as then in effect. The certificates provided under
this Section 4.3(b) may be combined and delivered as one or more certificates. 

Section 4.4    Opinions of Counsel. Such Purchaser shall have received opinions in form
and substance reasonably satisfactory to such Purchaser, dated the Closing Date (a) from Goodwin Procter LLP, counsel for the Credit Parties, covering the matters set forth in Schedule 4.4(a) and covering such other matters incident to
the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company and the Parent hereby instruct their counsel to deliver such opinion to the Purchasers), and (b) from Akin Gump Strauss
Hauer & Feld LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Schedule 4.4(b) and covering such other matters incident to such transactions as such Purchaser may
reasonably request. 
 Section 4.5    Purchase Permitted By Applicable Law, Etc. On the
Closing Date such Purchaser’s purchase of the Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York
Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of
the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If
requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate of the Parent certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is
so permitted. 
 Section 4.6    Sale of Other Notes. Contemporaneously with the
Closing, the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule B. 

Section 4.7    Guaranty Agreement. Each Subsidiary of the Parent (other than the Company)
which on or before the Closing Date has delivered a Guarantee pursuant to or is a borrower or co-borrower under any Material Credit Facility shall have duly executed and delivered to each Purchaser, a Guaranty
Agreement dated as of the Closing Date in substantially the form of Schedule 4.7 hereto (the “Guaranty Agreement”). 

  
 3 

 Section 4.8    Payment of Special Counsel
Fees. Without limiting Section 15.1, the Company shall have paid on or before the Closing the reasonable fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a
statement of such counsel rendered to the Company at least one (1) Business Day prior to the Closing. 

Section 4.9    Private Placement Number. A Private Placement Number issued by
Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each series of Notes. 

Section 4.10    Changes in Structure. No Credit Party shall have changed its jurisdiction
of incorporation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial
statements referred to in Schedule 5.5. 
 Section 4.11    Funding Instructions.
At least three (3) Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company (a “Funding Instruction Letter”) setting
forth the instructions for the delivery of the purchase price with respect to each series of Notes, including (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number, (c) the account name and number
into which the purchase price for such Notes is to be deposited and (d) the telephone number and email address of a contact at each of the Company and the bank to confirm the details of such Funding Instruction Letter. 

Section 4.12    No Material Adverse Effect. No Material Adverse Effect shall have
occurred since December 31, 2019 and no condition shall exist which has resulted in, or could be reasonably expected to result in, a Material Adverse Effect. 

Section 4.13    Proceedings and Documents. All corporate and other proceedings in
connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be reasonably satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel
shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 

SECTION 5.    REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND PARENT. 

Each of the Company and the Parent represents and warrants to each Purchaser on the date hereof and on the Closing Date that: 

Section 5.1    Organization; Power and Authority. Each Credit Party is a corporation or
other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which
such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Credit
Party has the corporate or other power and authority (a) to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and 

  
 4 

 
proposes to transact, except where the lack of such corporate or other power and authority could not reasonably be expected to have a Material Adverse Effect, and (b) to execute and deliver
the Financing Documents to which such Credit Party is a party and to perform the provisions hereof and thereof, as applicable. 

Section 5.2    Authorization, Etc. The Financing Documents have been duly authorized by
all necessary corporate or other action on the part of each Credit Party party thereto, and this Agreement constitutes, and upon execution and delivery thereof the Guaranty Agreement (together with any joinders thereto) and each Note will
constitute, a legal, valid and binding obligation of each Credit Party party thereto enforceable against such Credit Party in accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 Section 5.3    Disclosure. This Agreement, the financial statements listed in
Schedule 5.5 and the documents, certificates or other writings delivered to the Purchasers (or made available on EDGAR) by or on behalf of the Parent or the Company prior to the date of the Closing Date in connection with the transactions
contemplated hereby and identified in Schedule 5.3 (such documents, certificates or other writings identified in Schedule 5.3, the “Schedule 5.3 Disclosure Documents”) (this Agreement, such financial statements and the
Schedule 5.3 Disclosure Documents being referred to, collectively, as the “Disclosure Documents”), as of their respective dates, taken as a whole, do not contain any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in this Agreement, the financial statements listed in Schedule 5.5 or the Schedule 5.3 Disclosure
Documents delivered to the Purchasers (or made available on EDGAR) prior to the date of this Agreement (the “Initial Disclosure Documents”), since December 31, 2019, there has been no change in the financial condition,
operations, business, properties or prospects of the Parent or any Subsidiary except changes that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no fact known to the Parent that could
reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the other Initial Disclosure Documents. 

Section 5.4    Organization and Ownership of Shares of Subsidiaries; Affiliates. 

(a)    Schedule 5.4 contains (except as noted therein) complete and correct lists of (i) the
Parent’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Parent and each
other Subsidiary and whether such Subsidiary is a Subsidiary Guarantor, (ii) the Parent’s Affiliates, other than Subsidiaries, and (iii) the Parent’s directors and senior officers. Parent shall be permitted to make additions and
deletions to Schedule 5.4 for purposes of this representation in respect of the Closing, after the date of this Agreement but prior to the Closing Date, so long as (i) Parent shall have provided an updated copy of Schedule 5.4 to
the Purchasers not less than 5 Business Days prior to the Closing Date, (ii) any such additions or deletions to Schedule 5.4 are in all respects reasonably satisfactory to the Purchasers as a condition to the Closing and (iii) such
updated Schedule 5.4 shall not affect the truth and accuracy of the representations and warranties given in connection with the execution of this Agreement. 

  
 5 

 (b)    All of the outstanding shares of capital stock or
similar Equity Interests of each Subsidiary shown in Schedule 5.4 as being owned by the Parent and its Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by the
Parent or another Subsidiary free and clear of any Lien that is prohibited by this Agreement. 

(c)    Each Subsidiary is a corporation or other legal entity duly organized, validly existing and, where
applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is
required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the
corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact, except where the failure or
non-compliance of the same could not reasonably be expected to have a Material Adverse Effect. 

(d)    No Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the
agreements listed on Schedule 5.15 and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the
Parent or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 

Section 5.5    Financial Statements; Material Liabilities. The Parent has delivered to
each Purchaser copies of the financial statements of the Parent and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects the
consolidated financial position of the Parent and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared
in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments).
The Parent and its Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents. 

Section 5.6    Compliance with Laws, Other Instruments, Etc. The execution, delivery and
performance by each Credit Party of the Financing Documents to which such Credit Party is a party will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property
of the Parent or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, charter or by-laws, partnership agreement, shareholders agreement or any other
agreement or instrument to which the Parent or any Subsidiary is bound or by which the Parent or any Subsidiary or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms,
conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or 

  
 6 

 
Governmental Authority applicable to the Parent or any Subsidiary or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the
Parent or any Subsidiary, except, in the case of each of clauses (a), (b) and (c) (other than, in the case of clause (a), with respect to the charter or by-laws, partnership agreement or shareholders agreement
of the Parent or any Subsidiary) where the failure or non-compliance of the same could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 5.7    Governmental Authorizations, Etc. No consent, approval or authorization
of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by any Credit Party of the Financing Documents to which such Credit Party is a party, except for such
filings as may be required under the Securities Exchange Act. 
 Section 5.8    Litigation;
Observance of Agreements, Statutes and Orders. 
 (a)    There are no actions, suits, investigations
or proceedings pending or, to the best knowledge of the Company or the Parent, threatened against or affecting the Parent or any Subsidiary or any property of the Parent or any Subsidiary in any court or before any arbitrator of any kind or before
or by any Governmental Authority that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b)    Neither the Parent nor any Subsidiary is (i) in default under any agreement or instrument to
which it is a party or by which it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (iii) in violation of any applicable Law, ordinance, rule or regulation of any
Governmental Authority (including, without limitation, Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), in the case of each of clauses (i), (ii) and (iii) which default
or violation could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 5.9    Taxes. The Parent and its Subsidiaries have filed all federal, state and
other material income tax returns and all other material tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable by Parent and its Subsidiaries on such returns and all other taxes and
assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable by Parent and its Subsidiaries and before they have become delinquent, except for any taxes and
assessments (a) the amount of which, individually or in the aggregate, is not Material, (b) which are not overdue for more than thirty (30) days, or (c) the amount, applicability or validity of which is currently being contested
in good faith by appropriate proceedings and with respect to which the Parent or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. No Credit Party knows of any other tax or assessment that could,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither any Credit Party nor any Subsidiary thereof is a party to any tax sharing agreement (other than tax sharing agreements among the Consolidated Group
and any agreement entered into the ordinary course of business, the principal purpose of which is not related to taxes); provided that, for the sake of clarity, the Tax Protection Agreement (as in effect on the date hereof or as modified
thereafter with the prior written consent of the Required Holders) shall not be treated as a tax 

  
 7 

 
sharing agreement. The charges, accruals and reserves on the books of the Parent and its Subsidiaries in respect of U.S. federal, state or other income taxes and all other material taxes for all
fiscal periods are adequate. 
 Section 5.10    Title to Property; Leases. The Parent
and its Subsidiaries have good record and insurable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 5.11    Licenses, Permits, Etc. 

(a)    The Parent and its Subsidiaries own or possess all licenses, permits, franchises, authorizations,
patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others. 

(b)    To the best knowledge of the Company or the Parent, no product or service of the Parent or any of
its Subsidiaries infringes in any material respect any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person. 

(c)    To the best knowledge of the Company or the Parent, there is no Material violation by any Person of
any right of the Parent or any of its Subsidiaries with respect to any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Parent or any of its
Subsidiaries. 
 Section 5.12    Compliance with ERISA. 

(a)    Each Credit Party and each ERISA Affiliate have operated and administered each Plan in compliance
with all applicable laws, except for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. No Credit Party or any ERISA Affiliate has
incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in Section 3(3) of ERISA), and no event, transaction or condition has occurred or
exists that could, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by such Credit Party or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of
such Credit Party or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to Section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or Section 4068 of ERISA or by the
granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be, individually or in the aggregate, Material. 

(b)    The present value of the aggregate benefit liabilities under each of the Plans that is subject to
Title IV of ERISA (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions 

  
 8 

 
specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit
liabilities. The term “benefit liabilities” has the meaning specified in Section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in Section 3 of
ERISA. 
 (c)    No Credit Party or its ERISA Affiliates have incurred withdrawal liabilities (and are
not subject to contingent withdrawal liabilities) under Section 4201 or 4204 of ERISA in respect of Multiemployer Plans that, individually or in the aggregate, are Material. 

(d)    The expected postretirement benefit obligation (determined as of the last day of the Parent’s
most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage
mandated by Section 4980B of the Code) of the Parent and its Subsidiaries is not Material. 

(e)    The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will
not involve any transaction that is subject to the prohibitions of Section 406 of ERISA or in connection with which a tax could be imposed pursuant to Section 4975(c)(l)(A)-(D) of the Code. The representation by the Company and the Parent
to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds to be used to pay the purchase price
of the Notes to be purchased by such Purchaser. 
 Section 5.13    Private Offering by the
Company. No Credit Party or anyone acting on their behalf has offered the Notes or any similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or negotiated in respect
thereof with, any Person other than the Purchasers and not more than ten (10) other Institutional Investors, each of which has been offered the Notes at a private sale for investment. No Credit Party or anyone acting on their behalf has taken,
or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction.

 Section 5.14    Use of Proceeds; Margin Regulations. The Company will apply the
proceeds of the sale of the Notes hereunder to the repayment of Indebtedness and/or for general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or
carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve any
Credit Party in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the value of the consolidated
assets of the Parent and its Subsidiaries and the Parent does not have any present intention that margin stock will constitute more than 25% of the value of such assets. As used in this Section, the terms “margin stock” and
“purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U. 

  
 9 

 Section 5.15    Existing Indebtedness;
Future Liens. 
 (a)    Except as described therein, Schedule 5.15 sets forth a complete and
correct list of all outstanding Indebtedness of the Parent and its Subsidiaries as of February 29, 2020 (including descriptions of the obligors and obligees (or any agent, trustee, or other entity acting in a similar capacity), principal
amounts outstanding, any collateral therefor and any Guarantees thereof), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Parent or its
Subsidiaries (other than Indebtedness under this Agreement and the Notes and Indebtedness represented by additional borrowings, if any, under the Bank Credit Agreement). Neither the Parent nor any Subsidiary is in default and no waiver of default is
currently in effect, in the payment of any principal or interest on any Indebtedness of the Parent or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Parent or any Subsidiary that would permit (or that with
notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b)    Except as disclosed in Schedule 5.15, neither the Parent nor any Subsidiary has agreed or
consented to cause or permit any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property,
whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness. 

(c)    Neither the Parent nor any Subsidiary is a party to, or otherwise subject to any provision contained
in, any instrument evidencing Indebtedness of the Parent or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or any other organizational document) which limits the amount of, or
otherwise imposes restrictions on the incurring of, Indebtedness of any Credit Party, except as disclosed in Schedule 5.15. 

Section 5.16    Foreign Assets Control Regulations, Etc. 

(a)    No Credit Party nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified
that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the European Union. 

(b)    No Credit Party nor any Controlled Entity (i) has violated, been found in violation of, or been
charged or convicted under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company’s or the Parent’s knowledge, is under investigation by any Governmental Authority for
possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws. 

  
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 (c)    No part of the proceeds from the sale of the
Notes hereunder: 
 (i)    constitutes or will constitute funds obtained on behalf of any Blocked Person
or will otherwise be used by any Credit Party or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that would cause any
Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws; 

(ii)    will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation
of, any applicable Anti-Money Laundering Laws; or 
 (iii)    will be used, directly or indirectly, for
the purpose of making any improper payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or
cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws. 
 (d)    Each of the
Credit Parties has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that each Credit Party and each Controlled Entity is and will continue to be in compliance with all
applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws. 

Section 5.17    Status under Certain Statutes. Neither the Parent nor any Subsidiary is
subject to regulation under the Investment Company Act of 1940, as amended, the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. 

Section 5.18    Environmental Matters. 

(a)    Neither the Parent nor any Subsidiary has knowledge of any claim or has received any notice of any
claim and no proceeding has been instituted asserting any claim against the Parent or any of its Subsidiaries or any of their respective real properties or other assets now or formerly owned, leased or operated by any of them, alleging any damage to
the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 

(b)    Neither the Parent nor any Subsidiary has knowledge of any facts which would give rise to any claim,
public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use,
except, in each case, such as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(c)    Neither the Parent nor any Subsidiary has stored any Hazardous Materials on real properties now or
formerly owned, leased or operated by any of them in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

  
 11 

 (d)    Neither the Parent nor any Subsidiary has
disposed of any Hazardous Materials in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(e)    All buildings on all real properties now owned, leased or operated by the Parent or any Subsidiary
are in compliance with applicable Environmental Laws, except where failure to comply could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

Section 5.19    Insurance. The properties of each Credit Party and its Subsidiaries are
insured with one or more Third Party Insurance Companies and/or pursuant to Self-Insurance, in compliance with the provisions of Section 9.2 and otherwise in such amounts, with such deductibles and covering such risks as are customarily carried
by companies engaged in similar businesses and owning similar properties in localities where such Credit Party or the applicable Subsidiary operates. 

Section 5.20    Solvency. The Parent and its Subsidiaries on a consolidated basis are
Solvent. 
 Section 5.21    Casualty, Etc. Neither the businesses nor the properties of
any Credit Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty that, either
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

Section 5.22    Unencumbered Properties. Each Property included in any calculation of
Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, satisfies all of the requirements contained in the definition of “Unencumbered Property Criteria.” 

Section 5.23    Subsidiary Guarantors. Each Subsidiary of the Parent (other than the
Company) which on or before the Closing Date has delivered a Guarantee pursuant to or is a borrower or co-borrower under any Material Credit Facility is, or will be upon the Closing, a Guarantor, except to the
extent any such Subsidiary has been released from the Guaranty Agreement in accordance with Section 9.7(b) and is not a guarantor, borrower or co-borrower or otherwise liable under or in respect of any
Indebtedness under any Material Credit Facility on the Closing Date. 

Section 5.24    REIT Status. Commencing with its taxable year ended December 31,
2013, the Parent has been organized and has operated in conformity with the requirements for qualification and taxation as a real estate investment trust under the Code. The Company is and has been at all times taxable as a partnership or
disregarded entity, and not as a corporation (or association taxable as a corporation), for U.S. federal income tax purposes. 

  
 12 

 SECTION 6.    REPRESENTATIONS OF THE PURCHASERS. 

Section 6.1    Purchase for Investment. 

(a)     Each Purchaser severally represents on the date hereof and on the Closing Date that it is
purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition
of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant
to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the
Notes. 
 (b)    Each Purchaser severally represents on the date hereof and on the Closing Date that it
is an “accredited investor” within the meaning of subparagraph (a)(1), (2), (3) or (7) of Rule 501 of Regulation D under the Securities Act acting for its own account (and not for the account of others) or as a fiduciary or agent for
others (which others are also “accredited investors”). Each Purchaser further severally represents on the date hereof and on the Closing Date that such Purchaser has had the opportunity to ask questions of the Credit Parties and received
answers concerning the terms and conditions of the sale of the Notes. 

Section 6.2    Source of Funds. Each Purchaser severally represents on the Closing Date
that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder:

 (a)    the Source is an “insurance company general account” (as the term is defined in the
United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance
companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account
contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account
do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(b)    the Source is a separate account that is maintained solely in connection with such Purchaser’s
fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any
annuitant)) are not affected in any manner by the investment performance of the separate account; or 

(c)    the Source is either (i) an insurance company pooled separate account, within the meaning of
PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in

  
 13 

 
writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to
such pooled separate account or collective investment fund; or 
 (d)    the Source constitutes assets of
an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the
meaning of Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer
or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of
Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within
the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans
established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have
been disclosed to the Company in writing pursuant to this clause (d); or 
 (e)    the Source constitutes
assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager”
or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the
definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the
Source have been disclosed to the Company in writing pursuant to this clause (e); or 
 (f)    the Source
is a governmental plan; or 
 (g)    the Source is one or more employee benefit plans, or a separate
account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or 

(h)    the Source does not include assets of any employee benefit plan, other than a plan exempt from the
coverage of ERISA. 
 As used in this Section 6.2, the terms “employee benefit plan,” “governmental
plan,” and “separate account” shall have the respective meanings assigned to such terms in Section 3 of ERISA. 

  
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 With respect to any Purchaser that is (1) an “employee benefit plan” within
the meaning of Section 3(3) of ERISA that is subject to Title I of ERISA, (2) an individual retirement account described in Section 408(a) of the Code or any other “plan” described in and subject to Section 4975 of the
Code, (3) a “governmental plan” or a non-electing “church plan” as defined under Title I of ERISA subject to laws, rules, or regulations that are substantially similar to the fiduciary
or prohibited transaction rules of Title I of ERISA (“Similar Law”), or (4) an entity deemed to hold “plan assets” of any of the foregoing under 29 C.F.R. 2510.3-101, as
modified by Section 3(42) of ERISA, or Similar Law, such Purchaser severally represents, acknowledges and agrees that neither the Parent nor any of its Subsidiaries is a “fiduciary” within the meaning of Section 3(21)(A) of ERISA
or Similar Law with respect to such Purchaser as a result of such Purchaser’s acquisition or holding of the Notes, and neither such Purchaser nor any of its authorized fiduciaries has relied on, or is relying on, any advice of any such Person
with respect to such Purchaser’s acquisition and holding of the Notes. 
 SECTION 7.    INFORMATION AS TO PARENT AND
COMPANY. 
 Section 7.1    Financial and Business Information. The Parent and the
Company shall deliver to each Purchaser (until the Closing) and thereafter to each holder of a Note that is an Institutional Investor: 

(a)    Quarterly Statements for Consolidated Group — within forty-five (45) days (or such
shorter period as is the earlier of (x) fifteen (15) days greater than the period applicable to the filing of the Parent’s Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Material
Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each quarterly fiscal period in each
fiscal year of the Parent (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 

(i)    a consolidated balance sheet of the Consolidated Group as at the end of such quarter, and 

(ii)    consolidated statements of income, changes in shareholders’ equity and cash flows of the
Consolidated Group, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 

setting forth in each case in comparative form the figures for (or, in the case of the balance sheet, as of the end of) the corresponding
periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer of the Parent as fairly presenting, in all material
respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments, provided that delivery within
the time period specified above of copies of the Parent’s Form 10-Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this
Section 7.1(a); 

  
 15 

 (b)    Annual Statements for Consolidated Group
— within ninety (90) days (or such shorter period as is the earlier of (x) fifteen (15) days greater than the period applicable to the filing of the Parent’s Annual Report on Form 10-K (the
“Form 10-K”) with the SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered
under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year of
the Parent, duplicate copies of, 
 (i)    a consolidated balance sheet of the Consolidated Group as at
the end of such year, and 
 (ii)    consolidated statements of income, changes in shareholders’
equity and cash flows of the Consolidated Group for such year, 
 setting forth in each case in comparative form the figures for (or, in the
case of the balance sheet, as of the end of) the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by a report and opinion thereon (without a “going concern” or similar qualification or
exception and without any qualification or exception as to the scope of the audit on which such opinion is based (except for a qualification or an exception to the extent related to the impending scheduled maturity of the loans under a Material
Credit Facility or the Notes)) of independent public accountants of recognized national standing reasonably acceptable to the Required Holders which report and opinion shall be prepared in accordance with generally accepted auditing standards,
provided that the delivery within the time period specified above of the Parent’s Form 10-K for such fiscal year (together with the Parent’s annual report to shareholders, if any, prepared
pursuant to Rule 14a-3 under the Securities Exchange Act and an opinion of independent public accountants of recognized national standing satisfying the requirements of this Section 7.1(b)) prepared in
accordance with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of this Section 7.1(b); provided, that to the extent the components of such financial statements relating to a prior fiscal period are
separately audited by different independent public accounting firms, the audit report of any such accounting firm may contain a qualification or exception as to scope of such financial statements as they relate to such components; 

(c)    Quarterly Statements for the Company — within forty-five (45) days (or such shorter
period as is the earlier of (x) fifteen (15) days greater than the period applicable to the filing of the Company’s Quarterly Report on Form 10-Q with the SEC regardless of whether the Company is
subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any
Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year),
duplicate copies of, 
 (i)    a consolidated balance sheet of the Company and its Consolidated
Subsidiaries as at the end of such quarter, and 

  
 16 

 (ii)    consolidated statements of income, changes in
shareholders’ equity and cash flows of the Company and its Consolidated Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 

setting forth in each case in comparative form the figures for (or, in the case of the balance sheet, as of the end of) the corresponding
periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer of the Company as fairly presenting, in all material
respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments, provided that delivery within
the time period specified above of copies of the Company’s Quarterly Report on Form 10-Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the
requirements of this Section 7.1(c); 
 (d)    Annual Statements for the Company —
within ninety (90) days (or such shorter period as is the earlier of (x) fifteen (15) days greater than the period applicable to the filing of the Company’s Annual Report on Form 10-K with the
SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding
financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year of the Company, duplicate copies of, 

(i)    a consolidated balance sheet of the Company and its Consolidated Subsidiaries as at the end of such
year, and 
 (ii)    consolidated statements of income, changes in shareholders’ equity and cash
flows of the Company and its Consolidated Subsidiaries for such year, 
 setting forth in each case in comparative form the figures for (or,
in the case of the balance sheet, as of the end of) the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by a report and opinion thereon (without a “going concern” or similar qualification
or exception and without any qualification or exception as to the scope of the audit on which such opinion is based (except for a qualification or an exception to the extent related to the impending scheduled maturity of the loans under a Material
Credit Facility or the Notes)) of independent public accountants of recognized national standing reasonably acceptable to the Required Holders which report and opinion shall be prepared in accordance with generally accepted auditing standards,
provided that the delivery within the time period specified above of the Company’s Annual Report on Form 10-K for such fiscal year (together with the Parent’s annual report to shareholders, if
any, prepared pursuant to Rule 14a-3 under the Securities Exchange Act and an opinion of independent public accountants of recognized national standing satisfying the requirements of this Section 7.1(d))
prepared in accordance with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of this Section 7.1(d); provided, that to the extent the components of such financial

  
 17 

 
statements relating to a prior fiscal period are separately audited by different independent public accounting firms, the audit report of any such accounting firm may contain a qualification or
exception as to scope of such financial statements as they relate to such components; 
 (e)    Budget
and Projections — as soon as available, but in any event at least forty-five (45) days after the end of each fiscal year of the Parent, forecasts prepared by management of the Parent, in form reasonably satisfactory to the Required
Holders, of consolidated balance sheets and statements of income or operations and cash flows of the Consolidated Group on a quarterly basis for such fiscal year (including the fiscal year in which the Maturity Date occurs); 

(f)    SEC and Other Reports — promptly upon their becoming available, one copy of
(i) each financial statement, report, notice or proxy statement sent by the Parent or any Subsidiary to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank
facility, such as information relating to pricing and borrowing availability) or to its public Securities holders generally, and (ii) each regular, periodic or special report, and each registration statement (without exhibits except as
expressly requested by such Purchaser or holder), filed by the Parent or any Subsidiary with the SEC; 

(g)    Notice of Default or Event of Default — promptly, and in any event within five
(5) Business Days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any written notice or taken any enforcement action with respect to a claimed Default or Event of
Default hereunder or that any Person has given any written notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what
action the applicable Credit Party is taking or proposes to take with respect thereto; 
 (h)    ERISA
Matters — promptly, and in any event within five (5) Business Days after a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Parent or an
ERISA Affiliate proposes to take with respect thereto: 
 (i)    with respect to any Plan, any
“reportable event”, as defined in Section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or 

(ii)    the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of,
proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Parent or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken
by the PBGC with respect to such Multiemployer Plan; or 

  
 18 

 (iii)    any event, transaction or condition that could
result in the incurrence of any liability by the Parent or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the
rights, properties or assets of the Parent or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, could
reasonably be expected to have a Material Adverse Effect; 
 (i)    Notices from Governmental
Authority — (i) promptly, and in any event within five (5) Business Days of receipt thereof) copies of any notice or other correspondence to any Credit Party or any Subsidiary thereof 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 material issues concerning financial or other operational results of any
Credit Party or any Subsidiary thereof, and (ii) promptly, and in any event within thirty (30) days of receipt thereof, copies of any notice to any Credit Party or any Subsidiary from any federal or state Governmental Authority relating to
any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect; 

(j)    Resignation or Replacement of Auditors — within ten (10) Business Days following
the date on which the Parent’s auditors resign or the Parent elects to change auditors, as the case may be, notification thereof, together with such supporting information as the Required Holders may request; 

(k)    Management Audit Reports — promptly upon request of any such Purchaser (until the
Closing) or holder of the Notes, any detailed audit reports, management letters or recommendations submitted to the board of directors (or similar governing body) (or the audit committee of the board of directors or similar governing body) of any
Credit Party by independent accountants in connection with the accounts or books of any Credit Party or any of its Subsidiaries, or any audit of any of them; 

(l)    Compliance with Environmental Laws — promptly after the assertion or occurrence thereof,
notice of any action or proceeding against or of any written notice of noncompliance by any Credit Party or any of its Subsidiaries with any Environmental Law or Environmental Permit that could reasonably be expected to have a Material Adverse
Effect; 
 (m)    Material Adverse Effect; Litigation — promptly following the occurrence
thereof, 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
any Credit Party or any Subsidiary thereof; (ii) any dispute, litigation, investigation, proceeding or suspension between any Credit Party or any Subsidiary thereof and any Governmental Authority; or (iii) the commencement of, or any
material development in, any litigation or proceeding affecting any Credit Party or any Subsidiary thereof, including pursuant to any applicable Environmental Laws; 

  
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 (n)    Debt Rating — promptly following the
occurrence thereof, any announcement by Moody’s, Fitch or S&P of any change or possible change in a Debt Rating; provided, that the provisions of this clause (n) shall not apply until such time, if any, as the Parent or the
Company obtains an Investment Grade Rating; and 
 (o)    Requested Information — with
reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Parent, the Company or any of their respective Subsidiaries (including, but without limitation,
actual copies of the Parent’s or the Company’s Form 10-Q and Form 10-K) or relating to the ability of any Credit Party to perform its obligations under the
Financing Documents to which it is a party as from time to time may be reasonably requested by any such Purchaser (until the Closing) or holder of a Note; provided that neither the Parent nor any Subsidiary shall be required to disclose
information that (i) such Person determines, after consultation with legal counsel, it would be prohibited from disclosing by applicable law or regulations (including applicable health and safety laws), without making public disclosure thereof,
(ii) such Person determines in good faith would reasonably be expected to contravene attorney-client privilege or (iii) such Person (A) is prohibited from disclosing by the terms of an obligation of confidentiality contained in any
agreement with any non-Affiliate binding upon the Company or (B) determines in good faith would violate the rights of tenants of property leased by the Parent or any Subsidiary to such tenants, in each
case pursuant to this subclause (iii), not entered into in contemplation of this clause (o), provided that the Parent or any such Subsidiary (as the case may be) shall use commercially reasonable efforts to obtain consent from the party in
whose favor the obligation of confidentiality was made or from such tenant (as the case may be) to permit the disclosure of the relevant information. 

Promptly after determining that the Parent or such Subsidiary is not permitted to disclose any information as a result of the limitations
described in this clause (o), the Company will provide each of the holders with (x) an Officer’s Certificate describing generally the requested information that the Parent or such Subsidiary is prohibited from disclosing pursuant to this
clause (o) and the circumstances under which the Parent or such Subsidiary is not permitted to disclose such information, and (y) to the extent requested by the Required Holders or, at such time as a Default or Event of Default has
occurred and is continuing, any holder of Notes that is an Institutional Investor, a written opinion of counsel (which may be addressed to the Company) relied upon as to any requested information that the Company is prohibited from disclosing to the
holders of the Notes under circumstances described in this clause (o). 
 Each notice pursuant to clauses (g), (h), (i), (j), (l) and (m) of this
Section 7.1 shall be accompanied by a statement of a Responsible Officer of the Parent setting forth details of the occurrence referred to therein and stating what action the Parent has taken and proposes to take with respect thereto. 

  
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 Section 7.2    Officer’s
Certificate. Each set of financial statements delivered to a Purchaser or a holder of a Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer of the Parent substantially
in the form attached as Schedule 7.2 hereto: 
 (a)    Covenant Compliance — setting
forth the information from such financial statements that is required in order to establish whether the Parent and the Company were in compliance with the requirements of Section 10 (and, if applicable, any Incorporated Provision) during the
quarterly or annual period covered by the financial statements then being furnished, (including with respect to each such provision that involves mathematical calculations, the information from such financial statements that is required to perform
such calculations) and detailed calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section (or such Incorporated Provision, as applicable), and the calculation of the amount,
ratio or percentage then in existence. In the event that the Parent or any Subsidiary has made an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining compliance with this
Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial Officer’s certificate as to such period shall include a reconciliation from GAAP with respect to such election; 

(b)    Event of Default — certifying that such Senior Financial Officer has reviewed the
relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Parent and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements
then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed
or exists (including, without limitation, any such event or condition resulting from the failure of the Parent or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Parent
shall have taken or proposes to take with respect thereto; 
 (c)    Unencumbered Eligible
Property — attaching (i) copies of the statements of Net Operating Income and Unencumbered NOI attributable to each Unencumbered Eligible Property for such fiscal quarter or year, prepared on a basis consistent with the financial
statements delivered pursuant to Section 7.1(b) hereof and otherwise in form and substance reasonably satisfactory to the Required Holders, together with a certification by a Senior Financial Officer of the Parent that the information contained
in such statement fairly presents Net Operating Income and Unencumbered NOI attributable to each Unencumbered Eligible Property for such periods, and (ii) a calculation, in form and substance satisfactory to the Required Holders, of the
Unencumbered Property Value of each Property and the Unencumbered Asset Value as of the last day of the fiscal period covered by such Senior Financial Officer’s certificate; and 

(d)    Subsidiary Guarantors — certifying that the Parent and the Company are in compliance
with Section 9.7(a). 
 Section 7.3    Visitation. Each of the Company and the
Parent shall, and shall cause each of their respective Subsidiaries to, permit the representatives of each Purchaser (until the Closing) and thereafter each holder of a Note that is an Institutional Investor to visit and inspect any of its
properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and

  
 21 

 
independent public accountants, all at the expense of the Company and at such reasonable times during normal business hours, upon reasonable advance notice to the Company; provided,
however, that (a) so long as no Event of Default then exists, (i) such visits shall be limited to once in any calendar year and shall be at the expense of such Purchaser or holder and (ii) no Purchaser or holder shall have the
right to make any such visit within the six (6) month period following the date on which all of the Purchasers (until the Closing) or holders of Notes at such time shall have visited the principal executive office of the Parent following an
invitation to all Purchasers (until the Closing) or all holders by the Parent to visit its principal executive office, and (b) the holders of the Notes shall not be required to give reasonable advance notice of any such visit or inspection if
an Event of Default then exists. 
 Section 7.4    Electronic Delivery. Financial
statements, opinions of independent certified public accountants, other information and Officer’s Certificates that are required to be delivered by the Parent or the Company pursuant to Sections 7.1(a), (b), (c), (d) or (f) and
Section 7.2 shall be deemed to have been delivered if the Parent or the Company, as applicable, satisfies any of the following requirements with respect thereto: 

(i)    such financial statements satisfying the requirements of Section 7.1(a), (b), (c) or
(d) and related Officer’s Certificate satisfying the requirements of Section 7.2 are delivered to each Purchaser (until the Closing) and thereafter each holder of a Note by e-mail at the e-mail address set forth under such Purchaser’s or holder’s name on Schedule B or as communicated from time to time in a separate writing delivered to the Company and the Parent; 

(ii)    the Parent or the Company, as applicable, shall have timely filed such Quarterly Report on Form 10-Q or Annual Report on Form 10-K, satisfying the requirements of Section 7.1(a), (b), (c) or (d), as the case may be, with the SEC on EDGAR and shall have made such
form and the related Officer’s Certificate satisfying the requirements of Section 7.2 available on its website, the home page of which is located at http://www.empirestaterealtytrust.com as of the date of this Agreement; 

(iii)    such financial statements satisfying the requirements of Section 7.1(a), (b), (c) or (d), as
the case may be, and related Officer’s Certificate(s) satisfying the requirements of Section 7.2 are timely posted by or on behalf of the Parent or the Company, as applicable, on its website, the home page of which is located at
http://www.empirestaterealtytrust.com as of the date of this Agreement, or on IntraLinks or on any other similar website to which each Purchaser (until the Closing) and thereafter each holder of Notes has free access; or 

(iv)    the Parent or the Company, as applicable, shall have filed any of the items referred to in
Section 7.1(f) with the SEC on EDGAR and shall have made such items available on its website on the internet or on IntraLinks or on any other similar website to which each Purchaser (until the Closing) and thereafter each holder of Notes has
free access; 
 provided however, that in the case of a delivery pursuant to any of clauses (ii), (iii) or (iv), such delivery shall not be deemed to
have occurred until the Parent or the Company, as applicable, shall 

  
 22 

 
have given each Purchaser (until the Closing) and thereafter each holder of a Note written notice, which may be by e-mail or in accordance with
Section 18, of such posting or filing in connection with each delivery, provided further, that upon request of any such Purchaser or holder to receive paper copies of such forms, financial statements and Officer’s Certificates or to
receive them by e-mail, the Parent or the Company, as applicable, will promptly e-mail them or deliver such paper copies, as the case may be, to such Purchaser or
holder. 
 SECTION 8.    PAYMENT AND PREPAYMENT OF THE NOTES. 

Section 8.1    Maturity. As provided therein, the entire unpaid principal balance of each
Note shall be due and payable on the Maturity Date thereof. 
 Section 8.2    Optional
Prepayments with Make-Whole Amount. Subject to the last sentence of this Section 8.2, the Company may, at its option, upon notice as provided below and allocated as provided in Section 8.3, prepay at any time all, or from time to time
any part of, the Notes of any series, in an amount not less than $1,000,000 (and integral multiples of $100,000 in excess thereof) in the case of a partial prepayment, at 100% of the principal amount of such series of Notes to be so prepaid, and the
Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Company will give each holder of each series of Notes to be prepaid written notice of each optional prepayment under this Section 8.2 not less than
ten (10) days and not more than sixty (60) days prior to the date fixed for such prepayment unless the Company and the holders of more than 50% of the principal amount of the Notes of each such series to be prepaid then outstanding agree
to another time period pursuant to Section 17. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of each series of Notes to be prepaid on such date, the principal amount of each Note of
each such series held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of
a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two (2) Business
Days prior to such prepayment, the Company shall deliver to each holder of each series of Notes to be prepaid a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date.
Notwithstanding anything contained in this Section 8.2 to the contrary, if and for so long as any Default or Event of Default shall have occurred and is continuing, any prepayment of the Notes pursuant to the provisions of this Section 8.2
shall be made in respect of all Notes then outstanding (regardless of series). 

Section 8.3    Allocation of Partial Prepayments. In the case of each partial prepayment
of Notes pursuant to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes of each series being prepaid at the time outstanding in proportion, as nearly as practicable, to the respective unpaid
principal amounts thereof not theretofore called for prepayment. 

Section 8.4    Maturity; Surrender, Etc. In the case of each optional prepayment of Notes
pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date and the applicable
Make-Whole Amount, if any. From and 

  
 23 

 
after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such
principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 

Section 8.5    Purchase of Notes. The Company will not and will not permit any Affiliate
to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except upon the payment or prepayment of the Notes in accordance with this Agreement and the Notes. The Company will promptly cancel all Notes
acquired by it or any Affiliate pursuant to any payment or prepayment of Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

Section 8.6    Make-Whole Amount. 

“Make-Whole Amount” means, with respect to any Note of any series, an amount equal to the excess, if any, of
the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of
determining the Make-Whole Amount, the following terms have the following meanings: 
 “Called Principal”
means, with respect to any Note of any series, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

“Discounted Value” means, with respect to the Called Principal of any Note of any series, the amount obtained
by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a
discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note of any series, 0.50% over the
yield to maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page
PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities
(“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life,
then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the “Ask
Yields” Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater
than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

  
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 If such yields are not Reported or the yields Reported as of such time are
not ascertainable (including by way of interpolation), then “Reinvestment Yield” means, with respect to the Called Principal of any Note of any series, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity
yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release 11.15 (or any comparable
successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such
Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and
(2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable
Note. 
 “Remaining Average Life” means, with respect to any Called Principal, the number of years obtained
by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years,
computed on the basis of a 360-day year composed of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect
to such Called Principal and the scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled
Payments” means, with respect to the Called Principal of any Note of any series, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of
such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest
payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.4 or Section 12.1. 

“Settlement Date” means, with respect to the Called Principal of any Note, the date on which such Called
Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

Section 8.7    Payments Due on Non-Business Days.
Anything in this Agreement or the Notes to the contrary notwithstanding, (x) subject to clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next succeeding Business Day without
including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due on the Maturity Date of such
Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 

  
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 SECTION 9.    AFFIRMATIVE COVENANTS. 

From the date of this Agreement until the Closing and, thereafter, so long as any of the Notes are outstanding, the Parent and the Company
covenant that: 
 Section 9.1    Compliance with Laws. Without limiting
Section 10.15, the Parent and the Company will, and will cause each of their respective Subsidiaries to, 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 (including, without limitation, ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16), 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, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. 
 Section 9.2    Insurance. The Parent and the Company will, and will
cause each of their respective Subsidiaries to, maintain, with financially sound and reputable insurers that are not Affiliates of the Parent (“Third Party Insurance Companies”), insurance with respect to their respective properties
and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with
respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated (which insurance shall, in any event, include terrorism coverage to the extent generally available
at commercially reasonable rates); provided, that the Credit Parties and their Subsidiaries may maintain such insurance under a plan by self-insurance, or a large deductible program, or a captive insurance arrangement (in excess of the
amounts reinsured with Third Party Insurance Companies) (collectively, “Self-Insurance”) instead of with one or more Third Party Insurance Companies, so long as the Required Holders shall have consented in writing to the amount,
types and terms and conditions of all such Self-Insurance (such written consent not to be unreasonably withheld). Notwithstanding the proviso in the immediately preceding sentence, it is understood and agreed that (x) all Self-Insurance
existing on the date hereof and (y) any other Self-Insurance in the future that is substantially comparable with respect to amounts, types and terms and conditions with any Self-Insurance existing on the date hereof, shall be deemed to have
been consented to by the Required Holders. 
 Section 9.3    Maintenance of Properties.
The Parent and the Company will, and will cause each of their respective Subsidiaries to, (a) maintain, preserve and protect all of its properties and equipment necessary in the operation of its business in good working order, (b) make all
necessary repairs thereto and renewals and replacements thereof and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities, except in each case of the foregoing clauses (a) through (c) where
the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

  
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 Section 9.4    Payment of Taxes and
Obligations. The Parent and the Company will, and will cause each of their respective Subsidiaries to, file all tax returns required to be filed in any applicable jurisdiction and 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 Parent, the Company 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, except in the case of the foregoing clauses (a) through (c) as could not reasonably be expected to have
a Material Adverse Effect. 
 Section 9.5    Preservation of Existence, Etc. Each of
the Parent and the Company will, and will cause each of their respective Subsidiaries to, (a) preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization
except in a transaction permitted by Section 10.5 and except, solely in the case of a Subsidiary that is not a Credit Party, where the failure to do so could not reasonably be expected to have a Material Adverse Effect, (b) take all
reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse
Effect. 
 Section 9.6    Books and Records. The Parent and the Company will, and will
cause each of their respective Subsidiaries to, (a) maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters
involving the assets and business of the Parent or such Subsidiary, as the case may be, and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory
jurisdiction over the Parent or such Subsidiary, as the case may be. 

Section 9.7    Additional Guarantors. 

(a)    The Parent and the Company will cause each of its Subsidiaries (other than the Company) that
guarantees or otherwise becomes liable at any time, whether as a borrower, co-borrower, additional guarantor or otherwise, for or in respect of any Indebtedness under any Material Credit Facility to
concurrently therewith: 
 (i)    enter into a joinder agreement to the Guaranty Agreement in
substantially the form attached as Exhibit A to the Guaranty Agreement (a “Joinder Agreement”) providing for the Guarantee by such Subsidiary, on a joint and several basis with all other such Guarantors, of (A) the prompt
payment in full when due of all amounts payable by the Company pursuant to the Notes (whether for principal, interest, Make-Whole Amount or otherwise) and this Agreement, including, without limitation, all indemnities, fees and expenses payable by
the Company thereunder and (B) the prompt, full and faithful performance, observance 

  
 27 

 
and discharge by the Company of each and every covenant, agreement, undertaking and provision required pursuant to the Notes or this Agreement to be performed, observed or discharged by it; and

 (ii)    deliver the following to each Purchaser (until the Closing) and thereafter each holder of a
Note: 
 (A)    an executed counterpart of such Joinder Agreement; 

(B)    a certificate signed by an authorized responsible officer of such Subsidiary containing
representations and warranties on behalf of such Subsidiary to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6, 5.7, 5.10, 5.15 and 5.16 of this Agreement (but with respect to such Subsidiary and such Joinder
Agreement rather than the Parent or the Company); 
 (C)    all documents as may be reasonably requested
by the Required Holders to evidence the due organization, continuing existence and good standing of such Subsidiary and the due authorization by all requisite action on the part of such Subsidiary of the execution and delivery of such Joinder
Agreement and the performance by such Subsidiary of its obligations thereunder; and 
 (D)    to the
extent requested by the Required Holders, an opinion of counsel covering the matters set forth in items 1 through 6, inclusive, of Schedule 4.4(a) with respect to such Subsidiary and such Joinder Agreement and the Guaranty Agreement. 

(b)    At the election of the Company and by written notice to each Purchaser (until the Closing) and
thereafter each holder of Notes, any Subsidiary Guarantor may be discharged from all of its obligations and liabilities under the Guaranty Agreement and shall be automatically released from its obligations thereunder without the need for the
execution or delivery of any other document by the Purchasers (until the Closing) and thereafter the holders, provided that (i) if such Subsidiary Guarantor is a guarantor or is otherwise liable for or in respect of any Material Credit
Facility, then such Subsidiary Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor under the Guaranty Agreement) under such Material Credit Facility, (ii) at
the time of, and after giving effect to, such release and discharge, no Default or Event of Default shall be existing (including as a result of the failure to satisfy the Minimum Property Condition), (iii) no amount is then due and payable under the
Guaranty Agreement, (iv) if in connection with such Subsidiary Guarantor being released and discharged under any Material Credit Facility, any fee or other form of consideration is given to any holder of Indebtedness under such Material Credit
Facility for such release, the holders of the Notes shall receive equivalent consideration substantially concurrently therewith and (v) each holder shall have received a certificate of a Responsible Officer certifying as to the matters set
forth in clauses (i) through (iv), provided further that if such Subsidiary Guarantor has been, or concurrently 

  
 28 

 
with the release of such Subsidiary Guarantor pursuant to this Section 9.7(b) will be, released from its obligations under the Loan Documents (as defined in the Bank Credit Agreement) in
connection with the Investment Grade Release, then the certificate referenced in clause (v) above shall attach thereto true and correct copies of each notice and certificate delivered to the Administrative Agent (as defined in the Bank Credit
Agreement) in connection with the release of such Subsidiary Guarantor from its obligations under such Loan Documents pursuant to Section 10.19(a) of the Bank Credit Agreement. 

(c)    If at any time the Parent desires to become a Guarantor, it shall execute and deliver to the
Purchasers (until the Closing) and thereafter the holders of the Notes a Joinder Agreement to the Guaranty Agreement in form and substance reasonably satisfactory to the Required Holders; (b) deliver to the Purchasers (until the Closing) and
thereafter the holders of the Notes a certificate covering the matters set forth in Section 4.3 with respect to the Parent; and (c) deliver to the Purchasers (until the Closing) and thereafter the holders of the Notes a favorable opinion
of counsel (which counsel shall be reasonably acceptable to the Required Holders), addressed to each Purchaser (until the Closing) and each holder of the Notes, as to such matters concerning the Parent and the Joinder Agreement and the Guaranty
Agreement as the Required Holders may reasonably request. 
 (d)    Notwithstanding anything to the
contrary contained in this Agreement, in the event that the results of any such “know your customer” or similar investigation conducted by the Purchasers (until the Closing) and the holders of the Notes with respect to any Proposed
Unencumbered Property Subsidiary is not reasonably satisfactory to the Required Holders, such Person shall not be permitted to become a Guarantor, and for the avoidance of doubt no Property owned or ground leased by such Subsidiary shall be included
as an Unencumbered Eligible Property, as applicable, without the prior written consent of the Required Holders. 

Section 9.8    Additional Unencumbered Properties. 

(a)    If at any time the Company intends to include as an Unencumbered Eligible Property any Proposed Real
Estate, prior to any such inclusion the Company shall notify the Purchasers (until the Closing) and thereafter the holders of the Notes in writing of its desire to include such Proposed Real Estate as an Unencumbered Eligible Property. 

(b)    The notice referred to in clause (a) above shall include (i) if such inclusion is to occur
prior to the Investment Grade Release, a list of each Subsidiary that is (or upon the acquisition or leasing thereof or upon the acquisition of the owner or lessee thereof will be) the Direct Owner or an Indirect Owner thereof and (ii) if such
inclusion is to occur on or after the Investment Grade Release, a list of each Subsidiary of the Company (if any) that is (or upon the acquisition or leasing thereof or upon the acquisition of the owner or lessee thereof will be) the Direct Owner or
an Indirect Owner thereof and will at the time such Proposed Real Estate is to be included as an Unencumbered Eligible Property be a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness (each such Subsidiary
under clause (i) or (ii) (including for the avoidance of doubt any Joint Venture Partner) being referred to hereinafter as a “Proposed Unencumbered Property Subsidiary”). 

  
 29 

 (c)    With respect to each Proposed Unencumbered
Property Subsidiary, at least ten (10) days (or such shorter period as the Required Holders may agree) prior to the date the applicable Proposed Real Estate is to be included as an Unencumbered Eligible Property, the Company shall: 

(i)    provide the Purchasers (until the Closing) and thereafter the holders with the U.S. taxpayer
identification number for such Proposed Unencumbered Property Subsidiary, and 
 (ii)    provide the
Purchasers (until the Closing) and thereafter the holders with all documentation and other information concerning each such Proposed Unencumbered Property Subsidiary that any holder may reasonably request in order to comply with their obligations
under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. 

(d)    At or prior to the time that any Proposed Real Estate that has a Proposed Unencumbered Property
Subsidiary as its Direct Owner or Indirect Owner is included as an Unencumbered Eligible Property, the Company shall have caused each such Proposed Unencumbered Property Subsidiary to comply with Section 9.7(a) hereof to the extent applicable.

 Section 9.9    Compliance with Environmental Laws. Except as would not reasonably be
expected to have a Material Adverse Effect, the Parent and the Company will, and will cause each of their respective Subsidiaries to, comply, and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying its
properties to comply with all applicable Environmental Laws and Environmental Permits; obtain and renew all Environmental Permits necessary for its operations and properties; and conduct any investigation, study, sampling and testing, and undertake
any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties, in compliance with applicable Environmental Laws; provided, however, that neither the Parent nor any of its
Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with
respect to such circumstances in accordance with GAAP. 
 Section 9.10    Maintenance of
REIT Status; New York Stock Exchange or NASDAQ Listing. The Parent will, at all times (a) continue to be organized and operated in a manner that will allow it to qualify for taxation as a REIT and (b) remain publicly traded with
securities listed on the New York Stock Exchange or the NASDAQ Stock Market. 

Section 9.11    Further Assurances. Promptly upon request by the Required Holders, the
Parent and the Company will, and will cause each of their respective Subsidiaries to, (a) correct any material defect or manifest error that may be discovered in any Financing Document and (b) do, execute and take any and all such further
acts, deeds, certificates and assurances and other instruments as the Required Holders may reasonably require from time to time in order to carry out more effectively the purposes of the Financing Documents. 

  
 30 

 Section 9.12    Most Favored Lender.

 (a)    The Company shall deliver a true and complete copy of the Bank Amendment within 10 Business
Days following the execution thereof. If as of, or at any time after, the date of this Agreement, the Bank Amendment (i) contains, or amends or modifies the Bank Credit Agreement to add, any Financial Covenant or any other Relevant Provision
that is not contained in the Bank Credit Agreement as of the date of this Agreement (but, in the case of any Relevant Provision other than a Financial Covenant, only to the extent it would be customary to include such Relevant Provision in a market
note purchase agreement entered into by a company (that is substantially similar to the Company) in connection with an institutional private placement financing transaction providing for the issuance and sale of debt securities that is entered into
subsequent to the date of the primary bank credit agreement of such company that contains such Relevant Provision), or (ii) amends or modifies any Financial Covenant or other Relevant Provision in the Bank Credit Agreement, an analogous
Financial Covenant or other Relevant Provision of which is also contained in this Agreement, in a manner which would result in such Financial Covenant or Relevant Provision in the Bank Credit Agreement being more beneficial to the Bank Lenders in
any material respect (or, in the case of any Financial Covenant or Event of Default, in any respect) than the analogous Relevant Provision set forth in this Agreement is to the holders of the Notes (any such Financial Covenant or other Relevant
Provision described in clause (i) or (ii), a “More Favorable Provision”), then the Parent or the Company shall provide a Most Favored Lender Notice in respect of such More Favorable Provision, together with the Bank Amendment.
Thereupon, unless waived in writing by the Required Holders within 15 days after each holder’s receipt of such notice, such More Favorable Provision shall be deemed automatically incorporated into this Agreement, mutatis mutandis, as if
set forth in full herein, effective as of the date when such More Favorable Provision shall have become effective under the Bank Amendment. Thereafter, upon the request of any holder of a Note, the Parent and the Company shall (at the Company’s
sole cost and expense) enter into any additional agreement or amendment to this Agreement requested by such holder evidencing any of the foregoing. Notwithstanding anything to the contrary in the foregoing, in the event that the Company reasonably
determines in good faith that the Bank Amendment does not contain or otherwise provide for any More Favorable Provision, then it shall not be required to provide a Most Favored Lender Notice in connection with its delivery of the Bank Amendment to
the holders of the Notes; provided, however, that the Required Holders may, within 90 days following their receipt of the Bank Amendment, provide a written notice to the Parent or the Company if they reasonably determine that the Bank Amendment
contains a More Favorable Provision, which notice shall specify such More Favorable Provision and that such More Favorable Provision shall constitute an Incorporated Provision, whereupon such More Favorable Provision shall be deemed automatically
incorporated into, and constitute an Incorporated Provision under, this Agreement in accordance with the terms of this Section 9.12. 

  
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 (b)    Any More Favorable Provision incorporated into
this Agreement (herein referred to as an “Incorporated Provision”) (x) shall be deemed automatically amended herein to reflect any subsequent amendments made to such Incorporated Provision under the Bank Credit Agreement which make
such Incorporated Provision less restrictive on the Parent, the Company or any of their respective Subsidiaries, as the case may be, and (y) shall be deemed automatically deleted from this Agreement at such time as such Incorporated Provision
is deleted or otherwise removed from the Bank Credit Agreement or the Bank Credit Agreement is terminated; provided, however, that: 

(i)    if a Default or Event of Default shall exist at the time such Incorporated Provision is deleted or
otherwise removed from the Bank Credit Agreement, the prior written consent of the Required Holders shall be required as a condition to the deletion of the related Incorporated Provision from this Agreement for so long as such Default or Event of
Default continues to exist, and 
 (ii)    if any Bank Lender or agent under the Bank Credit Agreement
receives any remuneration as consideration for the amendment, modification or removal of such Incorporated Provision then such remuneration shall be concurrently paid, on the same equivalent terms, ratably to each holder of Notes then outstanding.

 (c)    Upon the effectiveness of any amendment, at the request of the Parent, the Company or any
holder of Notes, the holders of Notes (if applicable) and the Parent and the Company shall (at the Company’s sole cost and expense) enter into any additional agreement or amendment to this Agreement reasonably requested by the Parent, the
Company or a holder of Notes, as the case may be, evidencing the amendment of any such Incorporated Provision. Upon the effectiveness of any deletion or removal, at the request of the Parent or the Company, the holders of Notes shall (at the
Company’s sole cost and expense) enter into any additional agreement or amendment to this Agreement requested by the Parent or the Company evidencing the deletion and termination of any such Incorporated Provision. 

(d)    For the avoidance of doubt, each of the Financial Covenants and other Relevant Provisions in this
Agreement as of the date of this Agreement shall remain in this Agreement regardless of whether any More Favorable Provisions are incorporated into this Agreement by operation of this Section 9.12. 

(e)    Further, if the Bank Amendment is not executed by the requisite parties within 45 days following the
date hereof or if the Bank Amendment does not provide for (i) the deletion of the Minimum Tangible Net Worth covenant set forth in the Bank Credit Agreement as of the date hereof, and/or (ii) an amendment to the definition of “Total
Asset Value” set forth in the Bank Credit Agreement as of the date hereof to (A) increase the percentage of such “Total Asset Value” at any time that may be attributable to Investments in Unconsolidated Affiliates from 10% to
15%, or (B) increase the percentage of such “Total Asset Value” at any time that may be attributable to assets of the type described in clauses (ii) through (v) of the definition of “Total Asset Value” (as set forth in
the Bank Credit Agreement as in effect on the date hereof) from 25% to 30%, then the provisions of 

  
 32 

 
this Agreement shall automatically, without any further action required on the part of the Parent, the Company or any holder of the Notes, be amended to (x) in the case of clause
(i) above or in the event the Bank Amendment is not executed, amend Section 10.11 of this Agreement to insert a Minimum Tangible Net Worth covenant (together with all related definitions) in substantially the form attached as Schedule
9.12 hereto, and (y) in the case of clause (ii) above or in the event the Bank Amendment is not executed, amend the respective percentages set forth in clauses (v) and (vi) of the definition of “Total Asset Value” set
forth in this Agreement to be 10% (instead of 15%) and 25% (instead of 30%), respectively, as applicable. Thereafter, upon the request of any holder of a Note, the Parent and the Company shall (at the Company’s sole cost and expense) enter into
any additional agreement or amendment to this Agreement requested by such holder evidencing any of the foregoing. 
 SECTION
10.    NEGATIVE COVENANTS. 
 From the date of this Agreement until the Closing and, thereafter, so long as
any of the Notes are outstanding, the Parent and the Company covenant that: 

Section 10.1    Liens. The Parent and the Company will not, and will not permit any of
their respective Subsidiaries to, directly or indirectly create, incur, assume or suffer to exist any Lien on or with respect to (a) any Unencumbered Eligible Property other than Permitted Property Encumbrances, (b) any Equity Interest of
(i) the Company owned by the Parent or (ii) any Unencumbered Property Subsidiary, in each case other than Permitted Equity Encumbrances or (c) any income from or proceeds of any of the foregoing; or sign, file or authorize under the
Uniform Commercial Code of any jurisdiction a financing statement that includes in its collateral description any portion of any Unencumbered Eligible Property (unless such description relates to a Permitted Property Encumbrance), any Equity
Interest of the Company owned by the Parent (unless such description relates to a Permitted Equity Encumbrance), any Equity Interest of any Unencumbered Property Subsidiary (unless such description relates to a Permitted Equity Encumbrance) or any
income from or proceeds of any of the foregoing. 
 Notwithstanding the foregoing, the Parent and the Company will not, and will not permit
any of their respective Subsidiaries to, secure pursuant to this Section 10.1 any Indebtedness outstanding under or pursuant to any Material Credit Facility unless and until the Notes (and any Guarantee delivered in connection therewith) shall
concurrently be secured equally and ratably with such Indebtedness pursuant to documentation in form and substance reasonably acceptable to the Required Holders, including, without limitation, an intercreditor agreement and opinions of counsel to
the applicable Credit Parties from counsel that is reasonably acceptable to the Required Holders. 

Section 10.2    Investments. The Parent and the Company will not, and will not permit any
of their respective Subsidiaries to, make any Investments, except: 
 (a)    Investments held by the
Parent and its Subsidiaries in the form of cash or Cash Equivalents; 
 (b)    equity Investments owned
as of the date hereof in Subsidiaries; 

  
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 (c)    Investments received in connection with the
bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; and 

(d)    other Investments, so long as (i) no Event of Default has occurred and is continuing
immediately before and after the making of such Investment and (ii) immediately after giving effect to the making of such Investment, the Parent and its Subsidiaries shall be in compliance, on a pro forma basis, with the provisions of
Section 10.11. 
 Notwithstanding anything to the contrary contained herein, the Parent shall not be permitted to make any Investment
at any time that it is not a Guarantor, except as permitted under Section 10.14. 

Section 10.3    Indebtedness. The Parent and the Company will not, and will not permit
any of their respective Subsidiaries to, create, incur, assume or suffer to exist any Indebtedness (other than Indebtedness exclusively among members of the Consolidated Group) unless (a) no Event of Default has occurred and is continuing
immediately before and after the incurrence of such Indebtedness and (b) immediately after giving effect to the incurrence of such Indebtedness, the Parent and its Subsidiaries shall be in compliance, on a pro forma basis, with the provisions
of Section 10.11; provided, that notwithstanding clauses (a) and (b) above, in no event shall the Parent or any Unencumbered Property Subsidiary be a borrower or guarantor of, or otherwise obligated in respect of, any Recourse
Indebtedness unless it is a Guarantor. 
 Section 10.4    Minimum Property Condition.
The Parent and the Company will not, and will not permit any of their respective Subsidiaries to, suffer or permit a failure to comply with the Minimum Property Condition at any time. 

Section 10.5    Fundamental Changes; Dispositions. The Parent and the Company will not,
and will not permit any of their respective Subsidiaries to, merge, dissolve, liquidate, consolidate with or into another Person, make any Disposition or, in the case of any Subsidiary of the Parent, issue, sell or otherwise Dispose of any of such
Subsidiary’s Equity Interests to any Person, except: 
 (a)    any Subsidiary of the Company may
merge or consolidate with (i) the Company, provided that the Company shall be the continuing or surviving Person and/or (ii) any one or more other Subsidiaries of the Company, provided that if any Subsidiary Guarantor is
merging with another Subsidiary of the Company that is not a Subsidiary Guarantor, such Subsidiary Guarantor shall be the continuing or surviving Person (unless such Subsidiary Guarantor ceases to be a Subsidiary Guarantor as the result of such
merger or consolidation); 
 (b)    any Subsidiary of the Company may Dispose of all or substantially all
of its assets (upon voluntary liquidation or otherwise) to the Company or another Subsidiary of the Company; provided that if the transferor in such a transaction is a Subsidiary Guarantor that will remain a Subsidiary Guarantor after giving
effect to such Disposition, then the transferee must be the Company or a Subsidiary Guarantor; 

  
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 (c)    Dispositions of obsolete or worn out equipment,
whether now owned or hereafter acquired, in the ordinary course of business; 
 (d)    Dispositions of
property by any Subsidiary of the Company to the Company or another Subsidiary of the Company; provided that if the transferor is a Subsidiary Guarantor, then the transferee must be the Company or a Subsidiary Guarantor; 

(e)    Investments permitted by Section 10.2; and 

(f)    mergers, dissolutions, liquidations, consolidations or Dispositions not otherwise permitted above;
provided that: 
 (i)    no Event of Default has occurred and is continuing immediately before and
after such transaction; 
 (ii)    immediately upon giving effect thereto, the Parent and its
Subsidiaries shall be in compliance, on a pro forma basis, with the provisions of Section 10.11; and 

(iii)    in the event of any Disposition of an Unencumbered Eligible Property for which a Direct Owner or
an Indirect Owner is a Guarantor or a Disposition of any such Direct Owner or Indirect Owner: (A) the representations and warranties contained in Section 5 or any other Financing 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 thereof and immediately after giving effect thereto, except (1) 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 as of such earlier date, (2) any representation or warranty that is already by its terms qualified as to
“materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (1)) after giving effect to such
qualification and (3) for purposes of this Section 10.5, the representations and warranties contained in Section 5.5 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b),
respectively, of Section 7.1 and (B) the provisions of Sections 10.19(b) and (c) of the Bank Credit Agreement (as in effect on the date hereof), as applicable, shall be satisfied. 

Notwithstanding anything to the contrary contained herein, in no event shall the Parent or the Company be permitted to (i) merge,
dissolve or liquidate or consolidate with or into any other Person unless after giving effect thereto the Parent or the Company, as applicable, is the sole surviving Person of such transaction and no Change of Control results therefrom,
(ii) engage in any transaction pursuant to which it is reorganized or reincorporated in any jurisdiction other than a State of the United States of America or the District of Columbia, or (iii) consummate a Division. 

Section 10.6    Restricted Payments. The Parent and the Company will not, and will not
permit any of their respective Subsidiaries to, declare or make, directly or indirectly, any Restricted 

  
 35 

 
Payment, or incur any obligation (contingent or otherwise) to do so, except that the following shall be permitted: 

(a)    each Subsidiary of the Company may make Restricted Payments pro rata to the holders of its Equity
Interests; 
 (b)    each Consolidated Party may declare and make dividend payments or other
distributions payable solely in the common stock or other common Equity Interests of such Person or another Consolidated Party; 

(c)    the Company shall be permitted to declare and make other Restricted Payments on or in respect of its
Equity Interests; provided, however, (1) if an Event of Default under Section 11(a) or (b) shall have occurred and be continuing or would result therefrom, the Company shall only be permitted to declare and pay pro rata cash
dividends on its Equity Interests or make pro rata cash distributions with respect thereto in an amount that will result in the Parent receiving the minimum amount of funds required to be distributed to its equity holders in order for the Parent to
maintain its status as a REIT for federal and state income tax purposes and (2) no Restricted Payments shall be permitted under this clause (c) following the acceleration of the Obligations pursuant to Section 12.1 or following the
occurrence of any Event of Default under Section 11(g) or (h); and 
 (d)    the Parent shall be
permitted to make Restricted Payments with any amounts received by it from the Company pursuant to Section 10.6(c). 
 For the avoidance of doubt, this
Section 10.6 shall not prohibit payments required to be made pursuant to the Tax Protection Agreement (as in effect on the date hereof or as modified thereafter with the prior written consent of the Required Holders). 

Notwithstanding the foregoing, if, at any time after the date hereof, the analogous covenant in Section 7.06 (Restricted Payments) of the Bank Credit
Agreement (as in effect on the date hereof) (the “Bank Restricted Payment Covenant”) is deleted, removed, amended or otherwise modified to be more or less restrictive than this Section 10.6, then this Section 10.6 shall be
deemed on the date of execution of any such deletion, removal, amendment or modification to the Bank Credit Agreement to be then and thereupon similarly deleted, removed, amended or otherwise modified under this Agreement without any further action
on the part of the Parent, the Company or any of the Purchasers (until the Closing) and thereafter the holders of the Notes; provided that if a Default or Event of Default shall exist at the time the Bank Restricted Payment Covenant is so
deleted, removed, amended or modified in a manner so as to be less restrictive on the Credit Parties, the prior written consent of the Required Holders shall be required as a condition to any such deletion, removal, amendment or other modification
to this Section 10.6 for so long as such Default or Event of Default continues to exist; and provided, further, that if any fee or other consideration shall be paid to the Bank Lenders or holders of the Indebtedness under the Bank Credit
Agreement in connection with any such deletion, removal, amendment or modification to the Bank Restricted Payment Covenant, the Equivalent Fee shall be paid to the Purchasers (until the Closing) and thereafter the holders of the Notes. If the Bank
Credit Agreement is amended or modified to remove the Bank Restricted Payment Covenant and subsequent to any such amendment or modification, the Bank Credit Agreement is amended to re-insert the Bank
Restricted Payment 

  
 36 

 
Covenant or an analogous covenant or event of default restricting or limiting Restricted Payments by any Credit Party, then such Bank Restricted Payment Covenant or other similar covenant or
event of default shall automatically be incorporated by reference into this Agreement, mutatis mutandis, as if set forth fully herein, without any further action required on the part of any Person, effective as of the date when such covenant
or event of default became effective under the Bank Credit Agreement. The Parent, the Company and the Required Holders shall from time to time promptly execute and deliver at the Credit Parties’ expense (including, without limitation, the
reasonable fees and expenses of counsel for the Purchasers (until the Closing) and the holders of the Notes) an amendment to this Agreement in form and substance reasonably satisfactory to the Parent, the Company and the Required Holders evidencing
any such amendment or modification to this Section 10.6; provided that the execution and delivery of such amendment or modification shall not be a precondition to the effectiveness of such amendment or modification. 

Section 10.7    Change in Nature of Business. The Parent and the Company will not, and
will not permit any of their respective Subsidiaries to, engage in any material line of business other than acquiring and developing income producing real properties and investments related thereto (including the operation of the Empire State
Observatory or other observatory properties) or any business reasonably related or ancillary thereto or representing a reasonable extension thereof. 

Section 10.8    Transactions with Affiliates. The Parent and the Company will not, and
will not permit any of their respective Subsidiaries to, enter into directly or indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the
rendering of any service) with any Affiliate of the Parent, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Parent or a Subsidiary thereof as would be obtainable by the
Parent or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate; provided that the foregoing restriction shall not apply to (a) transactions between or among the Company and its
Subsidiaries at any time that the Parent is not a Guarantor, and transactions between or among the Parent and its Subsidiaries at any time that the Parent is a Guarantor, (b) fees and compensation (whether in the form of cash, equity or
otherwise) paid or provided to, and any indemnity provided on behalf of, officers, directors or employees of the Parent or any Subsidiary thereof as determined in good faith by the board of directors of the Parent and in the ordinary course of
business, (c) payments contemplated by the Tax Protection Agreement, (d) Restricted Payments not prohibited hereunder and (e) transactions and arrangements existing on the date hereof and disclosed in the reports filed by the Parent
with the SEC under the Securities Act or the Securities Exchange Act prior to the date hereof. 

Section 10.9    Burdensome Agreements. The Parent and the Company will not, and will not
permit any of their respective Subsidiaries to enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Financing Document) that limits the ability of (a) any Subsidiary to make Restricted Payments to the
Parent, the Company or any Guarantor (or, following the Investment Grade Release, any Wholly-Owned Subsidiary of the Company that is a Direct Owner or Indirect Owner of an Unencumbered Eligible Property) or to otherwise transfer any Unencumbered
Eligible Property, or any income therefrom or proceeds thereof, to the Parent, the Company or any Subsidiary, (b) the Parent or any Subsidiary of the Company that is an Unencumbered Property Subsidiary to Guarantee any Obligations or
(c) the Parent, any Subsidiary of the Company that is an Unencumbered Property Subsidiary, any Controlled Joint Venture or 

  
 37 

 
any Controlled Joint Venture Subsidiary to create, incur, assume or suffer to exist Liens on any Unencumbered Eligible Property, any Equity Interest of the Company owned by the Parent, any Equity
Interest of any Unencumbered Property Subsidiary, any Equity Interest of any Controlled Joint Venture owned by a Joint Venture Partner, any Equity Interest of any Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property, or
any income from or proceeds of any of the foregoing; provided, however, that clauses (a) and (c) above shall not prohibit customary limitations on Restricted Payments or Negative Pledges (i) provided in favor of any holder of
Secured Indebtedness of a Subsidiary so long as (A) such Subsidiary is not an Unencumbered Property Subsidiary, a Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property or a Controlled Joint Venture that owns a
Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property and (B) such Secured Indebtedness is permitted under Sections 10.3 and 10.11, (ii) contained in (A) any agreement in connection with a Disposition permitted by
Section 10.5 (provided that such limitation shall only be effective against the assets or property that are the subject of such Disposition) or (iii) the constituent documents of, or joint venture agreements or other similar
agreements entered into in the ordinary course of business that are applicable solely to, a non-Wholly-Owned Subsidiary of the Company that is not a Controlled Joint Venture Subsidiary that owns an
Unencumbered Eligible Property or a Controlled Joint Venture that owns a Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property, (iv) arising by virtue of restrictions on cash or other deposits or net worth imposed by
customers, suppliers or landlords or required by insurance, surety or bonding companies, in each case, under contracts entered into in the ordinary course of business so long as such restrictions do not apply to any Subsidiary that is an
Unencumbered Property Subsidiary, a Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property or a Controlled Joint Venture that owns a Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property and
(v) that constitute Permitted Pari Passu Encumbrances. 
 Section 10.10    Use of the
Proceeds. The Company will not use any proceeds of the Notes, whether directly or indirectly, and whether immediately, incidentally or ultimately, (a) 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, or (b) for any purpose that would breach or violate any applicable Anti-Money Laundering Laws or
Anti-Corruption Laws. 
 Section 10.11    Financial Covenants. The Parent and the
Company will not: 
 (a)    Maximum Leverage Ratio. Permit Total Indebtedness as of the last day
of each fiscal quarter of the Parent to exceed 60% of the Total Asset Value on such day. 

(b)    Maximum Secured Leverage Ratio. Permit Total Secured Indebtedness as of the last day of each
fiscal quarter of the Parent to exceed 40% of the Total Asset Value on such day. 
 (c)    [Reserved].

 (d)    Minimum Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage Ratio as of the
last day of any fiscal quarter of the Parent to be less than 1.50 to 1.00. 

  
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 (e)    Minimum Unencumbered Interest Coverage
Ratio. Permit the Unencumbered Interest Coverage Ratio as of the last day of any fiscal quarter of the Parent to be less than 1.75 to 1.00. 

(f)    Maximum Unsecured Leverage Ratio. Permit Total Unsecured Indebtedness as of the last day of
each fiscal quarter of the Parent to exceed 60% of the Unencumbered Asset Value on such day. 

(g)    Maximum Secured Recourse Indebtedness. If, at any time after the date hereof, a covenant or
event of default is inserted in the Bank Credit Agreement that restricts or limits the amount of Secured Recourse Indebtedness that may be incurred, created, assumed, guaranteed or maintained by the Credit Parties and their Subsidiaries (or any one
or more of them) (a “Bank Secured Recourse Indebtedness Covenant”), then such Bank Secured Recourse Indebtedness Covenant shall automatically be incorporated by reference into this Agreement, mutatis mutandis, as if set forth
fully herein, without any further action required on the part of any Person, effective as of the date when such covenant or event of default became effective under the Bank Credit Agreement. Notwithstanding the foregoing, if, at any time after any
Bank Secured Recourse Indebtedness Covenant is incorporated by reference into this Agreement pursuant to this Section 10.11(g), the corresponding Bank Secured Recourse Indebtedness Covenant set forth in the Bank Credit Agreement is deleted,
removed, amended or otherwise modified to be more or less restrictive, then the covenant or event of default so incorporated pursuant to this Section 10.11(g) shall similarly be deemed on the date of execution of any such deletion, removal,
amendment or modification to the Bank Credit Agreement to be then and thereupon similarly deleted, removed, amended or otherwise modified under this Agreement without any further action on the part of the Parent, the Company or any of the holders of
the Notes; provided that if a Default or Event of Default shall exist at the time the Bank Secured Recourse Indebtedness Covenant is so deleted or removed or amended or modified in a manner so as to be less restrictive on the Credit Parties,
the prior written consent of the Required Holders shall be required as a condition to any such deletion, removal, amendment or other modification to the covenant or event of default incorporated pursuant to this Section 10.11(g) for so long as
such Default or Event of Default continues to exist; and provided, further, that if any fee or other consideration shall be paid to the Bank Lenders or holders of the Indebtedness under the Bank Credit Agreement in connection with any such
deletion, removal, amendment or modification to the Bank Secured Recourse Indebtedness Covenant, the Equivalent Fee shall be paid to the holders of the Notes. If the Bank Credit Agreement is amended or modified to remove any Bank Secured Recourse
Indebtedness Covenant and subsequent to any such amendment or modification, the Bank Credit Agreement is amended to re-insert a Bank Secured Recourse Indebtedness Covenant, then such Bank Secured Recourse
Indebtedness Covenant shall automatically be incorporated by reference into this Agreement, mutatis mutandis, as if set forth fully herein, without any further action required on the part of any Person, effective as of the date when such
covenant or event of default became effective under the Bank Credit Agreement. The Parent, the Company and the Required Holders shall from time to time promptly execute and deliver at the Credit Parties’ expense (including, without limitation,
the reasonable fees and expenses of counsel for the holders of the Notes) an amendment to this Agreement in form and substance reasonably satisfactory to the Parent, the Company 

  
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and the Required Holders evidencing any such amendment or modification to this Section 10.11(g) to incorporate, delete, remove, amend or modify any Bank Secured Recourse Indebtedness
Covenant as provided herein; provided that the execution and delivery of such amendment or modification shall not be a precondition to the effectiveness of such amendment or modification. 

Section 10.12    Accounting Changes. The Parent and the Company will not, and will not
permit any of their respective Subsidiaries to, make any change in (a) accounting policies or reporting practices, except as required or permitted by GAAP, or (b) their fiscal year. 

Section 10.13    Amendments, Waivers and Terminations of Organization Documents. The
Parent and the Company will not, and will not permit any of their respective Subsidiaries to, directly or indirectly, consent to, approve, authorize or otherwise suffer or permit any amendment, change, cancellation, termination or waiver in any
respect of the terms of any Organization Document of any Credit Party or any Subsidiary thereof, other than amendments, changes and modifications that are not adverse in any material respect to the Parent, any of the other Credit Parties, any
Subsidiary thereof, or any of the holders of the Notes. 
 Section 10.14    Parent
Covenants. Notwithstanding anything to the contrary contained in any Financing Document, at any time that the Parent is not a Guarantor the Parent shall not directly or indirectly enter into or conduct any business other than in connection with
the ownership, acquisition and disposition of interests in the Company and, if applicable, direct interests in the Company, and the management of the business of the Company, and such activities as are incidental thereto, all of which shall be
solely in furtherance of the business of the Company. The Parent shall not own any assets other than (a) interests, rights, options, warrants or convertible or exchangeable securities of the Company, (b) assets that have been distributed
to the Parent by its Subsidiaries in accordance with Section 10.6 that are held for ten (10) Business Days or less pending further distribution to equity holders of the Parent, (c) assets received by the Parent from third parties
(including the Net Cash Proceeds from any issuance and sale by the Parent of any its Equity Interests), that are held for ten (10) Business Days or less pending contribution of same to the Company, (d) such bank accounts or similar
instruments as it deems necessary to carry out its responsibilities under the Organization Documents of the Company and (e) other tangible and intangible assets that, taken as a whole, are de minimis in relation to the net assets of the
Company and its Subsidiaries, but which shall in no event include any Equity Interests other than those permitted in clauses (a) and (c) of this sentence. Nothing in this Section 10.14 shall prevent the Parent from (i) the maintenance
of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (ii) the performance of its obligations with respect to the Financing Documents, (iii) any public offering of its common stock or any
other issuance or sale of its Equity Interests, (iv) the payment of dividends, (v) making contributions to the capital of the Company, (vi) participating in tax, accounting and other administrative matters as a member of the
consolidated group of the Parent and the Company, (vii) providing indemnification to officers, managers and directors, (viii) any activities incidental to compliance with the provisions of the Securities Act, the Securities Exchange Act,
any rules and regulations promulgated thereunder, and the rules of national securities exchanges, in each case, as applicable to companies with listed equity or debt securities, as well as activities incidental to investor relations, shareholder
meetings and reports to shareholders or debt holders and (ix) any activities incidental to the foregoing. 

  
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 Section 10.15    Economic Sanctions,
Etc. The Parent and the Company will not, and will not permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly
have any investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would cause any Purchaser
(until the Closing) or thereafter any holder or any affiliate of such Purchaser or holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such Purchaser or holder, or (ii) is prohibited by or subject to
sanctions under any U.S. Economic Sanctions Laws. 
 SECTION 11.    EVENTS OF DEFAULT. 

An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 

(a)    the Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when
the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 

(b)    the Company defaults in the payment of any interest on any Note for more than five (5) Business
Days after the same becomes due and payable; or 
 (c)    the Parent or the Company defaults in the
performance of or compliance with any term contained in Sections 7.1(g), 7.1(h), 7.1(i)(i), 7.1(m), 9.2, 9.5 (with respect to the Parent, the Company and each Unencumbered Property Subsidiary) or 10 or any Guarantor fails to perform or observe any
term, covenant or agreement contained in the Guaranty Agreement; or 
 (d)    the Company or any other
Credit Party defaults in the performance of or compliance with (i) any term contained herein (other than those referred to in Sections 11(a), (b) and (c)) or in any other Financing Document and such default is not remedied within thirty
(30) days after the earlier of (A) a Responsible Officer of the Company or the Parent obtaining actual knowledge of such default and (B) the Company or the Parent receiving written notice of such default from any holder of a Note (any
such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)), or (ii) any Incorporated Provision and any such default is not remedied within the corresponding cure period
specified with respect to such Incorporated Provision set forth in the Bank Credit Agreement (without giving effect to any amendment, modification or waiver thereof by any lender or agent under the Bank Credit Agreement); or 

(e)    (i) any representation or warranty made in writing by or on behalf of the Parent or the Company or
by any officer of the Parent or the Company in this Agreement or any document delivered pursuant to this Agreement proves to have been false or incorrect in any material respect on the date as of which made, or (ii) any representation or
warranty made in writing by or on behalf of any Guarantor or by any officer of such Guarantor in the Guaranty Agreement or any document delivered pursuant to the Guaranty Agreement proves to have been false or incorrect in any material respect on
the date as of which made; or 

  
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 (f)    (i) any Credit Party or any Subsidiary thereof
(A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise), in respect of any Recourse Indebtedness or Guarantee of Recourse Indebtedness (other than Indebtedness under this
Agreement and the Notes and Indebtedness under Swap Contracts) having an aggregate principal amount of more than the Threshold Amount, or (B) fails 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 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, or such Guarantee to become payable or cash collateral in
respect thereof to be demanded, (ii) any Credit Party or any Subsidiary thereof fails to observe or perform any agreement or condition relating to any Nonrecourse Indebtedness or Guarantee of Nonrecourse Indebtedness having an aggregate
principal amount in excess of the Threshold Amount, 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 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, or such Guarantee to become
payable or cash collateral in respect thereof to be demanded or (iii) 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 any Credit Party or any Subsidiary thereof 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 any Credit Party or any Subsidiary thereof is an
Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Credit Party or such Subsidiary as a result thereof is greater than the Threshold Amount; or 

(g)    the Parent, the Company or any Significant Subsidiary (i) is generally not paying, or admits in
writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation
or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver,
trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or (v) is adjudicated as insolvent or to be liquidated; or 

(h)    a court or other Governmental Authority of competent jurisdiction enters an order appointing,
without consent by the Parent, the Company or any Significant 

  
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Subsidiary, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or
approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution,
winding-up or liquidation of the Parent, the Company or any Significant Subsidiary, or any such petition shall be filed against the Parent, the Company or any Significant Subsidiary and such petition shall not
be dismissed, discharged or stayed within sixty (60) days; or 
 (i)    (i) one or more final
judgments or orders (including, without limitation, any such final order enforcing a binding arbitration decision) for the payment of money aggregating in excess of $50,000,000 (to the extent not covered by independent third-party insurance as to
which the insurer is rated at least “A” by A.M. Best Company, has been notified of the potential claim and does not dispute coverage), or (ii) 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, are rendered against one or more of the Parent, the Company or any Significant Subsidiary and, in the case of either (i) or (ii) herein, such
judgments are not, within sixty (60) days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within sixty (60) days after the expiration of such stay; or 

(j)    if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for
any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected
to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA Section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become
a subject of any such proceedings, (iii) the aggregate “amount of unfunded benefit liabilities” (within the meaning of Section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA, shall exceed
an amount that could reasonably be expected to have a Material Adverse Effect, (iv) the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or
excise tax provisions of the Code relating to employee benefit plans, (v) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the Company or any Subsidiary establishes or amends any employee welfare benefit
plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder; and any such event or events described in clauses (i) through (vi) above, either individually or
together with any other such event or events, could reasonably be expected to have a Material Adverse Effect. As used in this Section 11(j), the terms “employee benefit plan” and “employee welfare benefit plan”
shall have the respective meanings assigned to such terms in Section 3 of ERISA; or 
 (k)    other
than in accordance with the terms of Section 9.7(b) of this Agreement or Section 10 or Section 12.1 of the Guaranty Agreement, the Guaranty Agreement shall cease to be in full force and effect, any Guarantor or any Person acting on
behalf of any Guarantor shall contest in any manner the validity, binding nature or enforceability of the 

  
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Guaranty Agreement, or the obligations of any Guarantor under the Guaranty Agreement are not or cease to be legal, valid, binding and enforceable in accordance with the terms of the Guaranty
Agreement; or 
 (l)    there occurs any Change of Control; or 

(m)    the Parent shall, for any reason, fail to maintain its status as a REIT, after taking into account
any cure provisions set forth in the Code that are complied with by the Parent. 
 SECTION 12.    REMEDIES ON DEFAULT, ETC. 

Section 12.1    Acceleration. 

(a)    If an Event of Default with respect to the Parent, the Company or any Unencumbered Property
Subsidiary described in Section 11(g) or (h) (other than an Event of Default described in clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 

(b)    If any other Event of Default has occurred and is continuing, the Required Holders may at any time
at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 

(c)    If any Event of Default described in Section 11(a) or (b) has occurred and is continuing,
any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith
mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the applicable Default Rate) and (y) the Make-Whole Amount determined
in respect of such principal amount, shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree,
that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event
that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. 

Section 12.2    Other Remedies. If any Default or Event of Default has occurred and is
continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by
an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or the Guaranty Agreement, or for an injunction against a violation of any of the terms hereof or
thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 

  
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 Section 12.3    Rescission. At any time
after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all
overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any,
and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the applicable Default Rate for the applicable series, (b) neither the Company nor any other Person shall have paid any amounts which have become
due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been
waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any
subsequent Event of Default or Default or impair any right consequent thereon. 

Section 12.4    No Waivers or Election of Remedies, Expenses, Etc. No course of dealing
and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this
Agreement, the Guaranty Agreement or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the
obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under
this Section 12, including, without limitation, reasonable and documented attorneys’ fees, expenses and disbursements. 
 SECTION
13.    REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 

Section 13.1    Registration of Notes. The Company shall keep at its principal executive
office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in
such register. If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b) at any such
beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person(s) in whose name any Note(s) shall
be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an
Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. The parties intend to treat the Notes as being in “registered form” under Section 5f.103-1(c) of the United States Treasury Regulations and shall interpret this Agreement consistent therewith. 

  
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 Section 13.2    Transfer and Exchange of
Notes. Upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration
of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices
of each transferee of such Note or part thereof), within fifteen (15) Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes of the same series (as
requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be
substantially in the form of Note for such series set forth in Schedule 1-A or 1-B, as the case may be. Each such new Note shall be dated and bear interest
from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or
governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding
of Notes of a series, one Note of such series may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth
in Section 6.2. Notwithstanding anything to the contrary in this Agreement, no holder will have the right to transfer any Notes to a Competitor unless an Event of Default has occurred and is continuing. 

Section 13.3    Replacement of Notes. Upon receipt by the Company at the address and to
the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an
Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 

(a)    in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it
(provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $25,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured
agreement of indemnity shall be deemed to be satisfactory), or 
 (b)    in the case of mutilation, upon
surrender and cancellation thereof, 
 within ten (10) Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu
thereof, a new Note of the same series, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no
interest shall have been paid thereon. 
 SECTION 14.    PAYMENTS ON NOTES. 

Section 14.1    Place of Payment. Subject to Section 14.2, payments of principal,
Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York City, New York at the principal office of JPMorgan Chase Bank, N.A. in such jurisdiction. 

  
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 The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so
long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. 

Section 14.2    Payment by Wire Transfer. So long as any Purchaser or its nominee shall
be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, interest and all other amounts
becoming due hereunder by the method and at the address specified for such purpose below such Purchaser’s name in Schedule B, or by such other method or at such other address as such Purchaser shall have from time to time specified to
the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or
prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the
Company pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to
which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the
direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2. 

Section 14.3    Tax Indemnification; Evidence of Exemption from U.S. Withholding Tax.

 (a)    Withholding. Any and all payments on any Note or any other payments made pursuant to
this Agreement or any other Financing Document by a Credit Party shall be made without deduction or withholding of any Tax, except as required by applicable Law. If any applicable Law (as determined in the good faith of the Parent or the Company)
requires the deduction or withholding of any Tax from any payment on any Note or any other payment made pursuant to this Agreement or any other Financing Document by a Credit Party, then the applicable Credit Party shall be entitled to make such
deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Credit Party
shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable holder receives an amount equal to the sum
it would have received had no such deduction or withholding been made. 
 (b)    Indemnification by
the Credit Parties. The Credit Parties shall indemnify each holder of a Note, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section) payable or paid by such holder or required to be withheld or deducted from a payment to such holder and any reasonable expenses arising 

  
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therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of
such payment or liability delivered to the relevant Credit Party by a holder of the Notes shall be conclusive absent manifest error. 

(c)    Evidence of Payments. As soon as practicable after any payment of Taxes by a Credit Party to
a Governmental Authority pursuant to this Section 14.3, such Credit Party shall deliver to the applicable holder(s) of the Notes an 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 such holder. 

(d)    Evidence of Exemption. By acceptance of any Note, the holder of such Note agrees that such
holder will with reasonable promptness, to the extent it is legally entitled to do so, duly complete and deliver to the Parent and the Company, or to such other Person as may be reasonably requested by the Parent or the Company, from time to time a
properly executed Internal Revenue Service Form W-9, W-8BEN, W- 8BEN-E, W-8ECI, W-8EXP or W-8IMY, as applicable, in each case together with any required attachments and establishing any exemption from, or
reduction of, U.S. federal withholding tax with respect to payments in connection with the Notes under the Law in effect as of the date that such holder acquires a Note or a beneficial ownership interest in such Note. Each holder of a Note or of a
beneficial ownership interest in a Note further agrees that (i) such holder shall, to the extent it is legally entitled to do so, deliver to the Parent and the Company (or such other Credit Party as directed by the Parent or the Company) (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such holder acquires a Note or a beneficial ownership interest in a Note (and from time to time thereafter upon the reasonable request of the Parent, the
Company or such other requesting Credit Party), executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal, state or local withholding taxes (copies of which shall have been
provided by the Parent or the Company to such holder), duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the applicable Credit Party to determine the withholding or deduction required to
be made and (ii) if reasonably requested by the Parent or the Company, such holder of a Note or of a beneficial ownership interest in a Note shall deliver such other documentation prescribed by applicable Law or reasonably requested by the
Parent or the Company (copies of which shall have been provided by the Parent or the Company to such holder) as will enable the Parent, the Company or such other Credit Party to determine whether or not such holder is subject to backup withholding
or information reporting requirements, provided, however, that notwithstanding anything to the contrary in the immediately preceding clauses (i) and (ii), the completion, execution and submission of such documentation (other than, for
the avoidance of doubt, such documentation set forth in the first sentence of this Section 14.3(d) shall not be required if in the Note holder’s reasonable judgment such completion, execution or submission would materially prejudice the
legal or commercial position of such holder or subject such holder to any material unreimbursed cost or expense. In addition, by acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete
and deliver to the Parent and the Company, or to such other Person as may be reasonably requested by 

  
 48 

 
the Parent or the Company, from time to time (a) in the case of any such holder that is a United States Person, such holder’s United States tax identification number or other forms
reasonably requested by Parent necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for each of the Credit Parties to comply with its obligations under FATCA and (b) in the
case of any such holder that is not a United States Person, such documentation prescribed by applicable Law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for each Credit Party
to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing
in this Section 14.3 shall require any holder to disclose its tax returns or provide information that, in the reasonable determination of such holder, is confidential or proprietary to such holder unless any of the Credit Parties are required
to obtain such information under FATCA and, in such event, the Credit Parties shall treat any such information it receives as confidential. 

(e)    Treatment of Refunds. If any party determines, in its sole discretion exercised in good
faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 14.3 (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount
equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (e) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (e), in no event will the indemnified party be required to
pay any amount to an indemnifying party pursuant to this paragraph (e) the payment of which would place the indemnified party in a less favorable net after-tax position than the indemnified party would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
paragraph (e) shall not be construed to require any indemnified party to make available its tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(f)    Survival. Each party’s obligations under this Section 14.3 shall survive the
transfer of a Note, and the payment in full of all obligations under this Agreement and the other Financing Documents. 
 SECTION
15.    EXPENSES, ETC. 
 Section 15.1    Transaction
Expenses. Whether or not the transactions contemplated hereby are consummated, the Company will pay all costs and expenses (including, but with respect to the payment of attorneys’ fees, limited to, reasonable and documented attorneys’
fees of one 

  
 49 

 
special counsel and, if reasonably required by the Required Holders, one local or other counsel in each applicable jurisdiction for the Purchasers and the holders) incurred by the Purchasers and
each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, the Guaranty Agreement or the Notes (whether or not such amendment, waiver or consent
becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Guaranty Agreement or the Notes or in
responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, the Guaranty Agreement or the Notes, or by reason of being a holder of any Note, (b) the costs and expenses, including
fees of one financial advisor for the Purchasers and holders of Notes, as a whole, incurred in connection with the insolvency or bankruptcy of the Company or any Significant Subsidiary or in connection with any
work-out or restructuring of the transactions contemplated hereby and by the Notes and the Guaranty Agreement and (c) the costs and expenses incurred in connection with the initial filing of this
Agreement and all related documents and financial information with the SVO provided, that such costs and expenses under this clause (c) shall not exceed $5,500 and (d) if required by the NAIC, the cost of obtaining and maintaining a
Legal Entity Identifier (LEI). 
 The Company will pay, and will save each Purchaser and each other holder of a Note harmless from,
(i) all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes), (ii) any and all wire transfer fees that
any bank deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (iii) subject to Section 14.3, any judgment, liability, claim, order, decree, fine,
penalty, cost, fee, expense (including reasonable attorneys’ fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company. For the
avoidance of doubt, this Section 15.1 shall not apply with respect to any Taxes, other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim, judgment, order or
decree. 
 Section 15.2    Survival. The obligations of the Company under this
Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, the Guaranty Agreement or the Notes, and the termination of this Agreement. 

SECTION 16.    SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 

All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or
transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser
or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Parent or the Company pursuant to this Agreement shall be deemed representations and warranties of the Parent or the
Company, as applicable, under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and the Guaranty Agreement embody the entire agreement and understanding between each Purchaser, the Parent and the Company and supersede all
prior agreements and understandings relating to the subject matter hereof. 

  
 50 

 SECTION 17.    AMENDMENT AND WAIVER. 

Section 17.1    Requirements. This Agreement and the Notes may be amended, and the
observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that: 

(a)    No amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it
is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing; 

(b)    No amendment or waiver may, without the written consent of (1) at any time prior to the
Closing, each Purchaser, and (2) at any time on or after the Closing, each holder of a Note at the time outstanding, (i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or
payment of principal of, or reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount, (ii) change the percentage of the principal amount of the Notes the holders
of which are required to consent to any amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the conditions to Closing that appear in Section 4, or
(iii) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2 and Section 17.1(c)), 11(a), 11(b), 12, 14.3, 17 or 20; and 

(c)    Section 8.5 may be amended or waived to permit offers to purchase made by the Company or an
Affiliate pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions (in addition to any payment and prepayment rights that the Company has under Sections 8.1 and 8.2 hereof on the date hereof) only with the
written consent of the Company and the Super-Majority Holders. 

Section 17.2    Solicitation of Holders of Notes. 

(a)    Solicitation. The Company and the Parent will provide each Purchaser (until the Closing), and
thereafter each holder of a Note with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Purchaser or holder to make an informed and considered decision with respect to any proposed amendment,
waiver or consent in respect of any of the provisions hereof or of the Notes or the Guaranty Agreement. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 17 or
the Guaranty Agreement to each Purchaser (until the Closing) and thereafter each holder of a Note promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Purchasers or holders of
Notes. 
 (b)    Payment. Neither the Parent nor the Company will directly or indirectly pay or
cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any 

  
 51 

 
Purchaser (until the Closing) or thereafter any holder of a Note as consideration for or as an inducement to the entering into by such Purchaser or holder of any waiver or amendment of any of the
terms and provisions hereof or of the Guaranty Agreement or any Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each such Purchaser
and holder of a Note even if such Purchaser or holder did not consent to such waiver or amendment. 

(c)    Consent in Contemplation of Transfer. Any consent given pursuant to this Section 17 or
the Guaranty Agreement by a holder of a Note that has transferred or has agreed to transfer its Note to (i) the Company, (ii) the Parent, (iii) any Subsidiary or any Affiliate of the Company or the Parent or (iv) any other Person
in connection with, or in anticipation of, a tender offer for or merger with the Company, the Parent and/or any of their respective Subsidiaries or Affiliates (either pursuant to a waiver under Section 17.1(c) or subsequent to Section 8.5
having been amended pursuant to Section 17.1(c)) in connection with such consent shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not
have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder.

 Section 17.3    Binding Effect, Etc. Any amendment or waiver consented to as
provided in this Section 17 or the Guaranty Agreement applies equally to all Purchasers (until the Closing) and thereafter all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company and the Parent
without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair
any right consequent thereon. No course of dealing between the Company or the Parent and any Purchaser or holder of a Note and no delay in exercising any rights hereunder or under any Note or the Guaranty Agreement shall operate as a waiver of any
rights of any Purchaser or any holder of such Note. 
 Section 17.4    Notes Held by
Company, Etc. Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this
Agreement, the Guaranty Agreement or the Notes, or have directed the taking of any action provided herein or in any the Guaranty Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate
principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company, the Parent or any of their respective Affiliates shall be deemed not to be outstanding. 

SECTION 18.    NOTICES. 

Except to the extent otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent
(a) by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested 

  
 52 

 
(postage prepaid), or (c) by an internationally recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 

(i)    if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such
communications in Schedule B, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 

(ii)    if to any other holder of any Note, to such holder at such address as such other holder shall have
specified to the Company in writing, or 
 (iii)    if to the Company or the Parent, to the Company or
the Parent at: 
 c/o Empire State Realty Trust, Inc. 

111 West 33rd Street, 12th Floor 

New York, New York 10120 

Attention: John Kessler, President and Chief Operating Officer 

Telephone: (212) 850-2790 

Fax: (212) 986-8795 

Email: jkessler@empirestaterealtytrust.com 

with a copy to: 
 111 West
33rd Street, 12th Floor 
 New York, New York 10120 

Attention: Thomas N. Keltner, Jr., Executive Vice President, General Counsel and Secretary 

Telephone: (212) 850-2680 

Fax: (212) 986-8795 

Email: tkeltner@empirestaterealtytrust.com 

or at such other address as the Company or the Parent, as applicable, shall have specified to the holder of each Note in writing. 

Notices under this Section 18 will be deemed given only when actually received. 

SECTION 19.    REPRODUCTION OF DOCUMENTS. 

This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may
hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser or holder of
Notes, may be reproduced by such Purchaser or holder by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser or holder may destroy any original document so reproduced. The Company and the Parent agree and
stipulate that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such
reproduction was made by such Purchaser or holder of Notes in the regular 

  
 53 

 
course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or
the Parent or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 

SECTION 20.    CONFIDENTIAL INFORMATION. 

For the purposes of this Section 20, “Confidential Information” means information delivered to any Purchaser by or on
behalf of the Company, the Parent or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified
when received by such Purchaser as being confidential information of the Company, the Parent or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior
to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through
disclosure by the Company, the Parent or any Subsidiary through no act by such Purchaser or any Person acting on such Purchaser’s behalf in violation of this Section 20 or (d) constitutes financial statements delivered to such
Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential
information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers, equity holders, members, managers, employees, agents, attorneys,
trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the
Confidential Information substantially in accordance with this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein
(if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (v) any Person from which it offers to purchase any Security of the Company (if such Person has agreed in writing prior
to its receipt of such Confidential Information to be bound by this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization,
or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect
compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of
Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s
Notes, this Agreement or the Guaranty Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement.
On reasonable request by the Company or the Parent in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party
to this Agreement or its nominee), such holder will enter into an agreement with the Company or the Parent embodying this Section 20. 

  
 54 

 In the event that as a condition to receiving access to information relating to the Company,
the Parent or their respective Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through
IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company and the
Parent, this Section 20 shall supersede any such other confidentiality undertaking. 
 SECTION 21.    SUBSTITUTION OF
PURCHASER. 
 Each Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or any one of such other
Purchaser’s Affiliates (a “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Substitute
Purchaser, shall contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the representations set forth in Section 6.
Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser. In the event that such Substitute
Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the Company of notice of such transfer, any
reference to such Substitute Purchaser as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser, and such original
Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 
 SECTION
22.    MISCELLANEOUS. 
 Section 22.1    Successors and
Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder
of a Note) whether so expressed or not, except that, subject to Section 10.5, neither the Parent nor the Company may assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of
each holder. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim
under or by reason of this Agreement. 
 Section 22.2    Accounting Terms. All
accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this
Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any
Financing Document, and either 

  
 55 

 
the Parent or the Required Holders shall so request, the Company and the Required Holders of the Notes 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 Holders); provided that, until so amended, (A) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change
therein and (B) the Company shall provide to the holders of the Notes 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. For purposes of determining compliance with this Agreement (including, without limitation, Section 9, Section 10, the definition of “Indebtedness” and any
Incorporated Provision (if applicable)), any election by the Company or the Parent to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar
accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 

Section 22.3    Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 22.4    Construction, Etc. Each covenant contained herein shall be construed
(absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other
covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. Any reference
herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company under Delaware law (or any comparable
event under a different jurisdiction’s laws), or an allocation of assets to one or a series of limited liability companies pursuant to a division or plan of division (or the unwinding of such a division or allocation), as if it were a merger,
transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person
hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity). 

Section 22.5    Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof. 

  
 56 

 Section 22.6    Governing Law. This
Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding
choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

Section 22.7    Jurisdiction and Process; Waiver of Jury Trial. 

(a)    Each party hereto and each holder of a Note (a) irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to any Financing Document
and (b) to the fullest extent permitted by applicable law, irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it
may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(b)    Each party hereto and each holder of a Note consents to process being served by or on behalf of any
other such party or holder in any suit, action or proceeding of the nature referred to in Section 22.7(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt
requested, to it at its address specified in Section 18 or at such other address of which such party or holder shall then have been notified pursuant to said Section. Each of them agrees that such service upon receipt (i) shall be deemed
in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it.
Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(c)    Nothing in this Section 22.7 shall affect the right of any holder of a Note to serve process in
any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one
jurisdiction in any other jurisdiction. 
 (d)    The parties hereto hereby waive trial by jury in any
action brought on or with respect to this Agreement, the Notes or any other document executed in connection herewith or therewith. 

Section 22.8    Recourse to Credit Parties. Neither the Parent (whether in its capacity
as a general partner of the Company or otherwise), so long as the Parent is not a Guarantor, nor any of its Affiliates or its or its Affiliates’ past, present or future shareholders, partners, members, officers, employees, servants, executives,
directors, agents or representatives, in each case other than the Company and Guarantors (each such Person that is not the Company or a Guarantor, an “Exculpated Party”) shall be liable for payment of any Obligations due hereunder
or under any other Financing Document. The sole recourse of the holders of the Notes for satisfaction of the 

  
 57 

 
Obligations due hereunder or under any other Financing Document shall be against the Company, the Guarantors and their respective assets and not against any assets or property of any Exculpated
Party. In the event that an Event of Default occurs, no action shall be brought against any Exculpated Party by virtue of its direct or indirect ownership interest in the Company, the Guarantors or their respective assets and, if the Notes are at
any time secured by collateral, in the event of any foreclosure on such collateral, no judgment for any deficiency upon the Obligations due hereunder or any other Financing Document shall be obtainable by the Purchasers or the holders against any
Exculpated Party. 
 * * * * * 

  
 58 

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you, the Parent and the Company. 

 

					
	Very truly yours,
	
	EMPIRE STATE REALTY OP, L.P.
		
	By:	 	 Empire State Realty Trust, Inc., its General Partner

			
		 	By:	 	 /s/ Andrew J. Prentice

		 	Name:	 	Andrew J. Prentice
		 	Title:	 	Acting Chief Financial Officer and Chief Accounting Officer
	
	EMPIRE STATE REALTY TRUST, INC.
		
	By:	 	 /s/ Andrew J. Prentice

	Name:	 	 Andrew J. Prentice

	Title:	 	 Acting Chief Financial Officer and Chief Accounting Officer

  
 [Signature page to Note
Purchase Agreement – Empire State Reality] 

 This Agreement is hereby accepted and agreed to as of the date hereof. 

 

			
	METROPOLITAN LIFE INSURANCE COMPANY
	By:	 	MetLife Investment Management, LLC, Its Investment Manager
		
	By:	 	 /s/ John Tanyeri

	Name:	 	John Tanyeri
	Title:	 	Authorized Signatory

  

			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Eric Seward

		 	Vice President

  

			
	HEALTH OPTIONS, INC.
	
	 By: Prudential Private Placement Investors, L.P.

(as Investment Advisor)

	
	 By: Prudential Private Placement Investors, Inc.

(as its General Partner)

		
	By:	 	 /s/ Eric Seward 

		 	Vice President

  
 [Signature page to Note
Purchase Agreement – Empire State Reality] 

			
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
	
	 By: Prudential Investment Management Japan

Co., Ltd., as Investment Manager

	
	By: PGIM, Inc., as Sub-Adviser
		
	By:	 	 /s/ Eric Seward

		 	Vice President

  

			
	AMERICAN GENERAL LIFE INSURANCE COMPANY
	
	By: AIG Asset Management (U.S.), LLC, as Investment Adviser
		
	 By:
	 	 /s/ Bryan W. Eells

	 Name:
	 	Bryan W. Eells
	 Title:
	 	Vice President

  

			
	THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK
	
	By: AIG Asset Management (U.S.), LLC, as Investment Adviser
		
	 By:
	 	 /s/ Bryan W. Eells

	 Name:
	 	Bryan W. Eells
	 Title:
	 	Vice President

  

			
	THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
	
	By: AIG Asset Management (U.S.), LLC, as Investment Adviser
		
	 By:
	 	 /s/ Bryan W. Eells

	 Name:
	 	Bryan W. Eells
	 Title:
	 	Vice President

  
 [Signature page to Note
Purchase Agreement – Empire State Reality] 

 SCHEDULE A 

DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“2015 Note Purchase Agreement” means that certain Note Purchase Agreement, dated March 27, 2015, between the Company,
the Parent and the respective purchasers named therein, including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof. 

“2017 Note Purchase Agreement” means that certain Note Purchase Agreement, dated December 13, 2017, between the Company,
the Parent and the respective purchasers named therein, including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof. 

“Adjusted EBITDA” means, as of any date of determination, an amount equal to (i) EBITDA for the Consolidated Group
(excluding Observatory EBITDA) for the then most recently ended fiscal quarter of Parent multiplied by four, plus Observatory EBITDA for the then most recently ended period of four fiscal quarters of Parent, minus (ii) the aggregate
Annual Capital Expenditure Adjustment for all Real Properties. 
 “Adjusted Unencumbered NOI” means, for any period for any
Unencumbered Eligible Property, (i) Unencumbered NOI for such Unencumbered Eligible Property for such period, minus (ii) the Annual Capital Expenditure Adjustment for such Unencumbered Eligible Property. 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly
through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the
Parent. 
 “Agreement” means this Note Purchase Agreement, including all Schedules attached hereto, as it may be amended,
restated, supplemented or otherwise modified from time to time. 
 “Annual Capital Expenditure Adjustment” for any Real
Property shall be an amount equal to, without duplication, the product of (i) $0.25 (in the case of office properties and the Empire State Observatory) or $0.15 (in the case of retail properties) multiplied by (ii) the aggregate net
rentable area (determined on a square feet basis) of such Real Property. 
 “Anti-Corruption Laws” means any law or
regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010. 

“Anti-Money Laundering Laws” means any law or regulation in a U.S. or any non-U.S.
jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and
the USA PATRIOT Act. 

 “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. 

“Bank Amendment” means an amendment to the Bank Credit Agreement to be entered into by the Parent, the Company, the requisite
Bank Lenders and Bank of America, as administrative agent for the Bank Lenders, within 45 days following the date of this Agreement. For the avoidance of doubt, the Bank Amendment will not be deemed to include any renewals, extensions, amendments,
supplements, restatements, replacements or refinancings thereof or of the Bank Credit Agreement that occur more than 45 days following the date of this Agreement. 

“Bank Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of August 29, 2017, by and
among the Parent, the Company, the Bank Lenders, Bank of America, as administrative agent for the Bank Lenders, and each of the other Persons party thereto, including any renewals, extensions, amendments, supplements, restatements, replacements or
refinancing thereof. 
 “Bank Lenders” means each of the lenders from time to time party to the Bank Credit Agreement. 

“Bank Restricted Payment Covenant” is defined in Section 10.6. 

“Bank Secured Recourse Indebtedness Covenant” is defined in Section 10.11(g). 

“Blocked Person” means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons
published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (c) a Person that is an agent, department or instrumentality of,
or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b). 

“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are
required or authorized to be closed. 
 “Capitalization Rate” means (a) in the case of (i) any office property
located in the New York City central business district and (ii) the Empire State Observatory, six percent (6.00%), (b) in the case of any office property (other than a New York City central business district office property or the Empire State
Observatory), seven percent (7.00%) and (c) in the case of any retail property, seven and one-quarter percent (7.25%). 

Notwithstanding the foregoing, if, at any time after the date hereof, the definition of “Capitalization Rate” set forth the Bank
Credit Agreement is amended or otherwise modified to be more or less restrictive than the definition set forth in this Agreement, then the definition of “Capitalization Rate” as set forth herein shall be deemed on the date of execution of
any such amendment or modification to the Bank Credit Agreement to be then and thereupon similarly amended or otherwise modified under this Agreement without any further action on the part of the Parent, the Company or any of the holders of the
Notes; provided that if a Default or Event of Default shall exist at the time any such amendment or modification to the Bank Credit Agreement 

  
 2 

 
is executed which makes the definition of “Capitalization Rate” less restrictive on the Credit Parties, no amendment or other modification to the definition of “Capitalization
Rate” set forth in this Agreement shall be effective so long as such Default or Event of Default continues to exist without the prior written consent of the Required Holders; and provided, further, that if any fee or other consideration
shall be paid to the Bank Lenders or holders of the Indebtedness under the Bank Credit Agreement in connection with any such amendment or modification, the Equivalent Fee shall be paid to the holders of the Notes. Notwithstanding the foregoing, in
no event shall a modification to the definition of “Capitalization Rate” be deemed incorporated into this Agreement as provided above to make such definition less restrictive on the Credit Parties than the definition of
“Capitalization Rate” set forth in this Agreement as of the date hereof without the prior written consent of the Required Holders and no Equivalent Fee need be paid to the holders of the Notes unless such written consent is provided by the
Required Holders. The Parent, the Company and the Required Holders shall from time to time promptly execute and deliver at the Credit Parties’ expense (including, without limitation, the reasonable fees and expenses of counsel for the holders
of the Notes) an amendment to this Agreement in form and substance reasonably satisfactory to the Parent, the Company and the Required Holders evidencing any such amendment or modification to the definition of “Capitalization Rate” which
is deemed to be incorporated herein pursuant to this paragraph; provided that the execution and delivery of such amendment or modification shall not be a precondition to the effectiveness of such amendment or modification. 

“Cash Equivalents” means any of the following types of Investments: 

(a)    readily marketable obligations issued or directly and fully guaranteed or insured by the United
States of America or any agency or instrumentality thereof having maturities of not more than one year from the date of acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support
thereof; 
 (b)    time deposits with, or insured certificates of deposit or bankers’ acceptances
of, any commercial bank that (i) (A) is a Bank Lender or (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company
organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause
(c) of this definition and (iii) has combined capital and surplus of at least $500,000,000, in each case with maturities of not more than one year from the date of acquisition thereof; 

(c)    commercial paper issued by any Person organized under the laws of any state of the United States of
America and rated at least “Prime-2” (or the then equivalent grade) by Moody’s or at least “A-2” (or the then equivalent grade) by S&P, in
each case with maturities of not more than 270 days from the date of acquisition thereof; 

(d)    reverse repurchase agreements with terms of not more than seven days from the date acquired, for
securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; and 

  
 3 

 (e)    Investments, classified in accordance with GAAP
as current assets of the Parent or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have at least the second highest rating
obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a), (b), (c) and (d) of this definition. 

“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, 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, except that a person or group shall be deemed to have
“beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or
indirectly, of 35% or more of the equity securities of the Parent entitled to vote for members of the board of directors or equivalent governing body of the Parent 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); 
 (b)    during any period of 12
consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of
such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of
such election or nomination at least a majority of that board or equivalent governing body; or 

(c)    (i) the Parent shall cease to be the sole general partner of the Company or shall cease to own,
directly, 100% of the general partnership interests of the Company, free and clear of all Liens (other than Permitted Equity Encumbrances) or (ii) any holder of a limited partnership interest in the Company is provided with or obtains voting
rights with respect to such limited partnership interest that are more expansive in any material respect than the voting rights afforded to limited partners of the Company under the Organization Documents of the Company in effect on the date hereof.

 Notwithstanding the foregoing, if, at any time after the date hereof, the definition of “Change of Control” set forth the Bank
Credit Agreement (as in effect on the date hereof) is amended or otherwise modified to delete, remove or amend clause (b) of such definition, then the definition of “Change of Control” as set forth herein shall be deemed on the date
of execution of any such amendment or modification to the Bank Credit Agreement to be then and thereupon similarly amended or otherwise modified under this Agreement to delete, remove or amend clause

  
 4 

 
(b) hereof without any further action on the part of the Parent, the Company or any of the holders of the Notes; provided that if a Default or Event of Default shall exist at the time any
such amendment or modification to the Bank Credit Agreement is executed, no such amendment or other modification to the definition of “Change of Control” set forth in this Agreement shall be effective so long as such Default or Event of
Default continues to exist without the prior written consent of the Required Holders; and provided, further, that if any fee or other consideration shall be paid to the Bank Lenders or holders of the Indebtedness under the Bank Credit
Agreement in connection with any such amendment or modification, the Equivalent Fee shall be paid to the holders of the Notes. The Parent, the Company and the Required Holders shall from time to time promptly execute and deliver at the Credit
Parties’ expense (including, without limitation, the reasonable fees and expenses of counsel for the holders of the Notes) an amendment to this Agreement in form and substance reasonably satisfactory to the Parent, the Company and the Required
Holders evidencing any such amendment or modification to the definition of “Change of Control” which is deemed to be incorporated herein pursuant to this paragraph; provided that the execution and delivery of such amendment or
modification shall not be a precondition to the effectiveness of such amendment or modification. 
 “Closing” is defined in
Section 3. 
 “Closing Date” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time. 
 “Company” is defined in the introductory paragraph hereof. 

“Competitor” means any Person who is actively engaged in a line of business that is substantially similar to any line of
business in which any of the Parent or any of its Subsidiaries are engaged on the date of this Agreement as described in the Parent’s Annual Report on Form 10-K for the year ended December 31, 2018
or the Company’s Annual Report on Form 10-K for the year ended December 31, 2018; provided, however, that (a) in no event shall any insurance company, bank, trust company, pension plan,
savings and loan association, investment company, investment advisor, broker or dealer or any other similar financial institution or entity (regardless of legal form) be deemed to be a Competitor, and (b) in no event shall any Purchaser or
holder of Notes which maintains passive investments in any Person which is a Competitor be deemed a Competitor, it being agreed that the normal administration of the investment and enforcement thereof shall be deemed not to cause such Purchaser or
holder to be a “Competitor”. 
 “Confidential Information” is defined in Section 20. 

“Consolidated Group” means, collectively, the Credit Parties and their Consolidated Subsidiaries. 

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

  
 5 

 “Consolidated Party” means a member of the Consolidated Group. 

“Consolidated Subsidiaries” means, as to any Person, all Subsidiaries of such Person that are consolidated with such Person
for financial reporting purposes under GAAP. 
 “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 and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling” shall have meanings correlative to the foregoing. 

“Controlled Entity” means (i) any of the Subsidiaries of the Parent and any of their or the Parent’s respective
Controlled Affiliates and (ii) if the Parent has a parent company, such parent company and its Controlled Affiliates. 

“Controlled Joint Venture” means a Subsidiary of the Company (the “Specified Subsidiary”) that (a) is
organized under the laws of the United States or a state thereof or the District of Columbia (and each Subsidiary of the Company that directly or indirectly owns any Equity Interests in the Specified Subsidiary is also organized under the laws of
the United States or a state thereof or the District of Columbia), (b) owns or ground leases a Property (either directly or through a Controlled Joint Venture Subsidiary), (c) is not a borrower or guarantor of, or otherwise obligated in respect of,
any Recourse Indebtedness, (d) is not a Wholly-Owned Subsidiary of the Company and (e) is controlled by the Company or a Guarantor (or, following the Investment Grade Release, the Company or a Wholly-Owned Subsidiary of the Company that is
not a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness). For purposes of this definition, a Subsidiary of the Company is “controlled” by a Person if such Person has the right to exercise exclusive
control over any disposition, refinancing and operating activity of any Unencumbered Eligible Property owned or ground leased by such Subsidiary (including the making of Restricted Payments on a ratable basis to the owners thereof), without the
consent of any other Person (other than (i) the Company or (ii) any Subsidiary of the Company, as long as such Subsidiary does not need the consent of any minority equity holder thereof to consent to any such disposition, refinancing or
operating activity (including the making of Restricted Payments on a ratable basis to the owners thereof)). 
 “Controlled Joint
Venture Subsidiary” means, as to any Controlled Joint Venture, a direct Wholly-Owned Subsidiary of such Controlled Joint Venture (the “Specified CJV Subsidiary”) that (a) is organized under the laws of the United
States or a state thereof or the District of Columbia (and each Subsidiary of such Controlled Joint Venture that directly or indirectly owns any Equity Interests in the Specified CJV Subsidiary that is also organized under the laws of the United
States or a state thereof or the District of Columbia) and (b) is not a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness. 

“Credit Parties” means, collectively, the Parent, the Company and the Subsidiary Guarantors. 

  
 6 

 “Credit Party Pro Rata Share” means, with respect to any Controlled Joint
Venture, the percentage interest held by the Company and the Guarantors, in the aggregate, in such Controlled Joint Venture determined by calculating the percentage of the Equity Interests of such Controlled Joint Venture owned by the Company and/or
one or more Guarantors. 
 “Debt Rating” means, as of any date of determination, the rating assigned by a Rating Agency to
the Parent’s and/or Company’s non-credit enhanced, senior unsecured long term debt as in effect on such date. 

“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. 

“Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of
notice or both, become an Event of Default. 
 “Default Rate” means, for any series of Notes, that rate of interest per
annum that is the greater of (i) 2.0% above the rate of interest stated in clause (a) of the first paragraph of the Notes of such series or (ii) 2.0% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time at
its principal office in New York, New York as its “base” or “prime” rate. 
 “Direct Owner” means each
Subsidiary of the Company that directly owns, or is the ground lessee of, an interest in any Property. 
 “Disclosure
Documents” is defined in Section 5.3. 
 “Disposed Property” means, as of any date of determination, any
Property that was, directly or indirectly, sold or otherwise disposed of to a Person (other than another member of the Consolidated Group) during the then most recently ended period of four consecutive fiscal quarters of the Parent. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale
and leaseback transaction) 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 and including any
disposition of property to a Division Successor pursuant to a Division. 
 “Dividing Person” has the meaning given that
term in the definition of “Division”. 
 “Division” means the division of the assets, liabilities and/or
obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the
Dividing Person may or may not survive. 
 “Division Successor” means any Person that, upon the consummation of a Division
of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person that retains any of its assets,
liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division. 

  
 7 

 “EBITDA” means, with respect to the Consolidated Group for any period, the
sum of (a) Net Income for such period, in each case, excluding (without duplication), (i) any nonrecurring or extraordinary gains and losses for such period, (ii) any income or gain and any loss in each case resulting from the early
extinguishment of indebtedness during such period and (iii) any net income or gain or any loss resulting from a Swap Contract (including by virtue of a termination thereof) during such period, plus (b) an amount which, in the determination
of Net Income for such period pursuant to clause (a) above, has been deducted for or in connection with: (i) Interest Expense (plus, amortization of deferred financing costs, to the extent included in the determination of Interest Expense
in accordance with GAAP), (ii) income taxes, (iii) depreciation and amortization, (iv) all other non-cash charges and (v) adjustments as a result of the straight lining of rents, all as
determined in accordance with GAAP for such period, plus (c) the Consolidated Group Pro Rata Share of the foregoing items attributable to the Consolidated Group’s interests in Unconsolidated Affiliates. 

“EDGAR” means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing
system for such purposes. 
 “Eligible Ground Lease” means a ground lease with respect to a Property that has been executed
by the Company, a Subsidiary Guarantor (or following the Investment Grade Release, a Wholly-Owned Subsidiary of the Company that is not a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness), a Controlled Joint
Venture or a Controlled Joint Venture Subsidiary as ground lessee and that at all times satisfies each of the following conditions: (a) such ground lease is in full force and effect, (b) such ground lease has a remaining lease term of at
least 30 years at the time such Property becomes an Unencumbered Eligible Property (but in no event shall such ground lease have a remaining term of less than 25 years at any time during which such Property is included as an Unencumbered Eligible
Property) (including extension and renewal options, but only to the extent such extension and renewal options are controlled exclusively by the Unencumbered Property Subsidiary that is the ground lessee thereunder), (c) such ground lease permits the
Unencumbered Property Subsidiary that is the ground lessee thereunder to grant a Lien on all of its right, title and interest therein in favor of the holders of the Notes (or an agent or trustee on their behalf), to secure the Obligations, without
the consent of any Person (other than any consent that has been obtained), (d) no Person party to such ground lease is in default of any of its obligations under such ground lease, (e) such ground lease is not encumbered by any Lien (other than
Liens encumbering the ground lessor’s interest in such ground lease) and (f) such ground lease is otherwise acceptable for nonrecourse leasehold mortgage financing under customary prudent lending requirements as reasonably and mutually
determined by both the Company and the Required Holders. 
 “Empire State Building” means the Empire State Building located
at 338-350 Fifth Avenue, New York, New York. 
 “Empire State Observatory” means
the Property consisting of the observatory at the Empire State Building. 

  
 8 

 “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
materials into the environment, including but not limited to those related to Hazardous Materials. 
 “Environmental
Permit” means any permit, approval, identification number, license or other authorization required under any Environmental Law. 

“Equivalent Fee” means, without duplication, (a) in connection with the payment of any fee under the Bank Credit
Agreement in connection with any deletion, removal, amendment or modification to the Bank Restricted Payment Covenant, Bank Secured Recourse Indebtedness Covenant or the definitions of “Capitalization Rate” or “Change of Control”
in the Bank Credit Agreement, as the case may be, an amount equal to (i) the percentage determined by dividing such fee by the principal amount outstanding under the Bank Credit Agreement multiplied by (ii) the aggregate outstanding
principal amount of the Notes, (b) in connection with any increase in the applicable interest rate or interest rate margins with respect to any Indebtedness under the Bank Credit Agreement in connection with any such deletion, removal,
amendment or modification described in clause (a), an amount equal to the increase in basis points of such interest rate or interest rate margins under the Bank Credit Agreement, and (c) in connection with the payment of any other type of
consideration in connection with any such deletion, removal, amendment or modification described in clause (a), the equivalent of any such consideration as reasonably determined by the Required Holders. 

“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit
interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other
ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of
determination. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA Affiliate” means any trade or business
(whether or not incorporated) that is treated as a single employer together with any Credit Party under Sections 414(b), (c), (m) or (o) of the Code. 

“Event of Default” is defined in Section 11. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a holder of Notes or required to be withheld
or deducted from a payment to a holder of Notes, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such holder being organized under

  
 9 

 
the laws of, or having its principal office or its office from or through which payments on account of the Notes and the Financing Documents are made located in, the jurisdiction imposing such
Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of such holder with respect to the Notes held by such holder
pursuant to a law in effect on the date on which (i) such holder acquires such interest in the Notes or (ii) such holder changes its principal office or its office from or through which payments on account of the Notes and the other
Financing Documents are made, except in each case to the extent that amounts with respect to such Taxes were payable either to such holder’s assignor immediately before such holder became a party hereto or to such holder immediately before it
changed its principal office or office from or through which payments on account of the Notes and the other Financing Documents are made, (c) Taxes attributable to such holder’s failure to comply with Section 14.3(d), and (d) any
withholding Taxes imposed under FATCA. 
 “Exculpated Party” is defined in Section 22.8. 

“FATCA” means (a) 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), together with any current or future regulations or official interpretations thereof, (b) any treaty, law, regulation, rules or practices of any other
jurisdiction, or relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into
pursuant to section 1471(b)(1) of the Code. 
 “Financial Covenant” means any covenant (whether set forth as a covenant,
undertaking, event of default, restriction, prepayment event or other such provision) that requires the Parent (or the Parent and its Subsidiaries) or the Company (or the Company and its Subsidiaries) to achieve or maintain a stated level of
financial condition or performance and includes, without limitation, any requirement that such Persons: 

(a)    maintain a specified level of net worth, shareholders’ equity, total assets, cash flow or net
income; 
 (b)    maintain any relationship of any component of its capital structure to any other
component thereof (including without limitation, the relationship of indebtedness, senior indebtedness or subordinated indebtedness to revenues, net income, EBITDA, total capitalization, asset value or net worth); or 

(c)    maintain any measure of its ability to service its indebtedness (including exceeding any specified
ratio of revenues, cash flow, net income or EBITDA to indebtedness, interest expense, scheduled operating lease rental payments and/or scheduled payments of indebtedness). 

“Financing Documents” means, collectively, (a) this Agreement, (b) the Notes, and (c) the Guaranty Agreement.

 “Fitch” means Fitch, Inc. and any successor thereto. 

  
 10 

 “Fixed Charge Coverage Ratio” means the ratio as of the last day of any
fiscal quarter of the Parent of (i) Adjusted EBITDA as of the last day of such fiscal quarter to (ii) Fixed Charges for such fiscal quarter. 

“Fixed Charges” means, for any fiscal quarter of the Parent, an amount equal to the product of (a) the sum, without
duplication, of (i) Interest Expense for such fiscal quarter, (ii) scheduled payments of principal on Total Indebtedness made or required be made during such fiscal quarter (excluding any balloon payments payable on maturity of any such
Total Indebtedness), (iii) the amount of dividends or distributions paid or required to be paid by any member of the Consolidated Group during such fiscal quarter in respect of its preferred Equity Interests and (iv) the Consolidated Group Pro
Rata Share of the foregoing items attributable to the Consolidated Group’s interests in Unconsolidated Affiliates, multiplied by (b) four. 

“Form 10-K” is defined in Section 7.1(b). 

“Form 10-Q” is defined in Section 7.1(a). 

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

“Funding Instruction Letter” is defined in Section 4.11. 

“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). 
 “Governmental
Official” means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public
international organization or anyone else acting in an official capacity. 
 “Guarantee” means, with respect to any Person,
any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person
in any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: 

(a)    to purchase such indebtedness or obligation or any property constituting security therefor; 

  
 11 

 (b)    to advance or supply funds (i) for the
purchase or payment of such indebtedness or obligation, or (ii) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the
purchase or payment of such indebtedness or obligation; 
 (c)    to lease properties or to purchase
properties or services primarily for the purpose of assuring the owner of such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or 

(d)    otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof.

 In any computation of the indebtedness or other liabilities of the obligor under any Guarantee, the indebtedness or other obligations that are the
subject of such Guarantee shall be assumed to be direct obligations of such obligor. The terms “Guarantees” and “Guaranteed” shall have meanings correlative to the foregoing definition of “Guarantee”. 

“Guarantors” means, collectively, (a) each Subsidiary Guarantor and (b) at any time that the Parent has Guaranteed
the Obligations in accordance with Section 9.7(c), the Parent. 
 “Guaranty Agreement” is defined in Section 4.7.

 “Hazardous Materials” means any and all pollutants, toxic or hazardous wastes or other substances that might pose a
hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or
filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint,
radon gas or similar restricted, prohibited or penalized substances. 
 “holder” means, with respect to any Note, the
Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and any related
definitions in this Schedule A, “holder” shall mean the beneficial owner of such Note whose name and address appears in such register. 

“Incorporated Provision” is defined in Section 9.12(b). 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP: 
 (a)    all obligations of such Person
for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b)    all direct or contingent obligations of such Person arising under letters of credit (including
standby and commercial), bankers’ acceptances and similar instruments (including bank guaranties, surety bonds, comfort letters, keep-well agreements and capital maintenance agreements); 

  
 12 

 (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 leases and Synthetic Debt; 

(g)    all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in
respect of any Equity Interest in such Person or any other Person (other than the payment solely in Equity Interests of such Person), valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends; and 
 (h)    any Guarantee of such Person with respect to
liabilities of a type described in any of clauses (a) through (g) hereof. 
 For all purposes hereof: (x) the Indebtedness of any Person shall
include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly
made non-recourse to such Person, (y) 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 and (z) the amount
of any capitalized lease as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. 

“Indemnified Tax” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment on any Note or
any other payment made pursuant to this Agreement or any other Financing Document by a Credit Party and (b) to the extent not otherwise described in subclause (a) above, all present or future stamp, court or documentary, intangible,
recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of or otherwise with respect to, this Agreement or any other Financing Document, except any such Taxes
that are Other Connection Taxes imposed with respect to an assignment of Notes. 
 “Indirect Owner” means each Subsidiary
of the Company that directly or indirectly owns an ownership interest in any Direct Owner. 
 “INHAM Exemption” is defined
in Section 6.2(e). 
 “Initial Disclosure Documents” is defined in Section 5.3. 

  
 13 

 “Institutional Investor” means (a) any Purchaser of a Note,
(b) any holder of a Note holding (together with one or more of its affiliates) more than 10% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial
institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Interest Expense” means, for any period, without duplication, total interest expense of the Consolidated Group for such
period determined in accordance with GAAP (including interest expense attributable to the Consolidated Group’s ownership interests in Unconsolidated Affiliates and, for the avoidance of doubt, capitalized interest). 

“Investment” means, as to any Person, any direct or indirect (a) investment by such Person, consisting of (i) the
purchase or other acquisition of Equity Interests or other securities of another Person or (ii) a loan, advance, other extension of credit or capital contribution to, 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, (b) purchase or
other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit or all or a substantial part of the business of, such Person or (c) purchase, acquisition or other investment in any
real property or real property-related assets (including (x) mortgage loans and other real estate-related debt investments and notes receivable, (y) investments in unimproved land holdings and Properties and (z) costs to construct
real property assets under development). For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 

“Investment Grade Rating” means receipt of two of any of the following three Debt Ratings:
(i) BBB- or higher from S&P, (ii) BBB- or higher from Fitch and (iii) Baa3 or higher from Moody’s. 

“Investment Grade Release” has the meaning specified in Section 10.19(a) of the Bank Credit Agreement (as in effect on
the date hereof). 
 “Joinder Agreement” is defined in Section 9.7(a). 

“Joint Venture Partner” means the Company or any Wholly-Owned Subsidiary of the Company that owns a direct Equity Interest in
any Controlled Joint Venture that, or that has a Controlled Joint Venture Subsidiary that, owns or ground leases, directly or indirectly, an Unencumbered Eligible Property. 

“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. 

  
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 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge, Negative Pledge, 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, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Make-Whole Amount” is defined in Section 8.6. 

“Material” means material in relation to the business, operations, financial condition, assets or properties of the Parent
and its Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a material adverse effect on (a) the
business, operations, financial condition, assets or properties of the Parent and its Subsidiaries taken as a whole, (b) the ability of the Parent or the Company to perform its obligations under any Financing Document to which it is a party,
(c) the ability of any Guarantor to perform its obligations under the Guaranty Agreement, (d) the validity or enforceability of any Financing Document or (e) the rights and remedies of the holders of the Notes under any Financing
Document. 
 “Material Credit Facility” means, as to the Parent and its Subsidiaries, 

(a)    the Bank Credit Agreement and any other credit agreement, loan agreement, working capital facility
agreement or other similar agreement entered into on or after the date of this Agreement which constitutes the primary working capital facility of the Parent and the Subsidiaries; 

(b)    the 2015 Note Purchase Agreement; 

(c)    the 2017 Note Purchase Agreement and any other note purchase agreement, private shelf agreement or
other similar agreement entered into on or after the date of this Agreement in connection with any institutional private placement financing transaction providing for the issuance and sale of debt Securities by the Parent or any Subsidiary to one or
more other Institutional Investors; and 
 (d)    any other agreement(s) or any two or more agreements
forming part of a common interrelated financing or other transaction creating or evidencing indebtedness for borrowed money entered into on or after the date hereof by the Parent or any Subsidiary, or in respect of which the Parent or any Subsidiary
is an obligor or otherwise provides a guarantee or other credit support (“Credit Facility”), in a principal amount outstanding or available for borrowing equal to or greater than $100,000,000 (or the equivalent of such amount in the
relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency). 

  
 15 

 For the avoidance of doubt, no mortgage, deed of trust, deed to secure debt or other document or instrument
which secures solely Nonrecourse Indebtedness and creates a Lien solely on Property and/or interests in Property shall constitute a “Material Credit Facility” for purposes hereof. 

“Maturity Date” is defined in the first paragraph of each Note. 

“Minimum Occupancy Condition” means, at any time and with respect to any Unencumbered Eligible Property (excluding for this
purpose the Empire State Building), that the Occupancy Rate for such Property is not less than seventy five percent (75%). 

“Minimum Property Condition” means, at any time, that there are at least four (4) Unencumbered Eligible Properties
included in the calculation of Unencumbered Asset Value. 
 “Moody’s” means Moody’s Investors Service, Inc. and
any successor thereto. 
 “More Favorable Provision” is defined in Section 9.12(a). 

“Most Favored Lender Notice” means, in respect of any More Favorable Provision, a written notice to each of the holders of
the Notes delivered promptly, and in any event within five (5) Business Days after the inclusion of such More Favorable Provision in the Bank Amendment or the Bank Credit Agreement (as a result of the amendment or other modification thereof
pursuant to the Bank Amendment) from a Responsible Officer of the Parent or the Company referring to the provisions and setting forth a verbatim statement of such More Favorable Provision (including any defined terms used therein) and related
explanatory calculations, as applicable. 
 “Multiemployer Plan” means any Plan that is a “multiemployer plan”
(as such term is defined in Section 4001(a)(3) of ERISA). 
 “NAIC” means the National Association of Insurance
Commissioners or any successor thereto. 
 “Negative Pledge” means a provision of any agreement (other than this Agreement)
that restricts or prohibits the creation of any Lien on any assets of a Person. For the avoidance of doubt, a “no negative pledge” provision in an agreement that is not, taken as a whole, materially more restrictive than the provisions of
Section 10.9 shall not constitute a “Negative Pledge” for purposes hereof. 
 “Net Cash Proceeds” means,
with respect to any issuance and sale by the Parent of any its Equity Interests, the excess of (a) the sum of the cash and Cash Equivalents received by the Parent in connection with such issuance and sale, less (b) underwriting discounts
and commissions, and other reasonable out-of-pocket expenses (including the reasonable fees and disbursements of counsel), incurred by the Parent in connection with such
issuance, other than any such amounts paid or payable to an Affiliate of the Parent. 
 “Net Income” means, for any period,
the net income (or loss) of the Consolidated Group for such period; provided, however, that Net Income shall exclude (a) extraordinary gains and extraordinary losses for such period, (b) the net income of any Subsidiary of the
Parent during such period to the extent that the declaration or payment of dividends or similar distributions by 

  
 16 

 
such Subsidiary of such income is not permitted by operation of the terms of its Organization Documents or any agreement, instrument or Law applicable to such Subsidiary during such period,
except that the Parent’s equity in any net loss of any such Subsidiary for such period shall be included in determining Net Income, and (c) any income (or loss) for such period of any Person if such Person is not a Subsidiary of the
Parent, except that the Parent’s equity in the net income of any such Person for such period shall be included in Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Parent or a Subsidiary
thereof as a dividend or other distribution (and in the case of a dividend or other distribution to a Subsidiary of the Parent, such Subsidiary is not precluded from further distributing such amount to the Parent as described in clause (b) of
this proviso). 
 “Net Operating Income” means, with respect to any Property for any period, an amount equal to
(a) the aggregate gross revenues of the Consolidated Group derived from the operation of such Property during such period, minus (b) the sum of all expenses and other proper charges incurred in connection with the operation of such
Property during such period (including accruals for real estate taxes and insurance and any management fees paid in cash, but excluding debt service charges, income taxes, depreciation, amortization and other
non-cash expenses), which expenses and accruals shall be calculated in accordance with GAAP. 

“Newly-Acquired Property” means, as of any date of determination, any Property acquired by any member of the Consolidated
Group from any Person (other than a member of the Consolidated Group) during the then most recently ended four consecutive fiscal quarter period of the Parent. 

“Nonrecourse Indebtedness” means, with respect to a Person, (a) Indebtedness, or a Guarantee of Indebtedness, in respect
of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to nonrecourse liability) is
contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness or Guarantee, (b) if such Person is a Single Asset Entity, any Indebtedness of such Person (other than Indebtedness described in the
immediately following clause (c)), or (c) if such Person is a Single Asset Holding Company, any Indebtedness (“Holdco Indebtedness”) of such Single Asset Holding Company resulting from a Guarantee of, or Lien securing,
Indebtedness of a Single Asset Entity that is a Subsidiary of such Single Asset Holding Company, so long as, in each case, either (i) recourse for payment of such Holdco Indebtedness (except for customary exceptions for fraud, misapplication of
funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to nonrecourse liability) is contractually limited to the Equity Interests held by such Single Asset Holding Company in
such Single Asset Entity or (ii) such Single Asset Holding Company has no assets other than Equity Interests in such Single Asset Entity and cash and other assets of nominal value incidental to the ownership of such Single Asset Entity. 

“Notes” is defined in Section 1. 

“Obligations” means (a) all debts, liabilities, obligations, covenants and duties of, any Credit Party arising under any
Financing Document or otherwise with respect to the Notes, including, without limitation, the principal amount of all debts, claims and indebtedness, accrued 

  
 17 

 
and unpaid interest, any applicable prepayment premium, Make-Whole Amount or other premium payable pursuant to the terms of the Financing Documents and all fees, costs and expenses, whether
primary, secondary, direct, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter owing, due or payable, and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing,
including the fees, charges and disbursements of counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and
fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof pursuant to 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. 
 “Observatory EBITDA” means, for any period, the portion of EBITDA of the
Consolidated Group for such period that is derived from operation of the Empire State Observatory. 
 “Occupancy Rate”
means, for any Property, the percentage of the net rentable area (determined on a square feet basis) of such Property leased by bona fide tenants of such Property (excluding tenants that have vacated the Property on a permanent basis and have not
sublet same to a bona fide subtenant) pursuant to bona fide tenant leases (or subleases), in each case, which tenants (or subtenants) are not more than sixty days past due in the payment of all rent payments due under such leases (or subleases).

 “OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A
list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Parent (on the
Parent’s own behalf or on behalf of the Company), as applicable, whose responsibilities extend to the subject matter of such certificate. 

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

  
 18 

 
Tax (other than connections arising from such holder having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security
interest under, engaged in any other transaction pursuant to or enforced any Financing Document, or sold or assigned an interest in any Note or Financing Document). 

“Pari Passu Obligations” means Unsecured Indebtedness (exclusive of (a) the Obligations and (b) Recourse
Indebtedness which constitutes Unsecured Indebtedness solely by virtue of the second sentence of the definition of “Unsecured Indebtedness”) of the Company or any Guarantor owing to Persons that are not members of the Consolidated Group.

 “Parent” is defined in the introductory paragraph hereof. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto. 

“Permitted Equity Encumbrances” means: 

(a)    Permitted Judgment Liens; 

(b)    Liens for taxes, assessments or governmental charges which are (i) immaterial to the Parent and
its Subsidiaries, taken as a whole, (ii) not overdue for a period of more than thirty (30) days or (iii) being contested in good faith and by appropriate actions or proceedings diligently conducted (which actions or proceedings have
the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien), if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; and 

(c)    Permitted Pari Passu Encumbrances. 

“Permitted Judgment Liens” means Liens securing judgments for the payment of money not constituting an Event of Default under
Section 11(i) (solely to the extent the aggregate amount of the judgments secured by such Liens encumbering (x) Unencumbered Eligible Properties (and the income therefrom and proceeds thereof) and/or (y) the Equity Interests of any
Unencumbered Property Subsidiary (and the income therefrom and proceeds thereof), does not exceed $10,000,000). 
 “Permitted Pari
Passu Encumbrances” means encumbrances that are contained in documentation evidencing or governing Pari Passu Obligations which encumbrances are the result of (i) limitations on the ability of the Parent or any Subsidiary thereof to
transfer property to the Company or any Guarantor which limitations are not, taken as a whole, materially more restrictive than those contained in this Agreement or (ii) any requirement that Pari Passu Obligations be secured on an “equal
and ratable basis” to the extent that the Obligations are secured. 
 “Permitted Property Encumbrances” means: 

(a)    Permitted Judgment Liens; 

  
 19 

 (b)    easements, rights-of-way, sewers, electric lines, telegraph and telephone lines, restrictions (including zoning restrictions), encroachments, protrusions and other similar encumbrances affecting real property which
(i) to the extent existing with respect to an Unencumbered Eligible Property, do not materially interfere with the ordinary conduct of the business of the applicable Person or (ii) to the extent existing with respect to a Property that is
not an Unencumbered Eligible Property, could not reasonably be expected to have a Material Adverse Effect; 

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

(d)    any interest or right of a lessee of a Property under leases entered into in the ordinary course of
business of the applicable lessor; 
 (e)    Permitted Pari Passu Encumbrances; and 

(f)    rights of lessors under Eligible Ground Leases. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means an “employee benefit plan” (as defined in
Section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by any
Credit Party or any ERISA Affiliate or with respect to which any Credit Party could be reasonably expected to have any liability. 

“property” or “properties” means, unless otherwise specifically limited, real or personal property of any
kind, tangible or intangible, choate or inchoate. 
 “Property” means any Real Property which is owned or ground leased,
directly or indirectly, by the Company or a Subsidiary thereof. 
 “Proposed Real Estate” means, at any time, (a) any
Property, (b) any Real Property that the Company or a Wholly-Owned Subsidiary of the Company plans to acquire or lease or (c) any Real Property owned or ground leased by a Person that the Company or a Wholly-Owned Subsidiary of the Company
plans to acquire, in each such case that satisfies (or, upon the acquisition or leasing thereof or upon the acquisition of the owner or lessee thereof, would satisfy) all of the Unencumbered Property Criteria, except for clause (a) and/or
clause (b) of the definition thereof. 
 “Proposed Unencumbered Property Subsidiary” is defined in
Section 9.8(b). 

  
 20 

 “PTE” is defined in Section 6.2(a). 

“Purchaser” or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to
the Company and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however, that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner
(through a nominee) of such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer. 

“QPAM Exemption” is defined in Section 6.2(d). 

“Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of
such term as set forth in Rule 144A(a)(l) under the Securities Act. 
 “Rating Agency” means any of S&P, Moody’s
or Fitch. 
 “Real Property” means, with respect to any Person, all of the right, title, and interest of such Person in and
to land, improvements, and fixtures. 
 “Recourse Indebtedness” means, with respect to any Person, Indebtedness of such
Person other than Nonrecourse Indebtedness of such Person and Indebtedness under the Financing Documents. 
 “REIT” means
any Person that qualifies as a real estate investment trust under Sections 856 through 860 of the Code. 
 “Related Fund”
means, with respect to any holder of any Note, any fund or entity that (i) invests in Securities or bank loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or
such investment advisor. 
 “Relevant Provision” means any affirmative covenant, negative covenant or event of default
(whether set forth as a covenant, undertaking, event of default, restriction or other such provision) that restricts or is applicable to the Parent, the Company or any of their respective Subsidiaries. 

“Required Holders” means at any time (a) prior to the Closing, the Purchasers and (b) on or after the Closing, the
holders of at least 51% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Parent, the Company or any of their respective Affiliates). 

“Responsible Officer” means any Senior Financial Officer and any other officer of the Company or the Parent, as applicable,
with responsibility for the administration of the relevant portion of this Agreement. 
 “Restricted Payment” means any
dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of any Person or any Subsidiary thereof, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, 

  
 21 

 
acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to such Person’s stockholders, partners or members (or the
equivalent Person thereof). 
 “S&P” means Standard & Poor’s Ratings Services, a Standard &
Poor’s Financial Services LLC business and any successor thereto. 
 “Schedule 5.3 Disclosure Documents” is defined in
Section 5.3. 
 “SEC” means the Securities and Exchange Commission of the United States, or any successor thereto.

 “Secured Indebtedness” means, with respect to any Person, all Indebtedness of such Person that is secured by a Lien.

 “Secured Recourse Indebtedness” means, with respect to any Person, all Recourse Indebtedness of such Person that is
secured by a Lien. 
 “Securities” or “Security” shall have the meaning specified in section 2(a)(1) of
the Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and
regulations promulgated thereunder from time to time in effect. 
 “Securities Exchange Act” means the Securities Exchange
Act of 1934, as amended from time to time, and any successor statute, and the rules and regulations promulgated thereunder. 

“Self-Insurance” is defined in Section 9.2. 

“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the
Company or the Parent, as applicable. 
 “Series G Notes” is defined in Section 1. 

“Series H Notes” is defined in Section 1. 

“Significant Subsidiary” means, at any time, (a) each Unencumbered Property Subsidiary, (b) each Subsidiary of the
Parent (other than an Unencumbered Property Subsidiary) which represents (i) 10.0% or more of EBITDA of the Parent and its Subsidiaries, (ii) 10.0% or more of consolidated total assets of the Parent and its Subsidiaries or (iii) 10.0% or more of
consolidated total revenues of the Parent and its Subsidiaries, in each case as determined at the end of the then most recently ended fiscal quarter of the Parent based on the financial statements of the Parent delivered to the holders of Notes
pursuant to Sections 7.1(a) or (b) for such fiscal quarter or fiscal year, as applicable, and (c) any Subsidiary of the Parent (other than an Unencumbered Property Subsidiary) which, when aggregated with all other Subsidiaries of the
Parent that are not otherwise Significant Subsidiaries, would constitute a Significant Subsidiary under clause (b) of this definition. 

  
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 “Single Asset Entity” means a Person (other than an individual) that
(a) owns only a single Property and/or cash and other assets of nominal value incidental to such Person’s ownership of such Property; (b) is engaged only in the business of owning, developing and/or leasing such Property; and
(c) receives substantially all of its gross revenues from such Property. In addition, if the assets of a Person consist solely of (i) Equity Interests in one or more other Single Asset Entities and (ii) cash and other assets of
nominal value incidental to such Person’s ownership of the other Single Asset Entities, such Person shall also be deemed to be a Single Asset Entity for purposes of this Agreement (such an entity, a “Single Asset Holding
Company”). 
 “Single Asset Holding Company” has the meaning given that term in the definition of Single Asset
Entity. 
 “Solvent” means, with respect to any Person on any date of determination, that on such date (a) the fair
value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be
required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay
such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small
capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall be computed as the
amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Source” is defined in Section 6.2. 

“State Sanctions List” means a list that is adopted by any state Governmental Authority within the United States of America
pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Parent. For the avoidance of doubt, the Company shall be deemed a Subsidiary of the Parent so long as the management of the Company is
controlled, directly, or indirectly through one or more intermediaries, or both, by the Parent. 
 “Subsidiary Guarantor”
means each Subsidiary of the Parent (other than the Company) that has executed and delivered the Guaranty Agreement or a Joinder Agreement thereto unless and until such Subsidiary is discharged from all of its obligations and liabilities under the
Guaranty Agreement pursuant to Section 9.7(b) hereof. 

  
 23 

 “Substitute Purchaser” is defined in Section 21. 

“Super-Majority Holders” means (a) prior to the Closing, the Purchasers and (c) on or after the Closing, the
holders of at least 66-2/3% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Parent, the Company or any of their respective Affiliates). 

“SVO” means the Securities Valuation Office of the NAIC or any successor to such Office. 

“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. 

“Synthetic Debt” means, with respect to any Person as of any date of determination thereof, means liabilities and obligations
of such Person in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(H) of Regulation S-K promulgated under the Securities Act) which
such Person would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the report on Form 10-Q or Form 10-K (or their equivalents) to be filed with the SEC. 
 “Taxes” means all present or
future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Tax Protection Agreement” means, collectively, (a) that certain Tax Protection Agreement, dated as of October 7,
2013 among the Parent, the Company, and the other parties 

  
 24 

 
named therein and (b) that certain Stockholders Agreement, dated as of August 23, 2016 among Parent, Q REIT Holding LLC, and the other parties named therein (and specifically, the tax
related provisions in Article 6 thereof). 
 “Third Party Insurance Companies” is defined in Section 9.2. 

“Threshold Amount” means (a) with respect to Recourse Indebtedness of any Person, $50,000,000, (b) with respect to
Nonrecourse Indebtedness of any Person, $150,000,000 and (c) with respect to the Swap Termination Value owed by any Person, $50,000,000. 

“Total Asset Value” means, with respect to the Consolidated Group at any time, the sum (without duplication) of the
following: 
 (a)    an amount equal to (i) Net Operating Income derived from each Property (other
than the Empire State Observatory, each Disposed Property, each Newly-Acquired Property, each unimproved land holding and each Property under development (i.e.,
construction-in-progress)) owned by a Consolidated Party for the then most recently ended fiscal quarter of the Parent, multiplied by four, divided
by (ii) the applicable Capitalization Rate for each such Property; 
 (b)    an amount equal to
(i) the Net Operating Income derived by any Consolidated Party from its operation of the Empire State Observatory (to the extent the Empire State Observatory is not a Disposed Property at such time) for the then most recently ended period of
four consecutive fiscal quarters of the Parent, divided by (ii) the applicable Capitalization Rate; 

(c)    the aggregate acquisition costs of all Newly-Acquired Properties at such time; 

(d)    the aggregate book value of all unimproved land holdings, Investments in respect of costs to
construct Properties (i.e., construction-in-progress), Properties under development, commercial mortgage loans, commercial real estate-related mezzanine loans and
commercial real estate-related notes receivable, in each case owned by a Consolidated Party at such time; 

(e)    the Consolidated Group’s pro rata share of the foregoing items and components thereof
attributable to interests in Unconsolidated Affiliates; and 
 (f)    Unrestricted Cash at such time;

 provided, that notwithstanding the foregoing, for purposes of calculating Total Asset Value at any time: 

(i)    assets disposed of during the fiscal quarter ended on any date of determination of Total Asset Value
(or if such date is not the last day of a fiscal quarter, the fiscal quarter then most recently ended) shall not be included in the calculation of Total Asset Value as of such time; 

  
 25 

 (ii)    not more than five percent (5%) of the Total
Asset Value at any time may be attributable to unimproved land holdings, with any excess over the foregoing limit being excluded from Total Asset Value; 

(iii)    not more than ten percent (10%) of the Total Asset Value at any time may be attributable to
commercial mortgage loans, commercial real estate-related mezzanine loans and commercial real estate-related notes receivable, with any excess over the foregoing limit being excluded from Total Asset Value; 

(iv)    not more than twenty percent (20%) of the Total Asset Value at any time may be attributable to
costs to construct real property assets (i.e., construction-in-progress) and real property assets under development, with any excess over the foregoing limit being
excluded from Total Asset Value; 
 (v)    not more than fifteen percent (15%) of the Total Asset Value
at any time may be attributable to Investments in Unconsolidated Affiliates, with any excess over the foregoing limit being excluded from Total Asset Value; and 

(vi)    not more than thirty percent (30%) of the Total Asset Value at any time may be attributable to
assets described in clauses (ii) through (v) above, with any excess over the foregoing limit being excluded from Total Asset Value. 

“Total Indebtedness” means, as at any date of determination, the sum of (i) the aggregate amount of all Indebtedness of
the Consolidated Group determined on a consolidated basis and (ii) the Consolidated Group Pro Rata Share of Indebtedness of Unconsolidated Affiliates, in each case on such date. 

“Total Secured Indebtedness” means, as at any date of determination, the sum of (i) the aggregate amount of all Secured
Indebtedness of the Consolidated Group determined on a consolidated basis and (ii) the Consolidated Group Pro Rata Share of Secured Indebtedness of Unconsolidated Affiliates, in each case on such date. 

“Total Unsecured Indebtedness” means, as at any date of determination, the sum of (a) all Unsecured Indebtedness of the
Consolidated Group determined on a consolidated basis and (b) the Consolidated Group Pro Rata Share of Unsecured Indebtedness of Unconsolidated Affiliates. 

“Unconsolidated Affiliate” means, at any date, any Person (a) in which the Consolidated Group, directly or indirectly,
holds an Equity Interest, which investment is accounted for in the consolidated financial statements of the Consolidated Group on an equity basis of accounting and (b) whose financial results are not consolidated with the financial results of
the Consolidated Group under GAAP. 
 “Unencumbered Asset Value” means, at any time, the sum of (a) the aggregate
Unencumbered Property Value for all Unencumbered Eligible Properties plus (b) the aggregate book value of Investments in respect of costs to construct Properties (i.e.,
construction-in-progress) and real property assets under development, plus (c) the aggregate book value of commercial mortgage loans that are Wholly-Owned by the
Company or a Wholly-Owned Subsidiary thereof, plus (d) Unrestricted Cash, in each case at such time; provided, that 

  
 26 

 
notwithstanding the foregoing, for purposes of determining Unencumbered Asset Value at any time (x) the portion of Unencumbered Asset Value attributable to Investments in respect of costs to
construct Properties (i.e., construction-in-progress), real property assets under development and commercial mortgage loans in excess of fifteen percent (15%) of
Unencumbered Asset Value at such time shall be disregarded and (y) the Unencumbered Asset Value attributable to all Unencumbered Eligible Properties that are owned, or ground leased pursuant to an Eligible Ground Lease, by a Controlled Joint
Venture or Controlled Joint Venture Subsidiary, in excess of twenty percent (20%) of Unencumbered Asset Value at such time shall be disregarded. 

“Unencumbered Eligible Property” has the meaning specified in the definition of Unencumbered Property Criteria. For the
avoidance of doubt, Properties listed on Schedule 2 shall each be considered an Unencumbered Eligible Property on the date hereof. 

“Unencumbered Interest Coverage Ratio” means, as of the last day of any fiscal quarter of the Parent, the ratio of
(i) the sum of (x) the aggregate Unencumbered NOI with respect to all Unencumbered Eligible Properties (other than for the Empire State Observatory) for such fiscal quarter plus (y) with respect to the Empire State Observatory (for so
long it is an Unencumbered Eligible Property), the aggregate Unencumbered NOI with respect to such Unencumbered Eligible Property for the most recently ended period of four fiscal quarters of the Parent divided by four, to (ii) the
portion of Interest Expense for such fiscal quarter that is attributable to Unsecured Indebtedness. 
 “Unencumbered NOI”
means, as of the last day of any period, the aggregate Net Operating Income for such period attributable to all Unencumbered Eligible Properties owned or ground leased pursuant to an Eligible Ground Lease during such period; provided, that in
determining the Unencumbered NOI for any period attributable to an Unencumbered Eligible Property that is owned by or ground leased to a Controlled Joint Venture or a Controlled Joint Venture Subsidiary, the Net Operating Income of such Unencumbered
Eligible Property shall, for such period, be deemed to be the Credit Party Pro Rata Share of such Net Operating Income. 

“Unencumbered Property Criteria” means, in order for any Property (for the avoidance of doubt, including the Empire State
Observatory, subject to the last paragraph of this definition) to be included as an Unencumbered Eligible Property it must meet and continue to satisfy each of the following criteria (each such Property that meets such criteria being referred to as
an “Unencumbered Eligible Property”): 
 (a)    The Property is primarily an office
and/or retail property. 
 (b)    The Property is Wholly-Owned in fee simple directly by, or is ground
leased pursuant to an Eligible Ground Lease directly to a Person that is organized in a state within the United States of America or in the District of Columbia and is (i) the Company, (ii) a Guarantor, (iii) following the Investment
Grade Release, a Wholly-Owned Subsidiary of the Company that is not a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness unless it is a Guarantor, (iv) a Controlled Joint Venture or (v) a Controlled
Joint Venture Subsidiary. 

  
 27 

 (c)    Each Indirect Owner with respect to the Property
must be a Wholly-Owned Subsidiary of the Company that is organized in a state within the United States of America or in the District of Columbia and either (i) be a Guarantor or (ii) following the Investment Grade Release, is not a
borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness unless it is a Guarantor; provided, that if the Property is owned directly by a Controlled Joint Venture Subsidiary, the immediate parent of such
Controlled Joint Venture Subsidiary must be a Controlled Joint Venture. 
 (d)    The Property must be
located in a state within the United States of America or in the District of Columbia. 
 (e)    If such
Property is owned directly by (or, if applicable, ground leased pursuant to an Eligible Ground Lease directly to) a Wholly-Owned Subsidiary of the Company, then the Company must own, directly or indirectly, one hundred percent (100%) of the issued
and outstanding Equity Interests of such Subsidiary, free and clear of any Lien (including, without limitation, any restriction contained in the organizational documents of any such Subsidiary that limits the ability to create a Lien thereon as
security for indebtedness) other than Permitted Equity Encumbrances. 
 (f)    If such Property is owned
directly by (or, if applicable, ground leased pursuant to an Eligible Ground Lease directly to) a Controlled Joint Venture or Controlled Joint Venture Subsidiary, then all of the Equity Interests in such Controlled Joint Venture owned by the
applicable Joint Venture Partner(s) and, if applicable, all of the Equity Interests in such Controlled Joint Venture Subsidiary owned by the applicable Controlled Joint Venture, will be free and clear of all Liens other than any Permitted Equity
Encumbrances. 
 (g)    The Property is not subject to any ground lease (other than an Eligible Ground
Lease), Lien or any restriction on the ability of the Company, any Unencumbered Property Subsidiary, Controlled Joint Venture or Controlled Joint Venture Subsidiary with respect to such Property to transfer or encumber such property or income
therefrom or proceeds thereof, other than Permitted Property Encumbrances. 
 (h)    The Property does
not have any title, environmental, structural, or other defects that would prevent the use of such Property in accordance with its intended purpose and shall not be subject to any condemnation or similar proceeding. 

(i)    No Unencumbered Property Subsidiary, Controlled Joint Venture or Controlled Joint Venture Subsidiary
with respect to such Property shall be subject to any proceedings under any Debtor Relief Law. 

(j)    The Minimum Occupancy Condition is satisfied with respect to such Property; provided, that
such Property may be considered an Unencumbered Eligible Property notwithstanding its failure to satisfy the Minimum Occupancy Condition, so long as the failure to satisfy the Minimum Occupancy Condition is cured and ceases to exist within
forty-five (45) days following the occurrence thereof. 

  
 28 

 (k)    No Unencumbered Property Subsidiary, Controlled
Joint Venture or Controlled Joint Venture Subsidiary with respect to such Property shall incur or otherwise be liable for any Indebtedness other than (i) Nonrecourse Indebtedness, (ii) Indebtedness under this Agreement and the Notes and
(iii) if such Person is a Guarantor, Recourse Indebtedness. 
 Notwithstanding anything to the contrary contained above or elsewhere, if at any time
the Empire State Building ceases to be an Unencumbered Eligible Property for any reason, the Empire State Observatory shall also automatically cease to be an Unencumbered Eligible Property at such time. 

“Unencumbered Property Subsidiary” means each direct and indirect Wholly-Owned Subsidiary of the Company that is the Direct
Owner or an Indirect Owner of all or a portion of an Unencumbered Eligible Property. 
 “Unencumbered Property Value”
means, as of any date of determination, (a) with respect to each Unencumbered Eligible Property other than the Empire State Observatory, (i) if such Unencumbered Eligible Property has been owned or ground leased pursuant to an Eligible
Ground Lease for the period of four full fiscal quarters most recently ended on or prior to such date of determination, an amount equal to (x) the Adjusted Unencumbered NOI from such Unencumbered Eligible Property for the then most recently
ended fiscal quarter of the Parent, multiplied by four, divided by (y) the Capitalization Rate with respect to such Unencumbered Eligible Property and (ii) if such Unencumbered Eligible Property has not been owned or ground
leased pursuant to an Eligible Ground Lease for the period of four full fiscal quarters most recently ended on or prior to such date of determination, an amount equal to the acquisition cost of such Unencumbered Eligible Property (provided
that with respect to any such Unencumbered Eligible Property that is owned by or ground leased to a Controlled Joint Venture or a Controlled Joint Venture Subsidiary, only the Credit Party Pro Rata Share of such acquisition cost shall be included in
the calculation of Unencumbered Asset Value) and (b) with respect to the Empire State Observatory (for so long it is an Unencumbered Eligible Property), an amount equal to (i) the Adjusted Unencumbered NOI from such Unencumbered Eligible
Property for the period of four full fiscal quarters most recently ended on or prior to such date of determination, divided by (ii) the applicable Capitalization Rate. 

“Unrestricted Cash” means, at any time, (a) the aggregate amount of cash and Cash Equivalents of the Company and its
Subsidiaries at such time that are not subject to any pledge, Lien or control agreement (excluding statutory Liens in favor of any depositary bank where such cash and Cash Equivalents are maintained), minus (b) amounts included in the
foregoing clause (a) that are held by a Person other than the Company or any of its Subsidiaries as a deposit or security for Contractual Obligations. 

“Unsecured Indebtedness” means, with respect to any Person, all Indebtedness of such Person that is not Secured Indebtedness.
Notwithstanding the foregoing, Unsecured Indebtedness shall include Recourse Indebtedness that is secured solely by ownership interests in another Person that owns a Property which is encumbered by a mortgage securing Indebtedness. 

“USA PATRIOT Act” means United States Public Law 107-56, Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

  
 29 

 “U.S. Economic Sanctions Laws” means those laws, executive orders, enabling
legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International
Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. 

“Wholly-Owned” means, with respect to the ownership by any Person of any Property, that one hundred percent (100%) of the
title to such Property is held in fee directly or indirectly by, or one hundred percent (100%) of such Property is ground leased pursuant to an Eligible Ground Lease directly or indirectly by, such Person. 

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

  
 30 

 SCHEDULE 1-A 

FORM OF SERIES G NOTE 

EMPIRE STATE REALTY OP, L.P. 

3.61% SERIES G SENIOR NOTE DUE MARCH 17, 2032 
  

			
	No. RG-[                ]	  	[Date]
	$[        ]	  	PPN: 292102 C*9

 FOR VALUE RECEIVED, the undersigned, EMPIRE STATE REALTY OP, L.P.
(herein called the “Company”), a limited partnership organized and existing under the laws of the State of Delaware, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                    ] DOLLARS (or so much thereof as shall not have been prepaid) on March 17, 2032 (the “Maturity Date”),
with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 3.61% per annum from the date
hereof, payable quarterly, on the 17th day of March, June, September and December in each year, commencing with the March 17, June 17, September 17 or December 17 next succeeding the date hereof, and on the Maturity Date, until
the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue
payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.61% or (ii) 2.0% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time in New York, New York as its
“base” or “prime” rate, payable quarterly as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States
of America at the main office of JPMorgan Chase Bank in New York City, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

 This Note is one of a series of Series G Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase
Agreement, dated March 17, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), between the Company, Empire State Realty Trust, Inc. and the respective Purchasers
named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and
(ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer
accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the
transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not
be affected by any notice to the contrary. 

 This Note is subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the
principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than
such State. 
  

			
	EMPIRE STATE REALTY OP, L.P.
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

  
 2 

 SCHEDULE 1-B 

FORM OF SERIES H NOTE 

EMPIRE STATE REALTY OP, L.P. 

3.73% SERIES H SENIOR NOTE DUE MARCH 17, 2035 
  

			
	No. RH-[                ]	  	[Date]
	$[        ]	  	PPN: 292102 C@7

 FOR VALUE RECEIVED, the undersigned, EMPIRE STATE REALTY OP, L.P. (herein called
the “Company”), a limited partnership organized and existing under the laws of the State of Delaware, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                    ] DOLLARS (or so much thereof as shall not have been prepaid) on March 17, 2035 (the “Maturity Date”),
with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 3.73% per annum from the date
hereof, payable quarterly, on the 17th day of March, June, September and December in each year, commencing with the March 17, June 17, September 17 or December 17 next succeeding the date hereof, and on the Maturity Date, until
the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue
payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.73% or (ii) 2.0% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time in New York, New York as its
“base” or “prime” rate, payable quarterly as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States
of America at the main office of JPMorgan Chase Bank in New York City, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

 This Note is one of a series of Series H Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase
Agreement, dated March 17, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), between the Company, Empire State Realty Trust, Inc. and the respective Purchasers
named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and
(ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer
accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the
transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not
be affected by any notice to the contrary. 

 This Note is subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the
principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than
such State. 
  

			
	EMPIRE STATE REALTY OP, L.P.
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

  
 2 

 SCHEDULE 2 

UNENCUMBERED ELIGIBLE PROPERTY 

Office Properties 
  

	1.	 Empire State Building, 350 Fifth Avenue, New York, NY 10118 

 

	2.	 Observatory at the Empire State Building, 350 Fifth Avenue, New York, NY 10118 

 

	3.	 501 Seventh Avenue, New York, NY 10018 

 

	4.	 250 West 57th Street, New York, NY 10019 

 

	5.	 500 Mamaroneck Avenue, Harrison, NY 10528 

 

	6.	 1359 Broadway, New York, NY 10018 

 

	7.	 One Grand Central Place, 60 East 42nd Street, New York, NY 10165 

 

	8.	 1400 Broadway, New York, NY 10018 

 

	9.	 111 West 33rd Street, NY 10120 

 

	10.	 1350 Broadway, New York, NY 10018 

Retail Properties 
  

	1.	 69-97 Main Street, Westport, CT 06880 

 

	2.	 103-107 Main Street, Westport, CT 06880 

  
 3 

 SCHEDULE 4.4(A) 

FORM OF OPINION OF SPECIAL COUNSEL 

FOR THE CREDIT PARTIES 

Matters To Be Covered in 

Opinion of Special Counsel to the Credit Parties 

1.    Each of the Parent and its Subsidiaries being duly incorporated, validly existing and in good standing and having
requisite corporate power and authority to issue and sell the Notes (in the case of the Company) and to execute and deliver the documents (in the case of each Credit Party). 

2.    Each of the Parent and its Subsidiaries being duly qualified and in good standing as a foreign corporation in
appropriate jurisdictions. 
 3.    Due authorization and execution of the documents and such documents being legal,
valid, binding and enforceable. 
 4.    No conflicts with charter documents, laws or other agreements. 

5.    All consents required to issue and sell the Notes and to execute and deliver the documents having been obtained.

 6.    No litigation questioning validity of documents. 

7.    The Notes not requiring registration under the Securities Act of 1933, as amended; no need to qualify an indenture
under the Trust Indenture Act of 1939, as amended. 
 8.    No violation of Regulations T, U or X of the Federal Reserve
Board. 
 9.    Company not an “investment company”, or a company “controlled” by an
“investment company”, under the Investment Company Act of 1940, as amended. 

  
 4 

 SCHEDULE 4.4(B) 

FORM OF OPINION OF SPECIAL COUNSEL
FOR THE PURCHASERS 
 See Attached 

  
 5 

 March 17, 2020 

To the Purchasers listed on Schedule A hereto 
 (the
“Purchasers”) 
  

	 	Re:	 Private Placement of Senior Notes by Empire State Realty OP, L.P. 

Ladies and Gentlemen: 
 We have acted as special
New York counsel to the Purchasers in connection with that certain Note Purchase Agreement, dated as of March 17, 2020 (the “Note Purchase Agreement”), by and among Empire State Realty OP, L.P., a Delaware limited
partnership (the “Company”), Empire State Realty Trust, Inc., a Maryland corporation (the “Parent”), and each of the Purchasers party thereto, which provides for, among other things, the issuance and
sale by the Company of $100,000,000 in aggregate principal amount of its 3.61% Series G Senior Notes due March 17, 2032 (the “Series G Notes”) and $75,000,000 in aggregate principal amount of its 3.73% Series H Senior
Notes due March 17, 2035 (the “Series H Notes” and together with the Series G Notes, collectively, the “Notes”). Each of the Subsidiaries of the Parent listed on Schedule B to this letter
(collectively, the “Guarantors” and together with the Parent and the Company, collectively, the “Obligors”) have guaranteed the payment of all amounts due and payable under or in connection with the
Notes and the Note Purchase Agreement pursuant to that certain Guaranty Agreement, dated as of the date hereof, executed by the Guarantors in favor of the Purchasers (the “Guaranty Agreement”). 

This letter is delivered to you pursuant to Section 4.4(b) of the Note Purchase Agreement. All capitalized terms used in this letter,
without definition, have the meanings assigned to them in the Note Purchase Agreement. 
 In connection with this letter, we have examined
executed originals or copies of executed originals of each of the following documents (the documents referred to in clauses (a) through (i) are hereinafter referred to collectively as the “Transaction Documents”), each
of which is dated the date hereof, unless otherwise noted: 
 (a)    the Note Purchase Agreement; 

(b)    the Series G Notes, registered in the names of the Purchasers acquiring the Series G Notes and in the respective
principal amounts and with the registration numbers set forth in Schedule B to the Note Purchase Agreement, each in the form of Schedule 1-A to the Note Purchase Agreement; 

(c)    the Series H Notes, registered in the names of the Purchasers acquiring the Series H Notes and in the respective
principal amounts and with the registration numbers set forth in Schedule B to the Note Purchase Agreement, each in the form of Schedule 1-B to the Note Purchase Agreement; 

 The Purchasers 

March 17, 2020 
 Page 2 

 

 (d)    the Guaranty Agreement; 

(e)    an Officer’s Certificate on behalf of the Parent, dated the date hereof and delivered pursuant to
Section 4.3(a) of the Note Purchase Agreement certifying as to the matters set forth therein; 
 (f)    a
certificate of the Secretary or an Assistant Secretary of each Obligor, dated the date hereof, annexing thereto (among other documents) and certifying as accurate and complete: 

 

	 	(i)	 the incumbency of persons signing the Transaction Documents; 

 

	 	(ii)	 copies of corporate resolutions authorizing such Obligor’s participation in the transactions contemplated
by the Note Documents (as defined below); and 

  

	 	(iii)	 copies of the Organization Documents, including any amendments thereto, of such Obligor (with respect to each
Obligor, its “Governing Documents”); 

 (g)    a cross receipt evidencing the
receipt by the Company of the purchase price for the Notes and the receipt of the Notes by the Purchasers (the “Cross Receipt”); 

(h)    the Funding Instruction Letter dated as of March [17], 2020 (the “Funding Instruction
Letter”); and 
 (i)    the opinion of Goodwin Procter LLP, as special counsel for the Obligors, dated the
date hereof and delivered to the Purchasers pursuant to Section 4.4(a) of the Note Purchase Agreement (the “Goodwin Opinion”). 

The documents referenced in clauses (a) through (d) above are hereinafter referred to collectively as the “Note
Documents”. 
 The opinions expressed in this letter are based entirely on our review of the Transaction Documents and we have
made no other documentary review or investigation for the purposes of such opinions. 
 As to all matters of fact (including factual
conclusions and characterizations and descriptions of purpose, intention or other state of mind) relevant to this letter, we have relied, with your permission and without independent investigation, entirely upon the representations and warranties
and certifications of the Obligors and the Purchasers set forth in the Note Purchase Agreement and the other Transaction Documents, all of which we assume to be true, correct and complete. We have made no investigation or review of any matters
relating to the Obligors, the Purchasers or any other person or entity (including Governmental Authorities) (any of the foregoing, a “Person”) other than as expressly listed herein. We wish to inform you that our knowledge is
necessarily limited due to the limited scope of our review. In addition, we have made no inquiry of the Obligors, the Purchasers or any other Person regarding, and no review of, any judgments, orders, decrees, franchises, licenses, certificates,
permits or other public records or agreements other than as expressly listed herein, and our “knowledge” of any such matters is accordingly limited. 

We have assumed the genuineness of all signatures, the authenticity and completeness of all documents submitted to us as originals, and the
conformity to authentic original documents of all copies submitted to us as conformed, certified or reproduced copies. In our examination of the 

 The Purchasers 

March 17, 2020 
 Page 3 

 

 
Note Documents, we have also assumed the legal capacity of natural persons, the due formation, valid existence and good standing of each Person under the laws of its jurisdiction of formation or
other applicable jurisdiction, the corporate or other power and due authorization of each Person not a natural person to execute and deliver, and to perform their respective obligations under, each Note Document and to consummate the transactions
contemplated thereby under its Governing Documents, applicable enterprise legislation and other applicable law, the due execution and delivery of each Note Document by all parties thereto, and that each Note Document constitutes the valid and
binding obligation of each party thereto (other than the Obligors), enforceable against such party in accordance with its terms. We have further assumed without any independent investigation (i) that, except as set forth in paragraphs 2, 3 and
4 below, the execution, delivery and performance by each of the parties thereto of the Note Documents do not and will not conflict with, or result in a breach of, the terms, conditions or provisions of, or result in a violation of, or constitute a
default or require any consent (other than such consents as have been duly obtained) under, any Governing Document, order, judgment, arbitration award or stipulation, any statute, rule or regulation or any agreement, to which any of such parties is
a party or is subject or by which any of the properties or assets of any of such parties is bound, and (ii) that the purchase price of the Notes is in fact paid by the Purchasers acquiring the Notes to the account specified in the Funding
Instruction Letter. 
 Based upon the foregoing and subject to the assumptions, exceptions, qualifications and limitations set forth
hereinafter, we are of the opinion that: 
 1.    Each Note Document constitutes a legal, valid and
binding obligation of each Obligor that is a party thereto, enforceable against such Obligor in accordance with its respective terms. 

2.    The execution and delivery of the Note Documents by each Obligor that is a party thereto, the
issuance and sale of the Notes by the Company, and the performance by each Obligor of its obligations under the Note Documents to which it is a party will not constitute a violation of its Governing Documents. 

3.    The execution and delivery of each of the Note Documents by each Obligor that is a party thereto, the
issuance and sale of the Notes by the Company, and the performance by each Obligor of its obligations under each of the Note Documents to which it is a party will not result in any violation of any law, statute, rule or regulation of any Included
Law (as defined below). 
 4.    No consents, approvals or authorizations of Governmental Authorities of
the State of New York or the United States of America are required under the Included Laws for the execution and delivery of the Note Documents by the Obligors or the issuance, sale and delivery of the Notes by the Company on the date hereof. 

5.    Under the circumstances contemplated by the Note Documents, it is not necessary in connection with
the offer, issuance and sale of the Notes to the Purchasers acquiring the Notes on the date hereof, or the issuance of the Guaranty Agreement by the 

 The Purchasers 

March 17, 2020 
 Page 4 

 

 
Guarantors to the Purchasers, to register such offer, issuance and sale of the Notes or the issuance of the Guaranty Agreement under the Securities Act of 1933, as amended (the
“Securities Act”), or to qualify an indenture in respect of the issuance of the Notes and the Guaranty Agreement under the Trust Indenture Act of 1939, as amended. 

The opinions and other matters in this letter are qualified in their entirety and subject to the following: 

 

	A.	 We express no opinion as to the laws of any jurisdiction other than the Included Laws. We have made no special
investigation or review of any published constitutions, treaties, laws, rules or regulations or judicial or administrative decisions (“Laws”), other than a review of (i) the Laws of the State of New York and
(ii) the Federal Laws of the United States of America. For purposes of this letter, the term “Included Laws” means the items described in clauses (i) and (ii) of the preceding sentence that are, in our experience,
normally applicable to transactions of the type contemplated by the Note Purchase Agreement. The term Included Laws specifically excludes (a) Laws of any counties, cities, towns, municipalities and special political subdivisions and any
agencies thereof; (b) treaties and Laws relating to international relations; (c) zoning, land use, building and construction Laws; (d) Federal Reserve Board margin regulations; (e) any antifraud, energy, utilities,
environmental, national security, labor, tax, pension, employee benefit, international trade, anti-corruption, sanctions, antiterrorism, money laundering, insurance, foreign investment, antitrust, commodities, state or (except as stated in paragraph
5 above) United States Federal securities or “blue sky,” investment company or intellectual property Laws; (f) any Laws that may be applicable to any Obligor by virtue of the particular nature of the business conducted by it or any
goods or services provided by it or property owned or leased by it; and (g) Laws relating to government regulation of the conduct of business of any Purchaser. Our opinion in paragraph 2 above is based solely on a review of the Obligors’
Governing Documents and we have not made any analysis of the internal substantive law of the jurisdiction of incorporation or formation, as applicable, of any Obligor, including statutes, rules or regulations or any interpretations thereof by any
court, administrative body, or other Governmental Authority, and we express no opinion in paragraph 2 above as to the internal substantive law of any Obligor’s jurisdiction of incorporation or formation, as applicable. 

 

	B.	 When used in this letter, the phrases “known to us,” “to our actual knowledge” and similar
phrases mean the conscious awareness of facts or other information by lawyers currently in our firm actively involved in negotiating and preparing the Transaction Documents and do not require or imply (i) any examination of this firm’s,
such lawyer’s or any other Person’s or entity’s files, (ii) that any inquiry has been made of the client, any lawyer (other than the lawyers described above), or any other Person or entity, or (iii) any review or examination
of any agreements, documents, certificates, instruments or other papers (including, but not limited to, the exhibits and schedules to the Transaction Documents and the various papers referred to in or contemplated by the Transaction Documents and
the respective exhibits and schedules thereto) other than the Transaction Documents. 

  

	C.	 This letter and the matters addressed herein are as of the date hereof or such earlier date as is specified
herein, and we undertake no, and hereby disclaim any, obligation to advise you or any future holder of the Notes of any change in any matter set forth herein, whether based on 

 The Purchasers 

March 17, 2020 
 Page 5 

 

	 	
a change in the Law, a change in any fact relating to the Company, any other Obligor or any other Person, or any other circumstance. This letter is limited to the matters expressly stated herein
and no opinions are to be inferred or may be implied beyond the opinions expressly set forth herein. 

  

	D.	 For purposes of this letter, the phrase “transactions contemplated by the Note Documents” and similar
phrases mean the offer, sale and issuance of the Notes by the Company to the Purchasers acquiring the Notes in the manner contemplated by the Note Purchase Agreement, and the guarantee thereof by the Guarantors pursuant to the Guaranty Agreement.
This letter shall be interpreted in accordance with customary practice of United States lawyers who regularly give opinions in transactions of this type and United States lawyers who regularly advise opinion recipients regarding such opinions.

  

	E.	 The matters expressed in this letter are subject to and qualified and limited by (i) applicable
bankruptcy, insolvency, fraudulent transfer and conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally and (ii) general principles of equity, including without limitation, concepts of
materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief (regardless of whether considered in a proceeding in equity or at law). Although it appears that the requirements
of Section 5-1401 of the New York General Obligations Law have been met, we express no opinion on whether the choice of law provision in Section 22.6 of the Note Purchase Agreement, Section 14.6
of the Guaranty Agreement or the last paragraph of the Notes would raise any issues under the United States constitution that would affect whether courts in New York would enforce the choice of New York law to govern the Note Purchase Agreement, the
Guaranty Agreement and the Notes. 

  

	F.	 We confirm that, based on such investigation as we have deemed appropriate, the Goodwin Opinion is satisfactory
in form and scope to us, and we believe you are justified in relying thereon. With respect to the foregoing, we note that, except as expressly set forth in paragraphs 1 through 5 above, we express no opinions ourselves with respect to matters
addressed in the Goodwin Opinion referred to above or as to any Laws other than the Included Laws, and our confirmation as to the satisfactory scope of the Goodwin Opinion is based on our experience as to the range of matters typically addressed in
opinions of company counsel rendered in financing transactions of this nature and our determination that such opinions fall within such range. 

  

	G.	 We have assumed that no fraud, dishonesty, forgery, coercion, duress or breach of fiduciary duty exists or will
exist with respect to any of the matters relevant to the opinions expressed in this letter. 

  

	H.	 We have assumed that neither the Company nor any other Person will, after the offer, issue, sale and delivery
of the Notes, or the issuance of the Guaranty Agreement by the Guarantors, take or omit to take any action that would cause such offer, issue, sale or delivery, or the issuance of such Guaranty Agreement, as applicable, not to constitute an exempted
transaction under the Securities Act. We express no opinion as to any subsequent re-offer or resale of any of the Notes. 

 

	I.	 We express no opinion as to (i) except as expressly stated herein, the compliance of the transactions
contemplated by the Note Documents with any regulations or governmental requirements applicable to any party; (ii) the financial condition or solvency of any party; (iii) the ability (financial or otherwise) of any party to meet its
obligations under the Note 

 The Purchasers 

March 17, 2020 
 Page 6 

 

	 	
Documents; (iv) the compliance of the Note Documents or the transactions contemplated thereby with, or the effect on any of the opinions expressed herein of, the antifraud provisions of the
United States Federal and state securities Laws; or (v) the effect of Laws other than the Included Laws. 

  

	J.	 We express no opinion as to the effect of suretyship defenses, or defenses in the nature thereof, with respect
to the obligations of any guarantor, joint obligor, surety, accommodation party, or other secondary obligor. 

  

	K.	 This letter is solely for your benefit and no other Persons shall be entitled to rely upon it. Without our
prior written consent, this letter may not be quoted in whole or in part or otherwise referred to in any document and may not be furnished or otherwise disclosed to or used by any other Person, except for use of this letter in any legal proceeding
to which you are a party and which relates to the transactions contemplated by the Note Documents. Notwithstanding the foregoing, a copy of this letter may be provided to (and relied upon by) future holders of the Notes acquired in accordance with
the terms of the Note Purchase Agreement, and may be delivered and disclosed to (but not relied upon by) (A) the National Association of Insurance Commissioners of the United States of America, (B) any legislative, administrative,
regulatory or judicial body if required by applicable law, provided that (to the extent practicable) we are notified in advance of such disclosure, (C) any prospective transferee of a Note who is an Institutional Investor and who agrees to be
bound by the confidentiality provisions of the Note Purchase Agreement, in each case subject to the same restrictions as set forth in this paragraph and (D) affiliates of any addressee, its successors and permitted assigns, and each of their
officers, employees, auditors and professional advisors, in each case engaged in investment management work, or providing advice relating directly or indirectly thereto. For the avoidance of doubt, we do not assume any duty or liability to any
person or entity to whom such copy is provided. 

  

	
	Very truly yours,
	
	AKIN GUMP STRAUSS HAUER & FELD LLP

 SCHEDULE A 

THE PURCHASERS 
 The Prudential Insurance
Company of America 
 The Gibraltar Life Insurance Co., Ltd. 

Health Options, Inc. 
 Metropolitan Life Insurance Company 

American General Life Insurance Company 
 The United States Life
Insurance Company in the City of New York 
 The Variable Annuity Life Insurance Company 

 SCHEDULE B 

THE SUBSIDIARY GUARANTORS 
 ESRT Empire
State Building G-Parent, L.L.C. 
 ESRT Empire State Building Parent, L.L.C. 

ESRT Empire State Building, L.L.C. 
 ESRT Observatory TRS, L.L.C.

 ESRT 501 Seventh Avenue, L.L.C. 
 ESRT 250 WEST 57TH St.,
L.L.C. 
 ESRT 500 Mamaroneck Avenue, L.L.C. 
 ESRT 69-97 Main St., L.L.C. 
 ESRT 103-107 Main St., L.L.C. 

ESRT One Grand Central Place G-Parent, L.L.C. 

ESRT One Grand Central Place Parent, L.L.C 
 ESRT One Grand
Central Place, L.L.C. 
 ESRT 1359 Broadway, L.L.C. 
 ESRT 1350
Broadway, L.L.C. 
 ESRT 1400 Broadway GP, L.L.C. 
 ESRT 1400
Broadway, L.P. 
 ESRT 112 West 34th Street GP, L.L.C. 
 ESRT
112 West 34th Street, L.P. 

 SCHEDULE 4.7 

FORM OF GUARANTY AGREEMENT 

See Attached 

 GUARANTY AGREEMENT 

THIS GUARANTY AGREEMENT, dated as of March 17, 2020 (this “Guaranty
Agreement”), is made by each of the undersigned (each a “Guarantor” and, together with each of the other signatories hereto and any other entities from time to time parties hereto pursuant to Section 14.1 hereof, the
“Guarantors”) in favor of the Purchasers (as defined below) and the other holders from time to time of the Notes (as defined below). The Purchasers and such other holders are herein collectively called the “holders”
and individually a “holder.” 
 PRELIMINARY STATEMENTS: 

I.    Empire State Realty OP, L.P., a Delaware limited partnership (the “Company”), and Empire State
Realty Trust, Inc., a Maryland corporation (“Parent”), have entered into a Note Purchase Agreement dated March 17, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Note
Agreement”) with the Persons listed in Schedule B attached thereto (the “Purchasers”). Capitalized terms used herein have the meanings specified in the Note Agreement unless otherwise defined herein. 

II.    Pursuant to the Note Agreement, the Company has authorized the issuance and sale of (a) $100,000,000 in aggregate
principal amount of its 3.61% Series G Senior Notes due March 17, 2032 (as amended, restated, supplemented or otherwise modified from time to time and including any such notes issued in substitution, replacement or exchange therefor, the
“Series G Notes”) and (b) $75,000,000 in aggregate principal amount of its 3.73% Series H Senior Notes due March 17, 2035 (as amended, restated, supplemented or otherwise modified from time to time and including any such notes
issued in substitution, replacement or exchange therefor, the “Series H Notes” and, together with the Series G Notes, collectively, the “Initial Notes”). The Initial Notes and any other notes that may from time to
time be issued pursuant to the Note Agreement (including any notes issued in substitution, replacement or exchange for any of the Initial Notes or any such other notes) are herein collectively called the “Notes” and individually a
“Note”. 
 III.    It is a condition to the agreement of the Purchasers to purchase the Notes that this
Guaranty Agreement shall have been executed and delivered by each Guarantor and shall be in full force and effect. 

IV.    Each Guarantor will receive direct and indirect benefits from the financing arrangements contemplated by the Note
Agreement. The board of directors, board of managers or other similar governing body of each Guarantor has determined that the incurrence of such obligations is in the best interests of such Guarantor. 

 Now THEREFORE, in order to induce, and in consideration of, the execution and delivery of
the Note Agreement and the purchase of the Notes by each of the Purchasers, each Guarantor hereby covenants and agrees with, and represents and warrants to each of the holders as follows: 

SECTION 1. GUARANTY. 

Each Guarantor hereby irrevocably, unconditionally and jointly and severally with the other Guarantors guarantees to each holder, the due and
punctual payment in full of (a) the principal of, Make-Whole Amount, if any, and interest on (including, without limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization
or like proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), and any other amounts due under, the Notes when and as the same shall become due and payable (whether at stated maturity or by
required or optional prepayment or by acceleration or otherwise) and (b) any other sums which may become due under the terms and provisions of the Notes, the Note Agreement or any other document, instrument or agreement executed in connection
therewith (all such obligations described in clauses (a) and (b) above are herein called the “Guaranteed Obligations”). The guaranty in the preceding sentence is an absolute, present and continuing guaranty of payment and not
of collectability and is in no way conditional or contingent upon any attempt to collect from the Company or any other guarantor of the Notes (including, without limitation, any other Guarantor hereunder) or upon any other action, occurrence or
circumstance whatsoever. In the event that the Company shall fail so to pay any of such Guaranteed Obligations, each Guarantor agrees to pay the same when due to the holders entitled thereto, without demand, presentment, protest or notice of any
kind, in lawful money of the United States of America, pursuant to the requirements for payment specified in the Notes and the Note Agreement. Each default in payment of any of the Guaranteed Obligations shall give rise to a separate cause of action
hereunder and separate suits may be brought hereunder as each cause of action arises. Each Guarantor agrees that the Notes issued in connection with the Note Agreement may (but need not) make reference to this Guaranty Agreement. 

Each Guarantor agrees to pay and to indemnify and save each holder harmless from and against any damage, loss, cost or expense (including
attorneys’ fees) which such holder may incur or be subject to as a consequence, direct or indirect, of (x) any breach by such Guarantor, by any other Guarantor or by the Company of any warranty, covenant, term or condition in, or the
occurrence of any default under, this Guaranty Agreement, the Notes, the Note Agreement or any other instrument referred to therein, together with all expenses resulting from the compromise or defense of any claims or liabilities arising as a result
of any such breach or default, (y) any legal action commenced to challenge the validity or enforceability of this Guaranty Agreement, the Notes, the Note Agreement or any other document, instrument or agreement executed in connection therewith
(collectively, the “Financing Documents”) and (z) enforcing or defending (or determining whether or how to enforce or defend) the provisions of this Guaranty Agreement. 

Each Guarantor hereby acknowledges and agrees that such Guarantor’s liability hereunder is joint and several with the other Guarantors
and any other Person(s) who may guarantee the obligations and Indebtedness under and in respect of the Notes and the Note Agreement. 

Notwithstanding the foregoing provisions or any other provision of this Guaranty Agreement, the Purchasers (on behalf of themselves and their
successors and assigns) and each Guarantor hereby agree that if at any time the Guaranteed Obligations exceed the Maximum Guaranteed Amount determined as of such time with regard to such Guarantor, then this Guaranty Agreement shall be automatically
amended to reduce the Guaranteed Obligations to the Maximum Guaranteed Amount. Such amendment shall not require the written consent of any Guarantor or 

  
 2 

 
any holder and shall be deemed to have been automatically consented to by each Guarantor and each holder. Each Guarantor agrees that the Guaranteed Obligations may at any time exceed the Maximum
Guaranteed Amount without affecting or impairing the obligation of such Guarantor. “Maximum Guaranteed Amount” means as of the date of determination with respect to a Guarantor, the lesser of (a) the amount of the Guaranteed
Obligations outstanding on such date and (b) the maximum amount that would not render such Guarantor’s liability under this Guaranty Agreement subject to avoidance under Section 548 of the United States Bankruptcy Code (or any
successor provision) or any comparable provision of applicable state law. 
 SECTION 2. OBLIGATIONS
ABSOLUTE. 
 The obligations of each Guarantor hereunder shall be primary, absolute, irrevocable and unconditional,
irrespective of the validity or enforceability of the Notes, the Note Agreement or any other Financing Document, shall not be subject to any counterclaim, setoff, deduction or defense based upon any claim such Guarantor may have against the Company
or any holder or otherwise, and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever (whether or not such Guarantor shall have any
knowledge or notice thereof), including, without limitation: (a) any amendment to, modification of, supplement to or restatement of the Notes, the Note Agreement or any other Financing Document (it being agreed that the obligations of each
Guarantor hereunder shall apply to the Notes, the Note Agreement or any such other Financing Document as so amended, modified, supplemented or restated) or any assignment or transfer of any thereof or of any interest therein, or any furnishing,
acceptance or release of any security for the Notes or the guarantee by, or the addition, substitution or release of, any other Guarantor or any other entity or other Person primarily or secondarily liable in respect of the Guaranteed Obligations;
(b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of the Notes, the Note Agreement or any other Financing Document; (c) any bankruptcy, insolvency, arrangement, reorganization, readjustment,
composition, liquidation or similar proceeding with respect to the Company or its property; (d) any merger, amalgamation or consolidation of any Guarantor or of the Company into or with any other Person or any sale, lease or transfer of any or
all of the assets of any Guarantor or of the Company to any Person; (e) any failure on the part of the Company for any reason to comply with or perform any of the terms of any other agreement with any Guarantor; (f) any failure on the part
of any holder to obtain, maintain, register or otherwise perfect any security; or (g) any other event or circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor (whether or not similar to the
foregoing), and in any event however material or prejudicial it may be to any Guarantor or to any subrogation, contribution or reimbursement rights any Guarantor may otherwise have. Each Guarantor covenants that its obligations hereunder will not be
discharged except by indefeasible payment in full in cash of all of the Guaranteed Obligations and all other obligations hereunder. 

SECTION 3. WAIVER. 

Each Guarantor unconditionally waives to the fullest extent permitted by law, (a) notice of acceptance hereof, of any action taken or
omitted in reliance hereon and of any default by the Company in the payment of any amounts due under the Notes, the Note Agreement or any other Financing Document, and of any of the matters referred to in Section 2 hereof, (b) all notices
which may be required by statute, rule of law or otherwise to preserve any of the rights of any holder 

  
 3 

 
against such Guarantor, including, without limitation, presentment to or demand for payment from the Company or any Guarantor with respect to any Note, notice to the Company or to any Guarantor
of default or protest for nonpayment or dishonor and the filing of claims with a court in the event of the bankruptcy of the Company, (c) any right to require any holder to enforce, assert or exercise any right, power or remedy including,
without limitation, any right, power or remedy conferred in the Note Agreement, the Notes or any other Financing Document, (d) any requirement for diligence on the part of any holder and (e) any other act or omission or thing or delay in
doing any other act or thing which might in any manner or to any extent vary the risk of such Guarantor or otherwise operate as a discharge of such Guarantor or in any manner lessen the obligations of such Guarantor hereunder. The waivers of the
Guarantors set forth in this Section 3 shall be continuing and irrevocable in nature and shall apply with respect to all Guaranteed Obligations, whether now existing or hereafter arising. 

SECTION 4. OBLIGATIONS UNIMPAIRED. 

Each Guarantor authorizes the holders, without notice or demand to such Guarantor or any other Guarantor and without affecting its obligations
hereunder, from time to time: (a) to renew, compromise, extend, accelerate or otherwise change the time for payment of, all or any part of the Notes or any obligations under the Note Agreement or any other Financing Document; (b) to change
any of the representations, covenants, events of default or any other terms or conditions of or pertaining to the Notes, the Note Agreement or any other Financing Document, including, without limitation, decreases or increases in amounts of
principal, rates of interest, the Make-Whole Amount or any other obligation; (c) to take and hold security for the payment of the Notes or any other obligations under the Note Agreement or any other Financing Document, for the performance of
this Guaranty Agreement or otherwise for the Indebtedness guaranteed hereby and to exchange, enforce, waive, subordinate and release any such security; (d) to apply any such security and to direct the order or manner of sale thereof as the
holders in their sole discretion may determine; (e) to obtain additional or substitute endorsers or guarantors or release any other Guarantor or any other Person or entity primarily or secondarily liable in respect of the Guaranteed
Obligations; (f) to exercise or refrain from exercising any rights against the Company, any Guarantor or any other Person; and (g) to apply any sums, by whomsoever paid or however realized, to the payment of the Guaranteed Obligations and
all other obligations owed hereunder. The holders shall have no obligation to proceed against any additional or substitute endorsers or guarantors or to pursue or exhaust any security provided by the Company, such Guarantor or any other Guarantor or
any other Person or to pursue any other remedy available to the holders. 
 If an event permitting the acceleration of the maturity of the
principal amount of any Notes shall exist and such acceleration shall at such time be prevented or the right of any holder to receive any payment on account of the Guaranteed Obligations shall at such time be delayed or otherwise affected by reason
of the pendency against the Company, any Guarantor or any other guarantors of a case or proceeding under a bankruptcy or insolvency law, such Guarantor agrees that, for purposes of this Guaranty Agreement and its obligations hereunder, the maturity
of such principal amount shall be deemed to have been accelerated with the same effect as if the holder thereof had accelerated the same in accordance with the terms of the Note Agreement, and such Guarantor shall forthwith pay such accelerated
Guaranteed Obligations. 

  
 4 

 SECTION 5. SUBROGATION AND
SUBORDINATION. 
 (a)    Each Guarantor will not exercise any rights which it may have acquired by way
of subrogation under this Guaranty Agreement, by any payment made hereunder or otherwise, or accept any payment on account of such subrogation rights, or any rights of reimbursement, contribution or indemnity or any rights or recourse to any
security for the Notes or this Guaranty Agreement unless and until all of the Guaranteed Obligations shall have been indefeasibly paid in full in cash. 

(b)    Each Guarantor hereby subordinates the payment of all Indebtedness and other obligations of the Company or any
other guarantor of the Guaranteed Obligations owing to such Guarantor, whether now existing or hereafter arising, including, without limitation, all rights and claims described in clause (a) of this Section 5, to the indefeasible payment
in full in cash of all of the Guaranteed Obligations. If the Required Holders so request, any such Indebtedness or other obligations shall be enforced and performance received by such Guarantor as trustee for the holders and the proceeds thereof
shall be paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required Holders, but without reducing
or affecting in any manner the liability of any Guarantor under this Guaranty Agreement. 
 (c)    If any amount or
other payment is made to or accepted by any Guarantor in violation of any of the preceding clauses (a) and (b) of this Section 5, such amount shall be deemed to have been paid to such Guarantor for the benefit of, and held in trust for the
benefit of, the holders and shall be paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required
Holders, but without reducing or affecting in any manner the liability of such Guarantor under this Guaranty Agreement. 

(d)    Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements
contemplated by the Note Agreement and that its agreements set forth in this Guaranty Agreement (including this Section 5) are knowingly made in contemplation of such benefits. 

(e)    Each Guarantor hereby agrees that, to the extent that a Guarantor shall have paid an amount hereunder to any holder
that is greater than the net value of the benefits received, directly or indirectly, by such paying Guarantor as a result of the issuance and sale of the Notes (such net value, its “Proportionate Share”), such paying Guarantor
shall, subject to Section 5(a) and 5(b), be entitled to contribution from any Guarantor that has not paid its Proportionate Share of the Guaranteed Obligations. Any amount payable as a contribution under this Section 5(e) shall be
determined as of the date on which the related payment is made by such Guarantor seeking contribution and each Guarantor acknowledges that the right to contribution hereunder shall constitute an asset of such Guarantor to which such contribution is
owed. Notwithstanding the foregoing, the provisions of this Section 5(e) shall in no respect limit the obligations and liabilities of any Guarantor to the holders of the Notes hereunder or under the Notes, the Note Agreement or any other
Financing Document, and each Guarantor shall remain jointly and severally liable for the full payment and performance of the Guaranteed Obligations. 

  
 5 

 SECTION 6. REINSTATEMENT OF GUARANTY.

 This Guaranty Agreement shall continue to be effective, or be reinstated, as the case may be, if and to the extent at any time
payment, in whole or in part, of any of the sums due to any holder on account of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by a holder upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of the Company or any other guarantors, or upon or as a result of the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Company or any other guarantors or any part of its or their
property, or otherwise, all as though such payments had not been made. 
 SECTION 7. RANK OF
GUARANTY. 
 Each Guarantor will ensure that its payment obligations under this Guaranty Agreement will at all times rank
at least pari passu, without preference or priority, with all other unsecured and unsubordinated Indebtedness of such Guarantor now or hereafter existing. 

SECTION 8. COVENANTS OF EACH GUARANTOR. 

Each Guarantor hereby covenants and agrees that, so long as any part of the Guaranteed Obligations shall remain outstanding, such Guarantor
will perform and observe, and cause each of its Subsidiaries to perform and observe, all of the terms, covenants and agreements set forth in the Note Agreement on its or their part to be performed or observed or that Parent or the Company has agreed
to cause such Guarantor or such Subsidiaries to perform or observe. 
 With respect to any payment by a Guarantor hereunder,
Section 14.3 of the Note Agreement shall apply, mutatis mutandis, as if fully set forth herein, with such Guarantor being treated as a Credit Party for purposes thereof. 

SECTION 9. REPRESENTATIONS AND WARRANTIES OF EACH
GUARANTOR. 
 Each Guarantor represents and warrants to each holder that each of the representations and warranties
contained in the Note Agreement and applicable to such Guarantor are true and correct with respect to such Guarantor. 
 SECTION 10.
TERM OF GUARANTY AGREEMENT. 
 Notwithstanding anything to the contrary in
this Guaranty Agreement, this Guaranty Agreement and all guarantees, covenants and agreements of the Guarantors contained herein shall continue in full force and effect and shall not be discharged until such time as all of the Guaranteed Obligations
and all other obligations hereunder shall be indefeasibly paid in full in cash and shall be subject to reinstatement pursuant to Section 6; provided that a Guarantor may be discharged from all of its obligations and liabilities hereunder
and shall be automatically released from its obligations hereunder without the need for the execution or delivery of any other document by the holders of the Notes to the extent provided by Section 9.7(b) of the Note Agreement. 

  
 6 

 SECTION 11. SURVIVAL OF REPRESENTATIONS
AND WARRANTIES; ENTIRE AGREEMENT. 
 All representations and warranties
contained herein shall survive the execution and delivery of this Guaranty Agreement and may be relied upon by any subsequent holder, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder. All
statements contained in any certificate or other instrument delivered by or on behalf of a Guarantor pursuant to this Guaranty Agreement shall be deemed representations and warranties of such Guarantor under this Guaranty Agreement. Subject to the
preceding sentence, this Guaranty Agreement embodies the entire agreement and understanding between each holder and the Guarantors and supersedes all prior agreements and understandings relating to the subject matter hereof. 

SECTION 12. AMENDMENT AND WAIVER. 

SECTION 12.1. REQUIREMENTS. Except as otherwise
provided in the fourth paragraph of Section 1 of this Guaranty Agreement, this Guaranty Agreement may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written
consent of each Guarantor and the Required Holders, except that no amendment or waiver (a) of any of the first three paragraphs of Section 1 or any of the provisions of Section 2, 3, 4, 5, 6, 7, 10 or 12 hereof, or any defined term
(as it is used therein), or (b) which results in the limitation of the liability of any Guarantor hereunder (except to the extent provided in the fourth paragraph of Section 1 of this Guaranty Agreement) will be effective as to any holder
unless consented to by such holder in writing. 
 SECTION 12.2. SOLICITATION OF
HOLDERS OF NOTES. 
 (a)    Solicitation. Each Guarantor will
provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision
with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof. Each Guarantor will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this
Section 12 to each holder promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders. 

(b)    Payment. The Guarantors will not directly or indirectly pay or cause to be paid any remuneration, whether by
way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder as consideration for or as an inducement to the entering into by any holder of any waiver or amendment of any of the
terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder even if such holder did not consent to such
waiver or amendment. 
 (c)    Consent in Contemplation of Transfer. Any consent given pursuant to this
Section 12 by a holder that has transferred or has agreed to transfer its Notes to (i) the Company, (ii) Parent, (iii) any Subsidiary or any Affiliate (including any Guarantor) of the Company or Parent or (iv) any other Person in
connection with, or in anticipation of, a tender offer for or merger with the 

  
 7 

 
Company, Parent and/or any of their respective Subsidiaries or Affiliates, in connection with such consent shall be void and of no force or effect except solely as to such holder, and any
amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar
conditions) shall be void and of no force or effect except solely as to such holder. 

SECTION 12.3. BINDING EFFECT. Any
amendment or waiver consented to as provided in this Section 12 applies equally to all holders and is binding upon them and upon each future holder and upon each Guarantor without regard to whether this Guaranty Agreement has been marked to
indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, Default, Event of Default or agreement not expressly amended or waived or impair any right consequent thereon. No course of dealing
between a Guarantor and any holder, and no delay in exercising any rights hereunder, shall operate as a waiver of any rights of any holder. As used herein, the term “this Guaranty Agreement” and references thereto shall mean this
Guaranty Agreement as it may be amended, restated, supplemented or otherwise modified from time to time. 

SECTION 12.4. NOTES HELD BY
COMPANY, ETC. Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to
any amendment, waiver or consent to be given under this Guaranty Agreement, or have directed the taking of any action provided herein to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes
then outstanding, Notes directly or indirectly owned by any Guarantor, the Company, the Parent or any of their respective Affiliates shall be deemed not to be outstanding. 

SECTION 13. NOTICES. 

All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a
confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with
charges prepaid). Any such notice must be sent: 
 (a)    if to any Guarantor, to the following address: 

c/o Empire State Realty Trust, Inc. 

111 West 33rd Street, 12th Floor 

New York, New York 10120 

Attention: John Kessler, President and Chief Operating Officer 

Telephone: (212)850-2790 

Fax: (212) 983-1385 

Email: jkessler@empirestaterealtytrust.com 

with a copy to: 
 111 West 33rd
Street, 12th Floor 
 New York, New York 10120 

  
 8 

 Attention: Thomas N. Keltner, Jr., Executive Vice President, General Counsel 

and Secretary 
 Telephone: (212)850-2680 
 Fax: (212)986-8795 

Email: tkeltner@empirestaterealtytrust.com 
 , or
such other address as such Guarantor shall have specified to the holders in writing, or 
 (b)    if to any holder, to
such holder at the addresses specified for such communications set forth in Schedule B to the Note Agreement, or such other address as such holder shall have specified to the Guarantors in writing. 

SECTION 14. MISCELLANEOUS. 

SECTION 14.1. SUCCESSORS AND ASSIGNS;
JOINDER. All covenants and other agreements contained in this Guaranty Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns whether so
expressed or not. It is agreed and understood that any Person may become a Guarantor hereunder by executing a Joinder Agreement substantially in the form of Exhibit A attached hereto and delivering the same to the holders. Any such Person shall
thereafter be a “Guarantor” for all purposes under this Guaranty Agreement. 

SECTION 14.2. SEVERABILITY. Any provision of this
Guaranty Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law), not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 14.3. CONSTRUCTION, ETC.
Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision)
be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly
or indirectly by such Person. 
 The section and subsection headings in this Guaranty Agreement are for convenience of reference only and
shall neither be deemed to be a part of this Guaranty Agreement nor modify, define, expand or limit any of the terms or provisions hereof. All references herein to numbered sections, unless otherwise indicated, are to sections of this Guaranty
Agreement. Words and definitions in the singular shall be read and construed as though in the plural and vice versa, and words in the masculine, neuter or feminine gender shall be read and construed as though in either of the other genders where the
context so requires. 
 SECTION 14.4. FURTHER
ASSURANCES. Each Guarantor agrees to execute and deliver all such documents, instruments and agreements and take all such action as the Required Holders may from time to time reasonably request in order to
effectuate fully the purposes of this Guaranty Agreement. 

  
 9 

 SECTION 14.5.
COUNTERPARTS. This Guaranty Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a
number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

SECTION 14.6. GOVERNING LAW. This
Guaranty Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York, excluding
choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

SECTION 14.7. JURISDICTION AND PROCESS; WAIVER
OF JURY TRIAL. 
 (a)    Each Guarantor irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Guaranty Agreement.
To the fullest extent permitted by applicable law, each Guarantor irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it
may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(b)    Each Guarantor consents to process being served by or on behalf of any holder in any suit, action or proceeding of
the nature referred to in Section 14.7(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 13 or at
such other address of which such holder shall then have been notified pursuant to Section 13. Each Guarantor agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit,
action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a
delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(c)    Nothing in this Section 14.7 shall affect the right of any holder to serve process in any manner permitted by
law, or limit any right that the holders may have to bring proceedings against any Guarantor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 

(d)    THE GUARANTORS AND THE HOLDERS HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS GUARANTY
AGREEMENT OR OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH. 
 SECTION 14.8.
RECOURSE TO CREDIT PARTIES. Neither (a) the Parent (whether in its capacity as a general partner of the Company or otherwise), so long as the Parent is not a
Guarantor, nor (b) any of Parent’s Affiliates or its or its Affiliates’ past, present or future shareholders, partners, members, officers, employees, servants, executives, directors, agents or representatives, in each case other than
the Company and Guarantors (each such Person that is not the Company or a Guarantor, an “Exculpated Party”) shall be liable for payment of any Guaranteed Obligations 

  
 10 

 
due hereunder or under any other Financing Document. The sole recourse of the holders for satisfaction of the Guaranteed Obligations due hereunder or under any other Financing Document shall be
against the Company, the Guarantors and their respective assets and not against any assets or property of any Exculpated Party. In the event that an Event of Default occurs, no action shall be brought against any Exculpated Party by virtue of its
direct or indirect ownership interest in the Company, the Guarantors or their respective assets and, if the Notes are at any time secured by collateral, in the event of any foreclosure on such collateral, no judgment for any deficiency upon the
Guaranteed Obligations due hereunder or any other Financing Document shall be obtainable by the Purchasers or the holders against any Exculpated Party. 

SECTION 14.9. ELECTRONIC
SIGNATURE. Delivery by a Guarantor of an executed counterpart of a signature page to this Guaranty Agreement by facsimile transmission or electronic mail shall be effective as delivery of a manually executed
counterpart of this Guaranty Agreement. 
 [Intentionally Left Blank - Signature Page Follows] 

  
 11 

 IN WITNESS WHEREOF, each Guarantor has caused
this Guaranty Agreement to be duly executed and delivered as of the date and year first above written. 
  

			
	ESRT EMPIRE STATE BUILDING G-PARENT, L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT EMPIRE STATE BUILDING PARENT, L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT EMPIRE STATE BUILDING, L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT OBSERVATORY TRS, L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT 501 SEVENTH AVENUE, L.L.C.
		
	By:	 	
                     

	Name:	 	
	Title:	 	

  
 12 

 
			
	ESRT 250 WEST 57TH ST., L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT 500 MAMARONECK AVENUE, L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT 69-97 MAIN ST., L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT 103-107 MAIN ST., L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT ONE GRAND CENTRAL PLACE G-PARENT, L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	

  
 13 

 
			
	 ESRT ONE GRAND CENTRAL PLACE PARENT, L.L.C

		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT ONE GRAND CENTRAL PLACE, L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT 1359 BROADWAY, L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT 1350 BROADWAY, L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT 1400 BROADWAY GP, L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	

  
 14 

 
			
	ESRT 1400 BROADWAY, L.P.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT 112 WEST 34TH STREET GP, L.L.C.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	ESRT 112 WEST 34TH STREET, L.P.
		
	By:	 	
                    

	Name:	 	
	Title:	 	

  
 15 

 EXHIBIT A 

JOINDER AGREEMENT 

THIS JOINDER AGREEMENT (this “Joinder Agreement”), dated as of
[            , 20    ] is made by [                    ], a
[                    ] (the “Additional Guarantor”), in favor of the holders from time to time of the Notes issued pursuant to the
Note Agreement described below. 
 PRELIMINARY STATEMENTS: 

I.    Pursuant to the Note Purchase Agreement dated March 17, 2020 (as amended, restated, supplemented or otherwise
modified from time to time, the “Note Agreement”), by and among Empire State Realty OP, L.P., a Delaware limited partnership (the “Company”), Empire State Realty Trust, Inc., a Maryland corporation (the
“Parent”), and the Persons listed on the signature pages thereto (the “Purchasers”), the Company has issued and sold (a) $100,000,000 in aggregate principal amount of its 3.61% Series G Senior Notes due
March 17, 2032 (as amended, restated, supplemented or otherwise modified from time to time and including any such notes issued in substitution, replacement or exchange therefor, the “Series G Notes”) and (b) $75,000,000 in
aggregate principal amount of its 3.73% Series H Senior Notes due March 17, 2035 (as amended, restated, supplemented or otherwise modified from time to time and including any such notes issued in substitution, replacement or exchange therefor,
the “Series H Notes” and, together with the Series G Notes, collectively, the “Initial Notes”). The Initial Notes and any other notes that may from time to time be issued pursuant to the Note Agreement (including
any notes issued in substitution, replacement or exchange for any of the Initial Notes or any such other notes) are herein collectively called the “Notes” and individually a “Note”. 

II.    The Company is required pursuant to the Note Agreement to cause the Additional Guarantor to deliver this Joinder
Agreement in order to cause the Additional Guarantor to become a Guarantor under the Guaranty Agreement dated as of March 17, 2020 executed by certain Subsidiaries of the Parent (together with each entity that from time to time becomes a party
thereto by executing a Joinder Agreement pursuant to Section 14.1 thereof, collectively, the “Guarantors”) in favor of each holder from time to time of any of the Notes (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Guaranty Agreement”). 
 III.    The Additional Guarantor
has received and will receive substantial direct and indirect benefits from the Company’s compliance with the terms and conditions of the Note Agreement and the Notes issued thereunder. 

IV.    Capitalized terms used and not otherwise defined herein have the definitions set forth in the Note Agreement. 

 NOW THEREFORE, in consideration of the funds advanced to the Company by the Purchasers under
the Note Agreement and to enable the Company to comply with the terms of the Note Agreement, the Additional Guarantor hereby covenants, represents and warrants to the holders as follows: 

The Additional Guarantor hereby becomes a Guarantor (as defined in the Guaranty Agreement) for all purposes of the Guaranty Agreement as if it
had been an original signatory thereunder. Without limiting the foregoing, the Additional Guarantor hereby (a) irrevocably, unconditionally and jointly and severally with the other Guarantors under the Guaranty Agreement guarantees to the
holders from time to time of the Notes the due and punctual payment in full (whether at stated maturity, by acceleration or otherwise) of all Guaranteed Obligations (as defined in Section 1 of the Guaranty Agreement) in the same manner and to
the same extent as is provided in the Guaranty Agreement, (b) accepts and agrees to perform and observe all of the covenants set forth in the Guaranty Agreement, (c) waives the rights set forth in Section 3 of the Guaranty Agreement,
(d) makes the representations and warranties set forth in Section 9 of the Guaranty Agreement and (e) waives the rights, submits to jurisdiction, and waives service of process as described in Section 14.7 of the Guaranty
Agreement. 
 Notice of acceptance of this Joinder Agreement and of the Guaranty Agreement, as supplemented hereby, is hereby waived by the
Additional Guarantor. 
 The address for notices and other communications to be delivered to the Additional Guarantor pursuant to
Section 13 of the Guaranty Agreement is set forth below. 
 This Joinder Agreement shall be construed and enforced in accordance with,
and the rights of the parties shall be governed by, the law of the State of New York, excluding choice-of-law principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State. 
 Delivery of an executed counterpart of a signature page to this Joinder
Agreement by facsimile transmission or electronic mail shall be effective as delivery of a manually executed counterpart of this Joinder Agreement. 

  
 A-2 

 IN WITNESS WHEREOF, the Additional Guarantor
has caused this Joinder Agreement to be duly executed and delivered as of the date and year first above written. 
  

			
	[NAME OF ADDITIONAL GUARANTOR]
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	Notice Address for the Additional Guarantor
	
	  

	  

	  

  
 A-3 

 SCHEDULE 5.3 

DISCLOSURE MATERIALS 

Documents filed (not including any “furnished” information) by the Parent with the SEC since January 1, 2020 and available on EDGAR. 

Documents filed (not including any “furnished” information) by the Company with the SEC since January 1, 2020 and available on EDGAR. 

 SCHEDULE 5.4 

SUBSIDIARIES OF THE PARENT AND OWNERSHIP
OF SUBSIDIARY STOCK 
 (a) Empire State Realty Trust, Inc. Subsidiaries: 

 

									
	 Name
	  	 Jurisdiction of

Organization
	  	 Type
	  	 Ownership
	  	 Subsidiary

Guarantor

	Empire State Realty OP, L.P.	  	Delaware	  	Limited Partnership	  	53% Empire State Realty Trust, Inc. (as general partner) and 47% limited partners	  	No
					
	ESRT Empire State Building G-Parent, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT Empire State Building Parent, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% ESRT Empire State Building G-Parent, L.L.C.	  	Yes
					
	ESRT Empire State Building, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% ESRT Empire State Building Parent, L.L.C.	  	Yes
					
	ESRT One Grand Central Place G- Parent, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT One Grand Central Place Parent, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% ESRT One Grand Central Place G- Parent, L.L.C.	  	Yes
					
	ESRT One Grand Central Place, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% ESRT One Grand Central Place Parent, L.L.C.	  	Yes
					
	ESRT Springing Member One, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT Springing Member Two, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT 501 Seventh Avenue, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT 250 West 57th St., L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT 1333 Broadway, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT 1350 Broadway, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT 1359 Broadway, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT 10 Union Square, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT 1542 Third Avenue, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT East West Manhattan Retail, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT 10 BK St., L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT 500 Mamaroneck Avenue, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT Metro Center, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT Metro Tower, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT 69-97 Main St., L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT 103-107 Main St., L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT MerrittView, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT First Stamford Place Investor, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No

									
	 Name
	  	 Jurisdiction of

Organization
	  	 Type
	  	 Ownership
	  	 Subsidiary

Guarantor

	ESRT First Stamford Place SPE, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% ESRT First Stamford Place Investor, L.L.C.	  	No
					
	ESRT 1400 Broadway GP, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT 1400 Broadway, L.P.	  	Delaware	  	Limited Partnership	  	99% Empire State Realty OP, L.P. (as limited partner); 1% ESRT 1400 Broadway GP, L.L.C. (as general partner)	  	Yes
					
	ESRT 112 West 34th Street G.P., L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT 112 West 34th Street, L.P.	  	Delaware	  	Limited Partnership	  	99% Empire State Realty OP, L.P. (as limited partner); 1% ESRT 112 West 34th Street G.P., L.L.C. (as general partner)	  	Yes
					
	ESRT Management, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT MH Holdings, L.L.C.	  	New York	  	Limited Liability Company	  	100% ESRT Management, L.L.C.	  	No
					
	ESRT Captive Insurance Company, L.L.C.	  	Vermont	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT Observatory TRS, L.L.C.	  	New York	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	Yes
					
	ESRT Holdings TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% Empire State Realty OP, L.P.	  	No
					
	ESRT Management TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% ESRT Holdings TRS, L.L.C.	  	No
					
	ESRT Cleaning TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% ESRT Holdings TRS, L.L.C.	  	No
					
	ESRT Dining and Fitness TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% ESRT Holdings TRS, L.L.C.	  	No
					
	ESRT ESB Restaurant TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% ESRT Holdings TRS, L.L.C.	  	No
					
	ESRT ESB Fitness TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	100% ESRT Holdings TRS, L.L.C.	  	No

 Empire State Realty Trust, Inc. Affiliates, other than Subsidiaries: 

None 
 Empire State Realty Trust, Inc.
Directors: 
 Anthony E. Malkin 

William H. Berkman 
 Leslie D.
Biddle 
 Thomas J. DeRosa 

Steven J. Gilbert 
 S. Michael
Giliberto 
 Patricia S. Han 

James D. Robinson IV 

 Empire State Realty Trust, Inc. Senior Officers: 

 

					
	 Name
	 	 	  	 Office

	Anthony E. Malkin	 	-	  	Chairman and Chief Executive Officer
	John B. Kessler	 	-	  	President and Chief Operating Officer
	Thomas P. Durels	 	-	  	Executive Vice President, Real Estate
	Thomas N. Keltner, Jr.	 	-	  	Executive Vice President, General Counsel and Secretary
	Andrew J. Prentice	 	-	  	Senior Vice President, Chief Accounting Officer and Treasurer
	Bart S. Goldstein	 	-	  	Senior Vice President, Deputy General Counsel and Assistant Secretary
	Jonathan A. Kotler	 	-	  	Vice President, Deputy General Counsel

 SCHEDULE 5.5 

FINANCIAL STATEMENTS 
  

	•	 	 Empire State Realty Trust, Inc.’s Annual Report on Form 10-K for the
year ended December 31, 2019, filed on February 28, 2020 

  

	•	 	 Empire State Realty OP, L.P.’s Annual Report on Form 10-K for the
year ended December 31, 2019, filed on February 28, 2020 

 SCHEDULE 5.15 

EXISTING INDEBTEDNESS 

 SCHEDULE 5.15 

EXISTING INDEBTEDNESS 

AS OF FEBRUARY 29, 2020 

*dollars rounded to thousands 
  

															
	 Borrower
	 	 Property/ Debt Obligation
	 	 Lender
	 	 Closing Date
	 	    Outstanding    
Principal	 	 Guarantor(s)
	 	 Security
	 	 Responsive Sections

	ESRT Metro Center, L.L.C.	 	Metro Center, One Station Place, Stamford, CT	 	The Prudential Insurance Company of America	 	10/23/14	 	$89,277,000	 	Empire State Realty OP, L.P.	 	First mortgage	 	5.4(d); 5.15(a); 5.15(b)
								
	ESRT 10 Union Square, L.L.C.	 	10 Union Square, New York, NY	 	MetLife Commercial Loan Services	 	03/24/16	 	$50,000,000	 	Empire State Realty OP, L.P.	 	First mortgage	 	5.4(d); 5.15(a); 5.15(b)
								
	ESRT 10 BK., L.L.C.	 	10 Bank Street, White Plains, NY	 	Jackson National Life Insurance Company	 	05/25/17	 	$32,774,000	 	Empire State Realty OP, L.P.	 	First mortgage	 	5.4(d); 5.15(a); 5.15(b)
								
	ESRT 1542 Third Avenue, L.L.C.	 	1542 Third Avenue, New York, NY	 	MetLife Commercial Loan Services	 	04/05/17	 	$30,000,000	 	Empire State Realty OP, L.P.	 	First mortgage	 	5.4(d); 5.15(a); 5.15(b)
								
	ESRT First Stamford Place SPE, L.L.C.	 	First Stamford Place, Stamford, CT	 	JPMorgan Chase Bank, National Association, Wells Fargo Bank, National Association and their respective successors and assigns	 	06/05/17	 	$164,000,000	 	Empire State Realty OP, L.P.	 	First mortgage	 	5.4(d); 5.15(a); 5.15(b)
								
	ESRT First Stamford Place Investor, L.L.C.	 	First Stamford Place, Stamford, CT	 	JPMorgan Chase Bank, National Association, Wells Fargo Bank, National Association and their respective successors and assigns	 	06/05/17	 	$16,000,000	 	Empire State Realty OP, L.P.	 	—	 	5.4(d) 5.15(a)
								
	ESRT MerrittView, L.L.C.	 	383 Main Avenue, Norwalk, CT	 	Genworth Life Insurance Company	 	06/08/17	 	$30,000,000	 	Empire State Realty OP, L.P.	 	First mortgage	 	5.4(d); 5.15(a); 5.15(b)
								
	ESRT East West Manhattan Retail, L.L.C.	 	1010 Third Avenue and 77 West 55th Street, New York, NY	 	The Prudential Insurance Company of America	 	06/07/17	 	$38,124,000	 	Empire State Realty OP, L.P.	 	First mortgage	 	5.4(d); 5.15(a); 5.15(b)
								
	ESRT 1333 Broadway L.L.C.	 	1333 Broadway, New York, NY	 	The Prudential Insurance Company of America	 	01/08/18	 	$160,000,000	 	Empire State Realty OP, L.P.	 	First mortgage	 	5.4(d); 5.15(a); 5.15(b)
								
	Empire State Realty OP, L.P.	 	Unsecured Revolving Credit Facility (part of Amended and Restated Credit Agreement dtd 08/29/17)	 	Bank of America, N.A, as administrative agent and Bank of America, N.A., Wells Fargo Bank, National Association and Capital One, National Association. and the other lenders from time to time party thereto	 	08/29/17	 	$1.1 billion
with
nothing
drawn as of
 2/29/20.$250 million
drawn on
3/4/20.
	 	 ESRT 103-107 Main St., L.L.C.

ESRT 112 West 34th Street GP, L.L.C.

ESRT 112 West 34th Street, L.P.

ESRT 1350 Broadway, L.L.C.
 ESRT 1359 Broadway, L.L.C.

ESRT 1400 Broadway GP, L.L.C.
 ESRT 1400 Broadway, L.P.

ESRT 250 West 57th St., L.L.C.
 ESRT 500 Mamaroneck Avenue,
L.L.C.
 ESRT 501 Seventh Avenue, L.L.C.
 ESRT 69-67 Main St., L.L.C.
 ESRT Empire State Building G-Parent, L.L.C.

ESRT Empire State Building Parent, L.L.C.
 ESRT Empire State
Building, L.L.C
 ESRT Observatory TRS, L.L.C.
 ESRT One Grand
Central Place G-Parent, L.L.C.
	 		 	5.4(d); 5.15(a); 5.15(c)
		 		 		 		 		 	 ESRT One Grand Central Place Parent, L.L.C.

ESRT One Grand Central Place, L.L.C.
	 		 	

															
	 Borrower
	 	 Property/ Debt Obligation
	 	 Lender
	 	 Closing Date
	 	    Outstanding    
Principal	 	 Guarantor(s)
	 	 Security
	 	 Responsive Sections

	Empire State Realty OP, L.P.	 	Unsecured term loan facility (part of Amended and Restated Credit Agreement dtd 08/29/17)	 	Bank of America, N.A, as administrative agent and Bank of America, N.A., Wells Fargo Bank, National Association and Capital One, National Association. and the other lenders from time to time party thereto	 	08/29/17	 	$265,000,000	 	 ESRT 103-107 Main St., L.L.C.

ESRT 112 West 34th Street GP, L.L.C.
 ESRT 112 West 34th Street,
L.P.
 ESRT 1350 Broadway, L.L.C.
 ESRT 1359 Broadway,
L.L.C.
 ESRT 1400 Broadway GP, L.L.C.
 ESRT 1400 Broadway,
L.P.
 ESRT 250 West 57th St., L.L.C.
 ESRT 500 Mamaroneck
Avenue, L.L.C.
 ESRT 501 Seventh Avenue, L.L.C.
 ESRT 69-67 Main St., L.L.C.
 ESRT Empire State Building G-Parent, L.L.C.

ESRT Empire State Building Parent, L.L.C.
 ESRT Empire State
Building, L.L.C
 ESRT Observatory TRS, L.L.C.
 ESRT One Grand
Central Place G-Parent, L.L.C.
 ESRT One Grand Central Place Parent, L.L.C.

ESRT One Grand Central Place, L.L.C.
	 		 	5.4(d); 5.15(a); 5.15(c)
								
	Empire State Realty OP, L.P. and Empire State Realty Trust, Inc.	 	Senior unsecured notes (Series A)	 	The Prudential Insurance Company of America	 	03/27/15	 	$100,000,000	 	 ESRT 103-107 Main St., L.L.C.

ESRT 112 West 34th Street GP, L.L.C.
 ESRT 112 West 34th Street,
L.P.
 ESRT 1350 Broadway, L.L.C.

ESRT 1359 Broadway, L.L.C.
 ESRT 1400 Broadway GP,
L.L.C.
 ESRT 1400 Broadway, L.P.

ESRT 250 West 57th St., L.L.C.
 ESRT 500
Mamaroneck Avenue, L.L.C.
 ESRT 501 Seventh Avenue, L.L.C.

ESRT 69-67 Main St., L.L.C.

ESRT Empire State Building G-Parent, L.L.C.
 ESRT Empire State
Building Parent, L.L.C.
 ESRT Empire State Building, L.L.C

ESRT Observatory TRS, L.L.C.
 ESRT One Grand
Central Place G-Parent, L.L.C.
 ESRT One Grand Central Place Parent, L.L.C.

ESRT One Grand Central Place, L.L.C.
	 		 	5.4(d); 5.15(a); 5.15(c)
								
	Empire State Realty OP, L.P. and Empire State Realty Trust, Inc.	 	Senior unsecured notes (Series B)	 	The Prudential Insurance Company of America	 	03/27/15	 	$125,000,000	 	 ESRT 103-107 Main St., L.L.C.

ESRT 112 West 34th Street GP, L.L.C.
 ESRT 112 West 34th Street,
L.P.
 ESRT 1350 Broadway, L.L.C.
 ESRT 1359 Broadway,
L.L.C.
 ESRT 1400 Broadway GP, L.L.C.
 ESRT 1400 Broadway,
L.P.
 ESRT 250 West 57th St., L.L.C.
 ESRT 500 Mamaroneck
Avenue, L.L.C.
	 		 	5.4(d); 5.15(a); 5.15(c)

															
	 Borrower
	 	 Property/ Debt Obligation
	 	 Lender
	 	 Closing Date
	 	    Outstanding    
Principal	 	 Guarantor(s)
	 	 Security
	 	 Responsive Sections

		 		 		 		 		 	 ESRT 501 Seventh Avenue, L.L.C.
 ESRT 69-67 Main St., L.L.C.
 ESRT Empire State Building G-Parent, L.L.C.

ESRT Empire State Building Parent, L.L.C.
 ESRT Empire State
Building, L.L.C.
 ESRT Observatory TRS, L.L.C.
 ESRT One Grand
Central Place G-Parent, L.L.C.
 ESRT One Grand Central Place Parent, L.L.C.

ESRT One Grand Central Place, L.L.C.
	 		 	
								
	Empire State Realty OP, L.P. and Empire State Realty Trust, Inc.	 	 Senior unsecured notes
 (Series C)
	 	The Prudential Insurance Company of America	 	03/27/15	 	$125,000,000	 	 ESRT 103-107 Main St., L.L.C.

ESRT 112 West 34th Street GP, L.L.C.
 ESRT 112 West 34th Street,
L.P.
 ESRT 1350 Broadway, L.L.C.
 ESRT 1359 Broadway,
L.L.C.
 ESRT 1400 Broadway GP, L.L.C.
 ESRT 1400 Broadway,
L.P.
 ESRT 250 West 57th St., L.L.C.
 ESRT 500 Mamaroneck
Avenue, L.L.C.
 ESRT 501 Seventh Avenue, L.L.C.
 ESRT 69-67 Main St., L.L.C.
 ESRT Empire State Building G-Parent, L.L.C.

ESRT Empire State Building Parent, L.L.C.
 ESRT Empire State
Building, L.L.C
 ESRT Observatory TRS, L.L.C.
 ESRT One Grand
Central Place G-Parent, L.L.C.
 ESRT One Grand Central Place Parent, L.L.C.

ESRT One Grand Central Place, L.L.C.
	 	—	 	5.4(d); 5.15(a); 5.15(c)
								
	Empire State Realty OP, L.P. and Empire State Realty Trust, Inc.	 	Senior unsecured notes (Series D)	 	The Prudential Insurance Company of America	 	12/13/17	 	$115,000,000	 	 ESRT 103-107 Main St., L.L.C.

ESRT 112 West 34th Street GP, L.L.C.
 ESRT 112 West 34th
Street, L.P.
 ESRT 1350 Broadway, L.L.C.

ESRT 1359 Broadway, L.L.C.
 ESRT 1400 Broadway GP,
L.L.C.
 ESRT 1400 Broadway, L.P.

ESRT 250 West 57th St., L.L.C.
 ESRT 500
Mamaroneck Avenue, L.L.C.
 ESRT 501 Seventh Avenue, L.L.C.

ESRT 69-67 Main St., L.L.C.

ESRT Empire State Building G-Parent, L.L.C.
 ESRT Empire State
Building Parent, L.L.C.
 ESRT Empire State Building, L.L.C

ESRT Observatory TRS, L.L.C.
 ESRT One Grand
Central Place G-Parent, L.L.C.
 ESRT One Grand Central Place Parent, L.L.C.

ESRT One Grand Central Place, L.L.C.
	 		 	5.4(d); 5.15(a); 5.15(c)

															
	 Borrower
	 	 Property/ Debt Obligation
	 	 Lender
	 	 Closing Date
	 	    Outstanding    
Principal	 	 Guarantor(s)
	 	 Security
	 	 Responsive Sections

	Empire State Realty OP, L.P. and Empire State Realty Trust, Inc.	 	Senior unsecured notes (Series E)	 	The Prudential Insurance Company of America	 	03/22/18	 	$160,000,000	 	 ESRT 103-107 Main St., L.L.C.

ESRT 112 West 34th Street GP, L.L.C.
 ESRT 112 West 34th Street,
L.P.
 ESRT 1350 Broadway, L.L.C.
 ESRT 1359 Broadway,
L.L.C.
 ESRT 1400 Broadway GP, L.L.C.
 ESRT 1400 Broadway,
L.P.
 ESRT 250 West 57th St., L.L.C.
 ESRT 500 Mamaroneck
Avenue, L.L.C.
 ESRT 501 Seventh Avenue, L.L.C.
 ESRT 69-67 Main St., L.L.C.
 ESRT Empire State Building G-Parent, L.L.C.

ESRT Empire State Building Parent, L.L.C.
 ESRT Empire State
Building, L.L.C
 ESRT Observatory TRS, L.L.C.
 ESRT One Grand
Central Place G-Parent, L.L.C.
 ESRT One Grand Central Place Parent, L.L.C.

ESRT One Grand Central Place, L.L.C.
	 		 	5.4(d); 5.15(a); 5.15(c)
								
	Empire State Realty OP, L.P. and Empire State Realty Trust, Inc.	 	Senior unsecured notes (Series F)	 	The Prudential Insurance Company of America	 	03/22/18	 	$175,000,000	 	 ESRT 103-107 Main St., L.L.C.

ESRT 112 West 34th Street GP, L.L.C.
 ESRT 112 West 34th Street,
L.P.
 ESRT 1350 Broadway, L.L.C.
 ESRT 1359 Broadway,
L.L.C.
 ESRT 1400 Broadway GP, L.L.C.
 ESRT 1400 Broadway,
L.P.
 ESRT 250 West 57th St., L.L.C.
 ESRT 500 Mamaroneck
Avenue, L.L.C.
 ESRT 501 Seventh Avenue, L.L.C.
 ESRT 69-67 Main St., L.L.C.
 ESRT Empire State Building G-Parent, L.L.C.

ESRT Empire State Building Parent, L.L.C.
 ESRT Empire State
Building, L.L.C
 ESRT Observatory TRS, L.L.C.
 ESRT One Grand
Central Place G-Parent, L.L.C.
 ESRT One Grand Central Place Parent, L.L.C.

ESRT One Grand Central Place, L.L.C.
	 		 	5.4(d); 5.15(a); 5.15(c)

 SCHEDULE 7.2 

FORM OF COMPLIANCE CERTIFICATE 

(Attached) 

 COMPLIANCE CERTIFICATE 

Financial Statement
Date:                    , 
 To: [Holder] 

Ladies and Gentlemen: 
 Reference is made to that certain Note
Purchase Agreement, dated March 17, 2020 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”), among Empire State Realty Trust, Inc., a Maryland corporation (the
“Parent”), Empire State Realty OP, L.P., a Delaware limited partnership (the “Company”) and the Purchasers party thereto. Capitalized terms used and not otherwise defined herein have the definitions set forth in the
Agreement. 
 The undersigned Senior Financial Officer of the Parent hereby certifies as of the date hereof that he/she is the
                     of the Parent, and that, as such, he/she is authorized to execute and deliver this Compliance Certificate to the holders of
Notes on behalf of the Parent, and that: 
 [Use following paragraph 1 for fiscal
year-end financial statements] 
 1.    The
Parent and the Company have delivered the year-end audited financial statements required by Section 7.1(b) of the Agreement (or the Parent’s Annual Report on Form 10-K (satisfying the SEC’s requirements for 10-K filings) in lieu thereof as permitted under Section 7.4 of the Agreement) for the fiscal year
of the Parent 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.    The Parent and the Company have delivered the unaudited financial statements required by
Section 7.1(a) of the Agreement (or the Parent’s Quarterly Report on Form 10-Q (satisfying the SEC’s requirements for 10-Q filings)
in lieu thereof as permitted under Section 7.4 of the Agreement) for the fiscal quarter of the Parent ended as of the above date. Such financial statements fairly present the financial condition, results of operations, shareholders’ equity
and cash flows of the Consolidated Group 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. 

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 Parent and its Subsidiaries during the accounting period covered by such financial statements. 

3.    A review of the activities of the Parent and its Subsidiaries during such fiscal period has been made under the
supervision of the undersigned with a view to determining whether during such fiscal period the Credit Parties performed and observed all their Obligations under the Financing Documents, and 

 [select one:] 

[such review did not disclose the existence during such period of any condition or event that constitutes a Default or an Event of Default.] 

—or— 
 [such review
disclosed the following conditions or events that existed or exist during such period that constitute a Default or an Event of Default and the nature and period of existence thereof and what action the Parent has taken or proposes to take with
respect thereto:] 
 4.    The Parent and the Company are in compliance with Section 9.7(a) of the Agreement on
and as of the date of the Compliance Certificate. 
 5.    The financial covenant analyses and information set forth on
Schedule 1 attached hereto are true and accurate on and as of the date of this Compliance Certificate. 

6.    Attached hereto as Schedule 2 are: (a) copies of the statements of Net Operating Income and Unencumbered
NOI attributable to each Unencumbered Eligible Property for such fiscal quarter or year, which statements fairly present Net Operating Income and Unencumbered NOT attributable to each Unencumbered Eligible Property for such period, and (b) a
calculation of the Unencumbered Property Value of each Property and the Unencumbered Asset Value as of the Financial Statement Date. 
 IN WITNESS
WHEREOF, the undersigned has executed this Compliance Certificate as of                     . 

 

			
	EMPIRE STATE REALTY TRUST, INC.
		
	By:	 	
                    

	Name:	 	
	Title:	 	

  
 2 

 SCHEDULE 9.12 

MINIMUM TANGIBLE NET WORTH COVENANT 

Minimum Tangible Net Worth. The Parent and the Company will not permit Tangible Net Worth at any time to be less than the sum of (i)
$1,249,392,000 and (ii) 75% of the Net Cash Proceeds received by the Parent after June 30, 2017 from issuances and sales of Equity Interests of the Parent (other than Net Cash Proceeds received within ninety (90) days after the redemption,
retirement or repurchase of ownership or Equity Interests in the Parent up to the amount paid by the Parent in connection with such redemption, retirement or repurchase, where, for the avoidance of doubt, the net effect is that the Parent shall not
have increased its net worth as a result of any such proceeds). 
 For purposes hereof: 

“Tangible Net Worth” means, for the Consolidated Group as of any date of determination, (a) “Equity” of the
Consolidated Group, minus (b) all intangible assets (other than lease intangibles) of the Consolidated Group, plus (c) all accumulated depreciation of the Consolidated Group, in each case on a consolidated basis determined in accordance
with GAAP.EX-10.2

 Exhibit 10.2 
  

 
  

Published CUSIP Number: 29210DAL0 

CREDIT AGREEMENT 
 Dated as
of March 19, 2020 
 among 

EMPIRE STATE REALTY OP, L.P., 

as Borrower, 
 EMPIRE STATE
REALTY TRUST, INC., 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent, 
 and 

The Lenders Party Hereto, 

CAPITAL ONE, NATIONAL ASSOCIATION, 

as Syndication Agent, 
 U.S.
BANK NATIONAL ASSOCIATION 
 and 

TRUIST BANK, 
 as
Documentation Agents, 
 WELLS FARGO SECURITIES, LLC, 

as Sole Bookrunner, 
 WELLS
FARGO SECURITIES, LLC, 
 CAPITAL ONE, NATIONAL ASSOCIATION, 

U.S. BANK NATIONAL ASSOCIATION 

and 
 SUNTRUST ROBINSON HUMPHREY,
INC., 
 as Joint Lead Arrangers 
  

 
  

 TABLE OF CONTENTS 

 

							
	 Section
	 	 	  	Page	 
	 ARTICLE I. 
	 	 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
	 1.01
	 	 Defined Terms
	  	 	1	 
	 1.02
	 	 Other Interpretive Provisions
	  	 	39	 
	 1.03
	 	 Accounting Terms
	  	 	40	 
	 1.04
	 	 Rounding
	  	 	41	 
	 1.05
	 	 Times of Day; Rates
	  	 	41	 
	 ARTICLE II. 
	 	 THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	41	 
	 2.01
	 	 Commitments
	  	 	41	 
	 2.02
	 	 Borrowings, Conversions and Continuations of Loans
	  	 	41	 
	 2.03
	 	 [Intentionally Omitted]
	  	 	43	 
	 2.04
	 	 [Intentionally Omitted]
	  	 	43	 
	 2.05
	 	 [Intentionally Omitted]
	  	 	43	 
	 2.06
	 	 Prepayments
	  	 	43	 
	 2.07
	 	 [Intentionally Omitted]
	  	 	43	 
	 2.08
	 	 Repayment of Loans
	  	 	44	 
	 2.09
	 	 Interest
	  	 	44	 
	 2.10
	 	 Fees
	  	 	44	 
	 2.11
	 	 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
	  	 	45	 
	 2.12
	 	 Evidence of Debt
	  	 	45	 
	 2.13
	 	 Payments Generally; Administrative Agent’s Clawback
	  	 	46	 
	 2.14
	 	 Sharing of Payments by Lenders
	  	 	47	 
	 2.15
	 	 [Intentionally Omitted]
	  	 	48	 
	 2.16
	 	 Increase in Facilities
	  	 	48	 
	 2.17
	 	 Funds Transfer Disbursements
	  	 	50	 
	 2.18
	 	 Defaulting Lenders
	  	 	50	 
	 ARTICLE III.
	 	 TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	51	 
	 3.01
	 	 Taxes
	  	 	51	 
	 3.02
	 	 Illegality
	  	 	56	 
	 3.03
	 	 Inability to Determine Rates
	  	 	57	 
	 3.04
	 	 Increased Costs
	  	 	60	 
	 3.05
	 	 Compensation for Losses
	  	 	61	 
	 3.06
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	61	 
	 3.07
	 	 Survival
	  	 	62	 
	 ARTICLE IV.
	 	 CONDITIONS PRECEDENT
	  	 	62	 
	 4.01
	 	 Conditions of Effectiveness
	  	 	62	 
	 4.02
	 	 Conditions to all Credit Extensions
	  	 	65	 
	 ARTICLE V.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	65	 
	 5.01
	 	 Existence, Qualification and Power
	  	 	65	 
	 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
	  	 	66	 

  
 i 

							
	 5.06
	 	 Litigation
	  	 	67	 
	 5.07
	 	 No Default
	  	 	67	 
	 5.08
	 	 Ownership of Property
	  	 	67	 
	 5.09
	 	 Environmental Compliance
	  	 	67	 
	 5.10
	 	 Insurance
	  	 	68	 
	 5.11
	 	 Taxes
	  	 	68	 
	 5.12
	 	 ERISA Compliance
	  	 	69	 
	 5.13
	 	 Subsidiaries; Tax Identification Numbers
	  	 	70	 
	 5.14
	 	 Margin Regulations; Investment Company Act
	  	 	70	 
	 5.15
	 	 Disclosure
	  	 	70	 
	 5.16
	 	 Compliance with Laws
	  	 	71	 
	 5.17
	 	 Anti-Corruption Laws; Anti-Money Laundering Laws
	  	 	71	 
	 5.18
	 	 Intellectual Property; Licenses, Etc.
	  	 	71	 
	 5.19
	 	 OFAC; Designated Jurisdictions
	  	 	71	 
	 5.20
	 	 Solvency
	  	 	72	 
	 5.21
	 	 Casualty, Etc.
	  	 	72	 
	 5.22
	 	 Unencumbered Properties
	  	 	72	 
	 5.23
	 	 Subsidiary Guarantors
	  	 	72	 
	 5.24
	 	 Affected Financial Institution
	  	 	72	 
	 ARTICLE VI.
	 	 AFFIRMATIVE COVENANTS
	  	 	72	 
	 6.01
	 	 Financial Statements
	  	 	72	 
	 6.02
	 	 Certificates; Other Information
	  	 	74	 
	 6.03
	 	 Notices
	  	 	76	 
	 6.04
	 	 Payment of Obligations
	  	 	77	 
	 6.05
	 	 Preservation of Existence, Etc.
	  	 	77	 
	 6.06
	 	 Maintenance of Properties
	  	 	77	 
	 6.07
	 	 Maintenance of Insurance
	  	 	78	 
	 6.08
	 	 Compliance with Laws
	  	 	78	 
	 6.09
	 	 Books and Records
	  	 	78	 
	 6.10
	 	 Inspection Rights
	  	 	78	 
	 6.11
	 	 Use of Proceeds
	  	 	78	 
	 6.12
	 	 Additional Unencumbered Properties; Additional Guarantors
	  	 	79	 
	 6.13
	 	 Compliance with Environmental Laws
	  	 	80	 
	 6.14
	 	 Anti-Corruption Laws; Anti-Money Laundering Laws; Sanctions
	  	 	80	 
	 6.15
	 	 Further Assurances
	  	 	80	 
	 6.16
	 	 Maintenance of REIT Status; New York Stock Exchange or NASDAQ Listing
	  	 	81	 
	 ARTICLE VII.
	 	 NEGATIVE COVENANTS
	  	 	81	 
	 7.01
	 	 Liens
	  	 	81	 
	 7.02
	 	 Investments
	  	 	81	 
	 7.03
	 	 Indebtedness
	  	 	82	 
	 7.04
	 	 Minimum Property Condition
	  	 	82	 
	 7.05
	 	 Fundamental Changes; Dispositions
	  	 	82	 
	 7.06
	 	 Restricted Payments
	  	 	83	 
	 7.07
	 	 Change in Nature of Business
	  	 	84	 
	 7.08
	 	 Transactions with Affiliates
	  	 	84	 

  
 ii 

							
	 7.09
	  	 Burdensome Agreements
	  	 	84	 
	 7.10
	  	 Use of Proceeds
	  	 	85	 
	 7.11
	  	 Financial Covenants
	  	 	85	 
	 7.12
	  	 Accounting Changes
	  	 	86	 
	 7.13
	  	 Amendment, Waivers and Terminations of Organization Documents
	  	 	86	 
	 7.14
	  	 Parent Covenants
	  	 	86	 
	 7.15
	  	 Anti-Corruption Laws; Anti-Money Laundering Laws; Sanctions.
	  	 	87	 
	 ARTICLE VIII.
	  	 EVENTS OF DEFAULT AND REMEDIES
	  	 	87	 
	 8.01
	  	 Events of Default
	  	 	87	 
	 8.02
	  	 Remedies Upon Event of Default
	  	 	90	 
	 8.03
	  	 Application of Funds
	  	 	90	 
	 ARTICLE IX.
	  	 ADMINISTRATIVE AGENT
	  	 	91	 
	 9.01
	  	 Appointment and Authority
	  	 	91	 
	 9.02
	  	 Rights as a Lender
	  	 	92	 
	 9.03
	  	 Exculpatory Provisions
	  	 	92	 
	 9.04
	  	 Reliance by Administrative Agent
	  	 	93	 
	 9.05
	  	 Delegation of Duties
	  	 	94	 
	 9.06
	  	 Resignation of Administrative Agent
	  	 	94	 
	 9.07
	  	 Non-Reliance on Administrative Agent, Arrangers and
Other Lenders
	  	 	95	 
	 9.08
	  	 No Other Duties, Etc.
	  	 	96	 
	 9.09
	  	 Administrative Agent May File Proofs of Claim
	  	 	96	 
	 9.10
	  	 Guaranty Matters
	  	 	97	 
	 9.11
	  	 Certain ERISA Matters
	  	 	97	 
	 ARTICLE X.
	  	 MISCELLANEOUS
	  	 	98	 
	 10.01
	  	 Amendments, Etc.
	  	 	98	 
	 10.02
	  	 Notices; Effectiveness; Electronic Communication
	  	 	101	 
	 10.03
	  	 No Waiver; Cumulative Remedies; Enforcement
	  	 	103	 
	 10.04
	  	 Expenses; Indemnity; Damage Waiver
	  	 	103	 
	 10.05
	  	 Payments Set Aside
	  	 	106	 
	 10.06
	  	 Successors and Assigns
	  	 	106	 
	 10.07
	  	 Treatment of Certain Information; Confidentiality
	  	 	110	 
	 10.08
	  	 Right of Setoff
	  	 	111	 
	 10.09
	  	 Interest Rate Limitation
	  	 	112	 
	 10.10
	  	 Counterparts; Integration; Effectiveness
	  	 	112	 
	 10.11
	  	 Survival of Representations and Warranties
	  	 	113	 
	 10.12
	  	 Severability
	  	 	113	 
	 10.13
	  	 Replacement of Lenders
	  	 	113	 
	 10.14
	  	 Governing Law; Jurisdiction; Etc.
	  	 	114	 
	 10.15
	  	 Waiver of Jury Trial
	  	 	115	 
	 10.16
	  	 No Advisory or Fiduciary Responsibility
	  	 	115	 
	 10.17
	  	 Electronic Execution of Assignments and Certain Other Documents
	  	 	116	 
	 10.18
	  	 USA PATRIOT Act
	  	 	116	 
	 10.19
	  	 Release of Guarantors
	  	 	117	 
	 10.20
	  	 Recourse to Loan Parties
	  	 	120	 
	 10.21
	  	 ENTIRE AGREEMENT
	  	 	120	 
	 10.22
	  	 Acknowledgment and Consent to Bail-In of Affected
Financial Institutions
	  	 	120	 
	 10.23
	  	 Acknowledgment Regarding Any Supported QFCs
	  	 	121	 

  
 iii 

 SCHEDULES 
  

			
	 1
	  	 Unencumbered Eligible Properties on the Closing Date

	 2.01
	  	 Commitments and Applicable Percentages

	 5.12(c)
	  	 Pension Plans

	 5.12(d)
	  	 Multiemployer Plans

	 5.13
	  	 Subsidiaries; Taxpayer Identification Numbers

	 10.02
	  	 Administrative Agent’s Office; Certain Addresses for Notices

 EXHIBITS 
  

			
	
                      
  Form of

		
	 A
	  	 Committed Loan Notice

	 B
	  	 Disbursement Instruction Agreement

	 C
	  	 [intentionally omitted]

	 D
	  	 Term Note

	 E
	  	 Compliance Certificate

	 F
	  	 Assignment and Assumption

	 G
	  	 Continuing Guaranty

	 H
	  	 Solvency Certificate

	 I
	  	 Notice of Loan Prepayment

	 J
	  	 U.S. Tax Compliance Certificate

  
 iv 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (“Agreement”) is entered into as of March 19, 2020, among EMPIRE STATE REALTY TRUST, INC., a
Maryland corporation (the “Parent”) and EMPIRE STATE REALTY OP, L.P., a Delaware limited partnership (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and
individually, a “Lender”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo Bank”), as Administrative Agent. 

WHEREAS, the Borrower has requested that the Lenders provide a term loan facility pursuant to the terms of this Agreement, and the Lenders are
willing to do so on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained, the parties hereto covenant and agree as follows: 
 ARTICLE
I.        DEFINITIONS AND ACCOUNTING TERMS 
 1.01    Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “Adjusted
EBITDA” means, as of any date of determination, an amount equal to (i) EBITDA for the Consolidated Group (excluding Observatory EBITDA) for the then most recently ended fiscal quarter of Parent multiplied by four, plus
Observatory EBITDA for the then most recently ended period of four fiscal quarters of Parent, minus (ii) the aggregate Annual Capital Expenditure Adjustment for all Real Properties. 

“Adjusted Unencumbered NOI” means, for any period for any Unencumbered Eligible Property, (i) Unencumbered NOI for such
Unencumbered Eligible Property for such period, minus (ii) the Annual Capital Expenditure Adjustment for such Unencumbered Eligible Property. 

“Administrative Agent” means Wells Fargo Bank as contractual representative of the Lenders under this Agreement, or any
successor Administrative Agent appointed pursuant to Section 9.6. 
 “Administrative Questionnaire” means an
Administrative Questionnaire in a form reasonably approved by the Administrative Agent. 
 “Affected Financial Institution”
means (a) any EEA Financial Institution or (b) any UK Financial Institution. 
 “Affiliate” means, with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

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

 “Annual Capital Expenditure Adjustment” for any Real Property shall be an
amount equal to, without duplication, the product of (i) $0.25 (in the case of office properties and the Empire State Observatory) or $0.15 (in the case of retail properties) multiplied by (ii) the aggregate net rentable area
(determined on a square feet basis) of such Real Property. 
 “Anti-Corruption Laws” means the FCPA, the UK Bribery Act
2010 and similar, applicable anti-corruption legislation in other jurisdictions. 
 “Applicable Percentage” means for each
Term Lender at any time, the percentage (carried out to the ninth decimal place) of the Outstanding Amount of the Term Loan represented by the aggregate Outstanding Amount of such Term Lender’s Term Loan at such time. The initial Applicable
Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption or New Lender Joinder Agreement pursuant to which such Lender becomes a party hereto, as applicable. 

“Applicable Rate” means (i) at any time prior to the Investment Grade Pricing Effective Date, the Leveraged-Based
Applicable Rate in effect at such time and (ii) at any time on and after the Investment Grade Pricing Effective Date, the Ratings-Based Applicable Rate in effect at such time. 

“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. 
 “Arrangers” means, collectively,
Wells Fargo Securities, LLC, Capital One, National Association, U.S Bank National Association and SunTrust Robinson Humphrey, Inc., in their capacities as joint lead arrangers. 

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds
managed by the same investment advisor. 
 “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit F-1 or any other form (including
electronic documentation generated by use of an electronic platform) 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, collectively, the audited consolidated balance sheet of the Parent for the period
beginning on January 1, 2019 to and including December 31, 2019, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such period, including the notes thereto. 

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

  
 2 

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

“Base Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and
(c) the LIBOR Market Index Rate plus 1.0%. Each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or the LIBOR Market Index Rate (provided that clause
(c) shall not be applicable during any period in which the Base Rate is being used as an alternate rate of interest pursuant to Section 3.03 hereof). 

“Base Rate Loan” means a Loan (or any portion thereof) that bears interest at a rate based on the Base Rate. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial
Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

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

“Bookrunner” means Wells Fargo Securities, LLC, in its capacity as sole bookrunner. 

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

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

“Borrowing” means a Term Borrowing. 

“Business Day” means (a) for all purposes other than as set forth in clause (b) below, any day (other than a
Saturday, Sunday or legal holiday) on which banks in New York, New York, are open for the conduct of their commercial banking business, and (b) with respect to all notices and determinations in connection with, and payments of principal and
interest on, any LIBOR Loan, any LIBOR Daily Rate Loan or any Base Rate Loan as to which the interest rate is determined by reference to LIBOR, any day that is a Business Day described in clause (a) and that is also a day for trading by and
between banks in Dollar deposits in the London interbank market. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days. 

  
 3 

 “Capitalization Rate” means (a) in the case of (i) any office
property located in the New York City central business district and (ii) the Empire State Observatory, six percent (6.00%), (b) in the case of any office property (other than a New York City central business district office property or the
Empire State Observatory), seven percent (7.00%) and (c) in the case of any retail property, seven and one-quarter percent (7.25%). 

“Cash Equivalents” means any of the following types of Investments: 

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

(b)    time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that
(i) (A) is a Lender or (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the
United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of this definition and
(iii) has combined capital and surplus of at least $500,000,000, in each case with maturities of not more than one year from the date of acquisition thereof; 

(c)    commercial paper issued by any Person organized under the laws of any state of the United States of America and
rated at least “Prime-2” (or the then equivalent grade) by Moody’s or at least “A-2” (or the then equivalent grade) by S&P, in each case with maturities of not more than 270 days from the date of acquisition thereof;

 (d)    reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of
the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; and 

(e)    Investments, classified in accordance with GAAP as current assets of the Parent or any of its Subsidiaries, in
money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have at least the second highest rating obtainable from either Moody’s or S&P, and the portfolios of
which are limited solely to Investments of the character, quality and maturity described in clauses (a), (b), (c) and (d) of this definition. 

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

“CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the
U.S. Environmental Protection Agency. 
 “Change in Law” means the occurrence, after the date of this Agreement, of any of
the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any
Governmental Authority or (c) the making or issuance of any request, 

  
 4 

 
rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in the implementation thereof and (y) all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be
a “Change in Law”, regardless of the date enacted, adopted, issued or implemented. 
 “Change in Tax Law” means
the enactment, promulgation, execution or ratification of, or any change in or amendment to any law (including the Code), treaty, regulation or rule (or in the official interpretation of any law, treaty, regulation or rule by any Governmental
Authority (including a court)) relating to U.S. income taxation. 
 “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, 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, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to
acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of 35% or more of the equity securities of the Parent entitled to vote for members of
the board of directors or equivalent governing body of the Parent 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); 

(b)     during any period of 12 consecutive months, a majority of the members of the board of directors or other
equivalent governing body of the Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent
governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination
to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body; or 
 (c)    (i) the Parent shall cease to be the sole general partner of the Borrower or shall cease to
own, directly, 100% of the general partnership interests of the Borrower, free and clear of all Liens (other than Permitted Equity Encumbrances) or (ii) any holder of a limited partnership interest in the Borrower is provided with or obtains
voting rights with respect to such limited partnership interest that are more expansive in any material respect than the voting rights afforded to limited partners of the Borrower under the Organization Documents of the Borrower in effect on the
Closing Date. 

  
 5 

 “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. 
 “Commitment” means a Term Commitment. 

“Committed Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to another, or
(c) a continuation of LIBOR Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent (including any form on an electronic
platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower. 

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

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Consolidated Group” means, collectively, the Loan Parties and their
Consolidated Subsidiaries. 
 “Consolidated Party” means a member of the Consolidated Group. 

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

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

“Controlled Joint Venture” means a Subsidiary of the Borrower (the “Specified Subsidiary”) that (a) is
organized under the laws of the United States or a state thereof or the District of Columbia (and each Subsidiary of the Borrower that directly or indirectly owns any Equity Interests in the Specified Subsidiary is also organized under the laws
of the United States or a state thereof or the District of Columbia), (ii) owns or ground leases a Property (either directly or through a Controlled Joint Venture Subsidiary), (iii) is not a borrower or guarantor of,

  
 6 

 
or otherwise obligated in respect of, any Recourse Indebtedness, (iv) is not a Wholly Owned Subsidiary of the Borrower and (v) is controlled by the Borrower or a Guarantor (or,
following the Investment Grade Release, the Borrower or a Wholly Owned Subsidiary of the Borrower that is not a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness). For purposes of this definition, a Subsidiary
of the Borrower is “controlled” by a Person if such Person has the right to exercise exclusive control over any disposition, refinancing and operating activity of any Unencumbered Eligible Property owned or ground leased by such Subsidiary
(including the making of Restricted Payments on a ratable basis to the owners thereof), without the consent of any other Person (other than (i) the Borrower or (ii) any Subsidiary of the Borrower, as long as such Subsidiary does not need
the consent of any minority equity holder thereof to consent to any such disposition, refinancing or operating activity (including the making of Restricted Payments on a ratable basis to the owners thereof). 

“Controlled Joint Venture Subsidiary” means, as to any Controlled Joint Venture, a direct Wholly-Owned Subsidiary of such
Controlled Joint Venture (the “Specified CJV Subsidiary”) that (i) is organized under the laws of the United States or a state thereof or the District of Columbia (and each Subsidiary of such Controlled Joint Venture that
directly or indirectly owns any Equity Interests in the Specified CJV Subsidiary that is also organized under the laws of the United States or a state thereof or the District of Columbia) and (ii) is not a borrower or guarantor of, or otherwise
obligated in respect of, any Recourse Indebtedness. 
 “Credit Extension” means a Borrowing. 

“Debt Rating” means, as of any date of determination, the rating assigned by a Rating Agency to the Parent’s and/or
Borrower’s non-credit enhanced, senior unsecured long term debt as in effect on such date. 
 “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. 
 “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 an interest rate equal to (i) the Base Rate, plus (ii) the Applicable Rate for Base
Rate Loans (assuming that the highest Pricing Level applied in the then applicable Pricing Grid), plus (iii) 2% per annum; provided, however, that with respect to a LIBOR Loan or a LIBOR Daily Rate Loan, the Default
Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan (assuming that the highest Pricing Level applied in the then applicable Pricing Grid) plus 2% per annum. 

“Defaulting Lender” means, subject to Section 2.18(b), any Lender that (a) has failed to (i) fund all or any
portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any 

  
 7 

 
applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid
by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that
effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s 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 Business Days after written request by the Administrative Agent or the
Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause
(c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law,
(ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership
or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of
courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such
Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.18(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be
delivered by the Administrative Agent to the Borrower and each other Lender promptly following such determination. 
 “Designated
Jurisdiction” means any country, region or territory to the extent that such country, region or territory itself is the subject of any Sanction. 

“Direct Owner” means each Subsidiary of the Borrower that directly owns, or is the ground lessee of, an interest in any
Property. 
 “Disbursement Instruction Agreement” means an agreement substantially in the form of Exhibit B to be executed
and delivered by the Borrower pursuant to Section 4.01(a), as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent, such approval not to be unreasonably withheld or
conditioned. 
 “Disposed Property” means, as of any date of determination, any Property that was, directly or indirectly,
sold or otherwise disposed of to a Person (other than another member of the Consolidated Group) during the then most recently ended period of four consecutive fiscal quarters of the Parent. 

  
 8 

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

“Dividing Person” has the meaning specified in the definition of “Division”. 

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

“Division Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any
portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division
shall be deemed a Division Successor upon the occurrence of such Division. 
 “Dollar” and “$” mean lawful
money of the United States. 
 “EBITDA” means, with respect to the Consolidated Group for any period, the sum of
(a) Net Income for such period, in each case, excluding (without duplication), (i) any nonrecurring or extraordinary gains and losses for such period, (ii) any income or gain and any loss in each case resulting from the early
extinguishment of indebtedness during such period and (iii) any net income or gain or any loss resulting from a Swap Contract (including by virtue of a termination thereof) during such period, plus (b) an amount which, in the
determination of Net Income for such period pursuant to clause (a) above, has been deducted for or in connection with: (i) Interest Expense (plus, amortization of deferred financing costs, to the extent included in the determination
of Interest Expense in accordance with GAAP), (ii) income taxes, (iii) depreciation and amortization, (iv) all other non-cash charges and (v) adjustments as a result of the straight lining of rents, all as determined in
accordance with GAAP for such period, plus (c) the Consolidated Group Pro Rata Share of the foregoing items attributable to the Consolidated Group’s interests in Unconsolidated Affiliates. 

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

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

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

  
 9 

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

“Eligible Ground Lease” means a ground lease with respect to a Property that has been executed by the Borrower, a Subsidiary
Guarantor (or following the Investment Grade Release, a Wholly Owned Subsidiary of the Borrower is not a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness), a Controlled Joint Venture or a Controlled Joint
Venture Subsidiary as ground lessee and that at all times satisfies each of the following conditions: (a) such ground lease is in full force and effect, (b) such ground lease has a remaining lease term of at least 30 years at the time
such Property becomes an Unencumbered Eligible Property (but in no event shall such ground lease have a remaining term of less than 25 years at any time during which such Property is included as an Unencumbered Eligible Property) (including
extension and renewal options, but only to the extent such extension and renewal options are controlled exclusively by the Unencumbered Property Subsidiary that is the ground lessee thereunder), (c) such ground lease permits the Unencumbered
Property Subsidiary that is the ground lessee thereunder to grant a Lien on all of its right, title and interest therein in favor of the Administrative Agent, to secure the Obligations, without the consent of any Person (other than any consent that
has been obtained), (d) no Person party to such ground lease is in default of any of its obligations under such ground lease, (e) such ground lease is not encumbered by any Lien (other than Liens encumbering the ground lessor’s
interest in such ground lease) and (f) such ground lease is otherwise acceptable for nonrecourse leasehold mortgage financing under customary prudent lending requirements as reasonably and mutually determined by both the Borrower and the
Administrative Agent. 
 “Empire State Building” means the Empire State Building located at 338-350 Fifth Avenue, New York,
New York. 
 “Empire State Observatory” means the Property consisting of the observatory at the Empire State Building. 

“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 Material into the environment,
including those related to 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 Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the
release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

  
 10 

 “Environmental Permit” means any permit, approval, identification number,
license or other authorization required under any Environmental Law. 
 “Equity Interests” means, with respect to any
Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or
profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such
Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants,
options, rights or other interests are outstanding on any date of determination. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under common
control with the Borrower 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 or Multiemployer Plan; (b) the withdrawal
of the Borrower or any ERISA Affiliate from a Plan subject to Section 4063 of ERISA during a plan year in which such entity 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 Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization or
insolvency; (d) the filing of a notice of intent to terminate a Single Employer Plan under section 4041 of ERISA or the treatment of a Multiemployer Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the
institution by the PBGC of proceedings to terminate a Single Employer Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Single Employer Pension Plan; (g) the determination that any Single Employer Pension Plan or Multiemployer Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code
or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor person), as in effect from time to time. 
 “Eurodollar Reserve Percentage” means, for any day, the percentage
which is in effect for such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any basic, supplemental or emergency reserves)
in respect of eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York City. 

  
 11 

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

 “Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld
or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the
laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a
Lender, (i) U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which such Lender acquires such
interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 10.13) or such Lender changes its Lending Office or (ii) any additional U.S. federal withholding Tax that is imposed on
amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment after the date on which such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by
the Borrower under Section 10.13) or such Lender changes its Lending Office, except (x) in the case described in subsection (ii) of this clause (b), to the extent that any such additional U.S. federal withholding Tax is imposed
as a result of a Change in Tax Law occurring after the date on which such Lender acquires such interest in the Loan or Commitment or such Lender changes its Lending Office or (y) in each of the cases described in subsections (i) and
(ii) of this clause (b), pursuant to Sections 3.01(b)(ii) or (d), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired such interest in the Loan or
Commitment or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(f) and (d) any U.S. federal withholding Taxes imposed pursuant
to FATCA. 
 “Facilities” means, collectively, the Term Facility and each Incremental Term Loan Facility. 

“Facility Termination Date” means the date as of which all Obligations have been paid in full (other than contingent
indemnification obligations for which no claim has been made). 
 “FASB ASC” means the Accounting Standards Codification of
the Financial Accounting Standards Board. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any published intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection
with the implementation of such Sections of the Code. 
 “FCPA” means the United States Foreign Corrupt Practices Act of
1977, as amended, and the rules and regulations thereunder. 

  
 12 

 “Federal Funds Rate” means, for any period, a fluctuating interest rate per
annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the
immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative
Agent from three Federal Funds brokers of recognized standing selected by the Administrative Agent. If the Federal Funds Rate determined as provided above would be less than zero, the Federal Funds Rate shall be deemed to be zero. 

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at
http://www.newyorkfed.org, or any successor source. 
 “Fee Letters” means, collectively, all agreements entered into by
the Borrower (on the one hand) and one or more of the Arrangers (on the other hand) with respect to fees payable to such Arranger and/or the Lenders in connection with the Facilities. 

“Fitch” means Fitch, Inc. and any successor thereto. 

“Fixed Charge Coverage Ratio” means the ratio as of the last day of any fiscal quarter of the Parent of (i) Adjusted
EBITDA as of the last day of such fiscal quarter to (ii) Fixed Charges for such fiscal quarter. 
 “Fixed Charges”
means, for any fiscal quarter of the Parent, an amount equal to the product of (a) the sum, without duplication, of (i) Interest Expense for such fiscal quarter, (ii) scheduled payments of principal on Total Indebtedness made or
required be made during such fiscal quarter (excluding any balloon payments payable on maturity of any such Total Indebtedness), (iii) the amount of dividends or distributions paid or required to be paid by any member of the Consolidated Group
during such fiscal quarter in respect of its preferred Equity Interests and (iv) the Consolidated Group Pro Rata Share of the foregoing items attributable to the Consolidated Group’s interests in Unconsolidated Affiliates, multiplied
by (b) four. 
 “Foreign Lender” means a Lender that is not a U.S. Person. 

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

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 
 “Funds From
Operations” means, with respect to any period and without double counting, an amount equal to the Net Income for such period, excluding gains (or losses) from sales of property, plus depreciation and amortization and after adjustments for
unconsolidated partnerships and joint ventures; provided that “Funds From Operations” shall exclude impairment charges, charges from the early extinguishment of indebtedness and other non-cash charges as evidenced by a certification
of a Responsible Officer of the Parent containing calculations in reasonable detail satisfactory to the Administrative Agent. Adjustments for 

  
 13 

 
unconsolidated partnerships and joint ventures will be calculated to reflect “Funds From Operations” on the same basis. In addition, “Funds from Operations” shall be adjusted
to remove any impact of the expensing of acquisition costs pursuant to FAS 141 (revised), as issued by the Financial Accounting Standards Board in December of 2007, and effective January 1, 2009, including, without limitation, (i) the
addition to Net Income of costs and expenses related to ongoing consummated acquisition transactions during such period; and (ii) the subtraction from Net Income of costs and expenses related to acquisition transactions terminated during such
period. 
 “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). 
 “Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation,
(iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation,
or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or
in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of
any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such
Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantors” means, collectively, (i) each Subsidiary Guarantor and (ii) at any time that the Parent has Guaranteed
the Obligations in accordance with Section 6.12(e), the Parent. 

  
 14 

 “Guaranty Agreement” means the Continuing Guaranty made by the Guarantors,
substantially in the form of Exhibit G. 
 “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. 
 “Increase Effective Date” has the
meaning specified in Section 2.16(b). 
 “Incremental Facilities” has the meaning set forth in
Section 2.16(a). 
 “Incremental Term Increase” has the meaning set forth in Section 2.16(a). 

“Incremental Term Loan Facility” has the meaning set forth in Section 2.16(a). 

“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: 
 (i)    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; 

(ii)    all direct or contingent obligations of such Person arising under letters of credit (including
standby and commercial), bankers’ acceptances and similar instruments (including bank guaranties, surety bonds, comfort letters, keep-well agreements and capital maintenance agreements); 

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

(iv)    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); 
 (v)    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; 
 (vi)    capital leases and Synthetic Debt; 

(vii)    all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment
in respect of any Equity Interest in such Person or any other Person (other than the payment solely in Equity Interests of such Person), valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary
liquidation preference plus accrued and unpaid dividends; and 

  
 15 

 (viii)     all Guarantees of such Person in respect of
any of the foregoing. 
 For all purposes hereof: (a) the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture
(other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person, (b) 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 and (c) the amount of any capitalized lease as of any date shall be deemed to be the amount of Attributable Indebtedness
in respect thereof as of such date. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or
with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in the preceding clause (a), Other Taxes. 

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

“Indirect Owner” means each Subsidiary of the Borrower that directly or indirectly owns an ownership interest in any Direct
Owner. 
 “Information” has the meaning specified in Section 10.07. 

“Interest Expense” means, for any period, without duplication, total interest expense of the Consolidated Group for such
period determined in accordance with GAAP (including interest expense attributable to the Consolidated Group’s ownership interests in Unconsolidated Affiliates and, for the avoidance of doubt, capitalized interest). 

“Interest Period” means, as to each LIBOR Loan, the period commencing on the date such LIBOR Loan is disbursed or converted
to or continued as a LIBOR Loan and ending on the date one, three or six months thereafter (in each case, subject to availability), as selected by the Borrower in a Committed Loan Notice (or such other period that is twelve months or less requested
by the Borrower and consented to by all the Term Lenders); 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, in the case of a LIBOR Loan, such Business Day falls in another calendar month, in which case such Interest Period
shall end on the next preceding Business Day; 
 (ii)     any Interest Period of one month or an integral
multiple thereof 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. 
 “Investment” means, as to any Person, any direct or indirect (a) investment by such Person,
consisting of (i) the purchase or other acquisition of Equity Interests or other securities of 

  
 16 

 
another Person or (ii) a loan, advance, other extension of credit or capital contribution to, 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, (b) purchase or other
acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit or all or a substantial part of the business of, such Person or (c) purchase, acquisition or other investment in any real
property or real property-related assets (including (x) mortgage loans and other real estate-related debt investments and notes receivable, (y) investments in unimproved land holdings and Properties and (z) costs to construct real
property assets under development). For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 

“Investment Grade Pricing Effective Date” means the first Business Day following the date on which (i) the Parent and/or
the Borrower has obtained an Investment Grade Rating and (ii) the Parent has delivered to the Administrative Agent a certificate executed by a Responsible Officer of the Parent (x) certifying that the Investment Grade Rating has been
obtained and is in effect (which certification shall also set forth the Debt Ratings received from each Ratings Agency as of such date) and (y) notifying the Administrative Agent that the Borrower has irrevocably elected to have the
Ratings-Based Applicable Rate apply to the pricing of the Facilities. 
 “Investment Grade Rating” means receipt of two of
any of the following three Debt Ratings: (i) BBB- or higher from S&P, (ii) BBB- or higher from Fitch and (iii) Baa3 or higher from Moody’s. 

“Investment Grade Release” has the meaning specified in Section 10.19(a). 

“IRS” means the United States Internal Revenue Service. 

“Joint Venture Partner” means the Borrower or any Wholly Owned Subsidiary of the Borrower that owns a direct Equity Interest
in any Controlled Joint Venture that, or that has a Controlled Joint Venture Subsidiary that, owns or ground leases, directly or indirectly, an Unencumbered Eligible Property. 

“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. 

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

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

  
 17 

 
may include any Affiliate of such Lender or any domestic branch of such Lender or such Affiliate. Unless the context otherwise requires each reference to a Lender shall include its applicable
Lending Office. 
 “Leverage-Based Applicable Rate” means the applicable percentage per annum set forth below determined by
reference to the ratio of Total Indebtedness to Total Asset Value as set forth in the most recent Compliance Certificate received by the Administrative Agent and the Lenders pursuant to Section 6.02(a): 

 

											
	 Pricing

Level
	  	Ratio of Total
Indebtedness to
Total Asset Value	 	LIBOR Loans
and LIBOR
Daily Rate
Loans
Applicable
Rate	 	 	Base Rate
Loans
Applicable
Rate	 
	 I
	  	< 35%	 	 	1.500	% 	 	 	0.500	% 
	 II
	  	> 35% and < 40%	 	 	1.600	% 	 	 	0.600	% 
	 III
	  	> 40% and < 45%	 	 	1.650	% 	 	 	0.650	% 
	 IV
	  	> 45% and < 50%	 	 	1.750	% 	 	 	0.750	% 
	 V
	  	> 50% and < 55%	 	 	1.850	% 	 	 	0.850	% 
	 VI
	  	> 55%	 	 	2.200	% 	 	 	1.200	% 

 Any increase or decrease in the Leverage-Based Applicable Rate resulting from a change in the ratio of Total
Indebtedness to Total Asset Value shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a Compliance
Certificate is not delivered when due in accordance with such Section, then Pricing Level VI shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect
until the date on which such Compliance Certificate is delivered. 
 Notwithstanding anything to the contrary contained in this definition, (i) from
the Closing Date to the date on which the Administrative Agent and the Lenders receive a Compliance Certificate pursuant to Section 6.02(a) for the fiscal quarter of the Parent ending March 31, 2020, the Pricing Level shall be
determined based on the ratio of Total Indebtedness to Total Asset Value as set forth in the Pro Forma Closing Date Compliance Certificate delivered pursuant to Section 4.01(a)(xi) and (ii) the determination of the Leverage-Based
Applicable Rate for any period shall be subject to the provisions of Section 2.11(b). 
 “LIBOR” means, with
respect to any LIBOR Loan for any Interest Period, and with respect to the LIBOR Daily Floating Rate with respect to any LIBOR Daily Rate Loan, the rate of interest obtained by dividing (i) the rate of interest per annum determined on the basis
of the rate as set by the ICE Benchmark Administration (“ICE”)(or the successor thereto if ICE is no longer making such rate available) for deposits in Dollars for a period equal to the applicable Interest Period which appears on
Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable Interest Period by (ii) a percentage equal to 1 minus the Eurodollar Reserve
Percentage. If, for any reason, the rate referred to in the preceding clause (i) does not appear on 

  
 18 

 
Reuters Screen LIBOR01 Page (or any applicable successor page), then the rate to be used for such clause (i) shall be determined by the Administrative Agent to be the arithmetic average of
the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable
Interest Period for a period equal to such Interest Period. Any change in the maximum rate of reserves described in the preceding clause (ii) shall result in a change in LIBOR on the date on which such change in such maximum rate becomes
effective. If LIBOR determined as provided above would be less than zero, LIBOR shall be deemed to be zero (except for any notional amount applicable to the Term Loan or an Incremental Term Loan Facility that is subject to a Swap Contract that
provides a hedge against interest rate risk). 
 “LIBOR Daily Floating Rate” means, for any day, a fluctuating rate of
interest per annum equal to LIBOR as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by Administrative Agent from time to time), at approximately 11:00
a.m., London time, two (2) London Banking Days prior to such day, for Dollar deposits with a term of one (1) month commencing that day; provided that if the LIBOR Daily Floating Rate shall be less than zero, such rate shall be
deemed zero for purposes of the Loan Documents. 
 “LIBOR Daily Rate Loan” means a Loan that bears interest at a rate based
on the LIBOR Daily Floating Rate. 
 “LIBOR Loan” means a Loan (or any portion thereof) (other than a Base Rate Loan and a
LIBOR Daily Rate Loan) that bears interest at a rate based on LIBOR. 
 “LIBOR Market Index Rate” means, for any day, LIBOR
as of that day that would be applicable for a LIBOR Loan having a one-month Interest Period determined at approximately 10:00 a.m. Central time for such day (rather than 11:00 a.m. (London time) two Business Days prior to the first day of such
Interest Period as otherwise provided in the definition of “LIBOR”), 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. 

“LIBOR Screen Rate” means the LIBOR quote on the applicable screen page the Administrative Agent designates to determine
LIBOR (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time). 

“LIBOR Successor Rate” has the meaning specified in Section 3.03(c). 

“LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to
the definition of Base Rate, LIBOR Daily Floating Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters as may be appropriate, in the discretion of
the Administrative Agent, to reflect the adoption and implementation of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the
Administrative Agent determines 

  
 19 

 
that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner
of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement in consultation with the Borrower). 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge, Negative Pledge, 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, any
easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Loan” means an extension of credit by a Lender to, or for the benefit of, the Borrower under Article II in the form
of a Term Loan. 
 “Loan Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the Guaranty
Agreement, and (e) the Fee Letters. 
 “Loan Party Pro Rata Share” means, with respect to any Controlled Joint
Venture, the percentage interest held by the Borrower and the Guarantors, in the aggregate, in such Controlled Joint Venture determined by calculating the percentage of the Equity Interests of such Controlled Joint Venture owned by the Borrower
and/or one or more Guarantors. 
 “Loan Parties” means, collectively, the Parent, the Borrower and the Subsidiary
Guarantors. 
 “London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks
in the London interbank eurodollar market. 
 “Material Adverse Effect” means (a) a material adverse change in, or a
material adverse effect upon, the operations, business, assets, properties, liabilities (actual or contingent), or financial condition of the Parent and its Subsidiaries taken as a whole; (b) a material adverse effect on the rights and remedies
of the Administrative Agent or any Lender under any Loan Document, or of the ability of the Loan Parties, taken as a whole, to perform their obligations under any Loan Document; or (c) a material adverse effect upon the legality, validity,
binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. 
 “Maturity Date”
means December 31, 2026. 
 “Minimum Occupancy Condition” means, at any time and with respect to any Unencumbered
Eligible Property (excluding for this purpose the Empire State Building), that the Occupancy Rate for such Property is not less than seventy five percent (75%). 

“Minimum Property Condition” means, at any time, that there are at least four (4) Unencumbered Eligible Properties
included in the calculation of Unencumbered Asset Value. 
 “Moody’s” means Moody’s Investors Service, Inc. and
any successor thereto. 

  
 20 

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

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

“Negative Pledge” means a provision of any agreement (other than this Agreement) that restricts or prohibits the creation of
any Lien on any assets of a Person. For the avoidance of doubt, a “no negative pledge” provision in an agreement that is not, taken as a whole, materially more restrictive than the provisions of Section 7.09 shall not
constitute a “Negative Pledge” for purposes hereof. 
 “Net Cash Proceeds” means with respect to any issuance and
sale by the Parent of any its Equity Interests, the excess of (i) the sum of the cash and Cash Equivalents received by the Parent in connection with such issuance and sale, less (ii) underwriting discounts and commissions, and other
reasonable out-of-pocket expenses (including the reasonable fees and disbursements of counsel), incurred by the Parent in connection with such issuance, other than any such amounts paid or payable to an Affiliate of the Parent. 

“Net Income” means, for any period, the net income (or loss) of the Consolidated Group for such period; provided,
however, that Net Income shall exclude (a) extraordinary gains and extraordinary losses for such period, (b) the net income of any Subsidiary of the Parent during such period to the extent that the declaration or payment of
dividends or similar distributions by such Subsidiary of such income is not permitted by operation of the terms of its Organization Documents or any agreement, instrument or Law applicable to such Subsidiary during such period, except that the
Parent’s equity in any net loss of any such Subsidiary for such period shall be included in determining Net Income, and (c) any income (or loss) for such period of any Person if such Person is not a Subsidiary of the Parent, except that
the Parent’s equity in the net income of any such Person for such period shall be included in Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Parent or a Subsidiary thereof as a
dividend or other distribution (and in the case of a dividend or other distribution to a Subsidiary of the Parent, such Subsidiary is not precluded from further distributing such amount to the Parent as described in clause (b) of this proviso).

 “Net Operating Income” means, with respect to any Property for any period, an amount equal to (a) the aggregate
gross revenues of the Consolidated Group derived from the operation of such Property during such period, minus (b) the sum of all expenses and other proper charges incurred in connection with the operation of such Property during such
period (including accruals for real estate taxes and insurance and any management fees paid in cash, but excluding debt service charges, income taxes, depreciation, amortization and other non-cash expenses), which expenses and accruals shall be
calculated in accordance with GAAP. 
 “New Lender Joinder Agreement” has the meaning specified in
Section 2.16(a). 

  
 21 

 “Newly-Acquired Property” means, as of any date of determination, any
Property acquired by any member of the Consolidated Group from any Person (other than a member of the Consolidated Group) during the then most recently ended four consecutive fiscal quarter period of the Parent. 

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the
approval of all Lenders, all Lenders of a Facility or all affected Lenders in accordance with the terms of Section 10.01 and (ii) has been approved by the Required Lenders. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 

“Nonrecourse Indebtedness” means, with respect to a Person, (a) Indebtedness, or a Guarantee of Indebtedness, in respect
of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to nonrecourse liability) is
contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness or Guarantee, (b) if such Person is a Single Asset Entity, any Indebtedness of such Person (other than Indebtedness described in the
immediately following clause (c)), or (c) if such Person is a Single Asset Holding Company, any Indebtedness (“Holdco Indebtedness”) of such Single Asset Holding Company resulting from a Guarantee of, or Lien securing, Indebtedness of
a Single Asset Entity that is a Subsidiary of such Single Asset Holding Company, so long as, in each case, either (i) recourse for payment of such Holdco Indebtedness (except for customary exceptions for fraud, misapplication of funds,
environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to nonrecourse liability) is contractually limited to the Equity Interests held by such Single Asset Holding Company in such
Single Asset Entity or (ii) such Single Asset Holding Company has no assets other than Equity Interests in such Single Asset Entity and cash and other assets of nominal value incidental to the ownership of such Single Asset Entity. 

“Notes” means, collectively, the Term Notes and “Note” means any of them individually. 

“Notice of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form of
Exhibit I or such other form as may be reasonably approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed
and signed by a Responsible Officer. 
 “NPL” means the National Priorities List under CERCLA. 

“Obligations” means (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party
arising under any Loan Document or otherwise with respect to any Loan and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges and disbursements of counsel, in each case
whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the

  
 22 

 
commencement by or against any Loan Party or any Affiliate thereof pursuant to 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. Without limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest, charges, expenses, fees, indemnities and other amounts payable by any
Loan Party under any Loan Document and (b) the obligation of the Loan Parties to reimburse any amount in respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its sole discretion, may elect to pay or
advance on behalf of the Loan Parties. 
 “Observatory EBITDA” means, for any period, the portion of EBITDA of the
Consolidated Group for such period that is derived from operation of the Empire State Observatory. 
 “Occupancy Rate”
means, for any Property, the percentage of the net rentable area (determined on a square feet basis) of such Property leased by bona fide tenants of such Property (excluding tenants that have vacated the Property on a permanent basis and have not
sublet same to a bona fide subtenant) pursuant to bona fide tenant leases (or subleases), in each case, which tenants (or subtenants) are not more than sixty days past due in the payment of all rent payments due under such leases (or subleases).

 “OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating or limited
liability company agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment or participation (other than an assignment made pursuant to Section 3.06). 

  
 23 

 “Outstanding Amount” means, with respect to the Term Loan on any date, the
aggregate outstanding principal amount thereof on such date. 
 “Pari Passu Obligations” means Unsecured Indebtedness
(exclusive of the Obligations) of the Borrower or any Guarantor owing to Persons that are not Consolidated Parties. 

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

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

“PATRIOT Act” has the meaning set forth in Section 10.18. 

“PBGC” means the Pension Benefit Guaranty Corporation. 

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

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any
installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act
and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 
 “Pension
Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is
subject to the minimum funding standards under Section 412 of the Code. 
 “Permitted Judgment Liens” means Liens
securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h) (solely to the extent the aggregate amount of the judgments secured by such Liens encumbering (x) Unencumbered Eligible
Properties (and the income therefrom and proceeds thereof) and/or (y) the Equity Interests of any Unencumbered Property Subsidiary (and the income therefrom and proceeds thereof), does not exceed $10,000,000). 

“Permitted Equity Encumbrances” means: 

(a)    Permitted Judgment Liens; 

(b)    Liens for taxes, assessments or governmental charges which are (i) immaterial to the Parent and
its Subsidiaries, taken as a whole, (ii) not overdue for a period of more than thirty (30) days or (iii) being contested in good faith and by appropriate actions or proceedings diligently conducted (which actions or proceedings have
the effect of preventing the forfeiture or sale of the property of assets subject to any such Lien), if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; and 

(c)    Permitted Pari Passu Encumbrances. 

  
 24 

 “Permitted Pari Passu Encumbrances” means encumbrances that are contained
in documentation evidencing or governing Pari Passu Obligations which encumbrances are the result of (i) limitations on the ability of the Parent or any Subsidiary thereof to transfer property to the Borrower or any Guarantor which limitations
are not, taken as a whole, materially more restrictive than those contained in this Agreement or (ii) any requirement that Pari Passu Obligations be secured on an “equal and ratable basis” to the extent that the Obligations are
secured. 
 “Permitted Property Encumbrances” means: 

(a)    Permitted Judgment Liens; 

(b)    easements, rights-of-way, sewers, electric lines, telegraph and telephone lines, restrictions
(including zoning restrictions), encroachments, protrusions and other similar encumbrances affecting real property which (i) to the extent existing with respect to an Unencumbered Eligible Property, do not materially interfere with the ordinary
conduct of the business of the applicable Person or (ii) to the extent existing with respect to a Property that is not an Unencumbered Eligible Property, could not reasonably be expected to have a Material Adverse Effect; 

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

(d)    any interest or right of a lessee of a Property under leases entered into in the ordinary course of
business of the applicable lessor; 
 (e)    Permitted Pari Passu Encumbrances; and 

(f)    rights of lessors under Eligible Ground Leases. 

“Permitted Self Insurance” has the meaning specified in Section 6.07(a). 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee benefit plan within the meaning of
Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees. 

“Platform” has the meaning specified in Section 6.02. 

  
 25 

 “Pricing Grid” means (i) prior to the Investment Grade Pricing
Effective Date, the pricing grid set forth in the definition of “Leverage-Based Applicable Rate” and (ii) on and after the Investment Grade Pricing Effective Date, the pricing grid set forth in the definition of “Ratings-Based
Applicable Rate”. 
 “Prime Rate” means, at any time, the rate of interest per annum publicly announced from time to
time by the Lender then acting as the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto acknowledge that the
rate announced publicly by the Lender acting as Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. 

“Principal Office” means the office of the Administrative Agent set forth on Schedule 10.02, or any other
subsequent office that the Administrative Agent shall have specified as the Principal Office by written notice to the Borrower and the Lenders. 

“Pro Forma Closing Date Compliance Certificate” has the meaning specified in Section 4.01(a)(xi). 

“Property” means any Real Property which is owned or ground leased, directly or indirectly, by the Borrower or a Subsidiary
thereof. 
 “Proposed Real Estate” means, at any time, (a) any Property, (b) any Real Estate that the Borrower or
a Wholly Owned Subsidiary of the Borrower plans to acquire or lease or (c) any Real Estate owned or ground leased by a Person that the Borrower or a Wholly Owned Subsidiary of the Borrower plans to acquire, in each such case that satisfies (or,
upon the acquisition or leasing thereof or upon the acquisition of the owner or lessee thereof, would satisfy) all of the Unencumbered Property Criteria, except for clause (a) and/or clause (b) of the definition thereof. 

“Proposed Unencumbered Property Subsidiary” has the meaning specified in Section 6.12. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. 
 “Public Borrower Materials” has the meaning specified in Section 6.02. 

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

“Rating Agency” means any of S&P, Moody’s or Fitch. 

  
 26 

 “Ratings-Based Applicable Rate” means the applicable percentages per annum
determined, at any time, based on the range into which the Debt Ratings then fall, in accordance with the following table: 
  

											
	 Pricing

Level   
	  	 Debt Rating
	  	LIBOR Loans
and LIBOR
Daily Rate
Loans
Applicable Rate	 	 	Base Rate
Loans
Applicable Rate	 
	 I
	  	> A- / A3	  	 	1.400	% 	 	 	0.400	% 
	 II
	  	BBB+ / Baa1	  	 	1.450	% 	 	 	0.450	% 
	 III
	  	BBB / Baa2	  	 	1.550	% 	 	 	0.550	% 
	 IV
	  	BBB- / Baa3	  	 	1.700	% 	 	 	0.700	% 
	 V
	  	< BBB- / Baa3	  	 	2.250	% 	 	 	1.250	% 

 If at any time the Parent and/or the Borrower has only two (2) Debt Ratings, and such Debt Ratings are
split, then: (A) if the difference between such Debt Ratings is one ratings category (e.g. Baa2 by Moody’s and BBB- by S&P or Fitch), the Ratings-Based Applicable Rate shall be the rate per annum that would be applicable if the higher
of the Debt Ratings were used; and (B) if the difference between such Debt Ratings is two ratings categories (e.g. Baa1 by Moody’s and BBB- by S&P), the Ratings-Based Applicable Rate shall be the rate per annum that would be applicable
if the rating that is one higher than the lower of the applicable Debt Ratings were used. If at any time the Parent and/or the Borrower has three (3) Debt Ratings, and such Debt Ratings are split, then: (A) if the difference between the
highest and the lowest such Debt Ratings is one ratings category (e.g. Baa2 by Moody’s and BBB- by S&P or Fitch), the Ratings-Based Applicable Rate shall be the rate per annum that would be applicable if the highest of the Debt Ratings were
used; and (B) if the difference between such Debt Ratings is two ratings categories (e.g. Baa1 by Moody’s and BBB- by S&P or Fitch) or more, the Ratings-Based Applicable Rate shall be the rate per annum that would be applicable if the
average of the two (2) highest Debt Ratings were used, provided that if such average is not a recognized rating category, then the Ratings-Based Applicable Rate shall be the rate per annum that would be applicable if the second highest Debt
Rating of the three were used. If at any time the Parent or the Borrower, as applicable, has fewer than two Debt Ratings, then the Ratings-Based Applicable Rate shall be determined based on Pricing Level V. 

Initially, the Ratings-Based Applicable Rate shall be determined based upon the Debt Ratings specified in the certificate delivered pursuant
to clause (ii) of the definition of “Investment Grade Pricing Effective Date.” Thereafter, each change in the Ratings-Based Applicable Rate resulting from a publicly announced change in a Debt Rating shall be effective, in the case of
an upgrade, during the period commencing on the date of delivery by the Parent to the Administrative Agent of notice thereof pursuant to Section 6.03(e) and ending on the date immediately preceding the effective date of the next such
change and, in the case of a downgrade, during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change. 

“Real Property” means, with respect to any Person, all of the right, title, and interest of such Person in and to land,
improvements, and fixtures 
 “Recipient” means the Administrative Agent, any Lender or any other recipient of any payment
to be made by or on account of any obligation of any Loan Party hereunder. 

  
 27 

 “Recourse Indebtedness” means, with respect to any Person, Indebtedness of
such Person other than Nonrecourse Indebtedness of such Person and Indebtedness under the Loan Documents. 
 “Register” has
the meaning specified in Section 10.06(c). 
 “REIT” means any Person that qualifies as a real estate
investment trust under Sections 856 through 860 of the Code. 
 “Related Parties” means, with respect to any Person, such
Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors, consultants, service providers and representatives of such Person and of such Person’s Affiliates. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending a benchmark rate to replace LIBOR in loan agreements similar to this Agreement. 

“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 Committed Loan Notice. 

“Required Lenders” means, as of any date of determination, Lenders holding more than 50% of the sum of the Total Outstandings
and the aggregate unused Commitments; provided that the portion of the Total Outstandings and Commitments held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders;
provided further that 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. 

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution
Authority. 
 “Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer,
assistant treasurer or controller of a Loan Party or of any entity authorized to act on behalf of a Loan Party, and solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant
secretary of a Loan Party or entity authorized to act on behalf of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party or entity authorized to act on behalf of
such Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party or entity authorized on behalf of such Loan Party designated in or pursuant to an
agreement between the applicable Loan Party or entity authorized on behalf of such Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party, or entity authorized to act on
behalf of such 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. 

  
 28 

 “Restricted Payment” means any dividend or other distribution (whether in
cash, securities or other property) with respect to any capital stock or other Equity Interest of any Person or any Subsidiary thereof, 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, or on account of any return of capital to such Person’s stockholders, partners or members (or the
equivalent Person thereof). 
 “Sanctioned Person” means any Person that is (i) listed on OFAC’s List of
Specially Designated Nationals and Blocked Persons, (ii) otherwise the subject or target of Sanctions, to the extent U.S. persons are prohibited from engaging in transactions with such a Person, and (iii) fifty percent (50%) or
greater owned or controlled by a Person described in clause (i) or (ii) above. 
 “Sanction(s)” means any
sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority, in each case, solely
to the extent applicable to the Borrower or any of its Subsidiaries. 
 “Scheduled Unavailability Date” has the meaning
specified in Section 3.03(c). 
 “S&P” means Standard & Poor’s Ratings Services, a business
of Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Secured Indebtedness” means, with respect to any Person, all Indebtedness of such Person that is secured by
a Lien. 
 “Secured Recourse Indebtedness” means, with respect to any Person, all Recourse Indebtedness of such Person that
is secured by a Lien. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor
statute, and the rules and regulations promulgated thereunder. 
 “Securities Exchange Act” means the Securities Exchange
Act of 1934, as amended from time to time, and any successor statute, and the rules and regulations promulgated thereunder. 
 “Self
Insurance” has the meaning specified in Section 6.07(a). 
 “Significant Acquisition” means an
acquisition (consummated in one transaction or a series of transactions) by the Parent or another Consolidated Party of assets of, or constituting, a Person that is not an Affiliate of the Parent (whether by purchase of such assets, purchase of
Person(s) owning such assets or some combination thereof) with a minimum aggregate gross purchase price at least equal to ten percent (10%) of the Total Asset Value as of the last day of the fiscal quarter most recently ended prior to the date
such acquisition is consummated. 

  
 29 

 “Significant Subsidiary” means, at any time, (i) each Unencumbered
Property Subsidiary, (ii) each Subsidiary of the Parent (other than an Unencumbered Property Subsidiary) which represents (a) 10.0% or more of EBITDA of the Parent and its Subsidiaries, (b) 10.0% or more of consolidated total assets
of the Parent and its Subsidiaries or (c) 10.0% or more of consolidated total revenues of the Parent and its Subsidiaries, in each case as determined at the end of the then most recently ended fiscal quarter of the Parent based on the financial
statements of the Parent delivered to the Administrative Agent pursuant to Sections 6.01(a) or (b) for such fiscal quarter or fiscal year, as applicable, and (iii) any Subsidiary of the Parent (other than an Unencumbered
Property Subsidiary) which, when aggregated with all other Subsidiaries of the Parent that are not otherwise Significant Subsidiaries, would constitute a Significant Subsidiary under clause (ii) of this definition. 

“Single Asset Entity” means a Person (other than an individual) that (a) only owns a single Property and/or cash and
other assets of nominal value incidental to such Person’s ownership of such Property; (b) is engaged only in the business of owning, developing and/or leasing such Property; and (c) receives substantially all of its gross revenues
from such Property. In addition, if the assets of a Person consist solely of (i) Equity Interests in one or more other Single Asset Entities and (ii) cash and other assets of nominal value incidental to such Person’s ownership of the
other Single Asset Entities, such Person shall also be deemed to be a Single Asset Entity for purposes of this Agreement (such an entity, a “Single Asset Holding Company”). 

“Single Asset Holding Company” has the meaning given that term in the definition of Single Asset Entity. 

“Single Employer Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan and excluding a
Multiemployer Plan) that is maintained or is contributed to by the Borrower or any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code. 

“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal
Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website(or any successor source) and, in each case, that has been selected or recommended by the Relevant
Governmental Body. 
 “SOFR-Based Rate” means SOFR or Term SOFR. 

“Solvency Certificate” means a Solvency Certificate of the chief financial officer of the Parent substantially in the form of
Exhibit H. 
 “Solvent” and “Solvency” mean, with respect to any Person on any date of
determination, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such
Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or
liabilities beyond such Person’s 

  
 30 

 
ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such
Person’s property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of
contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Parent. For the avoidance of doubt, the Borrower shall be deemed a Subsidiary of the Parent so long as the management of the Borrower is
controlled, directly, or indirectly through one or more intermediaries, or both, by the Parent. 
 “Subsidiary Guarantor”
means, (a) at all times prior to the Investment Grade Release, each Unencumbered Property Subsidiary and (b) upon and at all times following the Investment Grade Release, each Unencumbered Property Subsidiary (if any) that is a borrower or
guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness, only for so long as such Subsidiary remains obligated in respect of such Recourse Indebtedness; in each case under clauses (a) and (b), to the extent such Subsidiary
has not been released from its obligations hereunder in accordance with Section 10.19(b) or Section 10.19(c), as applicable, or otherwise with the consent of the Administrative Agent and Required Lenders. 

“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 

  
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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). 
 “Syndication Agent” means Capital One, National Association, in its capacity as syndication agent under any of
the Loan Documents. 
 “Synthetic Debt” means, with respect to any Person as of any date of determination thereof, means
liabilities and obligations of such Person in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which such Person would be required to disclose in the
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the report on Form 10-Q or Form 10-K (or their
equivalents) to be filed with the SEC. 
 “Synthetic Lease Obligation” means the monetary obligation of a Person under
(a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or
bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

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

“Tax Protection Agreement” means, collectively, (a) that certain Tax Protection Agreement, dated as of October 7,
2013 among the Parent, the Borrower, and the other parties named therein and (b) that certain Stockholders Agreement, dated as of August 23, 2016 among Parent and Q REIT Holding LLC, and the other parties named therein (and specifically,
the tax related provisions in Article 6 thereof). 
 “Term Borrowing” means a borrowing consisting of simultaneous Term
Loans of the same Type and, in the case of LIBOR Loans, having the same Interest Period made by each of the Term Lenders pursuant to Section 2.01. 

“Term Commitment” means, as to each Term Lender, its obligation to make Term Loans to the Borrower pursuant to
Section 2.01 in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term Lender’s name on Schedule 2.01 under the caption “Term Commitment” or opposite
such caption in the Assignment and Assumption or New Lender Joinder Agreement pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

“Term Facility” means, at any time, the aggregate principal amount of the Term Loans of all Term Lenders outstanding at such
time. The Term Facility on the Closing Date is $175,000,000. 

  
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 “Term Lender” means at any time any Lender that holds Term Loans at
such time. 
 “Term Loan” means an advance made by any Term Lender under the Term Facility. 

“Term Note” means a promissory note made by the Borrower in favor of a Term Lender evidencing Term Loans made by
such Term Lender, substantially in the form of Exhibit D-2. 
 “Term SOFR” means the
forward-looking term rate for any period that is approximately (as determined by the Administrative Agent) as long as any of the Interest Period options set forth in the definition of “Interest Period” and that is based on SOFR and that
has been selected or recommended by the Relevant Governmental Body, in each case as published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion. 

“Third Party Insurance Companies” has the meaning specified in Section 6.07(a). 

“Threshold Amount” means (a) with respect to Recourse Indebtedness of any Person, $50,000,000, (b) with respect to
Nonrecourse Indebtedness of any Person, $150,000,000 and (c) with respect to the Swap Termination Value owed by any Person, $50,000,000. 

“Total Asset Value” means, with respect to the Consolidated Group at any time, the sum (without duplication) of the
following: 
 (a)    an amount equal to (x) Net Operating Income derived from each Property (other
than the Empire State Observatory, each Disposed Property, each Newly-Acquired Property, each unimproved land holding and each Property under development (i.e., construction-in-progress)) owned by a Consolidated Party for the then most recently
ended fiscal quarter of the Parent, multiplied by four, divided by (y) the applicable Capitalization Rate for each such Property; 

(b)    an amount equal to (x) the Net Operating Income derived by any Consolidated Party from its
operation of the Empire State Observatory (to the extent the Empire State Observatory is not a Disposed Property at such time) for the then most recently ended period of four consecutive fiscal quarters of the Parent, divided by (y) the
applicable Capitalization Rate; 
 (c)    the aggregate acquisition costs of all Newly-Acquired
Properties at such time; 
 (d)     the aggregate book value of all unimproved land holdings, Investments
in respect of costs to construct Properties (i.e., construction-in-progress), Properties under development, commercial mortgage loans, commercial real estate-related mezzanine loans and commercial real estate-related notes receivable, in each case
owned by a Consolidated Party at such time; 
 (e)     the Consolidated Group’s pro rata share of
the foregoing items and components thereof attributable to interests in Unconsolidated Affiliates; and 

  
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 (f)    Unrestricted Cash at such time; 

provided, that notwithstanding the foregoing, for purposes of calculating Total Asset Value at any time: 

(i)    assets disposed of during the fiscal quarter ended on any date of determination of Total Asset Value
(or if such date is not the last day of a fiscal quarter, the fiscal quarter then most recently ended) shall not be included in the calculation of Total Asset Value as of such time; 

(ii)    not more than five percent (5%) of the Total Asset Value at any time may be attributable to
unimproved land holdings, with any excess over the foregoing limit being excluded from Total Asset Value; 

(iii)    not more than ten percent (10%) of the Total Asset Value at any time may be attributable to
commercial mortgage loans, commercial real estate-related mezzanine loans and commercial real estate-related notes receivable, with any excess over the foregoing limit being excluded from Total Asset Value; 

(iv)    not more than twenty percent (20%) of the Total Asset Value at any time may be attributable to
costs to construct real property assets (i.e., construction-in-progress) and real property assets under development, with any excess over the foregoing limit being excluded from Total Asset Value; 

(v)    not more than fifteen percent (15%) of the Total Asset Value at any time may be attributable to
Investments in Unconsolidated Affiliates, with any excess over the foregoing limit being excluded from Total Asset Value; and 

(vi)    not more than thirty percent (30%) of the Total Asset Value at any time may be attributable to
assets described in clauses (ii) through (v) above, with any excess over the foregoing limit being excluded from Total Asset Value. 

“Total Indebtedness” means, as at any date of determination, the sum of (i) the aggregate amount of all Indebtedness of
the Consolidated Group determined on a consolidated basis and (ii) the Consolidated Group Pro Rata Share of Indebtedness of Unconsolidated Affiliates, in each case on such date. 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans. 

“Total Secured Indebtedness” means, as at any date of determination, the sum of (i) the aggregate amount of all Secured
Indebtedness of the Consolidated Group determined on a consolidated basis and (ii) the Consolidated Group Pro Rata Share of Secured Indebtedness of Unconsolidated Affiliates, in each case on such date. 

“Total Unsecured Indebtedness” means, as at any date of determination, the sum of (i) all Unsecured Indebtedness of the
Consolidated Group determined on a consolidated basis and (ii) the Consolidated Group Pro Rata Share of Unsecured Indebtedness of Unconsolidated Affiliates. 

  
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 “Type” means, with respect to a Term Loan, its character as a Base Rate
Loan, a LIBOR Daily Rate Loan or a LIBOR Loan. 
 “UK Financial Institution” means any BRRD Undertaking (as such term is
defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom
Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. 
 “Unconsolidated Affiliate” means, at any date, any Person (x) in
which the Consolidated Group, directly or indirectly, holds an Equity Interest, which investment is accounted for in the consolidated financial statements of the Consolidated Group on an equity basis of accounting and (y) whose financial
results are not consolidated with the financial results of the Consolidated Group under GAAP. 
 “Unencumbered Asset Value”
means, at any time, without duplication, the sum of the following: 
 (a)     the aggregate Unencumbered
Property Value for all Unencumbered Eligible Properties; 
 (b)    the aggregate book value of
Investments in respect of costs to construct Properties (i.e., construction-in-progress) and real property assets under development; 

(c)    the aggregate book value of commercial mortgage loans that are Wholly Owned by the Borrower or a
Wholly-Owned Subsidiary thereof; and 
 (d)    Unrestricted Cash, in each case at such time; 

provided, that notwithstanding the foregoing, for purposes of determining Unencumbered Asset Value at any time: 

(i)    the portion of Unencumbered Asset Value attributable to Investments in respect of costs to construct
Properties (i.e., construction-in-progress), real property assets under development and commercial mortgage loans in excess of fifteen percent (15%) of Unencumbered Asset Value at such time shall be disregarded; and 

(ii)    the Unencumbered Asset Value attributable to all Unencumbered Eligible Properties that are owned,
or ground leased pursuant to an Eligible Ground Lease, by a Controlled Joint Venture or Controlled Joint Venture Subsidiary, in excess of twenty percent (20%) of Unencumbered Asset Value at such time shall be disregarded. 

  
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 “Unencumbered Eligible Property” has the meaning specified in the
definition of Unencumbered Property Criteria. For the avoidance of doubt, Properties listed on Schedule 1 shall each be considered an Unencumbered Eligible Property on the Closing Date. 

“Unencumbered Interest Coverage Ratio” means, as of the last day of each fiscal quarter of the Parent, the ratio of
(i) the sum of (x) the aggregate Unencumbered NOI with respect to all Unencumbered Eligible Properties (other than for the Empire State Observatory) for such fiscal quarter plus (y) with respect to the Empire State Observatory,
the aggregate Unencumbered NOI with respect to such Unencumbered Eligible Property for the most recently ended period of four fiscal quarters of the Parent divided by four, to (ii) the portion of Interest Expense for such fiscal quarter
that is attributable to Unsecured Indebtedness. 
 “Unencumbered NOI” means, as of the last day of any period, the
aggregate Net Operating Income for such period attributable to all Unencumbered Eligible Properties owned or ground leased pursuant to an Eligible Ground Lease during such period; provided, that in determining the Unencumbered NOI for any period
attributable to an Unencumbered Eligible Property that is owned by or ground leased to a Controlled Joint Venture or a Controlled Joint Venture Subsidiary, the Net Operating Income of such Unencumbered Eligible Property shall, for such period, be
deemed to be the Loan Party Pro Rata Share of such Net Operating Income. 
 “Unencumbered Property Criteria” means, in
order for any Property (for the avoidance of doubt, including the Empire State Observatory, subject to the last paragraph of this definition) to be included as an Unencumbered Eligible Property it must meet and continue to satisfy each of the
following criteria (each such Property that meets such criteria being referred to as an “Unencumbered Eligible Property”): 

(a)     The Property is primarily an office and/or retail property. 

(b)     The Property is Wholly-Owned in fee simple directly by, or is ground leased pursuant to an Eligible
Ground Lease directly to a Person that is organized in a state within the United States of America or in the District of Columbia and is (i) the Borrower, (ii) a Guarantor, (iii) following the Investment Grade Release, a Wholly Owned
Subsidiary of the Borrower that is not a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness unless it is a Guarantor, (iv) a Controlled Joint Venture or (v) a Controlled Joint Venture Subsidiary. 

(c)     Each Indirect Owner with respect to the Property must be a Wholly Owned Subsidiary of the Borrower
that is organized in a state within the United States of America or in the District of Columbia and either (i) be a Guarantor or (ii) following the Investment Grade Release, is not a borrower or guarantor of, or otherwise obligated in
respect of, any Recourse Indebtedness unless it is a Guarantor; provided, that if the Property is owned directly by a Controlled Joint Venture Subsidiary, the immediate parent of such Controlled Joint Venture Subsidiary must be a Controlled Joint
Venture. 
 (d)     The Property must be located in a state within the United States of America or in the
District of Columbia. 

  
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 (e)    If such Property is owned directly by (or, if
applicable, ground leased pursuant to an Eligible Ground Lease directly to) a Wholly Owned Subsidiary of the Borrower, then the Borrower must own, directly or indirectly, one hundred percent (100%) of the issued and outstanding Equity Interests
of such Subsidiary, free and clear of any Lien (including, without limitation, any restriction contained in the organizational documents of any such Subsidiary that limits the ability to create a Lien thereon as security for indebtedness) other than
Permitted Equity Encumbrances. 
 (f)    If such Property is owned directly by (or, if applicable, ground
leased pursuant to an Eligible Ground Lease directly to) a Controlled Joint Venture or Controlled Joint Venture Subsidiary, then all of the Equity Interests in such Controlled Joint Venture owned by the applicable Joint Venture Partner(s) and, if
applicable, all of the Equity Interests in such Controlled Joint Venture Subsidiary owned by the applicable Controlled Joint Venture, will be free and clear of all Liens other than any Permitted Equity Encumbrances. 

(g)    The Property is not subject to any ground lease (other than an Eligible Ground Lease), Lien or any
restriction on the ability of the Borrower, any Unencumbered Property Subsidiary, Controlled Joint Venture or Controlled Joint Venture Subsidiary with respect to such Property to transfer or encumber such property or income therefrom or proceeds
thereof, other than Permitted Property Encumbrances. 
 (h)    The Property does not have any title,
environmental, structural, or other defects that would prevent the use of such Property in accordance with its intended purpose and shall not be subject to any condemnation or similar proceeding. 

(i)    No Unencumbered Property Subsidiary, Controlled Joint Venture or Controlled Joint Venture Subsidiary
with respect to such Property shall be subject to any proceedings under any Debtor Relief Law. 

(j)    The Minimum Occupancy Condition is satisfied with respect to such Property; provided, that
such Property may be considered an Unencumbered Eligible Property notwithstanding its failure to satisfy the Minimum Occupancy Condition, so long as the failure to satisfy the Minimum Occupancy Condition is cured and ceases to exist within
forty-five (45) days following the occurrence thereof. 
 (k)    No Unencumbered Property
Subsidiary, Controlled Joint Venture or Controlled Joint Venture Subsidiary with respect to such Property shall incur or otherwise be liable for any Indebtedness other than (i) Nonrecourse Indebtedness, (ii) Indebtedness under the
Facilities and (iii) if such Person is a Guarantor, Recourse Indebtedness. 
 Notwithstanding anything to the contrary contained above or elsewhere, if
at any time the Empire State Building ceases to be an Unencumbered Eligible Property for any reason, the Empire State Observatory shall also automatically cease to be an Unencumbered Eligible Property at such time. 

  
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 “Unencumbered Property Subsidiary” means each direct and indirect Wholly
Owned Subsidiary of the Borrower that is the Direct Owner or an Indirect Owner of all or a portion of an Unencumbered Eligible Property. 

“Unencumbered Property Value” means, as of any date of determination, (a) with respect to each Unencumbered Eligible
Property other than the Empire State Observatory, (i) if such Unencumbered Eligible Property has been owned or ground leased pursuant to an Eligible Ground Lease for the period of four full fiscal quarters most recently ended on or prior to
such date of determination, an amount equal to (x) the Adjusted Unencumbered NOI from such Unencumbered Eligible Property for the then most recently ended fiscal quarter of the Parent, multiplied by four, divided by (y) the
Capitalization Rate with respect to such Unencumbered Eligible Property and (ii) if such Unencumbered Eligible Property has not been owned or ground leased pursuant to an Eligible Ground Lease for the period of four full fiscal quarters most
recently ended on or prior to such date of determination, an amount equal to the acquisition cost of such Unencumbered Eligible Property (provided that with respect to any such Unencumbered Eligible Property that is owned by or ground leased to a
Controlled Joint Venture or a Controlled Joint Venture Subsidiary, only the Loan Party Pro Rata Share of such acquisition cost shall be included in the calculation of Unencumbered Asset Value) and (b) with respect to the Empire State
Observatory (for so long it is an Unencumbered Eligible Property), an amount equal to (i) the Adjusted Unencumbered NOI from such Unencumbered Eligible Property for the period of four full fiscal quarters most recently ended on or prior to such
date of determination, divided by (ii) the applicable Capitalization Rate. 
 “United States” and
“U.S.” mean the United States of America. 
 “Unrestricted Cash” means, at any time, (a) the
aggregate amount of cash and Cash Equivalents of the Borrower and its Subsidiaries at such time that are not subject to any pledge, Lien or control agreement (excluding statutory Liens in favor of any depositary bank where such cash and Cash
Equivalents are maintained), minus (b) amounts included in the foregoing clause (a) that are held by a Person other than the Borrower or any of its Subsidiaries as a deposit or security for Contractual Obligations. 

“Unsecured Indebtedness” means, with respect to any Person, all Indebtedness of such Person that is not Secured Indebtedness.
Notwithstanding the foregoing, Unsecured Indebtedness shall include Recourse Indebtedness that is secured solely by ownership interests in another Person that owns a Property which is encumbered by a mortgage securing Indebtedness. 

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

 “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(f)(ii)(B)(III). 

“Wells Fargo Bank” has the meaning specified in the introductory paragraph hereto. 

“Wholly Owned” means, with respect to the ownership by any Person of any Property, that one hundred percent (100%) of
the title to such Property is held in fee directly or indirectly by, or one hundred percent (100%) of such Property is ground leased pursuant to an Eligible Ground Lease directly or indirectly by, such Person. 

  
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 “Wholly Owned Subsidiary” means, as to any Person, (a) any corporation
100% of whose Equity Interests (other than directors’ qualifying shares) is at the time owned by such Person and/or one or more Wholly Owned Subsidiaries of such Person and (b) any partnership, association, joint venture, limited liability
company or other entity in which such Person and/or one or more Wholly Owned Subsidiaries of such Person have a 100% equity interest at such time. For purposes hereof, so long as the Borrower remains a Subsidiary of the Parent, the Borrower and its
Wholly-Owned Subsidiaries shall be deemed to be Wholly-Owned Subsidiaries of the Parent. 
 “Withholding Agent” means any
Loan Party and the Administrative Agent. 
 “Write-Down and Conversion Powers” means, (a) with respect to any EEA
Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a
right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

1.02     Other Interpretive Provisions. With reference to this Agreement and each other Loan Document,
unless otherwise specified herein or in such other Loan Document: 
 (a)     The definitions of terms herein
shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word
“shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar
import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, 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, 

  
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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)     Any
reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a Division as if it were a merger, transfer, consolidation, amalgamation,
consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any Division Successor shall constitute a separate Person hereunder (and each Division of any Person that is a Subsidiary,
joint venture or any other like term shall also constitute such a Person or entity). 
 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. Notwithstanding the foregoing, for purposes of determining compliance
with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Parent and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC
825 and FASB ASC 470-20 on financial liabilities shall be disregarded. 
 (b)     Changes in GAAP. If at any time
any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Administrative Agent shall so request, the Administrative Agent, the Lenders and the Borrower shall
negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (A) such ratio or
requirement shall continue to be computed in accordance with GAAP prior to such change therein and (B) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement
or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified
and accounted for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable
amendment addressing such changes, as provided for above. 

  
 40 

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

1.04    Rounding. Any financial ratios required to be maintained by one or more Loan Parties 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; Rates. Unless otherwise
specified, all references herein to times of day shall be references to Central time (daylight or standard, as applicable). The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability
with respect to the administration, submission or any other matter related to the rates in the definitions of “LIBOR” and “LIBOR Daily Floating Rate” or with respect to any rate that is an alternative or replacement for, or
successor to, any of such rates (including any LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes. 

ARTICLE II.    THE COMMITMENTS AND CREDIT EXTENSIONS 

2.01    Commitments. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to
make a single loan to the Borrower on the Closing Date in an amount not to exceed such Term Lender’s Term Commitment; provided, however, that after giving effect to any such Term Borrowing, (x) the aggregate Outstanding
Amount of all Term Loans shall not exceed the Term Facility and (y) the Outstanding Amount of all Term Loans made by such Term Lender shall not exceed such Term Lender’s Term Commitment. Term Loans that are repaid or prepaid may not be
reborrowed. Term Loans may be Base Rate Loans, LIBOR Daily Rate Loans or LIBOR Loans, as further provided herein. 

2.02    Borrowings, Conversions and Continuations of Loans. 

(a)    Each Borrowing, each conversion of Loans from one Type to another, and each continuation of LIBOR Loans shall be
made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone or a Committed Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery to the Administrative Agent
of a Committed Loan Notice. Each such Committed Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. Central time (i) three Business Days prior to the 

  
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 requested date of any Borrowing of, conversion to1 or
continuation of LIBOR Loans or of any conversion of LIBOR Loans to Base Rate Loans or LIBOR Daily Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans or LIBOR Daily Rate Loans or conversion of Base Rate Loans to LIBOR
Daily Rate Loans or LIBOR Daily Rate Loans to Base Rate Loan; provided, however, that if the Borrower wishes to request LIBOR Loans having an Interest Period other than one, three or six months, in duration as provided in the
definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 a.m. Central time four Business Days prior to the requested date of such Borrowing, conversion or continuation,
whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m. Central time, three Business Days before the
requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders. Each Borrowing
of, conversion to or continuation of LIBOR Loans shall be in a minimum principal amount of $5,000,000. Each Borrowing of or conversion to Base Rate Loans and LIBOR Daily Rate Loans shall be in a minimum principal amount of $500,000. Each Committed
Loan Notice shall specify (i) whether the Borrower is requesting a Borrowing, a conversion of, Loans from one Type to another, or a continuation of LIBOR 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 Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or continued or to which existing Loans are to be converted and (v) if
applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the
applicable Loans shall be made as, or converted to, LIBOR Daily Rate Loans. Any automatic conversion to LIBOR Daily Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to such LIBOR Loans. If the
Borrower requests a Borrowing of, conversion to, or continuation of LIBOR Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 

(b)    Following receipt of a Committed Loan Notice requesting a Borrowing, the Administrative Agent shall promptly notify
each Lender of the amount of its Applicable Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic
conversion to LIBOR Daily Rate Loans described in Section 2.02(a). In the case of a Borrowing, each Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Principal Office not
later than 1:00 p.m. Central time on the Business Day specified in the applicable Committed Loan Notice. Subject to fulfillment of all 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 available to the Borrower in the account specified by the Borrower in the Disbursement Instruction Agreement on the Closing Date, the proceeds of such amounts received by the
Administrative Agent. 
  
  

	1 	 This covers conversion of LIBOR Loans to both Base Rate and LIBOR Daily Rate, so not necessary to add “or
LIBOR Daily Rate Loans to LIBOR Loans” 

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

(d)    The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any
Interest Period for a LIBOR Loan upon determination of such interest rate. 
 (e)    After giving effect to all
Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than eight (8) Interest Periods in effect with respect to all Loans. 

2.03    [Intentionally Omitted]. 

2.04    [Intentionally Omitted].  

2.05    [Intentionally Omitted]. 

2.06    Prepayments. The Borrower may, upon notice to the Administrative Agent pursuant to delivery to the
Administrative Agent of a Notice of Loan Prepayment, at any time or from time to time voluntarily prepay Term Loans in whole or in part; provided that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m.
Central time (A) three Business Days prior to any date of prepayment of LIBOR Loans and (B) on the date of prepayment of Base Rate Loans or LIBOR Daily Rate Loans; (ii) any prepayment of LIBOR Loans shall be in a principal amount of
$3,000,000; and (iii) any prepayment of Base Rate Loans or LIBOR Daily Rate Loans shall be in a principal amount of $500,000 or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify
(x) the date and amount of such prepayment, (y) the Type(s) of Loans to be prepaid and, (z) if LIBOR Loans are to be prepaid, the Interest Period(s) of such LIBOR Loans. 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 of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be
due and payable on the date specified therein. Any prepayment of a LIBOR Loan shall also be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. If at any time
on or prior to December 31, 2021, principal of the Term Loans is prepaid in whole or in part for any reason, whether pursuant to this Section 2.06, Section 8.02 or otherwise, the Borrower shall at the time of such
prepayment pay to the Administrative Agent, for the account of the Lenders, a prepayment fee equal to (x) if such prepayment occurs on or prior to December 31, 2020, 2.00% of the principal amount so prepaid, and (y) if such prepayment
occurs after December 31, 2020 but on or prior to December 31, 2021, 1.00% of the principal amount so prepaid. If at any time on or after January 1, 2022, principal of the Term Loans is prepaid in whole or in part for any reason,
whether pursuant to this Section 2.06, Section 8.02 or otherwise, no prepayment fee shall be due and payable. 

2.07    [Intentionally Omitted].  

  
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 2.08    Repayment of Loans. The Borrower shall repay to the Term
Lenders on the Maturity Date the aggregate principal amount of Term Loans outstanding on such date. 

2.09    Interest. 

(a)    Subject to the provisions of subsection (b) below, (i) each LIBOR Loan shall bear interest on the
outstanding principal amount thereof for each Interest Period at a rate per annum equal to LIBOR 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 LIBOR Daily Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing
date at a rate per annum equal to the LIBOR Daily Floating Rate plus the Applicable Rate. 
 (b)    While any
Event of Default exists under Section 8.01(a)(i) or (f), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default
Rate to the fullest extent permitted by applicable Laws. 
 (c)    Upon the request of the Required Lenders, while any
Event of Default exists (other than as set forth in clause (b) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws. 
 (d)    Accrued and unpaid interest on past due
amounts (including interest on past due interest) shall be due and payable upon demand. 
 (e)    All accrued and unpaid
interest on the outstanding principal amount of each Loan shall be payable (i) monthly in arrears on the first day of each month, commencing with the first full calendar month occurring after the Closing Date and (ii) on any date on which
the principal balance of such Loan is due and payable in full (whether at maturity, due to acceleration or otherwise). Interest 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. 
 2.10    Fees.  

(a)    The Borrower shall pay to the Arrangers and the Administrative Agent for their own respective accounts fees in the
amounts and at the times specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason. 

(b)    The Borrower 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. 

  
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 2.11    Computation of Interest and Fees; Retroactive Adjustments of
Applicable Rate.  
 (a)    All computations of interest for Base Rate Loans (including Base Rate Loans
determined by reference to the LIBOR Market Index 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 2.13(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. 

(b)    If, as a result of any restatement of or other adjustment to the financial statements of the Parent, or for any
other reason, (i) the ratio of Total Indebtedness to Total Asset Value as calculated by the Loan Parties as of any applicable date was inaccurate and (ii) a proper calculation of Total Indebtedness to Total Asset Value would have resulted
in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders promptly on demand by the Administrative Agent (or, after the occurrence of
an actual or deemed entry of an order for relief with respect to the Parent or any other Loan Party under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent or any Lender), an amount equal
to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent or any Lender, as
the case may be, under Section 2.09(b) or 2.09(c) or under Article VIII. The Borrower’s obligations under this paragraph shall survive the payment in full of the Obligations and the termination of this Agreement. 

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

  
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 2.13     Payments Generally; Administrative Agent’s
Clawback. 
 (a)     General. All payments to be made by the Borrower shall be made free and clear of and
without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective
Lenders to which such payment is owed, at the Principal Office in Dollars and in immediately available funds not later than 1:00 p.m. Central time 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 1:00 p.m. Central time
shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other 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 of Loans by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall
have received notice from a Lender prior to the proposed date of any Borrowing of LIBOR Loans (or, in the case of any Borrowing of Base Rate Loans or LIBOR Daily Rate Loans, prior to 12:00 noon Central time on the date of such Borrowing) that such
Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or,
in the case of a Borrowing of Base Rate Loans or LIBOR Daily Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make
available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to
the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation,
plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans.
If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such
period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any
claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii)     Payments by the Borrower; Presumptions by Administrative Agent. Unless the Administrative
Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative

  
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Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if
the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender 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. 
 A notice of the Administrative Agent to any Lender or the Borrower with respect to any
amount owing under this subsection (b) shall be conclusive, absent manifest error. 
 (c)     Failure to
Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the
Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like
funds as received from such Lender) to such Lender, without interest. 
 (d)     Obligations of Lenders Several.
The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan or to make any payment under Section 10.04(c) on
any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan 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. 

2.14     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 Loans made by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans 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 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 Loans and
other amounts owing them, provided that: 
 (i)     if any such participations are purchased and
all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

  
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 (ii)     the provisions of this Section shall not be
construed to apply to (x) any payment made by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender) or
(y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than an assignment to the Borrower or any Affiliate thereof (as to which the
provisions of this Section shall apply). 
 The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law,
that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower or any Guarantor rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower or such Guarantor in the amount of such participation. 
 2.15    [Intentionally
Omitted]. 
 2.16    Increase in Facilities. 

(a)     Request for Increase. Provided there exists no Default, upon written notice to the Administrative Agent, the
Borrower may, at any time and from time to time after the Closing Date, request to increase the aggregate amount of the Facilities to an amount not exceeding $225,000,000 by requesting an increase in the Term Facility (each such increase, an
“Incremental Term Increase”) or establishing a new (or increasing an existing) tranche of pari passu term facility (each an “Incremental Term Loan Facility”; each Incremental Term Loan Facility and Incremental Term
Increase are collectively referred to as “Incremental Facilities”); provided that (i) each Incremental Term Increase shall be on the same terms as the Term Facility, (ii) the terms and conditions of each Incremental
Term Loan Facility will be determined by the Borrower and the lenders under such Incremental Term Loan Facility and consented to by the Administrative Agent, such consent, subject to clause (iii) of the last proviso to
Section 10.01, not to be unreasonably withheld, conditioned or delayed, and (iii) the conditions to the making of a Credit Extension set forth in Section 4.02 (other than Section 4.02(c)) shall be satisfied
or waived. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten (10) Business
Days from the date of delivery of such notice to the Lenders). 
 Each notice from the Borrower pursuant to this Section 2.16(a)
shall specify (i) whether it proposes an Incremental Term Increase or an Incremental Term Loan Facility, (ii) if it proposes an Incremental Term Loan Facility, the proposed terms thereof and (iii) the identity of each Lender and each
Eligible Assignee that it has approached or proposes to approach to provide all or a portion of such Incremental Facility (subject in each case to any requisite consents required under Section 10.06). At the time of sending such notice,
the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender (if any) identified in such notice is requested to respond (which shall in no event be less than ten (10) Business Days from the
date of delivery of such notice to such Lender). Each Lender (if any) identified in such notice shall endeavor to notify the Administrative Agent within the specified period for a response whether or not it agrees to provide all or a portion of such
increase and, if so, the 

  
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amount of such requested increase that it proposes to provide. Any Lender approached to provide all or a portion of such increase may elect or decline, in its sole discretion, to provide all or a
portion of such increase in the applicable facility offered to it. Any Lender not responding within such time period shall be deemed to have declined to provide any portion of the requested increase. Any Eligible Assignee providing any portion of
the requested increase that is not an existing Lender shall become a Lender pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and its counsel (a “New Lender Joinder
Agreement”). The Administrative Agent shall promptly notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder. 

(b)     Effective Date and Allocations. If pursuant to this Section the Facilities are increased pursuant to an
Incremental Facility, the Administrative Agent and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such Incremental Facility. 

(c)     Conditions to Effectiveness of Incremental Facility. As conditions precedent to each Incremental Facility,
(i) the Borrower shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the applicable Increase Effective Date signed by a Responsible Officer of such Loan Party (x) (1) certifying and attaching the
resolutions adopted by such Loan Party approving or consenting to such increase or (2) certifying that, as of such Increase Effective Date, the resolutions delivered to the Administrative Agent on the Closing Date include approval to increase
the maximum aggregate principal amount of all commitments and outstanding loans under this Agreement to an amount at least equal to $225,000,000, and (y) in the case of the Borrower, certifying that, before and after giving effect to such
increase, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects (or, if qualified by materiality, Material Adverse Effect or similar language, in all
respects) on and as of such Increase Effective Date, except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects
(or, if qualified by materiality, Material Adverse Effect or similar language, in all respects) as of such earlier date and except that for purposes of this Section 2.16, the representations and warranties contained in subsections
(a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01, and (B) no Default
exists, (ii) the Administrative Agent shall have received (x) a New Lender Joinder Agreement for each Eligible Assignee (other than a Lender), if any, participating in such increase, which New Lender Joinder Agreement shall be duly
executed by the Borrower and each such Eligible Assignee and acknowledged and consented to in writing by the Administrative Agent and (y) written confirmation from each existing Lender, if any, participating in such increase of the amount of
term loans and/or term loan commitments to be provided by it, (iii) the Borrower shall have paid the fees, if any, required to be paid pursuant to the Fee Letters in connection therewith and (iv) upon the reasonable request of any Lender
or potential Lender made at least ten (10) Business Days prior to the applicable Increase Effective Date, the Borrower shall have provided to such Lender or potential Lender, and such Lender or potential Lender shall be reasonably satisfied
with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act and the Beneficial Ownership
Regulation (including a Beneficial Ownership Certification), in each case at least five (5) Business Days prior to such Increase Effective Date. 

  
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 (d)     Settlement Procedures. On each Increase Effective Date,
promptly following fulfillment of the conditions set forth in clause (c) of this Section 2.16, the Administrative Agent shall notify the Lenders of the occurrence of the increase effected on such Increase Effective Date, the
amount of the increase, the nature of the increase (i.e., an Incremental Term Increase or an Incremental Term Loan Facility) and the amount of the Term Commitment and Applicable Percentage of each Term Lender as a result thereof. 

(e)     Conflicting Provisions. This Section shall supersede any provisions in Section 2.14 or
10.01 to the contrary. 
 2.17    Funds Transfer Disbursements. The Borrower hereby authorizes the
Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by a Responsible Officer of the Borrower to any of the accounts designated in the Disbursement
Instruction Agreement. 
 2.18    Defaulting Lenders. 

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

(i)    Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any
amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders”, and Section 10.01. 

(ii)    Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts
received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 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, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Term 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; third, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; fourth, 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 fifth, 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 in respect of which such Defaulting 

  
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Lender has not fully funded its appropriate share, and (y) such Loans were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment
shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with
their respective Applicable Percentages. 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 shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents hereto. 
 (b) Defaulting Lender Cure. If the Borrower and the Administrative
Agent 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, that
Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by
the Lenders in accordance with their Applicable Percentages, 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. 
 ARTICLE
III.    TAXES, YIELD PROTECTION AND ILLEGALITY 
 3.01     Taxes. 

(a)     [Intentionally Omitted]. 

(b)     Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i)     Any and all payments by or on account of any obligation of any Loan Party under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of an applicable Withholding Agent) require the deduction or withholding of any
Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to subsection
(f) below. 
 (ii)     If any Withholding Agent shall be required by any applicable Laws to
withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the applicable Withholding Agent shall withhold or make such deductions as are determined by the
applicable Withholding Agent to be required based upon the information and documentation it has received pursuant to subsection (f) below, 

  
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(B) the applicable Withholding Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the
withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions
applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(c)     Payment of Other Taxes by the Borrower. Without limiting the provisions of subsection
(b) above, the Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(d)     Tax Indemnifications. 

(i)     The Borrower shall and does hereby indemnify each Recipient, and shall make payment in respect
thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient
or required to be withheld or deducted from a payment to such Recipient, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error. The Borrower shall, and does hereby, indemnify the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender for any reason fails to pay
indefeasibly to the Administrative Agent as required pursuant to Section 3.01(d)(ii) below. For the avoidance of doubt, (A) to the extent the Administrative Agent indefeasibly receives payment in full from the Borrower pursuant to
the immediately preceding sentence for an amount that a Lender was required to indemnify the Administrative Agent for pursuant to clause (y) or (z) of Section 3.01(d)(ii), and subsequent thereto the Administrative Agent
receives payment from such Lender (including by way of set off pursuant to the last sentence of Section 3.01(d)(ii)) for that same indemnity that was previously paid in full by the Borrower, the Administrative Agent will promptly turn
over to the Borrower the amount so received (including by way of set off pursuant to the last sentence of Section 3.01(d)(ii)) from such Lender (but in any event not in excess of the amount previously paid by the Borrower to the
Administrative Agent in respect of such indemnity) and (B) to the extent the Administrative Agent receives a payment from the Borrower pursuant to the immediately preceding sentence for an amount that a Lender was required to indemnify the
Administrative Agent for pursuant to clause (y) or (z) of Section 3.01(d)(ii), such Lender shall be liable to the Borrower for reimbursement of such payment. 

  
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 (ii)    Each Lender shall, and does hereby, severally
indemnify, and shall make payment in respect thereof within 10 days after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (y) the Administrative Agent and the Borrower, as applicable, against any Taxes attributable to such Lender’s
failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Borrower, as applicable, against any Excluded Taxes attributable to such
Lender, in each case, that are payable or paid by the Administrative Agent or the Borrower in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). 

(e)     Evidence of Payments. Upon request by the Borrower or the Administrative Agent, as the case may be, after
any payment of Taxes by the Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the
Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably
satisfactory to the Borrower or the Administrative Agent, as the case may be. 
 (f)     Status of Lenders; Tax
Documentation. 
 (i)     Any Lender that is entitled to an exemption from or reduction of
withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and
executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower
or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not
such Lender is subject to backup withholding or information reporting requirements. Notwithstanding 

  
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anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 3.01(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or
expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii)    
Without limiting the generality of the foregoing, 
 (A)     any Lender that is a U.S. Person shall
deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B)     any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower
and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request
of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (I)     in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, duly completed executed copies of IRS Form W-8BEN-E (or W-8BEN,
as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, duly
completed executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax
treaty; 
 (II)     duly completed executed copies of IRS Form W-8ECI; 

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

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

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

(D)     if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding
Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the 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 clause (D), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 (iii)     Each Lender agrees that if any
form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent
in writing of its legal inability to do so. 

  
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 (g)    Treatment of Certain Refunds. Unless required by
applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the
account of such Lender. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid
additional amounts pursuant to this Section 3.01, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this
Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund), provided that the Borrower, upon the request of the Recipient, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the
Borrower pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any Recipient to make available its tax returns (or any
other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

(h)    Survival. Each party’s obligations under this Section 3.01 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. 

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 Lending Office to perform any of its obligations hereunder or make, maintain or fund or charge interest with respect to any Credit Extension or to determine or charge interest rates based upon
LIBOR or the LIBOR Daily Floating Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by
such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to issue, make, maintain, fund or charge interest with respect to any Credit Extension or continue LIBOR Loans or to convert Base Rate Loans or
LIBOR Daily Rate Loans to LIBOR Loans or to convert LIBOR Loans or Base Rate Loans to LIBOR Daily Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest
rate on which is determined by reference to the LIBOR Market Index Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent
without reference to the LIBOR Market Index Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of
such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the 

  
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Administrative Agent), prepay or, if applicable, convert all LIBOR Loans and/or LIBOR Daily Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender
shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBOR Market Index Rate component of the Base Rate), immediately in the case of LIBOR Daily Rate Loans and, in the case of LIBOR Loans,
either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such LIBOR Loans and (y) if such notice
asserts the illegality of such Lender determining or charging interest rates based upon LIBOR, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the LIBOR Market
Index Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon LIBOR. Upon any such prepayment or conversion, the
Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 3.05. 

3.03    Inability to Determine Rates.  

(a)    If in connection with any request for a LIBOR Loan or LIBOR Daily Rate Loan, a conversion to a LIBOR Loan or LIBOR
Daily Rate Loan or continuation of a LIBOR Loan, (i) the Administrative Agent determines that (A) Dollar deposits are not being offered to banks in the applicable offshore interbank market for such currency for the applicable amount and
Interest Period of such LIBOR Loan or the applicable term with respect to any LIBOR Daily Rate Loan or (B) both (x) adequate and reasonable means do not exist for determining LIBOR for any requested Interest Period with respect to a
proposed LIBOR Loan or in connection with an existing or proposed Base Rate Loan or LIBOR Daily Rate Loan and (y) the circumstances described in Section 3.03(c)(i) do not apply (in each case with respect to clause (i) above,
“Impacted Loans”) or (ii) the Administrative Agent or the Required Lenders determine that for any reason LIBOR for any requested Interest Period with respect to a proposed LIBOR Loan or the LIBOR Daily Floating Rate for any
applicable term with respect to any LIBOR Daily Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such LIBOR Loan or LIBOR Daily Rate Loan, the Administrative Agent will promptly so notify the Borrower and each
Lender. Thereafter, (x) the obligation of the Lenders to make or maintain LIBOR Loans or LIBOR Daily Rate Loans shall be suspended, (to the extent of the affected LIBOR Loans, Interest Periods or LIBOR Daily Rate Loans), and (y) in the
event of a determination described in the preceding sentence with respect to the LIBOR Market Index Rate component of the Base Rate, the utilization of the LIBOR Market Index Rate component in determining the Base Rate shall be suspended, in each
case until the Administrative Agent (or, in the case of a determination by the Required Lenders described in clause (ii) of Section 3.03(a), until the Administrative Agent upon instruction of the Required Lenders) revokes such
notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of LIBOR Loans (to the extent of the affected LIBOR Loans or Interest Periods) or any pending request for a Borrowing
of LIBOR Daily Rate Loans (to the extent of the affected LIBOR Daily Rate Loans or periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 

  
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 (b)    Notwithstanding the foregoing, if the Administrative Agent has
made the determination described in clause (i) of Section 3.03(a), the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which
case, such alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (i) of the first sentence of
Section 3.03(a), (2) the Administrative Agent determines, or the affected Lenders notify the Administrative Agent and the Borrower, that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders
of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans
whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of
the foregoing and provides the Administrative Agent and the Borrower written notice thereof. 
 (c)    Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent
(with, in the case of the Required Lenders, a copy to Borrower) that the Borrower or Required Lenders (as applicable) have determined, that: 

(i)    adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period,
including, without limitation, because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or 

(ii)    the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the
Administrative Agent has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans, provided that, at the time of such
statement, there is no successor administrator that is satisfactory to the Administrative Agent, that will continue to provide LIBOR after such specific date (such specific date, the “Scheduled Unavailability Date”); or 

(iii)    syndicated loans currently being executed, or that include language similar to that contained in
this Section 3.03, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, 

then, reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as
applicable, the Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing LIBOR in accordance with this Section 3.03 with (x) one or more SOFR-Based Rates or (y) another alternate
benchmark rate giving due consideration to any evolving or then existing convention for similar Dollar denominated syndicated credit facilities for such alternative benchmarks and, 

  
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in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar Dollar denominated syndicated
credit facilities for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be
periodically updated (the “Adjustment;” and any such proposed rate, a “LIBOR Successor Rate”), and any such amendment or Adjustment shall become effective at 5:00 p.m. Central time on the fifth Business Day after
the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required
Lenders (A) in the case of an amendment to replace LIBOR with a rate described in clause (x) above, object to the Adjustment; or (B) in the case of an amendment to replace LIBOR with a rate described in clause (y) above, object
to such amendment; provided that for the avoidance of doubt, in the case of clause (A), the Required Lenders shall not be entitled to object to any SOFR-Based Rate contained in any such amendment. Such LIBOR Successor Rate shall be applied in
a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably
determined by the Administrative Agent. 
 If no LIBOR Successor Rate has been determined and the circumstances under clause (i) above
exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain LIBOR Loans and/or LIBOR
Daily Rate Loans shall be suspended, (to the extent of the affected Loans or Interest Periods), and (y) the LIBOR Market Index Rate component shall no longer be utilized in determining the Base Rate. Upon receipt of such notice, the Borrower
may revoke any pending request for a Borrowing of, conversion to or continuation of LIBOR Loans (to the extent of the affected LIBOR Loans or Interest Periods) or any pending request for a Borrowing of LIBOR Daily Rate Loans (to the extent of the
affected LIBOR Daily Rate Loans or periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein. 

Notwithstanding anything else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be
less than zero for purposes of this Agreement. 
 In connection with the implementation of a LIBOR Successor Rate, the Administrative Agent
will have the right to make LIBOR Successor Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will
become effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such LIBOR Successor
Conforming Changes to the Lenders reasonably promptly after such amendment becomes effective. 

  
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 3.04    Increased Costs. 

(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 reflected in LIBOR); 

(ii)    subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described
in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto; or 
 (iii)    impose on any Lender or the London interbank market any other condition, cost or
expense (other than Taxes) affecting this Agreement or Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to
such Lender of making, converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or
any other amount) then, upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

(b)    Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending
Office of such Lender, or such Lender’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 capital or on the capital of such Lender’s
holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in
Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity requirements), then from time to time the Borrower will pay to such Lender such
additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(c)    Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to
compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such
Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d)    Delay in
Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation,
provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for 

  
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any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or
reductions and of such Lender’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)    [Intentionally Omitted]. 

(f)    Consistent Treatment. Each Lender agrees that amounts claimed under this Section 3.04 shall be
reasonably determined by such Lender (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and consistent with similarly situated customers of the applicable Lender under agreements having provisions similar
to this Section 3.04 after consideration of such factors as such Lender then reasonably determines to be relevant). 

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

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

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

(c)    any assignment of a LIBOR Loan on a day other than the last day of the Interest Period therefor as a result of a
request by the Borrower pursuant to Section 10.13; 
 including any loss or expense arising from the liquidation or reemployment of funds
obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. 

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded
each LIBOR Loan made by it at the rate referred to in clause (i) of the definition of LIBOR used in determining LIBOR 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 Loan was in fact so funded. 
 3.06    Mitigation Obligations;
Replacement of Lenders. 
 (a)    Designation of a Different Lending Office. Each Lender may make any
Credit Extension to the Borrower through any Lending Office, provided that the exercise of this option 

  
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shall not affect or increase the obligation of the Borrower to repay the Credit Extension in accordance with the terms of this Agreement. If any Lender requests compensation under
Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts 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 at the request of the Borrower 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 Borrower hereby agrees 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
Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 and, in each case, such Lender has declined or is unable to
designate a different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 10.13. 

3.07    Survival. All of the Borrower’s obligations under this Article III shall survive termination of
the Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 
 ARTICLE
IV.    CONDITIONS PRECEDENT 
 4.01    Conditions of Effectiveness. The effectiveness
of this Agreement is subject to satisfaction of the following conditions precedent: 
 (a)    The Administrative
Agent’s receipt of the following, each of which shall be original, or e-mail (in a .pdf format) or telecopies (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)    executed counterparts of this Agreement and the Guaranty Agreement, in such number as reasonably
requested by Administrative Agent; 
 (ii)    a Term Note executed by the Borrower in favor of each
Lender requesting such Note (which, to the extent delivered via e-mail (in a .pdf format) or telecopies, shall be followed promptly by originals); 

(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 reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection
with this Agreement and the other Loan Documents to which such Loan Party is a party; 

  
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 (iv)    such documents and certifications as the
Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and each Loan Party is validly existing, in good standing and qualified to engage in business in (A) its jurisdiction of organization and
(B) each other jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse
Effect; 
 (v)    a favorable opinion of Goodwin Procter LLP, counsel to the Loan Parties, addressed to
the Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request; 

(vi)    a favorable opinion of Venable LLP, local counsel to the Loan Parties in Maryland, addressed to the
Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request; 

(vii)    a certificate of a Responsible Officer of the Borrower either (A) attaching copies of all
consents, licenses and approvals required in connection with the execution, delivery and performance by each Loan Party, and the validity against each 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; 

(viii)    a certificate signed by a Responsible Officer of the Borrower certifying that (1) no action,
suit, investigation or proceeding is pending or, to the knowledge of any Loan Party, threatened in any court or before any arbitrator or Governmental Authority that (A) challenges the validity or enforceability of this Agreement, any other Loan
Document or any of the transactions contemplated hereby or thereby, or otherwise purports to restrict or prohibit the performance of all or any portion of this Agreement, any other Loan Document or any of the transactions contemplated hereby or
thereby or (B) could reasonably be expected to have a Material Adverse Effect and (2) since the date of the Audited Financial Statements, there has not occurred any event or condition that has had or could reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Effect; 
 (ix)    a Solvency Certificate
from the Parent certifying that, after giving effect to the transactions to occur on the Closing Date (including, without limitation, all Credit Extensions to occur on the Closing Date), the Parent and its Subsidiaries on a consolidated basis are
Solvent; 
 (x)    the financial statements referenced in Sections 5.05(a) and (b); 

  
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 (xi)    a certificate, substantially in the form of
Exhibit E or otherwise satisfactory to the Administrative Agent, signed by a Responsible Officer of the Parent and evidencing that, giving pro forma effect as of December 31, 2019 to the transactions to occur on or about the Closing Date
(including, all Credit Extensions to occur on the Closing Date and the use of proceeds thereof), as of the date of the Closing Date, the Loan Parties are in pro forma compliance with the financial covenants contained in Section 7.11,
setting forth a calculation of the ratio of Total Indebtedness to Total Asset Value as of the last day of the fiscal quarter ending December 31, 2019, and including a schedule of Unencumbered Eligible Properties, all in form and detail
reasonably satisfactory to the Administrative Agent (such certificate, the “Pro Forma Closing Date Compliance Certificate”); and 

(xii)    a Disbursement Instruction Agreement effective as of the Closing Date. 

(b)    The Administrative Agent and each Lender shall have received all documentation and other information that the
Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act, the Beneficial Ownership
Regulation (including a Beneficial Ownership Certification) and other customary requirements at least five (5) Business Days prior to the Closing Date to the extent such information is requested not later than ten (10) Business Days prior
to the Closing Date. 
 (c)    All fees required hereunder or under the Fee Letters to be paid on or before the Closing
Date to the Administrative Agent, the Arrangers and the Lenders shall have been paid. 
 (d)    Unless waived by the
Administrative Agent, the Borrower shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced (which invoice may be in summary
form) 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 Borrower and the Administrative Agent). 

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

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

(a)    The representations and warranties of the Borrower and each other Loan Party contained in Article V or any
other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (or, if qualified by materiality, Material Adverse Effect or similar
language, in all respects) on and as of the date of the proposed Credit Extension, except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and
correct in all material respects (or, if qualified by materiality, Material Adverse Effect or similar language, in all respects) 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 subsections (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 shall have received a Request for Credit
Extension in accordance with the requirements hereof. 
 Each Request for Credit Extension (other than a Committed Loan Notice requesting
only a conversion of Loans from one Type to another, or a continuation of LIBOR Loans) submitted by the Borrower shall be deemed to be a representation and warranty 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. 
 ARTICLE V.    REPRESENTATIONS AND
WARRANTIES 
 The Borrower and the Parent each represents and warrants to the Administrative Agent and the Lenders that: 

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

  
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 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 (or the requirement to create) any Lien under, or require any payment to be made under (i) any Contractual Obligation
to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its
property is subject; or (c) violate any Law, except with respect to any breach or contravention or payment referred to in clauses (b) and (c), to the extent that such conflict, breach, contravention or payment 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 (a) the execution, delivery or performance by, or
enforcement against, any Loan Party of this Agreement or any other Loan Document or (b) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents, except for the approvals, consents, exemptions,
authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect. 

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 such enforceability may be limited by bankruptcy insolvency, reorganization, receivership, moratorium or other laws affecting creditors’ rights generally and by
general principles of equity. 
 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 consolidated financial condition of the Parent and its Subsidiaries as of the date thereof and the consolidated results of their 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) show all material indebtedness and other liabilities, direct or contingent, of the
Parent and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 
 (b)
    The unaudited consolidated balance sheet of the Parent and its Subsidiaries dated September 30, 2019, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for the
fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, (ii) fairly present the consolidated financial condition
of the Parent and its Subsidiaries as of the date thereof and the consolidated results of their operations 

  
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for the period covered thereby and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Parent and its Subsidiaries as of the date thereof, including
liabilities for taxes, material commitments and Indebtedness; subject, in the case of clauses (i) and (ii) above, 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 forecasted balance sheet, statement of income and cash flows of the Consolidated Group 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, and represented, at the time of delivery, the Parent’s best estimate of its future financial condition and performance; provided, such forecasts are not
to be viewed as facts and that actual results during the period or periods covered by such forecasts may differ from such forecasts and that the differences may be material. 

5.06     Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of
the Borrower and the Parent, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any of its Subsidiaries or against any of their properties or revenues that (a) purport
to affect or pertain to this Agreement, any other Loan Document, or any of the transactions contemplated hereby, or (b) either individually or in the aggregate, if adversely determined, could reasonably be expected to have a Material Adverse
Effect. 
 5.07     No Default. Neither any Loan Party nor any Subsidiary thereof is in default under or with
respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document. 
 5.08     Ownership of Property. Each Loan Party and
each of its Subsidiaries has good record and insurable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 5.09     Environmental
Compliance.  
 (a)     The Loan Parties and their respective Subsidiaries are not aware of any Environmental
Liabilities or claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties that, individually or in the aggregate, would reasonably be expected to have a
Material Adverse Effect. 
 (b)     No property currently or, to the knowledge of the Loan Parties, formerly owned or
operated by any Loan Party or any of its Subsidiaries, is listed or, to the knowledge of the Loan Parties, formally proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or, to the knowledge of the Loan
Parties, is adjacent to any such 

  
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property except (i) with respect to any Unencumbered Eligible Property, as disclosed in the Environmental Reports or as could not result in a material Environmental Liability for any Loan
Party or any of its Subsidiaries, or (ii) with respect to any other property, as could not reasonably be expected to have a Material Adverse Effect. 

(c)     Hazardous Materials have not been released, discharged or disposed of on, at, under or from (i) any
Unencumbered Eligible Property except as disclosed in the Environmental Reports or in a manner, form or amount that could not reasonably be expected to result in a material Environmental Liability for any Loan Party or any Subsidiary, or
(ii) any property (other than an Unencumbered Eligible Property) currently or, to the knowledge of the Loan Parties, formerly owned or operated by any Loan Party or any of its Subsidiaries, except as could not reasonably be expected to have a
Material Adverse Effect. 
 (d)     Neither any Loan Party nor any of its Subsidiaries is undertaking, or has completed,
either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials at, on, under, or
from any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law, that could result in a material Environmental Liability for any Loan Party or any of its
Subsidiaries, (i) except, with respect to any Unencumbered Eligible Property, as disclosed in the Environmental Reports or, with respect to any such investigation or assessment or remedial or response action initiated after the Closing Date, as
disclosed to the Administrative Agent in writing, or (ii) except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, with respect to any other property (other than an Unencumbered Eligible
Property) either currently or formerly owned or operated by any Loan Party or any of its Subsidiaries or any other property to or at which any Loan Party or any of its Subsidiaries has disposed of, transported or arranged for the transportation or
disposal of any Hazardous Materials. 
 5.10     Insurance. The properties of each Loan Party and its
Subsidiaries are insured with one or more Third Party Insurance Companies and/or pursuant Permitted Self Insurance, in compliance with the provisions of Section 6.07 and otherwise in such amounts, with such deductibles and covering such
risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where such Loan Party or the applicable Subsidiary operates. 

5.11    Taxes. Each Loan Party and each of its Subsidiaries 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 (a) which are not overdue for more than thirty (30) days or (b) 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 any Loan Party or any Subsidiary thereof that would, if made, have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing agreement; provided, that
for the sake of clarity, no Tax Protection Agreement (as in effect on the Closing Date or as modified thereafter with the prior written consent of the Administrative Agent) shall be treated as a tax sharing agreement. 

  
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 5.12     ERISA Compliance. 

(a)    Except to the extent that, either individually or in the aggregate, any failure to comply could not reasonably be
expected to have a Material Adverse Effect, (i) each Plan and, to the knowledge of the Borrower and the Parent, each Multiemployer Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other
federal or state laws, (ii) each Single Employer Pension Plan and, to the knowledge of the Borrower and the Parent, each Multiemployer Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable
determination letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from
federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being processed by the Internal Revenue Service and (iii) to the best knowledge of the Borrower and the Parent, nothing has occurred that
would prevent or cause the loss of such tax-qualified status. 
 (b)     There are no pending or, to the best knowledge
of the Borrower and the Parent, 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) Except as disclosed in Schedule 5.12(c), no ERISA Event has occurred, and neither the Borrower nor any
ERISA Affiliate is aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Single Employer Pension Plan or Multiemployer Plan; (ii) the Borrower and each ERISA
Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Single Employer Pension Plan and Multiemployer Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for
or obtained; (iii) the Borrower and each ERISA Affiliate has timely made all required contributions and payments to each Multiemployer Plan; (iv) as of the most recent valuation date for any Single Employer Pension Plan, the funding target
attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment
percentage for any such plan to drop below 60% as of the most recent valuation date; (v) neither the Borrower nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium
payments which have become due that are unpaid; (vi) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vii) no Single Employer
Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate
any Single Employer Pension Plan. 

  
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 (d)     Neither the Borrower nor any ERISA Affiliate maintains or
contributes to, or has any unsatisfied obligation to contribute to, or liability under, any active or terminated Single Employer Pension Plan or Multiemployer Plan other than (A) on the Closing Date, those listed on Schedule 5.12(d)
hereto and (B) thereafter, Single Employer Pension Plans or Multiemployer Plans not otherwise prohibited by this Agreement. 
 (e)
    The assets of the Borrower and each Guarantor are not “plan assets” within the meaning of 29 C.F.R. 2510.3-101 as modified by section 3(42) or ERISA. 

(f)     As of the Closing Date each Loan Party and each Subsidiary thereof is not and will not be (1) an employee
benefit plan subject to Title I of ERISA, (2) a plan or account subject to Section 4975 of the Code; (3) an entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Code; or (4) a
“governmental plan” within the meaning of ERISA. 
 5.13     Subsidiaries; Tax Identification Numbers.
Schedule 5.13 (a) is a complete and accurate list of all Subsidiaries of the Parent as of the Closing Date, showing (as to each such Person) the jurisdiction of its incorporation or organization, the type of organization it is and its
true and correct U.S. taxpayer ID number and (b) sets forth the Parent’s true and correct U.S. taxpayer ID number. 
 5.14
    Margin Regulations; Investment Company Act.  
 (a)     No part of the proceeds of any
Credit Extension will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a violation of, or that is inconsistent with, the provisions of Regulation T, U or X of the FRB as in
effect from time to time. Following the application of the proceeds of each Borrowing, not more than 25% of the value of the assets (either of any Loan Party only or of the Parent and its Subsidiaries on a consolidated basis) will be margin stock.

 (b)     None of the Parent, any Person Controlling the Parent, or any Subsidiary of the Parent is or is required to
be registered as an “investment company” under the Investment Company Act of 1940. 
 5.15
    Disclosure. The Borrower and the Parent have disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which they or any of their respective 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. No report, financial statement, certificate or other information furnished (whether in writing
or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each
case, as modified or supplemented by other information so furnished), at the time 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, with respect to projected financial information, the Borrower and the Parent represent only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time. 

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

(a)     The Parent, the Borrower and their respective Subsidiaries have conducted their businesses in compliance in all
material respects with applicable Anti-Corruption Laws and have instituted and maintained policies and procedures reasonably designed to promote and achieve compliance with such laws. 

(b)     Neither the Parent, the Borrower, any of their respective Subsidiaries, nor, to the knowledge of the Parent, the
Borrower and their respective Subsidiaries, any director, officer, employee or agent thereof (i) has violated or is in violation of any applicable anti-money laundering law or (ii) has engaged or engages in any transaction, investment,
undertaking or activity that conceals the identity, source or destination of the proceeds from any category of offenses designated in any applicable law, regulation or other binding measure implementing the “Forty Recommendations” and
“Nine Special Recommendations” published by the Organisation for Economic Cooperation and Development’s Financial Action Task Force on Money Laundering. 

5.18     Intellectual Property; Licenses, Etc. Except as could not reasonably be expected to have a Material
Adverse Effect, (a) the Parent and 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 that are
reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person, (b) no slogan or other advertising device, product, process, method, substance, part or other material now employed, or
now contemplated to be employed, by the Parent or any Subsidiary infringes upon any rights held by any other Person and (c) no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the Borrower, threatened.

 5.19     OFAC; Designated Jurisdictions. None of the Loan Parties, any of their respective Subsidiaries, or,
to the knowledge of the Parent, the Borrower and their respective Subsidiaries, any Related Party thereof, (i) is a Sanctioned Person, (ii) is located, organized or resident in a Designated Jurisdiction or (iii) is or has been engaged
in any transaction with any Sanctioned Person or any Person who is located, organized or resident in any Designated Jurisdiction to the extent that such transactions would violate Sanctions. No Credit Extension, nor the proceeds from any Credit
Extension, has been used, directly or indirectly, or has otherwise been made available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business with any Sanctioned Person, or in any other manner that will

  
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result in a violation by any Loan Party or Subsidiary thereof, or any Lender, the Arrangers, or the Administrative Agent, of Sanctions. No Credit Extension, nor the proceeds from any Credit
Extension will violate the PATRIOT Act, the Trading with the Enemy Act, as amended, the International Emergency Economic Powers Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R.,
Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. The Borrower and its Subsidiaries are in compliance in all material respects with the PATRIOT Act. 

5.20     Solvency. The Parent and its Subsidiaries on a consolidated basis are Solvent. 

5.21     Casualty, Etc. Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are
affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty that, either individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect. 
 5.22     Unencumbered Properties. Each Property included in any
calculation of Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Unencumbered Property Criteria.” 

5.23     Subsidiary Guarantors. Prior to the Investment Grade Release, each Unencumbered Property Subsidiary is a
Guarantor. Each Unencumbered Property Subsidiary (if any) that is a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness is a Guarantor. 

5.24     Affected Financial Institution. 

No Borrower or Guarantor is an Affected Financial Institution. 

ARTICLE VI.     AFFIRMATIVE COVENANTS 

At all times prior to the Facility Termination Date, the Parent and the Borrower shall, and shall (except in the case of the covenants set
forth in Sections 6.01, 6.02, and 6.03) cause each of their respective Subsidiaries to: 
 6.01
    Financial Statements. Deliver to the Administrative Agent for further distribution to each Lender: 
 (a)
    as soon as available, but in any event within 90 days after the end of each fiscal year of the Parent (commencing with the fiscal year ending December 31, 2020), a consolidated balance sheet of the Consolidated Group as
at the end of such fiscal year, and the related consolidated statements of income or operations, changes in shareholders’ equity, and cash flows for such fiscal year, setting forth in each case, to the extent required to be included in the
Parent’s filings with the SEC, in comparative form the figures as of the end of and for the previous fiscal year (which comparative shall in the form and to the extent required to be included in the Parent’s filings with the SEC), all in
reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public 

  
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accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and
shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; it being understood and agreed that the delivery by the Parent of its Annual Report on Form
10-K with the SEC (satisfying the SEC’s requirements for 10-K filings) within the time period described in this clause (a) accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing
reasonably acceptable to the Required Lenders satisfying the requirements of this clause (a) shall satisfy the requirements of this clause (a); and 

(b)     as soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of
each fiscal year of the Parent (commencing with the fiscal quarter ended March 31, 2020), a consolidated balance sheet of the Consolidated Group as at the end of such fiscal quarter, the related consolidated statements of income or operations
for such fiscal quarter and for the portion of the Parent’s fiscal year then ended, and the related consolidated statements of changes in shareholders’ equity, and cash flows for the portion of the Parent’s fiscal year then ended, in
each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year (which comparatives shall in the form and to the
extent required to be included in the Parent’s filings with the SEC), all in reasonable detail, certified by the chief executive officer, chief financial officer, treasurer or controller of the Parent as fairly presenting the financial
condition, results of operations, shareholders’ equity and cash flows of the Consolidated Group in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; it being understood and agreed that the
delivery by the Parent of its Quarterly Report on Form 10-Q with the SEC (satisfying the SEC’s requirements for 10-Q filings) within the time period described in this clause (b) shall satisfy the requirements of this clause (b); 

(c)     as soon as available, but in any event at least 45 days after the end of each fiscal year of the Parent, forecasts
prepared by management of the Parent, in form reasonably satisfactory to the Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows of the Consolidated Group on a quarterly basis for such fiscal
year (including the fiscal year in which the Maturity Date occurs); 
 (d)     as soon as available, but in any event
within 90 days after the end of each fiscal year of the Borrower (commencing with the fiscal year ending December 31, 2020), a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as at the end of such fiscal year, and
the related consolidated statements of income or operations, changes in shareholders’ equity, and cash flows for such fiscal year, setting forth in each case, to the extent required to be included in the Borrower’s filings with the SEC, in
comparative form the figures as of the end of and for the previous fiscal year (which comparative shall be in the form and to the extent required to be included in the Borrower’s filings with the SEC), all in reasonable detail and prepared in
accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in
accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; it being

  
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understood and agreed that the delivery by the Borrower of its Annual Report on Form 10-K with the SEC (satisfying the SEC’s requirements for 10-K filings) within the time period described
in this clause (d) accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders satisfying the requirements of this clause (d) shall
satisfy the requirements of this clause (d); and 
 (e)     as soon as available, but in any event within 45 days after
the end of each of the first three fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal quarter ended March 31, 2020), a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as at the end of
such fiscal quarter, the related consolidated statements of income or operations for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, and the related consolidated statements of changes in shareholders’
equity, and cash flows for the portion of the Borrower’s fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding
portion of the previous fiscal year (which comparatives shall be in the form and to the extent required to be included in the Borrower’s filings with the SEC), all in reasonable detail, certified by the chief executive officer, chief financial
officer, treasurer or controller of the Borrower as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Consolidated Subsidiaries in accordance with GAAP, subject only to
normal year-end audit adjustments and the absence of footnotes; it being understood and agreed that the delivery by the Borrower of its Quarterly Report on Form 10-Q with the SEC (satisfying the SEC’s requirements for 10-Q filings) within the
time period described in this clause (e) shall satisfy the requirements of this clause (e). 
 As to any information contained in materials furnished
pursuant to Section 6.02(c), the Borrower and the Parent shall not be separately required to furnish such information under subsection (a) or (b) above, but the foregoing shall not be in derogation of the
obligation of the Borrower and the Parent to furnish the information and materials described in subsections (a) and (b) above at the times specified therein. 

6.02     Certificates; Other Information. Deliver to the Administrative Agent for further distribution to each
Lender: 
 (a)     concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and
(b) (commencing with the delivery of the financial statements for the fiscal quarter ended March 31, 2020, a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, chief accounting officer,
treasurer or controller of the Parent (which delivery may, unless the Administrative Agent requests executed originals, be by electronic communication including fax or e-mail and shall be deemed to be an original authentic counterpart thereof for
all purposes); each Compliance Certificate shall be accompanied by (i) copies of the statements of Net Operating Income and Unencumbered NOI attributable to each Unencumbered Eligible Property for such fiscal quarter or year, prepared on a
basis consistent with the Audited Financial Statements and otherwise in form and substance reasonably satisfactory to the Administrative Agent, together with a certification by the chief executive officer, chief financial officer, chief accounting
officer, treasurer or controller of the Parent that the information contained in such statement fairly presents Net Operating Income and 

  
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Unencumbered NOI attributable to each Unencumbered Property for such periods and (ii) a calculation, in form and substance satisfactory to the Administrative Agent, of the Unencumbered
Property Value of each Property and the Unencumbered Asset Value as of the last day of the fiscal period covered by such Compliance Certificate; 

(b)     promptly after any request by the Administrative Agent, copies of any detailed audit reports, management letters
or recommendations submitted to the board of directors (or similar governing body) (or the audit committee of the board of directors or similar governing body) of any Loan Party by independent accountants in connection with the accounts or books of
any Loan Party or any of its Subsidiaries, or any audit of any of them; 
 (c)     promptly after the same are
available, (x) copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders or other equity holders of the Parent, (y) copies of each annual report, proxy, financial statement or
other financial report sent to the limited partners of the Borrower, and (z) copies of all annual, regular, periodic and special reports and registration statements which any Loan Party or any Subsidiary thereof files with the SEC under
Section 13 or 15(d) of the Securities Exchange Act, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto; 

(d)     promptly after the furnishing thereof, copies of any statement or report furnished to any holder of debt
securities of any Loan Party or any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of
this Section 6.02; 
 (e)     promptly, and in any event within five Business Days after receipt thereof by
any Loan Party or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by
such agency regarding material issues concerning financial or other operational results of any Loan Party or any Subsidiary thereof; 
 (f)
    promptly after the assertion or occurrence thereof, notice of any action or proceeding against or of any written notice of noncompliance by any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental
Permit that could reasonably be expected to have a Material Adverse Effect; 
 (g)     promptly, such additional
material information regarding the business, financial or corporate affairs of any Loan Party or any Subsidiary thereof, or compliance with the terms of the Loan Documents, as the Administrative Agent may from time to time reasonably request; and

 (h)     promptly following any request therefor, information and documentation reasonably requested by the
Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation.

 Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(c) (to the
extent any such documents are included in materials otherwise filed with the SEC) may 

  
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be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Parent posts such documents, or provides a link thereto on the
Parent’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Parent’s behalf on an Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that the Parent shall notify the Administrative Agent (by facsimile or electronic mail) of the posting of
any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies
of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Parent with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or
maintaining its copies of such documents. 
 The Borrower and the Parent each hereby acknowledges that (a) the Administrative Agent
and/or the Arrangers may, but shall not be obligated to, make available to the Lenders materials and/or information provided by or on behalf of the Parent or the Borrower hereunder (collectively, “Borrower Materials”) by posting the
Borrower Materials on Debt Domain, IntraLinks, Syndtrak, ClearPar or another similar electronic transmission system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel
who do not wish to receive material non-public information with respect to the Parent or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to
such Persons’ securities. The Parent and the Borrower each hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be either (1) those Borrower Materials that are filed with the SEC or
(2) those that are not filed with the SEC but are clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof (collectively,
“Public Borrower Materials”); (x) by filing Borrower Materials with SEC or marking Borrower Materials that are not filed with the SEC “PUBLIC,” the Parent and the Borrower shall be deemed to have authorized the
Administrative Agent, the Arrangers and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Parent or the Borrower or their respective securities for purposes of United States
Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Public Borrower Materials are
permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat the Borrower Materials that are not Public Borrower
Materials as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” 

6.03    Notices. Promptly notify the Administrative Agent for further distribution to each Lender: 

(a)    of the occurrence of any Default; 

(b)    of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including
(i) breach or non-performance of, or any default under, a Contractual Obligation of any Loan Party or any Subsidiary thereof; (ii) any dispute, litigation, 

  
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investigation, proceeding or suspension between any Loan Party or any Subsidiary thereof and any Governmental Authority; or (iii) the commencement of, or any material development in, any
litigation or proceeding affecting Loan Party or any Subsidiary thereof, including pursuant to any applicable Environmental Laws; 

(c)    of the occurrence of any ERISA Event that could reasonably be expected to have a Material Adverse Effect; 

(d)    of any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary
thereof, including any determination by the Parent or the Borrower referred to in Section 2.11(b); and 

(e)    of any announcement by Moody’s, Fitch or S&P of any change or possible change in a Debt Rating;
provided, that the provisions of this clause (e) shall not apply until such time, if any, as the Parent or the Borrower obtains an Investment Grade Rating. 

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

6.04    Payment of Obligations. 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 Parent, the Borrower 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, except in the case of the foregoing clauses (a) through (c) as could not 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 its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.05 and except, solely in the case of a Subsidiary that is not a Loan Party,
where the failure to do so could not reasonably be expected to have a Material Adverse Effect, (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of
its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the
non-preservation of which could reasonably be expected to have a Material Adverse Effect. 

6.06    Maintenance of Properties. (a) Maintain, preserve and protect all of its properties and equipment
necessary in the operation of its business in good working order; (b) make all necessary repairs thereto and renewals and replacements thereof and (c) use the  

  
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standard of care typical in the industry in the operation and maintenance of its facilities, except in each case of the foregoing clauses (a) through (c) where the failure to do so
could not reasonably be expected to have a Material Adverse Effect. 
 6.07    Maintenance of Insurance. Maintain
with financially sound and reputable insurance companies that are not Affiliates of the Parent (“Third Party Insurance Companies”), insurance with respect to its properties and business against loss or damage of the kinds
customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons (which insurance shall, in any event, include terrorism
coverage to the extent generally available at commercially reasonable rates); provided, that the Loan Parties and their Subsidiaries may maintain such insurance under a plan by self-insurance, or a large deductible program, or a captive
insurance arrangement (in excess of the amounts reinsured with Third Party Insurance Companies) (collectively, “Self-Insurance”) instead of with one or more Third Party Insurance Companies if (but only if) the Administrative Agent
has consented in writing to the amount, types and terms and conditions of all such Self Insurance (such written consent not to be unreasonably withheld), it being understood and agreed that all Self-Insurance existing on the Closing Date has been
consented to by the Administrative Agent. 
 6.08    Compliance with Laws. Comply in all material respects with
the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested
in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

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

6.10    Inspection Rights. Permit representatives and independent contractors of the Administrative Agent to visit
and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public
accountants, all at the expense of the Borrower and at such reasonable times during normal business hours, upon reasonable advance notice to the Borrower; provided, however, that so long as no Event of Default then exists, such visits
shall be limited to once in any calendar year. 
 6.11    Use of Proceeds. Use the proceeds of the Credit
Extensions for general corporate purposes of the Borrower and its Subsidiaries (including for working capital, capital expenditures, and acquisitions, development and redevelopment of real estate properties) not in contravention of any Law or of any
Loan Document. 

  
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 6.12    Additional Unencumbered Properties; Additional
Guarantors. 
 (a)    If at any time the Borrower intends to include as an Unencumbered Eligible Property any
Proposed Real Estate, prior to any such inclusion the Borrower shall notify the Administrative Agent in writing of its desire to include such Proposed Real Estate as an Unencumbered Eligible Property. 

(b)    The notice referred to in clause (a) above shall include (i) if such inclusion is to occur prior to the
Investment Grade Release, a list of each Subsidiary that is (or upon the acquisition or leasing thereof or upon the acquisition of the owner or lessee thereof will be) the Direct Owner or an Indirect Owner thereof and (ii) if such inclusion is
to occur on or after the Investment Grade Release, a list of each Subsidiary of the Borrower (if any) that is (or upon the acquisition or leasing thereof or upon the acquisition of the owner or lessee thereof will be) the Direct Owner or an Indirect
Owner thereof and will at the time such Proposed Real Estate is to be included as an Unencumbered Eligible Property be a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness (each such Subsidiary under clause
(i) or (ii) (including for the avoidance of doubt any Joint Venture Partner) being referred to hereinafter as a “Proposed Unencumbered Property Subsidiary”); 

(c)    With respect to each Proposed Unencumbered Property Subsidiary, at least 10 days (or such shorter period as the
Administrative Agent may agree) prior to the date the applicable Proposed Real Estate is to be included as an Unencumbered Eligible Property, the Borrower shall 

(i)    provide the Administrative Agent with the U.S. taxpayer identification number for such Proposed
Unencumbered Property Subsidiary, and 
 (ii)    provide the Administrative Agent, on behalf of the
Lenders, with all documentation and other information concerning each such Proposed Unencumbered Property Subsidiary that the Administrative Agent or any Lender may reasonably request in order to comply with their obligations under applicable
“know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act and the Beneficial Ownership Regulation. 

(d)    At or prior to the time that any Proposed Real Property that has as its Direct Owner or Indirect Owner a Proposed
Unencumbered Property Subsidiary is included as an Unencumbered Eligible Property, the Borrower shall cause each such Proposed Unencumbered Property Subsidiary to 

(i)    execute and deliver a joinder agreement to the Guaranty Agreement in form and substance reasonably
satisfactory to the Administrative Agent, and 
 (ii)    deliver to the Administrative Agent the items
referenced in Sections 4.01(a)(iii) and (iv) with respect to each such Proposed Unencumbered Property Subsidiary, and solely to the extent requested by the Administrative Agent in its reasonable discretion, deliver to the
Administrative Agent a favorable opinion of counsel (which counsel shall be reasonably acceptable to the Administrative Agent), addressed to the Administrative Agent and each Lender, as to such matters concerning each such Proposed Unencumbered
Property Subsidiary and the Guaranty Agreement as the Administrative Agent may reasonably request. 

  
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 (e)    If at any time the Parent desires to become a Guarantor, it shall
execute and deliver to the Administrative Agent a joinder agreement to the Guaranty Agreement in form and substance reasonably satisfactory to the Administrative Agent; (b) deliver to the Administrative Agent the items referenced in Sections
4.01(a)(iii) and (iv) with respect to the Parent; and (c) solely to the extent requested by the Administrative Agent in its reasonable discretion, deliver to the Administrative Agent a favorable opinion of counsel (which counsel
shall be reasonably acceptable to the Administrative Agent), addressed to the Administrative Agent and each Lender, as to such matters concerning the Parent and the Guaranty Agreement as the Administrative Agent may reasonably request. 

(f)    Notwithstanding anything to the contrary contained in this Agreement, in the event that the results of any such
“know your customer” or similar investigation conducted by the Administrative Agent with respect to any Proposed Unencumbered Property Subsidiary is not reasonably satisfactory to the Administrative Agent, such Person shall not be
permitted to become a Guarantor, and for the avoidance of doubt no Property owned or ground leased by such Subsidiary shall be included as an Unencumbered Eligible Property, as applicable, without the prior written consent of the Administrative
Agent. 
 6.13    Compliance with Environmental Laws. Except as would not reasonably be expected to have a
Material Adverse Effect, comply, and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying its properties to comply with all applicable Environmental Laws and Environmental Permits; obtain and renew all
Environmental Permits necessary for its operations and properties; and conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from
any of its properties, in compliance with applicable Environmental Laws; provided, however, that neither the Parent nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the
extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP. 

6.14    Anti-Corruption Laws; Anti-Money Laundering Laws; Sanctions. Conduct its businesses (a) in compliance
with applicable Anti-Corruption Laws and applicable anti-money laundering laws and maintain policies and procedures reasonably designed to promote and achieve compliance with all such laws and (b) in a manner that will not result in a violation
by the Borrower or its Subsidiaries, or any individual or entity participating in the transaction, whether as Lender, Arranger, Administrative Agent, or otherwise, of Sanctions. 

6.15    Further Assurances. Promptly upon request by the Administrative Agent, (a) correct any material defect
or manifest error that may be discovered in any Loan Document and (b) do, execute and take any and all such further acts, deeds, certificates and assurances and other instruments as the Administrative Agent may reasonably require from time to
time in order to carry out more effectively the purposes of the Loan Documents. 

  
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 6.16    Maintenance of REIT Status; New York Stock Exchange or NASDAQ
Listing. The Parent will, at all times (i) continue to be organized and operated in a manner that will allow it to qualify for taxation as a REIT and (ii) remain publicly traded with securities listed on the New York Stock Exchange or
the NASDAQ Stock Market. 
 ARTICLE VII.    NEGATIVE COVENANTS 

At all times prior to the Facility Termination Date, the Parent and the Borrower shall not, nor shall they permit any of their respective
Subsidiaries to, directly or indirectly: 
 7.01    Liens. Create, incur, assume or suffer to exist any Lien on
(i) any Unencumbered Eligible Property other than Permitted Property Encumbrances, (ii) any Equity Interest of (x) the Borrower owned by the Parent or (y) any Unencumbered Property Subsidiary, in each case other than Permitted
Equity Encumbrances or (iii) any income from or proceeds of any of the foregoing; or sign, file or authorize under the Uniform Commercial Code of any jurisdiction a financing statement that includes in its collateral description any portion of
any Unencumbered Eligible Property (unless such description relates to Permitted Property Encumbrance), any Equity Interest of the Borrower owned by the Parent (unless such description relates to Permitted Equity Encumbrance), any Equity Interest of
any Unencumbered Property Subsidiary (unless such description relates to Permitted Equity Encumbrance) or any income from or proceeds of any of the foregoing. 

7.02    Investments. Make any Investments, except: 

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

(b)    equity Investments owned as of the Closing Date in Subsidiaries; 

(c)    Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts
and disputes with, customers and suppliers, in each case in the ordinary course of business; and 
 (d)    other
Investments, so long as (i) no Event of Default has occurred and is continuing immediately before and after the making of such Investment and (b) immediately after giving effect to the making of such Investment, the Parent and its
Subsidiaries shall be in compliance, on a pro forma basis, with the provisions of Section 7.11. 
 Notwithstanding anything to the contrary
contained herein, the Parent shall not be permitted to make any Investment at any time that it is not a Guarantor, except as permitted under Section 7.14. 

  
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 7.03    Indebtedness. Create, incur, assume or suffer to exist
any Indebtedness (other than Indebtedness exclusively among members of the Consolidated Group) unless (a) no Event of Default has occurred and is continuing immediately before and after the incurrence of such Indebtedness and
(b) immediately after giving effect to the incurrence of such Indebtedness, the Parent and its Subsidiaries shall be in compliance, on a pro forma basis, with the provisions of Section 7.11; 

provided, that notwithstanding the foregoing, in no event shall the Parent or any Unencumbered Property Subsidiary be a borrower or guarantor of, or
otherwise obligated in respect of, any Recourse Indebtedness unless it is a Guarantor. 
 7.04    Minimum Property
Condition. Suffer or permit a failure to comply with the Minimum Property Condition at all times. 

7.05    Fundamental Changes; Dispositions. Merge, dissolve, liquidate, consolidate with or into another Person,
make any Disposition (including, in each case, pursuant to a Division) or, in the case of any Subsidiary of the Parent, issue, sell or otherwise Dispose of any of such Subsidiary’s Equity Interests to any Person, except: 

(a)    any Subsidiary of the Borrower may merge or consolidate with (i) the Borrower, provided that the Borrower
shall be the continuing or surviving Person and or (ii) any one or more other Subsidiaries of the Borrower, provided that if any Subsidiary Guarantor is merging with another Subsidiary of the Borrower that is not a Subsidiary Guarantor, such
Subsidiary Guarantor shall be the continuing or surviving Person (unless such Subsidiary Guarantor ceases to be a Subsidiary Guarantor as the result of such merger or consolidation); 

(b)    any Subsidiary of the Borrower may Dispose of all or substantially all of its assets (upon voluntary liquidation,
pursuant to a Division or otherwise) to the Borrower or another Subsidiary of the Borrower; provided that if the transferor in such a transaction is a Subsidiary Guarantor that will remain a Subsidiary Guarantor after giving effect to such
Disposition, then the transferee must be the Borrower or a Subsidiary Guarantor; and provided, further, that if any Subsidiary Guarantor consummates a Division, the Borrower must comply with applicable obligations under Section 6.12 with
respect to each Division Successor; 
 (c)    Dispositions of obsolete or worn out equipment, whether now owned or
hereafter acquired, in the ordinary course of business; 
 (d)    Dispositions of property by any Subsidiary of the
Borrower to the Borrower or another Subsidiary of the Borrower; provided that if the transferor is a Subsidiary Guarantor, then the transferee must be the Borrower or a Subsidiary Guarantor; and provided, further, that if any Subsidiary Guarantor
consummates a Division, the Borrower must comply with applicable obligations under Section 6.12 with respect to each Division Successor; 

(e)    Investments permitted by Section 7.02; and 

  
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 (f)    mergers, dissolutions, liquidations, consolidations or
Dispositions not otherwise permitted above; provided that: 
 (i)    no Event of Default has occurred and
is continuing immediately before and after such transaction; 
 (ii)    immediately upon giving effect
thereto, the Parent and its Subsidiaries shall be in compliance, on a pro forma basis, with the provisions of Section 7.11; and 

(iii)    in the event of any Disposition of an Unencumbered Eligible Property for which a Direct Owner or
an Indirect Owner is a Guarantor or a Disposition of any such Direct Owner or Indirect Owner: (A) the representations and warranties 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, are true and correct in all material respects (or, if qualified by materiality, Material Adverse Effect or similar language, in all respects) on and as of the date thereof and immediately after
giving effect thereto, except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (or, if qualified by
materiality, Material Adverse Effect or similar language, in all respects) as of such earlier date and except that for purposes of this Section 7.05, the representations and warranties contained in subsections (a) and
(b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 and (B) the provisions of
Section 10.19(b) or (c), as applicable, shall be satisfied (and, in the case of any such Disposition that is effected pursuant to a Division, the Borrower must, as and to the extent set forth in subsections (b) and
(d) of this Section 7.05, comply with applicable obligations under Section 6.12 with respect to each Division Successor). 

Notwithstanding anything to the contrary contained herein, in no event shall the Parent or the Borrower be permitted to (i) merge, dissolve or liquidate
or consolidate with or into any other Person unless after giving effect thereto the Parent or the Borrower, as applicable, is the sole surviving Person of such transaction and no Change of Control results therefrom, (ii) consummate a Division
or (iii) engage in any transaction pursuant to which it is reorganized or reincorporated in any jurisdiction other than a State of the United States of America or the District of Columbia. 

7.06    Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any
obligation (contingent or otherwise) to do so, except that the following shall be permitted: 
 (a)    each Subsidiary
of the Borrower may make Restricted Payments pro rata to the holders of its Equity Interests; 
 (b)    each
Consolidated Party may declare and make dividend payments or other distributions payable solely in the common stock or other common Equity Interests of such Person or another Consolidated Party; 

(c)    the Borrower shall be permitted to declare and make other Restricted Payments on or in respect of its Equity
Interests; provided, however, (1) if an Event of Default under Section  

  
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8.01(a) shall have occurred and be continuing or would result therefrom, the Borrower shall only be permitted to declare and pay pro rata cash dividends on its Equity Interests or make pro
rata cash distributions with respect thereto in an amount that will result in the Parent receiving the minimum amount of funds required to be distributed to its equity holders in order for the Parent to maintain its status as a REIT for federal and
state income tax purposes and (2) no Restricted Payments shall be permitted under this clause (c) following the acceleration of the Obligations pursuant to Section 8.02 or following the occurrence of any Event of Default under
Section 8.01(f) or (g); and 
 (d)    the Parent shall be permitted to make Restricted Payments with
any amounts received by it from the Borrower pursuant to Section 7.06(c). 
 For the avoidance of doubt, Section 7.06 shall not
prohibit payments required to be made pursuant to the Tax Protection Agreement (as in effect on the Closing Date or as modified thereafter with the prior written consent of the Administrative Agent). 

7.07    Change in Nature of Business. Engage in any material line of business other than acquiring and developing
income producing real properties and investments related thereto (including the operation of the Empire State Observatory or other observatory properties) or any business reasonably related or ancillary thereto or representing a reasonable extension
thereof. 
 7.08    Transactions with Affiliates. Enter into any transaction of any kind with any
Affiliate of the Parent, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Parent or a Subsidiary thereof as would be obtainable by the Parent or such Subsidiary at the time
in a comparable arm’s length transaction with a Person other than an Affiliate; provided that the foregoing restriction shall not apply to (i) transactions between or among the Borrower and its Subsidiaries at any time that the
Parent is not a Guarantor, and transactions between or among the Parent and its Subsidiaries at any time that the Parent is a Guarantor, (ii) fees and compensation (whether in the form of cash, equity or otherwise) paid or provided to, and any
indemnity provided on behalf of, officers, directors or employees of the Parent or any Subsidiary thereof as determined in good faith by the board of directors of the Parent and in the ordinary course of business, (iii) payments contemplated by
the Tax Protection Agreement, (iv) Restricted Payments not prohibited hereunder and (v) transactions and arrangements existing on the Closing Date and disclosed in the reports filed by the Parent with the SEC under the Securities Act or
the Securities Exchange Act prior to the Closing Date. 
 7.09    Burdensome Agreements. Enter into or permit to
exist any Contractual Obligation (other than this Agreement or any other Loan Document) that limits the ability of (i) any Subsidiary to make Restricted Payments to the Parent, the Borrower or any Guarantor (or, following the Investment Grade
Release, any Wholly Owned Subsidiary of the Borrower that is a Direct Owner or Indirect Owner of an Unencumbered Eligible Property) or to otherwise transfer any Unencumbered Eligible Property, or any income therefrom or proceeds thereof, to the
Parent, the Borrower or any Subsidiary, (ii) the Parent or any Subsidiary of the Borrower that is an Unencumbered Property Subsidiary to Guarantee any Obligations or (iii) the Parent, any Subsidiary of the Borrower that is an Unencumbered
Property Subsidiary, any Controlled Joint Venture or any Controlled Venture Subsidiary to create, incur, assume or suffer to exist Liens on 

  
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any Unencumbered Eligible Property, any Equity Interest of the Borrower owned by the Parent, any Equity Interest of any Unencumbered Property Subsidiary, any Equity Interest of any Controlled
Joint Venture owned by a Joint Venture Partner, any Equity Interest of any Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property, or any income from or proceeds of any of the foregoing; provided, however, that
clause (i) above shall not prohibit customary limitations on Restricted Payments or Negative Pledges (A) provided in favor of any holder of Secured Indebtedness of a Subsidiary so long as (1) such Subsidiary is not an Unencumbered
Property Subsidiary, a Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property or a Controlled Joint Venture that owns a Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property and (2) such
Secured Indebtedness is permitted under Sections 7.03 and 7.11, (B) contained in (1) any agreement in connection with a Disposition permitted by Section 7.05 (provided that such limitation shall only be
effective against the assets or property that are the subject of such Disposition) or (2) the constituent documents of, or joint venture agreements or other similar agreements entered into in the ordinary course of business that are applicable
solely to, a non-Wholly Owned Subsidiary that is not a Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property or a Controlled Joint Venture that owns a Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible
Property, (C) arising by virtue of restrictions on cash or other deposits or net worth imposed by customers, suppliers or landlords or required by insurance, surety or bonding companies, in each case, under contracts entered into in the
ordinary course of business so long as such restrictions do not apply to any Subsidiary that is an Unencumbered Property Subsidiary, a Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property or a Controlled Joint Venture that
owns a Controlled Joint Venture Subsidiary that owns an Unencumbered Eligible Property and (D) that constitute Permitted Pari Passu Encumbrances. 

7.10    Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether
immediately, incidentally or ultimately, (a) 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 or (b) for any purpose that would breach any applicable anti-money laundering law or Anti-Corruption Law. 

7.11    Financial Covenants. 

(a)    Maximum Leverage Ratio. Permit Total Indebtedness as of the last day of each fiscal quarter of the Parent to
exceed 60% of the Total Asset Value on such day; provided, that on two occasions prior to the Facility Termination Date the Borrower may elect that such ratio be permitted to exceed 60% for up to two (2) consecutive full fiscal quarters
immediately following a Significant Acquisition, but in no event shall such ratio exceed 65% as of the last day of any fiscal quarter. For purposes of this covenant, (i) Total Indebtedness shall be adjusted by deducting therefrom the aggregate
amount of Unrestricted Cash to the extent available for the repayment of Total Indebtedness in excess of $35,000,000 to the extent that there is an equivalent amount of funded Indebtedness included in Total Indebtedness that matures within 24 months
from the applicable date of the calculation and (ii) Total Asset Value shall be adjusted by deducting therefrom the amount by which Total Indebtedness is adjusted pursuant to clause (i) above. 

  
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 (b)    Maximum Secured Leverage Ratio. Permit Total Secured
Indebtedness as of the last day of each fiscal quarter of the Parent to exceed 40% of the Total Asset Value on such day. 

(c)    [Intentionally Omitted]. 

(d)    Minimum Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage Ratio as of the last day of any fiscal
quarter of the Parent to be less than 1.50 to 1.00. 
 (e)    Minimum Unencumbered Interest Coverage Ratio.
Permit the Unencumbered Interest Coverage Ratio as of the last day of any fiscal quarter of the Parent to be less than 1.75 to 1.00. 

(f)    Maximum Unsecured Leverage Ratio. Permit Total Unsecured Indebtedness as of the last day of each fiscal
quarter of the Parent to exceed 60% of the Unencumbered Asset Value on such day; provided, that on two occasions prior to the Facility Termination Date the Borrower may elect that such ratio be permitted to exceed 60% for up to two
(2) consecutive full fiscal quarters immediately following a Significant Acquisition, but in no event shall such ratio exceed 65% as of the last day of any fiscal quarter. For purposes of this covenant, (i) Total Unsecured Indebtedness
shall be adjusted by deducting therefrom the aggregate amount of Unrestricted Cash to the extent available for the repayment of Total Unsecured Indebtedness in excess of $35,000,000 to the extent that there is an equivalent amount of funded
Indebtedness included in Total Unsecured Indebtedness that matures within 24 months from the applicable date of the calculation and (ii) Unencumbered Asset Value shall be adjusted by deducting therefrom the amount by which Total Unsecured
Indebtedness is adjusted pursuant to clause (i) above. 
 7.12    Accounting Changes. Make any change in
(a) accounting policies or reporting practices, except as required or permitted by GAAP, or (b) fiscal year. 

7.13    Amendment, Waivers and Terminations of Organization Documents. Directly or indirectly, consent to, approve,
authorize or otherwise suffer or permit any amendment, change, cancellation, termination or waiver in any respect of the terms of any Organization Document of any Loan Party or any Subsidiary thereof, other than amendments, changes and modifications
that are not adverse in any material respect to the Parent, any of the other Loan Parties, any Subsidiary thereof, the Administrative Agent or the Lenders. 

7.14    Parent Covenants. Notwithstanding anything to the contrary contained in any Loan Document, at any time that
the Parent is not a Guarantor the Parent shall not directly or indirectly enter into or conduct any business other than in connection with the ownership, acquisition and disposition of interests in the Borrower and, if applicable, direct interests
in the Borrower, and the management of the business of the Borrower, and such activities as are incidental thereto, all of which shall be solely in furtherance of the business of the Borrower. The Parent shall not own any assets other than
(i) interests, rights, options, warrants or convertible or exchangeable securities of the Borrower, (ii) assets that have been distributed to the Parent by its Subsidiaries in accordance with Section 7.06 that are held for ten
(10) Business Days or less pending further distribution to equity holders of the Parent, (iii) assets received by the Parent from third parties (including the Net Cash Proceeds from any issuance and sale by the 

  
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Parent of any its Equity Interests), that are held for ten (10) Business Days or less pending contribution of same to the Borrower, (iv) such bank accounts or similar instruments as it
deems necessary to carry out its responsibilities under the Organization Documents of the Borrower and (v) other tangible and intangible assets that, taken as a whole, are de minimis in relation to the net assets of the Borrower and its
Subsidiaries, but which shall in no event include any Equity Interests other than those permitted in clauses (i) and (iii) of this sentence. Nothing in this Section 7.14 shall prevent the Parent from (i) the maintenance of its
legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (ii) the performance of its obligations with respect to the Loan Documents, (iii) any public offering of its common stock or any other
issuance or sale of its Equity Interests, (iv) the payment of dividends, (v) making contributions to the capital of the Borrower, (vi) participating in tax, accounting and other administrative matters as a member of the consolidated
group of the Parent and the Borrower, (vii) providing indemnification to officers, managers and directors, (viii) any activities incidental to compliance with the provisions of the Securities Act of 1933, as amended, the Exchange Act of
1934, as amended, any rules and regulations promulgated thereunder, and the rules of national securities exchanges, in each case, as applicable to companies with listed equity or debt securities, as well as activities incidental to investor
relations, shareholder meetings and reports to shareholders or debt holders and (ix) any activities incidental to the foregoing. 

7.15    Anti-Corruption Laws; Anti-Money Laundering Laws; Sanctions. 

(a)    Use the proceeds of any Credit Extension for any purpose which would violate any Anti-Corruption Laws. 

(b)    Engage in any transaction, investment, undertaking or activity that conceals the identity, source or destination of
the proceeds from any category of prohibited offenses designated in any applicable law, regulation or other binding measure by the Organisation for Economic Cooperation and Development’s Financial Action Task Force on Money Laundering or
violate these laws or any other applicable anti-money laundering law or engage in these actions. 
 (c)    Use the
proceeds of any Credit Extension, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any Sanctioned Person or in any
Designated Jurisdiction, or in any other manner that will result in a violation by the Borrower or its Subsidiaries, or any other Person participating in the transaction, whether as Lender, Arranger, Administrative Agent, or otherwise, of Sanctions.

 ARTICLE VIII.    EVENTS OF DEFAULT AND REMEDIES 

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

(a)    Non-Payment. The Borrower or any other Loan Party fails to (i) pay when and as required to be paid
herein, any amount of principal of any Loan, or (ii) pay within three (3) Business Days after the same becomes due, any interest on any Loan or any fee due hereunder, or (iii) pay within five (5) Business Days after the same
becomes due, any other amount payable hereunder or under any other Loan Document; or 

  
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 (b)    Specific Covenants. The Borrower or the Parent fails to
perform or observe any term, covenant or agreement contained in any of Section 6.02(e), 6.03 (other than 6.03(d) and (e)), 6.05 (with respect to the Parent, the Borrower and each Unencumbered Eligible Subsidiary),
6.07, or Article VII, or any Guarantor fails to perform or observe any term, covenant or agreement contained in the Guaranty Agreement; or 

(c)    Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in
Section 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (x) the date upon which a Responsible Officer of the
Borrower or the Parent obtains knowledge of such failure or (y) the date upon which the Borrower or the Parent has received written notice of such failure from the Administrative Agent; or 

(d)    Representations and Warranties. Any representation, warranty, certification or statement of fact made or
deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed
made; or 
 (e)    Cross-Default. (i) Any Loan Party or any Subsidiary thereof (A) fails to make any
payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Recourse Indebtedness or Guarantee of Recourse Indebtedness (other than Indebtedness hereunder and Indebtedness under Swap
Contracts) having an aggregate principal amount of more than the Threshold Amount, or (B) fails 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 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, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) any Loan Party or any
Subsidiary thereof fails to observe or perform any agreement or condition relating to any Nonrecourse Indebtedness or Guarantee of Nonrecourse Indebtedness having an aggregate principal amount of more than the Threshold Amount, 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 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, or such Guarantee to become payable or cash collateral in respect thereof to be demanded or
(iii) 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 any Loan Party or any Subsidiary thereof 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 any Loan Party or any Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination
Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount; or 

  
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 (f)    Insolvency Proceedings, Etc. The Parent, the Borrower or
any Significant Subsidiary of the Parent 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) The Parent, the Borrower or any Significant Subsidiary of the
Parent 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 60 days after its issue or levy; or 

(h)    Judgments. There is entered against the Parent, the Borrower or any Significant Subsidiary of the Parent
(i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding $50,000,000 (to the extent not covered by independent third-party insurance as to which the insurer is
rated at least “A” by A.M. Best Company, has been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 60 consecutive days during which a stay of enforcement of
such judgment, by reason of a pending appeal or otherwise, is not in effect; or 
 (i)    ERISA. (i) An
ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an
aggregate amount in excess of the $50,000,000, (ii) any Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under
Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the $50,000,000, or (iii) the assets of a Loan Party are deemed to be plan assets within the meaning of 29 C.F.R. as modified in operation by section
3(42) of ERISA; or 
 (j)    Invalidity of Loan Documents. Any material provision of any Loan Document, at any
time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests
in any manner the validity or 

  
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enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke,
terminate or rescind any provision of any Loan Document; or 
 (k)    Change of Control. There occurs any Change
of Control; or 
 (l)    REIT Status. The Parent shall, for any reason, fail to maintain its status as a REIT,
after taking into account any cure provisions set forth in the Code that are complied with by the Parent. 

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 Credit Extensions to be terminated, whereupon such commitments and
obligation shall be terminated; 
 (b)    declare the unpaid principal amount of all outstanding Loans, all interest
accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived by the Borrower; and 
 (c)    exercise on behalf of itself and the Lenders all rights and remedies available to
it and the Lenders under the Loan Documents; 
 provided, however, that upon the occurrence of an actual or deemed entry of an order for
relief with respect to the Parent, the Borrower or any Unencumbered Eligible Subsidiary under the Bankruptcy Code of the United States, the obligation of each Lender to make Credit Extensions shall automatically terminate, and the unpaid principal
amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each case, without further act of the Administrative Agent or any Lender. 

8.03    Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the
Loans have automatically become immediately due and payable as set forth in the proviso to Section 8.02), or if at any time insufficient funds are received by and available to the Administrative Agent to pay fully all Obligations then
due hereunder, any amounts received on account of the Obligations shall, subject to the provisions of Section 2.18, 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 (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this
clause Second payable to them; 

  
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 Third, to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Loans, and other Obligations, ratably among the Lenders 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, ratably among the Lenders 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 indefeasibly paid in full, to the Borrower or as otherwise required by Law. 
 ARTICLE
IX.    ADMINISTRATIVE AGENT 
 9.01    Appointment and Authority. Each of the Lenders
hereby irrevocably appoints Wells Fargo Bank to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such action as contractual representative on such
Lender’s 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. Not in limitation of the foregoing, each Lender
authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the
provisions of this Agreement or the Loan Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of
the Lenders. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. Nothing
herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations other than those expressly provided for herein. Without limiting the generality of the
foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting
parties. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any
action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders (or all of the Lenders if explicitly required under any other
provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Administrative
Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or applicable Law, including for the avoidance of doubt

  
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any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation
of any Debtor Relief Law. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Required
Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting
under this Agreement or any of the other Loan Documents in accordance with the instructions of the Required Lenders, or where applicable, all the Lenders. 

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 each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as
trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with with the Parent 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. Further, such Person and any Affiliate may accept fees and other consideration from the Borrower for services in connection with this Agreement or otherwise without having to account for the same to the other
Lenders. The Lenders acknowledge that, pursuant to such activities, such Person acting as Administrative Agent or its Affiliates may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other Affiliates (including
information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. 

9.03    Exculpatory Provisions. The Administrative Agent or Arrangers, as applicable, shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent or any Arranger, as
applicable shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing. 

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02)
or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. 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 any Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a
“notice of default”; provided, a Lender’s 

  
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failure to provide such a “notice of default” to the Administrative Agent shall not result in any liability of such Lender to any other party to any of the Loan Documents. Further, if
the Administrative Agent receives such a “notice of default,” the Administrative Agent shall give prompt notice thereof to the Lenders. 

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 Credit Extension that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative
Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Credit Extension. The Administrative Agent may consult with
legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
Neither the Administrative Agent nor any of its Related Parties: (a) makes any warranty or representation to any Lender or any other Person, or shall be responsible to any Lender or any other Person for any statement, warranty or representation
made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the performance or observance of any of
the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons, or to inspect the property, books
or records of the Borrower or any other Person; (c) shall be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other
instrument or document furnished pursuant thereto or any collateral covered thereby or the perfection or priority of any Lien in favor of the Administrative Agent on behalf of the Lender Parties in any such collateral; (d) shall have any
liability in respect of any recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and
(e) shall incur any liability under or in respect of this Agreement or any other Loan Document by 

  
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acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the
proper party or parties. 
 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. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction
determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

9.06    Resignation of Administrative Agent. 

(a)    The Administrative Agent may resign as the Administrative Agent upon thirty (30) days’ written notice to
the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall be consented to by the Borrower at all times other
than during the existence of an Event of Default (which consent of the Borrower shall not be unreasonably withheld or delayed and shall be deemed given if the Borrower fails to respond within ten (10) Business Days). If no such successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment within 45 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders and the
Borrower) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders, appoint a successor Administrative Agent 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, provided that in no event shall any such successor Administrative Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation
shall become effective in accordance with such notice on the Resignation Effective Date. 
 (b)    If the Person serving
as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person
as Administrative Agent and, with the consent of the Borrower at all times other than during the existence of an Event of Default (which consent of the Borrower shall not be unreasonably withheld or delayed and shall be deemed given if the Borrower
fails to respond within ten (10) Business Days), appoint a successor. If no such successor shall have been so 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. 

  
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 (c)    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 under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and
(2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, 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 directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. 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 removed) Administrative Agent (other than as provided in Section 3.01(h) and other than any rights to indemnity
payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its
duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to
its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring 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 or removed 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 (i) while the retiring or removed Administrative Agent was acting as Administrative Agent and (ii) after such resignation or removal for as long as any of them continues to act in any capacity hereunder
or under the other Loan Documents, including in respect of any actions taken in connection with transferring the agency to any successor Administrative Agent. 

9.07    Non-Reliance on Administrative Agent, Arrangers and Other Lenders. Each Lender expressly acknowledges that
none of the Administrative Agent, any Arranger or any of their respective Related Parties has made any representation or warranty to it, and that no act by the Administrative Agent or any Arranger hereafter taken, including any consent to, and
acceptance of any assignment or review of the affairs of any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent or any Arranger to any Lender as to any matter, including
whether the Administrative Agent or any Arranger have disclosed material information in their (or their Related Parties’) possession. Each Lender acknowledges that it has made its own credit and legal analysis and decision to enter into this
Agreement and the transactions contemplated hereby, independently and without reliance upon the Administrative Agent, any Arranger, any other Lender or counsel to the Administrative Agent, or any of their respective Related Parties, and based on the
financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan Parties, the other
Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate. Each Lender also
acknowledges that it will, independently and without reliance upon the Administrative 

  
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Agent, any Arranger, any other Lender or counsel to the Administrative Agent or any of their respective Related Parties, and based on such review, advice, documents and information as it shall
deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or
any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Borrower, any other Loan Party or any other Subsidiary. Except for
notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent shall have no duty or responsibility
to provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into
possession of the Administrative Agent or any of its Related Parties. Each Lender represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it is engaged in making, acquiring or
holding commercial loans in the ordinary course and is entering into this Agreement as a Lender for the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to such Lender, and
not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Lender agrees not to assert a claim in contravention of the foregoing. Each Lender represents and warrants that it is sophisticated with respect
to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold
such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender 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. 

9.08    No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Arrangers, the
Bookrunners, the Documentation Agents or the Syndication Agent listed on the cover page hereof (each a “Titled Agent”), in each case in their capacities as such, shall have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, including, without limitation, for servicing, enforcement or collection of any of the Loans, or any duties as an agent hereunder for the Lenders. The titles given to the Titled Agents are solely honorific and
imply no fiduciary responsibility on the part of the Titled Agents to the Administrative Agent, any Lender, the Borrower or any other Loan Party and the use of such titles does not impose on the Titled Agents any duties or obligations greater than
those of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender is entitled. 

9.09    Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor
Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of

  
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 whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise: 
 (a)    to file and prove a claim for the
whole amount of the principal and interest owing and unpaid in respect of the Loans 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 and
the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Sections 2.09, 2.11(b) 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 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, 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, 2.11(b) and
10.04. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or
adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender or in any such
proceeding. 
 9.10    Guaranty Matters. Without limiting the provisions of
Section 9.09, each Lender irrevocably authorizes the Administrative Agent, at its option and in its discretion to release any Guarantor from its obligations under the Guaranty Agreement if required or permitted pursuant to
the terms hereof. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under the Guaranty Agreement pursuant to
this Section 9.10. 
 9.11    Certain ERISA Matters.  

(a)    Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the
Borrower or any other Loan Party, that at least one of the following is and will be true: 
 (i)    such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the
Loans, the Commitments or this Agreement, 
 (ii)    the transaction exemption set forth in one or more
PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified 

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

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

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

ARTICLE X.     MISCELLANEOUS 

10.01    Amendments, Etc. Subject to Section 3.03(c) and the last paragraph of this
Section 10.01, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing
signed by the Required Lenders, the Borrower and any applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided, however, that notwithstanding the foregoing provisions of this Section 10.01), no such amendment, waiver or consent shall: 

(a)    in the case of Credit Extensions to be made on the Closing Date, waive any condition set forth in
Section 4.01, without the written consent of each Lender; 

  
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 (b)    [intentionally omitted]; 

(c)    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; 
 (d)    postpone any date fixed by
this Agreement or any other Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without the written consent of each Lender entitled to
such payment; 
 (e)    reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to
clause (ii) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document, without the written consent of each Lender entitled to such amount;
provided, however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to amend any financial covenant hereunder (or any defined term used therein) even if the effect
of such amendment would be to reduce the rate of interest on any Loan or to reduce any fee payable hereunder; 

(f)    change (i) any provision of Section 2.14, Section 8.03 or
any of the other terms or provisions in any Loan Document requiring pro rata payments, distributions, commitment reductions or sharing of payments without the consent of each Lender directly and adversely affected thereby in each case without the
consent of each Lender directly and adversely affected thereby or (ii) the order of application of any prepayment of Loans from the application thereof set forth in the applicable provisions of Sections 2.06 in any manner that materially
and adversely affects the Lenders without the written consent of each Lender; 
 (g)    change (i) any provision of
this Section 10.01 or the definition of “Required Lenders” without the written consent of each Lender directly and adversely affected thereby, or (ii) 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 directly and adversely affected thereby; or 

(h)    release the Parent or the Borrower from their respective obligations under this Agreement or any other Loan
Document, or release all or substantially all of the value of the Guaranty Agreement, in each case without the written consent of each Lender, except as expressly provided in the Loan Documents; 

and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition
to the Lenders required above, (x) affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document or (y) amend or waive, or consent to any departure from, the definitions of “LIBOR”,
“LIBOR Screen Rate”, “LIBOR Successor Rate”, “SOFR”, “Term SOFR”, “LIBOR Successor Rate Conforming Changes” or “Scheduled Unavailability Date” or the provisions of
Section 3.03(c); and (ii) each Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. 

  
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 Notwithstanding any provision herein to the contrary, 

(i)    no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) any
Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender, (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any
Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender and (z) the outstanding principal balance of any Loan held by any Defaulting Lender may not be reduced without
the consent of such Lender; and 
 (ii)    the Administrative Agent and the Borrower may, with the
consent of the other (but without the consent of any Lender or other Loan Party), amend, modify or supplement this Agreement and any other Loan Document: 

(A)    to cure any ambiguity, omission, typographical error, mistake, defect or inconsistency if such
amendment, modification or supplement does not adversely affect the rights of the Administrative Agent or any Lender; 

(B)    to add a “Guarantor” pursuant to in accordance with the applicable provisions of this
Agreement and the other Loan Documents; or 
 (C)    (i) to add one or more additional term loan
facilities to this Agreement, in each case as contemplated by, and subject to the limitations, of Section 2.16, and to permit the extensions of credit and all related obligations and liabilities arising in connection
therewith from time to time outstanding to share ratably (or on a basis subordinated to the existing facilities hereunder) in the benefits of this Agreement and the other Loan Documents with the obligations and liabilities from time to time
outstanding in respect of the existing facilities hereunder, (ii) to permit the Lenders providing such additional facilities to participate in any required vote or action required to be approved by the Required Lenders or by any other number or
percentage of Lenders hereunder, and (iii) if an additional facility shall take the form of a term loan facility on terms that are not identical to the terms of the then existing facilities hereunder, to include such terms as are then customary
for the type of facility being added. 

  
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 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 facsimile 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 Borrower or any other Loan Party or the Administrative Agent, to the address, facsimile
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, facsimile number, electronic mail address or telephone
number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Borrower). 
 Notices and other communications sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business
hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection
(b) below shall be effective as provided in such subsection (b). 
 (b)    Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail, FpML messaging, 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 pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of
receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may each, 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), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both
clauses (i) and (ii) above, if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice,
e-mail or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

  
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 (c)    The Platform. THE PLATFORM IS PROVIDED “AS IS”
AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER
MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR
OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any
liability to any Loan Party, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative
Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet. 

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

(e)    Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be
entitled to rely and act upon any notices (including telephonic notices and Committed Loan Notices) purportedly given by or on behalf of the Borrower 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 Borrower shall indemnify the Administrative Agent, 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 Borrower. 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. 

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

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own
behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with
Section 10.08 (subject to the terms of Section 2.14), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall
have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding proviso and subject to
Section 2.14, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

10.04     Expenses; Indemnity; Damage Waiver. 

(a)    Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Syndication Agent, any Arranger and their respective Affiliates (including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent, the Syndication Agent and the Arrangers, which shall be limited to one special counsel to all such parties and, where appropriate, one local counsel in each applicable jurisdiction), 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), and (ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent or
any Lender, which shall be limited to one special counsel to all such parties and, where appropriate, one local counsel in each applicable jurisdiction and one additional counsel for each party for whom such joint representation results in a
conflict of interest, 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

  
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hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Loans. Without limiting the provisions of Section 3.01(c) and (d), this Section 10.04(a) shall not apply with respect to Taxes (including Taxes covered by
Section 3.01) other than in respect of a non-Tax claim. 

(b)    Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender, the Arrangers 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, which shall be limited to one special counsel to all such parties, where appropriate, one local
counsel in each applicable jurisdiction and one additional counsel for each Indemnitee for whom such joint representation results in the conflict of interest), 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 Person (including any of same asserted by the Borrower or any other Loan Party, but excluding any of same
asserted by Related Parties of such Indemnitee) 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, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any
sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01),
(ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Parent or any of its Subsidiaries, or any Environmental
Liability related in any way to the Parent or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by the Borrower or any other Loan Party, 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 its Affiliates, (y) result from a claim brought by the Borrower or any other Loan Party against an
Indemnitee or its Affiliate for breach in bad faith of such Indemnitee’s or its Affiliates obligations hereunder or under any other Loan Document, if the Borrower 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 or (z) resulting from any dispute solely among Indemnitees other than (1) any claims against the Administrative Agent (and any
sub-agent thereof) or any Arranger in their respective capacities, as or in fulfilling their respective roles, as an administrative agent or arranger in respect of this Agreement and the transactions
contemplated hereby and (2) any claims arising out of any act or omission on the part of any of the Borrower or its Affiliates. Without limiting the provisions of Section 3.01(d), this
Section 10.4(b) shall not apply with respect to Taxes (including, without limitation, Taxes covered by Section 3.01) other than any Taxes that represent losses, claims, damages, etc. arising from
any non-Tax claim. 

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

  
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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 the use of the proceeds thereof; provided, that nothing herein shall limit the Borrower’s obligations under Sections 10.04(a) and (b). No
Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the
gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

(e)    Payments. All amounts due under this Section shall be payable not later than ten (10) Business Days
after demand therefor. 
 (f)    Survival. The agreements in this Section 10.04 and the
indemnity provisions of Section 10.02(e) shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Loan Documents and the Facilities and the repayment, satisfaction or
discharge of all the other Obligations. 
 10.05     Payments Set Aside. To the extent that any payment by or on
behalf of any Loan Party is made to the Administrative Agent or any Lender, or the Administrative Agent 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 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 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 under clause (b) of the preceding
sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 
 10.06
    Successors and Assigns. 
 (a)    Successors and Assigns Generally. The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an
assignee in accordance with the provisions of 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 

  
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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 and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

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

(i)    Minimum Amounts. 

(A)    in the case of (1) an assignment of the entire remaining amount of the assigning Lender’s
Commitment and the Loans at the time owing to it (in each case with respect to any Facility), (2) or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified
in paragraph (b)(i)(B) of this Section in the aggregate or (3) an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B)    in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning 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 in the case of any assignment in respect of any Facility unless each of the Administrative Agent 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 concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single assignee (or to an assignee and members of its
Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met. 

(ii)    Proportionate Amounts. Each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to prohibit any Lender from assigning all or a
portion of its rights and obligations among separate Facilities on a non-pro rata basis; 

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

(A)    the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be
required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; 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 ten (10) Business Days after having received notice thereof; and 

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

(iv)    Assignment and Assumption. The parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $4,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and
recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v)    No Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower
or any Affiliate or Subsidiary of the Borrower, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or
(C) to a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of one or more natural Persons). 

(vi)    Certain Additional Payments. In connection with any assignment of rights and obligations of
any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in
an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the
Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by 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 and each Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all 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. 

  
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 Subject to acceptance and recording thereof by the Administrative Agent pursuant to
subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits
of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the
affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 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 a non-fiduciary agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Principal Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in
electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d)    Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the
Administrative Agent, sell participations to any Person (other than a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural person), a Defaulting Lender or the Borrower or
any Affiliates or Subsidiaries of the Borrower) (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 Loans;
provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be
responsible for the indemnity under Section 10.04(c) without regard to the existence of any participation. 
 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

  
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to Section 10.01 that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and
3.05 (subject to the requirements and limitations therein, including the requirements under Section 3.01(f)) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to subsection (b) of this Section (it being understood that the documentation required under Section 3.01(f) shall be delivered to the Lender who sells the participation); provided that such
Participant (A) agrees to be subject to the provisions of Sections 3.06 and 10.13 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under
Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive. Each Lender that sells a participation agrees, at the Borrower’s
request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with respect to any Participant. 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 that such Participant agrees to be subject to Section 2.14 as though it were a Lender. Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans 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 or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(e)    Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement (including under its Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central 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. 

10.07     Treatment of Certain Information; Confidentiality. Each of the Administrative Agent and each Lender
agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will
be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related
Parties (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 

  
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Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing
provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to
be a Lender pursuant to Section 2.16 or Section 10.01 or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments
are to be made by reference to any Loan Party and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Parent or any of its Subsidiaries or the credit
facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the application, issuance, publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities
provided hereunder, (h) with the consent of the Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section, (y) becomes available to the Administrative Agent,
any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than a Loan Party the Borrower or (z) is independently discovered or developed by a party hereto without utilizing any Information received from the
Borrower or violating the terms of this Section. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the
lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments. 

For purposes of this Section, “Information” means all information received from the Parent or any Subsidiary thereof
relating to the Parent or any Subsidiary thereof or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Parent or any
Subsidiary thereof, provided that, in the case of information received from the Parent or any Subsidiary thereof after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain
the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information. 
 Each of the Administrative Agent and each Lender acknowledges that (a) the
Information may include material non-public information concerning the Parent or a Subsidiary thereof, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities
Laws. 
 10.08     Right of Setoff. If an Event of Default shall have occurred and be continuing, each
Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, 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 or any such Affiliate to or for the credit or
the account of the Borrower or any other Loan Party against any and all of the 

  
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obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or its Affiliates, irrespective of whether or not such
Lender or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such
Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be
paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.18 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and
deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such
Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its
Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and
application. 
 10.09     Interest Rate Limitation. Notwithstanding anything to the contrary contained in any
Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In
determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not
principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the
contemplated term of the Obligations hereunder. 
 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. Without limitation
of Section 10.21, this Agreement, the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when
it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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 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 until the Facility Termination Date. 

10.12     Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal,
invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith
negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a
particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability of
any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.

 10.13     Replacement of Lenders. If the Borrower is entitled to replace a Lender pursuant to the provisions
of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its 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), all of its interests, rights
(other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment), provided that: 
 (a)    the Borrower shall have paid to the
Administrative Agent the assignment fee (if any) specified in Section 10.06(b); 
 (b)    such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans, 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 Borrower (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 or the Borrower (or in the reasonable,
good faith opinion of the Borrower will in the future result in a reduction in compensation or payments that they are required to pay pursuant to Section 3.01); 

  
 113 

 (d)    such assignment does not conflict with applicable Laws; and 

(e)    in the case of an assignment resulting from a Lender becoming a
Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 Each party hereto agrees
that (a) an assignment required pursuant to this Section 10.13 may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and (b) the Lender
required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; provided that, following the effectiveness of any such
assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided, further that any such documents shall be
without recourse to or warranty by the parties thereto. 
 Notwithstanding anything in this Section 10.13 to the
contrary, the Lender that acts as the Administrative Agent may not be replaced hereunder except in accordance with the terms of Section 9.06. 

10.14     Governing Law; Jurisdiction; Etc. 

(a)    GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF LAWS OF ANOTHER JURISDICTION. 

(b)    SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS
PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE COUNTY OF NEW YORK AND OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR 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 

  
 114 

 
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 ANY ADMINISTRATIVE AGENT OR ANY
LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

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

(d)    SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

10.15     Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 10.16     No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Parent and the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding,
that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Arrangers, and the extensions of credit made by the Lenders pursuant to this Agreement, are
arm’s-length commercial transactions between the Parent and its Affiliates, on the one hand, and the Administrative Agent and the Arrangers, on the other hand, (B) each of the Parent
and the 

  
 115 

 
Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Parent and the Borrower is capable of evaluating,
and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Arrangers and the Lenders each is and has been acting solely as a
principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Parent or any of its Affiliates, or any other Person, (B) neither the
Administrative Agent, the Arrangers or the Lenders has any obligation to the Parent or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents and
(C) neither the Administrative Agent, any Arranger or any Lender undertakes any responsibility to the Parent or any of its Affiliates to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or
operations; and (iii) the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Parent and its Affiliates, and
neither the Administrative Agent, the Arrangers, the Lenders nor their respective Affiliates have any obligation to disclose any of such interests to the Parent or any of its Affiliates. To the fullest extent permitted by law, each of the Parent and
the Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the Arrangers, the Lenders and their respective Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection
with any aspect of any transaction contemplated hereby. 
 10.17     Electronic Execution of Assignments and Certain
Other Documents. The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions
contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment
terms and contract formations on electronic platforms approved by the Administrative Agent, 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; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept
electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it. 

10.18     USA PATRIOT Act. Each Lender that is subject to the PATRIOT Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will
allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the PATRIOT Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and
other information that the Administrative Agent or 

  
 116 

 
such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the
PATRIOT Act and the Beneficial Ownership Regulation. 
 10.19     Release of Guarantors. 

(a)    Investment Grade Release. If at any time the Borrower or the Parent obtains an Investment Grade Rating, the
Administrative Agent shall (at the sole cost of the Borrower and pursuant to documentation reasonably satisfactory to the Administrative Agent) promptly release all of the Unencumbered Property Subsidiaries (other than any Unencumbered Property
Subsidiary that is (i) a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness) from their obligations under the Guaranty Agreement (the “Investment Grade Release”), subject to satisfaction
of the following conditions: 
 (i)    The Borrower shall have delivered to the Administrative Agent, on
or prior to the date that is ten (10) Business Days (or such shorter period of time as agreed to by the Administrative Agent) before the date on which the Investment Grade Release is to be effected, a certificate executed by a Responsible
Officer of the Parent, 
 (A)    certifying that the Parent or the Borrower has obtained an Investment
Grade Rating, and 
 (B)    notifying the Administrative Agent and the Lenders that it is requesting the
Investment Grade Release; and 
 (C)    certifying that no Subsidiary Guarantor to be released is a
borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness; and 

(ii)    The Borrower shall have submitted to the Administrative Agent and the Lenders, within one
(1) Business Day prior to the date on which the Investment Grade Release is to be effected, a certificate executed by a Responsible Officer of the Parent certifying to the Administrative Agent and the Lenders that, immediately before and
immediately after giving effect to the Investment Grade Release, 
 (A)    no Default has occurred and is
continuing or would result therefrom (including as a result of the failure to satisfy the Minimum Property Condition), and 

(B)    the representations and warranties 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, are true and correct in all material respects (or, if qualified by materiality, Material Adverse Effect or similar language, in all respects) on
and as of the date of such release and immediately after giving effect to such release, except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and
correct in all material respects (or, if qualified by materiality, Material Adverse Effect or similar 

  
 117 

 
language, in all respects) as of such earlier date and except that for purposes of this Section 10.19(a), the representations and warranties contained in subsections
(a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01.

 (b)    Release upon Disposition of Equity Interests. In the event that all of the capital stock or other
Equity Interests of any Subsidiary Guarantor is sold or otherwise disposed of in a transaction permitted by Section 7.05 or if a Subsidiary Guarantor ceases to be an Unencumbered Property Subsidiary, then, at the request of
the Borrower, such Subsidiary Guarantor shall be released from its obligations under the Guaranty Agreement, subject to satisfaction of the following conditions: 

(i)    the Borrower shall have delivered to the Administrative Agent, at least five (5) Business Days
prior to the date of the proposed release (or such shorter period of time as agreed to by the Administrative Agent in writing), a written request for such release (a “Guarantor Release Notice”) which shall identify the Subsidiary
Guarantor to which it applies and the proposed date of the release, 
 (ii)    the representations and
warranties contained in Article V and the other Loan Documents are true and correct in all material respects (or, if qualified by materiality, Material Adverse Effect or similar language, in all respects) on and as of the effective date of
such release and, both before and after giving effect to such release, except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all
material respects (or, if qualified by materiality, Material Adverse Effect or similar language, in all respects) as of such earlier date and except that for purposes of this Section 10.19(b), the representations and
warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of
Section 6.01, 
 (iii)    immediately after giving effect to such release the
Parent and its Subsidiaries shall be in compliance, on a pro forma basis, with the provisions of Section 7.11, 

(iv)    no Default shall have occurred and be continuing or would result under any other provision of this
Agreement after giving effect to such release (including as a result of the failure to satisfy the Minimum Property Condition), and 

(v)    the Borrower shall have delivered to the Administrative Agent a certificate executed by a
Responsible Officer of the Parent certifying that the conditions in clauses (ii) through (iv) above have been satisfied. 
 The
Administrative Agent will (at the sole cost of the Borrower) following receipt of such Guarantor Release Notice and certificate, and each of the Lenders irrevocably authorizes the Administrative Agent to, execute and deliver such documents as the
Borrower or such Subsidiary Guarantor may reasonably request to evidence the release of such Subsidiary Guarantor from its obligations under the Guaranty Agreement, which documents shall be reasonably satisfactory to the Administrative Agent. 

  
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 (c)    Release following the Investment Grade Release. At any
time following the Investment Grade Release, at the request of the Borrower the Administrative Agent may release a Subsidiary Guarantor from its obligations under the Guaranty Agreement, subject to satisfaction of the following conditions: 

(i)    the Borrower shall have delivered to the Administrative Agent, at least five (5) Business Days
prior to the date of the proposed release (or such shorter period of time as agreed to by the Administrative Agent in writing), a Guarantor Release Notice (which notice shall specify, inter alia, that upon such release the Subsidiary Guarantor to
which such notice relates either (A) will not be the Direct Owner or an Indirect Owner of any Unencumbered Eligible Property or (B) will not be will not be a borrower or guarantor of, or otherwise obligated in respect of, any Recourse
Indebtedness), 
 (ii)    the representations and warranties contained in Article V and the other
Loan Documents are true and correct in all material respects (or, if qualified by materiality, Material Adverse Effect or similar language, in all respects) on and as of the effective date of such release and, both before and after giving effect to
such release, except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (or, if qualified by materiality,
Material Adverse Effect or similar language, in all respects) as of such earlier date and except that for purposes of this Section 10.19(c), the representations and warranties contained in subsections (a) and
(b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01, 

(iii)    immediately after giving effect to such release, the Parent and its Subsidiaries shall be in
compliance, on a pro forma basis, with the provisions of Section 7.11, 

(iv)    no Default shall have occurred and be continuing (unless such Default relates solely to an
Unencumbered Eligible Property of which such Subsidiary Guarantor is the Direct Owner or an Indirect Owner and such Unencumbered Eligible Property will not be included for purposes of determining Unencumbered Asset Value after giving effect to such
release) or would result under any other provision of this Agreement after giving effect to such release (including as a result of the failure to satisfy the Minimum Property Condition), and 

(v)    the Borrower shall have delivered to the Administrative Agent an Officer’s Certificate
certifying that the conditions in clauses (ii) through (iv) above have been satisfied. 
 The Administrative Agent will (at the sole
cost of the Borrower) following receipt of such Guarantor Release Notice and Officer’s Certificate, and each of the Lenders irrevocably authorizes the Administrative Agent to, execute and deliver such documents as the Borrower or

  
 119 

 
such Subsidiary Guarantor may reasonably request to evidence the release of such Subsidiary Guarantor from its obligations under the Guaranty Agreement, which documents shall be reasonably
satisfactory to the Administrative Agent. 
 (d)    The Administrative Agent shall promptly notify the Lenders of any
such release hereunder, and this Agreement and each other Loan Document shall be deemed amended to delete the name of any Subsidiary Guarantor released pursuant to this Section 10.19. 

10.20     Recourse to Loan Parties; Obligations with Respect to Loan Parties and Subsidiaries. 

(a)    Neither the Parent (whether in its capacity as a general partner of the Borrower or otherwise), so long as the
Parent is not a Guarantor, nor any of its Affiliates or its Affiliates’ past, present or future shareholders, partners, members, officers, employees, servants, executives, directors, agents or representatives, in each case other than the
Borrower and Guarantors (each such Person that is not the Borrower or a Guarantor, an “Exculpated Party”) shall be liable for payment of any Obligations due hereunder or under any other Loan Document. The sole recourse of the
Lenders and the Administrative Agent for satisfaction of the Obligations due hereunder or under any other Loan Document shall be against the Borrower, the Guarantors and their respective assets and not against any assets or property of any
Exculpated Party. In the event that an Event of Default occurs, no action shall be brought against any Exculpated Party by virtue of its direct or indirect ownership interest in the Borrower, the Guarantors or their respective assets. 

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

10.21     ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

10.22     Acknowledgment and Consent to Bail-In of Affected Financial
Institutions. 
 Solely to the extent any Lender that is an Affected Financial Institution is a party to this Agreement and
notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution
arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

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

  
 120 

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

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

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

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

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

  
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 (b)    As used in this
Section 10.23, the following terms have the following meanings: 
 “BHC Act
Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

“Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in,
and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Default Right” has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

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

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

			
	BORROWER:
	
	EMPIRE STATE REALTY OP, L.P.,
	a Delaware limited partnership
	
	By: Empire State Realty Trust, Inc., a Maryland corporation, its general partner
		
	By:	 	 /s/ John B. Kessler

	Name:	 	John B. Kessler
	Title:	 	President and Chief Operating Officer
	
	LOAN PARTY:
	
	EMPIRE STATE REALTY TRUST, INC.,
	a Maryland corporation
		
	By:	 	 /s/ John B. Kessler

	Name:	 	John B. Kessler
	Title:	 	President and Chief Operating Officer

  
 [Signature Page to Credit
Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	 /s/ Scott S. Sollis

	Name:	 	Scott S. Sollis
	Title:	 	Managing Director

  
 [Signature Page to Credit
Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Scott S. Sollis

	Name:	 	Scott S. Sollis
	Title:	 	Managing Director

  
 [Signature Page to Credit
Agreement] 

 
			
	 CAPITAL ONE, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Jessica W. Phillips

	Name:	 	Jessica W. Phillips
	Title:	 	Authorized Signatory

  
 [Signature Page to Credit
Agreement] 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Kimberly L. Feldman

	Name:	 	Kimberly L. Feldman
	Title:	 	Vice President

  
 [Signature Page to Credit
Agreement] 

 
			
	TRUIST BANK, as a Lender
		
	By:	 	 /s/ Karen Cadiente

	Name:	 	Karen Cadiene
	Title:	 	Assistant Vice President

  
 [Signature Page to Credit
Agreement] 

 
			
	KEYBANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Angela Kara

	Name:	 	Angela Kara
	Title:	 	Vice President

  
 [Signature Page to Credit
Agreement] 

 
			
	ASSOCIATED BANK, N.A., as a Lender
		
	By:	 	 /s/ Mitchell Vega

	Name:	 	Mitchell Vega
	Title:	 	Vice President

  
 [Signature Page to Credit
Agreement] 

 
			
	THE BANK OF EAST ASIA, LIMITED,
	as a Lender
		
	By:	 	 /s/ Maggie Wong

	Name:	 	Maggie Wong
	Title:	 	General Manager
		
	By:	 	 /s/ James Hua

	Name:	 	James Hua
	Title:	 	Senior Vice President

  
 [Signature Page to Credit
Agreement] 

 SCHEDULE 1 

Initial Unencumbered Properties 

Office Properties 
  

	 	1.	 Empire State Building, 350 Fifth Avenue, New York, NY 10118 

 

	 	2.	 Observatory at the Empire State Building, 350 Fifth Avenue, New York, NY 10118 

 

	 	3.	 501 Seventh Avenue, New York, NY 10018 

 

	 	4.	 250 West 57th Street, New York, NY 10019

  

	 	5.	 500 Mamaroneck Avenue, Harrison, NY 10528 

 

	 	6.	 1359 Broadway, New York, NY 10018 

 

	 	7.	 One Grand Central Place, 60 East 42nd Street, New York, NY
10165 

  

	 	8.	 1400 Broadway, New York, NY 10018 

 

	 	9.	 111 West 33rd Street, New York, NY 10120

  

	 	10.	 1350 Broadway, New York, NY 10018 

Retail Properties 
  

	 	1.	 69-97 Main Street, Westport, CT 06880 

 

	 	2.	 103-107 Main Street, Westport, CT 06880 

 SCHEDULE 2.01 

Commitments and Applicable Percentages 
  

									
	 Lender
	  	Revolving
Credit
Commitment	 	  	Applicable
Percentage	 
	 Wells Fargo Bank, N.A.
	  	$	27,500,000.00	 	  	 	15.714285714	% 
	 Capital One, National Association
	  	$	27,500,000.00	 	  	 	15.714285714	% 
	 U.S. Bank National Association
	  	$	27,500,000.00	 	  	 	15.714285714	% 
	 Truist Bank
	  	$	27,500,000.00	 	  	 	15.714285714	% 
	 KeyBank National Association
	  	$	25,000,000.00	 	  	 	14.285714285	% 
	 Associated Bank, N.A.
	  	$	25,000,000.00	 	  	 	14.285714285	% 
	 The Bank of East Asia, Limited
	  	$	15,000,000.00	 	  	 	8.571428571	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	175,000,000.00	 	  	 	100.000000000	% 
		  	  
	  
	 	  	  
	  
	 

 SCHEDULE 5.12(c) 

Pension Plans 
  

	 	1.	 The Building Service 32BJ Pension Fund was in critical status under the Pension Protection Act of 2006 for the
plan years beginning July 1, 2014, 2015, 2016, 2017, 2018, and 2019, respectively. 

  

	 	2.	 The International Painters & Allied Trades Industry Pension Plan was in the category of
“seriously endangered status” for the plan year beginning January 1, 2017, 2018, and 2019, respectively. 

 SCHEDULE 5.12(d) 

Multiemployer Plans 
  

	 	1.	 The Annuity/HRA Plan of the Electrical Industry 

 

	 	2.	 The Building Service 32BJ Health Fund 

 

	 	3.	 The Building Service 32BJ Pension Fund 

 

	 	4.	 The Building Service 32BJ Supplemental Retirement and Savings Fund 

 

	 	5.	 The Central Pension Fund of the International Union of Operating Engineers and Participating Employers

  

	 	6.	 The Engineers Union Local 30 Trust Fund 

 

	 	7.	 The International Painters and Allied Trades Industry Pension Fund 

 

	 	8.	 The Joint Industry Board Dental Benefit Plan 

 

	 	9.	 The Joint Industry Engineers Union Local 30 Pension Trust Plan 

 

	 	10.	 The Local 94-94A-94B Annuity
Fund 

  

	 	11.	 The Local 94-94A-94B Health and
Benefit Fund 

  

	 	12.	 The New York District Council of Carpenters Annuity Fund 

 

	 	13.	 The New York District Council of Carpenters Pension Fund 

 

	 	14.	 The New York District Council of Carpenters Welfare Fund 

 

	 	15.	 The Operating Engineers Local 30 Annuity Fund 

 

	 	16.	 The Painting Industry Insurance Fund 

 

	 	17.	 The Pension, Hospitalization and Benefit Plan of the Electrical Industry 

 SCHEDULE 5.13 

Subsidiaries; Tax Identification Numbers 
  

							
	 Subsidiary
	  	 Jurisdiction
	  	 Type
	  	 Tax ID

	Empire State Realty Trust, Inc.	  	Maryland	  	Corporation	  	[                    ]
				
	Empire State Realty OP, L.P.	  	Delaware	  	Limited Partnership	  	
[                    ]

				
	ESRT Empire State Building G-Parent, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT Empire State Building Parent, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT Empire State Building, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT One Grand Central Place G-Parent, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT One Grand Central Place Parent, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT One Grand Central Place, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT Springing Member One, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT Springing Member Two, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 501 Seventh Avenue, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 250 West 57th St., L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 1333 Broadway, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 1350 Broadway, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 1359 Broadway, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 10 Union Square, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 1542 Third Avenue, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    
]

							
	 Subsidiary
	  	 Jurisdiction
	  	 Type
	  	 Tax ID

	ESRT East West Manhattan Retail, L.L.C.	  	Delaware	  	Limited Liability Company	  	[                    ]
				
	ESRT 10 BK St., L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 500 Mamaroneck Avenue, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT Metro Center, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT Metro Tower, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 69-97 Main St., L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 103-107 Main St., L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT MerrittView, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT First Stamford Place Investor, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT First Stamford Place SPE, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 1400 Broadway GP, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 1400 Broadway, L.P.	  	New York	  	Limited Partnership	  	
[                    ]

				
	ESRT 112 West 34th Street G.P., L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT 112 West 34th Street, L.P.	  	New York	  	Limited Partnership	  	
[                    ]

				
	ESRT Management, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT MH Holdings, L.L.C.	  	New York	  	Limited Liability Company	  	
[                    ]

				
	ESRT Captive Insurance Company, L.L.C.	  	Vermont	  	Limited Liability Company	  	
[                    ]

				
	ESRT Observatory TRS, L.L.C.	  	New York	  	Limited Liability Company	  	
[                    ]

				
	ESRT Holdings TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT Management TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    
]

							
	 Subsidiary
	  	 Jurisdiction
	  	 Type
	  	 Tax ID

	ESRT Cleaning TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT Dining and Fitness TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT Restaurant TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

				
	ESRT Fitness TRS, L.L.C.	  	Delaware	  	Limited Liability Company	  	
[                    ]

 SCHEDULE 10.02 

Administrative Agent’s Office; Certain Addresses for Notices 

Administrative Agent: 
 Scott Solis –
Managing Director 
 Wells Fargo Bank, NA 
 Mail Code: N8405-321 
 10 South Wacker Drive, Suite 3200 

Chicago, IL 60606 
 Email: Scott.S.Solis@wellsfargo.com 

Phone: 312-269-4818 

Fax Number: 312-782-0969 

With a copy to 
 Terrance Alewine 

Wells Fargo Bank, NA 
 550 S. Tryon St., Floor 06 

Charlotte, NC 28202-4200 
 Email: Terrance.Alewine@wellsfargo.com

 Phone: 704-410-2034 

 Borrowers and Loan Parties: 

Empire State Realty Trust, Inc. 

111 West 33rd Street, 12th Floor 

New York, New York 10120 

Attention: John B. Kessler, President and Chief Operating Officer 

Telephone: (212) 850-2777 

Fax: (212) 850-2790 

Email: jkessler@empirestaterealtytrust.com 

with a copy to: 
 111 West 33rd Street, 12th Floor 
 New York, New
York 10120 
 Attention: Thomas N. Keltner, Jr., Executive Vice President, General Counsel and Secretary 

Telephone: (212) 850-2680 

Fax: (212) 986-8795 

Email: tkeltner@empirestaterealtytrust.com 

Parent Website Address: https://www.empirestaterealtytrust.com 

 EXHIBIT A 

FORM OF COMMITTED LOAN NOTICE 

1 

Date: ___________, _____ 
  

	To:	 Wells Fargo Bank, National Association, 

as Administrative Agent 
 Ladies and Gentlemen:

 Reference is made to that certain Credit Agreement, dated as of March 19, 2020 (as amended, 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 Empire State Realty Trust, Inc., a Maryland corporation, Empire State Realty OP, L.P., a Delaware
limited partnership (the “Borrower”), the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent. 

The undersigned, on behalf of the Borrower, hereby requests2: 

Term Facility 
  

							
	 Indicate:
 Borrowing

or Conversion
 or

Continuation
	  	Indicate:
Requested
Amount	  	Indicate:
Base Rate Loan
or
Eurodollar Rate
Loan
or
LIBOR Floating
Rate Loan	  	For Eurodollar
Rate Loans
Indicate:
Interest
Period (e.g. 1, 3
or 6
month
interest period3)

  

	1 	 Note to Borrower. All requests submitted under a single Loan Notice must be effective on the same date. If
multiple effective dates are needed, multiple Loan Notices will need to be prepared and signed. 

	2	 Note to Borrower. For multiple borrowings, conversions and/or continuations for a particular facility, fill out
a new row for each borrowing/conversion and/or continuation. Insert an additional chart for each Incremental Term Loan Facility added pursuant to Section 2.16 of the Agreement. 

	3 	 Or such other period that is twelve months or less requested by the Borrower and consented to by all the Term
Lenders. 

  
 A-1 

Form of Committed Loan Notice 

 The Loans, if any, borrowed hereunder shall be disbursed to the following bank for credit by that bank to
the following deposit account: 
  

	
	  

	  

	  

 [The Borrowing, if any, requested herein complies with the proviso to the first sentence of
Section 2.01 of the Agreement. 
 The Borrower hereby represents and warrants that the conditions specified in Sections
4.02(a) and (b) have been satisfied on and as of the date of the proposed Credit Extension.]4 

 

			
	EMPIRE STATE REALTY OP, L.P., a Delaware limited partnership
	
	By: Empire State Realty Trust, Inc., its general partner
		
	By:	 	  

		 	Name: [Type Signatory Name]
		 	Title:   [Type Signatory Title]

  

	4 	 Only applicable to a Borrowing 

  
 A-2 

Form of Committed Loan Notice 

 EXHIBIT B 

FORM OF DISBURSEMENT INSTRUCTION AGREEMENT 
  

	
	Borrower:
	
	Administrative Agent: Wells Fargo Bank, National Association
	
	Loan:
	
	Effective Date: March 19, 2020
	
	 Check applicable box:
  

☐   New – This is the first Disbursement Instruction Agreement submitted in
connection with the Loan.
 ☐   Replace Previous Agreement – This is a
replacement Disbursement Instruction Agreement. All prior instructions submitted in connection with this Loan are cancelled as of the Effective Date set forth above.

 This Agreement must be signed by the Borrower and is used for the following purposes: 

 

	 	(1)	 to designate an individual or individuals with authority to request disbursements of Loan proceeds, whether at
the time of Loan closing/origination or thereafter; 

	 	(2)	 to designate an individual or individuals with authority to request disbursements of funds from Restricted
Accounts (as defined in the Terms and Conditions attached to this Agreement), if applicable; and 

	 	(3)	 to provide Administrative Agent with specific instructions for wiring or transferring funds on Borrower’s
behalf. 

 Any of the disbursements, wires or transfers described above are referred to herein as a “Disbursement.” 

Specific dollar amounts for Disbursements must be provided to Administrative Agent at the time of the applicable Disbursement in the form of a signed closing
statement or an email instruction or other written communication, or telephonic request pursuant to Section 2.02(a) of the Term Loan Agreement (each, a “Disbursement Request”) from an
applicable Authorized Representative (as defined in the Terms and Conditions attached to this Agreement). 
 A new Disbursement Instruction Agreement must
be completed and signed by the Borrower if (i) all or any portion of a Disbursement is to be transferred to an account or an entity not described in this Agreement or (ii) Borrower wishes to add or remove any Authorized Representatives.

 See the Additional Terms and Conditions attached hereto for additional information and for definitions of certain capitalized terms used in this
Agreement. 
  

  
 B-1 

Form of Disbursement Instruction Agreement 

					
	Disbursement of Loan Proceeds at Origination/Closing
	
	Closing Disbursement Authorizers: Administrative Agent is authorized to accept one or more Disbursement Requests from any of the individuals named below (each, a “Closing Disbursement Authorizer”)
to disburse Loan proceeds on or about the date of the Loan origination/closing and to initiate Disbursements in connection therewith (each, a “Closing Disbursement”):

					
			
		  	 Individual’s Name
	  	 Title

	1.	  		  	
	2.	  		  	
	3.	  		  	
	
	 Describe Restrictions, if any, on the authority of the Closing Disbursement Authorizers (dollar amount limits, wire/deposit
destinations, etc.):
  
 N/A

 
 If there are no restrictions described here, any Closing Disbursement Authorizer may
submit a Disbursement Request for all available Loan proceeds.

  

			
	
	 Permitted Wire Transfers: Disbursement Requests for the Closing Disbursement(s) to be made by wire transfer must specify
the amount and applicable Receiving Party. Each Receiving Party included in any such Disbursement Request must be listed below. Administrative Agent is authorized to use the wire instructions that have been provided directly to Administrative Agent
by the Receiving Party or Borrower and attached as the Closing Exhibit. All wire instructions must be in the format specified on the Closing Exhibit.

 

			
		  	  
 Names of Receiving Parties for the
Closing Disbursement(s) (may include as many parties as needed; wire instructions for each Receiving Party must be attached as the Closing Exhibit)

	1.	  	
	2.	  	
	3.	  	

  

	
	Direct Deposit: Disbursement Requests for the Closing Disbursement(s) to be deposited into an account at Wells Fargo Bank, N.A. must specify the amount and applicable account. Each account included in any such Disbursement
Request must be listed below.
	
	 Name on Deposit Account:
  

	 Wells Fargo Bank, N.A. Deposit Account Number:
  

	Further Credit Information/Instructions:

  
 B-2 

Form of Disbursement Instruction Agreement 

					
	Disbursements of Loan Proceeds Subsequent to Loan Closing/Origination
	
	Subsequent Disbursement Authorizers: Administrative Agent is authorized to accept one or more Disbursement Requests from any of the individuals named below (each, a “Subsequent Disbursement
Authorizer”) to disburse Loan proceeds after the date of the Loan origination/closing and to initiate Disbursements in connection therewith (each, a “Subsequent Disbursement”):
			
		  	 Individual’s Name
	  	 Title

	1.	  		  	
	2.	  		  	
	3.	  		  	
	
	 Describe Restrictions, if any, on the authority of the Subsequent Disbursement Authorizers (dollar amount limits, wire/deposit
destinations, etc.): 
  
 N/A

 
 If there are no restrictions described here, any Subsequent Disbursement Authorizer
may submit a Disbursement Request for all available Loan proceeds.

  

			
	 Permitted Wire Transfers: Disbursement Requests for Subsequent Disbursements to be made by wire transfer must specify the
amount and applicable Receiving Party. Each Receiving Party included in any such Disbursement Request must be listed below. Administrative Agent is authorized to use the wire instructions that have been provided directly to Administrative Agent by
the Receiving Party or Borrower and attached as the Subsequent Disbursement Exhibit. All wire instructions must be in the format specified on the Subsequent Disbursement Exhibit.

 

			
		  	  
 Names of Receiving Parties for
Subsequent Disbursements (may include as many parties as needed; wire instructions for each Receiving Party must be attached as the Subsequent Disbursement Exhibit)

	1.	  	
	2.	  	
	3.	  	

  

	
	Direct Deposit: Disbursement Requests for Subsequent Disbursements to be deposited into an account at Wells Fargo Bank, N.A. must specify the amount and applicable account. Each account included in any such Disbursement
Request must be listed below.
	
	 Name on Deposit Account:

 

	 Wells Fargo Bank, N.A. Deposit Account Number:

 

	 Further Credit Information/Instructions:

  
 B-3 

Form of Disbursement Instruction Agreement 

					
	Restricted Account Disbursements
	
	Restricted Account Disbursement Authorizers: Administrative Agent is authorized to accept one or more Disbursement Requests from any of the individuals named below (each, a “Restricted Account Disbursement
Authorizer”) to disburse funds from a Restricted Account and to initiate Disbursements in connection therewith (each, a “Restricted Account Disbursement”):

					
			
		  	 Individual’s Name
	  	 Title

	1.	  		  	
	2.	  		  	
	3.	  		  	
	
	 Describe Restrictions, if any, on the authority of the Restricted Account Disbursement Authorizers (dollar amount limits,
wire/deposit destinations, etc.):
  
 N/A

 
 If there are no restrictions described here, any Restricted Account Disbursement
Authorizer may submit a Disbursement Request for all available funds.

  

			
	 Permitted Wire Transfers: Disbursement Requests for Restricted Account Disbursements to be made by wire transfer must
specify the amount and applicable Receiving Party. Each Receiving Party included in any such Disbursement Request must be listed below. Administrative Agent is authorized to use the wire instructions that have been provided directly to
Administrative Agent by the Receiving Party or Borrower and attached as the Restricted Account Disbursement Exhibit. All wire instructions must be in the format specified on the Restricted Account Disbursement Exhibit.

 

			
		
		  	  
 Names of Receiving Parties for
Restricted Account Disbursements (may include as many parties as needed; wire instructions for each Receiving Party must be attached as the Restricted Account Disbursement Exhibit)

	1.	  	
	2.	  	
	3.	  	

  

	
	
	Direct Deposit: Disbursement Requests for Restricted Account Disbursements to be deposited into an account at Wells Fargo Bank, N.A. must specify the amount and applicable account. Each account included in any such
Disbursement Request must be listed below.
	
	 Name on Deposit Account:
  

	 Wells Fargo Bank, N.A. Deposit Account Number:
  

	Further Credit Information/Instructions:

  
 B-4 

Form of Disbursement Instruction Agreement 

 Borrower acknowledges that all of the information in this Agreement is correct and agrees to the terms and
conditions set forth herein and in the Additional Terms and Conditions on the following page. 
  

			
	BORROWER:
	
	[Borrower Name], a Delaware limited partnership
		
	By:	 	[Borrower Name]

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 B-5 

Form of Disbursement Instruction Agreement 

 Additional Terms and Conditions to the Disbursement Instruction Agreement 

Definitions. The following capitalized terms shall have the meanings set forth below: 

“Authorized Representative” means any or all of the Closing Disbursement Authorizers, Subsequent Disbursement Authorizers and
Restricted Account Disbursement Authorizers, as applicable. 
 “Receiving Bank” means the financial institution where a
Receiving Party maintains its account. 
 “Receiving Party” means the ultimate recipient of funds pursuant to a Disbursement
Request. 
 “Restricted Account” means an account at Wells Fargo Bank, N.A. associated with the Loan to which
Borrower’s access is restricted. 
 Capitalized terms used in these Additional Terms and Conditions to Disbursement Instruction Agreement and not
otherwise defined herein shall have the meanings given to such terms in the body of the Agreement. 
 Disbursement Requests. Except as expressly
provided in the Term Loan Agreement, Administrative Agent must receive Disbursement Requests in writing. Disbursement Requests will only be accepted from the applicable Authorized Representatives designated in the Disbursement Instruction Agreement.
Disbursement Requests will be processed subject to satisfactory completion of Administrative Agent’s customer verification procedures. Administrative Agent is only responsible for making a good faith effort to execute each Disbursement Request
and may use agents of its choice to execute Disbursement Requests. Funds disbursed pursuant to a Disbursement Request may be transmitted directly to the Receiving Bank, or indirectly to the Receiving Bank through another bank, government agency, or
other third party that Administrative Agent considers to be reasonable. Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each Disbursement will be made provided such funds transfer system
complies with the requirements of the Term Loan Agreement. Administrative Agent may delay or refuse to accept a Disbursement Request if the Disbursement would: (i) violate the terms of this Agreement; (ii) require use of a bank prohibited
by government authority or Administrative Agent or any Lender’s policies or requirements; (iii) cause Administrative Agent or Lenders to violate any Federal Reserve or other regulatory risk control program or guideline; or
(iv) otherwise cause Administrative Agent or Lenders to violate any applicable law or regulation. 
 Limitation of Liability. Administrative
Agent and Lenders shall not be liable to Borrower or any other parties for: (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which Borrower’s requested
Disbursements may be made or information received or transmitted, and no such entity shall be deemed an agent of the Administrative Agent or any Lender; (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances,
power surges or failures, acts of government, labor disputes, failures in communications networks, legal constraints or other events beyond Administrative Agent or any Lender’s control; or (iii) any special, consequential, indirect or
punitive damages, whether or not (A) any claim for these damages is based on tort or contract or (B) Administrative Agent, any Lender or Borrower knew or should have known the likelihood of these damages in any situation. Neither
Administrative Agent nor any Lender makes any representations or warranties other than those expressly made in this Agreement. IN NO EVENT WILL ADMINISTRATIVE AGENT OR ANY LENDER BE LIABLE FOR DAMAGES ARISING DIRECTLY OR INDIRECTLY IF A DISBURSEMENT
REQUEST IS EXECUTED BY ADMINISTRATIVE AGENT IN GOOD FAITH AND IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT AND THE TERM LOAN AGREEMENT, EXCEPT TO THE EXTENT EXPRESSLY SET FORTH IN SECTION 11.04(E) OF
THE TERM LOAN AGREEMENT. 
 Reliance on Information Provided. Administrative Agent is authorized to rely on the information provided by Borrower or
any Authorized Representative in or in accordance with this Agreement when executing a Disbursement Request until Administrative Agent has received a new Agreement signed by Borrower. Borrower agrees to be bound by any Disbursement Request:
(i) authorized or transmitted by Borrower; or (ii) made in Borrower’s name and accepted by Administrative Agent in good faith and in compliance with this Agreement, even if not properly authorized by Borrower. Administrative Agent may
rely solely (i) on the account number of the Receiving Party, rather than the Receiving Party’s name, and (ii) on the bank routing number of the Receiving Bank, rather than the Receiving Bank’s name, in executing a Disbursement
Request. Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by Borrower or an Authorized Representative. If Administrative Agent takes any actions in an attempt to detect errors
in the transmission or content of transfers or requests or takes any actions in an attempt to detect unauthorized Disbursement Requests, Borrower agrees that, no matter how many times Administrative Agent takes these actions, 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 Disbursement procedures authorized herein, in the Loan Documents, or in any agreement between
Administrative Agent and Borrower. 
 International Disbursements. A Disbursement Request expressed in US Dollars will be sent in US Dollars, even if
the Receiving Party or Receiving Bank is located outside the United States. Administrative Agent will not execute Disbursement Requests expressed in foreign currency unless permitted by the Term Loan Agreement. 

Errors. Borrower agrees to notify Administrative Agent of any errors in the Disbursement of any funds or of any unauthorized or improperly authorized
Disbursement Requests within fourteen (14) days after Administrative Agent’s confirmation to Borrower of such Disbursement. 
 Finality of
Disbursement Requests. Disbursement Requests will be final and will not be subject to stop payment or recall; provided that Administrative Agent may, at Borrower’s request, make an effort to effect a stop payment or recall but will incur no
liability whatsoever for its failure or inability to do so. 

  
 B-6 

Form of Disbursement Instruction Agreement 

 CLOSING EXHIBIT 

WIRE INSTRUCTIONS 
 All wire instructions
must contain the following information: 
  

	
	Transfer/Deposit Funds to (Receiving Party Account Name)
	
	Receiving Party Deposit Account Number
	
	Receiving Bank Name, City and State
	
	Receiving Bank Routing (ABA) Number
	
	Further identifying information, if applicable (title escrow number, borrower name, loan number, etc.)

  
 B-7 

Form of Disbursement Instruction Agreement 

 SUBSEQUENT DISBURSEMENT EXHIBIT 

WIRE INSTRUCTIONS 
 All wire
instructions must contain the following information: 
  

	
	Transfer/Deposit Funds to (Receiving Party Account Name)
	
	Receiving Party Deposit Account Number
	
	Receiving Bank Name, City and State
	
	Receiving Bank Routing (ABA) Number
	
	Further identifying information, if applicable (title escrow number, borrower name, loan number, etc.)

  
 B-8 

Form of Disbursement Instruction Agreement 

 RESTRICTED ACCOUNT DISBURSEMENT EXHIBIT 

WIRE INSTRUCTIONS 
 All wire
instructions must contain the following information: 
  

	
	Transfer/Deposit Funds to (Receiving Party Account Name)
	
	Receiving Party Deposit Account Number
	
	Receiving Bank Name, City and State
	
	Receiving Bank Routing (ABA) Number
	
	Further identifying information, if applicable (title escrow number, borrower name, loan number, etc.)

  
 B-9 

Form of Disbursement Instruction Agreement 

 EXHIBIT C 

[INTENTIONALLY OMITTED] 

  
 C-1 

 EXHIBIT D 

FORM OF TERM NOTE 
  

                       
          
 FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay
to __________________ or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Term Loan from time to time made by the Lender to the Borrower
under that certain Credit Agreement, dated as of March 19, 2020 (as amended, 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 Empire State Realty Trust, Inc., a Maryland corporation, Empire State Realty OP, L.P., a Delaware limited partnership, the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative
Agent. 
 The Borrower promises to pay interest on the unpaid principal amount of each Term Loan from the date of such 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 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 Term Note is one of the Term 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 Term Note is also entitled to the benefits of the Guaranty Agreement. 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 Term Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. Term 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 Term Note and endorse thereon the date, amount and maturity of its Term Loans and payments with respect
thereto. 
 To the extent any provision of this Term Note conflicts with or is inconsistent with the Agreement, the Agreement shall control. 

The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Term Note. 

  
 D-1 

Form of Term Note 

 THIS TERM NOTE AND THE RIGHTS AND OBLIGATIONS OF THE BORROWER AND THE LENDER HEREUNDER SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF LAWS OF ANOTHER JURISDICTION. 

 

			
	EMPIRE STATE REALTY OP, L.P., a Delaware limited partnership
		
	By:	 	Empire State Realty Trust, Inc., its general partner
		
	By:	 	  

		 	Name: [Type Signatory Name]
		 	Title:   [Type Signatory Title]

  
 D-2 

Form of Term Note 

 TERM LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	 Date
	 	 Type of

Term Loan
 Made
	 	 Amount of

Term Loan
 Made
	  	 End of

Interest

Period
	  	 Amount of
Principal or
Interest Paid
This
Date
	  	 Outstanding
Principal
Balance

This Date
	  	 Notation

Made By

	     
	 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

	     
	 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

	     
	 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

	     
	 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  

  

  
 D-3 

Form of Term Note 

 EXHIBIT E 

FORM OF COMPLIANCE CERTIFICATE 
  

			
	
                    

                    
	  	Check for distribution to PUBLIC and Private side Lenders1

 Financial Statement
Date:                    , 
  

	To:	 Wells Fargo bank, National Association, as Administrative Agent 

Ladies and Gentlemen: 
 Reference is made to that certain Credit
Agreement, dated as of March 19, 2020 (as amended, 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
Empire State Realty Trust, Inc., a Maryland corporation (the “Parent”), Empire State Realty OP, L.P., a Delaware limited partnership (the “Borrower”), the Lenders from time to time party thereto, and
Wells Fargo Bank, National Association, as Administrative Agent 
 The undersigned Responsible Officer of the Parent hereby certifies as of the date hereof
that he/she is the                                  of the Parent, and
that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on behalf of the Parent, and that: 

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

1. The Parent and the Borrower have delivered the year-end audited financial statements required by
Section 6.01(a) of the Agreement (or the Parent’s Annual Report on Form 10-K (satisfying the SEC’s requirements for 10-K filings) in
lieu thereof as permitted under Section 6.01(a) of the Agreement) for the fiscal year of the Parent 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. The Parent and the Borrower have delivered the unaudited financial statements required by Section 6.01(b) of the
Agreement (or the Parent’s Quarterly Report on Form 10-Q (satisfying the SEC’s requirements for 10-Q filings) in lieu thereof as permitted under
Section 6.01(b) of the Agreement) for the fiscal quarter of the Parent ended as of the above date. Such financial statements fairly present the financial condition, results of operations, shareholders’ equity and cash
flows of the Consolidated Group 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. 

 
  

	1 	 If this is not checked, this certificate will only be posted to Private side Lenders. 

  
 E-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 Loan Parties during the accounting period covered by such financial statements. 

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

[select one:] 
 [to the best
knowledge of the undersigned, during such fiscal period each Loan Party performed and observed each covenant and condition of the Loan Documents applicable to it, and no Default has occurred and is continuing.] 

--or-- 

[to the best knowledge of the undersigned, during such fiscal period 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 1 attached hereto are true and accurate on and as of the date of this Certificate. 
 5. Attached hereto as Schedule 2
is a true and accurate calculation of the Net Operating Income and Unencumbered NOI attributable to each Unencumbered Eligible Property as of the Financial Statement Date. 

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

			
	EMPIRE STATE REALTY TRUST, INC.
		
	By:	 	  

		 	Name: [Type Signatory Name]
		 	Title:   [Type Signatory Title]

  
 E-2 

Form of Compliance Certificate 

 For the Quarter/Year
ended                          

___________________(“Statement Date”) 

SCHEDULE 1 
 to the
Compliance Certificate 
 ($ in 000’s) 
  

									
	I.	  	Section 7.11(a) – Maximum Leverage Ratio	  	
				
		  	A.	  	Total Indebtedness at Statement Date:	  	
					
		  		  	1.	  	The aggregate amount of all Indebtedness of the Consolidated Group determined on a consolidated basis on Statement Date:	  	$                    
					
		  		  	2.	  	The Consolidated Group Pro Rata Share of Indebtedness of Unconsolidated Affiliates on Statement Date:	  	$                    
					
		  		  	3.	  	The aggregate amount of Unrestricted Cash to the extent available for the repayment of Total Indebtedness in excess of $35,000,000 to the extent that there is an equivalent amount of funded Indebtedness included in Total
Indebtedness that matures within 24 months of the Statement Date:	  	$                    
					
		  		  	4.	  	Total Indebtedness on Statement Date (Line I.A.1. + Line I.A.2.—Line I.A.3.):	  	$                    
				
		  	B.	  	Total Asset Value at Statement Date:1 	  	
				
		  	1.	  	An amount equal to (a) Net Operating Income derived from each Property that is an office property located in the New York City central business district (other than the Empire State Observatory, each Disposed
Property, each Newly-Acquired Property, each unimproved land holding and each Property under development (i.e., construction-in-progress)) owned by a Consolidated Party
for the fiscal quarter ending on Statement Date (“Subject Period”), multiplied by four, divided by (b) six percent (6.00%):	  	$                    
				
		  	2.	  	An amount equal to (a) Net Operating Income derived from each Property that is an office property (other than a New York City central business district office property and other than the Empire State Observatory,
each Disposed Property, each Newly-Acquired Property, each unimproved land holding and each Property under development (i.e., construction-in-progress)) owned by a Consolidated Party for Subject Period,
multiplied by four, divided by (b) seven percent (7.00%):	  	$                    

  
  

	1 	 This calculation excludes Properties disposed of during the fiscal quarter ended on or prior to the Statement
Date 

  

  
 E-1 
 Form of Compliance Certificate 

							
				
		 	3.	  	An amount equal to (a) Net Operating Income derived from each Property that is a retail property (other than the Empire State Observatory, each Disposed Property, each Newly-Acquired Property, each unimproved land holding and
each Property under development (i.e., construction-in-progress)) owned by a Consolidated Party for Subject Period, multiplied by four, divided by
(b) seven and one-quarter percent (7.25%):	  	$                    
				
		 	4.	  	An amount equal to (a) Net Operating Income derived by the Consolidated Group from its operation of the Empire State Observatory (to the extent the Empire State Observatory is not a Disposed Property at such time) for the then
most recently ended period of four consecutive fiscal quarters of the Parent ending on Statement Date, divided by (b) six percent (6.00%):	  	$                    
				
		 	5.	  	Aggregate acquisition costs of all Newly-Acquired Properties for the then most recently ended period of four consecutive fiscal quarters of the Parent ending on Statement Date:	  	$                    
				
		 	6.	  	Unrestricted Cash at Statement Date:	  	$                    
				
		 	7.	  	Aggregate book values of all unimproved land holdings at Statement Date:	  	$                     2
				
		 	8.	  	Aggregate book values of all Investments in respect of costs to construct Properties (i.e., construction-in-progress) and Properties under
development at Statement Date:	  	$                     3
				
		 	9.	  	Aggregate book values of all commercial mortgage loans, commercial real estate-related mezzanine loans and commercial real estate-related notes receivable owned by the Consolidated Group at Statement Date:	  	$                    4

  
  

	2 	 Line I.B.7. may not exceed five percent (5%) of Line I.B.12. 

	3 	 Line I.B.8. may not exceed twenty percent (20%) of Line I.B.12 

	4 	 Line I.B.9. may not exceed ten percent (10%) of Line I.B.12 

  
 E-2 
 Form of Compliance Certificate 

							
	    	 	10.	  	Consolidated Group Pro Rata Share of items referenced in Line I.B.1. through I.B.5. and Line I.B.7. through Line I.B.9. attributable to the Consolidated Group’s interest in Unconsolidated Affiliates:	  	$                    5
				
		 	11.	  	The sum of Line I.B.7. through Line I.B.10.:	  	$                    6
				
		 	12.	  	Total Asset Value at Statement Date (The sum of Line I.B.1. through Line I.B.6. + Line I.B.11. - Line I.A.3.):	  	$                    
			
	C.	 	Ratio of Total Indebtedness to Total Asset Value:	  	                    %
			
	D.	 	Maximum Total Indebtedness Permitted:   

60% of Total Asset Value at Statement Date (60% of Line
I.B.18.)7:
	  	$                    
		
	Excess (deficiency) for covenant compliance (Line I.D. – I.A.4.):	  	$                    

  

	5 	 Line I.B.10. may not exceed fifteen percent (15%) of Line I.B.12 

	6 	 Line I.B.11. may not exceed thirty percent (30%) of Line I.B.12 

	7 	 On two occasions prior to the Facility Termination Date the Borrower may elect that such ratio be permitted to
exceed 60% for up to two (2) consecutive full fiscal quarters immediately following a Significant Acquisition, but in no event shall such ratio exceed 65% as of the last day of any fiscal quarter 

  
 E-3 
 Form of Compliance Certificate 

									
	II.	  	Section 7.11(b) – Maximum Secured Leverage Ratio.	  	
				
		  	A.	  	Total Secured Indebtedness at Statement Date:	  	
					
		  		  	1.	  	The aggregate amount of all Secured Indebtedness of the Consolidated Group determined on a consolidated basis on Statement Date:	  	$                    
					
		  		  	2.	  	The Consolidated Group Pro Rata Share of Secured Indebtedness of Unconsolidated Affiliates on Statement Date:	  	$                    
					
		  		  	3.	  	Total Secured Indebtedness (Line II.A.1. + Line II.A.2.):	  	$                    
				
		  	B.	  	Total Asset Value at Statement Date (Line I.B.18.):	  	$                    
				
		  	C.	  	Ratio of Total Secured Indebtedness to Total Asset Value:	  	                    %
				
		  	D.	  	Maximum Total Secured Indebtedness Permitted:	  	
				
		  		  	40% of Total Asset Value at Statement Date (40% of Line I.B.18.):	  	$                    
		
	Excess (deficiency) for covenant compliance (Line II.D. – II.A.3.):	  	$                    

  
 E-4 
 Form of Compliance Certificate 

									
	III.	  	Section 7.11(c) - [Intentionally Omitted].	  	
			
	IV.	  	Section 7.11(d) – Fixed Charge Coverage Ratio.	  	
				
		  	A.	  	EBITDA for Subject Period:	  	
					
		  		  	1.	  	Net Income for Subject Period:	  	$                    
					
		  		  	2.	  	Non-recurring or extraordinary losses for Subject Period (to the extent subtracted in the calculation of Line IV.A.1.):	  	$                    
					
		  		  	3.	  	Any loss resulting from the early extinguishment of indebtedness during Subject Period (to the extent subtracted in the calculation of Line IV.A.1.):	  	$                    
					
		  		  	4.	  	Net loss resulting from a Swap Contract (including by virtue of a termination thereof) during Subject Period (to the extent subtracted in the calculation of Line IV.A.1.):	  	$                    
					
		  		  	5.	  	Non-recurring or extraordinary gains for Subject Period (to the extent added in the calculation of Line IV.A.1.):	  	$                    
					
		  		  	6.	  	Income or gain resulting from the early extinguishment of indebtedness during Subject Period (to the extent added in the calculation of Line IV.A.1.):	  	$                    
					
		  		  	7.	  	Net income or gain resulting from a Swap Contract (including by virtue of a termination thereof) during Subject Period (to the extent added in the calculation of Line IV.A.1.):	  	$                    
					
		  		  	8.	  	An amount which, in the determination of Net Income pursuant to clauses 1. - 7. of this Line IV.A for Subject Period, has been deducted for or in connection with:	  	
				
		  		  	a. Interest Expense determined in accordance with GAAP (plus, amortization of deferred financing costs, to the extent included in the determination of Interest Expense in accordance with GAAP) for Subject Period:	  	$                    
				
		  		  	b. Income taxes determined in accordance with GAAP for Subject Period:	  	$                    
				
		  		  	c. Depreciation determined in accordance with GAAP for Subject Period:	  	$                    
				
		  		  	d. Amortization determined in accordance with GAAP for Subject Period:	  	$                    

  
 E-5 
 Form of Compliance Certificate 

					
		  	e. All other non-cash charges determined in accordance with GAAP for Subject Period:	  	$                    
			
		  	f. Adjustments as a result of straight lining of rents determined in accordance with GAAP for Subject Period:	  	$                    
			
		  	 g.  Specified EBITDA addbacks (Line IV.A.8.a. + Line IV.A.8.b + Line IV.A.8.c. + Line
IV.A.8.d. + Line IV.A.8.e. + Line IV.A.8.f.):
	  	$                    
			
		  	 9.  Consolidated Group Pro Rata Share of the items listed in Lines IV.A.1. through
IV.A.7 and Line IV.A.8.g. attributable to the Consolidated Group’s interests in Unconsolidated Affiliates:
	  	$                    
			
		  	 10.  EBITDA for Subject Period (Line IV.A.1. + Line IV.A.2. + Line IV.A.3. +
Line IV.A.4. - Line IV.A.5. - Line IV.A.6. - Line IV.A.7. + Line IV.A.8.g. + Line IV.A.9.):
	  	$                    
			
	B.	  	Adjusted EBITDA for Subject Period:	  	
			
		  	 1.  EBITDA for Subject Period (Line IV.A.10.):
	  	$                    
			
		  	 2.  Observatory EBITDA for Subject Period (as calculated on Annex I
hereto):
	  	$                    
			
		  	 3.  Observatory EBITDA for period of four consecutive fiscal quarters of Parent ending
on Statement Date (as calculated on Annex II hereto):
	  	$                    
			
		  	 4.  Aggregate Annual Capital Expenditure Adjustments for all Real Properties on
Statement Date (as calculated on Annex III hereto):
	  	$                    
			
		  	 5.  Adjusted EBITDA for Subject Period ((Line IV.B.1 - Line IV.B.2) * 4 + Line
IV.B.3 - Line IV.B.4)):
	  	$                    
			
	C.	  	Fixed Charges for Subject Period:	  	
			
		  	 1.  Interest Expense for Subject Period:
	  	$                    
			
		  	 2.  Scheduled payments of principal on Total Indebtedness made or required to be made
during Subject Period (excluding any balloon payments payable on maturity of any such Total Indebtedness):
	  	$                    
			
		  	 3.  Amount of dividends or distributions paid or required to be paid by any member of
the Consolidated Group during Subject Period in respect of its preferred Equity Interests:
	  	$                    
			
		  	 4.  Consolidated Group Pro Rata Share of the items listed in Lines IV.C.1. through
IV.C.3. attributable to the Consolidated Group’s interests in Unconsolidated Affiliates:
	  	$                    

  
 E-6 
 Form of Compliance Certificate 

									
		  		  	5.	  	Consolidated Fixed Charges ((Line IV.C.1 + Line IV.C.2. + Line IV.C.3. + Line IV.C.4.) *4):	  	$                    
			
		  	Fixed Charge Coverage Ratio (Line IV.B.5. ÷ Line IV.C.5.):	  	to 1.00
			
		  	Minimum required:	  	1.50 to 1.00
			
	V.	  	Section 7.11(e) – Minimum Unencumbered Interest Coverage Ratio.	  	
				
		  	A.	  	Aggregate Unencumbered NOI with respect to all Unencumbered Eligible Properties (other than the Empire State Observatory) for the Subject Period:	  	$                    
				
		  	B.	  	Unencumbered NOI for Empire State Observatory for period of four consecutive fiscal quarters of Parent ending on Statement Date, divided by four:	  	$                    
				
		  	C.	  	 Portion of Interest Expense for the Subject Period attributable to Unsecured Indebtedness:
	  	$                    
			
		  	Unencumbered Interest Coverage Ratio ((Line V.A + Line V. B.) ÷ Line V.C.):	  	to 1.00
			
		  	Minimum required:	  	1.75 to 1.00

  
 E-7 
 Form of Compliance Certificate 

							
	VI.	  	Section 7.11(f) – Maximum Unsecured Leverage Ratio.	  	
			
	A.	  	Total Unsecured Indebtedness as of the Statement Date:	  	
				
		  	1.	  	Total Indebtedness as of the Statement Date (Line I.A.3.)	  	$                    
				
		  	2.	  	Total Secured Indebtedness as of the Statement Date:	  	$                    
				
		  	3.	  	The aggregate amount of Unrestricted Cash to the extent available for the repayment of Total Unsecured Indebtedness in excess of $35,000,000 to the extent that there is an equivalent amount of funded Indebtedness included in Total
Unsecured Indebtedness that matures within 24 months of the Statement Date:	  	$                    
				
		  	4.	  	Total Unsecured Indebtedness (Line VI.A.1. – Line VI.A.2. - Line VI.A.3.):	  	$                    
			
	B.	  	Unencumbered Asset Value at Statement Date:	  	
				
		  	1.	  	Aggregate Unencumbered Property Value as of the Statement Date for all Wholly-Owned Unencumbered Eligible Properties (as calculated on Annex IV hereto):	  	$                    
				
		  	2.	  	Aggregate Unencumbered Property Value as of the Statement Date for all Non-Wholly-Owned Unencumbered Eligible Properties (as calculated on Annex IV hereto):	  	$                    
				
		  	3.	  	Aggregate book value of Investments in respect of costs to construct Wholly-Owned Properties (i.e., construction-in-progress) and Wholly-Owned real
property assets under development:	  	$                    
				
		  	4.	  	Loan Party Pro Rata Share of aggregate book value of Investments in respect of costs to construct Non-Wholly-Owned Properties (i.e., construction-in-progress) and Non-Wholly-Owned real property assets under development:	  	$                    
				
		  	5.	  	Aggregate book value of Wholly-Owned commercial mortgage loans:	  	$                    
				
		  	6.	  	Unrestricted Cash at Statement Date:	  	$                    
				
		  	7.	  	Line VI.B.1. + Line VI.B.2. + Line VI.B.3. + Line VI.B.4. + Line VI.B.5. + Line VI.B.6:	  	$                    

  
 E-8 

Form of Compliance Certificate 

							
		  	8.	  	Line VI.B.3. + Line VI.B.4. + Line VI.B.5.:	  	$                    
				
		  	9.	  	Line VI.B.2. + Line VI.B.4.:	  	$                    
				
		  	10.	  	Amount equal to 15% of Line VI.B.7.:	  	$                    
				
		  	11.	  	Amount equal to 20% of Line VI.B.7.:	  	$                    
				
		  	12.	  	Positive remainder, if any, of Line VI.B.8. – Line VI.B.10.:	  	$                    
				
		  	13.	  	Positive remainder, if any, of Line VI.B.9. – Line VI.B.11.:	  	$                    
				
		  	14.	  	Unencumbered Asset Value at Statement Date: (Line VI.B.7. – Line VI.B.12. – Line VI.B.13.—Line VI.A.3.):	  	$                    
			
	C.	  	Ratio of Total Unsecured Indebtedness to	  	
		  	Unencumbered Asset Value:	  	                     %
			
	D.	  	Maximum Unsecured Indebtedness Permitted:	  	
			
		  	60% of Unencumbered Asset Value at Statement Date (60% of Line VI.B.14.) 8:	  	$                    
		
	Excess (deficiency) for covenant compliance (Line VI.D. – VI.A.4.):	  	$                    

  

	8 	 On two occasions prior to the Facility Termination Date the Borrower may elect that such ratio be permitted to
exceed 60% for up to two (2) consecutive full fiscal quarters immediately following a Significant Acquisition, but in no event shall such ratio exceed 65% as of the last day of any fiscal quarter 

  
 E-9 

Form of Compliance Certificate 

 Annex I to Schedule 1 

Calculation of Observatory EBITDA 

for Subject Period 
 ($ in
000’s) 
  

									
	I.	  	Observatory EBITDA for Subject Period:	  	
				
		  	A.	  	For each of the following, such amount that is attributable to the operation of the Empire State Observatory:	  	
					
		  		  	1.	  	Net Income for Subject Period:	  	$                    
					
		  		  	2.	  	Non-recurring or extraordinary losses for Subject Period:	  	$                    
					
		  		  	3.	  	Any loss resulting from the early extinguishment of indebtedness during Subject Period:	  	$                    
					
		  		  	4.	  	Net loss resulting from a Swap Contract (including by virtue of a termination thereof) during Subject Period:	  	$                    
					
		  		  	5.	  	Non-recurring or extraordinary gains for Subject Period:	  	$                    
					
		  		  	6.	  	Income or gain resulting from the early extinguishment of indebtedness during Subject Period:	  	$                    
					
		  		  	7.	  	Net income or gain resulting from a Swap Contract (including by virtue of a termination thereof) during Subject Period:	  	$                    
					
		  		  	8.	  	An amount which, in the determination of Net Income pursuant to clauses 1.—7. of this Line I.A for Subject Period, has been deducted for or in connection with:	  	
				
		  		  	a. Interest Expense determined in accordance with GAAP (plus, amortization of deferred financing costs, to the extent included in the determination of Interest Expense in accordance with GAAP) for Subject Period:	  	$                    
				
		  		  	b. Income taxes determined in accordance with GAAP for Subject Period:	  	$                    
				
		  		  	c. Depreciation determined in accordance with GAAP for Subject Period:	  	$                    
				
		  		  	d. Amortization determined in accordance with GAAP for Subject Period:	  	$                    
				
		  		  	e. All other non-cash charges determined in accordance with GAAP for Subject Period:	  	$                    

  
 E-10 

Form of Compliance Certificate 

									
		  		  	f. Adjustments as a result of straight lining of rents determined in accordance with GAAP for Subject Period:	  	$                    
				
		  		  	g. Specified EBITDA addbacks (Line I.A.8.a. + Line I.A.8.b + Line I.A.8.c. + Line I.A.8.d. + Line I.A.8.e. + Line I.A.8.f.):	  	$                    
				
		  	9.	  	Observatory EBITDA for Subject Period (Line I.A.1. + Line I.A.2. + Line I.A.3. + Line I.A.4. - Line I.A.5. - Line I.A.6. - Line I.A.7. + Line I.A.8.g.):	  	$                    

  
 E-11 

Form of Compliance Certificate 

 Annex II to Schedule I 

Calculation of Observatory EBITDA 

for period of four consecutive fiscal 

quarters ending on Statement Date 

($ in 000’s) 
  

									
	I.	  	Observatory EBITDA for period of four consecutive fiscal quarters ending on Statement Date:	  	
				
		  	A.	  	For each of the following, such amount that is attributable to the operation of the Empire State Observatory:	  	
					
		  		  	1.	  	Net Income for period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
					
		  		  	2.	  	Non-recurring or extraordinary losses for period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
					
		  		  	3.	  	Any loss resulting from the early extinguishment of indebtedness during period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
					
		  		  	4.	  	Net loss resulting from a Swap Contract (including by virtue of a termination thereof) during period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
					
		  		  	5.	  	Non-recurring or extraordinary gains for period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
					
		  		  	6.	  	Income or gain resulting from the early extinguishment of indebtedness during period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
					
		  		  	7.	  	Net income or gain resulting from a Swap Contract (including by virtue of a termination thereof) during period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
					
		  		  	8.	  	An amount which, in the determination of Net Income pursuant to clauses 1.—7. of this Line I.A for period of four consecutive fiscal quarters ending on Statement Date, has been deducted for or in connection with:	  	
				
		  		  	a. Interest Expense determined in accordance with GAAP (plus, amortization of deferred financing costs, to the extent included in the determination of Interest Expense in accordance with GAAP) for period of four
consecutive fiscal quarters ending on Statement Date:	  	$                    

  
 E-12 
 Form of Compliance Certificate 

									
		  		  	b. Income taxes determined in accordance with GAAP for period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
				
		  		  	c. Depreciation determined in accordance with GAAP for period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
				
		  		  	d. Amortization determined in accordance with GAAP for period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
				
		  		  	e. All other non-cash charges determined in accordance with GAAP for period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
				
		  		  	f. Adjustments as a result of straight lining of rents determined in accordance with GAAP for period of four consecutive fiscal quarters ending on Statement Date:	  	$                    
				
		  		  	g. Specified EBITDA addbacks (Line I.A.8.a. + Line I.A.8.b + Line I.A.8.c. + Line I.A.8.d. + Line I.A.8.e. + Line I.A.8.f.):	  	$                    
					
		  		  	9.	  	Observatory EBITDA for period of four consecutive fiscal quarters ending on Statement Date (Line I.A.1. + Line I.A.2. + Line I.A.3. + Line I.A.4. - Line I.A.5. - Line I.A.6. - Line I.A.7. + Line I.A.8.g.):	  	$                    

  
 E-13 
 Form of Compliance Certificate 

 Annex III to Schedule I 

Aggregate Annual Capital Expenditure Adjustments 

for all Properties on Statement Date 

($ in 000’s) 
  

									
	I.	  	Aggregate Annual Capital Expenditure Adjustments:	  	
				
		  	A.	  	Aggregate Annual Capital Expenditure Adjustments for all Properties on Statement Date:	  	
					
		  		  	1.	  	For Properties that are office properties (including the Empire State Observatory), an amount equal to the product of (x) $0.25, multiplied by (y) the aggregate net rentable area (determined on a square feet basis) of such
Properties:	  	$                    
					
		  		  	2.	  	For Properties that are retail properties, an amount equal to the product of (x) $0.15, multiplied by (y) the aggregate net rentable area (determined on a square feet basis) of such Properties:	  	$                    
					
		  		  	3.	  	Aggregate Annual Capital Expenditure Adjustments for all Properties on Statement Date (Line I.A.1. + Line I.A.2.):	  	$                    

  
 E-14 
 Form of Compliance Certificate 

 For the Year/Quarter ended ___________________ (“Statement Date”) 

Annex IV to Schedule 1 

Unencumbered Property Value 

(in accordance with the definition of Unencumbered Property Value 

as set forth in the Agreement) 
 ($
in 000’s) 
  

							
	 Wholly-Owned Properties

	 Unencumbered

Eligible Property
	 	 Adjusted

Unencumbered
 NOI or

acquisition cost9
	 	 Capitalization

Rate
	  	 Unencumbered

Property Value

		 		 		  	
		 		 		  	
		 		 		  	

  

									
	
Non-Wholly-Owned Properties

	 Unencumbered

Eligible Property
	 	 Adjusted

Unencumbered
 NOI or

acquisition cost7
	 	 Capitalization

Rate
	  	 Loan Party Pro

Rata Share
	  	 Unencumbered

Property Value

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  
  

	9 	 (A) With respect to each Unencumbered Eligible Property other than the Empire State Observatory, (i) if
such Unencumbered Eligible Property has been owned or ground leased pursuant to an Eligible Ground Lease for the period of four full fiscal quarters most recently ended on or prior to such date of determination, an amount equal to (x) the
Adjusted Unencumbered NOI from such Unencumbered Eligible Property for the then most recently ended fiscal quarter of the Parent, multiplied by four, divided by (y) the Capitalization Rate with respect to such Unencumbered
Eligible Property and (ii) if such Unencumbered Eligible Property has not been owned or ground leased pursuant to an Eligible Ground Lease for the period of four full fiscal quarters most recently ended on or prior to such date of
determination, an amount equal to the acquisition cost of such Unencumbered Eligible Property (provided that with respect to any such Unencumbered Eligible Property that is owned by or ground leased to a Controlled Joint Venture or a Controlled
Joint Venture Subsidiary, only the Loan Party Pro Rata Share of such acquisition cost shall be included in the calculation of Unencumbered Asset Value) and (B) with respect to the Empire State Observatory (for so long it is an Unencumbered
Eligible Property), an amount equal to (i) the Adjusted Unencumbered NOI from such Unencumbered Eligible Property for the period of four full fiscal quarters most recently ended on or prior to such date of determination, divided by
(ii) the applicable Capitalization Rate. 

  
 E-15 

Form of Compliance Certificate 

 For the Year/Quarter ended ___________________ (“Statement Date”) 

SCHEDULE 2 
 to the
Compliance Certificate 
 ($ in 000’s) 

Net Operating Income and Unencumbered NOI of Unencumbered Eligible Properties 

(in accordance with applicable definitions 

as set forth in the Agreement) 
  

					
	 Unencumbered Eligible

Property
	 	 Loan Party Pro Rata Share of

Net Operating Income

attributable to Unencumbered

Eligible Property
	 	 Unencumbered NOI

		 		 	
		 		 	

  

  
 E-16 

Form of Compliance Certificate 

 EXHIBIT F 

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 [the][each]1 Assignor identified
in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that
the rights and obligations of [the Assignors][the Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined
herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The 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][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee
hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], 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][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments
delivered pursuant thereto in the amount[s] and equal to the percentage interest[s] identified below of all the outstanding rights and obligations under the respective facilities identified below (including, without limitation, the
Letters of Credit included in such facilities5) 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)][the respective Assignors (in their respective capacities as Lenders)] 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 by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred
to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or
warranty by [the][any] Assignor. 
  
  

	1 	 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a
single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. 

	2 	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a
single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	3 	 Select as appropriate. 

	4 	 Include bracketed language if there are either multiple Assignors or multiple Assignees. 

	5 	 Include all applicable subfacilities. 

  
 F-1 

Form of Assignment and Assumption 

  

	1.	 Assignor[s]:     ______________________________ 

 

	    	
                       
                                         
                     

[Assignor [is] [is not] a Defaulting Lender] 
  

	2.	 Assignee[s]:     ______________________________ 

 

	    	
                       
                                         
                     

[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]] 

 

	3.	 Borrower: Empire State Realty OP, L.P. a Delaware limited partnership 

 

	4.	 Administrative Agent: Wells Fargo Bank, National Association, as the administrative agent under the
Credit Agreement 

  

	5.	 Credit Agreement: Credit Agreement, dated as of March 19, 2020 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time), among Empire State Realty Trust, Inc., a Maryland corporation, Empire State Realty OP, L.P., a Delaware limited partnership, the Lenders from time to time party thereto,
and Wells Fargo Bank, National Association, as Administrative Agent 

  

	6.	 Assigned Interest[s]: 

 

																					
	
Assignor[s]6
	  	Assignee[s]7	 	  	Aggregate
Amount of
Term Loans
for all Lenders8	 	  	Amount of
Term Loans
Assigned	 	  	Percentage
of
Term Loans9	 	 	CUSIP
Number	 
		  				  	$	________________	 	  	$	_________	 	  	 	____________	% 	 			
		  				  	$	________________	 	  	$	_________	 	  	 	____________	% 	 			

  
  

	6 	 List each Assignor, as appropriate. 

	7 	 List each Assignee and, if available, its market entity identifier, as appropriate. 

	8 	 Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take
into account any payments or prepayments made between the Trade Date and the Effective Date. 

	9 	 Set forth, to at least 9 decimals, as a percentage of the Term Loans of the Term Facility.

  
 F-2 

Form of Assignment and Assumption 

	[7.	 Trade Date: __________________]10

 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[S]11
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name: [Type Signatory Name]
		 	Title:   [Type Signatory Title]
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name: [Type Signatory Name]
		 	Title:   [Type Signatory Title]
	
	ASSIGNEE[S]12
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name: [Type Signatory Name]
		 	Title:   [Type Signatory Title]
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name: [Type Signatory Name]
		 	Title:   [Type Signatory Title]

  

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

	11 	 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if
applicable). 

	12 	 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if
applicable). 

  
 F-3 

Form of Assignment and Assumption 

			
	[Consented to and]13 Accepted:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	  

		 	Name: [Type Signatory Name]
		 	Title:   [Type Signatory Title]

 [Consented to:]14 

EMPIRE STATE REALTY OP, L.P., 
 a Delaware limited partnership

  

			
	By: Empire State Realty Trust, Inc.,
	its general partner
		
	By:	 	  

		 	Name: [Type Signatory Name]
		 	Title:   [Type Signatory Title]

  
  

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

	14 	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

  
 F-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][Each] Assignor (a) represents and warrants that (i) it is the
legal and beneficial owner of [the][[the relevant] Assigned Interest, (ii) [the][such] 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 Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee. 

(1) [The][Each] 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 the requirements to be an assignee under Section 10.06(b)(iii) and (v) of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.06(b)(iii) of
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][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder; 

(iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest
and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type; 

(v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of
the most recent financial statements delivered pursuant to Section 6.01(a) or (b) thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and

  
 F-5 

Form of Assignment and Assumption 

 
decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest; and 

(vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of
the Credit Agreement, duly completed and executed by [the][such] Assignee. 
 (2) [The][Each] Assignee agrees that: 

(i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents; and 

(ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are
required to be performed by it as a Lender. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all
payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant]
Assignee for amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date
to [the][the relevant] Assignee. 
 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. 

  
 F-6 

Form of Assignment and Assumption 

 EXHIBIT G 

FORM OF GUARANTY AGREEMENT 

(See Attached) 

  
 G-1 

Form of Guaranty Assignment 

 EXHIBIT H 

FORM OF SOLVENCY CERTIFICATE 
 I,
the undersigned, chief financial officer of EMPIRE STATE REALTY TRUST, INC., a Maryland corporation (the “Parent”), DO HEREBY CERTIFY on behalf of the Loan Parties that: 

1. This certificate is furnished pursuant to Section 4.01(a)(ix) of the Credit Agreement, dated as of March 19,
2020 (as amended, 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 Empire State Realty Trust, Inc., a
Maryland corporation, Empire State Realty OP, L.P., a Delaware limited partnership, the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent. 

2. After giving effect to the transactions to occur on the Closing Date (including, without limitation, all Credit Extensions to occur on the
Closing Date), (a) the fair value of the property of the Parent and its Subsidiaries on a consolidated basis is greater than the total amount of liabilities, including contingent liabilities, of the Parent and its Subsidiaries on a consolidated
basis, (b) the present fair salable value of the assets of the Parent and its Subsidiaries on a consolidated basis is not less than the amount that will be required to pay the probable liability on their debts as they become absolute and
matured, (c) the Parent and its Subsidiaries on a consolidated basis do not intend to, and do not believe they will, incur debts or liabilities beyond their ability to pay such debts and liabilities as they mature, (d) the Parent and its
Subsidiaries on a consolidated basis are not engaged in business or a transaction, and are not about to engage in business or a transaction, for which their property would constitute an unreasonably small capital, and (e) the Parent and its
Subsidiaries on a consolidated basis are able to pay their debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall be computed as
the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

[Signature Page Follows] 

  
 H-1 

Form of Solvency Certificate 

 IN WITNESS WHEREOF, the undersigned has executed this Solvency Certificate as of
March 19, 2020. 
  

			
	 EMPIRE STATE REALTY TRUST, INC.

		
	By:	 	
                     
                

		 	 Name: [Type Signatory Name]

		 	 Title:   [Type Signatory Title]

  
 H-2 

Form of Solvency Certificate 

 EXHIBIT I 

FORM OF NOTICE OF LOAN PREPAYMENT 

Date: ___________, _____ 
 1 
 To: Wells Fargo bank, National Association, as Administrative Agent 

Ladies and Gentlemen: 
 Reference is made to that certain Credit
Agreement, dated as of March 19, 2020 (as amended, 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
Empire State Realty Trust, Inc., a Maryland corporation, Empire State Realty OP, L.P., a Delaware limited partnership (the “Borrower”), the Lenders from time to time party thereto, and Wells Fargo Bank, National
Association, as Administrative Agent. 
 The undersigned, on behalf of the Borrower, hereby requests to
prepay2: 
 Term Facility 

 

					
	 Indicate:
 Requested

Amount
	 	 Indicate:

Base Rate Loan
 or

Eurodollar Rate Loan

or
 LIBOR Floating Rate
Loan
	 	 For Eurodollar

Rate Loans

Indicate:
 Interest Period
(e.g. 1, 3
 or 6 month interest period)

 

	1 	 Note to Borrower. All prepayments submitted under a single Notice of Loan Prepayment must be effective on the
same date. If multiple effective dates are needed, multiple Notice of Loan Prepayment will need to be prepared and signed. Insert an additional chart for each Incremental Term Loan Facility added pursuant to Section 2.16 of the Agreement.

	2 	 Note to Borrower. Complete a new row for each Borrowing being prepaid. 

  
 I-1 

Form of Notice of Loan Prepayment 

 
			
	EMPIRE STATE REALTY OP, L.P., a Delaware limited partnership
	
	By: Empire State Realty Trust, Inc., its general partner
		
	By:	 	
                     
    

		 	 Name: [Type Signatory Name]

		 	 Title:   [Type Signatory Title]

  
 I-2 

Form of Notice of Loan Prepayment 

 EXHIBIT J-1 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Credit Agreement, dated as of March 19, 2020 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Credit Agreement”), among Empire State Realty Trust, Inc., a Maryland corporation, Empire State Realty OP, L.P., a Delaware limited partnership (the “Borrower”), the
Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent. 
 Pursuant to the provisions
of Section 3.01(f) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s), and it is the sole beneficial owner of the portion of the Note(s)
evidencing such Loan(s), in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its
non-U.S. Person status on IRS Form W-8BEN-E (or W-8BEN, as applicable). By executing this
certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times
furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	
                     
    

		 	 Name: [Type Signatory Name]
 Title:
  [Type Signatory Title]

 Date: ________ __, 20[    ] 

  
 J-1-1 

Form of U.S. Tax Compliance Certificate 

 EXHIBIT J-2 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Credit Agreement, dated as of March 19, 2020 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Credit Agreement”), among Empire State Realty Trust, Inc., a Maryland corporation, Empire State Realty OP, L.P., a Delaware limited partnership (the “Borrower”), the
Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent. 
 Pursuant to the provisions
of Section 3.01(f) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it
is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E (or
W-8BEN, as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in
writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the
two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	
                     
    

		 	 Name: [Type Signatory Name]
 Title:
  [Type Signatory Title]

 Date: ________ __, 20[    ] 

  
 J-2-1 

U.S. Tax Compliance Certificate 

 EXHIBIT J-3 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Credit Agreement, dated as of March 19, 2020 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Credit Agreement”), among Empire State Realty Trust, Inc., a Maryland corporation, Empire State Realty OP, L.P., a Delaware limited partnership (the “Borrower”), the
Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent. 
 Pursuant to the provisions
of Section 3.01(f) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or
indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan
agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the
meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the
following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E (or
W-8BEN, as applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form
W-8BEN-E (or W-8BEN, as applicable) from each of such partner’s/member’s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have
at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	
                     
    

		 	 Name: [Type Signatory Name]
 Title:
  [Type Signatory Title]

 Date: ________ __, 20[    ] 

  
 J-3-1 

U.S. Tax Compliance Certificate 

 EXHIBIT J-4 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Credit Agreement, dated as of March 19, 2020 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Credit Agreement”), among Empire State Realty Trust, Inc., a Maryland corporation, Empire State Realty OP, L.P., a Delaware limited partnership (the “Borrower”), the
Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent. 
 Pursuant to the provisions
of Section 3.01(f) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s), and it is the sole beneficial owner of the portion of the Note(s) evidencing such
Loan(s), in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) and the sole beneficial owners of the portion of the Note(s) evidencing such Loan(s),
(iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered
into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY
accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E (or IRS Form
W-8BEN, as applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form
W-8BEN-E (or IRS Form W-8BEN, as applicable) from each of such partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and
(2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or
in either of the two calendar years preceding such payments. 

  
 J-4-1 

U.S. Tax Compliance Certificate 

 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	
                     
    

		 	 Name: [Type Signatory Name]
 Title:
  [Type Signatory Title]

 Date: ________ __, 20[    ] 

  
 J-4-2 

U.S. Tax Compliance Certificate

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