Document:

Loan and Security Agreement

 Exhibit 10.10 
  
 LOAN AND SECURITY AGREEMENT 
  
 Dated as of July 21, 2005 
  
 Between 
  
 GIRAFFE PROPERTIES, LLC 
  
 as Borrower 
  
 and 
  
 GERMAN AMERICAN CAPITAL CORPORATION, on behalf of the holders of the Notes

 as Lender 

  
 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	 	  	Page

	I.	  	DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	1
	 	  	1.1	  	Definitions	  	1
	 	  	1.2	  	Principles of Construction	  	33
			
	II.	  	GENERAL TERMS	  	33
	 	  	2.1	  	Loan; Disbursement to Borrower	  	33
	 	  	 	  	2.1.1	  	The Loan	  	33
	 	  	 	  	2.1.2	  	Disbursement to Borrower	  	33
	 	  	 	  	2.1.3	  	The Notes, Security Instrument and Loan Documents	  	33
	 	  	 	  	2.1.4	  	Use of Proceeds	  	33
				
	 	  	2.2	  	Interest; Loan Payments; Late Payment Charge	  	33
	 	  	 	  	2.2.1	  	Payment of Principal and Interest	  	33
	 	  	 	  	2.2.2	  	Method and Place of Payment	  	34
	 	  	 	  	2.2.3	  	Late Payment Charge	  	34
	 	  	 	  	2.2.4	  	Usury Savings	  	34
				
	 	  	2.3	  	Prepayments	  	35
	 	  	 	  	2.3.1	  	Prepayments	  	35
	 	  	 	  	2.3.2	  	Prepayments After Event of Default; Application of Amounts Paid	  	35
	 	  	 	  	2.3.3	  	Release of Property upon Repayment of Loan in Full	  	35
	 	  	 	  	2.3.4	  	Release of Individual Properties	  	35
	 	  	 	  	2.3.5	  	Substitution of Properties	  	37
	 	  	 	  	2.3.6	  	Provisions Relating to Individual Properties That Go Dark	  	42
	 	  	 	  	2.3.7	  	Excess Account Collateral	  	43
	 	  	 	  	2.3.8	  	Reserve Requirements	  	43
	 	  	 	  	2.3.9	  	Reserved	  	43
				
	 	  	2.4	  	Regulatory Change; Taxes	  	43
	 	  	 	  	2.4.1	  	Increased Costs	  	43
	 	  	 	  	2.4.2	  	Special Taxes	  	44
	 	  	 	  	2.4.3	  	Other Taxes	  	44
	 	  	 	  	2.4.4	  	Indemnity	  	44
	 	  	 	  	2.4.5	  	Change of Office	  	44
	 	  	 	  	2.4.6	  	Survival	  	44
				
	 	  	2.5	  	Conditions Precedent to Closing	  	44
	 	  	 	  	2.5.1	  	Representations and Warranties; Compliance with Conditions	  	45
	 	  	 	  	2.5.2	  	Delivery of Loan Documents; Title Policy; Reports; Leases	  	45
	 	  	 	  	2.5.3	  	Related Documents	  	46
	 	  	 	  	2.5.4	  	Delivery of Organizational Documents	  	46
	 	  	 	  	2.5.5	  	Counsel Opinions	  	47
	 	  	 	  	2.5.6	  	Reserved	  	47
	 	  	 	  	2.5.7	  	Completion of Proceedings	  	47
	 	  	 	  	2.5.8	  	Payments	  	47
	 	  	 	  	2.5.9	  	Interest Rate Cap Agreement	  	47

									
	 	  	 	  	 2.5.10
	  	Account Agreement	  	47
	 	  	 	  	 2.5.11
	  	Reserved	  	47
	 	  	 	  	 2.5.12
	  	Tenant Estoppels and SNDAs	  	47
	 	  	 	  	 2.5.13
	  	Reserved	  	48
	 	  	 	  	 2.5.14
	  	REA Estoppels	  	48
	 	  	 	  	 2.5.15
	  	REAs	  	48
	 	  	 	  	 2.5.16
	  	Independent Manager/Member Certificate	  	48
	 	  	 	  	 2.5.17
	  	Transaction Costs	  	48
	 	  	 	  	 2.5.18
	  	Material Adverse Effect	  	48
	 	  	 	  	 2.5.19
	  	Insolvency	  	48
	 	  	 	  	 2.5.20
	  	Subleases	  	48
	 	  	 	  	 2.5.21
	  	Master Lease; Master Lease SNDA	  	48
	 	  	 	  	 2.5.22
	  	Tax Lot	  	49
	 	  	 	  	 2.5.23
	  	Condominium Estoppels	  	49
	 	  	 	  	 2.5.24
	  	Condominium Documents	  	49
	 	  	 	  	 2.5.25
	  	Appraisal	  	49
	 	  	 	  	 2.5.26
	  	Financial Statements	  	49
	 	  	 	  	 2.5.27
	  	Flood Certifications	  	49
	 	  	 	  	 2.5.28
	  	Ground Leases; Memos of Ground Lease; Fee Mortgagee SNDAs; Overlandlord SNDAs	  	49
	 	  	 	  	 2.5.29
	  	Merger Agreement	  	49
	 	  	 	  	 2.5.30
	  	Intercreditor Agreements	  	49
	 	  	 	  	 2.5.31
	  	Equity and Real Property Transfer Documents	  	49
	 	  	 	  	 2.5.32
	  	Consents	  	50
			
	III.	  	CASH MANAGEMENT	  	50
	 	  	3.1	  	 Cash Management
	  	50
	 	  	 	  	 3.1.1
	  	Establishment of Accounts	  	50
	 	  	 	  	 3.1.2
	  	Pledge of Account Collateral	  	51
	 	  	 	  	 3.1.3
	  	Maintenance of Collateral Accounts	  	52
	 	  	 	  	 3.1.4
	  	Eligible Accounts	  	52
	 	  	 	  	 3.1.5
	  	Deposits into Sub-Accounts	  	52
	 	  	 	  	 3.1.6
	  	Monthly Funding of Sub-Accounts; Master Lease Rent Shortfalls; Master Lease Variable Additional Rent Reserve; Sub-Account Shortfalls	  	53
	 	  	 	  	 3.1.7
	  	Required Payments from Sub-Accounts	  	57
	 	  	 	  	 3.1.8
	  	Cash Management Bank	  	58
	 	  	 	  	 3.1.9
	  	Borrower’s Account Representations, Warranties and Covenants	  	58
	 	  	 	  	 3.1.10
	  	Account Collateral and Remedies	  	59
	 	  	 	  	 3.1.11
	  	Transfers and Other Liens	  	59
	 	  	 	  	 3.1.12
	  	Reasonable Care	  	60
	 	  	 	  	 3.1.13
	  	Lender’s Liability	  	60
	 	  	 	  	 3.1.14
	  	Continuing Security Interest	  	60
	 	  	 	  	 3.1.15
	  	Distributions	  	61
			
	IV.	  	REPRESENTATIONS AND WARRANTIES	  	61
	 	  	4.1	  	Borrower Representations	  	61

  

 ii 

									
	 	  	 	  	4.1.1	  	Organization	  	61
	 	  	 	  	4.1.2	  	Proceedings	  	61
	 	  	 	  	4.1.3	  	No Conflicts	  	62
	 	  	 	  	4.1.4	  	Litigation	  	62
	 	  	 	  	4.1.5	  	Agreements	  	62
	 	  	 	  	4.1.6	  	Title	  	63
	 	  	 	  	4.1.7	  	No Bankruptcy Filing	  	63
	 	  	 	  	4.1.8	  	Full and Accurate Disclosure	  	63
	 	  	 	  	4.1.9	  	All Property	  	64
	 	  	 	  	4.1.10	  	No Plan Assets	  	64
	 	  	 	  	4.1.11	  	Compliance	  	64
	 	  	 	  	4.1.12	  	Financial Information	  	64
	 	  	 	  	4.1.13	  	Condemnation	  	65
	 	  	 	  	4.1.14	  	Federal Reserve Regulations	  	65
	 	  	 	  	4.1.15	  	Utilities and Public Access	  	65
	 	  	 	  	4.1.16	  	Not a Foreign Person	  	65
	 	  	 	  	4.1.17	  	Separate Lots	  	65
	 	  	 	  	4.1.18	  	Subdivision	  	65
	 	  	 	  	4.1.19	  	Existing Matters of Record	  	65
	 	  	 	  	4.1.20	  	Enforceability	  	65
	 	  	 	  	4.1.21	  	Reserved	  	66
	 	  	 	  	4.1.22	  	Insurance	  	66
	 	  	 	  	4.1.23	  	Use of Property	  	66
	 	  	 	  	4.1.24	  	Certificate of Occupancy; Licenses	  	66
	 	  	 	  	4.1.25	  	Flood Zone	  	66
	 	  	 	  	4.1.26	  	Physical Condition	  	66
	 	  	 	  	4.1.27	  	Boundaries	  	66
	 	  	 	  	4.1.28	  	Subleases	  	67
	 	  	 	  	4.1.29	  	Filing and Recording Taxes	  	67
	 	  	 	  	4.1.30	  	Single Purpose Entity/Separateness	  	67
	 	  	 	  	4.1.31	  	Non-imputation	  	68
	 	  	 	  	4.1.32	  	Illegal Activity	  	68
	 	  	 	  	4.1.33	  	No Change in Facts or Circumstances; Disclosure	  	68
	 	  	 	  	4.1.34	  	Reserved	  	68
	 	  	 	  	4.1.35	  	Tax Filings	  	68
	 	  	 	  	4.1.36	  	Solvency/Fraudulent Conveyance	  	68
	 	  	 	  	4.1.37	  	Investment Company Act	  	69
	 	  	 	  	4.1.38	  	Interest Rate Cap Agreement	  	69
	 	  	 	  	4.1.39	  	Labor	  	69
	 	  	 	  	4.1.40	  	Brokers	  	69
	 	  	 	  	4.1.41	  	No Other Debt	  	70
	 	  	 	  	4.1.42	  	Taxpayer Identification Number	  	70
	 	  	 	  	4.1.43	  	Compliance with Anti-Terrorism, Embargo and Anti-Money Laundering Laws	  	70
	 	  	 	  	4.1.44	  	Merger Agreement	  	70
	 	  	 	  	4.1.45	  	Rights of First Refusal or First Offer to Lease or Purchase	  	70

  

 iii 

									
	 	  	 	  	4.1.46	  	True-Lease Opinion	  	70
	 	  	4.2	  	Survival of Representations	  	70
	 	  	4.3	  	Borrower’s Knowledge	  	71
			
	V.	  	BORROWER COVENANTS	  	71
	 	  	5.1	  	Affirmative Covenants	  	71
	 	  	 	  	5.1.1	  	Performance by Borrower	  	71
	 	  	 	  	5.1.2	  	Existence; Compliance with Legal Requirements; Insurance	  	71
	 	  	 	  	5.1.3	  	Litigation	  	71
	 	  	 	  	5.1.4	  	Single Purpose Entity	  	72
	 	  	 	  	5.1.5	  	Consents	  	73
	 	  	 	  	5.1.6	  	Access to Property	  	73
	 	  	 	  	5.1.7	  	Notice of Default	  	73
	 	  	 	  	5.1.8	  	Cooperate in Legal Proceedings	  	73
	 	  	 	  	5.1.9	  	Rights of First Refusal or First Offer to Lease or Purchase	  	74
	 	  	 	  	5.1.10	  	Insurance	  	74
	 	  	 	  	5.1.11	  	Further Assurances; Separate Notes; Loan Resizing	  	74
	 	  	 	  	5.1.12	  	Mortgage Taxes	  	76
	 	  	 	  	5.1.13	  	Operation	  	76
	 	  	 	  	5.1.14	  	Business and Operations	  	76
	 	  	 	  	5.1.15	  	Title to the Property	  	76
	 	  	 	  	5.1.16	  	Costs of Enforcement	  	76
	 	  	 	  	5.1.17	  	Estoppel Statements	  	77
	 	  	 	  	5.1.18	  	Loan Proceeds	  	77
	 	  	 	  	5.1.19	  	No Joint Assessment	  	77
	 	  	 	  	5.1.20	  	No Further Encumbrances	  	77
	 	  	 	  	5.1.21	  	Reserved	  	78
	 	  	 	  	5.1.22	  	Master Lease	  	78
	 	  	5.2	  	Negative Covenants	  	79
	 	  	 	  	5.2.1	  	Incur Debt	  	79
	 	  	 	  	5.2.2	  	Encumbrances	  	79
	 	  	 	  	5.2.3	  	Engage in Different Business	  	80
	 	  	 	  	5.2.4	  	Make Advances	  	80
	 	  	 	  	5.2.5	  	Partition	  	80
	 	  	 	  	5.2.6	  	Commingle	  	80
	 	  	 	  	5.2.7	  	Guarantee Obligations	  	80
	 	  	 	  	5.2.8	  	Transfer Assets	  	80
	 	  	 	  	5.2.9	  	Amend Organizational Documents	  	80
	 	  	 	  	5.2.10	  	Dissolve	  	80
	 	  	 	  	5.2.11	  	Bankruptcy	  	80
	 	  	 	  	5.2.12	  	ERISA	  	80
	 	  	 	  	5.2.13	  	Distributions	  	80
	 	  	 	  	5.2.14	  	Reserved	  	80
	 	  	 	  	5.2.15	  	Reserved	  	80
	 	  	 	  	5.2.16	  	Modify REAs	  	81
	 	  	 	  	5.2.17	  	Modify Account Agreement	  	81
	 	  	 	  	5.2.18	  	Zoning Reclassification	  	81

  

 iv 

									
	 	  	 	  	5.2.19	  	Change of Principal Place of Business	  	81
	 	  	 	  	5.2.20	  	Debt Cancellation	  	81
	 	  	 	  	5.2.21	  	Misapplication of Funds	  	81
	 	  	 	  	5.2.22	  	Single-Purpose Entity	  	81
			
	VI.	  	INSURANCE; CASUALTY; CONDEMNATION; RESTORATION	  	81
	 	  	6.1	  	Insurance Coverage Requirements	  	81
	 	  	 	  	6.1.1	  	Property Insurance	  	82
	 	  	 	  	6.1.2	  	Liability Insurance	  	82
	 	  	 	  	6.1.3	  	Workers’ Compensation Insurance	  	82
	 	  	 	  	6.1.4	  	Commercial Rents Insurance	  	82
	 	  	 	  	6.1.5	  	Builder’s All-Risk Insurance	  	83
	 	  	 	  	6.1.6	  	Boiler and Machinery Insurance	  	83
	 	  	 	  	6.1.7	  	Flood Insurance	  	83
	 	  	 	  	6.1.8	  	Earthquake Insurance	  	83
	 	  	 	  	6.1.9	  	Terrorism Insurance	  	84
	 	  	 	  	6.1.10	  	Other Insurance	  	84
	 	  	 	  	6.1.11	  	Ratings of Insurers	  	84
	 	  	 	  	6.1.12	  	Form of Insurance Policies; Endorsements	  	84
	 	  	 	  	6.1.13	  	Certificates	  	85
	 	  	 	  	6.1.14	  	Separate Insurance	  	86
	 	  	 	  	6.1.15	  	Blanket Policies	  	86
	 	  	6.2	  	Condemnation and Insurance Proceeds	  	86
	 	  	 	  	6.2.1	  	Notification;	  	86
	 	  	 	  	6.2.2	  	Proceeds	  	87
	 	  	 	  	6.2.3	  	Lender to Take Proceeds	  	88
	 	  	 	  	6.2.4	  	Borrower to Restore	  	89
	 	  	 	  	6.2.5	  	Disbursement of Proceeds	  	90
			
	VII.	  	IMPOSITIONS, OTHER CHARGES, LIENS AND OTHER ITEMS	  	91
	 	  	7.1	  	Borrower to Pay Impositions and Other Charges	  	91
	 	  	7.2	  	No Liens	  	92
	 	  	7.3	  	Contest	  	 	  	92
			
	VIII.	  	TRANSFERS, INDEBTEDNESS AND SUBORDINATE LIENS	  	93
	 	  	8.1	  	General Restriction on Transfers and Indebtedness	  	93
	 	  	8.2	  	Sale of Building Equipment	  	93
	 	  	8.3	  	Immaterial Transfers and Easements, etc.	  	94
	 	  	8.4	  	Permitted Master Lessee and Guarantor Indebtedness	  	94
	 	  	8.5	  	Permitted Equity Transfers	  	95
	 	  	8.6	  	Deliveries to Lender	  	96
	 	  	8.7	  	Loan Assumption	  	97
	 	  	8.8	  	Subleases	  	97
	 	  	 	  	8.8.1	  	New Subleases and Sublease Modifications	  	97
	 	  	 	  	8.8.2	  	Leasing Conditions	  	97
	 	  	 	  	8.8.3	  	Delivery of New Sublease or Sublease Modification	  	99
	 	  	 	  	8.8.4	  	Sublease Amendments	  	99

  

 v 

									
	 	  	 	  	8.8.5	  	 Security Deposits
	  	99
	 	  	 	  	8.8.6	  	 No Default Under Subleases
	  	99
	 	  	 	  	8.8.7	  	 Subordination
	  	100
	 	  	 	  	8.8.8	  	 Attornment
	  	100
	 	  	 	  	8.8.9	  	 Non-Disturbance Agreements
	  	100
	 	  	 	  	8.8.10	  	 Recognition Agreements
	  	100
			
	IX.	  	INTEREST RATE CAP AGREEMENT	  	101
	 	  	9.1	  	Interest Rate Cap Agreement	  	101
	 	  	9.2	  	Pledge and Collateral Assignment	  	101
	 	  	9.3	  	Covenants	  	101
	 	  	9.4	  	Powers of Borrower Prior to an Event of Default	  	102
	 	  	9.5	  	Representations and Warranties	  	103
	 	  	9.6	  	Payments	  	103
	 	  	9.7	  	Remedies	  	103
	 	  	9.8	  	Sales of Rate Cap Collateral	  	105
	 	  	9.9	  	Public Sales Not Possible	  	106
	 	  	9.10	  	Receipt of Sale Proceeds	  	106
	 	  	9.11	  	Replacement Interest Rate Cap Agreement	  	106
			
	X.	  	MAINTENANCE OF PROPERTY; ALTERATIONS	  	106
	 	  	10.1	  	Maintenance of Property	  	106
	 	  	10.2	  	Conditions to Alteration	  	106
	 	  	10.3	  	Costs of Alteration	  	107
			
	XI.	  	BOOKS AND RECORDS, FINANCIAL STATEMENTS, REPORTS AND OTHER INFORMATION	  	108
	 	  	11.1	  	Books and Records	  	108
	 	  	11.2	  	Financial Statements	  	108
	 	  	 	  	11.2.1	  	 Monthly Reports
	  	108
	 	  	 	  	11.2.2	  	 Quarterly Reports
	  	109
	 	  	 	  	11.2.3	  	 Annual Reports
	  	110
	 	  	 	  	11.2.4	  	 Disclosure Restrictions
	  	110
	 	  	 	  	11.2.5	  	 Capital Expenditures Summaries
	  	110
	 	  	 	  	11.2.6	  	 Master Lease
	  	110
	 	  	 	  	11.2.7	  	 Annual Budget; Operating Agreement Annual Budgets
	  	110
	 	  	 	  	11.2.8	  	 Other Information
	  	111
	 	  	 	  	11.2.9	  	 Proprietary Information
	  	111
			
	XII.	  	ENVIRONMENTAL MATTERS	  	111
	 	  	12.1	  	Representations	  	111
	 	  	12.2	  	Covenants	  	112
	 	  	 	  	12.2.1	  	 Compliance with Environmental Laws
	  	112
	 	  	12.3	  	Environmental Reports	  	112
	 	  	12.4	  	Environmental Indemnification	  	113
	 	  	12.5	  	Recourse Nature of Certain Indemnifications	  	113

  

 vi 

									
	XIII.	  	THE OPERATING AGREEMENTS	  	114
	 	  	13.1	  	Operating Agreement Representations, Warranties	  	114
	 	  	13.2	  	Cure by Lender	  	115
	 	  	13.3	  	Option to Renew or Extend the Ground Lease	  	115
	 	  	13.4	  	Operating Agreement Covenants	  	115
	 	  	 	  	13.4.1	  	Waiver of Interest In New Ground Lease or REAs	  	115
	 	  	 	  	13.4.2	  	No Election to Terminate	  	115
	 	  	 	  	13.4.3	  	Notice Prior to Rejection	  	116
	 	  	 	  	13.4.4	  	Lender Right to Perform	  	116
	 	  	 	  	13.4.5	  	Lender Attorney in Fact	  	116
	 	  	 	  	13.4.6	  	Payment of Sums Due Under Operating Agreements	  	117
	 	  	 	  	13.4.7	  	Performance of Covenants	  	117
	 	  	 	  	13.4.8	  	Reserved	  	117
	 	  	 	  	13.4.9	  	No Modification or Termination	  	117
	 	  	 	  	13.4.10	  	Notices of Default	  	117
	 	  	 	  	13.4.11	  	Delivery of Information	  	118
	 	  	 	  	13.4.12	  	No Subordination	  	118
	 	  	 	  	13.4.13	  	Further Assurances	  	118
	 	  	 	  	13.4.14	  	Estoppel Certificates	  	118
	 	  	 	  	13.4.15	  	Common Area/Common Elements Insurance	  	118
	 	  	 	  	13.4.16	  	Reserved	  	118
	 	  	13.5	  	Lender Right to Participate	  	118
	 	  	13.6	  	No Liability	  	119
			
	XIV.	  	SECURITIZATION AND PARTICIPATION	  	119
	 	  	14.1	  	Sale of Notes and Securitization	  	119
	 	  	14.2	  	Securitization Financial Statements	  	120
	 	  	14.3	  	Securitization Indemnification	  	120
	 	  	 	  	14.3.2	  	Indemnification Certificate	  	121
	 	  	14.4	  	Retention of Servicer	  	122
	 	  	14.5	  	Lender’s Securitization Expenses	  	123
			
	XV.	  	ASSIGNMENTS AND PARTICIPATIONS	  	123
	 	  	15.1	  	Assignment and Acceptance	  	123
	 	  	15.2	  	Effect of Assignment and Acceptance	  	123
	 	  	15.3	  	Content	  	124
	 	  	15.4	  	Register	  	124
	 	  	15.5	  	Substitute Notes	  	124
	 	  	15.6	  	Participations	  	125
	 	  	15.7	  	Disclosure of Information	  	125
	 	  	15.8	  	Security Interest in Favor of Federal Reserve Bank	  	125
			
	XVI.	  	RESERVE ACCOUNTS	  	125
	 	  	16.1	  	Tax Reserve Account	  	125
	 	  	16.2	  	Insurance Reserve Account	  	126
	 	  	16.3	  	Ground Rent Reserve Account	  	127

  

 vii 

									
	XVII.	  	DEFAULTS	  	128
	 	  	17.1	  	Event of Default	  	128
	 	  	17.2	  	Remedies	  	133
	 	  	17.3	  	Remedies Cumulative; Waivers	  	134
	 	  	17.4	  	Costs of Collection	  	134
			
	XVIII.	  	SPECIAL PROVISIONS	  	134
	 	  	18.1	  	Exculpation	  	134
	 	  	 	  	18.1.1	  	Exculpated Parties	  	134
	 	  	 	  	18.1.2	  	Carveouts From Non-Recourse Limitations	  	135
			
	XIX.	  	MISCELLANEOUS	  	137
	 	  	19.1	  	Survival	  	137
	 	  	19.2	  	Lender’s Discretion	  	137
	 	  	19.3	  	Governing Law	  	137
	 	  	19.4	  	Modification, Waiver in Writing	  	138
	 	  	19.5	  	Delay Not a Waiver	  	138
	 	  	19.6	  	Notices	  	139
	 	  	19.7	  	TRIAL BY JURY	  	141
	 	  	19.8	  	Headings	  	141
	 	  	19.9	  	Severability	  	141
	 	  	19.10	  	Preferences	  	141
	 	  	19.11	  	Waiver of Notice	  	141
	 	  	19.12	  	Expenses; Indemnity	  	142
	 	  	19.13	  	Exhibits and Schedules Incorporated	  	144
	 	  	19.14	  	Offsets, Counterclaims and Defenses	  	144
	 	  	19.15	  	Liability of Assignees of Lender	  	144
	 	  	19.16	  	No Joint Venture or Partnership; No Third Party Beneficiaries	  	144
	 	  	19.17	  	Publicity	  	145
	 	  	19.18	  	Waiver of Marshalling of Assets	  	145
	 	  	19.19	  	Waiver of Counterclaim and other Actions	  	145
	 	  	19.20	  	Conflict; Construction of Documents; Reliance	  	145
	 	  	19.21	  	Prior Agreements	  	146
	 	  	19.22	  	Counterparts	  	146

  

 viii 

 EXHIBITS AND SCHEDULES 
  

			
	 EXHIBIT A
	  	TITLE INSURANCE REQUIREMENTS, ENDORSEMENTS AND AFFIRMATIVE COVERAGES
	 EXHIBIT B
	  	SURVEY REQUIREMENTS
	 EXHIBIT C
	  	INTENTIONALLY DELETED
	 EXHIBIT D
	  	INTENTIONALLY DELETED
	 EXHIBIT E
	  	INTENTIONALLY DELETED
	 EXHIBIT F
	  	INTENTIONALLY DELETED
	 EXHIBIT G
	  	FORM OF TENANT ESTOPPEL LETTER
	 EXHIBIT H
	  	FORM OF GROUND LESSOR ESTOPPEL CERTIFICATE
	 EXHIBIT I
	  	FORM OF REA ESTOPPEL
	 EXHIBIT J
	  	FORM OF CONDOMINIUM ASSOCIATION ESTOPPEL
	 EXHIBIT K
	  	BORROWER ORGANIZATIONAL STRUCTURE
	 EXHIBIT L
	  	INTEREST RATE CAP AGREEMENT
	 EXHIBIT M
	  	FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT
	 EXHIBIT N
	  	FORM OF SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT
	 EXHIBIT O
	  	INTENTIONALLY DELETED
	 EXHIBIT P
	  	FORM OF RENT PAYMENT DIRECTION LETTER
	 EXHIBIT Q
	  	RATE CAP COUNTERPARTY ACKNOWLEDGMENT
	 EXHIBIT R
	  	INTENTIONALLY DELETED
	 EXHIBIT S
	  	INTENTIONALLY DELETED
	 EXHIBIT T
	  	FORM OF INDEPENDENT MANAGER/MEMBER CERTIFICATE
		
	 SCHEDULE I
	  	EXISTING SUBLEASES; MATERIAL SUBLEASES; DEFAULTS OR PREPAID RENT UNDER SUBLEASES
	 SCHEDULE II
	  	LITIGATION SCHEDULE
	 SCHEDULE III
	  	INTENTIONALLY DELETED
	 SCHEDULE IV
	  	INTENTIONALLY DELETED
	 SCHEDULE V
	  	ALLOCATED LOAN AMOUNTS
	 SCHEDULE VI
	  	RIGHTS OF FIRST REFUSAL OR RIGHTS OF FIRST OFFER (OR OTHER RIGHTS OR OPTIONS) TO LEASE OR PURCHASE INDIVIDUAL PROPERTIES
	 SCHEDULE VII
	  	EXISTING MATTERS OF RECORD
	 SCHEDULE VIII
	  	PRE-APPROVED TRANSFEREES

  

 ix 

  
 LOAN AND SECURITY AGREEMENT

  
 THIS LOAN AND SECURITY AGREEMENT dated as of July 21, 2005 (as
amended, restated, replaced, supplemented or otherwise modified from time to time, this “Agreement”), between GIRAFFE PROPERTIES, LLC, a Delaware limited liability company (“Borrower”) having an office at c/o Toys
“R” Us, Inc., One Geoffrey Way, Wayne, New Jersey 07470 and GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation, on behalf of the holders of the Notes, having an address at 60 Wall Street, New York, New York 10005 (together with
its successors and assigns, “Lender”). 
  
 RECITALS: 
  
 WHEREAS, Borrower desires to obtain the
Loan (as hereinafter defined) from Lender; 
  
 WHEREAS, Lender is
willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan Documents (as hereinafter defined). 
  
 NOW, THEREFORE, in consideration of the making of the Loan by Lender and the covenants, agreements, representations and warranties set forth in this
Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 
  

	 	I.	DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

  
 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary
intent: 
  
 “80% Cash Sweep Period” shall mean
any period (a) commencing on the Payment Date following the conclusion of any two (2) consecutive Fiscal Quarters for which DSCR is less than 80% of Closing Date DSCR and (b) ending on the day immediately preceding the Payment Date following the
conclusion of any two (2) consecutive Fiscal Quarters for which DSCR exceeds 80% of Closing Date DSCR. 
  
 “60% Cash Sweep Period” shall mean any period (a) commencing on the Payment Date following the conclusion of any two (2) consecutive
Fiscal Quarters for which DSCR is less than 60% of Closing Date DSCR and (b) ending on the day immediately preceding the Payment Date following the conclusion of any two (2) consecutive Fiscal Quarters for which DSCR exceeds 60% of Closing Date
DSCR. 
  
 “ABL Intercreditor Agreement” shall
mean an intercreditor agreement between Lender the Mezzanine Lenders and the agent for the lenders under the ABL Loan. 
  
 “ABL Loan” shall have the meaning provided in the ABL Intercreditor Agreement. 
  
 “Account Agreement” shall mean (a) the side letter agreement
dated the date hereof between Cash Management Bank and Lender or (b) at any time when Lender or Servicer is not the Cash Management Bank, an Account and Control Agreement, in form reasonably acceptable to Lender and acceptable to the Rating Agencies
among Lender, Borrower and Cash Management Bank. 

 “Account Collateral” shall have the meaning set forth in Section 3.1.2.

  
 “Acknowledgment” shall mean the
Acknowledgment, dated on or about the date hereof made by Counterparty, or as applicable, Approved Counterparty in the form of Exhibit Q. 
  
 “Additional Non-Consolidation Opinion” shall have the meaning set forth in Section 4.1.30(b). 
  
 “Affiliate” shall mean, with respect to any specified
Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with, or any general partner or managing member in, such specified Person. An Affiliate of a Person includes, without limitation,
(i) any officer or director of such Person, (ii) any record or beneficial owner of more than 20% of any class of ownership interests of such Person and (iii) any Affiliate of the foregoing. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or other beneficial interest,
by contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 
  
 “Aggregate Capped Debt Service” shall mean the aggregate amount of interest due and payable in accordance with the Notes and the
Mezzanine Notes for any immediately preceding twelve (12) Payment Dates, assuming that interest on the aggregate outstanding principal balance of the Notes and the Mezzanine Notes is accruing at a loan constant equal to the Capped Interest Rate.

  
 “Aggregate Appraised Value” as of the date
determined shall mean the sum of (a) the aggregate appraised values as of the Closing Date of all Properties which remain as of the date determined subject to the Lien of the Security Instrument (excluding the Replaced Properties, Release Properties
and the Substitute Properties) and (b) the appraised value of the Substitute Property as of such date of determination. 
  
 “Agreement” shall mean this Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time. 
  
 “Allocated Loan Amount” shall mean with
respect to each Individual Property, the designated allocated portion of the Loan applicable to such Individual Property that is set forth on Schedule V attached hereto. 
  
 “ALTA” shall mean American Land Title Association, or any successor thereto. 
  
 “Alteration” shall have the meaning set forth in Article
X; provided however that the term “Alteration” shall not include Alterations being undertaken at the sole cost and expense of (a) the Master Lessee pursuant to the Master Lease so long as the security required for any such
alteration under the Master Lease is deposited with Lender or (b) a Tenant pursuant to a Sublease. 
  

 2 

 “Annual Budget” shall mean the variable operating expense budget for the Property
prepared by Master Lessee pursuant to the Master Lease for the applicable Fiscal Year or other period setting forth, in reasonable detail, Master Lessee’s good faith estimates of the anticipated variable operating expenses for the Property,
including but not limited to Master Lease Variable Additional Rent and Master Lease Recurrent Additional Rent. 
  
 “Appraisals” shall mean the FIRREA appraisals conducted in 2005 by Cushman & Wakefield on or prior to the Closing Date which
establish the master leased fee or ground leasehold value of each Individual Property. 
  
 “Appraised Value” shall mean, for an Individual Property, the value of such Individual Property as determined by the Appraisal for such Individual Property. 
  
 “Approved Bank” shall mean a bank or other financial
institution which has a minimum long-term unsecured debt rating of at least “AA” and a minimum short-term unsecured debt rating of at least “A-1+” by each of the Rating Agencies, or if any such bank or other financial institution
is not rated by all the Rating Agencies, then a minimum long-term rating of at least “AA” and a minimum short-term unsecured debt rating of at least “A-1+”, or their respective equivalents, by two of the Rating Agencies, but in
any event one of the two Rating Agencies shall be S&P, it being understood that the AA and A-1+ benchmark ratings and other benchmark ratings in this Agreement are intended to be the ratings, or the equivalent of ratings, issued by S&P.

  
 “Approved Counterparty” shall mean a bank or
other financial institution which has (a) either (i) a long-term unsecured debt rating of “A+” or higher by S&P or (ii) if the long-term unsecured debt rating is “A” or lower by S&P, a short-term rating of not less than
“A-1” from S&P; (b) a long-term unsecured debt rating of not less than “Aa3” by Moody’s; and (c) if the counterparty is rated by Fitch, either a long-term unsecured debt rating of not less than “A” from Fitch
or a short-term unsecured debt rating of not less than “F-1” from Fitch. 
  
 “Architect” shall mean an architect, engineer or construction consultant selected by Borrower (which can be an employee of Borrower or an Affiliate), licensed to practice in the relevant State and has
at least five (5) years of architectural experience and which is reasonably acceptable to Lender. 
  
 “Asset-Specific Proprietary Information” shall have the meaning set forth in Section 11.2.9. 
  
 “Assignment and Acceptance” shall mean an assignment and
acceptance entered into by Lender and an assignee, and accepted by Lender in accordance with Article XV and in substantially the form of Exhibit M or such other form customarily used by Lender in connection with the participation or
syndication of mortgage loans at the time of such assignment. 
  
 “Assignment of Leases” shall mean that certain first priority Assignment of Master Lease, Subleases, Rents and Security Deposits, dated as of the date hereof, from Borrower, as assignor, to Lender, as assignee, assigning to
Lender all of Borrower’s interest in and to the Master Lease, the Subleases, Rents and Security Deposits as security for the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

 

 3 

 “BofA” shall have the meaning set forth in Section 14.4.2(b). 
  
 “Bankruptcy Code” shall mean Title 11, U.S.C.A., as amended
from time to time and any successor statute thereto. 
  
 “Blanket Policy” shall have the meaning provided in Section 6.1.15. 
  
 “Borrower” shall have the meaning set forth in the first paragraph of this Agreement. 
  
 “Borrower’s Account” shall mean an account or accounts
maintained by Borrower for its own account at such bank and with such account number as may be designated in writing by Borrower to Lender and Cash Management Bank from time to time. 
  
 “Building Equipment” shall have the meaning set forth in the Security Instrument. 
  
 “Business Day” shall mean any day other than a Saturday,
Sunday or any other day on which national banks in New York or in the state in which Servicer is located are not open for business. When used with respect to an Interest Determination Date, Business Day shall mean any day on which dealings in
deposits in U.S. Dollars are transacted in the London interbank market. 
  
 “Capped Interest Rate” shall mean a rate per annum equal to the sum of (a) the LIBOR Cap Strike Rate and (b) the LIBOR Margin. 
  
 “Cash” shall mean the legal tender of the United States of America. 
  
 “Cash and Cash Equivalents” shall mean any one or a combination of the following: (i) Cash, and (ii) U.S.
Government Obligations. 
  
 “Cash Management
Bank” shall mean Bank of America, N.A., as servicer, or any successor Approved Bank acting as Cash Management Bank under the Account Agreement or other financial institution approved by the Lender and, if a Securitization has occurred, the
Rating Agencies. 
  
 “Casualty Amount” shall mean
forty percent (40%) of the Allocated Loan Amount of the affected Individual Property. 
  
 “Close Affiliate” shall mean with respect to any Person (the “First Person”) any other Person (each, a “Second Person”) which is an Affiliate of the First Person and in respect of
which any of the following are true: (a) the Second Person owns, directly or indirectly, at least 75% of all of the legal, beneficial and/or equitable interest in such First Person, (b) the First Person owns, directly or indirectly, at least 75% of
all of the legal, beneficial and/or equitable interest in such Second Person, or (c) a third Person owns, directly or indirectly, at least 75% of all of the legal, beneficial and/or equitable interest in both the First Person and the Second Person.

  
 “Closing Date” shall mean the date of this
Agreement set forth in the first paragraph hereof. 
  

 4 

 “Closing Date DSCR” shall mean 3.01x. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as
amended, as it may be further amended from time to time, and any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
  
 “Collateral Accounts” shall have the meaning set forth in
Section 3.1.1. 
  
 “Combined Allocated Loan
Amount” shall mean with respect to each Individual Property, the aggregate portions of the Loan and the Mezzanine Loans allocated to such Individual Property that is set forth on Schedule V attached hereto. 
  
 “Combined Debt Service” shall mean, with respect to any
particular period of time, the aggregate of Debt Service and Debt Service (Mezzanine). 
  
 “Combined Principal Amount” shall mean the sum of the Principal Amount and the Principal Amount (Mezzanine). 
  
 “Common Elements” shall mean, with respect to each Condominium Property, those portions of any Improvements and other rights relating to
a Condominium that are designated as “Common Elements,” “Common Areas” or a substantially equivalent term under the applicable Condominium Documents. 
  
 “Common Charges” shall mean, with respect to each Condominium Property, Borrower’s share of the common
expenses, or substantially equivalent expenses, of the Condominium as defined and determined in accordance with the Condominium Documents. 
  
 “Completion” shall have the meaning set forth in Section 16.4. 
  
 “Condominium” shall mean, with respect to each Condominium Property, the condominium regime created by the
Condominium Documents. 
  
 “Condominium Board”
shall mean, with respect to each Condominium Property, the board of managers of the condominium association, or substantially equivalent body, of the Condominium established pursuant to the Condominium Documents. 
  
 “Condominium Declaration” shall have the meaning provided in
the Security Instrument. 
  
 “Condominium
Documents” shall mean, with respect to each Condominium Property, collectively, the Condominium Declaration, the by-laws of the Condominium, the floor plans attached to the Condominium Declaration, and any other similar written agreements
among or otherwise binding upon any unit owners of the Condominium in their capacity as such and that govern or otherwise relate to the establishment, continuance, maintenance or operation of the Condominium, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time. 
  
 “Condominium Properties” shall mean, collectively, all of the Individual Properties that are subject to a Condominium and “Condominium Property” shall mean each such Property. 
  

 5 

 “Condominium Unit” shall have the meaning provided in the Security Instrument.

  
 “Control” shall mean (i) the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise and (ii) the ownership, direct or indirect, of no less than
51% of the voting securities of such Person, and the terms Controlled, Controlling and Common Control shall have correlative meanings. 
  
 “Contemplated Transactions” shall mean, collectively, (i) the transactions consummated pursuant to the Merger Agreement, including but
not limited to the change in control of the Toys ‘R’ Us, Inc. and the various equity transfers in connection with the related restructuring, (ii) the transfers of certain of the Properties to Master Lessee, (iii) the transfers of all of
the Properties from Master Lessee to Borrower, (iv) the leasing or subleasing of all of the Properties from Borrower to Master Lessee pursuant to the Master Lease, (v) the execution and delivery of the Loan Documents or the Mezzanine Loan Documents,
Borrower’s or Mezzanine Borrower’s performance thereunder, the recordation of the Security Instrument, and the exercise of any remedies by Lender or Mezzanine Lender, and (vi) following Lender’s or its designee’s succession in
title to any Property, the transfer of any such Property by Lender or such designee. 
  
 “Counterparty” shall mean, with respect to the Interest Rate Cap Agreement, SMBC Derivative Products Limited and with respect to any Replacement Interest Rate Cap Agreement, any substitute Approved
Counterparty. 
  
 “Counterparty Opinion” shall
have the meaning set forth in Section 9.3(g). 
  
 “Cut-Off Date” shall have the meaning set forth in Section 6.2.3(a). 
  
 “DBS” shall have the meaning set forth in Section 14.4.2(b). 
  
 “Debt” shall mean, with respect to any Person at any time, (a) indebtedness or liability of such Person for
borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services; (b) obligations of such Person as lessee under leases which should have been or should be, in
accordance with GAAP, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits under plans covered by Title IV of ERISA; (d) obligations issued for, or liabilities incurred on the account of, such
Person; (e) obligations or liabilities of such Person arising under letters of credit, credit facilities or other acceptance facilities; (f) obligations of such Person under any guarantees or other agreement to become secondarily liable for any
obligation of any other Person, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise
to assure a creditor against loss; (g) obligations of such Person secured by any Lien on any property of such Person, whether or not the obligations have been assumed by such Person; or (h) obligations of such Person under any interest rate or
currency exchange agreement. 
  
 “Debt Service”
shall mean, with respect to any particular period of time, scheduled interest payments under the Note. 
  

 6 

 Debt Service (First Mezzanine)” shall mean, with respect to any particular period of time,
scheduled interest payments under the First Mezzanine Note. 
  
 Debt Service (Fourth Mezzanine)” shall mean, with respect to any particular period of time, scheduled interest payments under the Fourth Mezzanine Note. 
  
 Debt Service (Second Mezzanine)” shall mean, with respect to any particular period of time, scheduled interest
payments under the Second Mezzanine Note. 
  
 Debt Service
(Third Mezzanine)” shall mean, with respect to any particular period of time, scheduled interest payments under the Third Mezzanine Note. 
  
 “Debt Service (Mezzanine)” shall mean, with respect to any particular period of time, combined scheduled interest payments under the
Mezzanine Notes. 
  
 “Debt Service Reserve
Account” shall have the meaning set forth in Section 3.1.1. 
  
 “Default” shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. 

 
 “Default Rate” shall have the meaning set forth in the
Note. 
  
 “Deficiency” shall have the meaning set
forth in Section 6.2.4(b). 
  
 “Disclosure
Documents” shall have the meaning set forth in Section 14.4.1. 
  
 “Disqualified Transferee” shall mean any proposed transferee that, (i) has (within the past five (5) years) defaulted, or is now in default, beyond any applicable cure period, of its material
obligations, under any written agreement with Lender, any affiliate of Lender, any financial institution or other person providing or arranging financing; (ii) has been convicted in a criminal proceeding for a felony or a crime involving moral
turpitude or that is an organized crime figure or is reputed (as determined by Lender in its sole discretion) to have substantial business or other affiliations with an organized crime figure; (iii) has at any time filed a voluntary petition under
the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (iv) as to which an involuntary petition has at any time been filed under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (v) has at any
time filed an answer consenting to or acquiescing in any involuntary petition filed against it by any other person under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (vi) has at any time consented to or acquiesced
in or joined in an application for the appointment of a custodian, receiver, trustee or examiner for itself or any of its property; (vii) has at any time made an assignment for the benefit of creditors, or has at any time admitted its insolvency or
inability to pay its debts as they become due; or (viii) has been found by a court of competent jurisdiction or other governmental authority in a comparable proceeding to have violated any federal or state securities laws or regulations promulgated
thereunder. 
  
 “Distribution Sites” shall mean
the five (5) Individual Properties identified as distribution facilities on Schedule A to the Security Instrument. 
  

 7 

 “DSCR” shall mean a ratio, as determined by Lender for the applicable period, in which:

  
 (a) the numerator is Portfolio Four-Wall EBITDAR, applied
consistently, as stated on Borrower’s or Master Lessee’s four most recent quarterly financial statements delivered to Lender pursuant to Section 11.2.2, for the trailing twelve (12) month period immediately prior to the applicable
calculation date; and 
  
 (b) the denominator is the Aggregate
Capped Debt Service. 
  
 “Eligible Account” shall
mean (i) a segregated trust account or accounts maintained with the corporate trust department of a federal depository institution or state-chartered depository institution subject to regulations regarding fiduciary funds on deposit such as or
similar to Title 12 of the Code of Federal Regulations Section 9.10(b) which, in either case, has corporate trust powers, acting in its fiduciary capacity or (ii) a segregated account maintained at an Approved Bank. An Eligible Account will not be
evidenced by a certificate of deposit, passbook or other instrument. 
  
 “Environmental Certificate” shall have the meaning set forth in Section 12.2.1. 
  
 “Environmental Claim” shall mean any claim, action, cause of action, investigation or written notice by any Person alleging potential
liability (including potential liability for investigatory costs, cleanup costs, natural resource damages, property damages, personal injuries or penalties) arising out of, based upon or resulting from (a) the presence, threatened presence, release
or threatened release into the environment of any Hazardous Materials from or at the Property, or (b) the violation, or alleged violation, of any Environmental Law relating to the Property. 
  
 “Environmental Event” shall have the meaning set forth in
Section 12.2.1. 
  
 “Environmental
Indemnity” shall mean the Environmental Indemnity, dated the date hereof, made by Guarantor in favor of Lender. 
  
 “Environmental Law” shall have the meaning provided in the Environmental Indemnity. 
  
 “Environmental Reports” shall have the meaning set forth in
Section 12.1. 
  
 “ERISA” shall mean the
United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and the rulings issued thereunder. 
  

“Event of Default” shall have the meaning set forth in Section 17.1(a). 
  
 “Excess Account Collateral” shall have the meaning set forth
in Section 2.3.7. 
  
 “Excess Cash Flow”
shall have the meaning set forth in Section 3.1.5. 
  
 “Exchange Act” shall have the meaning set forth in Section 14.4.1. 
  

 8 

 “Excluded Personal Property” shall mean, collectively, (a) all of the personal property
of Master Lessee (including, without limitation, all inventory and equipment, but excluding any items that constitute fixtures), (b) any licenses or other intellectual property relating to the trade names “Toys ‘R’ Us” or
“Babies ‘R’ Us” and (c) any personal property of third-party Tenants under Subleases. For purposes of this definition, the terms “inventory”, “equipment” and “fixtures” shall have the meaning set
forth in the Uniform Commercial Code in effect in the State of New York, except that the term “fixtures” shall specifically include, but not be limited to, and the terms “inventory” and “equipment” shall specifically
exclude, all HVAC equipment, elevators, escalators and lighting together with all equipment, parts and supplies used to service, repair, maintain and equip the foregoing. 
  
 “Exculpated Parties” shall have the meaning set forth in Section 18.1.1. 
  
 “Excusable Delay” shall mean a delay solely due to acts of
God, governmental restrictions, stays, judgments, orders, decrees, enemy actions, civil commotion, fire, casualty, strikes, work stoppages, shortages of labor or materials or other causes beyond the reasonable control of Borrower, but
Borrower’s lack of funds in and of itself shall not be deemed a cause beyond the control of Borrower. 
  
 “Existing Contested Lien” shall have the meaning provided in Section 4.1.19. 
  
 “Existing Matters of Record” shall mean the Liens set forth
on Schedule VII. 
  
 “Fee Owner” shall
mean, collectively, the owner of the fee simple estate relating to each Ground Lease Property. 
  
 “Fee Property” shall mean, collectively, each Individual Property that is not a Ground Lease Property. 
  
 “First Mezzanine Account” shall mean account number 1235465930 at Cash Management Bank. 
  
 “First Mezzanine Borrower” shall mean Giraffe Intermediate,
LLC, a Delaware limited liability company. 
  
 “First
Mezzanine Debt Service Reserve Account” shall have the meaning set forth in Section 3.1.1. 
  
 “First Mezzanine Lender” shall mean German American Capital Corporation, and its successors and/or assigns, as the holder of the First
Mezzanine Loan. 
  
 “First Mezzanine Lender Monthly Debt
Service Notice” shall mean the written notice required to be delivered by First Mezzanine Lender pursuant to Section 3.1.6 of the First Mezzanine Loan Agreement to Lender at least five (5) Business Days prior to each Payment Date
setting forth the First Mezzanine Loan Debt Service Amount payable by First Mezzanine Borrower on the first Payment Date occurring after the date such notice is delivered. 
  

 9 

 “First Mezzanine Loan” shall mean that certain $65,000,000 mezzanine loan, made as of
the date hereof, from First Mezzanine Lender to First Mezzanine Borrower. 
  
 “First Mezzanine Loan Agreement” shall mean that certain Mezzanine Loan and Security Agreement (First Mezzanine), dated as of the date hereof, between First Mezzanine Borrower, as borrower, and First
Mezzanine Lender, as lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “First Mezzanine Loan Debt Service Amount” shall mean, with respect to any specified date or a particular period of time, interest
payments under the First Mezzanine Note (excluding any default or accrued interest) due as of such date (as set forth in the First Mezzanine Lender Monthly Debt Service Notice delivered to Lender) or payable during such period (including the last
day thereof), as applicable and repayment in full of the principal balance of the First Mezzanine Note on the scheduled maturity of the First Mezzanine Loan (but excluding any principal payments on account of an acceleration of the First Mezzanine
Loan or a default under any of the First Mezzanine Loan Documents). 
  
 “First Mezzanine Loan Default Notice” shall mean a notice from First Mezzanine Lender to Lender (upon which Lender may conclusively rely without any inquiry into the validity thereof) that an “Event of Default”
has occurred and is continuing under any of the First Mezzanine Loan Documents. 
  
 “First Mezzanine Loan Default Revocation Notice” shall have the meaning set forth in Section 3.1.6 hereof. 
  
 “First Mezzanine Loan Documents” shall mean the documents evidencing and securing the First Mezzanine Loan,
as may be modified, amended, extended, supplemented, restated or replaced from time to time. 
  
 “First Mezzanine Note” shall mean that certain First Mezzanine Note A-1 in the principal amount of $65,000,000 dated as of the date hereof, from First Mezzanine Borrower to First Mezzanine Lender.

  
 “Fiscal Year” shall mean each twelve (12)
month period ending on the last Saturday closest to January 31 for such calendar year and commencing on the day following such Saturday on the preceding calendar year during each year of the term of the Loan or the portion of any such 12-month
period falling within the term of the Loan in the event that such a 12-month period occurs partially before or after, or partially during, the term of the Loan, or such other 12-month fiscal accounting period as Borrower may establish from time to
time. 
  
 “Fiscal Quarter” shall mean each
quarter within a Fiscal Year in accordance with GAAP. 
  
 “Fitch” shall mean Fitch Ratings Inc. 
  
 “Fourth Mezzanine Account” shall mean account number 1235465959 at Cash Management Bank. 
  

 10 

 “Fourth Mezzanine Borrower” shall mean Giraffe Junior Holdings, LLC, a Delaware limited
liability company. 
  
 “Fourth Mezzanine Debt Service
Reserve Account” shall have the meaning set forth in Section 3.1.1. 
  
 “Fourth Mezzanine Lender” shall mean German American Capital Corporation, and its successors and/or assigns, as the holder of the Fourth Mezzanine Loan. 
  
 “Fourth Mezzanine Lender Monthly Debt Service Notice” shall
mean the written notice required to be delivered by Fourth Mezzanine Lender pursuant to Section 3.1.6 of the Fourth Mezzanine Loan Agreement to Lender at least five (5) Business Days prior to each Payment Date setting forth the Fourth
Mezzanine Loan Debt Service Amount payable by Fourth Mezzanine Borrower on the first Payment Date occurring after the date such notice is delivered. 
  
 “Fourth Mezzanine Loan” shall mean that certain $25,000,000 mezzanine loan, made as of the date hereof, from Fourth Mezzanine Lender to
Fourth Mezzanine Borrower. 
  
 “Fourth Mezzanine Loan
Agreement” shall mean that certain Mezzanine Loan and Security Agreement (Fourth Mezzanine), dated as of the date hereof, between Fourth Mezzanine Borrower, as borrower, and Fourth Mezzanine Lender, as lender, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Fourth Mezzanine Loan Debt Service Amount” shall mean, with respect to any specified date or a particular period of time, interest payments under the Fourth Mezzanine Note (excluding any default or
accrued interest) due as of such date (as set forth in the Fourth Mezzanine Lender Monthly Debt Service Notice delivered to Lender) or payable during such period (including the last day thereof), as applicable and repayment in full of the principal
balance of the Fourth Mezzanine Note on the scheduled maturity of the Fourth Mezzanine Loan (but excluding any principal payments on account of an acceleration of the Fourth Mezzanine Loan or a default under any of the Fourth Mezzanine Loan
Documents). 
  
 “Fourth Mezzanine Loan Default
Notice” shall mean a notice from Fourth Mezzanine Lender to Lender (upon which Lender may conclusively rely without any inquiry into the validity thereof) that an “Event of Default” has occurred and is continuing under any of the
Fourth Mezzanine Loan Documents. 
  
 “Fourth Mezzanine
Loan Default Revocation Notice” shall have the meaning set forth in Section 3.1.6 hereof. 
  
 “Fourth Mezzanine Loan Documents” shall mean the documents evidencing and securing the Fourth Mezzanine Loan, as may be modified,
amended, extended, supplemented, restated or replaced from time to time. 
  
 “Fourth Mezzanine Note” shall mean that certain Fourth Mezzanine Note A-1 in the principal amount of $25,000,000 dated as of the date hereof, from Fourth Mezzanine Borrower to Fourth Mezzanine Lender.

  

 11 

 “GAAP” shall mean the generally accepted accounting principles 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 agencies with similar functions of comparable stature
and authority within the accounting profession), or in such other statements by such entity as may be in general use by significant segments of the U.S. accounting profession, to the extent such principles are applicable to the facts and
circumstances on the date of determination. 
  
 “Go
Dark” shall mean (a) with respect to any Individual Property other than a Go Dark Purchase Option Property, if such Individual Property is not open for business to the public for a period of ninety (90) consecutive days, unless such closure
(i) is a result of a Taking of or casualty or other damage or injury to such Individual Property or (ii) is in connection with an Alteration permitted hereunder and (b) with respect to any Go Dark Purchase Option Property, if the Toys ‘R’
Us store or Babies ‘R’ Us store, or the Tenant under any Sublease, as applicable, at such Individual Property is not open for business to the public if such failure would commence the period after which a purchase right or option that
would be triggered. 
  
 “Go Dark Purchase Option
Property” means any Individual Property having an Operating Agreement which contains a purchase right, termination right, recapture right or option that would be triggered if the Toys ‘R’ Us store or Babies ‘R’ Us store,
as applicable, at such Individual Property is not open for business to the public for a period designated in such Operating Agreement, including but not limited to the Individual Properties listed on Schedule VI which are specifically
designated as having such a purchase right or option. 
  
 “Go Dark Limit” shall mean 20% of the Loan Amount. 
  
 “General Release Conditions” shall have the meaning set forth in Section 2.3.4. 
  
 “Governmental Authority” shall mean any court, board, agency, commission, office or other authority of any nature whatsoever for any
governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 
  
 “Ground Leases” shall have the meaning provided in the Security Instrument. 
  
 “Ground Lease Property” shall mean, collectively, each Individual Property of which Borrower is a tenant
under a Ground Lease. 
  
 “Ground Lessor Estoppel
Certificate” shall mean an executed estoppel letter from a Fee Owner in the form attached as Exhibit H. 
  
 “Ground Rent” shall mean the aggregate amount of all rent and other amounts payable by the Borrower pursuant to the Ground Leases.

  
 “Ground Rent Reserve Account” shall have the
meaning provided in Section 3.1.1. 
  
 “Ground Rent
Reserve Amount” shall have the meaning provided in Section 16.3. 
  
 “Guarantor” shall mean Toys ‘R’ Us Inc., a Delaware corporation. 
  

 12 

 “Hazardous Materials” shall have the meaning provided in the Environmental Indemnity.

  
 “HoldCo” shall mean Giraffe Holdings, LLC, a
Delaware limited liability company. 
  
 “Holding
Account” shall have the meaning set forth in Section 3.1.1. 
  
 “Impositions” shall mean all taxes (including all ad valorem, sales (including those imposed on lease rentals), use, single business, gross receipts, value added, intangible transaction,
privilege or license or similar taxes), governmental assessments (including all assessments for public improvements or benefits, whether or not commenced or completed prior to the date hereof and whether or not commenced or completed within the term
of this Agreement), water, sewer or other rents and charges, excises, levies, fees (including license, permit, inspection, authorization and similar fees), and all other governmental charges, in each case whether general or special, ordinary or
extraordinary, or foreseen or unforeseen, of every character in respect of the Property and/or any Rents (including all interest and penalties thereon), which at any time prior to, during or in respect of the term hereof may be assessed or imposed
on or in respect of or be a Lien upon (a) Borrower (including all income, franchise, single business or other taxes imposed on Borrower for the privilege of doing business in the jurisdiction in which the Property is located), (b) the Property, or
any other collateral delivered or pledged to Lender in connection with the Loan, or any part thereof, or any Rents therefrom or any estate, right, title or interest therein, or (c) any occupancy, operation, use or possession of, or sales from, or
activity conducted on, or in connection with the Property or the leasing or use of all or any part thereof. Nothing contained in this Agreement shall be construed to require Borrower to pay any tax, assessment, levy or charge imposed on (i) any
tenant occupying any portion of the Property or (ii) Lender in the nature of a capital levy, estate, inheritance, succession, income or net revenue tax. 
  
 “Improvements” shall have the meaning set forth in the Security Instrument. 
  
 “Increased Costs” shall have the meaning set forth in Section 2.4.1. 
  
 “Indebtedness” shall mean, at any given time, the Principal
Amount, together with all accrued and unpaid interest thereon and all other obligations and liabilities due or to become due to Lender pursuant hereto, under the Notes or in accordance with the other Loan Documents and all other amounts, sums and
expenses paid by or payable to Lender hereunder or pursuant to the Notes or the other Loan Documents. 
  
 “Indemnified Parties” shall have the meaning set forth in Section 19.12(b). 
  
 “Independent” shall mean, when used with respect to any
Person, a Person who: (i) does not have any direct financial interest or any material indirect financial interest in any Borrower or in any Affiliate of any Borrower, (ii) is not connected with any Borrower or any Affiliate of any Borrower as an
officer, employee, promoter, underwriter, trustee, partner, member, manager, creditor, director, supplier, customer or person performing similar functions and (iii) is not a member of the immediate family of a Person defined in (i) or
(ii) above. 
  

 13 

 “Independent Accountant” shall mean a firm of nationally recognized, certified public
accountants which is Independent and which is selected by Borrower and reasonably acceptable to Lender. 
  
 “Independent Director”, “Independent Manager”, or “Independent Member” shall mean a Person who is not
and will not be while serving and has never been (i) a member (other than an Independent Member), manager (other than an Independent Manager), director, (other than an Independent Director), employee, attorney, or counsel of Borrower or its
Affiliates (provided that Borrower may not have the same Independent Directors, Independent Managers or Independent Members as any Mezzanine Borrower), (ii) a customer, supplier or other Person who derives more than 1% of its purchases or revenues
from its activities with Borrower or its Affiliates, (iii) a direct or indirect legal or beneficial owner in any entity referred to in (i) or (ii) above or any of its Affiliates, (iv) a member of the immediate family of any member,
manager, employee, attorney, customer, supplier or other Person referred to in (i), (ii) or (iii) above, or (v) a person Controlling or under the common Control of anyone listed in (i) through (iv) above. A Person that
otherwise satisfies the foregoing shall not be disqualified from serving as an Independent Director or Independent Manager or Independent Member if such individual is at the time of initial appointment, or at any time while serving as such, is an
Independent Director or Independent Manager or Independent Member, as applicable, of a Single Purpose Entity affiliated with Borrower other than any Mezzanine Borrower. 
  
 “Individual Property” shall have the meaning set forth in the Security Instrument. 
  
 “Insurance Requirements” shall mean, collectively, (i) all
material terms of any insurance policy required pursuant to this Agreement and (ii) all material regulations and then-current standards applicable to or affecting the Property or any part thereof or any use or condition thereof, which may, at any
time, be recommended by the Board of Fire Underwriters, if any, having jurisdiction over the Property, or such other body exercising similar functions. 
  
 “Insurance Reserve Account” shall have the meaning set forth in Section 3.1.1(b). 
  
 “Insurance Reserve Amount” shall have the meaning set forth
in Section 16.2. 
  
 “Intangible” shall
have the meaning set forth in the Security Instrument. 
  
 “Interest Determination Date” shall have the meaning set forth in the Notes. 
  
 “Interest Period” shall have the meaning set forth in the Notes. 
  
 “Interest Rate Cap Agreement” shall mean the Confirmation and Agreement (together with the confirmation and
schedules relating thereto), dated on or about the date hereof, between the Counterparty and Borrower, obtained by Borrower and collaterally assigned to Lender pursuant to this Agreement. After delivery of a Replacement Interest Rate Cap Agreement
to Lender, the term “Interest Rate Cap Agreement” shall be deemed to mean such Replacement Interest Rate Cap Agreement. The Interest Rate Cap Agreement shall be governed by the laws of the State of New York and shall contain each of the
following: 
  
 (a) Notional Amount. The notional amount of
the Interest Rate Cap Agreement shall be equal to the Principal Amount, which may be reduced from time to time in amounts equal to any prepayment of the principal of the Loan made in accordance with Section 5(b) of the Notes; 
  

 14 

 (b) Remaining Term. The remaining term of the Interest Rate Cap Agreement shall at all times
extend through the end of the Interest Period in which the Maturity Date occurs as extended from time to time pursuant to this Agreement and the Loan Documents; 
  

(c) Parties. The Interest Rate Cap Agreement shall be issued by the Counterparty to Borrower and shall be pledged to Lender by Borrower in
accordance with this Agreement; 
  
 (d) Payment Stream. The
Counterparty under the Interest Rate Cap Agreement shall be obligated to make a stream of payments, directly to the Holding Account (whether or not an Event of Default has occurred) from time to time equal to the product of (i) the notional amount
of such Interest Rate Cap Agreement multiplied by (ii) the excess, if any, of LIBOR (including any upward rounding under the definition of LIBOR) over the LIBOR Cap Strike Rate; 
  
 (e) Acknowledgment. The Counterparty under the Interest Rate Cap Agreement shall execute and deliver the
Acknowledgment; and 
  
 (f) Other. The Interest Rate Cap
Agreement shall impose no material obligation on the beneficiary thereof (after payment of the acquisition cost) and shall be in all material respects reasonably satisfactory in form and substance to Lender. 
  
 “Land” shall have the meaning set forth in the Security
Instrument. 
  
 “Late Payment Charge” shall have
the meaning set forth in Section 2.2.3. 
  
 “Leasehold Estate” means the estate in the Property created by each Ground Lease. 
  
 “Legal Requirements” shall mean all present and future laws, statutes, codes, ordinances, orders, judgments, decrees, injunctions, rules,
regulations and requirements, and irrespective of the nature of the work to be done, of every Governmental Authority including, without limitation, Environmental Laws and all covenants, restrictions and conditions now or hereafter of record which
may be applicable to Borrower or to the Property and the Improvements and the Building Equipment thereon, or to the use, manner of use, occupancy, possession, operation, maintenance, alteration, repair or reconstruction of the Property and the
Improvements and the Building Equipment thereon including, without limitation, building and zoning codes and ordinances and laws relating to handicapped accessibility. 
  
 “Lender” shall have the meaning set forth in the first paragraph of this Agreement. 
  
 “Lender’s Consultant” shall mean an environmental and
engineering consulting firm selected by Lender having experience (i) conducting environmental and engineering assessments for properties similar to the Property and (ii) preparing and supervising remediation plans for properties similar to the
Property. 
  
 “Lender Group” shall have the
meaning set forth in Section 14.4.2(b). 
  

 15 

 “Letter of Credit” shall mean an irrevocable, unconditional, transferable, clean sight
draft letter of credit (either an evergreen letter of credit or one which does not expire until at least sixty (60) days after the Maturity Date (the LC Expiration Date)), in favor of Lender and entitling Lender to draw thereon in New York,
New York, based solely on a statement executed by an officer or authorized signatory of Lender and issued by an Approved Bank. If at any time (a) the institution issuing any such Letter of Credit shall cease to be an Approved Bank or (b) the Letter
of Credit is due to expire prior to the LC Expiration Date, Lender shall have the right immediately to draw down the same in full and hold the proceeds thereof in accordance with the provisions of this Agreement, unless Borrower shall deliver a
replacement Letter of Credit from an Approved Bank within (i) as to (a) above, twenty (20) days after Lender delivers written notice to Borrower that the institution issuing the Letter of Credit has ceased to be an Approved Bank or (ii) as to (b)
above, at least twenty (20) days prior to the expiration date of said Letter of Credit. 
  
 “Liability” shall have the meaning set forth in Section 14.4.2(b). 
  
 “LIBOR” shall have the meaning set forth in the Notes. 
  
 “LIBOR Cap Strike Rate” shall mean 7.0% per annum. 
  
 “LIBOR Margin” shall have the meaning set forth in the
Notes. 
  
 “LIBOR Rate” shall have the meaning
set forth in the Notes. 
  
 “License” shall have
the meaning set forth in Section 4.1.24. 
  
 “Lien” shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance or charge on or affecting Borrower, the Property, any portion thereof or any interest
therein, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and the filing of
mechanic’s, materialmen’s and other similar liens and encumbrances, in case, excluding any such items filed against and solely affecting the Excluded Personal Property. 
  
 “Loan” shall mean the loan in the amount of the Loan Amount made by Lender to Borrower pursuant to this
Agreement. 
  
 “Loan Amount” shall mean the
original principal amount of the Loan equal to $425,000,000. 
  
 “Loan Documents” shall mean, collectively, this Agreement, the Notes, the Security Instrument, the Assignment of Leases, the Environmental Indemnity, the Clean Borrower Estoppel Certificate, the Master Lease, the Master
Lease SNDA, the Account Agreement, the Recourse Guaranty and all other documents executed and/or delivered by Borrower, Master Lessee or Guarantor to Lender in connection with the Loan, and in connection with any Property Substitution, including any
opinion certificates or other certifications or representations delivered by or on behalf of Borrower or any Affiliate of Borrower to Lender. 
  

 16 

 “Low DSCR Cash Sweep Period” shall mean, collectively, an 80% Cash Sweep Period and a
60% Cash Sweep Period. 
  
 “LTV Ratio” shall mean
the ratio, expressed as a percentage, of the Combined Principal Amount as of the date of determination, to the Aggregate Appraised Value as of the date of determination. 
  
 “Master Lease” shall mean that certain Master Lease Agreement for the Properties by and between Borrower,
as lessor, and Master Lessee, as lessee, dated the date hereof, as more particularly described in Section 5.1.22. Lender acknowledges that Borrower does not own, and Lender does not have a lien on, the Excluded Personal Property and that the
term “Master Lease” shall not include the Excluded Personal Property or leases or licenses with respect to the Excluded Personal Property. 
  
 “Master Lease Base Rent” shall mean monthly payments under the Master Lease of scheduled base rent (to be based upon market rents
established in the Appraisals). 
  
 “Master Lease
Default” shall mean a default by Master Lessee or Borrower under the terms of the Master Lease beyond any applicable notice and cure periods contained therein. 
  
 “Master Lease Minimum Shortfall Reserve Amount” shall mean an amount equal to two (2) months of monthly
Master Lease Rent. 
  
 “Master Lease 80% Reserve
Amount” shall mean an amount equal to four (4) months of monthly Master Lease Rent. 
  
 “Master Lease Recurrent Additional Rent” shall mean monthly payments under the Master Lease of additional rent for scheduled pass-through expenses, including without limitation taxes, insurance and
ground rent. 
  
 “Master Lease Rent” shall mean,
collectively, the Master Lease Scheduled Rent and the Master Lease Variable Additional Rent. 
  
 “Master Lease Rent Shortfall” shall mean a shortfall in the Holding Account with respect to all or any portion of the Master Lease Rent required to be deposited therein by Master Lessee pursuant to
the Master Lease Rent Payment Direction Letter. 
  
 “Master Lease Rent Shortfall Reserve Account” shall have the meaning provided in Section 3.1.1. 
  
 “Master Lease Scheduled Rent” shall mean, collectively, the Master Lease Base Rent and the Master Lease Recurrent Additional Rent.

  
 “Master Lease SNDA” shall mean that certain
Subordination, Non-Disturbance and Attornment agreement among Borrower, Master Lessee and Lender dated of even date herewith. 
  
 “Master Lease Tenant Default” shall mean a default by Master Lessee under the terms of the Master Lease beyond any applicable notice and
cure periods contained therein. 
  

 17 

 “Master Lease Variable Additional Rent” shall mean with respect to any month, payments
payable by the Master Lessee under the Master Lease of variable operating and occupancy expenses in such month, including without limitation common area maintenance expenses but excluding any such items expressly included in any other sub-account of
the Holding Account, such as the Monthly Tax Reserve Amount, Monthly Insurance Reserve Amount and Monthly Ground Rent Reserve Amount. Subject to the Master Lease, Master Lease Variable Additional Rent shall be presumptively established pursuant to
the Annual Budget. 
  
 “Master Lease Rent Payment
Direction Letter” shall mean a letter in the form of Exhibit P pursuant to which Borrower instructs Master Lessee to make payments of Master Lease Scheduled Rent and, during the continuance of a Master Lease Tenant Default, Master
Lease Variable Additional Rent directly to the Holding Account as more particularly set forth in Section 3.1.9(a). 
  
 “Master Lessee” shall mean Toys ‘R’ Us-Delaware, Inc., a Delaware corporation. 
  
 “Master Lessee Officer’s Certificate” shall mean a
certificate executed by an authorized signatory of Master Lessee that is familiar with the financial condition of Master Lessee and the operation of the Property. 
  
 “Material Adverse Effect” shall mean any event or condition that has a material adverse effect on (i) the
Property taken as a whole, (ii) the use, operation, or value of any Individual Property, (iii) the business, profits, operations or financial condition of Borrower, or (iv) the ability of Borrower to repay the principal and/or interest of the Loan
as it becomes due or to satisfy any of Borrower’s material obligations under the Loan Documents. 
  
 “Material Alteration” shall mean any Alteration which, when aggregated with all related Alterations (other than decorative work such as
painting, wall papering and carpeting and the replacement of fixtures, furnishings and equipment to the extent being of a routine and recurring nature and performed in the ordinary course of business) constituting a single project, involves an
estimated cost exceeding forty percent (40%) of the Allocated Loan Amount for each Individual Property with respect to such Alteration or related Alterations (including the Alteration in question) then being undertaken at such Individual Property;
provided however that the term “Material Alteration” shall not include Alterations being undertaken at the sole cost and expense of (a) the Master Lessee pursuant to the Master Lease so long as the security required for any such
material alteration under the Master Lease is deposited with Lender or (b) a Tenant pursuant to a Sublease. 
  
 “Material Sublease” shall mean any Sublease to a single Tenant covering the lesser of (a) 40,000 or more or (b) more than 50% of the
square feet of rentable area of any Individual Property, including, without limitation, the Material Subleases (including all amendments and supplements thereto) designated as such on Schedule I attached hereto and made a part hereof.

  
 “Material Sublease Approval Threshold” shall
mean Material Subleases with respect to Individual Properties having aggregate Allocated Loan Amounts equal to or greater than 5% of the Loan Amount. 
  
 “Maturity Date” shall have the meaning set forth in the Notes. 
  

 18 

 “Maturity Date Payment” shall have the meaning set forth in the Notes. 
  
 “Maximum Legal Rate” shall mean the maximum non-usurious
interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Notes and as provided for herein or the other Loan Documents, under the laws of such state
or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 
  
 “Merger Agreement” shall mean that certain Plan of Merger among Toys ‘R’ Us, Inc., Global Toys Acquisition, LLC and Global Toys
Acquisition Merger Sub, Inc. dated as of March 17, 2005. 
  
 “Mezzanine Account” shall mean the First Mezzanine Account, Second Mezzanine Account, Third Mezzanine Account, and/or Fourth Mezzanine Account, or all such accounts collectively, as the context may require. 
  
 “Mezzanine Borrowers” shall mean the First Mezzanine
Borrower, Second Mezzanine Borrower, Third Mezzanine Borrower, and/or Fourth Mezzanine Borrower, or all such borrowers collectively, as the context may require. 
  

“Mezzanine Lender” shall mean the First Mezzanine Lender, Second Mezzanine Lender, Third Mezzanine Lender, and/or Fourth Mezzanine
Lender, or all such lenders collectively, as the context may require. 
  
 “Mezzanine Loan” shall mean the First Mezzanine Loan, Second Mezzanine Loan, Third Mezzanine Loan, and/or Fourth Mezzanine Loan, or all such loans collectively, as the context may require. 
  
 “Mezzanine Loan Default Notice” shall mean a First Mezzanine
Loan Default Notice, Second Mezzanine Loan Default Notice, Third Mezzanine Loan Default Notice, and/or Fourth Mezzanine Loan Default Notice, or all such default notices collectively, as the context may require. 
  
 “Mezzanine Notes” shall mean the First Mezzanine Note,
Second Mezzanine Note, Third Mezzanine Note, and/or Fourth Mezzanine Note, or all such notes collectively, as the context may require. 
  
 “Mezzanine Intercreditor Agreement” shall mean an intercreditor, recognition and standstill agreement between Lender and Mezzanine
Lender. 
  
 “Monetary Default” shall mean a
Default (i) that can be cured with the payment of money or (ii) arising pursuant to Section 17.1(a)(vi) or (vii). 
  
 “Monthly Insurance Reserve Amount” shall have the meaning set forth in Section 16.2. 
  
 “Monthly Tax Reserve Amount” shall have the meaning set
forth in Section 16.1. 
  

 19 

 “Monthly Ground Rent Reserve Amount” shall have the meaning provided in Section
16.3. 
  
 “Moody’s” shall mean
Moody’s Investors Service, Inc. 
  
 “Mortgage Tax
States” shall mean, collectively, Alabama, Florida, Maryland, New York, Tennessee, Virginia and any other State in which a Substitute Property may be located which imposes a mortgage recording or other mortgage tax. 
  
 “New Sublease” shall have the meaning set forth in
Section 8.8.1. 
  
 “Non-Consolidation
Opinion” shall have the meaning provided in Section 2.5.5. 
  
 “Non-Disqualification Opinion” shall mean an opinion of outside tax counsel reasonably acceptable to the Lender or the Rating Agencies to whom such opinion is addressed that a contemplated action will
neither cause any trust formed as a REMIC pursuant to a Securitization to fail to qualify as a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code at any time that any “regular interests” in
the REMIC are outstanding nor cause a “prohibited transaction” tax (within the meaning of Section 860F(a)(2) of the Code) or “prohibited contribution” tax (within the meaning of Section 860G(d) of the Code) to be imposed on any
such REMIC. 
  
 “Non-Disturbance Agreement” shall
have the meaning set forth in Section 8.8.9. 
  
 “Notes” shall mean, collectively, (a) that certain Note A-1, dated the date hereof, made by Borrower, as maker, in favor of Lender, as payee, in the principal amount of $255,000,000 and (b) that certain Note A-2, dated the
date hereof, made by Borrower, as maker, in favor of Lender, as payee, in the principal amount of $170,000,000, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Obligations” shall have meaning set forth in the recitals
of the Security Instrument. 
  
 “OFAC” List means
the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained by the U.S. Treasury Department, Office of Foreign Assets Control and accessible through the internet website
www.treas.gov/ofac/t11sdn.pdf. 
  
 “Officer’s
Certificate” shall mean a certificate executed by an authorized signatory of Borrower that is familiar with the financial condition of Borrower and the operation of the Property, or, in the case of Officer’s Certificates required under
Section 11, the Chief Financial Officer of Borrower. 
  
 “Operating Agreements” shall mean, collectively, the Master Lease, the Material Subleases, the REAs, the Condominium Documents and the Ground Leases. 
  
 “Operating Asset” shall have the meaning set forth in the Security Instrument. 
  
 “Opinion of Counsel” shall mean an opinion of counsel of a
law firm selected by Borrower and reasonably acceptable to Lender. 
  

 20 

 “Other Charges” shall mean, collectively, (i) Common Charges and any special assessments
and other similar amounts charged to Borrower under the Condominium Documents or otherwise payable with respect to the Condominium Properties pursuant to the Condominium Documents, (ii) all sums, charges, fees, costs, expenses, common area
maintenance charges and other charges or assessments reserved in or payable under the REAs and (iii) maintenance charges, impositions other than Impositions, and any other charges, including, without limitation, vault charges and license fees for
the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the Property or any part thereof by any Governmental Authority, other than those required to be paid by a tenant pursuant to
its respective Sublease. 
  
 “Other Taxes” shall
have the meaning set forth in Section 2.4.3. 
  
 “Owner’s Title Policy Loss Payment Direction Letter” shall mean that certain letter of even date herewith from Borrower to the Mezzanine Lenders and countersigned by the Title Companies, directing the Title Company to
make certain loss payments under certain of Borrower’s owner’s title insurance policies to Mezzanine Lender as more particularly set forth therein. 
  
 “Payment Date” shall have the meaning set forth in the Notes. 
  
 “Permitted Debt” shall mean collectively, (a) the Notes and the other obligations, indebtedness and
liabilities specifically provided for in any Loan Document and secured by this Agreement, the Security Instrument and the other Loan Documents and (b) trade payables, operational debt and indebtedness incurred in the financing of equipment and other
personal property used on the Property incurred in the ordinary course of Borrower’s business, not secured by Liens on the Property (other than liens being properly contested in accordance with the provisions of this Agreement or the Security
Instrument), not to exceed 3.0% of the Principal Amount in the aggregate for all Properties at any one time outstanding, payable by or on behalf of Borrower for or in respect of the operation of the Property in the ordinary course of operating
Borrower’s business, provided that (but subject to the remaining terms of this definition) each such amount shall be paid within sixty (60) days following the date on which each such amount is incurred. Nothing contained herein shall be deemed
to require Borrower to pay any amount, so long as Borrower is in good faith, and by proper legal proceedings, diligently contesting the validity, amount or application thereof, provided that in each case, at the time of the commencement of any such
action or proceeding, and during the pendency of such action or proceeding (i) no Event of Default shall exist and be continuing hereunder, (ii) adequate reserves with respect thereto are maintained on the books of Borrower in accordance with GAAP,
and (iii) such contest operates to suspend collection or enforcement, as the case may be, of the contested amount and such contest is maintained and prosecuted continuously and with diligence. Notwithstanding anything set forth herein, in no event
shall Borrower be permitted under this provision to enter into a note (other than the Notes and the other Loan Documents) or other instrument for borrowed money. 
  
 “Permitted Encumbrances” shall mean collectively, (a) the Liens and security interests created or permitted
by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Policy, (c) Liens, if any, for Impositions imposed by any Governmental 

  

 21 

 
Authority not yet due or delinquent (d) Liens arising after the date hereof which are being contested in good faith by appropriate proceedings promptly
instituted and diligently conducted in accordance with Article 7 hereof; (e) in the case of Liens arising after the date hereof, statutory Liens of carriers, warehousemen, mechanics, materialmen and other similar Liens arising by operation of
law, which are incurred in the ordinary course of business for sums which are being contested in good faith in accordance with Article 7 hereof; (f) easements, rights-of-way, REAs, restrictions and other similar charges or non-monetary
encumbrances against real property which would not individually or in the aggregate be reasonably likely to have a Material Adverse Effect; (g) any judgment Lien provided that the judgment it secures shall have been discharged of record or the
execution thereof stayed pending appeal within 30 days after the entry thereof or within 30 days after the expiration of any stay, as applicable; (h) any matters that would be disclosed by an accurate survey of an Individual Property other than the
Surveys, provided that in the case of Substitute Properties, the survey-related coverage under the Title Policy is provided with respect to such Substitute Properties; (j) any of the Existing Matters of Record, provided that (1) the amounts secured
by such Liens have been paid in full, or, in the case of the Existing Contested Lien is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted in accordance with Article VII hereof and (2) such
Liens are insured over in the Title Policy in a manner satisfactory to Lender, whether such insurance is made available in consideration of payment, bonding or indemnity by Borrower (but without limiting Borrower’s obligations under Article
VII with respect to the Existing Contested Lien and provided that any such indemnity or other consideration shall be in a form reasonably satisfactory to Lender); (k) the Owner’s Title Policy Loss Payment Direction Letter and (l) such other
Liens as Lender may approve in writing in Lender’s sole discretion. 
  
 “Permitted Fund Manager” means any Person that on the date of determination is (i) a nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real
estate and (ii) not subject to a bankruptcy proceeding. 
  
 “Permitted Transferee” shall mean any entity that, together with its Close Affiliates (i) is experienced in owning and/or operating properties similar to the Properties, (ii) (a) has a net worth, as of a date no more than
six (6) months prior to the date of the transfer of at least $1 Billion and (b) immediately prior to such transfer, controls real estate equity assets of at least $1 Billion, (iii) owns or has under management or acts as the exclusive fund manager
or investment advisor, at the time of the transfer, not fewer than 200 retail properties (excluding the Properties) containing not fewer than 4,000,000 rentable square feet in the aggregate and (iv) is not a Disqualified Transferee. 
  
 “Person” shall mean any individual, corporation,
partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of
any of the foregoing. 
  
 “Personal Property”
shall have the meaning set forth in the granting clause of the Security Instrument. 
  
 “Plan” shall have the meaning set forth in Section 4.1.10. 
  

 22 

 “Pledge” shall mean that certain Pledge and Security Agreement, dated as of the date
hereof, from Mezzanine Borrower to Mezzanine Lender. 
  
 “PML” shall have the meaning set forth in Section 6.1.8. 
  
 “Portfolio Four-Wall EBITDAR” shall mean earnings from store operations before interest expense/income, taxes, depreciation and amortization, any rental expense on real property, distribution expense,
direct and allocated corporate overhead expense, regional office allocation, royalty charges from affiliates and restructuring expense plus any non-cash charges/less any non-cash income, including but not limited to losses on sales of assets and non
cash compensation expense. 
  
 “Pre-approved
Transferee” shall mean any of the entities set forth on Schedule VIII hereof, or any Close Affiliates thereof, provided any of the foregoing entities or their Close Affiliates shall only be a “Pre-approved
Transferee” if (i) such entity continues to be Controlled by substantially the same Persons Controlling such entity as of the Closing Date or if such Pre-approved Transferee is a publicly traded company, such Pre-approved Transferee continues
to be publicly traded on an established securities market, (ii) there has been no material adverse change in the financial condition or results of operations of such entity since the Closing Date and (iii) such entity and its Close Affiliates
together own, have under management or act as the exclusive fund manager or investment advisor, at the time of the transfer, not fewer than 200 retail properties (excluding the Properties) containing not fewer than 4,000,000 rentable square feet in
the aggregate. 
  
 “Prepayment Fee” shall have
the meaning set forth in the Notes. 
  
 “Prepayment Fee
(Mezzanine)” shall have the meaning set forth in the Mezzanine Notes. 
  
 “Principal Amount” shall mean, collectively, the aggregate “Principal Amount” under each of the Notes, as such term is defined in each of the Notes. 
  
 “Principal Amount (Mezzanine)” shall mean, collectively, the
aggregate “Principal Amount” under each of the Mezzanine Notes, as such term is defined in each of the Mezzanine Notes. 
  
 “Prohibited Person” means any Person identified on the OFAC List or any other Person with whom a U.S. Person may not conduct business or
transactions by prohibition of Federal law or Executive Order of the President of the United States or America. 
  
 “Proceeds” shall have the meaning set forth in Section 6.2.2. 
  
 “Proceeds Reserve Account” shall have the meaning set forth in Section 3.1.1. 
  
 “Property” shall have the meaning set forth in the Security
Instrument. 
  
 “Property Release” shall have the
meaning set forth in Section 2.3.4. 
  
 “Property
Release Notice” shall have the meaning set forth in Section 2.3.4(a). 
  

 23 

 “Proprietary Information” shall have the meaning set forth in Section 11.2.9.

  
 “Provided Information” shall have the meaning
set forth in Section 14.1.1 
  
 “PZR”
shall mean The Planning Zoning Resource Corporation. 
  
 “Rate Cap Collateral” shall have the meaning set forth in Section 9.2. 
  
 “Rating Agencies” shall mean (a) prior to a Securitization, each of S&P, Moody’s and Fitch and any other nationally-recognized
statistical rating agency which has been approved by Lender and (b) after a Securitization has occurred, each such Rating Agency which has rated the Securities in the Securitization. 
  
 “Rating Agency Confirmation” shall mean, collectively, a written affirmation from each of the Rating
Agencies that the credit rating of the Securities given by such Rating Agency immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result
of the occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion which may be satisfied by a Rating Agency declining to review the matter in question without adverse impact on
the Securities. In the event that, at any given time, no such Securities shall have been issued and are then outstanding, then the term Rating Agency Confirmation shall be deemed instead to require the written approval of Lender based on its good
faith determination of whether the Rating Agencies would issue a Rating Agency Confirmation if any such Securities were outstanding. 
  
 “REAs” shall mean, collectively, any “construction, operation and reciprocal easement agreement” or similar agreement
(including any “separate agreement” or other agreement between Borrower and one or more other parties to an REA with respect to such REA) affecting any Individual Property or portion thereof, including, without limitation, all REAs as
defined in the Security Instrument. 
  
 “Real
Property” shall mean, collectively, the Land, the Improvements and the Appurtenances (as defined in the Security Instrument). 
  
 “Recourse Guaranty” shall mean that certain Guaranty of Recourse Obligations of Borrower, dated as of the date hereof, by Guarantor in
favor of Lender, as the same may be amended, supplemented, restated or otherwise modified from time to time. 
  
 “Recourse Guaranty” (Mezzanine) shall mean that certain Guaranty of Recourse Obligations of Mezzanine Borrower, dated as of the date
hereof, by Guarantor in favor of Mezzanine Lender, as the same may be amended, supplemented, restated or otherwise modified from time to time. 
  
 “Register” shall have the meaning set forth in Section 15.4. 
  
 “Regulatory Change” shall mean any change after the date of this Agreement in federal, state or foreign
laws or regulations or the adoption or the making, after such date, of any interpretations, directives or requests applying to Lender, or any Person Controlling Lender or to 

  

 24 

 
a class of banks or companies Controlling banks of or under any federal, state or foreign laws or regulations (whether or not having the force of law) by any
court or Governmental Authority or monetary authority charged with the interpretation or administration thereof. 
  
 “Release Date” shall have the meaning provided in Section 2.3.4(a). 
  
 “Release Instruments” shall have the meaning provided in Section 2.3.4(c). 
  
 “Release Price” shall mean the product of (a) the Allocated
Loan Amount for the Release Property and (b) the applicable Release Price Percentage. 
  
 “Release Price Percentage” shall mean, as of any Release Date, the percentage applicable to the range of Combined Principal Amounts that would be outstanding immediately following such Release, as set
forth in the following table: 
  

				
	 Range of Outstanding Combined Principal Amount Following Release

	  	Release Price Percentage

	 
	 From $600,000,000 to and including $510,000,000
	  	100	%
	 Less than $510,000,000 to and including $420,000,000
	  	110	%
	 Less than $420,000,000 to $0.00
	  	115	%

  
 “Release Price
(Mezzanine)” shall have the meaning ascribed to the term Release Price in each the Mezzanine Loan Agreement, as the context may require. 
  
 “Release Property” shall have the meaning provided in Section 2.3.4. 
  
 “Rents” shall mean all rents, rent equivalents, moneys payable as damages or in lieu of rent or rent
equivalents, royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash,
issues, profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower from any and all sources arising from or attributable to the Property, including,
but not limited to the Master Lease and, upon termination thereof, the Subleases, and Proceeds, if any, from business interruption or other loss of income insurance. 
  
 “Replaced Property” shall have the meaning provided in Section 2.3.5(a). 
  
 “Replacement Interest Rate Cap Agreement” shall mean an
interest rate cap agreement from an Approved Counterparty with terms that are the same in all material respects as the terms of the Interest Rate Cap Agreement except that the same shall be effective as of (i) in connection with a replacement
following a downgrade, withdrawal or qualification of the rating of the Counterparty such that it ceases to qualify as an “Approved Counterparty”, the date required in Section 9.3(c) or (ii) in connection with a replacement related
to an extension of the Maturity 

  

 25 

 
Date, the date required in Section 5(a)(ii) of the Notes; provided that to the extent any such interest rate cap agreement does not meet the foregoing
requirements, a Replacement Interest Rate Cap Agreement shall be such interest rate cap agreement approved in writing by Lender, and if the Loan or any portion thereof is included in a Securitization, each of the Rating Agencies with respect
thereto. 
  
 “Requesting Parties” shall have the
meaning set forth in Section 11.2.9. 
  
 “Retail
Sites” shall mean, collectively, all of the Properties other than the Distribution Sites. 
  
 “S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 
  
 “Second Mezzanine Account” shall mean account number
1235465935 at Cash Management Bank. 
  
 “Second Mezzanine
Borrower” shall mean Giraffe Intermediate Holdings, LLC, a Delaware limited liability company. 
  
 “Second Mezzanine Debt Service Reserve Account” shall have the meaning set forth in Section 3.1.1. 
  
 “Second Mezzanine Lender” shall mean German American Capital
Corporation, a Maryland corporation, and its successors and/or assigns, as the holder of the Second Mezzanine Loan. 
  
 “Second Mezzanine Lender Monthly Debt Service Notice” shall mean the written notice required to be delivered by Second Mezzanine Lender
pursuant to Section 3.1.6 of the Second Mezzanine Loan Agreement to Lender at least five (5) Business Days prior to each Payment Date setting forth the Second Mezzanine Loan Debt Service Amount payable by Second Mezzanine Borrower on the
first Payment Date occurring after the date such notice is delivered. 
  
 “Second Mezzanine Loan” shall mean that certain $60,000,000 mezzanine loan, made as of the date hereof, from Second Mezzanine Lender to Second Mezzanine Borrower. 
  
 “Second Mezzanine Loan Agreement” shall mean that certain
Mezzanine Loan and Security Agreement (Second Mezzanine), dated as of the date hereof, between Second Mezzanine Borrower, as borrower, and Second Mezzanine Lender, as lender, as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time. 
  
 “Second Mezzanine Loan
Debt Service Amount” shall mean, with respect to any specified date or a particular period of time, interest payments under the Second Mezzanine Note (excluding any default or accrued interest) due as of such date (as set forth in the
Second Mezzanine Lender Monthly Debt Service Notice delivered to Lender) or payable during such period (including the last day thereof), as applicable and repayment in full of the principal balance of the Second Mezzanine Note on the scheduled
maturity of the Second Mezzanine Loan 

  

 26 

 
(but excluding any principal payments on account of an acceleration of the Second Mezzanine Loan or a default under any of the Second Mezzanine Loan
Documents). 
  
 “Second Mezzanine Loan Default
Notice” shall mean a notice from Second Mezzanine Lender to Lender (upon which Lender may conclusively rely without any inquiry into the validity thereof) that an “Event of Default” has occurred and is continuing under any of the
Second Mezzanine Loan Documents. 
  
 “Second Mezzanine
Loan Default Revocation Notice” shall have the meaning set forth in Section 3.1.6 hereof. 
  
 “Second Mezzanine Loan Documents” shall mean the documents evidencing and securing the Second Mezzanine Loan, as may be modified,
amended, extended, supplemented, restated or replaced from time to time. 
  
 “Second Mezzanine Note” shall mean that certain Second Mezzanine Note A-1 in the principal amount of $60,000,000 dated as of the date hereof, from Second Mezzanine Borrower to Second Mezzanine Lender.

  
 “Securities” shall have the meaning set forth
in Section 14.1. 
  
 “Securities Act”
shall have the meaning set forth in Section 14.4.1. 
  
 “Securitization” shall have the meaning set forth in Section 14.1. 
  
 “Security Instrument” shall mean that certain first priority Combined Fee and Leasehold Multistate Mortgage, Deed to Secure Debt, Deed of
Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Master Lease, Subleases, Rents and Security Deposits, dated the date hereof, executed and delivered by Borrower to Lender (or to a trustee for the benefit of lender, as
applicable) and encumbering the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Servicer” shall mean such Person designated in writing with an address for such Person by Lender, in its sole discretion, to act as
Lender’s agent hereunder with such powers as are specifically delegated to the Servicer by Lender, whether pursuant to the terms of this Agreement, the Account Agreement or otherwise, together with such other powers as are reasonably incidental
thereto. 
  
 “Single Purpose Entity” shall mean a
Person, other than an individual, which (i) is formed or organized solely for the purpose of owning, holding, developing, using, operating and financing, directly, or, in the case of Mezzanine Borrower, indirectly, an ownership interest in the
Property, (ii) does not engage in any business unrelated to the Property and the ownership, development, use, operation and financing thereof, (iii) has not and will not have any assets other than those related to its interest in the Property or the
operation, management and financing thereof or any indebtedness other than the Permitted Debt, (iv) maintains its own separate books and records and its own accounts, in each case which are separate and apart from the books and records and accounts
of any other Person, (v) holds itself out as being a Person, separate and apart from any other Person, (vi) does not and will not commingle its funds or assets with those 

  

 27 

 
of any other Person, (vii) conducts its own business in its own name; (viii) maintains separate financial statements, (ix) pays its own liabilities out of
its own funds, (x) observes all partnership, corporate or limited liability company formalities, as applicable, (xi) pays the salaries of its own employees, if any, and maintains a sufficient number of employees, if any, in light of its contemplated
business operations, (xii) does not guarantee or otherwise obligate itself with respect to the debts of any other Person or hold out its credit as being available to satisfy the obligations of any other Person, (xiii) does not acquire obligations or
securities of its partners, members or shareholders, (xiv) allocates fairly and reasonably shared expenses, including, without limitation, any overhead for shared office space, if any, (xv) uses separate stationary, invoices, and checks, (xvi)
maintains an arms-length relationship with its Affiliates, (xvii) does not and will not pledge its assets for the benefit of any other Person or make any loans or advances to any other Person, (xviii) does and will continue to use commercially
reasonable efforts to correct any known misunderstanding regarding its separate identity, (xix) maintains adequate capital in light of its contemplated business operations, and (xx) has not and will not engage in, seek, or consent to the
dissolution, winding up, liquidation, consolidation or merger and except as otherwise permitted in this Agreement, has not and will not engage in, seek or consent to any asset sale, transfer or partnership, membership or shareholder interests, or
amendments of its partnership or operating agreement, certificate of incorporation, articles of organization or other organizational document. In addition, if such Person is a partnership, (1) all general partners of such Person shall be Single
Purpose Entities; and (2) if such Person has more than one general partner, then the organizational documents shall provide that such Person shall continue (and not dissolve) for so long as a solvent general partner exists. In addition, if such
Person is a corporation, then, at all times: (a) such Person shall have at least two (2) Independent Directors and (b) the board of directors of such Person may not take any action requiring the unanimous affirmative vote of 100% of the members of
the board of directors unless all of the directors, including the Independent Directors, shall have participated in such vote. In addition, if such Person is a limited liability company, (a) such Person shall have at least two (2) Independent
Managers or Independent Members, (b) if such Person is managed by a board of managers, the board of managers of such Person may not take any action requiring the unanimous affirmative vote of 100% of the members of the board of managers unless all
of the managers, including the Independent Managers, shall have participated in such vote, (c) if such Person is not managed by a board of managers, the members of such Person may not take any action requiring the affirmative vote of 100% of the
members of such Person unless all of the members, including the Independent Members, shall have participated in such vote, (d) each managing member shall be a Single Purpose Entity and (e) its articles of organization, certificate of formation
and/or operating agreement, as applicable, shall provide that until all of the Indebtedness and Obligations are paid in full such entity will not dissolve. In addition, the organizational documents of such Person shall provide that such Person (1)
without the unanimous consent of all of the partners, directors or members, as applicable, shall not with respect to itself or to any other Person in which it has a direct or indirect legal or beneficial interest (a) seek or consent to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or other similar official for the benefit of the creditors of such Person or all or any portion of such Person’s properties, or (b) take any action that might
cause such Person to become insolvent, petition or otherwise institute insolvency proceedings or otherwise seek any relief under any laws relating to the relief from debts or the protection of debtors generally, (2) has and will maintain its books,
records, resolutions and agreements as official records, (3) has 

  

 28 

 
held and will hold its assets in its own name, (4) has and will maintain its financial statements, accounting records and other organizational documents,
books and records separate and apart from any other Person, (5) has not and will not identify its partners, members or shareholders, or any affiliates of any of them as a division or part of it, (6) has and will maintain an arms-length relationship
with its Affiliates, and (7) has not and will not enter into or be a party to any transaction with its partners, members, shareholders, or its Affiliates except in the ordinary course of business and on terms which are intrinsically fair and are no
less favorable to it than would be obtained in a comparable arms-length transaction with a third party. 
  
 “Solvency Opinion” shall have the meaning provided in Section 2.5.5. 
  
 “Special Taxes” shall mean any and all present or future taxes, levies, imposts, deductions, charges or
withholdings, or any liabilities with respect thereto, including those arising after the date hereof as result of the adoption of or any change in law, treaty, rule, regulation, guideline or determination of a Governmental Authority or any change in
the interpretation or application thereof by a Governmental Authority but excluding, in the case of Lender, such taxes (including income taxes, franchise taxes and branch profit taxes) as are imposed on or measured by Lender’s net income by the
United States of America or any Governmental Authority of the jurisdiction under the laws under which Lender is organized or maintains a lending office. 
  
 “SPE Entity” shall mean the Borrower and any other Person which is required by this Agreement to be, as long as the Loan is outstanding,
a Single Purpose Entity. 
  
 “Sponsors” shall
have the meaning set forth in Section 8.5. 
  
 “State” shall mean, with respect to each Individual Property, the State in which such Individual Property or any part thereof is located. 
  
 “Sub-Account(s)” shall have the meaning set forth in Section 3.1.1. 
  
 “Sublease” shall mean any lease (other than the Ground
Leases or the Master Lease), sublease or subsublease, letting, license, concession or other agreement (whether written or oral and whether now or hereafter in effect), pursuant to which any Person is granted by the Borrower or the Master Lessee a
possessory interest in, or right to use or occupy all or any portion of any space in the Property, and every modification, amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with
such lease, sublease, subsublease, or other agreement and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto. Lender acknowledges that Borrower does
not own, and Lender does not have a lien on, the Excluded Personal Property and that the term “Subleases” shall not include the Excluded Personal Property or leases or licenses with respect to the Excluded Personal Property.

  
 “Sublease Modification” shall have the
meaning set forth in Section 8.8.1. 
  
 “Substitute
Property” shall have the meaning provided in Section 2.3.5. 
  

 29 

 “Substitute Property Mortgage Spreader Agreement” shall have the meaning provided in
Section 2.3.5(a). 
  
 “Substitution” shall
have the meaning provided in Section 2.3.5. 
  
 “Substitution Date” shall have the meaning provided in Section 2.3.5(a). 
  
 “Substitution Due Diligence Package” shall have the meaning provided in Section 2.3.5. 
  
 “Substitution Notice” shall have the meaning provided in
Section 2.3.5. 
  
 “Survey” shall mean a
survey of each parcel included in the Property prepared by a surveyor licensed in the State and satisfactory to Lender and the company or companies issuing the Title Policy, and containing a certification of such surveyor reasonably satisfactory to
Lender. 
  
 “Taking” shall mean a temporary or
permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto,
including any right of access thereto or any change of grade affecting the Property or any part thereof. 
  
 “Tax Reserve Account” shall have the meaning set forth in Section 3.1.1. 
  
 “Tax Reserve Amount” shall have the meaning set forth in
Section 16.1. 
  
 “Tenant” shall mean any
Person leasing, subleasing or otherwise occupying any portion of the Property, other than the Master Lessee and its employees and agents. 
  
 “Terrorism Insurance” shall have the meaning set forth in Section 6.1.9. 
  
 “Third Mezzanine Account” shall mean account number
1235465954 at Cash Management Bank. 
  
 “Third Mezzanine
Borrower” shall mean Giraffe Junior, LLC, a Delaware limited liability company. 
  
 “Third Mezzanine Debt Service Reserve Account” shall have the meaning set forth in Section 3.1.1. 
  
 “Third Mezzanine Lender” shall mean German American Capital Corporation, and its successors and/or assigns, as the holder of the Third
Mezzanine Loan. 
  
 “Third Mezzanine Lender Monthly Debt
Service Notice” shall mean the written notice required to be delivered by Third Mezzanine Lender pursuant to Section 3.1.6 of the Third Mezzanine Loan Agreement to Lender at least five (5) Business Days prior to each Payment Date
setting forth the Third Mezzanine Loan Debt Service Amount payable by Third Mezzanine Borrower on the first Payment Date occurring after the date such notice is delivered. 
  

 30 

 “Third Mezzanine Loan” shall mean that certain $25,000,000 mezzanine loan, made as of
the date hereof, from Third Mezzanine Lender to Third Mezzanine Borrower. 
  
 “Third Mezzanine Loan Agreement” shall mean that certain Mezzanine Loan and Security Agreement (Third Mezzanine), dated as of the date hereof, between Third Mezzanine Borrower, as borrower, and Third
Mezzanine Lender, as lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Third Mezzanine Loan Debt Service Amount” shall mean, with respect to any specified date or a particular period of time, interest
payments under the Third Mezzanine Note (excluding any default or accrued interest) due as of such date (as set forth in the Third Mezzanine Lender Monthly Debt Service Notice delivered to Lender) or payable during such period (including the last
day thereof), as applicable and repayment in full of the principal balance of the Third Mezzanine Note on the scheduled maturity of the Third Mezzanine Loan (but excluding any principal payments on account of an acceleration of the Third Mezzanine
Loan or a default under any of the Third Mezzanine Loan Documents). 
  
 “Third Mezzanine Loan Default Notice” shall mean a notice from Third Mezzanine Lender to Lender (upon which Lender may conclusively rely without any inquiry into the validity thereof) that an “Event of Default”
has occurred and is continuing under any of the Third Mezzanine Loan Documents. 
  
 “Third Mezzanine Loan Default Revocation Notice” shall have the meaning set forth in Section 3.1.6 hereof. 
  
 “Third Mezzanine Loan Documents” shall mean the documents evidencing and securing the Third Mezzanine Loan,
as may be modified, amended, extended, supplemented, restated or replaced from time to time. 
  
 “Third Mezzanine Note” shall mean that certain Third Mezzanine Note A-1 in the principal amount of $25,000,000 dated as of the date hereof, from Third Mezzanine Borrower to Third Mezzanine Lender.

  
 “Threshold Amount” shall mean 2% of the Loan
Amount. 
  
 “Title Company” shall mean,
collectively, Chicago Title Insurance Company (as to 27.5% of coverage), Commonwealth Land Title Insurance Company (as to 27.5% of coverage), Stewart Title Guaranty Company (as to 27.5% of coverage), Fidelity National Title Insurance Company (as to
12% of coverage) and First American Title Insurance Company (as to 5.5% of coverage), or, with respect to Substitutions from and after the date hereof, any one of the foregoing subject to delivery of co-insurance endorsements from the other Title
Companies and, in states where available, tie-in endorsements from all of the Title Companies with respect to such coverage. 
  
 “Title Policy” shall mean an ALTA mortgagee title insurance policy in a form reasonably acceptable to Lender (or, if an Individual
Property is in a State which does not permit the issuance of such ALTA policy, such form as shall be permitted in such State and reasonably 

  

 31 

 
acceptable to Lender) issued by the Title Company with respect to the Property and insuring the Lien of the Security Instrument. 
  
 “Total Loss” shall mean with respect to each Individual
Property (i) a casualty, damage or destruction of the Individual Property which, in the reasonable judgment of Lender, (A) involves an actual or constructive loss of more than forty percent (40%) of the Allocated Loan Amount for such Individual
Property, or (B) results in the cancellation of the Master Lease or of Subleases comprising more than forty percent (40%) of the rentable area of the Individual Property, and in either case with respect to which the Master Lease and the Subleases do
not require Proceeds to be applied to the restoration of the Individual Property or (ii) a permanent Taking which, in the reasonable judgment of Lender, (A) involves an actual or constructive loss of more than forty percent (40%) of the Allocated
Loan Amount for such Individual Property, or (B) renders untenantable either more than forty percent (40%) of the rentable area of the Individual Property, or (iii) a casualty, damage, destruction or Taking that affects so much of the Individual
Property such that it would be impracticable, in Lender’s reasonable discretion, even after restoration, to operate the Individual Property as an economically viable whole. 
  
 “Transfer” shall mean to, directly or indirectly, sell, assign, convey, mortgage, transfer, pledge,
hypothecate, encumber, grant a security interest in, exchange or otherwise dispose of any beneficial interest or grant any option or warrant with respect to, or where used as a noun, a direct or indirect sale, assignment, conveyance, transfer,
pledge or other disposition of any beneficial interest by any means whatsoever whether voluntary, involuntary, by operation of law or otherwise. 
  
 “True Lease Opinion” shall have the meaning provided in Section 2.5.5. 
  
 “UCC” or “Uniform Commercial Code” shall
mean the Uniform Commercial Code as in effect in the State. 
  
 “Underwriter Group” shall have the meaning set forth in Section 14.4.2(b). 
  
 “U.S. Government Obligations” shall mean any direct obligations of, or obligations guaranteed as to principal and interest by, the United
States Government or any agency or instrumentality thereof, provided that such obligations are backed by the full faith and credit of the United States. Any such obligation must be limited to instruments that have a predetermined fixed dollar amount
of principal due at maturity that cannot vary or change. If any such obligation is rated by S&P, it shall not have an “r” highlighter affixed to its rating. Interest must be fixed or tied to a single interest rate index plus a single
fixed spread (if any), and move proportionately with said index. U.S. Government Obligations include, but are not limited to: U.S. Treasury direct or fully guaranteed obligations, Farmers Home Administration certificates of beneficial ownership,
General Services Administration participation certificates, U.S. Maritime Administration guaranteed Title XI financing, Small Business Administration guaranteed participation certificates or guaranteed pool certificates, U.S. Department of Housing
and Urban Development local authority bonds, and Washington Metropolitan Area Transit Authority guaranteed transit bonds. In no event shall any such obligation have a maturity in excess of 365 days. 
  

 32 

 “Work” shall have the meaning provided in Section 6.2.4(a). 
  
 1.2 Principles of Construction. All references to sections and
schedules are to sections and schedules in or to this Agreement unless otherwise specified. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. When used herein, the term “financial
statements” shall include the notes and schedules thereto. Unless otherwise specified herein or therein, all terms defined in this Agreement shall have the definitions given them in this Agreement when used in any other Loan Document or in
any certificate or other document made or delivered pursuant thereto. All uses of the word “including” shall mean including, without limitation unless the context shall indicate otherwise. Unless otherwise specified, the words
hereof, herein and hereunder and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms
herein shall be equally applicable to both the singular and plural forms of the terms so defined. 
  

	 	II.	GENERAL TERMS 

  
 2.1 Loan; Disbursement to Borrower. 
  
 2.1.1 The Loan. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept
the Loan on the Closing Date. 
  
 2.1.2 Disbursement to
Borrower. Borrower may request and receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower acknowledges and agrees that the full proceeds of
the Loan have been disbursed by Lender to Borrower on the Closing Date. 
  
 2.1.3 The Notes, Security Instrument and Loan Documents. The Loan shall be evidenced by the Notes and secured by the Security Instrument, the Assignment of Leases, this Agreement and the other Loan Documents. 
  
 2.1.4 Use of Proceeds. Borrower shall use the proceeds of the Loan to
(a) acquire the Property, (b) pay all past-due operating expenses, if any, in respect of the Property, (c) fund any working capital requirements of the Property, (d) make deposits into the Sub-Accounts as required hereunder, (e) pay costs and
expenses incurred in connection with the closing of the Loan, (f) distribute to its parent entities and (g) retain and/or distribute the balance, if any. 
  
 2.2 Interest; Loan Payments; Late Payment Charge. 
  
 2.2.1 Payment of Principal and Interest. 
  
 (i) Except as set forth in Section 2.2.1(ii), interest shall accrue on the Principal Amount as set forth in the Notes. 

 
 (ii) Upon the occurrence and during the continuance of an
Event of Default and from and after the Maturity Date if the entire Principal Amount is not repaid on the Maturity Date, interest on the outstanding principal balance of the Loan and, to the extent permitted by law, overdue interest and other
amounts due in respect of the Loan shall accrue at 

  

 33 

 
the Default Rate calculated from the date such payment was due without regard to any grace or cure periods contained herein. Interest at the Default Rate
shall be computed from the occurrence of the Event of Default until the actual receipt and collection of the Indebtedness (or that portion thereof that is then due). To the extent permitted by applicable law, interest at the Default Rate shall be
added to the Indebtedness, shall itself accrue interest at the same rate as the Loan and shall be secured by the Security Instrument. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the
Indebtedness, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default, and Lender retains its rights under the Notes to accelerate and to continue to demand payment of the Indebtedness upon
the happening of any Event of Default. 
  
 2.2.2 Method and
Place of Payment. 
  
 (a) On each Payment Date, Borrower shall
pay to Lender interest accruing pursuant to the Notes for the entire Interest Period during which said Payment Date shall occur. 
  
 (b) All amounts advanced by Lender pursuant to the applicable provisions of the Loan Documents, other than the Principal Amount, together with any
interest at the Default Rate or other charges as provided therein, shall be due and payable hereunder as provided in the Loan Documents. In the event any such advance or charge is not so repaid by Borrower, Lender may, at its option, first apply any
payments received under the Notes to repay such advances, together with any interest thereon, or other charges as provided in the Loan Documents, and the balance, if any, shall be applied in payment of any installment of interest or principal then
due and payable. 
  
 (c) The Maturity Date Payment shall be due
and payable in full on the Maturity Date. 
  
 2.2.3 Late
Payment Charge. If any principal, interest or any other sums due under the Loan Documents (other than the outstanding Principal Amount due and payable on the Maturity Date) is not paid by Borrower on or prior to the date on which it is due,
Borrower shall pay to Lender upon demand an amount equal to the lesser of three percent (3%) of such unpaid sum or the Maximum Legal Rate (the “Late Payment Charge”) in order to defray the expense incurred by Lender in handling and
processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by this Agreement, the Security Instrument and the other Loan Documents to the extent permitted by
applicable law. 
  
 2.2.4 Usury Savings. This Agreement and
the Notes are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of
being in excess of the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due under the Notes at a rate in excess of the Maximum
Legal Rate, then the LIBOR Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in
reduction of principal and not on account of the interest due under the Notes. All sums paid or agreed to be paid to Lender for the use, 

  

 34 

 
forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread
throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as
the Loan is outstanding. 
  
 2.3 Prepayments. 

 
 2.3.1 Prepayments. No prepayments of the Indebtedness shall be
permitted except as set forth in Section 4 of the Notes. 
  
 2.3.2 Prepayments After Event of Default; Application of Amounts Paid. If, following an Event of Default, Lender shall accelerate the Indebtedness and Borrower thereafter tenders payment of all or any part of the Indebtedness, or if
all or any portion of the Indebtedness is recovered by Lender after such Event of Default, (a) such payment may be made only on the next occurring Payment Date together with all unpaid interest thereon as calculated through the end of the Interest
Period during which such Payment Date occurs (even if such period extends beyond such Payment Date and calculated as if such payment had not been made on such Payment Date), and all other fees and sums payable hereunder or under the Loan Documents,
including without limitation, interest that has accrued at the Default Rate and any Late Payment Charges), (b) such payment shall be deemed a voluntary prepayment by Borrower, and (c) Borrower shall pay, in addition to the Indebtedness, an amount
equal to the Prepayment Fee. 
  
 2.3.3 Release of Property upon
Repayment of Loan in Full. Lender shall, upon the written request, upon payment in full of the Principal Amount and interest on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and provisions
of the Notes and this Agreement, release the Lien of (i) this Agreement upon the Account Collateral and the Rate Cap Collateral and (ii) the Security Instrument and Assignment of Leases on the Property (or assign it (together with the Notes), in
whole or in part, to a new lender without representation, warranty or recourse). In such event, Borrower shall submit to Lender, not less than ten (10) Business Days prior to the date of such release or assignment, a release of lien or assignment of
lien, as applicable, for such property for execution by Lender. Such release or assignment, as applicable, shall be in a form appropriate in each jurisdiction in which the Property is located and satisfactory to Lender in its reasonable discretion.
In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release or assignment, as applicable. 
  
 2.3.4 Release of Individual Properties. Subject to satisfaction of each of the conditions set forth below with
respect to any Individual Property or Properties (collectively, the “General Release Conditions”), Lender shall (i) release such Individual Property or Properties (each a “Release Property”) from the Lien of the
Security Instrument and related Loan Documents (or to the extent so requested by Borrower, assign the Lien of the Security Instrument to a new lender without representation, warranty or recourse) (each release under this Section 2.3.4 or
Section 2.3.5, a “Property Release”), (ii) authorize a reduction in the notional amount of the Interest Rate Cap Agreement in proportion to the reduction of the Principal Amount, (iii) instruct the Cash Management Bank to
return to Borrower any Excess Account Collateral subject to and in 

  

 35 

 
accordance with Section 2.3.7 except to the extent otherwise provided in such Section and (iv) comply with Section 2.3.8 with regard to
adjusting the ongoing reserve requirements hereunder: 
  
 (a) Borrower delivers a written notice (a “Property Release Notice”) to Lender of its desire to effect such Property Release no later than thirty (30) days prior to the date of such desired Property Release, and setting
forth the Business Day (the “Release Date”) on which Borrower desires that Lender release its interest in such Release Property. 
  
 (b) Borrower shall have paid to Lender (i) the Release Price, (ii) the applicable Prepayment Fee, if any, (iii) all other sums due under
the Note in connection with such prepayment, for deposit into the Holding Account and disbursement by the Cash Management Bank in accordance with Section 3.1.6. Interest payable under the Note shall be calculated through the end of the
Interest Period in which such payment is made on the Principal Amount (even if such period extends beyond such Payment Date and calculated as if such payment had not been made on such Payment Date (i.e. without a deduction for the portion of the
Principal Amount included in the Release Price)). 
  
 (c) Borrower shall submit to Lender not less than ten (10) Business Days prior to the Release Date (which must be on a Business Day), a release of Liens (and related Loan Documents) for each applicable Release Property (for execution by
Lender) in a form appropriate in the applicable state and otherwise satisfactory to Lender in its reasonable discretion and all other documentation Lender reasonably requires to be delivered by Borrower in connection with such Property Release
(collectively, “Release Instruments”) for each applicable Release Property together with an Officer’s Certificate certifying that (i) the Release Instruments are in compliance with all Legal Requirements, (ii) the release to be
effected will not violate the terms of this Agreement, (iii) the release to be effected will not impair or otherwise adversely affect the Liens, security interests and other rights of Lender under the Loan Documents not being released (or as to the
Properties subject to the Loan Documents not being released) and (iv) the requirement described in paragraph (e) below is satisfied in connection with such Property Release (together with calculations and supporting documentation demonstrating the
same in reasonable detail). 
  
 (d) With respect
to any Property Release, after giving effect to such Property Release, the DSCR as of the Release Date for all of the Properties then remaining subject to the Liens of the Security Instrument shall not be less than the greater of (A) the Closing
Date DSCR and (B) 80% of the DSCR for the Properties subject to the Lien of the Security Instrument immediately prior to the Release Date. 
  
 (e) No Event of Default shall have occurred and then be continuing on the date on which Borrower delivers the Property Release Notice and
on the Release Date. 
  
 (f) The Release Property
is simultaneously transferred to a party other than Borrower or any SPE Entity. 
  
 (g) Borrower executes and delivers such other instruments, certificates, opinions of counsel and documentation as Lender and the Rating
Agencies shall reasonably request in order to preserve, confirm or secure the Liens and security granted to Lender by the 

  

 36 

 
Loan Documents, including any amendments, modifications or supplements to any of the Loan Documents and partial release endorsements to the existing Title
Policy. 
  
 (h) Borrower shall pay for any and
all reasonable out-of-pocket costs and expenses incurred in connection with any proposed Property Release, including Lender’s reasonable attorneys’ fees and disbursements and all title insurance premiums for any endorsements to any
existing Title Policies reasonably required by Lender in connection with such proposed release. 
  
 (i) Prior to the Release Date, Borrower shall deliver to Lender evidence reasonably satisfactory to Lender that all amounts owing to any
parties in connection with the transaction relating to the proposed Property Release have been paid in full, or will simultaneously be paid in full on the Release Date or adequate reserves therefor are established by Borrower in cash with respect to
contingent or other liabilities that may arise out of such transaction and for which Borrower is not adequately indemnified or insured against as reasonably determined by Lender. 
  
 (j) As a condition precedent to a Release but not as a direct covenant of the Borrower, on the Release Date,
each Mezzanine Borrower shall have paid to each Mezzanine Lender the Release Price (Mezzanine) and any other sums required to be paid under Section 2.3.4 of each Mezzanine Loan Agreement. This Section 2.3.4(j) shall not create a
debtor-creditor relationship between Borrower and any Mezzanine Lender. 
  
 (k) The transfer of the Release Property in connection with the Property Release does not trigger any rights of first refusal or purchase options in any Operating Agreements, including, but not limited to the rights
or obligations set forth on Schedule VI. 
  
 2.3.5
Substitution of Properties. 
  
 (a) Generally.
Borrower may, subject to the conditions in this Section 2.3.5, substitute one or more properties (each a “Substitute Property”) for an existing Property (each a “Replaced Property”) (each release and
substitution a “Substitution”); provided, however, such right of Substitution shall be limited to Individual Properties whose aggregate Allocated Loan Amounts represent not greater than fifteen percent (15%) of the Loan Amount. From
and after the Substitution of a Substitute Property in accordance herewith, such Substitute Property shall thereafter be deemed a Property, and shall have the Allocated Loan Amount applicable to the Replaced Property. Concurrently with the
completion of all steps necessary to effect a Substitution as provided in this Section 2.3.5, Lender shall release such Replaced Property from the Lien of the Security Instrument and related Loan Documents (or to the extent so requested by
Borrower, assign the Lien of the Security Instrument to a new lender without representation, warranty or recourse). In the event of a Substitution, the Notes shall remain in full force and effect, and the Lien of the Security Instrument shall be
spread to encumber the Substitute Property (each a “Substitute Property Mortgage Spreader Agreement”). 
  
 (b) Certain Requirements. All Substitute Properties shall comply with this Section 2.3.5. To qualify as a Substitute Property, a property
must, as of the Substitution Date (in addition to the other criteria set forth in this Section 2.3.5): 
  
 (i) be subject to the Master Lease; 
  

 37 

 (ii) be a property as to which Borrower will hold insurable fee title or a valid and
subsisting leasehold interest free and clear of any Lien or other encumbrance except for exceptions not materially impairing the value of such property, and have an appraised value at least equal to the Appraised Value of the Replaced Property;

  
 (iii) be free and clear, as evidenced by the
environmental report referred to in paragraph (c) below, of Hazardous Substances requiring remediation or other action under any Environmental Law the presence of which violates Environmental Laws and be in material compliance with all Environmental
Laws; 
  
 (iv) be in good repair and condition,
as evidenced by the engineering report referred to in clause (c) below; and 
  
 (v) be in compliance, in all material respects, with Legal Requirements and Insurance Requirements, as evidenced by diligence items required to be provided in paragraph (c) below. 
  
 (c) Diligence Process. The Borrower shall submit to the Lender written
notice (a “Substitution Notice”) setting forth the Business Day no earlier than forty-five (45) days after the date of such Substitution Notice on which Borrower desires to effect such Substitution (the “Substitution
Date”), together with the following materials (the “Substitution Due Diligence Package”) relating to the proposed Substitute Property: (i) a description of the proposed Substitute Property sufficient to obtain the Title
Policy, (ii) two years of historical cash flow operating statements, if available, (iii) true, complete and correct copies of any Material Subleases affecting the proposed Substitute Property, (iv) a map and site plan, including an existing Survey
of the property dated not more than six (6) months prior to such submission, (v) a copy of the proposed amendment to the Master Lease and Master Lease SNDA to include the Substitute Property, (vi) copies of all permits, licenses and approvals
required with respect to operation of the Substitute Property, (vii) an environmental report issued by a recognized environmental consultant, (viii) copies of all REAs, condominium documents and ground leases, (ix) an engineer’s inspection
report, (x) ground lessor, REA, condominium association and tenant (under Material Subleases) estoppel certificates and tenant (under Material Subleases) Non-Disturbance Agreements, in each case in the forms attached hereto and including such
variations that are either immaterial or are reasonably acceptable to Lender, as applicable, together with any consents required with respect to the Contemplated Transactions, (xi) a commitment from the Title Company with respect to the issuance of
a Title Policy, together with copies of all exceptions referenced therein and a copy of the recorded memorandum of ground lease if such Substitute Property will be a Ground Lease Property, (xii) upon the reasonable request of the Lender, a PML
study, (xiii) a FIRREA appraisal conducted by Cushman & Wakefield (or another Independent appraiser reasonably acceptable to Lender), (xiv) if such Substitute Property is not then owned by the Borrower or its Affiliate, a duly executed copy of
the purchase and sale agreement for such Substitute Property and copies of all proposed documentation transferring title to the Substitute Property to Borrower including any interim transfers to its Affiliates, (xii) a copy of the flood
certification, (xv) either (A) a letter or other evidence with respect to the proposed Substitute Property from the appropriate Governmental Authorities concerning 

  

 38 

 
compliance with applicable zoning and building laws, (B) an ALTA 3.1 zoning endorsement for the Title Policy or (C) a zoning report prepared by PZR
indicating that the Substitute Property is in material compliance with applicable zoning and building laws, (xvi) a copy of the valid permanent certificate of occupancy (if required by applicable law), (xvii) calculations of the LTV Ratio and DSCR
both before and after the proposed Substitution, (xviii) pro formas of the insurance certificates required under Article VI with respect to such Substitute Property, (xix) UCC, bankruptcy, state and federal tax lien, litigation and judgment searches
conducted by a search firm reasonably acceptable to the Lender with respect to the title holder of such Substitute Property on the date immediately prior to acquisition thereof by Borrower, in each of the locations reasonably specified by the Lender
and not revealing any Liens other than Permitted Encumbrances. In addition, Borrower shall permit the Lender at all reasonable times and upon reasonable prior notice to make an inspection of such Substitute Property. Lender shall confirm
Borrower’s compliance with this paragraph (c) with respect to each proposed Substitute Property within thirty (30) days after Lender’s receipt of the applicable Substitution Due Diligence Package and Lender’s failure to so confirm or
deny Borrower’s compliance within such thirty (30) day period shall be deemed compliance by Borrower with this paragraph (c), provided that this sentence appears in bold capital letters on the envelope containing the Substitution Due Diligence
Package. 
  
 (d) Additional Conditions Precedent. In
addition to the conditions in paragraphs (a), (b) and (c) above, each Substitution shall be subject to the satisfaction of the following conditions precedent: 
  

(i) Rating Agency Confirmation; Rating Agency Requirements. For any Substitution made after a Securitization, Lender’s
receipt of a Rating Agency Confirmation and Borrower’s satisfaction of such other conditions as may be required by the Rating Agencies; 
  
 (ii) Release Conditions. Borrower’s compliance with the condition set forth in Section 2.3.4(c), (e), (f), (g) and (k)
with respect to the release of the Replaced Property; 
  
 (iii) Financial and Other Tests. 
  
 (1) DSCR. After giving effect to such Substitution, as of the Substitution Date the DSCR for all of the Properties then remaining subject to the Liens of the Security Instrument (i.e., including the Substitute Property and excluding
the Replaced Property), shall not be less than the greater of (A) the Closing Date DSCR and (B) 80% of the DSCR for the Properties subject to the Lien of the Security Instrument immediately prior to the Substitution Date; 
  
 (2) LTV Ratio. After giving effect to such
Substitution, as of the Substitution Date the LTV Ratio for all of the Properties then remaining subject to the Liens of the Security Instrument (i.e. including the Substitute Property and excluding the Replaced Property), shall not be less than
79.8%. 
  
 (3) Geographic Diversity. The
proposed Substitution does not cause the aggregate Allocated Loan Amounts with respect to Individual Properties located any single State to exceed thirty percent (30%) of the Principal Amount. 
  

 39 

 (iv) Lender’s Costs and Expenses. Borrower shall pay for any and all
reasonable out-of-pocket costs and expenses of Lender incurred in connection with any proposed Substitution, including Lender’s reasonable attorneys’ fees and disbursements, all title insurance premiums for any endorsements to any existing
Title Policies reasonably required by Lender in connection with such proposed Substitution, title premiums, mortgage recording taxes, transfer taxes and recording fees; 
  
 (v) Transaction Costs. Borrower shall deliver to Lender evidence reasonably satisfactory to Lender
that all amounts owing to any parties in connection with the transactions relating to the proposed Substitution have been paid in full, or will simultaneously be paid in full on the Substitution Date or adequate reserves therefor are established by
Borrower in cash with respect to contingent or other liabilities that may arise out of such transaction and for which Borrower is not adequately indemnified or insured against as reasonably determined by Lender; 
  
 (vi) Opinions of Counsel. Delivery to Lender of the
following favorable original Opinions of Counsel or updates thereto in connection with the Substitute Property similar in form and substance to the opinions which were delivered on the Closing Date in connection with the Replaced Property,
reasonably satisfactory to Lender and addressed to the Lender on behalf of the holders of the Notes: (a) if requested by the Rating Agencies, a true lease opinion and a non-consolidation opinion, (b) a local counsel enforceability opinion, (c) an
enforceability opinion under New York law, (d) an opinion to the effect that each of Borrower, Master Lessee and Guarantor is duly organized and validly existing under the laws of the state of its formation and is qualified or licensed to do
business in each jurisdiction where the nature of its business in which it is engaged makes such qualification or licensing necessary and (e) an opinion to the effect that the Loan Documents or amendments thereto have been duly authorized, executed
and delivered by Borrower, Master Lessee and Guarantor and are the valid and binding obligations and agreements of such party, enforceable in accordance with their terms, in each case with the same exceptions as made on Closing Date; 
  
 (vii) No Event of Default. No Event of Default shall
have occurred and then be continuing on the date on which Borrower delivers the Substitution Notice and on the Substitution Date; 
  
 (viii) Accuracy of Representations and Warranties. The representations and warranties set forth in the Loan Documents shall be true
and correct as to the Substitute Property on the Substitution Date in all material respects (subject to any additional items set forth on updated exhibits and schedules hereto provided by Borrower which do not violate the provisions of the Loan
Documents and are not reasonably likely to have a Material Adverse Effect with respect to such Substitute Property); 
  
 (ix) Officer’s Certificate. Delivery to Lender of an Officer’s Certificate certifying to the truth and accuracy of the
statements in clauses (vii) and (viii); 
  
 (x)
Non-Disqualification Opinion. Delivery of a Non-Disqualification Opinion; 
  

 40 

 (xi) Organizational Documents. If required by the Rating Agencies, delivery of
original updated organizational documents of the Borrower, Mezzanine Borrower, HoldCo, Master Lessee and Guarantor, including, but not limited to a current certificate of good standing. If the Substitute Property is located in a State not previously
covered by the Security Instrument, evidence of Borrower’s and Master Lessee’s qualification to do business in the State where the Substitute Property is located. Delivery of appropriate evidence of the authorization of the Borrower,
Master Lessee and Guarantor approving the execution, delivery and performance of the Loan Documents or amendments thereto being executed and delivered in connection with the Substitution, duly adopted by the Borrower, Master Lessee and Guarantor as
applicable and accompanied by an Officer’s Certificate stating that such authorizations have not been altered or repealed and are in full force and effect, and certifying as to the names of the Persons authorized to sign on behalf of such
parties, together with the true signatures of each such Person; 
  
 (xii) Insurance Certificates. Delivery of the insurance certificates with respect to the Substitute Property required under Article VI; and 
  
 (xiii) Loan Documents. Delivery to Lender of originals of the following Loan Documents or amendments
thereto: 
  
 (1) a Substitute Property Mortgage
Spreader Agreement, duly executed and acknowledged by Borrower; 
  
 (2) a first priority Assignment of Master Lease, Subleases, Rents and Security Deposits, from Borrower, as assignor, to Lender, as assignee, assigning to Lender all of Borrower’s interest in and to the Master
Lease, the Subleases, Rents and Security Deposits as security for the Loan with respect to the Substitute Property, or a counterpart original of the Assignment of Leases, modified as necessary, duly executed and acknowledged by Borrower (the
“Assignment of Leases Counterpart”); 
  
 (3) UCC financing statements (Form UCC-1) (or other forms required in any jurisdiction), covering all fixtures, Building Equipment and other personal property (other than the Excluded Personal Property), and all proceeds thereof, naming
Borrower as debtor and Lender as secured party (collectively, the “UCC Financing Statements”; together with the Assignment of Leases Counterpart and the Substitute Property Mortgage Spreader Agreement, the “Security
Documents”); 
  
 (4) the Title Policy or
endorsements to the Title Policy, as applicable, issued by the Title Company in an amount equal to 125% of the Allocated Loan Amount for the Substitute Property, reflecting the addition of each such Substitute Property and containing such
affirmative coverage similar in form and substance to the affirmative coverage provided in connection with the Replaced Property, insuring that the Substitute Property Mortgage Spreader Agreement creates a valid first lien on Borrower’s fee or
leasehold title in the Substitute Property subject to the Permitted Encumbrances, and insuring the perfected first priority interest of Lender pursuant to the Substitute Property Mortgage Spreader Agreement, together with any title insurance
premiums, fees or charges due in connection therewith, and the Borrower shall cooperate with the Lender and execute such further instruments and documents and perform such further acts as the Lender or the Title Company shall reasonably request to
carry out the creation 

  

 41 

 
and perfection of the liens and security interests contemplated by the Security Documents and the release, discharge and removal of any encumbrances required
for the issuance of the Title Policy; 
  
 (5) an
amendment to the Master Lease and to the Master Lease SNDA incorporating the Substitute Property and eliminating the Replaced Property; 
  
 (6) updates to any Exhibits and Schedules to the Loan Documents as applicable without disclosing matters inconsistent with the
requirements of this Section 2.3.5; and 
  
 (7) a Confirmation of Guaranty and Indemnity in customary form duly executed and delivered by Guarantor, adding the Substitute Property to and affirming its obligations under the Recourse Guaranty and the Environmental Indemnity.

  
 (xiv) Mezzanine Loan Deliveries. The
Mezzanine Lender shall have received all deliveries required under Section 2.3.5 of the Mezzanine Loan Agreement, including, but not limited to, insurance certificates naming Mezzanine Lender with respect to the Substitute Property, a copy of
the owner’s title insurance policy and related mezzanine endorsement (if available in such State) and copies of the Substitution Due Diligence Package and all final deliveries to Lender under this Section 2.3.5. 
  
 (xv) Additional Deliveries. Lender shall have
received such other deliveries reasonably requested by Lender, provided such requests are customary and are consistent with the deliveries required with respect to the Properties on the Closing Date. 
  
 2.3.6 Provisions Relating to Individual Properties That Go Dark.

  
 (a) At any one time and from time to time, Borrower may allow
Individual Properties (other than the Distribution Centers) to Go Dark provided that (i) the aggregate Allocated Loan Amount for all Individual Properties that Go Dark at any one time (excluding any Go Dark Purchase Option Properties) shall not
exceed the Go Dark Limit and (ii) in no event may Borrower allow any Go Dark Purchase Option Property to Go Dark. If the aggregate Allocated Loan Amount for all Individual Properties that Go Dark (excluding any Go Dark Purchase Option Property) at
any one time shall exceed the Go Dark Limit, then within thirty (30) days of such property first closing for business to the general public, Borrower shall either: 
  
 (i) cause one or more Individual Properties to be released from the lien of the Security Instrument in
accordance with Section 2.3.5 hereof such that the aggregate Allocated Loan Amount for all Individual Properties that Go Dark does not exceed the Go Dark Limit; or 
  
 (ii) provide a Substitute Property, to be subject to the lien of the Security Instrument, in accordance with
Section 2.3.6 hereof to the extent permitted under such Section such that the aggregate Allocated Loan Amount for all Individual Properties that Go Dark does not exceed the Go Dark Limit. 
  
 (b) If any Individual Property shall Go Dark, Borrower will promptly send
written notice thereof to Lender. If an Individual Property shall Go Dark, the Master Lessee shall 

  

 42 

 
nonetheless be required to make into the Holding Account without reduction the full Master Lease Rent payment as and when required under the Master Lease and
the Rent Payment Direction Letter with respect to all Individual Properties. 
  
 2.3.7 Excess Account Collateral. Upon the occurrence of any Property Release, provided no Low DSCR Cash Sweep Period exists and no Event of Default has occurred and is continuing, Lender shall promptly perform
an analysis of the Account Collateral in order to reasonably determine the amount of the Account Collateral (including, but not limited to, Proceeds) attributable to the Release Property (the “Excess Account Collateral”), and shall
promptly instruct Cash Management Bank to return to Borrower the Excess Account Collateral, if any, except to the extent that Lender reasonably determines that a shortfall exists in such Sub-Account with respect to the Property other than the
Release Property. 
  
 2.3.8 Reserve Requirements. Upon the
occurrence of a Property Release, provided no Low DSCR Cash Flow Sweep Period exists and no Event of Default has occurred and is continuing, Borrower shall promptly prepare a revised estimate of Impositions and Other Charges, insurance premiums,
Ground Rent and Master Lease Rent with respect to the remaining Properties in accordance with Sections 16.1, 16.2 and 16.3, as applicable, and shall promptly provide Borrower and Cash Management Bank with notice of the revised
Monthly Tax Reserve Amount, Monthly Insurance Reserve Amount and Monthly Ground Rent Amount. 
  
 2.3.9 Reserved. 
  
 2.4
Regulatory Change; Taxes. 
  
 2.4.1 Increased Costs.
If as a result of any Regulatory Change or compliance of Lender therewith, the basis of taxation of payments to Lender or any company Controlling Lender of the principal of or interest on the Loan is changed or Lender or the company Controlling
Lender shall be subject to (i) any tax, duty, charge or withholding of any kind with respect to this Agreement (excluding federal taxation of the overall net income of Lender or the company Controlling Lender); or (ii) any reserve, special deposit
or similar requirements relating to any extensions of credit or other assets of, or any deposits with or other liabilities, of Lender or any company Controlling Lender is imposed, modified or deemed applicable; or (iii) any other condition affecting
loans to borrowers subject to LIBOR-based interest rates is imposed on Lender or any company Controlling Lender and Lender determines that, by reason thereof, the cost to Lender or any company Controlling Lender of making, maintaining or extending
the Loan to Borrower is increased, or any amount receivable by Lender or any company Controlling Lender hereunder in respect of any portion of the Loan to Borrower is reduced, in each case by an amount deemed by Lender in good faith to be material
(such increases in cost and reductions in amounts receivable being herein called “Increased Costs”), then Lender shall provide notice thereof to Borrower and Borrower agrees that it will pay to Lender upon Lender’s written
request such additional amount or amounts as will compensate Lender or any company Controlling Lender for such Increased Costs to the extent Lender determines that such Increased Costs are allocable to the Loan. If Lender requests compensation under
this Section 2.4.1, Borrower may, by notice to Lender, require that Lender furnish to Borrower a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. In the event that Borrower
is required to pay any Increased Costs in accordance with the terms hereof, 

  

 43 

 
Borrower shall have the right to prepay the Principal Amount (together will all accrued but unpaid interest thereon calculated through the end of the then
current Interest Period) without the imposition of any Prepayment Fee. 
  
 2.4.2 Special Taxes. Borrower shall make all payments hereunder free and clear of and without deduction for Special Taxes. If Borrower shall be required by law to deduct any Special Taxes from or in respect of any sum payable
hereunder or under any other Loan Document to Lender, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section
2.4.2) Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrower shall make such deductions, and (iii) Borrower shall pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law. Notwithstanding anything to the contrary contained in this Section 2.4, Borrower shall not be liable for any amounts as a result of withholding for Special Taxes or additional costs incurred as a result of the
assignment of all or any portion of the Loan by Lender to any Person that is subject to Special Taxes and which is organized under or has its principal place of business outside of the United States of America or any political subdivision thereof.

  
 2.4.3 Other Taxes. In addition, Borrower agrees to pay
any present or future stamp or documentary taxes or other excise or property taxes, charges, or similar levies which arise from any payment made hereunder, or from the execution, delivery or registration of, or otherwise with respect to, this
Agreement, the other Loan Documents, or the Loan (hereinafter referred to as “Other Taxes”). 
  
 2.4.4 Indemnity. Borrower shall indemnify Lender for the full amount of Special Taxes and Other Taxes (including any Special Taxes or Other Taxes
imposed by any Governmental Authority on amounts payable under this Section 2.4.4) paid by Lender and any liability (including penalties, interest, and reasonable out-of-pocket expenses) arising therefrom or with respect thereto, whether or
not such Special Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty (30) days after the date Lender makes written demand therefor. 
  
 2.4.5 Change of Office. To the extent that changing the jurisdiction of Lender’s applicable office would have
the effect of minimizing Special Taxes, Other Taxes or Increased Costs, Lender shall use reasonable efforts to make such a change, provided that same would not otherwise be disadvantageous to Lender. 
  
 2.4.6 Survival. Without prejudice to the survival of any other
agreement of Borrower hereunder, the agreements and obligations of Borrower contained in this Section 2.4 shall survive the payment in full of principal and interest hereunder, and the termination of this Agreement. 
  
 2.5 Conditions Precedent to Closing. The obligation of Lender to make
the Loan hereunder is subject to the fulfillment by, or on behalf of, Borrower or waiver by Lender of the following conditions precedent no later than the Closing Date; provided, however, that unless a condition precedent shall expressly survive the
Closing Date pursuant to a separate agreement, 

  

 44 

 
by funding the Loan, Lender shall be deemed to have waived any such conditions not theretofore fulfilled or satisfied: 
  
 2.5.1 Representations and Warranties; Compliance with Conditions. The
representations and warranties of Borrower contained in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the Closing Date with the same effect as if made on and as of such date, and no
Default or Event of Default shall have occurred and be continuing; and Borrower shall be in compliance in all material respects with all terms and conditions set forth in this Agreement and in each other Loan Document on its part to be observed or
performed. 
  
 2.5.2 Delivery of Loan Documents; Title Policy;
Reports; Leases. 
  
 (a) Loan Documents. Lender shall
have received an original copy of this Agreement, the Notes and all of the other Loan Documents, in each case, duly executed (and to the extent required, acknowledged) and delivered on behalf of Borrower and any other parties thereto. 
  
 (b) Security Instrument, Assignment of Leases. Lender shall have
received evidence that original counterparts of the Security Instrument and Assignment of Leases, in proper form for recordation, have been delivered to the Title Company for recording, so as effectively to create, in the reasonable judgment of
Lender, upon such recording valid and enforceable first priority Liens upon the Property, in favor of Lender (or such other trustee as may be required or desired under local law), subject only to the Permitted Encumbrances and such other Liens as
are permitted pursuant to the Loan Documents. 
  
 (c) UCC
Financing Statements. Lender shall have received evidence that the UCC financing statements relating to the Security Instrument and this Agreement have been delivered to the Title Company for filing in the applicable jurisdictions. 

 
 (d) Title Insurance. Lender shall have received a Title Policy
issued by the Title Company and dated as of the Closing Date. Such Title Policy shall (i) provide coverage in an amount equal to 100% of the Loan (or in the case of the Individual Properties in the Mortgage Tax States, 125% of the Allocated Loan
Amount), (ii) insure Lender that the Security Instrument creates a valid, first priority Lien on the Property, free and clear of all exceptions from coverage other than Permitted Encumbrances and standard exceptions and exclusions from coverage (as
modified by the terms of any endorsements), (iii) contain the endorsements and affirmative coverages set forth on Exhibit A and such additional endorsements and affirmative coverages as Lender may reasonably request to the extent available in
such State, and (iv) name Lender as the insured. Lender also shall have received evidence that all premiums in respect of such Title Policy have been paid. Lender shall have received evidence that all appropriate releases or discharges of
encumbrances necessary for the delivery of the Title Policy have been delivered for recording. 
  
 (e) Surveys. Lender shall have received a current Survey for each of the Distribution Sites, containing the survey certification substantially in the form attached hereto as Exhibit B. Each such Survey
shall reflect the same legal description contained in the Title Policy referred to in paragraph (d) above and shall include, among other things, a metes and bounds description or 

  

 45 

 
such other description as is required by Title Company, of the real property comprising part of the Property, any such description to be reasonably
satisfactory to Lender. The surveyor’s seal shall be affixed to the Survey. In addition, Lender shall have received with respect to all Properties located in Florida and Texas, copies of existing surveys together with so called “no change
affidavits” executed by Borrower, to the extent required by the Title Companies, each in form sufficient to enable the Title Company to omit the standard survey exception to coverage and to issue the endorsements to the Title Policy required by
Lender, including, but not limited to, contiguity, comprehensive, subdivision and access endorsements. With respect to the Properties not covered by the preceding provisions of this clause (e), Borrower agrees to use commercially reasonable efforts
to deliver to Lender copies of all other existing surveys in Borrower’s possession. 
  
 (f) Insurance. Lender shall have received valid certificates of insurance for the policies of insurance required hereunder, satisfactory to Lender in its sole discretion, and evidence of the payment of all
insurance premiums currently due and payable for the existing policy period. 
  
 (g) Environmental Reports. Lender shall have received an Environmental Report or regulatory database search in respect of the Property reasonably satisfactory to Lender. 
  
 (h) Zoning. Unless otherwise agreed in writing between Lender and
Borrower, Lender shall have received with respect to each Individual Property one of the following: (i) letters or other evidence with respect to the Property from the appropriate municipal authorities (or other Persons) concerning compliance with
applicable zoning and building laws reasonably acceptable to Lender, (ii) an ALTA 3.1 zoning endorsement for the title policy or (iii) a zoning report reasonably acceptable to Lender prepared by PZR or another nationally recognized zoning due
diligence firm reasonably acceptable to Lender. 
  
 (i)
Certificate of Occupancy. Unless otherwise agreed in writing between Lender and Borrower, Lender shall have received a copy of the valid permanent certificate of occupancy for each Individual Property located in a jurisdiction that requires
certificates of occupancy under applicable law, in each case reasonably acceptable to Lender. 
  
 (j) Encumbrances. Borrower shall have taken or caused to be taken such actions in such a manner so that Lender has a valid and perfected first Lien as of the Closing Date on the Property, subject only to
Permitted Encumbrances and such other Liens as are permitted pursuant to the Loan Documents, and Lender shall have received satisfactory evidence thereof. 
  
 2.5.3 Related Documents. Each additional document not specifically referenced herein, but relating to the transactions contemplated herein, shall
have been duly authorized, executed and delivered by all parties thereto and Lender shall have received and approved copies thereof. 
  
 2.5.4 Delivery of Organizational Documents. On or before the Closing Date, Borrower shall deliver, or cause to be delivered, to Lender copies,
certified by an Officer’s Certificate, of all organizational documentation related to Borrower, Guarantor, each SPE Entity, HoldCo, Master Lessee and Mezzanine Borrower as have been requested by Lender and/or the formation, structure,
existence, good standing and/or qualification to do business of Borrower, Guarantor, 

  

 46 

 
each SPE Entity, HoldCo, Master Lessee and Mezzanine Borrower as Lender may request in its sole discretion, including, without limitation, good standing
certificates, qualifications to do business in the appropriate jurisdictions, resolutions authorizing the entering into of the Loan and incumbency certificates as may be requested by Lender. Each of the organizational documents of any SPE Entity
shall contain single purpose entity provisions reasonably approved by Lender prior to the date hereof. 
  
 2.5.5 Counsel Opinions. 
  
 (a) Lender shall have received a Non-Consolidation Opinion in such form approved by the Lender (the “Non-Consolidation
Opinion”). 
  
 (b) Lender shall have
received a True Lease Opinion with respect to the Master Lease in form and substance reasonably acceptable to the Lender and the Rating Agencies (the “True Lease Opinion”). 
  
 (c) Lender shall have received a Solvency Opinion in form
and substance acceptable to the Rating Agencies (the “Solvency Opinion”). 
  
 (d) Lender shall have received the Opinion of Counsel in such form approved by the Lender. 
  
 (e) Lender shall have received from Counterparty the
Counterparty Opinion in such form approved by the Lender. 
  
 2.5.6 Reserved. 
  
 2.5.7 Completion of
Proceedings. All corporate and other proceedings taken or to be taken in connection with the transactions contemplated by this Agreement and other Loan Documents and all documents incidental thereto shall be reasonably satisfactory in form and
substance to Lender, and Lender shall have received all such counterpart originals or certified copies of such documents as Lender may reasonably request. 
  
 2.5.8 Payments. All payments, deposits or escrows, if any, required to be made or established by Borrower under this Agreement, the Notes and the
other Loan Documents on or before the Closing Date shall have been paid. 
  
 2.5.9 Interest Rate Cap Agreement. Lender shall have received a copy of the Interest Rate Cap Agreement which shall be in form and substance reasonably satisfactory to Lender and an original counterpart of the
Acknowledgment executed and delivered by the Counterparty. 
  
 2.5.10 Account Agreement. Lender shall have received the original of the Account Agreement executed by each of Cash Management Bank and Borrower. 
  
 2.5.11 Reserved. 
  
 2.5.12 Tenant Estoppels and SNDAs. Borrower shall have requested and made commercially reasonable efforts to obtain prior to Closing, an executed
tenant estoppel letter, 

  

 47 

 
substantially in form of Exhibit G and a Non-Disturbance Agreement from each of the Tenants listed on Schedule I, and shall have delivered to
Lender all such estoppels and Non-Disturbance Agreements received by Borrower. 
  
 2.5.13 Reserved. 
  
 2.5.14
REA Estoppels. Borrower shall have requested and made commercially reasonable efforts to obtain prior to Closing, estoppel certificates from all REA parties substantially in the form attached as Exhibit I, and shall have delivered to
Lender all such estoppels received by Borrower. 
  
 2.5.15
REAs. Lender shall have received copies of all of the REAs to which Borrower or its Affiliates is a party or is bound. 
  
 2.5.16 Independent Manager/Member Certificate. Lender shall have received an executed Independent Manager/Member certificate substantially in the
form attached as Exhibit T. 
  
 2.5.17 Transaction
Costs. Borrower shall have paid or reimbursed Lender for all title insurance premiums, recording and filing fees, costs of Environmental Reports, seismic reports, zoning reports, searches, flood certifications, appraisals and other reports, the
reasonable fees and costs of Lender’s counsel and all other reasonable third party out-of-pocket expenses incurred in connection with the origination of the Loan. 
  
 2.5.18 Material Adverse Effect. No change, circumstance, event or effect shall have occurred that would be materially
adverse to the assets, liabilities, business, financial condition or results of operations of the Company and the Company Subsidiaries (as such terms are defined in the Merger Agreement) taken as a whole, other than any change, circumstance, event
or effect resulting from (i) changes in general economic conditions, (ii) the announcement of the Merger Agreement and the transactions contemplated thereby, (iii) general changes or developments in the industries in which the Company and the
Company Subsidiaries operate, (iv) any actions required under the Merger Agreement to obtain any approval or authorization under applicable antitrust or competition laws for the consummation of the transactions contemplated by the Merger Agreement
or (v) changes in any Laws (as defined in the Merger Agreement) or applicable accounting regulations or principles, unless, in the case of the foregoing clauses (i) and (iii), such changes or developments referred to therein would reasonably be
expected to have a materially disproportionate impact on the business, financial condition or results of operations of the Company and the Company Subsidiaries taken as a whole relative to other industry participants. 
  
 2.5.19 Insolvency. Neither Borrower nor any of its constituent Persons
shall be the subject of any bankruptcy, reorganization, or insolvency proceeding. 
  
 2.5.20 Subleases. Lender shall have received copies of all Subleases. 
  
 2.5.21 Master Lease; Master Lease SNDA. Lender shall have received a copy of the Master Lease and shall have received the duly executed Master
Lease SNDA, each in form and substance reasonably acceptable to Lender and acceptable to the Rating Agencies. 
  

 48 

 2.5.22 Tax Lot. Lender shall have received a tax lot endorsement to the Title Policy or other
evidence that each Individual Property constitutes on (1) or more separate tax lots, which endorsement or other evidence shall be reasonably satisfactory in form and substance to Lender. 
  
 2.5.23 Condominium Estoppels. Borrower shall have requested and made commercially reasonable efforts to obtain prior
to Closing, estoppel certificates from the Condominium Board of all Condominium Properties substantially in the form attached as Exhibit J, and shall have delivered to Lender all such estoppels received by Borrower. Lender shall have received
a condominium endorsement to the Title Policy for each Condominium Property in form and substance reasonably satisfactory to Lender. 
  
 2.5.24 Condominium Documents. Lender shall have received copies of all Condominium Documents. 
  
 2.5.25 Appraisal. Lender shall have received an Appraisal of the
Property, which shall be satisfactory in form and substance to Lender. 
  
 2.5.26 Financial Statements. Lender shall have confirmed the accuracy of all financial statements and other financial information with respect to the Property delivered by Borrower to Lender. 
  
 2.5.27 Flood Certifications. Lender shall have received a flood zone
certification with respect to each Property. 
  
 2.5.28 Ground
Leases; Memos of Ground Lease; Fee Mortgagee SNDAs; Overlandlord SNDAs. Lender shall have received copies of all Ground Leases. Lender shall have received evidence that a memorandum or notice of each Ground Lease in form acceptable to Lender has
been recorded in the applicable jurisdiction of each Ground Lease Property. Lender shall have received a copy of a reasonably acceptable subordination agreement from all fee mortgagees with respect to Ground Lease Properties for which the fee
mortgage predates the recorded memorandum or notice of ground lease. Lender shall have received a copy of a reasonably acceptable recognition agreement from all overlandlords with respect to Ground Lease Properties for which the Ground Lease is a
sublease. 
  
 2.5.29 Merger Agreement. Borrower shall have
delivered to Lender a true, correct and complete copy of the Merger Agreement and, if requested by Lender, all deliveries made by any of the parties thereto or any of their respective Affiliates. 
  
 2.5.30 Intercreditor Agreements. Lender shall have received the ABL
Intercreditor Agreement and the Mezzanine Intercreditor Agreement as well as the loan documents evidencing the ABL Loan (as defined in the ABL Intercreditor Agreement). 
  
 2.5.31 Equity and Real Property Transfer Documents. To the extent requested by Lender, Borrower shall have delivered
to Lender true, correct and complete copies of all documentation pursuant to which the transactions contemplated by the Merger Agreement are consummated, including, but not limited to, all documents evidencing all stages of the restructuring of Toys
‘R’ Us, Inc. and all documents evidencing (i) all preliminary transfers of equity interests that resulted in the Borrower structure set forth on Exhibit K, (ii) any preliminary 

  

 49 

 
transfers of the Properties into Affiliates of Borrower and (iii) the preliminary transfers of all of the Properties from Affiliates of Borrower into
Borrower. 
  
 2.5.32 Consents. Borrower shall have
delivered all consents or approval of or notices to any party to any Operating Agreement required under such Operating Agreement in connection with any of the Contemplated Transactions. 
  

	 	III.	CASH MANAGEMENT 

  
 3.1 Cash Management. 
  
 3.1.1 Establishment of Accounts. Borrower hereby acknowledges that, simultaneously with the execution of this Agreement, pursuant to the Account
Agreement, Borrower has established with Cash Management Bank, in the name “Giraffe Properties, LLC, Holding Account in favor of Bank of America, N.A., as Agent” (the “Holding Account”), which has been established as a
non-interest bearing deposit account with interest-bearing sub-accounts. The Holding Account and each sub-account of such account and the funds deposited therein shall serve as additional security for the Loan. Pursuant to the Account Agreement,
Borrower shall irrevocably instruct and authorize Cash Management Bank to disregard any and all orders for withdrawal from the Collateral Accounts made by, or at the direction of, Borrower. Borrower agrees that, prior to the payment in full of the
Indebtedness, the terms and conditions of the Account Agreement shall not be amended or modified in any material respect without the prior written consent of Lender (which consent Lender may grant or withhold in its sole discretion), and if a
Securitization has occurred, the delivery by Borrower of a Rating Agency Confirmation. In recognition of Lender’s security interest in the funds deposited into the Collateral Accounts, the Holding Account shall be named as follows:
“Giraffe Properties, LLC, Holding Account in favor of Bank of America, N.A., as Agent” (Account Number 1235465893). Borrower confirms that it has established with Cash Management Bank the following sub-accounts of the Holding Account
(each, a “Sub-Account” and, collectively, the “Sub-Accounts” and together with the Holding Account, the “Collateral Accounts”), which (i) may be ledger or book entry sub-accounts and need not be
actual sub-accounts, (ii) shall each be linked to the Holding Account, (iii) shall each be a “deposit account” (as such term is defined in Section 9-102(a)(29) of the UCC) and (iv) shall each be an Eligible Account to which certain funds
shall be allocated and from which disbursements shall be made pursuant to the terms of this Agreement: 
  
 (a) a sub-account for the retention of Account Collateral in respect of Impositions and Other Charges for the Property (the “Tax Reserve
Account”); 
  
 (b) a sub-account for the retention of
Account Collateral in respect of insurance premiums for the Property (the “Insurance Reserve Account”); 
  
 (c) a sub-account for the retention of Account Collateral in respect of Ground Rent (the “Ground Rent Reserve Account”); 
  
 (d) a sub-account for the retention of Account Collateral in respect of Debt
Service on the Loan (the “Debt Service Reserve Account”); 
  

 50 

 (e) a sub-account for the retention of Account Collateral in respect of reserves relating to shortfalls
in Master Lease Rent (the “Master Lease Rent Shortfall Reserve Account”); 
  
 (f) a sub-account for the retention of Account Collateral in respect of reserves relating to Master Lease Variable Additional Rent (the “Master Lease Variable Additional Rent Reserve Account”);

  
 (g) a sub-account for the retention of Account Collateral in
respect of certain Proceeds as more fully set forth in Section 6.2 (the “Proceeds Reserve Account”); 
  
 (h) a sub-account for the retention of Account Collateral in respect of Debt Service (First Mezzanine) (the “First Mezzanine Debt Service Reserve
Account”); 
  
 (i) a sub-account for the retention of
Account Collateral in respect of Debt Service (Second Mezzanine) (the “Second Mezzanine Debt Service Reserve Account”); 
  
 (j) a sub-account for the retention of Account Collateral in respect of Debt Service (Third Mezzanine) (the “Third Mezzanine Debt Service Reserve
Account”); and 
  
 (k) a sub-account for the retention of
Account Collateral in respect of Debt Service (Fourth Mezzanine) (the “Fourth Mezzanine Debt Service Reserve Account”). 
  
 3.1.2 Pledge of Account Collateral. To secure the full and punctual payment and performance of the Obligations, Borrower hereby collaterally
assigns, grants a security interest in and pledges to Lender, to the extent not prohibited by applicable law, a first priority continuing security interest in and to the following property of Borrower, whether now owned or existing or hereafter
acquired or arising and regardless of where located (all of the same, collectively, the “Account Collateral”): 
  
 (a) the Collateral Accounts and all cash, deposits and/or wire transfers from time to time deposited or held in, credited to or made to Collateral
Accounts; 
  
 (b) all interest and cash from time to time
received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing or purchased with funds from the Collateral Accounts; and 
  
 (c) to the extent not covered by clauses (a) or (b) above, all proceeds (as defined under the UCC) of any or all of the
foregoing. 
  
 In addition to the rights and remedies herein set
forth, Lender shall have all of the rights and remedies with respect to the Account Collateral available to a secured party at law or in equity, including, without limitation, the rights of a secured party under the UCC, as if such rights and
remedies were fully set forth herein. 
  
 This Agreement shall
constitute a security agreement for purposes of the Uniform Commercial Code and other applicable law. 
  

 51 

 3.1.3 Maintenance of Collateral Accounts. 
  
 (a) Borrower agrees that each of the Collateral Accounts is and shall be
maintained (i) as a “deposit account” (as such term is defined in Section 9-102(a)(29) of the UCC), (ii) in such a manner that Lender shall have control (within the meaning of Section 9-104(a)(2) of the UCC) over the Holding Account and
(iii) such that no Person other than Lender shall have any right of withdrawal from the Collateral Accounts and, except as provided herein, no Account Collateral shall be released to the Borrower or any Affiliate of Borrower from the Collateral
Accounts. Without limiting the Borrower’s obligations under the immediately preceding sentence, Borrower shall only establish and maintain the Holding Account with a financial institution that has executed an agreement substantially in the form
of the Account Agreement or in such other form acceptable to Lender in its sole discretion. 
  
 3.1.4 Eligible Accounts. The Collateral Accounts shall be Eligible Accounts. The Collateral Accounts shall be subject to such applicable laws, and such applicable regulations of the Board of Governors of the
Federal Reserve System and of any other banking or governmental authority, as may now or hereafter be in effect. Income and interest accruing on the Collateral Accounts or any investments held in such accounts shall be periodically added to the
principal amount of such account and shall be held, disbursed and applied in accordance with the provisions of this Agreement and the Account Agreement. Borrower shall be the beneficial owner of the Collateral Accounts for federal income tax
purposes and shall report all income on the Collateral Accounts. 
  
 3.1.5 Deposits into Sub-Accounts. On the date hereof, Borrower has deposited the following amounts into the Sub-Accounts: 
  
 (i) $3,737,534.07 into the Tax Reserve Account; 
  

(ii) $0.00 into the Insurance Reserve Account; 
  
 (iii) $0.00 into the Ground Rent Reserve Account; 
  
 (iv) $0.00 into the Debt Service Reserve Account;

  
 (v) $0.00 into the Master Lease Rent
Shortfall Reserve Account; 
  
 (vi) $0.00 into
the Master Lease Variable Additional Rent Reserve Account; 
  
 (vii) $0.00 into the Proceeds Reserve Account; 
  
 (viii) $0.00 into the First Mezzanine Debt Service Reserve Account; 
  
 (ix) $0.00 into the Second Mezzanine Debt Service Reserve Account; 
  
 (x) $0.00 into the Third Mezzanine Debt Service Reserve
Account; and 
  
 (xi) $0.00 into the Fourth
Mezzanine Debt Service Reserve Account. 
  

 52 

 3.1.6 Monthly Funding of Sub-Accounts; Master Lease Rent Shortfalls; Master Lease Variable Additional
Rent Reserve; Sub-Account Shortfalls. 
  
 (a) Monthly
Funding of Sub-Accounts. Borrower hereby irrevocably authorizes Lender to transfer (and, pursuant to the Account Agreement shall irrevocably authorize Cash Management Bank to execute any corresponding instructions of Lender), and Lender shall
transfer, from the Holding Account by 11:00 a.m. New York time on the date on which each payment of Master Lease Rent under the Master Lease is made to the Holding Account, or as soon thereafter as sufficient funds are in the Holding Account to make
the applicable transfers, commencing on the date of the first payment of Master Lease Rent under the Master Lease, funds in the following amounts and in the following order of priority: 
  
 (i) funds in an amount equal to the Monthly Tax Reserve Amount and any other amounts required pursuant to
Section 16.1 for the month in which the transfer from the Holding Account is made to the Tax Reserve Account; 
  
 (ii) funds in an amount equal to the Monthly Insurance Reserve Amount and any other amounts required pursuant to Section 16.2 for
the month in which the transfer from the Holding Account is made to the Insurance Reserve Account; 
  
 (iii) funds in an amount equal to the Monthly Ground Rent Reserve Amount due on the Payment Date immediately following the date on which
the transfer from the Holding Account is made to the Ground Rent Reserve Account; 
  
 (iv) funds in an amount equal to the amount of Debt Service due on the Payment Date immediately following the date the transfer from the
Holding Account is made to the Debt Service Reserve Account; 
  
 (v) provided no Event of Default has occurred and is continuing and to the extent Lender receives a First Mezzanine Lender Monthly Debt Service Notice, funds in an amount equal to the First Mezzanine Loan Debt Service
Amount for the month in which the Payment Date immediately following the date of the transfer from the Holding Account occurs and transfer the same to the First Mezzanine Debt Service Reserve Account; 
  
 (vi) provided (a) no Event of Default has occurred and is
continuing hereunder, (b) Lender has not received a First Mezzanine Loan Default Notice, and (c) to the extent Lender receives a Second Mezzanine Lender Monthly Debt Service Notice, funds in an amount equal to the Second Mezzanine Loan Debt Service
Amount for the month in which the Payment Date immediately following the date of the transfer from the Holding Account occurs and transfer the same to the Second Mezzanine Debt Service Reserve Account; however, if no Event of Default has occurred
and is continuing hereunder and Lender receives a First Mezzanine Loan Default Notice, any amounts that would otherwise have been distributed to the Second Mezzanine Account, Third Mezzanine Account or Fourth Mezzanine Account absent such default
shall instead be distributed to the First Mezzanine Account for application in accordance with the First Mezzanine Loan Documents until such time as Lender receives a notice from First Mezzanine Lender that such event of default under the First
Mezzanine Loan is no longer continuing (a “First Mezzanine Loan Default Revocation Notice”); 
  

 53 

 (vii) provided (a) no Event of Default has occurred and is continuing hereunder, (b)
Lender has not received a First Mezzanine Loan Default Notice or a Second Mezzanine Loan Default Notice, and (c) to the extent Lender receives a Third Mezzanine Lender Monthly Debt Service Notice, funds in an amount equal to the Third Mezzanine Loan
Debt Service Amount for the month in which the Payment Date immediately following the date of the transfer from the Holding Account occurs and transfer the same to the Third Mezzanine Debt Service Reserve Account; however, (i) if no Event of Default
has occurred and is continuing hereunder and Lender has not received a First Mezzanine Loan Default Notice, and (ii) Lender has received a Second Mezzanine Loan Default Notice, any amounts that would otherwise have been distributed to the Third
Mezzanine Account or the Fourth Mezzanine Account absent such default shall instead be distributed to the Second Mezzanine Account for application in accordance with the Second Mezzanine Loan Documents until such time as Lender receives a notice
from Second Mezzanine Lender that such event of default under the Second Mezzanine Loan is no longer continuing (a “Second Mezzanine Loan Default Revocation Notice”); 
  
 (viii) provided (a) no Event of Default has occurred and is continuing hereunder, (b) Lender has not
received a First Mezzanine Loan Default Notice, a Second Mezzanine Loan Default Notice or the Third Mezzanine Default Notice, and (c) to the extent Lender receives a Fourth Mezzanine Lender Monthly Debt Service Notice, funds in an amount equal to
the Fourth Mezzanine Loan Debt Service Amount for the month in which the Payment Date immediately following the date of the transfer from the Holding Account occurs and transfer the same to the Fourth Mezzanine Debt Service Reserve Account; however,
(i) if no Event of Default has occurred and is continuing hereunder and Lender has not received a First Mezzanine Loan Default Notice or Second Mezzanine Loan Default Notice, and (ii) Lender has received a Third Mezzanine Loan Default Notice, any
amounts that would otherwise have been distributed to the Fourth Mezzanine Account absent such default shall instead be distributed to the Third Mezzanine Account for application in accordance with the Third Mezzanine Loan Documents until such time
as Lender receives a notice from Third Mezzanine Lender that such event of default under the Third Mezzanine Loan is no longer continuing (a “Third Mezzanine Loan Default Revocation Notice”); 
  
 (ix) during any Low DSCR Cash Sweep Period, funds in an
amount equal to the Master Lease Variable Additional Rent payable under the Master Lease for the month following the month in which the transfer from the Holding Account is made to the Master Lease Variable Additional Rent Reserve Account up to a
maximum sum such that one (1) month of monthly Master Lease Variable Additional Rent is maintained therein at all times during any Low DSCR Cash Sweep Period; 
  

(x) if the balance in the Master Lease Rent Shortfall Reserve Account is less than the Master Lease Minimum Shortfall Reserve Amount,
funds in an amount equal to fifty percent (50%) of the balance (if any) remaining or deposited in the Holding Account after the foregoing transfers to the Master Lease Rent Shortfall Reserve Account up to a maximum sum such that the Master Lease
Minimum Shortfall Reserve Amount is maintained therein at all times during the term of the Loan; 
  
 (xi) during any 80% Cash Sweep Period, if the balance in the Master Lease Rent Shortfall Reserve Account is less than the sum of (a) the
Master Lease Minimum Shortfall 

  

 54 

 
Reserve Amount and (b) the Master Lease 80% Reserve Amount, funds in an amount equal to the balance (if any) remaining or deposited in the Holding Account
after the foregoing transfers to the Master Lease Rent Shortfall Reserve Account up to a maximum sum such that a balance equal to the sum of (a) the Master Lease Minimum Shortfall Reserve Amount and (b) the Master Lease 80% Reserve Amount is
maintained therein at all times during any such 80% Cash Sweep Period; 
  
 (xii) during any 60% Cash Sweep Period, funds in an amount equal to the balance (if any) remaining or deposited in the Holding Account after the foregoing transfers to the Master Lease Rent Shortfall Reserve Account;

  
 (xiii) provided no 60% Cash Sweep Period or
Event of Default is then continuing, and Lender has not received a Mezzanine Loan Default Notice, funds in an amount equal to the balance (if any) remaining or deposited in the Holding Account after the foregoing transfers (such remainder being
hereinafter referred to as “Excess Cash Flow”), to the Borrower’s Account. 
  
 (b) Master Lease Rent Shortfalls; Release of Funds in Master Lease Rent Shortfall Reserve Account. 
  
 (i) If there is a Master Lease Rent Shortfall, Lender shall
have the right at its election to direct the Cash Management Bank to transfer (but shall not be obligated to so direct the Cash Management Bank to transfer) from the Master Lease Rent Shortfall Reserve Account, and/or, provided a Master Lease Tenant
Default is continuing, the Master Lease Variable Additional Rent Reserve, to the Holding Account, without notice to Borrower or Master Lessee, an amount equal to such Master Lease Rent Shortfall. 
  
 (ii) In the event that no 80% Cash Sweep Period, 60% Cash
Sweep Period or Event of Default is then continuing, Lender shall direct the Cash Management Bank to transfer the unapplied portion, if any, of the funds in the Master Lease Rent Shortfall Reserve Account such that a balance equal to the Master
Lease Minimum Shortfall Reserve Amount remains therein, to the Borrower’s Account. In the event that a 60% Cash Sweep Period is no longer continuing but an 80% Cash Sweep Period is then continuing, and provided no Event of Default is then
continuing, Lender shall direct the Cash Management Bank to transfer the unapplied portion, if any, of the sums in the Master Lease Shortfall Reserve Account) to the Borrower’s Account such that a balance equal to the sum of (a) the Master
Lease Minimum Shortfall Reserve Amount and (b) the Master Lease 80% Reserve Amount is maintained in the Master Lease Shortfall Reserve Account at all times during any such 80% Cash Sweep Period. 
  
 (c) Master Lease Variable Additional Rent Reserve. In the event that
no 80% Cash Sweep Period, 60% Cash Sweep Period or Master Lease Tenant Default is then continuing, Lender shall direct the Cash Management Bank to transfer the unapplied portion, if any, of the funds in the Master Lease Variable Additional Rent
Reserve Account to the Master Lessee in accordance with the terms of the Master Lease. During the continuance of any Master Lease Tenant Default, Lender shall have the right at its election to pay or direct the Cash Management Bank to pay (but shall
not be obligated to so direct the Cash Management Bank to pay) from the Master Lease Variable Additional Rent Reserve Account, monthly payments of variable 

  

 55 

 
operating and occupancy expenses, including without limitation common area maintenance expenses directly to the Person having the right to receive such funds
on the respective due dates therefor and shall promptly notify Borrower and Master Lessee of any such payment. 
  
 (d) Sub-Account Shortfalls. If (after taking into account any sums Lender may elect to deposit into the Holding Account pursuant to Section
3.1.6(b)) that there are insufficient funds in the Holding Account to make any of the transfers required under Section 3.1.6(a)(i), (ii), (iii) or (v), as reasonably determined by Lender, Lender shall provide notice
to Borrower of such insufficiency (it being understood that in no event shall Lender be required to notify Borrower of any deficiency in the Debt Service Reserve Account, such deficiency on any Payment Date being an Event of Default) and, within
five (5) Business Days after receipt of said notice and prior to the expiration of any grace period applicable to such payment, Borrower shall deposit into the Holding Account an amount equal to the shortfall of available funds in the Holding
Account taking into account any funds which accumulate in the Holding Account during such five (5) Business Day period. Notwithstanding anything to the contrary contained in this Agreement or in the other Loan Documents, Borrower shall not be deemed
to be in default hereunder or thereunder in the event funds sufficient for a required transfer are held in an appropriate Sub-Account (other than the Master Lease Rent Shortfall Reserve Account) and Lender or Cash Management Bank fails to timely
make any transfer from such Sub-Account (other than the Master Lease Rent Shortfall Reserve Account) as contemplated by this Agreement unless due to the negligence or willful misconduct of Borrower. 
  
 (e) To the extent that Borrower shall fail to pay any mortgage recording tax,
costs, expenses or other amounts pursuant to Section 19.12 of this Agreement (other than any such costs, expenses or other amounts to be paid at closing) within the time period set forth therein, Lender shall have the right, at any time,
without notice to Borrower, to withdraw from the Holding Account (excluding to the extent required under the last sentence of Section 3.1.10(a) any funds that would otherwise be directed into the Tax Reserve Account, the Insurance Reserve
Account, the Ground Rent Reserve Account, the Master Lease Variable Additional Rent Reserve Account and, to the extent the Master Lessee is entitled to Proceeds under the Master Lease or such Proceeds are required for restoration under the Master
Lease, the Proceeds Reserve Account), an amount equal to such unpaid taxes, costs, expenses and/or other amounts and pay such amounts to the Person(s) entitle thereto. 
  
 (f) In the event that Lender has received a Mezzanine Loan Default Notice and no Event of Default or 60% Cash Sweep Period
has occurred and is continuing, Borrower hereby irrevocably directs that all Excess Cash Flow shall (in lieu of transferring such funds to the Borrower’s Account): (i) to the extent Lender has received a First Mezzanine Loan Default Notice and
until such time as Lender receives a First Mezzanine Loan Default Revocation Notice, be deposited directly into the First Mezzanine Account for application as provided in the First Mezzanine Loan Agreement, (ii) provided Lender has not received a
First Mezzanine Loan Default Notice but has received a Second Mezzanine Loan Default Notice and until such time as Lender receives a Second Mezzanine Loan Default Revocation Notice, be deposited directly in the Second Mezzanine Account, (iii)
provided Lender has not received a First Mezzanine Loan Default Notice or a Second Mezzanine Loan Default Notice but has received a Third Mezzanine Loan Default Notice and until such time as Lender receives a Third Mezzanine Loan Default Revocation
Notice, be deposited directly in the Third Mezzanine Account, and (iv) provided 

  

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Lender has not received a First Mezzanine Loan Default Notice, a Second Mezzanine Loan Default Notice, or a Third Mezzanine Loan Default Notice but has
received a notice from Fourth Mezzanine Lender that such event of default under the Fourth Mezzanine Loan is no longer continuing (a “Fourth Mezzanine Loan Default Revocation Notice”) and until such time as Lender receives Fourth
Mezzanine Loan Default Revocation Notice, be deposited directly in the Fourth Mezzanine Account. The direction set forth in the immediately preceding sentence shall not be changed or terminated without the written consent of the applicable Mezzanine
Lender. Notwithstanding any provision herein to the contrary no Mezzanine Loan Default Notice shall be required for the deposit of Proceeds into the respective Mezzanine Account in accordance with the terms of Section 6.2.3(b) hereof.

  
 3.1.7 Required Payments from Sub-Accounts. Borrower
irrevocably authorizes Lender to make and Lender hereby agrees to make or to direct the Cash Management Bank to make, the following payments from the Sub-Accounts to the extent of the monies on deposit therefor: 
  
 (i) funds from the Tax Reserve Account to Lender sufficient
to permit Lender to pay (A) Impositions and (B) Other Charges, on the respective due dates therefor, and Lender shall so pay such funds to the Governmental Authority having the right to receive such funds; 
  
 (ii) funds from the Insurance Reserve Account to Lender
sufficient to permit Lender to pay insurance premiums for the insurance required to be maintained pursuant to the terms of this Agreement and the Security Instrument, on the respective due dates therefor, and Lender shall so pay such funds to the
insurance company having the right to receive such funds; 
  
 (iii) funds from the Ground Rent Reserve Account to Lender sufficient to permit Lender to pay all Ground Rent on the due dates therefor and Lender shall so pay such funds to the Person having the right to receive such
funds on the respective due dates therefor; 
  
 (iv) funds from the Debt Service Reserve Account to Lender sufficient to pay Debt Service on each Payment Date, and Lender, on each Payment Date, shall apply such funds to the payment of the Debt Service payable on such Payment Date;

  
 (v) provided no Event of Default has occurred
and is continuing, and otherwise in accordance with the provisions of Section 3.1.6, funds on deposit in the First Mezzanine Debt Service Reserve Account to the First Mezzanine Account; 
  
 (vi) provided no Event of Default has occurred and is
continuing, and otherwise in accordance with the provisions of Section 3.1.6, funds on deposit in the Second Mezzanine Debt Service Reserve Account to the Second Mezzanine Account; 
  
 (vii) provided no Event of Default has occurred and is
continuing, and otherwise in accordance with the provisions of Section 3.1.6, funds on deposit in the Third Mezzanine Debt Service Reserve Account to the Third Mezzanine Account; and 
  

 57 

 (viii) provided no Event of Default has occurred and is continuing, and otherwise in
accordance with the provisions of Section 3.1.6, funds on deposit in the Fourth Mezzanine Debt Service Reserve Account to the Fourth Mezzanine Account. 
  

3.1.8 Cash Management Bank. 
  
 (a) Lender shall have the right at Borrower’s sole cost and expense to replace the Cash Management Bank with a financial institution reasonably
satisfactory to Borrower in the event that (i) the Cash Management Bank fails, in any material respect, to comply with the Account Agreement or (ii) the Cash Management Bank is no longer an Approved Bank. Upon the occurrence and during the
continuance of an Event of Default, Lender shall have the right at Borrower’s sole cost and expense to replace Cash Management Bank at any time, without notice to Borrower. Borrower shall cooperate with Lender in connection with the appointment
of any replacement Cash Management Bank and the execution by the Cash Management Bank and the Borrower of an Account Agreement and delivery of same to Lender (with a copy to the Mezzanine Lender). 
  
 (b) So long as no Event of Default shall have occurred and be continuing,
Borrower shall have the right at its sole cost and expense to replace the Cash Management Bank with a financial institution that is an Approved Bank provided that such financial institution and Borrower shall execute and deliver to Lender (with a
copy to Mezzanine Lender) an Account Agreement substantially similar to the Account Agreement executed as of the Closing Date, or in such other form reasonably required by Lender or required by the Rating Agencies, with such changes therein as shall
be reasonably acceptable to Lender. 
  
 3.1.9 Borrower’s
Account Representations, Warranties and Covenants. 
  
 (a) Borrower represents, warrants and covenants that as of the date hereof, Borrower has irrevocably directed the Master Lessee pursuant to a letter substantially in the form of the Master Lease Rent Payment Direction Letter to (a) make all
payments of Master Lease Scheduled Rent directly to the Holding Account at all times during the term of the Loan and (b) make all payment of Master Lease Variable Additional Rent directly to the Holding Account at all times during the continuance of
a Master Lease Tenant Default. 
  
 (b) Borrower further
represents, warrants and covenants that (i) Borrower shall cause Master Lessee to deposit all amounts payable to Borrower pursuant to the Master Lease directly into the Holding Account, (ii) Borrower shall pay or cause to be paid all Rents, Cash and
Cash Equivalents or other items of operating income not covered by the preceding subsection (a) within one Business Day after receipt thereof by Borrower or its Affiliates directly into the Holding Account and, until so deposited, any such amounts
held by Borrower or its Affiliates shall be deemed to be Account Collateral and shall be held in trust by it for the benefit, and as the property, of Lender and shall not be commingled with any other funds or property of Borrower or its Affiliates,
(iii) there are no accounts other than the Collateral Accounts maintained by Borrower or any other Person with respect to the Property or the collection of Rents and (vii) so long as the Loan shall be outstanding, neither Borrower nor any other
Person shall open any other operating accounts with respect to the Property or the collection of Rents, except for the Collateral Accounts; provided that, Borrower shall not be prohibited from utilizing 

  

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one or more separate accounts for the disbursement or retention of funds that have been transferred to the Borrower’s Account pursuant to Section
3.1.6. 
  
 3.1.10 Account Collateral and
Remedies. 
  
 (a) Upon the occurrence and during the
continuance of an Event of Default, without additional notice from Lender to Borrower, (i) Lender may, in addition to and not in limitation of Lender’s other rights, make any and all withdrawals from, and transfers between and among, the
Collateral Accounts as Lender shall determine in its sole and absolute discretion to pay any Obligations, operating expenses and/or capital expenditures for the Property; (ii) all Excess Cash Flow shall be retained in the Holding Account or
applicable Sub-Accounts and (iii) all payments to the Mezzanine Lender pursuant to Section 3.1.6 shall immediately cease. Notwithstanding anything to the contrary contained herein, except to the extent that Borrower is entitled to such funds
under the terms and provisions of the Master Lease due to the continuance of a Master Lease Event of Default thereunder or otherwise, funds deposited into the Tax Reserve Account, the Insurance Reserve Account, the Ground Rent Reserve Account, the
Master Lease Variable Additional Rent Reserve Account and, to the extent the Master Lessee is entitled to Proceeds under the Master Lease or such Proceeds are required for restoration under the Master Lease, the Proceeds Reserve Account (excluding
any sums earned thereon) (i) may not be applied by Lender in satisfaction of the Obligations and (ii) shall continue to be disbursed by Lender as provided in Article XVI and this Article III as if no Event of Default has occurred.

  
 (b) Upon the occurrence and during the continuance of an Event
of Default, Borrower hereby irrevocably constitutes and appoints Lender as Borrower’s true and lawful attorney-in-fact, with full power of substitution, to execute, acknowledge and deliver any instruments and to exercise and enforce every
right, power, remedy, option and privilege of Borrower with respect to the Account Collateral, and do in the name, place and stead of Borrower, all such acts, things and deeds for and on behalf of and in the name of Borrower, which Borrower could or
might do or which Lender may deem necessary or desirable to more fully vest in Lender the rights and remedies provided for herein and to accomplish the purposes of this Agreement. The foregoing powers of attorney are irrevocable and coupled with an
interest. Upon the occurrence and during the continuance of an Event of Default, Lender may perform or cause performance of any such agreement, and any reasonable out-of-pocket expenses of Lender incurred in connection therewith shall be paid by
Borrower as provided in Section 5.1.16. 
  
 (c) Borrower
hereby expressly waives, to the fullest extent permitted by law, presentment, demand, protest or any notice of any kind in connection with this Agreement or the Account Collateral. Borrower acknowledges and agrees that ten (10) days’ prior
written notice of the time and place of any public sale of the Account Collateral or any other intended disposition thereof shall be reasonable and sufficient notice to Borrower within the meaning of the UCC. 
  
 3.1.11 Transfers and Other Liens. Borrower agrees that it will not (i)
sell or otherwise dispose of any of the Account Collateral or (ii) create or permit to exist any Lien upon or with respect to all or any of the Account Collateral, except for the Lien granted to Lender under this Agreement. 
  

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 3.1.12 Reasonable Care. Beyond the exercise of reasonable care in the custody thereof, Lender
shall have no duty as to any Account Collateral in its possession or control as agent therefor or bailee thereof or any income thereon or the preservation of rights against any person or otherwise with respect thereto. Lender shall be deemed to have
exercised reasonable care in the custody of the Account Collateral in its possession if the Account Collateral is accorded treatment substantially equal to that which Lender accords its own property, it being understood that Lender shall not be
liable or responsible for any loss or damage to any of the Account Collateral, or for any diminution in value thereof, by reason of the act or omission of Lender, its Affiliates, agents, employees or bailees, except to the extent that such loss or
damage results from Lender’s gross negligence or willful misconduct. In no event shall Lender be liable either directly or indirectly for losses or delays resulting from any event which may be the basis of an Excusable Delay, computer
malfunctions, interruption of communication facilities, labor difficulties or other causes beyond Lender’s reasonable control or for indirect, special or consequential damages except to the extent of Lender’s gross negligence or willful
misconduct. Notwithstanding the foregoing, Borrower acknowledges and agrees that (i) Lender does not have custody of the Account Collateral, (ii) Cash Management Bank has custody of the Account Collateral, (iii) the initial Cash Management Bank was
chosen by Borrower and (iv) Lender has no obligation or duty to supervise Cash Management Bank or to see to the safe custody of the Account Collateral. 
  
 3.1.13 Lender’s Liability. 
  
 (a) Lender shall be responsible for the performance only of such duties with respect to the Account Collateral as are specifically set forth in this
Section 3.1 or elsewhere in the Loan Documents, and no other duty shall be implied from any provision hereof. Lender shall not be under any obligation or duty to perform any act with respect to the Account Collateral which would cause it to
incur any expense or liability or to institute or defend any suit in respect hereof, or to advance any of its own monies. Borrower shall indemnify and hold Lender, its employees and officers harmless from and against any loss, cost or damage
(including, without limitation, reasonable attorneys’ fees and disbursements) incurred by Lender in connection with the transactions contemplated hereby with respect to the Account Collateral except as such may be caused by the gross negligence
or willful misconduct of Lender, its employees, officers or agents. 
  
 (b) Lender shall be protected in acting upon any notice, resolution, request, consent, order, certificate, report, opinion, bond or other paper, document or signature believed by it in good faith to be genuine, and, in so acting, it may be
assumed that any person purporting to give any of the foregoing in connection with the provisions hereof has been duly authorized to do so. Lender may consult with counsel, and the opinion of such counsel shall be full and complete authorization and
protection in respect of any action taken or suffered by it hereunder and in good faith in accordance therewith. 
  
 3.1.14 Continuing Security Interest. This Agreement shall create a continuing security interest in the Account Collateral and shall remain in full
force and effect until payment in full of the Indebtedness. Upon payment in full of the Indebtedness, this security interest shall automatically terminate without further notice from any party and Borrower shall be entitled to the return, upon its
request, of such of the Account Collateral as shall not have been sold or 

  

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otherwise applied pursuant to the terms hereof and Lender shall execute such instruments and documents as may be reasonably requested by Borrower to evidence
such termination and the release of the Account Collateral. 
  
 3.1.15 Distributions. Transfers of Borrower’s funds from any of the Collateral Accounts to or for the benefit of any of the Mezzanine Borrowers shall constitute distributions to First Mezzanine Borrower, and deemed distributions
by the First Mezzanine Borrower to the Second Mezzanine Borrower, by the Second Mezzanine Borrower to the Third Mezzanine Borrower and by the Third Mezzanine Borrower to the Fourth Mezzanine Borrower, as applicable, and, in each case, must comply
with the requirements as to distributions of the Delaware Limited Liability Company Act. The provisions of this Article III shall not create a debtor-creditor relationship between Borrower and any Mezzanine Lender. 
  

	 	IV.	REPRESENTATIONS AND WARRANTIES 

  
 4.1 Borrower Representations. Borrower represents and warrants as of the Closing Date that: 
  
 4.1.1 Organization. Borrower is a limited liability company and has
been duly organized and is validly existing and in good standing pursuant to the laws of the State of Delaware with requisite power and authority to own its properties and to transact the businesses in which it is now engaged. Master Lessee is a
corporation and has been duly organized and is validly existing and in good standing pursuant to the laws of the State of Delaware with requisite power and authority to own its properties and to transact the businesses in which it is now engaged.
Borrower and Master Lessee have each duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, businesses and operations, or, in the case of qualifications
in the various States (a) an application for such qualification has been duly filed with the applicable Governmental Authority and all fees required in order to obtain such qualification have been paid in full, (b) all conditions to obtaining such
qualification have been satisfied under applicable law and the issuance of such qualification is a ministerial act of the applicable Governmental Authority, (c) Borrower has agreed to so qualify and cause Master Lessee to qualify in accordance with
a post-closing side letter entered into on the date hereof, and (d) no such failure to qualify would be reasonably likely to have a Material Adverse Effect. Each of Borrower, Master Lessee and Guarantor possesses all material rights, licenses,
permits and authorizations, governmental or otherwise, necessary to entitle it to own its properties and to transact the businesses in which it is now engaged, and the sole business of Borrower is the ownership of the Properties. The organizational
structure of Borrower and Master Lessee is accurately depicted by the schematic diagram attached hereto as Exhibit K. Borrower shall not change its name, identity, corporate form or jurisdiction of organization unless it shall have given
Lender thirty (30) days prior written notice of any such change and shall have taken all steps reasonably requested by Lender to grant, perfect, protect and/or preserve the liens and security interest granted to Lender under the Loan Documents.

  
 4.1.2 Proceedings. Each of Borrower, Mezzanine
Borrower, Guarantor and Master Lessee has full power to and has taken all necessary action to authorize the execution, delivery and performance of the Loan Documents to which it is a party. The Loan Documents which 

  

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such Person is a party have been duly executed and delivered by, or on behalf of, Borrower, Mezzanine Borrower, Guarantor and Master Lessee, as applicable,
and constitute legal, valid and binding obligations of such Persons, as applicable, enforceable against such Persons, as applicable, in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws
affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 4.1.3 No Conflicts. The execution, delivery and performance of this
Agreement and the other Loan Documents by Borrower, Mezzanine Borrower, Guarantor and Master Lessee, as applicable, will not conflict with or result in a material breach of any of the terms or provisions of, or constitute a material default under,
or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any of the property or assets of any such Person pursuant to the terms of any indenture, mortgage, deed of trust, loan
agreement, partnership agreement or other agreement or instrument to which any such Person is a party or by which any of such Person’s property or assets is subject (unless consents from all applicable parties thereto have been obtained),
except for any conflict that would not individually or in the aggregate reasonably be expected to result in a Material Adverse Effect, nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of
any Governmental Authority, and any material consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Borrower, Mezzanine Borrower, Guarantor
and Master Lessee of this Agreement, except for any violation that would not individually or in the aggregate reasonably be expected to result in a Material Adverse Effect, or any other Loan Documents has been obtained and is in full force and
effect. 
  
 4.1.4 Litigation. Except as set forth on
Schedule II attached hereto, there are no arbitration proceedings, governmental investigations, actions, suits or proceedings at law or in equity by or before any Governmental Authority now pending or, to the best of Borrower’s
knowledge, threatened against or affecting Borrower, Mezzanine Borrower, HoldCo, Guarantor, Master Lessee or any Individual Property (other than claims (A) (i) which are being covered by insurance, (ii) which are being defended by the relevant
insurance company and (iii) as to which Borrower has not received a notice from such insurance company that the claim exceeds the total amount of insurance coverage with respect to such claim; (B) which are covered by the self insurance limit
permitted pursuant to the Loan Documents and are being diligently defended by Borrower, HoldCo, Guarantor, Master Lessee or their respective Affiliates; or (C) which relate to employment claims for which liability in the event any such matter is
adversely determined could not reasonably be expected to exceed $1,000,000 or provided that none of such unscheduled claims could reasonably be expected to individually or in the aggregate to have a Material Adverse Effect if adversely determined).
The actions, suits or proceedings identified on Schedule II, if determined against Borrower, Mezzanine Borrower, Guarantor, Master Lessee or the Property, would not materially and adversely affect the condition (financial or otherwise) or
business of any such Person or the condition or operation of any Individual Property. 
  
 4.1.5 Agreements. The Operating Agreements constitute all of the agreements to which Borrower or any of its Affiliates are party or are bound which are material to the ownership and operation of any Individual
Property. Borrower is not a party to any agreement or instrument or 

  

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subject to any restriction which is reasonably likely to materially and adversely affect Borrower or Borrower’s business, properties or assets,
operations or condition, financial or otherwise. Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any material agreement or instrument to
which it is a party or by which Borrower or the Property is bound. Borrower has no material financial obligation (contingent or otherwise) under any indenture, mortgage, deed of trust, loan agreement or other similar agreement or instrument to which
Borrower is a party or by which Borrower or the Property is otherwise bound, other than (a) obligations constituting Permitted Debt which are incurred in the ordinary course of the ownership and operation of the Property and (b) obligations under
the Loan Documents. 
  
 4.1.6 Title. Borrower has good,
marketable and insurable (i) leasehold title to the Land and the Improvements relating to the Ground Leased Properties and (ii) fee simple title to the Land and the Improvements relating to the Fee Properties, in each case free and clear of all
Liens whatsoever except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. Borrower has good and marketable title to the remainder of the Property (excluding the
Excluded Personal Property), free and clear of all Liens whatsoever except the Permitted Encumbrances. The Security Instrument, when properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements
required to be filed in connection therewith, will create (i) a valid, perfected first mortgage lien on the Land and the Improvements or the leasehold estate therein, as applicable, subject only to Permitted Encumbrances and (ii) perfected security
interests in and to, and perfected collateral assignments of, all personalty other than the Excluded Personal Property (including the Subleases) or any leases of equipment from third parties, all in accordance with the terms thereof, in each case
subject only to any applicable Permitted Encumbrances. There are no claims for payment for work, labor or materials affecting the Property which are or may become a lien prior to, or of equal priority with, the Liens created by the Loan Documents
other than the Permitted Encumbrances. Borrower represents and warrants that none of the Permitted Encumbrances would individually or in the aggregate reasonably be expected to result in a Material Adverse Effect as of the Closing Date and
thereafter. Borrower shall preserve its right, title and interest in and to the Property for so long as the Notes remains outstanding and will warrant and defend same and the validity and priority of the Lien hereof from and against any and all
claims whatsoever other than the Permitted Encumbrances. 
  
 4.1.7
No Bankruptcy Filing. None of Borrower, Mezzanine Borrower, Guarantor or Master Lessee is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major
portion of such entity’s assets or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition against it or against Borrower, Mezzanine Borrower, Guarantor or Master Lessee. 
  
 4.1.8 Full and Accurate Disclosure. To Borrower’s knowledge no
statement of material fact made by Borrower in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not
materially misleading as of the date made which in any such case could reasonably be expected to have a Material Adverse Effect. There is no fact presently known to Borrower which has not been disclosed which could reasonably be expected to have a
Material Adverse Effect. 
  

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 4.1.9 All Property. The Property constitutes all of the real property, personal property,
equipment and fixtures currently (i) owned or leased by Borrower and (ii) used in the operation of the business located on the Property, other than the Excluded Personal Property. 
  
 4.1.10 No Plan Assets. 
  
 (a) Borrower does not maintain an employee benefit plan as defined by Section 3(3) of ERISA, which is subject to Title IV of ERISA, and Borrower (i) has
no knowledge of any material liability which has been incurred or is expected to be incurred by Borrower which is or remains unsatisfied for any taxes or penalties with respect to any “employee benefit plan,” within the meaning of Section
3(3) of ERISA, or any “plan,” within the meaning of Section 4975(e)(1) of the Internal Revenue Code or any other benefit plan (other than a multiemployer plan) maintained, contributed to, or required to be contributed to by Borrower or by
any entity that is under common control with Borrower within the meaning of ERISA Section 4001(a)(14) (a “Plan”) or any plan that would be a Plan but for the fact that it is a multiemployer plan within the meaning of ERISA Section
3(37); and (ii) has made and shall continue to make when due all required contributions to all such Plans, if any. Each such Plan has been and will be administered in compliance with its terms and the applicable provisions of ERISA, the Internal
Revenue Code, and any other applicable federal or state law; and no action shall be taken or fail to be taken that would result in the disqualification or loss of tax-exempt status of any such Plan intended to be qualified and/or tax exempt; and

  
 (b) Borrower is not an employee benefit plan, as defined in
Section 3(3) of ERISA, subject to Title I of ERISA, none of the assets of Borrower constitutes or will constitute plan assets of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101 and Borrower is not a governmental plan within
the meaning of Section 3(32) of ERISA and transactions by or with Borrower are not subject to state statutes regulating investment of, and fiduciary obligations with respect to, governmental plans similar to the provisions of Section 406 of ERISA or
Section 4975 of the Code currently in effect, which prohibit or otherwise restrict the transactions contemplated by this Agreement. 
  
 4.1.11 Compliance. Borrower and the Property and the use thereof comply in all material respects with all applicable Legal Requirements, including,
without limitation, building and zoning ordinances and codes (except for any non-compliance that individually or in the aggregate would not reasonably be expected to result in a Material Adverse Effect). To the best of Borrower’s knowledge,
Borrower is not in default or in violation of any order, writ, injunction, decree or demand of any Governmental Authority. To the best of Borrower’s knowledge, there has not been committed by Borrower any act or omission affording the federal
government or any other Governmental Authority the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. 
  
 4.1.12 Financial Information. The information set forth in the
certificate of Borrower regarding financial information dated of even date herewith (i) is true, complete and correct in all material respects and (ii) fairly represents the financial condition of the Property as of the Closing Date. Borrower does
not have any material contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any 

  

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unfavorable commitments that are known to Borrower and could reasonably be expected to have a Material Adverse Effect. 
  
 4.1.13 Condemnation. Except as set forth on Schedule II, no
Taking is pending or, to Borrower’s knowledge, is contemplated with respect to all or any portion of the Property. No Taking is pending or, to Borrower’s knowledge, is contemplated for the relocation of roadways providing access to the
Property. None of the Taking matters listed on Schedule II is reasonably likely to result in (a) a material reduction in the vehicular or pedestrian access to any Individual Property, (b) a material reduction in the parking rights located on
or appurtenant to any Individual Property or (c) a Material Adverse Effect. 
  
 4.1.14 Federal Reserve Regulations. None of the proceeds of the Loan will be used for the purpose of purchasing or carrying any “margin stock” as defined in Regulation U, Regulation X or Regulation T
or for the purpose of reducing or retiring any Indebtedness which was originally incurred to purchase or carry “margin stock” or for any other purpose which might constitute this transaction a “purpose credit” within the meaning
of Regulation U or Regulation X, which in any such case would cause the Loan, the Borrower or the Lender to be in violation of Regulation U. As of the Closing Date, Borrower does not own any “margin stock.” 
  
 4.1.15 Utilities and Public Access. Each Individual Property has
rights of access to one or more public ways, either directly or through a recorded easement or REA set forth in and insured under the Title Policy. Each Individual Property is served by water, sewer, sanitary sewer and storm drain facilities
adequate to service the Property for its intended uses (except to the extent any such failure individually or in the aggregate would not reasonably be expected to result in a Material Adverse Effect). All utilities necessary to the existing use of
the Property are located either in the public right-of-way abutting the Property or in recorded easements or REAs serving the Property and such easements or REAs are set forth in and insured by the Title Policy. 
  
 4.1.16 Not a Foreign Person. Borrower is not a foreign person within
the meaning of § 1445(f)(3) of the Code. 
  
 4.1.17
Separate Lots. Each Individual Property is comprised of one (1) or more contiguous parcels which constitute a separate tax lot or lots and does not constitute or include a portion of any other tax lot not a part of such Individual Property.

  
 4.1.18 Subdivision. The Individual Properties located
in Florida, New York, Oregon and Texas comply in all material respects with all applicable subdivision laws, ordinances and regulations. 
  
 4.1.19 Existing Matters of Record. The Existing Matters of Record have all been paid in full other than the judgment in favor of Farm Harvesting
Co. (the “Existing Contested Lien”) which has been fully bonded pending appeal. 
  
 4.1.20 Enforceability. This Agreement and the other Loan Documents are the legal, valid and binding obligations of Borrower, enforceable against
Borrower in accordance with their terms, subject only to applicable bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or similar laws from time to time in effect affecting creditor’s rights. 
  

 65 

 4.1.21 Reserved. 
  
 4.1.22 Insurance. Borrower has obtained and has delivered to Lender certified copies or originals of all insurance
policies required under this Agreement, reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. Borrower has not, and to the best of Borrower’s knowledge no Person has, done by act or omission anything
which would impair the coverage of any such policy. 
  
 4.1.23
Use of Property. Each Individual Property is used exclusively for (a) the current use designated for such Individual Property on Schedule A to the Security Instrument (i.e. as a Babies ‘R’ Us or Toys ‘R’ Us retail store or
as a distribution facility, as applicable) and other appurtenant and related uses or (b) for a use by a Subtenant subject to Section 8.8.2(f). 
  
 4.1.24 Certificate of Occupancy; Licenses. All material certifications, permits, licenses and approvals, including without limitation, certificates
of completion and occupancy permits required of Borrower for the legal use, occupancy and operation of each Individual Property for its current use as a retail store or distribution facility, as applicable (collectively, the
“Licenses”), have been obtained and are in full force and effect (except to the extent any such failure would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect). Borrower shall keep
and maintain all Licenses necessary for the operation of each Individual Property in accordance with its current use as a retail store or distribution facility, as applicable. The use being made of each Individual Property is in conformity with the
certificate of occupancy issued for such Individual Property (except to the extent any such failure would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect). 
  
 4.1.25 Flood Zone. None of the Improvements on the Property are
located in an area as identified by the Federal Emergency Management Agency as an area having special flood hazards except as identified on the flood certifications delivered to Lender prior to the date hereof, and Borrower has obtained the
insurance required under Article VI with respect to any Improvements located in any such special flood hazards. 
  
 4.1.26 Physical Condition. To the best of Borrower’s knowledge, the Property, including, without limitation, all buildings, Improvements,
parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural
components, are in good condition, order and repair in all material respects; to the best of Borrower’s knowledge, there exists no structural or other material defects or damages in or to the Property, whether latent or otherwise, and Borrower
has not received any written notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary
premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. 
  
 4.1.27 Boundaries. Except as set forth in and insured pursuant to the Title Policy, to the best of Borrower’s knowledge and, where applicable,
in reliance on the Surveys (a) all of the Improvements lie wholly within the boundaries and building restriction lines of the Real Property relating to the applicable Individual Property, (b) no improvements on adjoining properties encroach upon the
Real Property, and (c) no easements or other encumbrances upon the Real Property encroach upon any of the Improvements, so as to have a Material Adverse Effect. 
  

 66 

 4.1.28 Subleases. The Property is not subject to any leases other than the Master Lease and the
Subleases set forth on Schedule I attached hereto. No Person has any possessory interest in the Property or right to occupy the same except under and pursuant to the provisions of the Master Lease, the Subleases and the REAs. The current
Subleases are in full force and effect and to Borrower’s knowledge, there are no material defaults thereunder by either party (other than as expressly disclosed on Schedule I or in the Tenant estoppel certificates delivered to Lender in
connection with the closing of the Loan). Except for the Subleases to Office Depot and Tri-DB Pets, Inc. listed on Schedule VI, no Rent has been paid more than one (1) month in advance of its due date, except as disclosed in the Tenant
estoppel certificates delivered to Lender in connection with the closing of the Loan or as set forth on Schedule I. There has been no prior sale, transfer or assignment, hypothecation or pledge by Borrower or Master Lessee of the Master Lease
or any Sublease or of the Rents received therein, which will be outstanding following the funding of the Loan, other than those being assigned to Lender concurrently herewith. 
  
 4.1.29 Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature
of transfer taxes required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the transfer of the Property to Borrower have been paid and the granting and recording of the Security Instrument and the
UCC financing statements required to be filed in connection with the Loan. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under applicable Legal Requirements currently in effect in
connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the Security Instrument, have been paid, and, under current Legal Requirements, the
Security Instrument is enforceable against Borrower in accordance with its terms by Lender (or any subsequent holder thereof) subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject as
to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law. 
  
 4.1.30 Single Purpose Entity/Separateness. 
  
 (a) Until the Indebtedness has been paid in full, Borrower hereby represents, warrants and covenants that Borrower and each SPE Entity is, shall be, and
shall continue to be, a Single Purpose Entity. 
  
 (b) All of the
assumptions made in the Non-Consolidation Opinion, including, but not limited to, any exhibits attached thereto, are true and correct in all material respects and any assumptions made in any subsequent non-consolidation opinion delivered in
connection with the Loan Documents (an “Additional Non-Consolidation Opinion”), including, but not limited to, any exhibits attached thereto, will have been and shall be true and correct in all material respects. Borrower and each
SPE Entity have complied and will comply in all material respects with all of the assumptions made with respect to it in the Non-Consolidation Opinion in all material respects. Borrower and each SPE Entity will have complied and will comply with all
of the 

  

 67 

 
assumptions made with respect to it in any Additional Non-Consolidation Opinion. Each entity other than Borrower with respect to which an assumption shall be
made in any Additional Non-Consolidation Opinion will have complied and will comply in all material respects with all of the assumptions made with respect to it in any Additional Non-Consolidation Opinion. 
  
 (c) All of the assumptions made in the True Lease Opinion, including, but not
limited to, any exhibits attached thereto, are true and correct in all material respects. 
  
 (d) All of the assumptions made in the Solvency Opinion, including, but not limited to, any exhibits attached thereto, are true and correct in all respects. Borrower and Master Lessee have complied and will comply
with all of the assumptions made with respect to it in the Solvency Opinion. 
  
 4.1.31 Non-imputation. Solely with respect to the Individual Properties located in Florida and Texas, Borrower has no knowledge of any fact, circumstance, information, state of facts, defect, lien, encumbrance,
adverse claim or other matter that has not been disclosed to the Title Company in writing by Borrower on or before the date hereof, except any such fact, circumstance, information, state of facts, defect, lien, encumbrance, adverse claim or other
matter with respect to the Individual Properties located in Florida and Texas that is either (A) disclosed by the public records of the county in which such Individual Property is located or (B) otherwise known to the Title Company. 
  
 4.1.32 Illegal Activity. No portion of the Property has been or will
be purchased with proceeds of any illegal activity. 
  
 4.1.33
No Change in Facts or Circumstances; Disclosure. All material information submitted by Borrower to Lender in writing in connection with the Loan or in satisfaction of the terms hereof and all material statements of fact made by any Borrower
in this Agreement or in any other Loan Document, are to the best of Borrower’s knowledge, accurate, complete and correct in all material respects except as would not have a Material Adverse Effect. There has been no material adverse change
known to Borrower in any condition, fact, circumstance or event that would have a Material Adverse Effect. 
  
 4.1.34 Reserved. 
  
 4.1.35 Tax Filings. Borrower has filed (or has obtained effective extensions for filing) all federal, state and local tax returns required to be
filed and has paid or made adequate provision for the payment of all federal, state and local taxes, charges and assessments payable by Borrower. 
  
 4.1.36 Solvency/Fraudulent Conveyance. Borrower (a) has not entered into the transaction contemplated by this Agreement or any Loan Document with
the actual intent to hinder, delay, or defraud any creditor and (b) has received reasonably equivalent value in exchange for its obligations under the Loan Documents. After giving effect to the Loan, the fair saleable value of Borrower’s assets
exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Borrower’s
assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent liabilities on its Debts as such Debts 

  

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become absolute and matured. Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital
to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to, and does not believe that it will, incur Debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such
Debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of obligations of Borrower). 
  
 4.1.37 Investment Company Act. Borrower is not (a) an investment
company or a company Controlled by an investment company, within the meaning of the Investment Company Act of 1940, as amended, (b) a holding company or a subsidiary company of a holding company or an affiliate of either a holding company or a
subsidiary company within the mean of the Public Utility Holding Company Act of 1935, as amended or (c) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money. 
  
 4.1.38 Interest Rate Cap Agreement. A complete and correct copy of the
Interest Rate Cap Agreement is attached hereto as Exhibit L. The Interest Rate Cap Agreement is in full force and effect and enforceable against Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency or similar
laws generally affecting the enforcement of creditors’ rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 4.1.39 Labor. Except as set forth on Schedule II, no organized
work stoppage or labor strike is pending or threatened by employees and other laborers at the Property. Except as set forth in Schedule II or to the extent any such failure would not reasonably be expected to result in a Material Adverse
Effect, none of Borrower or Master Lessee, (i) is involved in or, to the best knowledge of Borrower, threatened with any labor dispute, grievance or litigation relating to labor matters involving any employees and other laborers at the Property,
including, without limitation, violation of any federal, state or local labor, safety or employment laws (domestic or foreign) and/or charges of unfair labor practices or discrimination complaints, (ii) has engaged in any unfair labor practices
within the meaning of the National Labor Relations Act or the Railway Labor Act or (iii) is a party to, or bound by, any collective bargaining agreement or union contract with respect to employees and other laborers at the Property and no such
agreement or contract is currently being negotiated by the Borrower or Master Lessee. 
  
 4.1.40 Brokers. Neither Borrower nor Lender has dealt with any broker or finder with respect to the transactions contemplated by the Loan Documents (except that Credit Suisse First Boston acted in connection
with certain of the Contemplated Transactions and is either not owed a fee in connection with the Loan or any such fee shall be paid by Borrower) neither party has done any acts, had any negotiations or conversations, or made any agreements or
promises which will in any way create or give rise to any obligation or liability for the payment by either party of any brokerage fee, charge, commission or other compensation to any Person with respect to the transactions contemplated by the Loan
Documents. Borrower and Lender shall each indemnify and hold harmless the other from and against any loss, liability, cost or expense, including any judgments, attorneys’ fees, or costs of appeal, incurred by the other party and arising out of
or relating to any breach or default by the indemnifying party of its representations, warranties 

  

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and/or agreements set forth in this Section 4.1.40. The provisions of this Section 4.1.40 shall survive the expiration and termination of this
Agreement and the payment of the Indebtedness. 
  
 4.1.41 No
Other Debt. Borrower has not borrowed or received debt financing that has not been heretofore repaid in full, other than the Permitted Debt. 
  
 4.1.42 Taxpayer Identification Number. Borrower’s Federal taxpayer identification number is 37-1512919. 
  
 4.1.43 Compliance with Anti-Terrorism, Embargo and Anti-Money Laundering
Laws. (i) None of Borrower, any Guarantor or any Person who Controls Borrower or any Guarantor currently is identified on the OFAC List or otherwise qualifies as a Prohibited Person, and (ii) none of Borrower or any Guarantor is in violation of
any Legal Requirements relating to anti-money laundering or anti-terrorism, including, without limitation, Legal Requirements related to transacting business with Prohibited Persons or the requirements of the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, U.S. Public Law 107-56, and the related regulations issued thereunder, including temporary regulations, all as amended from time to time. To Borrower’s
knowledge, no tenant at the Premises currently is identified on the OFAC List or otherwise qualifies as a Prohibited Person, and no tenant at the Premises is owned or Controlled by a Prohibited Person. 
  
 4.1.44 Merger Agreement. Borrower has delivered to Lender true
complete and correct copies of the Merger Agreement and all deliveries made by any party thereto or any of their respective Affiliates as Lender shall have requested. 
  
 4.1.45 Rights of First Refusal or First Offer to Lease or Purchase. No Person, whether pursuant to an Operating
Agreement or otherwise has a right of first refusal, right of first offer or other right or option pursuant to such Operating Agreement or otherwise to lease or purchase or to restrict or impose requirements upon the lease or purchase of all or any
part of any Individual Property except as set forth on Schedule VI. None of the matters set forth on Schedule VI has been or will be triggered by any of the Contemplated Transactions and Borrower and its Affiliates are not in default
of any of the provisions referenced in Schedule VI. None of the matters set forth on Schedule VI has or will have a material adverse effect on the value or marketability on any such Individual Property. 
  
 4.1.46 True- Lease Opinion. Each of the assumptions set forth in the
True-Lease Opinion are true and correct in all material respects; provided, that Borrower is not making any representation or warranty with respect to any assumption that relies upon information provided by Cushman & Wakefield or any other third
party. 
  
 4.2 Survival of Representations. Borrower agrees
that all of the representations and warranties of Borrower set forth in Section 4.1 and elsewhere in this Agreement and in the other Loan Documents shall be deemed given and made as of the date hereof and survive for so long as any amount
remains owing to Lender under this Agreement or any of the other Loan Documents by Borrower or Guarantor unless a longer survival period is expressly stated in a Loan Document with respect to a specific representation or warranty, in which case, for
such longer period. All representations, warranties, covenants and agreements made in this 

  

 70 

 
Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or
hereafter made by Lender or on its behalf. 
  
 4.3
Borrower’s Knowledge. Whenever a representation or warranty is made “to Borrower’s knowledge,” to Borrower’s best knowledge,” “to Master Lessee’s knowledge,” “to Master Lessee’s best
knowledge,” or a term of similar import, such term shall mean the actual knowledge of Borrower or Master Lessee, as applicable, or their respective officers or directors who would be likely to have actual knowledge of the relevant subject
matter. 
  

	 	V.	BORROWER COVENANTS 

  
 5.1 Affirmative Covenants. From the Closing Date and until payment and performance in full of all obligations of Borrower under the Loan Documents,
Borrower hereby covenants and agrees with Lender that: 
  
 5.1.1
Performance by Borrower. Borrower shall in a timely manner observe, perform and fulfill in all material respects each and every covenant, term and provision of each Loan Document executed and delivered by, or applicable to, Borrower, and
shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification of any Loan Document executed and delivered by, or applicable to, Borrower, as applicable, without the prior written consent of
Lender. 
  
 5.1.2 Existence; Compliance with Legal
Requirements; Insurance. Subject to Borrower’s right of contest pursuant to Section 7.3, Borrower shall at all times comply and cause the Property to be in compliance in all material respects with all Legal Requirements applicable to
the Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and
franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Borrower, and Borrower shall not knowingly permit any other Person in occupancy of or involved with the operation or use
of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Borrower’s obligations
under any of the Loan Documents. Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of forfeiture. Borrower shall at all times maintain, preserve and protect all
franchises and trade names where the failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep
the Property in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, all as more fully set forth in the Security Instrument.
Borrower shall keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set forth in this Agreement. 
  
 5.1.3 Litigation. Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings
pending or threatened in writing against Borrower which, if determined adversely to Borrower would reasonably be expected to have a Material Adverse Effect. 
  

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 5.1.4 Single Purpose Entity. 
  
 (a) Each of Borrower and each SPE Entity has been since the date of its formation and shall remain a Single Purpose Entity.

  
 (b) Each of Borrower and each SPE Entity shall continue to
maintain its own deposit account or accounts, separate from those of any Affiliate, with commercial banking institutions. None of the funds of Borrower or any SPE Entity will be diverted to any other Person or for other than business uses of
Borrower or any SPE Entity, as applicable, nor will such funds be commingled with the funds of any other Affiliate. 
  
 (c) To the extent that Borrower or any SPE Entity shares the same officers or other employees as any of Borrower, any SPE Entity or their Affiliates, the
salaries of and the expenses related to providing benefits to such officers and other employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs associated with all such
common officers and employees. 
  
 (d) To the extent that Borrower
or any SPE Entity jointly contracts with any of Borrower, any SPE Entity or either of their Affiliates, as applicable, to do business with vendors or service providers or to share overhead expenses, the costs incurred in so doing shall be allocated
fairly among such entities, and each such entity shall bear its fair share of such costs. To the extent that either Borrower or any SPE Entity contracts or does business with vendors or service providers where the goods and services provided are
partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods and services are provided, and each such entity shall bear its fair share of such costs.
All material transactions between (or among) Borrower or each SPE Entity and any of their respective Affiliates shall be conducted on substantially the same terms (or on more favorable terms for Borrower or any SPE Entity, as applicable) as would be
conducted with third parties. 
  
 (e) To the extent that Borrower,
any SPE Entity or any of their Affiliates have offices in the same location, there shall be a fair and appropriate allocation of overhead costs among them, and each such entity shall bear its fair share of such expenses. 
  
 (f) Borrower and each SPE Entity shall conduct its affairs strictly in
accordance with its organizational documents, and observe all necessary, appropriate and customary corporate, limited liability company or partnership formalities, as applicable, including, but not limited to, obtaining any and all members’
consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, without limitation, payroll and intercompany transaction accounts. 
  
 (g) In addition, Borrower and each SPE Entity shall each: (i) maintain books
and records separate from those of any other Person; (ii) maintain its assets in such a manner that it is not more costly or difficult to segregate, identify or ascertain such assets; (iii) hold regular meetings of its board of directors,
shareholders, partners or members, as the case may be, and 

  

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observe all other corporate, partnership or limited liability company, as the case may be, formalities; (iv) hold itself out to creditors and the public as a
legal entity separate and distinct from any other entity; (v) prepare separate tax returns (unless part of a consolidated group) and financial statements (unless part of a consolidated group), or if part of consolidated group it will be shown as a
separate member of such group or such consolidated tax returns or financial statements will contain a note indicating that it and its Affiliate are separate legal entities and maintain records, books of account and accounts separate and apart from
any other Person; (vi) transact all business with its Affiliates on an arm’s-length basis and pursuant to enforceable agreements; (vii) conduct business in its name and use separate stationery, invoices and checks; (viii) not commingle its
assets or funds with those of any other Person; and (ix) not assume, guarantee or pay the debts or obligations of any other Person. 
  
 5.1.5 Consents. If Borrower or any SPE Entity is a corporation, the board of directors of such Person may not take any action requiring the
unanimous affirmative vote of 100% of the members of the board of directors unless all of the directors, including the Independent Directors, shall have participated in such vote. If Borrower or any SPE Entity is a limited liability company, (a) if
such Person is managed by a board of managers, the board of managers of such Person may not take any action requiring the unanimous affirmative vote of 100% of the members of the board of managers unless all of the managers, including the
Independent Managers, shall have participated in such vote, (b) if such Person is not managed by a board of managers, the members of such Person may not take any action requiring the affirmative vote of 100% of the members of such Person unless all
of the members, including the Independent Members, shall have participated in such vote. An affirmative vote of 100% of the directors, board of managers or members, as applicable, of Borrower and any SPE Entity shall be required to (i) file a
bankruptcy or insolvency petition or otherwise institute insolvency proceedings or to authorize Borrower or any SPE Entity to do so or (ii) file an involuntary bankruptcy petition against any Affiliate, Manager, or any Affiliate of Manager.
Furthermore, Borrower’s and each SPE Entity’s formation documents shall expressly state that for so long as the Loan is outstanding, neither Borrower nor any SPE Entity shall be permitted to (i) dissolve, liquidate, consolidate, merge or
sell all or substantially all of Borrower’s or any SPE Entity’s assets other than in connection with the repayment of the Loan or (ii) engage in any other business activity and such restrictions shall not be modified or violated for so
long as the Loan is outstanding. 
  
 5.1.6 Access to
Property. Borrower shall permit agents, representatives and employees of Lender and the Rating Agencies to inspect the Property or any part thereof during normal business hours on Business Days upon reasonable advance notice. 
  
 5.1.7 Notice of Default. Borrower shall promptly advise Lender (a) of
any event or condition that has or is likely to have a Material Adverse Effect and (b) of the occurrence of any Event of Default of which Borrower has knowledge. 
  
 5.1.8 Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to any proceedings
before any court, board or other Governmental Authority which would reasonably be expected to affect in any material adverse way the rights of Lender hereunder or under any of the other Loan Documents and, in connection therewith, permit Lender, at
its election, to participate in any such proceedings which may have a Material Adverse Effect. 
  

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 5.1.9 Rights of First Refusal or First Offer to Lease or Purchase. 
  
 (a) Borrower shall, within five (5) days after receipt by Borrower, forward
any written notice delivered to Borrower (each a “Purchase Option Exercise”) exercising any right of first refusal, right of first offer or other right or option to purchase or lease all or any portion of any Individual Property,
including but not limited to any notice of the exercise of such options as are described on Schedule VI (each, a “Purchase Option”). 
  
 (b) In connection with any Transfer of all or any portion of any Individual Property relating to a Purchase Option Exercise, such Property shall be deemed
a Release Property hereunder and Borrower shall (irrespective of whether the Security Instrument is senior or subordinate to the Lien of the related Purchase Option) comply in all respects with Section 2.3.4, including but not limited to the
delivery on the date of such Transfer of the net sales proceeds of any such Transfer to Lender together with any shortfall necessary to pay in full the Release Price. 
  
 5.1.10 Insurance. 
  
 (a) Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Proceeds lawfully or equitably payable in connection with the
Property, and Lender shall be reimbursed for any reasonable out-of-pocket expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements) out of such Proceeds. 
  
 (b) Borrower shall comply with all Insurance Requirements and shall not bring
or keep or permit to be brought or kept any article upon any of the Property or cause or permit any condition to exist thereon which would be prohibited by any Insurance Requirement, or would invalidate insurance coverage required hereunder to be
maintained by Borrower on or with respect to any part of the Property pursuant to Section 6.1. 
  
 5.1.11 Further Assurances; Separate Notes; Loan Resizing. 
  

(a) Borrower shall execute and acknowledge (or cause to be executed and acknowledged) and deliver to Lender all documents, and take all actions,
reasonably required by Lender from time to time to confirm the rights created or now or hereafter intended to be created under this Agreement and the other Loan Documents and any security interest created or purported to be created thereunder, to
protect and further the validity, priority and enforceability of this Agreement and the other Loan Documents, to subject to the Loan Documents any property of Borrower intended by the terms of any one or more of the Loan Documents to be encumbered
by the Loan Documents, or otherwise carry out the purposes of the Loan Documents and the transactions contemplated thereunder. Borrower agrees that it shall, upon request, reasonably cooperate with Lender in connection with any request by Lender to
sever one or more of the Notes into two (2) or more separate substitute notes in an aggregate principal amount equal to the Principal Amount and to reapportion the Loan among such separate substitute notes, including, without limitation, by
executing and delivering to Lender new substitute notes to replace the applicable Note or Notes, amendments to or replacements of existing Loan Documents to reflect such severance and/or Opinions of Counsel with respect to such substitute notes,
amendments and/or replacements, provided that Borrower shall bear no costs or expenses 

  

 74 

 
in connection therewith (other than internal administrative costs and expenses of Borrower). Any such substitute notes may have varying principal amounts and
economic terms, provided, however, that (i) the maturity date of any such substitute note shall be the same as the scheduled Maturity Date of the Notes immediately prior to the issuance of such substitute notes, (ii) the initial weighted average
LIBOR Margin for the term of the substitute notes shall not exceed the LIBOR Margin under the Note being substituted immediately prior to the issuance of such substitute notes; and (iii) the economics of the Loan shall not change in a manner which
is adverse to Borrower. Upon the occurrence and during the continuance of an Event of Default, Lender may apply payment of all sums due under such substitute notes in such order and priority as Lender shall elect in its sole and absolute discretion.

  
 (b) Borrower further agrees that if, in connection with the
Securitization, it is determined by the Rating Agencies that a portion of the Securitization would not receive an “investment grade” rating unless the principal amount of the Loan were to be decreased and, as a result, the principal amount
of the Loan is decreased, then (i) the Borrower shall cooperate with Lender’s “resizing” of the Mezzanine Loan and the Loan, and (ii) Lender shall on the date of the “resizing” of the Loan lend to the Mezzanine Borrower (by
way of a reallocation of the principal amount of the Loan and the Mezzanine Loan) such additional amount equal to the amount of the principal reduction of the Loan provided that Borrower and Mezzanine Borrower execute and deliver any and all
necessary amendments or modifications to the Loan Documents and the Mezzanine Loan Documents. In addition, Borrower and Lender agree that if, in connection with the Securitization, it is determined by the Rating Agencies that, if the principal
amount of the Mezzanine Loan were to be decreased and, as a result the principal amount of the Loan were increased, more “investment grade” rated securities could be issued, then (i) if “resizing” to decrease the size of the
Mezzanine Loan and increase the size of the Loan is provided for in the Mezzanine Loan Documents, Borrower shall cooperate with Lender’s “resizing” of the Loan and the Mezzanine Loan and (ii) Lender shall on the date of the
“resizing” of the Loan lend to the Borrower (by way of a reallocation of the principal amount of the Loan and the Mezzanine Loan) an additional amount equal to the amount of principal reduction of the Mezzanine Loan, provided that Borrower
and Mezzanine Borrower execute and deliver any and all necessary modifications to the Loan Documents and Mezzanine Loan Documents. In connection with the foregoing, Borrower agrees, at Lender’s sole cost and expense, to execute and deliver such
documents and other agreements reasonably required by Mezzanine Lender and/or Lender to “re-size” the Loan and the Mezzanine Loan, including, without limitation, an amendment to this Agreement, the Notes, the Security Instrument and the
other Loan Documents and, if the principal amount of the Loan is increased, a fully paid endorsement to the Title Policy reflecting an increase in the insured amount thereunder together with payment by Borrower of any related mortgage taxes or
mortgage recording taxes. Notwithstanding the foregoing, Lender agrees that (a) any “resizing” of the Loan and the Mezzanine Loan shall not change the economics of the Loan and the Mezzanine Loan taken as a whole in a manner which is
adverse to Borrower, (b) no amendment of any of the Loan Documents in connection with such “resizing” shall (taken as a whole with the Mezzanine Loan Documents) increase in any material respect the obligations or liabilities of, or
decrease the rights of, Borrower other than to a de minimis extent and (c) Borrower shall be required to pay the title charges and the mortgage and mortgage recording taxes resulting only from the first “resizing” of the Loan, with such
charges and taxes being the responsibility of Lender in connection with any subsequent “resizings” of the Loan. 
  

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 5.1.12 Mortgage Taxes. Borrower shall pay all taxes, charges, filing, registration and recording
fees, excises and levies payable with respect to the Notes or the Liens created or secured by the Loan Documents, other than income, franchise and doing business taxes imposed on Lender. 
  
 5.1.13 Operation. 
  
 Borrower shall, and shall cause Master Lessee to, (i) promptly perform and/or observe in all material respects all of the covenants and agreements
required to be performed and observed by it under the Master Lease and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any Master Lease Default of which it is aware; (iii)
promptly deliver to Lender a copy of each financial statement, capital expenditures plan, property improvement plan and any other notice, report and estimate received by it under the Master Lease; and (iv) enforce in a commercially reasonable manner
the performance and observance of all of the covenants and agreements required to be performed and/or observed by the Master Lessee under the Master Lease. Whenever in this Agreement or in any other Loan Document Borrower is obligated to cause the
Master Lessee to take or refrain from taking a certain action, and whenever this Agreement or any Loan Document shall set forth an obligation of Master Lessee, then such provisions shall be construed to mean that Borrower shall exercise its best
efforts to cause Master Lessee to take or refrain from taking such action, or performing such action, including exercising such legal rights and remedies as shall be available to Borrower under the Master Lease and applicable law. 
  
 5.1.14 Business and Operations. Borrower shall continue to engage in
the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Property. Borrower shall qualify to do business and shall remain in good standing under the laws of
the State in which the Property is located as and to the extent required for the ownership, maintenance, management and operation of the Property. 
  
 5.1.15 Title to the Property. 
  
 (a) Borrower shall warrant and defend (a) its title to the Property and every part thereof, subject only to Liens permitted hereunder (including Permitted
Encumbrances) and (b) the validity and priority of the Liens of the Security Instrument, the Assignment of Leases and this Agreement on the Property, subject only to Liens permitted hereunder (including Permitted Encumbrances), in each case against
the claims of all Persons whomsoever. Borrower shall reimburse Lender for any losses, costs, damages or expenses (including reasonable attorneys’ fees and court costs) incurred by Lender if an interest in the Property, other than as permitted
hereunder, is claimed by another Person. 
  
 (b) Borrower agrees
to comply with the provisions contained in Section 3(e) of the Security Instrument regarding the spreading of the Lien of Security Instrument to cover additional property intended to be secured thereby. 
  
 5.1.16 Costs of Enforcement. In the event (a) that this Agreement or
the Security Instrument is foreclosed upon in whole or in part or that by reason of Borrower’s default 

  

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hereunder this Agreement or the Security Instrument is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure
of any security agreement prior to or subsequent to this Agreement in which proceeding Lender is made a party, or a mortgage prior to or subsequent to the Security Instrument in which proceeding Lender is made a party, or (c) of the bankruptcy,
insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any of its constituent Persons for the benefit of its creditors, Borrower, its successors or assigns,
shall be chargeable with and agrees to pay all reasonable out-of-pocket costs of collection and defense, including reasonable attorneys’ fees and costs, incurred by Lender or Borrower in connection therewith and in connection with any appellate
proceeding or post-judgment action involved therein, together with all required service or use taxes. 
  
 5.1.17 Estoppel Statements. Borrower shall, from time to time, upon thirty (30) days’ prior written request from Lender, execute, acknowledge
and deliver to the Lender, an Officer’s Certificate, stating that this Agreement and the other Loan Documents are unmodified and in full force and effect (or, if there have been modifications, that this Agreement and the other Loan Documents
are in full force and effect as modified and setting forth such modifications), stating the amount of accrued and unpaid interest and the outstanding principal amount of the Notes and containing such other information with respect to the Borrower,
the Property and the Loan as Lender shall reasonably request. Lender shall, from time to time, but no more often than once annually, upon thirty (30) days’ prior written request from Borrower, execute, acknowledge and deliver to Borrower, a
certificate signed by an officer of Lender, stating that this Agreement and the other Loan Documents are unmodified and in full force and effect (or, if there have been modifications, that this Agreement and the other Loan Documents are in full
force and effect as modified and setting forth such modifications). The estoppel certificate from Borrower shall also state either that, to Borrower knowledge, no Default exists hereunder or, if any Default shall exist hereunder, specify such
Default and the steps being taken to cure such Default and the estoppel certificate from Lender shall state whether Lender has delivered notice of a Default or an Event of Default. 
  
 5.1.18 Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the
purposes set forth in Section 2.1.4. 
  
 5.1.19 No Joint
Assessment. Borrower shall not suffer, permit or initiate the joint assessment of the Property, (a) with any other real property constituting a tax lot separate from the Property and (b) which constitutes real property with any portion of the
Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the
Property. 
  
 5.1.20 No Further Encumbrances. Subject to
Section 8.3, Borrower shall do, or cause to be done, all things necessary to keep and protect the Property and all portions thereof unencumbered from any Liens, easements or agreements granting rights in or restricting the use or development
of the Property, except for (a) Permitted Encumbrances, (b) Liens permitted pursuant to the Loan Documents, (c) Liens for Impositions prior to the imposition of any interest, charges or expenses for the non-payment thereof and (d) the Subleases.

  

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 5.1.21 Reserved. 
  
 5.1.22 Master Lease. 
  
 (a) Each Individual Property shall at all times be leased directly and exclusively by the Borrower to the Master Lessee under the Master Lease (and not to
any other Person under the Master Lease or any replacement Master Lease). Master Lessee shall be permitted to enter into Subleases subject to and in accordance with Section 8.7.2. 
  
 (b) The Master Lease shall have an initial term of fifteen (15) years with renewal rights. 
  
 (c) The Master Lease shall require Master Lessee to make payments of Master
Lease Rent. Pursuant to the Master Lease and the Master Lease Rent Payment Direction Letter (i) all Master Lease Scheduled Rent shall at all times during the term of the Loan be made directly to the Holding Account (the Master Lessee Base Rent
portion of which shall be payable on a monthly basis), (ii) provided an Master Lease Tenant Default is continuing, all Master Lease Variable Additional Rent shall be paid directly by Master Lessee to the Borrower or to the party entitled to such
sums, as specified in the Master Lease and (iii) during the continuance of a Master Lease Tenant Default, all Master Lease Variable Additional Rent shall be paid directly to the Holding Account, and none of the foregoing payments of Master Lease
Rent under clauses (i) and (iii) above shall be deemed made until such payment has been deposited into the Holding Account. 
  
 (d) The Master Lease shall require the Master Lease to prepare the expenses and revenue in accordance with Article XI and to submit copies to
Lender for its reference, not for its approval. 
  
 (e) Neither
Borrower nor Master Lessee shall terminate the Master Lease or consent to the termination of the Master Lease without the prior written consent of Lender. Except as provided in the Master Lease with respect to casualties or condemnations, the Master
Lease shall provide for the release of an Individual Property therefrom only in connection with a prepayment of such Individual Property’s Allocated Loan Amount and the release of such Individual Property from the lien of the Security
Instrument pursuant to the provisions hereof. Upon any such release of an Individual Property from the Master Lease, the Master Lease Rent will be reduced by the amount allocable to such Individual Property (as specified in the Master Lease).

  
 (f) Except for the Assignment of Leases and the Permitted
Encumbrances, neither the Borrower nor the Master Lessee shall pledge, transfer, sublease, assign, mortgage, encumber, or allow to be encumbered its interest in the Master Lease or any interest therein without the prior written consent of the
Lender. The Borrower shall not permit (except as expressly permitted under the Master Lease) and shall not consent to (except as expressly required under the Master Lease) any assignment by the Master Lessee of its interest in the Master Lease or
its rights and interests thereunder except to Master Lessee’s successor by merger or acquisition of all or substantially all of Master Lessee’s assets. 
  
 (g) Neither the Borrower nor the Master Lessee shall, without the prior written consent of Lender, (i) renew (other than
pursuant to renewal rights expressly set forth in the 

  

 78 

 
Master Lease), extend, release any Individual Property from (except in connection with a Property Release or a Substitution in compliance with Sections
2.3.4 and 2.3.5 hereof) terminate, reduce rents or other sums payable under, accept a surrender of, or shorten the term of, the Master Lease, (ii) appoint any appraiser which consent will not be unreasonably withheld, (iii) make any
determination of Fair Market Rent or Fair Market Value (as such terms are defined in the Master Lease), (iv) waive any provisions of the Master Lease, provided that subject to clause (i), Borrower and Master Lessee shall have the right to waive
provisions of the Master Lease so long as the same would not have the effect of (1) waiving or reducing the monetary obligations of Master Lessee under the Master Lease or (2) either permitting Master Lessee to take an action that Borrower or Master
Lessee is prohibited from taking under this Agreement or any other Loan Document, or preventing Borrower and/or Master Lessee from complying with an obligation on the part of Borrower or Master Lessee under this Agreement or any other Loan Document,
(v) amend or modify in any respect in a manner adverse to Lender or that would decrease Master Lessee’s obligations or increase Borrower’s obligations thereunder, any provision of the Master Lease contained in Article I (leased property,
term, etc.), Article III (rent), Article IV (termination and abatement), Article V (Ownership of Property), Section 6.1(b) (Taxes and Contests), Article VIII (Alterations and Leasing), Article X (Casualty and Condemnation), Article XI (Accounts
& Reserves), Article XII (Defaults and Remedies), Article XV (Subordination) and related definitions in Article II (definitions) or (vi) materially amend or modify any provision of the Master Lease not listed in clause (v) in a manner adverse to
Lender or that would decrease Master Lessee’s obligations or increase Borrower’s obligations thereunder. 
  
 (h) The Master Lease shall be subject and subordinate to the Loan pursuant to the Master Lease SNDA. 
  
 (i) Lender shall have the right to declare a Master Lessee Event of Default
under the Master Lease pursuant to the assignment of such right in the Assignment of Leases and the confirmation of such right by Master Lessee in the Master Lease SNDA. 
  
 5.2 Negative Covenants. 
  
 From the Closing Date until payment and performance in full of all obligations of Borrower under the Loan Documents or the earlier release of the Lien of
this Agreement or the Security Instrument in accordance with the terms of this Agreement and the other Loan Documents, Borrower covenants and agrees with Lender that it will not do, directly or indirectly, any of the following: 
  
 5.2.1 Incur Debt. Incur, create or assume any Debt other than
Permitted Debt or Transfer or lease all or any part of the Property or any interest therein, except as permitted in the Loan Documents; 
  
 5.2.2 Encumbrances. Other than in connection with the Mezzanine Loan, incur, create or assume or permit the incurrence, creation or assumption of
any Debt secured by an interest in Borrower, Mezzanine Borrower or any SPE Entity; 
  

 79 

 5.2.3 Engage in Different Business. Engage, directly or indirectly, in any business other than
that of entering into this Agreement and the other Loan Documents to which Borrower is a party and the use, ownership, management, leasing, renovation, financing, development, operation and maintenance of the Property and activities related thereto;

  
 5.2.4 Make Advances. Make advances or make loans to any
Person, or hold any investments, except as expressly permitted pursuant to the terms of this Agreement or any other Loan Document; 
  
 5.2.5 Partition. Partition any Individual Property; 
  
 5.2.6 Commingle. Commingle its assets with the assets of any of its Affiliates; 
  
 5.2.7 Guarantee Obligations. Guarantee any obligations of any Person; 
  
 5.2.8 Transfer Assets. Transfer any asset other than in the ordinary
course of business or Transfer any interest in the Property except in each case (including in connection with a Release or Substitution) as may be permitted hereby or in the other Loan Documents; 
  
 5.2.9 Amend Organizational Documents. Amend or modify any of its
organizational documents without Lender’s consent, other than in connection with any Transfer permitted pursuant to Article VIII or to reflect any change in capital accounts, contributions, distributions, allocations or other provisions
that do not and could not reasonably be expected to have a Material Adverse Effect and provided that Borrower and each SPE Entity each remain a Single Purpose Entity; 
  
 5.2.10 Dissolve. Dissolve, wind-up, terminate, liquidate, merge with or consolidate into another Person, except as
expressly permitted pursuant to this Agreement; 
  
 5.2.11
Bankruptcy. (i) File a bankruptcy or insolvency petition or otherwise institute insolvency proceedings, (ii) dissolve, liquidate, consolidate, merge or sell all or substantially all of Borrower’s assets other than in connection with the
repayment of the Loan, or (iii) file or solicit the filing of an involuntary bankruptcy petition against Borrower, Mezzanine Borrower, HoldCo, Master Lessee, Guarantor or any Affiliate of any such Person, without obtaining the prior consent of all
of the directors, members or managers, as applicable, of the SPE Entity; 
  
 5.2.12 ERISA. Engage in any activity that would subject Borrower to material liability under ERISA or qualify it as an “employee benefit plan” (within the meaning of Section 3(3) of ERISA) to
which ERISA applies and Borrower’s assets do not and will not constitute plan assets within the meaning of 29 C.F.R. Section 2510.3-101; 
  
 5.2.13 Distributions. From and after the occurrence and during the continuance of an Event of Default, make any distributions to or for the benefit
of any of its partners or members or its or their Affiliates; 
  
 5.2.14 Reserved; 
  
 5.2.15 Reserved.;

  

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 5.2.16 Modify REAs; Without the prior consent of Lender, which shall not be unreasonably withheld,
delayed or conditioned, Borrower shall not execute material modifications to the REAs; 
  
 5.2.17 Modify Account Agreement. Without the prior consent of Lender, which shall not be unreasonably withheld, delayed or conditioned, execute any modification to the Account Agreement; 
  
 5.2.18 Zoning Reclassification. Without the prior written consent of
Lender (which in the case of clause (a) shall not be unreasonably withheld), (a) initiate or consent to any zoning reclassification of any portion of the Property, (b) seek any variance under any existing zoning ordinance that could result in the
use of the Property becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, or (c) allow any portion of the Property to be used in any manner that could result in the use of the Property
becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation; 
  
 5.2.19 Change of Principal Place of Business. Change its principal place of business and chief executive office set forth on the first page of this
Agreement without first giving Lender thirty (30) days’ prior written notice (but in any event, within the period required pursuant to the UCC) and there shall have been taken such action, reasonably satisfactory to Lender, as may be necessary
to maintain fully the effect, perfection and priority of the security interest of Lender hereunder in the Account Collateral and the Rate Cap Collateral at all times; 
  
 5.2.20 Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to it by any Person,
except for adequate consideration or in the ordinary course of its business and except for termination of a Sublease as permitted by Section 8.8; 
  
 5.2.21 Misapplication of Funds. Distribute any revenue from the Property or any Proceeds in violation of the provisions of this Agreement, fail to
remit amounts to the Holding Account, as applicable, as required by Section 3.1, misappropriate any security deposit or portion thereof or apply the proceeds of the Loan in violation of Section 2.1.4; or 
  
 5.2.22 Single-Purpose Entity. Fail to be a Single Purpose Entity or
take or suffer any action or inaction the result of which would be to cause it or any SPE Entity to cease to be a Single Purpose Entity. 
  

	 	VI.	INSURANCE; CASUALTY; CONDEMNATION; RESTORATION 

  
 6.1 Insurance Coverage Requirements. Borrower shall, at its sole cost and expense, keep in full force and effect, or cause the Master Lessee or, to
the extent within Borrower’s control, the applicable party to the Operating Agreements to keep in full force and effect, insurance coverage of the types and minimum limits as follows during the term of this Agreement (it being understood that
to the extent that Master Lessee or any party to any Operating Agreement maintains any such coverage on the Closing Date, but thereafter fails to maintain such coverage, Borrower shall obtain such coverage at its sole cost and expense): 

 

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 6.1.1 Property Insurance. Insurance against loss customarily included under so called “All
Risk” policies including flood, earthquake, vandalism, and malicious mischief, boiler and machinery, and such other insurable hazards as, under good insurance practices, from time to time are insured against for other property and buildings
similar to the Improvements and Building Equipment in nature, use, location, height, and type of construction. Such insurance policy shall also insure the additional expense of demolition and if any of the Improvements or the use of the Property
shall at any time constitute legal non-conforming structures or uses, provide coverage for contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements and containing an “Ordinance or
Law Coverage” or “Enforcement” endorsement. The amount of such “All Risk” insurance shall be not less than one hundred percent (100%) of the replacement cost value of the Improvements and the Building Equipment. Each such
insurance policy shall contain an agreed amount (coinsurance waiver) and replacement cost value endorsement and shall cover, without limitation, all tenant improvements and betterments which Borrower is required to insure in accordance with any
Sublease. If the insurance required under this paragraph is not obtained by blanket insurance policies, the insurance policy shall be endorsed to also provide guaranteed building replacement cost. Lender shall be named “Loss Payee” on a
“Standard Mortgagee Endorsement” and be provided not less than thirty (30) days advance notice of change in coverage, cancellation or non-renewal. 
  
 6.1.2 Liability Insurance. “General Public Liability” insurance, including, without limitation, “Commercial General Liability”
insurance; “Owned” (if any), “Hired” and “Non Owned Auto Liability”; and “Umbrella Liability” coverage for “Personal Injury”, “Bodily Injury”, “Death, Accident and Property
Damage”, providing in combination no less than $100,000,000 per occurrence and in the annual aggregate, per location. The policies described in this paragraph shall cover, without limitation: elevators, escalators, independent contractors,
“Contractual Liability” (covering, to the maximum extent permitted by law, Borrower’s obligation to indemnify Lender as required under this Agreement and “Products and Completed Operations Liability” coverage). All public
liability insurance shall name Lender as “Additional Insured” either on a specific endorsement or under a blanket endorsement satisfactory to Lender. Borrower shall be permitted to maintain the foregoing coverage under an insurance program
containing (a) primary self-insured retention with respect to the first $1,000,000 in losses, (b) following by $15,000,000 in third-party excess insurance coverage, (c) followed by $15,000,000 in self-insured retention excess, (d) followed by
$90,000,000 in third-party excess insurance coverage. 
  
 6.1.3
Workers’ Compensation Insurance. Workers compensation and disability insurance as required by law. 
  
 6.1.4 Commercial Rents Insurance. “Commercial rents” insurance in an amount equal to twelve (12) months actual rental loss plus a 120-day
extended period of indemnity endorsement and with a limit of liability sufficient to avoid any co-insurance penalty and to provide Proceeds which will cover the actual loss of profits and rents sustained during the period of at least twelve (12)
months following the date of casualty. Such policies of insurance shall be subject only to exclusions that are reasonably acceptable to Lender; provided, however, that such exclusions are reasonably consistent with those required for loans similar
to the Loan provided herein. Such insurance shall be deemed to include “loss of rental value” insurance where 

  

 82 

 
applicable. The term “rental value” means the sum of (A) the total then ascertainable Rents payable under the Master Lease and the Subleases and
(B) the total ascertainable amount of all other amounts to be received by Borrower from third parties which are the legal obligation of Tenants, reduced to the extent such amounts would not be received because of operating expenses not incurred
during a period of non-occupancy of that portion of such Property then not being occupied. 
  
 6.1.5 Builder’s All-Risk Insurance. During any period of repair or restoration, builder’s “All-Risk” insurance in an amount equal to not less than the full insurable value of the Property
against such risks (including so called “All Risk” perils coverage and collapse of the Improvements to agreed limits as Lender may request, in form and substance acceptable to Lender). 
  
 6.1.6 Boiler and Machinery Insurance. Comprehensive boiler and
machinery insurance (without exclusion for explosion) covering all mechanical and electrical equipment against physical damage, rent loss and improvements loss and covering, without limitation, all tenant improvements and betterments that Borrower
or Master Lessee is required to insure pursuant to the Master Lease or any Sublease on a replacement cost basis. The minimum amount of limits to be provided shall be $10,000,000 per accident. 
  
 6.1.7 Flood Insurance. If any portion of the Improvements is located
within an area designated as “flood prone” or a “special flood hazard area” (as defined under the regulations adopted under the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973), flood insurance
shall be provided, in an amount not less than the maximum limit of coverage available under the Federal Flood Insurance plan with respect to the Property. Lender reserves the right to require flood insurance in excess of that available under the
Federal Flood Insurance plan. 
  
 6.1.8 Earthquake
Insurance. If earthquake insurance limits and aggregates are shared with locations other than the Properties insured on the same policy as any of the Properties or, if the amount of Earthquake insurance provided is less than 100% of the
insurable values of the building and rental income combined, then the amount of earthquake coverage shall be based on a “Probable Maximum Loss” Study (“PML”) for the applicable Individual Property, which must be conducted
by a seismic engineering company satisfactory to Lender. The results of the PML study, on an Individual Property basis and for all locations insured in the same earthquake insurance policies, shall be used to determine the amount of earthquake
coverage to be provided by Borrower. The amount of insurance shall be determined by adding the total expected damage to all Improvements subject to a single earthquake event in a given region together along with the expected loss of Rents and other
income from the applicable Properties. Earthquake insurance shall provide a limit inclusive of rent loss for “Very High,” “High,” and “Moderate” Hazard Earthquake Risk ratings at twice the annual rental amount. Other
lower risk-rated buildings shall provide a limit inclusive of rent loss at one times the annual rental loss. The total amount of earthquake insurance in limits shall be the sum of expected property damage, reconstruction cost and rental income loss
calculation. Should the available aggregate limits of earthquake insurance be eroded by losses so that the remaining limits available to pay losses are less than 40% of the required limits, Borrower shall purchase additional coverage to restore the
available limit and aggregate limit to not less than 80% of the required amount of insurance. 

  

 83 

 
Amounts of insurance required by this paragraph shall be solely for the protection of the Improvements. If the amounts of earthquake coverage required by any
REA, Condominium Document or Ground Lease is greater than the amounts required herein then Borrower shall maintain such higher amounts of insurance. If the earthquake insurance and associated aggregate limits are shared among other locations the
risks associated with other locations also insured in the same policy shall be taken into consideration in determining the amount of insurance to be provided herein. 
  
 6.1.9 Terrorism Insurance. Borrower shall be required to carry insurance with respect to the Improvements and
Building Equipment covering acts of sabotage or acts by terrorist groups or individuals (“Terrorism Insurance”) throughout the Loan term in an amount equal to $50,000,000 and having a deductible not greater than 2.0% of the total
insurable value, or such lesser coverage amount or such greater deductible, on a blanket basis, that is acceptable to the Rating Agencies as evidenced by a Rating Agency Confirmation. The Terrorism Insurance shall also include 12 months of business
interruption coverage. Borrower agrees that if any property insurance policy covering any of the Properties provides for any exclusions of coverage for acts of terrorism, then a separate Terrorism Insurance policy in the coverage amount required
under this section and in form and substance acceptable to Lender will be obtained by the Borrower for such Property. Lender agrees that Terrorism Insurance coverage may be provided under a blanket policy that is acceptable to Lender.
Notwithstanding anything to the contrary in this Section 6.1.9, Borrower shall not be obligated to maintain Terrorism Insurance (a) in an amount more than that which can be purchased for a sum equal to $1,100,000 and (b) except to the extent
commercially available. 
  
 6.1.10 Other Insurance. At
Lender’s reasonable request, such other insurance with respect to the Property against loss or damage of the kinds from time to time customarily insured against and in such amounts as are generally required by institutional lenders on loans of
similar amounts and secured by properties comparable to, and in the general vicinity of, the Property. 
  
 6.1.11 Ratings of Insurers. Borrower shall maintain the insurance coverage described in Section 6.1.2 through Section 6.1.10 above,
in all cases, with one or more domestic primary insurers reasonably acceptable to Lender, having both claims-paying-ability and financial strength ratings by S&P of not less than “A” and its equivalent by the other Rating Agencies. The
Borrower will maintain the insurance coverage described in Section 6.1.1 above with one or more domestic primary insurers reasonably acceptable to Lender, (a) having a claims-paying-ability and financial strength ratings by S&P of not
less than “A” and its equivalent by the other Rating Agencies with respect to the first $200,000,000 of coverage and (b) having a claims-paying-ability and financial strength ratings by S&P of not less than “BBB” and its
equivalent by the other Rating Agencies (or, if not rated by any of the Rating Agencies, an Alfred M. Best Company, Inc. rating of “A+” or better and a financial size category of not less than “X”) with respect to the balance of
coverage. All insurers providing insurance required by this Agreement shall be authorized to issue insurance in the State. 
  
 6.1.12 Form of Insurance Policies; Endorsements. All insurance policies shall be in such form and with such endorsements as are satisfactory to
Lender (and Lender shall have the right, subject to the provisions of this Agreement, to approve amounts, form, risk coverage, deductibles, loss payees and insureds). A certificate of insurance with respect to all of the 

  

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above-mentioned insurance policies has been delivered to Lender and originals or certified copies of all such policies shall be delivered to Lender when the
same are available (but no later than thirty (30) days after the date hereof) and shall be held by Lender. All policies shall name Lender as an additional insured, shall provide that all Proceeds (except with respect to Proceeds of general liability
and workers’ compensation insurance) be payable to Lender as and to the extent set forth in Section 6.2, and shall contain: (i) a standard “non-contributory mortgagee” endorsement or its equivalent relating, inter alia,
to recovery by Lender notwithstanding the negligent or willful acts or omissions of Borrower; (ii) a waiver of subrogation endorsement in favor of Lender; (iii) an endorsement providing that no policy shall be impaired or invalidated by virtue of
any act, failure to act, negligence of, or violation of declarations, warranties or conditions contained in such policy by Borrower, Lender or any other named insured, additional insured or loss payee, except for the willful misconduct of Lender
knowingly in violation of the conditions of such policy; (iv) an endorsement providing for a deductible per loss of an amount not more than that which is customarily maintained by prudent owners of properties with a standard of operation and
maintenance comparable to and in the general vicinity of the Property, but in no event in excess of an amount reasonably acceptable to Lender; and (v) a provision that such policies shall not be canceled, terminated or expire without at least thirty
(30) days’ prior written notice to Lender, in each instance. Each insurance policy shall contain a provision whereby the insurer: (i) agrees that such policy shall not be canceled or terminated, the coverage, deductible, and limits of such
policy shall not be modified, other provisions of such policy shall not be modified if such policy, after giving effect to such modification, would not satisfy the requirements of this Agreement, and such policy shall not be canceled or fail to be
renewed, without in each case, at least thirty (30) days prior written notice to Lender, (ii) waives any right to claim any premiums and commissions against Lender, provided that the policy need not waive the requirement that the premium be paid in
order for a claim to be paid to the insured, and (iii) provides that Lender at its option, shall be permitted to make payments to effect the continuation of such policy upon notice of cancellation due to non-payment of premiums. In the event any
insurance policy (except for general public and other liability and workers compensation insurance) shall contain breach of warranty provisions, such policy shall provide that with respect to the interest of Lender, such insurance policy shall not
be invalidated by and shall insure Lender regardless of (A) any act, failure to act or negligence of or violation of warranties, declarations or conditions contained in such policy by any named insured, (B) the occupancy or use of the Property for
purposes more hazardous than permitted by the terms thereof, or (C) any foreclosure or other action or proceeding taken by Lender pursuant to any provision of this Agreement. Lender hereby confirms and acknowledges that Borrower has delivered to
Lender certificates of insurance with respect to Master Lessee’s insurance program, in amount, form and content so as to satisfy the requirements of this Section 6.1 in all material respects as of the Closing Date other than with respect
to Section 6.1.9, and that any renewals or modifications that comply with Section 6.1.11 and are otherwise not, in substance, materially different from the approved program in place on the Closing Date shall be deemed to be in
compliance. 
  
 6.1.13 Certificates. Borrower shall deliver
to Lender annually, concurrently with the renewal of the insurance policies required hereunder, a certificate from Borrower’s insurance agent stating that the insurance policies required pursuant to this Section 6.1 are maintained with
insurers who comply with the terms of Section 6.1.11, setting forth a schedule describing all premiums required to be paid by Borrower to maintain the policies of insurance required under this Section 6.1, and stating that Borrower has
paid such premiums. Certificates of insurance 

  

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with respect to all replacement policies shall be delivered to Lender not less than fifteen (15) Business Days prior to the expiration date of any of the
insurance policies required to be maintained hereunder which certificates shall bear notations evidencing payment of applicable premiums. Borrower shall deliver to Lender originals (or certified copies) of such replacement insurance policies on or
before the earlier to occur of (i) thirty (30) days after the effective date thereof and (ii) five (5) Business Days after Borrower’s receipt thereof. If Borrower fails to maintain and deliver to Lender the certificates of insurance and
certified copies or originals required by this Agreement, upon five (5) Business Days’ prior notice to Borrower, Lender may procure such insurance, and all costs thereof (and interest thereon at the Default Rate) shall be added to the
Indebtedness. Lender shall not, by the fact of approving, disapproving, accepting, preventing, obtaining or failing to obtain any insurance, incur any liability for or with respect to the amount of insurance carried, the form or legal sufficiency of
insurance contracts, solvency of insurance companies, or payment or defense of lawsuits, and Borrower hereby expressly assumes full responsibility therefor and all liability, if any, with respect to such matters. 
  
 6.1.14 Separate Insurance. Borrower shall not take out separate
insurance contributing in the event of loss with that required to be maintained pursuant to this Section 6.1 unless such insurance complies with this Section 6.1. 
  
 6.1.15 Blanket Policies. The insurance coverage required under this Section 6.1 may be effected under a
blanket policy or policies covering the Property and other properties and assets not constituting a part of the Property (a “Blanket Policy”); provided that any such Blanket Policy shall specify, except in the case of public
liability insurance, the portion of the total coverage of such policy that is allocated to the Property, and any sublimits in such Blanket Policy applicable to the Property, which amounts shall not be less than the amounts required pursuant to this
Section 6.1 and which shall in any case comply in all other respects with the requirements of this Section 6.1. In addition, Borrower shall provide evidence satisfactory to Lender that the insurance premiums for the applicable Property
or Properties are separately allocated under such Blanket Policy to the applicable Property or Properties and that payment of such allocated amount (A) shall maintain the effectiveness of such Blanket Policy as to such Property or Properties and (B)
shall otherwise provide the same protection as would a separate policy that complies with the terms of this Agreement as to such Property or Properties, notwithstanding the failure of payment of any other portion of the insurance premiums. If no
such allocation is available, Lender shall have the right to increase the amount required to be deposited into the Insurance Reserve Account in an amount sufficient to purchase a non-blanket policy covering the applicable Property or Properties from
insurance companies which qualify under this Agreement. Upon Lender’s request, Borrower shall deliver to Lender an Officer’s Certificate setting forth (i) the number of properties covered by such policy, (ii) the location by city (if
available, otherwise, county) and state of the properties, (iii) the average square footage of the properties (or the aggregate square footage), (iv) a brief description of the typical construction type included in the Blanket Policy and (v) such
other information as Lender may reasonably request. 
  
 6.2
Condemnation and Insurance Proceeds. 
  
 6.2.1
Notification; . Borrower shall promptly notify Lender in writing upon obtaining knowledge of (i) the institution of any proceedings relating to any Taking (whether material or 

  

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immaterial) of, or (ii) the occurrence of any casualty, damage or injury to, the Property or any portion thereof, the restoration of which is estimated by
Borrower in good faith to cost more than the Casualty Amount as to any Individual Property. In addition, each such notice shall set forth such good faith estimate of the cost of repairing or restoring such casualty, damage, injury or Taking in
reasonable detail if the same is then available and, if not, as soon thereafter as it can reasonably be provided. Borrower shall promptly provide Lender with copies of any material documentation available to Borrower and requested by Lender relating
to any Taking, including, but not limited to, documentation relating to the Taking matters set forth on Schedule II. 
  
 6.2.2 Proceeds. In the event of any Taking of or any casualty or other damage or injury to the Property, including, but not limited to, pursuant to
the Taking matters set forth on Schedule II, Borrower’s right, title and interest in and to all compensation, awards, proceeds, damages, claims, insurance recoveries, causes and rights of action (whether accrued prior to or after the
date hereof) and payments which Borrower may receive or to which Borrower may become entitled with respect to the Property or any part thereof other than payments received in connection with any liability or loss of rental value or business
interruption insurance and other than any of the foregoing with respect to the Excluded Personal Property (collectively, “Proceeds”), in connection with any such Taking of, or casualty or other damage or injury to, the Property or
any part thereof are hereby assigned by Borrower to Lender and, except as otherwise herein provided, shall be paid to the Lender. Borrower shall, in good faith and in a commercially reasonable manner, file and prosecute the adjustment, compromise or
settlement of any claim for Proceeds and, subject to Borrower’s right to receive the direct payment of any Proceeds as herein provided, will cause the same to be paid directly to Lender to be held and applied in accordance with the provisions
of this Agreement. Except upon the occurrence and during the continuance of a Monetary Default or an Event of Default, Borrower may settle any insurance claim with respect to Proceeds which does not exceed the Casualty Amount as to any Individual
Property. Whether or not a Monetary Default or an Event of Default shall have occurred and be continuing, Lender shall have the right to approve, such approval not to be unreasonably withheld, any settlement which might result in any Proceeds in
excess of the Casualty Amount as to any Individual Property and Borrower shall deliver or cause to be delivered to Lender all instruments reasonably requested by Lender to permit such approval. Borrower shall pay all reasonable out-of-pocket costs,
fees and expenses reasonably incurred by Lender (including all reasonable attorneys’ fees and expenses, the reasonable fees of insurance experts and adjusters and reasonable costs incurred in any litigation or arbitration), and interest thereon
at the Default Rate to the extent not paid within ten (10) Business Days after delivery of a request for reimbursement by Lender, in connection with the settlement of any claim for Proceeds and seeking and obtaining of any payment on account thereof
in accordance with the foregoing provisions. If any Proceeds are received by Borrower and may be retained by Borrower pursuant to this Section 6.2, such Proceeds shall, until the completion of the related Work, be held in trust for Lender and
shall be segregated from other funds of Borrower to be used to pay for the cost of the Work in accordance with the terms hereof, and in the event such Proceeds exceed the Casualty Amount as to any Individual Property, such Proceeds shall be
forthwith paid directly to and held by Lender in the Proceeds Reserve Account in trust for Borrower, in each case to be applied or disbursed in accordance with this Section 6.2. If an Event of Default shall have occurred and be continuing, or
if Borrower fails to file and/or prosecute any insurance claim for a period of fifteen (15) Business Days following Borrower’s receipt of written notice from Lender, Borrower hereby irrevocably empowers Lender, in the name of Borrower as its
true and 

  

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lawful attorney-in-fact, to file and prosecute such claim (including settlement thereof) with counsel satisfactory to Lender and to collect and to make
receipt for any such payment, all at Borrower’s expense (including payment of interest at the Default Rate for any amounts advanced by Lender pursuant to this Section 6.2). Notwithstanding anything to the contrary set forth in this
Agreement, however, and excluding situations requiring prepayment of the Notes, to the extent any Proceeds (either singly or when aggregated with all other then unapplied Proceeds with respect to the Property) do not exceed the Casualty Amount as to
any Individual Property, such Proceeds are to be paid directly to Borrower to be applied to restoration of the Property in accordance with the terms hereof (except that Proceeds paid in respect of the insurance described in Section 6.1.4
shall be deposited directly to the Holding Account as revenue of the Property). 
  
 6.2.3 Lender to Take Proceeds. 
  
 (a) Subject to the terms and provisions of the Master Lease (which shall at all times such agreement is in effect govern the use and disposition of Proceeds and their availability for restoration notwithstanding anything to the contrary
contained herein), if (i) a Monetary Default or an Event of Default shall have occurred and be continuing, (ii) a Total Loss with respect to the Property shall have occurred, (iii) the Work is not capable of being completed before the earlier to
occur of the date which is six (6) months prior to the earlier of the Maturity Date (as the same may be extended pursuant to the terms of the Note) and the date on which the business interruption insurance carried by Borrower with respect to the
Property shall expire (the “Cut-Off Date”), unless on or prior to the Cut-Off Date the Borrower shall deliver to the Lender and there shall remain in effect a binding written offer, subject only to customary conditions, of an
Approved Bank or such other financial institution or investment bank reasonably satisfactory to Lender for a loan from such Approved Bank or such other financial institution or investment bank to the Borrower in a principal amount of not less than
the then Principal Amount and which shall, in the Lender’s reasonable judgment, enable the Borrower to refinance the Loan prior to the Maturity Date, (v) the Property is not capable of being restored substantially to its condition prior to such
Taking or casualty and such incapacity shall have a Material Adverse Effect, (vi) Subleases demising in the aggregate less than 50% of the total rentable space in the Property which has been demised under executed and delivered Subleases in effect
as of the date of the occurrence of such fire or other casualty remain in full force and effect during and after the completion of the restoration, (vii) the Mater Lessee or Borrower shall exercise any termination right under the Master Lease or
(viii) Lender determines that upon the completion of the restoration, the gross cash flow and the net cash flow of the Property will not be restored to a level sufficient to cover all carrying costs and operating expenses of the Property, including,
without limitation, debt service on the Notes at a coverage ratio (after deducting all required reserves as required by Lender from net operating income) of at least 2.0 to 1.0, which coverage ratio shall be determined by Lender in its reasonable
discretion; then in any such case, all Proceeds shall be paid over to Lender (if not paid directly to Lender) for application as set forth in clause (b) below. 
  

(b) Subject to the terms and provisions of the Master Lease (which shall at all times such agreement is in effect govern the use and disposition of
Proceeds and their availability for restoration notwithstanding anything to the contrary contained herein), any Proceeds remaining after reimbursement of Lender’s or its agent’s reasonable out-of-pocket costs and expenses actually incurred
in connection with recovery of any such Proceeds (including, 

  

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without limitation, reasonable out-of-pocket administrative costs and inspection fees) shall, except to the extent required under the provisions hereof to be
applied for restoration,- be applied by Lender to prepay the Notes to the extent of the Release Price for such Individual Property in accordance with the provisions thereof (without the imposition of any Prepayment Fee), and the balance, if any
shall be paid over to (i) the First Mezzanine Lender to be applied in accordance with the terms of the First Mezzanine Loan Agreement to the extent of the Release Price (Mezzanine) set forth therein for such Individual Property, (ii) with the
balance, if any, to the Second Mezzanine Lender to be applied in accordance with the terms of the Second Mezzanine Loan Agreement to the extent of the Release Price (Mezzanine) set forth therein, or (iii) with the balance, if any, to the Third
Mezzanine Lender to be applied in accordance with the terms of the Third Mezzanine Loan Agreement to the extent of the Release Price (Mezzanine) set forth therein, (iv) with the balance, if any, to the Fourth Mezzanine Lender to be applied in
accordance with the terms of the Fourth Mezzanine Loan Agreement to the extent of the Release Price (Mezzanine) set forth therein, (v) with the balance, if any, to the Holding Account to be applied by Lender to prepay the Notes, and (vi) if the
Mezzanine Loans are no longer outstanding, the balance, if any, to the Borrower’s Account. If the Proceeds applied by Lender and Mezzanine Lenders pursuant to the preceding sentence equal or exceed the Release Price and the combined Release
Price (Mezzanine) for such Individual Property, Borrower shall be entitled to obtain a Property Release subject to and in accordance with Section 2.3.4. Transfers of Proceeds to or for the benefit of any of the Mezzanine Borrowers shall
constitute distributions to First Mezzanine Borrower, and deemed distributions by the First Mezzanine Borrower to the Second Mezzanine Borrower, by the Second Mezzanine Borrower to the Third Mezzanine Borrower, and by the Third Mezzanine Borrower to
the Fourth Mezzanine Borrower, as applicable, and, in each case, must comply with the requirements as to distributions of the Delaware Limited Liability Company Act. The provisions of this Section 6.2.3 shall not create a debtor-creditor
relationship between Borrower and any Mezzanine Lender. 
  
 6.2.4
Borrower to Restore. 
  
 (a) Subject to Section 2.3.4,
promptly after the occurrence of any damage or destruction to all or any portion of the Property or a Taking of a portion of the Property which does not constitute a Total Loss with respect to the Property, Borrower shall commence and diligently
prosecute, or cause to be commenced and diligently prosecuted, to completion, subject to Excusable Delays, the repair, restoration and rebuilding of the Property (in the case of a partial Taking, to the extent it is capable of being restored) so
damaged, destroyed or remaining after such Taking in full compliance with all material Legal Requirements and free and clear of any and all Liens except Permitted Encumbrances (such repair, restoration and rebuilding are collectively referred to
herein as the “Work”). The plans and specifications shall require that the Work be done in a first-class workmanlike manner at least equivalent to the quality and character prior to the damage or destruction (provided,
however, that in the case of a partial Taking, the Property restoration shall be done to the extent reasonably practicable after taking into account the consequences of such partial Taking), so that upon completion thereof, the Property shall
be at least equal in value and general utility to the Property prior to the damage or destruction; it being understood, however, that Borrower shall not be obligated to restore the Property to the precise condition of the Property prior to any
partial Taking of, or casualty or other damage or injury to, the Property, if the Work actually performed, if any, or failed to be performed, shall have no Material Adverse Effect on the value of the Property from the value that the Property 

  

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would have had if the same had been restored to its condition immediately prior to such Taking or casualty. Subject to Borrower’s rights pursuant to
Section 2.3.4 to cause the Property to be released from the Lien of the Security Instrument, Borrower shall be obligated to restore the Property suffering a casualty or which has been subject to a partial Taking in accordance with the
provisions of this Section 6.2 at Borrower’s sole cost and expense whether or not the Proceeds shall be sufficient, provided that, if applicable, the Proceeds shall be made available to Borrower by Lender in accordance with this
Agreement. 
  
 (b) If Proceeds are not required to be applied
toward payment of the Indebtedness pursuant to the terms hereof, then Lender shall make the Proceeds which it is holding pursuant to the terms hereof (after payment of any reasonable out-of-pocket expenses actually incurred by Lender pursuant to the
penultimate sentence of Section 6.2.2. in connection with the collection thereof plus interest thereon at the Default Rate (from the date advanced through the date of reimbursement) to the extent the same are not paid within ten (10) Business Days
after request for reimbursement by Lender) available to Borrower for payment of or reimbursement of Borrower’s or the applicable Tenant’s expenses incurred with respect to the Work, upon the terms and subject to the conditions set forth in
paragraphs (i), (ii) and (iii) below and in Section 6.2.5: 
  
 (i) at the time of loss or damage or at any time thereafter while Borrower is holding any portion of the Proceeds, there shall be no continuing Monetary Default or Event of Default; 
  
 (ii) if, at any time, the estimated cost of the Work (as
estimated by the Architect referred to in clause (iii) below) shall exceed the Proceeds (a “Deficiency”) and for so long as such Deficiency shall exist, Lender shall not be required to make any Proceeds disbursement to Borrower
unless Borrower (within a reasonable period of time after receipt of such estimate), at its election, either deposits with or delivers to Lender (A) Cash and Cash Equivalents or a Letter or Letters of Credit in an amount equal to the estimated cost
of the Work less the Proceeds available, or (B) such other evidence of Borrower’s ability to meet such excess costs and which is satisfactory to Lender and the Rating Agencies; 
  
 (iii) Lender and the Architect shall have reasonably approved the plans and specifications for the Work and
any change orders in connection with such plans and specifications; and 
  
 (iv) Lender shall, within a reasonable period of time prior to request for initial disbursement, be furnished with an estimate of the cost of the Work accompanied by an Architect’s certification as to such costs
and appropriate plans and specifications for the Work. Borrower shall restore all Improvements such that when they are fully restored and/or repaired, such Improvements and their contemplated use fully comply with all applicable Legal Requirements
including zoning, environmental and building laws, codes, ordinances and regulations. 
  
 6.2.5 Disbursement of Proceeds. 
  
 (a) Disbursements of the Proceeds in Cash or Cash Equivalents to Borrower hereunder shall be made from time to time (but not more frequently than once in any month) by 

  

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Lender but only for so long as no Monetary Default or Event of Default shall have occurred and be continuing, as the Work progresses upon receipt by Lender
of (i) an Officer’s Certificate dated not more than ten (10) Business Days prior to the application for such payment, requesting such payment or reimbursement and describing the Work performed that is the subject of such request, the parties
that performed such Work and the actual cost thereof, and also certifying that such Work and materials are or, upon disbursement of the payment requested to the parties entitled thereto, will be free and clear of Liens other than Permitted
Encumbrances, (ii) subject to Borrower’s right to contest under Section 7.3, evidence reasonably satisfactory to Lender that (A) all materials installed and work and labor performed in connection with such Work have been paid for in full
and (B) there exists no notices of pendency, stop orders, mechanic’s liens or notices of intention to file same (unless the same is required by the applicable State law as a condition to the payment of a contractor) or any liens or encumbrances
of any nature whatsoever on the Property arising out of the Work which have not been either fully bonded to the satisfaction of Lender or discharged of record or in the alternative, fully insured to the satisfaction of Lender by the Title Company,
an Architect’s certificate certifying performance of the Work together with an estimate of the cost to complete the Work. No payment made prior to the final completion of the Work, as certified by the Architect, except for payment made to
contractors or subcontractors whose Work shall have been fully completed and from which final lien waivers have been received, shall exceed ninety percent (90%) (the “Retainage Release Threshold”) of the value of the Work performed
and materials furnished and incorporated into the Improvements by such contractor or subcontractor, as applicable, from time to time until such time as fifty percent (50%) of such Work has been satisfactorily completed (as certified by the
Architect), at which time the Retainage Release Threshold with respect to such Work may be increased to ninety-five (95%), and at all times the undisbursed balance of said Proceeds together with all amounts deposited, bonded, guaranteed or otherwise
provided for pursuant to Section 6.2.4(b) above, shall be at least sufficient to pay for the estimated cost of completion of the Work; final payment of all Proceeds remaining with Lender shall be made upon receipt by Lender of a certification
by an Architect, as to the completion of the Work substantially in accordance with the submitted plans and specifications, final lien releases, and the filing of a notice of completion and the expiration of the period provided under the law of the
applicable State for the filing of mechanics’ and materialmens’ liens which are entitled to priority as to other creditors, encumbrances and purchasers, as certified pursuant to an Officer’s Certificate, and delivery of a certificate
of occupancy with respect to the Work, or, if not applicable, an Officer’s Certificate to the effect that a certificate of occupancy is not required. 
  
 (b) If, after the Work is completed in accordance with the provisions hereof and Lender receives evidence that all costs of completion have been paid,
there are excess Proceeds, such excess Proceeds shall be paid over to Lender for application in accordance with Section 6.2.3(b). 
  

	 	VII.	IMPOSITIONS, OTHER CHARGES, LIENS AND OTHER ITEMS 

  
 7.1 Borrower to Pay Impositions and Other Charges. Borrower shall pay all Impositions now or hereafter levied or assessed or imposed against the
Property or any part thereof prior to the imposition of any interest, charges or expenses for the non-payment thereof and shall pay all Other Charges on or before the date they are due. Borrower shall deliver to Lender annually, no later than
fifteen (15) Business Days after the first day of each fiscal year of 

  

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Borrower, and shall update as new information is received, a schedule describing all Impositions, payable or estimated to be payable during such fiscal year
attributable to or affecting the Property or Borrower. Subject to Borrower’s right of contest set forth in Section 7.3, as set forth in the next two sentences and provided that there are sufficient funds available in the Tax Reserve
Account, Lender, on behalf of Borrower, shall pay all Impositions and Other Charges which are attributable to or affect the Property or Borrower, prior to the date such Impositions or Other Charges shall become delinquent or late charges may be
imposed thereon, directly to the applicable taxing authority with respect thereto. Lender shall, or Lender shall direct the Cash Management Bank to, pay to the taxing authority such amounts to the extent funds in the Tax Reserve Account are
sufficient to pay such Impositions. Nothing contained in this Agreement or the Security Instrument shall be construed to require Borrower to pay any tax, assessment, levy or charge imposed on Lender in the nature of a franchise, capital levy,
estate, inheritance, succession, income or net revenue tax. 
  
 7.2 No Liens. Subject to its right of contest set forth in Section 7.3, Borrower shall at all times keep, or cause to be kept, the Property free from all Liens (other than Permitted Encumbrances) and shall pay when due and
payable (or bond over) all claims and demands of mechanics, materialmen, laborers and others which, if unpaid, might result in or permit the creation of a Lien on the Property or any portion thereof and shall in any event cause the prompt, full and
unconditional discharge of all Liens imposed on or against the Property or any portion thereof within forty-five (45) days after receiving written notice of the filing (whether from Lender, the lienor or any other Person) thereof. Borrower shall do
or cause to be done, at the sole cost of Borrower, everything reasonably necessary to fully preserve the first priority of the Lien of the Security Instrument against the Property, subject to the Permitted Encumbrances. Upon the occurrence and
during the continuance of an Event of Default with respect to its Obligations as set forth in this Article VII, Lender may (but shall not be obligated to) make such payment or discharge such Lien, and Borrower shall reimburse Lender on demand
for all such advances pursuant to Section 19.12 (together with interest thereon at the Default Rate). 
  
 7.3 Contest. Nothing contained herein shall be deemed to require Borrower to pay, or cause to be paid, any Imposition or to satisfy any Lien, or to
comply with any Legal Requirement or Insurance Requirement, so long as Borrower is in good faith, and by proper legal proceedings, where appropriate, diligently contesting the validity, amount or application thereof, provided that in each case, at
the time of the commencement of any such action or proceeding, and during the pendency of such action or proceeding (i) no Event of Default shall exist and be continuing hereunder, (ii) Borrower shall keep Lender informed of the status of such
contest at reasonable intervals, (iii) if Borrower is not providing security as provided in clause (vi) below, adequate reserves with respect thereto are maintained on Borrower’s books in accordance with GAAP or in the Tax Reserve Account or
Insurance Reserve Account, as applicable, or in the Proceeds Reserve Account pursuant to Article VI, as applicable (iv) either such contest operates to suspend collection or enforcement as the case may be, of the contested Imposition, Lien or Legal
Requirement and such contest is maintained and prosecuted continuously and with diligence or the Imposition or Lien is bonded, (v) in the case of any Insurance Requirement, the failure of Borrower to comply therewith shall not impair the validity of
any insurance required to be maintained by Borrower under Section 6.1 or the right to full payment of any claims thereunder, and (vi) in the case of Impositions and Liens which are not bonded in excess of Two Million Dollars ($2,000,000)
individually, or in the aggregate, during such contest, Borrower, shall 

  

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deposit with or deliver to Lender either Cash and Cash Equivalents or a Letter or Letters of Credit in an amount equal to 110% of (A) the amount of
Borrower’s obligations being contested plus (B) any additional interest, charge, or penalty arising from such contest. Notwithstanding the foregoing, the creation of any such reserves or the furnishing of any bond or other security, Borrower
promptly shall comply with any contested Legal Requirement or Insurance Requirement or shall pay any contested Imposition or Lien, and compliance therewith or payment thereof shall not be deferred, if, at any time the Property or any portion thereof
shall be, in Lender’s reasonable judgment, in imminent danger of being forfeited or lost or Lender is likely to be subject to criminal damages as a result thereof. If such action or proceeding is terminated or discontinued adversely to
Borrower, (a) provided no Event of Default has occurred and is continuing hereunder, Lender shall disburse to Borrower or the Person entitled to such sums, the security provided therefor under this Section 7.3 and (b) Borrower shall deliver
to Lender reasonable evidence of Borrower’s compliance with such contested Imposition, Lien, Legal Requirements or Insurance Requirements, as the case may be. Notwithstanding the foregoing, any contest conducted by the Master Lessee in
accordance with the Master Lease will be deemed to satisfy the requirements of this Section 7.3 provided that any security deposited by Master Lessee pursuant to the provisions of the Master Lease in connection with such contest is delivered
to Lender. 
  

	 	VIII. 	TRANSFERS, INDEBTEDNESS AND SUBORDINATE LIENS 

  
 8.1 General Restriction on Transfers and Indebtedness. Unless such action is permitted by the provisions of this Article VIII, Borrower
shall not, and shall not permit any other Person holding any direct or indirect ownership interest in Borrower, Mezzanine Borrower, HoldCo, Master Lessee any SPE Entity or the Property to, except with the prior written consent of Lender and, if a
Securitization has occurred, delivery of a Rating Agency Confirmation, (i) Transfer all or any part of the Property, (ii) incur any Debt, other than Permitted Debt or Permitted Encumbrances, or (iii) except in connection with the Mezzanine Loan,
permit any Transfer (directly or indirectly) of any interest in Borrower, Mezzanine Borrower, HoldCo, Master Lessee or any SPE Entity. Notwithstanding the foregoing, the grant of a Lien by Master Lessee on the Excluded Personal Property (other than
Master Lessee’s equity interest in HoldCo) shall not be prohibited pursuant to this Section 8.1. 
  
 8.2 Sale of Building Equipment. Borrower may Transfer or dispose of Building Equipment which is being replaced or which is no longer necessary in
connection with the operation of the Property free from the Lien of the Security Instrument provided that such Transfer or disposal will not have a Material Adverse Effect on the value of the Property taken as a whole, will not materially impair the
utility of the Property, and will not result in a reduction or abatement of, or right of offset against, the Rents payable under the Master Lease or any Sublease, in either case as a result thereof, and provided further that any new Building
Equipment acquired by Borrower (and not so disposed of) shall be subject to the Lien of the Security Instrument. Lender shall, from time to time, upon receipt of an Officer’s Certificate requesting the same and confirming satisfaction of the
conditions set forth above, execute a written instrument in form reasonably satisfactory to Lender to confirm that such Building Equipment which is to be, or has been, sold or disposed of is free from the Lien of the Security Instrument. 

 

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 8.3 Immaterial Transfers and Easements, etc. Borrower may, without the consent of Lender, (i) make
immaterial Transfers of portions of the Property to Governmental Authorities for dedication or public use (subject to the provisions of Section 6.2) or, portions of the Property to third parties for the purpose of erecting and operating
additional structures whose use is integrated with the use of the Property, and (ii) grant easements, restrictions, covenants, reservations and rights of way in the ordinary course of business for access, water and sewer lines, telephone and
telegraph lines, electric lines or other utilities or for other similar purposes, provided that no such Transfer, conveyance or encumbrance set forth in the foregoing clauses (i) and (ii) shall materially impair the utility and operation of the
Property or have a Material Adverse Effect on the value of the Property taken as a whole. In connection with any Transfer permitted pursuant to this Section 8.3, Lender shall execute and deliver any instrument reasonably necessary or
appropriate, in the case of the Transfers referred to in clause (i) above, to release the portion of the Property affected by such Taking or such Transfer from the Lien of the Security Instrument or, in the case of clause (ii) above, to subordinate
the Lien of the Security Instrument to such easements, restrictions, covenants, reservations and rights of way or other similar grants upon receipt by Lender of: 
  
 (a) thirty (30) days prior written notice thereof; 
  
 (b) a copy of the instrument or instruments of Transfer; 
  
 (c) an Officer’s Certificate stating (x) with respect to any Transfer, the consideration, if any, being paid for the
Transfer and (y) that such Transfer does not materially impair the utility and operation of the Property or have a Material Adverse Effect; and 
  
 (d) reimbursement of all of Lender’s reasonable out-of-pocket costs and expenses incurred in connection with such Transfer. 
  
 8.4 Permitted Master Lessee and Guarantor Indebtedness.
Notwithstanding anything to the contrary contained in Section 8.1, Master Lessee, Guarantor and any other Person holding any direct or indirect ownership interest in Master Lessee or Guarantor shall be permitted to incur Debt without the
consent of the Lender or the delivery of a Rating Agency Confirmation. Without limiting the foregoing, nothing herein or in the other Loan Documents shall be deemed to prohibit the borrowing and repayment of the loans being made on the date hereof
to Guarantor pursuant to, or Guarantor’s execution and delivery of, that certain Bridge Loan Agreement, entered into as of the date hereof, by Guarantor, each lender from time to time party thereto, Banc of America Bridge LLC, as administrative
agent for the lenders, Deutsche Bank AG Cayman Islands Branch, as joint-administrative agent, and Banc of America Securities LLC, Deutsche Bank Securities Inc. and Credit Suisse, as joint lead arrangers and joint bookrunning managers, and Citigroup
Global Markets Inc. as co-arranger (the “Bridge Loan Agreement”) and the other Loan Documents (as defined in the Bridge Loan Agreement). In addition, holders of direct and indirect interests in HoldCo, shall, provided that such
interests in HoldCo do not constitute more than 25% of such holder’s net worth, be permitted to incur Debt without the consent of the Lender or the Delivery of a Rating Agency Confirmation. 
  

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 8.5 Permitted Equity Transfers. 
  
 (a) A Transfer (but not a pledge or encumbrance) of an indirect beneficial interest in Borrower that is otherwise prohibited
hereunder shall nevertheless be permitted without Lender’s prior written consent or a Rating Agency Confirmation if (i) Lender receives thirty (30) days prior written notice thereof, (ii) immediately prior to such Transfer, no Event of Default
shall have occurred and be continuing, (iii) no more than forty-nine percent (49%) of the direct or indirect ownership interests in Borrower or Mezzanine Borrower, HoldCo or any SPE Entity is being Transferred (in the aggregate of all such
Transfers), (iv) the transferee is not a Disqualified Transferee (v) HoldCo continues to own 100% of the ownership interests in Mezzanine Borrower and Mezzanine Borrower continues to own 100% of the ownership interests in Borrower, (vi) Guarantor
retains Control of Master Lessee, HoldCo, Mezzanine Borrower and Borrower and continues to own, directly and/or indirectly, at least fifty-one percent (51%) of the equity interests in Master Lessee, (vi) Master Lessee (or its successor by merger or
acquisition of all or substantially all of Master Lessee’s assets) remains the master lessee under the Master Lease and (vii) except as otherwise permitted under clause (b) below, no more than forty-nine percent (49%) of the direct or indirect
ownership interests in Master Lessee or Guarantor is being Transferred (in the aggregate of all such Transfers). 
  
 (b) Notwithstanding anything herein to the contrary, the following Transfers shall not require the prior written consent of Lender or a Rating Agency
Confirmation: 
  
 (i) a Transfer of interests in
any Sponsor, 
  
 (ii) a Transfer of interests in
Guarantor or Master Lessee as a result of a merger or a Transfer of all or substantially all of the assets of a direct or indirect owner of Guarantor or Master Lessee to a Permitted Transferee or Pre-Approved Transferee, provided Borrower complies
with Section 8.7 (and thereafter Transfers of interests in any such transferee if it is publicly traded); 
  
 (iii) a Transfer (but not a pledge or encumbrance in the case of any Transfer of interests in HoldCo) of any interests in Guarantor,
Master Lessee or HoldCo, provided that subsequent to any such Transfer, more than fifty-one percent (51%) percent of HoldCo is owned by any one or more of the following: 
  

	 	(1)	Bain Capital Partners, LLC; 

  

	 	(2)	Kohlberg Kravis Roberts & Co.; 

  

	 	(3)	Vornado Realty L.P.; 

  

	 	(4)	a Permitted Transferee; 

  

	 	(5)	a Pre-Approved Transferee; 

  

	 	(6)	any Person that has been previously approved in writing by Lender and the Rating Agencies; 

  

	 	(7)	a transferee described in clause (iv) or (v) below;  

  

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	 	(8)	an investment fund, limited liability company, limited partnership or general partnership with committed capital of at least $1,000,000,000 where a Permitted Fund Manager acts as
the general partner, managing member or fund manager and at least 51% of the equity interests in such Permitted Fund Manager are owned, directly or indirectly, by any of the Persons listed above; and 

  

	 	(9)	any successor by merger with respect to, or transferee of all or substantially all of the assets of, any of the foregoing (each of the foregoing Persons described in clauses (1)
through (8), a “Sponsor”); 

  
 (iv) a pledge or encumbrance of interests in Guarantor or Master Lessee and any Transfer of such interests in realization upon such pledge or encumbrance, provided not less than fifty-one percent (51%) percent of such
transferee is owned by a Sponsor; 
  
 (v) a
pledge or encumbrance of interests in HoldCo as security for a loan secured by all or substantially all of the assets of Master Lessee and any Transfer of such interests in realization upon such pledge or encumbrance. 
  
 (vi) a pledge or encumbrance of direct or indirect interests
in the Person (“HoldCo Parent”) that owns the direct interests in HoldCo as security for a loan secured by all or substantially all of the assets of the owner of the interests in HoldCo Parent (provided that such interests in HoldCo
Parent do not constitute more than 25% of such owner’s net worth) and any Transfer of such interests in realization upon such pledge or encumbrance, provided such Transfer does not result in less than fifty-one percent (51%) percent of the
direct or indirect interests in HoldCo being owned by a Sponsor; and 
  
 (vii) a Transfer of direct or indirect interests in any Person that holds an indirect interest in HoldCo that is either (A) publicly traded or (B) an “umbrella partnership” in which a publicly traded REIT is
the general partner (eg, Vornado Realty Trust). 
  
 Notwithstanding the foregoing, Borrower shall not, and shall not permit or suffer any person to, pledge, hypothecate, encumber or grant a security interest in or lien on any direct or, except as set forth in this Section 8.5
indirect, interest in Borrower, Mezzanine Borrower or any SPE Entities. 
  
 8.6 Deliveries to Lender. Not less than thirty (30) days prior to (or, in the case of the transactions described in Section 8.5 (other than clause (b)(vii)), promptly following) the closing of any transaction that requires
consent of Lender under the provisions of Sections 8.1, 8.3 and 8.5, Borrower shall deliver to Lender an Officer’s Certificate describing the proposed transaction and stating that such transaction is permitted by this
Article VIII, together with any appraisal or other documents upon which such Officer’s Certificate is based. In addition, Borrower shall provide Lender with copies of executed deeds or other similar closing documents within ten (10)
Business Days after such closing. 
  

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 8.7 Loan Assumption. Provided no Event of Default is then continuing, Borrower shall have the one
time right to sell, assign, convey or transfer (but not mortgage, hypothecate or otherwise encumber or grant a security interest in) legal or equitable title to all (but not fewer than all) of the Properties only if after giving effect to the
proposed transaction the Properties will be owned by one or more Single Purpose Entities wholly owned by a Permitted Transferee or a Pre-approved Transferee which shall have executed and delivered to Lender an assumption agreement in form and
substance acceptable to Lender. Any such assumption of the Loan shall be conditioned upon, among other things, (i) the delivery of financial information, including, without limitation, audited financial statements, for such purchaser and the direct
and indirect owners such purchaser, (ii) the delivery of evidence that the purchaser is a Single Purpose Entity and is not a Disqualified Transferee, (iii) the execution and delivery of all documentation reasonably requested by Lender, (iv) the
delivery of Opinions of Counsel requested by Lender, including, without limitation, a Non-Consolidation Opinion with respect to the purchaser and other entities identified by Lender or requested by the Rating Agencies and opinions with respect to
the valid formation, due authority and good standing of the purchaser and any additional pledgors and the continued enforceability of the Loan Documents and any other matters requested by Lender, (v) the delivery of an endorsement to the Title
Policy in form and substance acceptable to Lender, insuring the lien of the Security Instrument, as assumed, subject only to the Permitted Encumbrances and (vi) the payment of all of Lender’s reasonable out-of-pocket fees, costs and expenses,
including, without limitation, reasonable attorneys’ fees and costs, actually incurred by Lender in connection with such assumption. 
  
 8.8 Subleases. 
  
 8.8.1 New Subleases and Sublease Modifications. Borrower represents and warrants that each Individual Property is currently leased to Master Lessee
pursuant to the Master Lease, and substantially occupied by a Toys ‘R’ Us, a Babies ‘R’ Us or a related distribution facility, and with respect to the Individual Properties constituting retail properties, occupied in part by
other subtenants under the applicable Subleases. 
  
 8.8.2
Leasing Conditions. Except as otherwise provided in this Section 8.8.2, Borrower shall not, and shall not permit Master Lessee to (i) enter into any Sublease (a “New Sublease”) or (ii) modify any Sublease (including,
without limitation, accept a surrender of any portion of the Property subject to a Sublease (unless otherwise permitted or required by law), allow a reduction in the term of any Sublease or a reduction in the Rent payable under any Sublease, change
any renewal provisions of any Sublease, materially increase the obligations of the landlord or materially decrease the obligations of any Tenant) or terminate any Sublease unless the Tenant under such Lease is in default (any such action referred to
in clause (ii) being referred to herein as a “Sublease Modification”) without the prior written consent of Lender which consent shall not be unreasonably withheld or delayed, provided however that Borrower and Master Lessee shall
have the right to terminate a Sublease (x) to replace it with another Sublease, (y) to use the property formerly subleased for itself as a Toys “R” Us or a Babies “R” Us or (z) subject to Section 2.3.6, in connection with
the decision to have the store Go Dark. Any New Sublease or Sublease Modification that requires Lender’s consent shall be delivered to Lender for approval not less than ten (10) Business Days prior to the effective date of such New Sublease or
Sublease Modification. If Lender fails to respond to a request for Lender’s consent pursuant to this Section 8.8.2 within ten (10) Business Days of Lender’s receipt of Borrower’s request therefor, 

  

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Borrower may deliver to Lender a second request in an envelope or under cover of a letter marked “URGENT” and including a legend in bold typeface
that Lender’s failure to grant or deny the requested consent within ten (10) Business Days of the receipt thereof will result in the requested consent being deemed to have been granted. If Lender fails to respond to such second request within
ten (10) Business Days of its receipt thereof, Lender’s consent shall be deemed granted. Notwithstanding the foregoing, but subject to terms of Sections 8.8.7 and 8.8.8, provided no Event of Default shall have occurred and be
continuing, Borrower may permit Master Lessee to enter into a New Sublease or Sublease Modification, without Lender’s prior written consent, that satisfies each of the following conditions: 
  
 (b) with respect to a New Sublease or Sublease Modification the premises
demised thereunder is not a Material Sublease that, when taken together with all other Material Subleases, exceeds the Material Sublease Approval Threshold; 
  
 (c) the term of such Sublease Modification that modifies the term or New Sublease, as applicable, does not exceed 120 months, plus up to two (2) 60-month
option terms (or equivalent combination of renewals) provided that such lease, including the rental rate, is on market terms; 
  
 (d) the rental rate under such Sublease Modification that modifies the rent or New Sublease, as applicable, is at least equal to the then prevailing
market rate for the entire term of such lease (except for the option periods as set forth in the preceding clause (c)); 
  
 (e) “fixed” or “base” rent under such New Sublease or, if the rent is modified, under such Sublease Modification, as applicable, is at
a substantially consistent or rising level throughout the term of the lease, other than for (x) market-rate “free rent” periods or (y) tenant improvement and tenant inducements that exceed current market conditions but are amortized over a
shorter time period than the entire initial term of such New Sublease or Sublease Modification, as applicable; 
  
 (f) such New Sublease or Sublease (as Modified by the Sublease Modification), as applicable, provides that the premises demised thereby cannot be used for
any of the following uses (it being agreed and understood that book stores and “Best Buy” type operations shall be considered acceptable uses); any pornographic or obscene purposes, any commercial sex establishment, any pornographic,
obscene, nude or semi-nude performances, modeling, obscene materials, activities or sexual conduct or any other use that has or could reasonably be expected to have a Material Adverse Effect; 
  
 (g) the Tenant under such New Sublease or Sublease Modification, as
applicable, is not an Affiliate of Borrower (or, if such Tenant is an Affiliate of Borrower, such Tenant does not have the benefit of the Master Lease SNDA or any Non-Disturbance Agreement and such New Sublease or Sublease Modification, as
applicable, is by its terms terminable by the Lender upon an Event of Default or transfer of the applicable Individual Property to Lender or its designee upon a foreclosure of the Security Instrument or deed in lieu thereof) and by the Mezzanine
Lender upon an event of default under the Mezzanine Loan or foreclosure of the related pledge of the ownership interests in Borrower); 
  

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 (h) the New Sublease or Sublease Modification, as applicable, does not prevent Proceeds from being held
and disbursed by Lender in accordance with the terms hereof; 
  
 (i) the New Sublease or Sublease Modification, as applicable, shall not entitle any Tenant to receive and retain Proceeds except those that may be specifically awarded to it in condemnation proceedings because of the Taking of its trade
fixtures and its leasehold improvements which have not become part of the Property and such business loss as Tenant may specifically and separately establish; provided, however, that if the Tenant is responsible for maintaining
casualty insurance on the Property pursuant to the terms of such New Sublease or Sublease Modification, such Tenant shall be entitled to receive and use the proceeds of such insurance for restoration of the Property on the same terms and conditions
as Borrower may use Proceeds hereunder; 
  
 (j) the New Sublease
or Sublease Modification, as applicable, does not trigger any of the rights or obligations set forth on Schedule VI; and 
  
 (k) the New Sublease or Sublease Modification, as applicable satisfies the requirements of Section 8.8.7 and Section 8.8.8. 
  
 8.8.3 Delivery of New Sublease or Sublease Modification. Upon the
execution of any New Sublease or Sublease Modification, as applicable, Borrower shall deliver to Lender an executed copy of the Sublease. 
  
 8.8.4 Sublease Amendments. Borrower agrees that it shall not have the right or power, as against Lender without its consent (which consent shall
not be unreasonably withheld or delayed as provided herein), to cancel, abridge, amend or otherwise modify any Sublease unless such modification complies with this Section 8.8. 
  
 8.8.5 Security Deposits. All security or other deposits of Tenants of the Property shall be treated as trust funds
and shall not be commingled with any other funds of Borrower, and such deposits shall be deposited, upon receipt of the same by Borrower in a separate trust account maintained by Borrower expressly for such purpose. Within ten (10) Business Days
after written request by Lender, Borrower shall furnish to Lender reasonably satisfactory evidence of compliance with this Section 8.8.5, together with a statement of all lease securities deposited with Borrower by the Tenants and the
location and account number of the account in which such security deposits are held. 
  
 8.8.6 No Default Under Subleases. Borrower shall or shall cause Master Lessee to (i) promptly perform and observe all of the material terms, covenants and conditions required to be performed and observed by
Borrower under the Subleases, if the failure to perform or observe the same would have a Material Adverse Effect; (ii) exercise, within ten (10) Business Days after a written request by Lender, any right to request from the Tenant under any Sublease
a certificate with respect to the status thereof and (iii) not collect any of the Rents, more than one (1) month in advance (except that Borrower may collect such security deposits and last month’s Rents as are permitted by Legal Requirements
and are commercially reasonable in the prevailing market and collect other charges in accordance with the terms of each Sublease). 
  

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 8.8.7 Subordination. All Sublease Modifications and New Subleases entered into by Borrower after
the date hereof shall by their express terms be subject and subordinate to this Agreement and the Security Instrument (through a subordination provision contained in such Sublease or otherwise). 
  
 8.8.8 Attornment. Each New Sublease entered into from and after the
date hereof shall provide that in the event of the enforcement by Lender of any remedy under this Agreement or the Security Instrument, the Tenant under such Sublease shall, at the option of Lender or of any other Person succeeding to the interest
of Lender as a result of such enforcement, attorn to Lender or to such Person and shall recognize Lender or such successor in the interest as lessor under such Sublease without change in the provisions thereof; provided, however,
Lender or such successor in interest shall not be liable for or bound by (i) any payment of an installment of rent or additional rent made more than thirty (30) days before the due date of such installment, (ii) any act or omission of or default by
Borrower under any such Sublease (but the Lender, or such successor, shall be subject to the continuing obligations of the landlord to the extent arising from and after such succession to the extent of Lender’s, or such successor’s,
interest in the Property), (iii) any credits, claims, setoffs or defenses which any Tenant may have against Borrower, (iv) any obligation under such Sublease to maintain a fitness facility at the Property, (v) any obligation on Borrower’s part,
pursuant to such Sublease, to perform any tenant improvement work or (vi) any obligation on Borrower’s part, pursuant to such Sublease, to pay any sum of money to any Tenant. Each such New Sublease shall also provide that, upon the reasonable
request by Lender or such successor in interest, the Tenant shall execute and deliver an instrument or instruments confirming such attornment. 
  
 8.8.9 Non-Disturbance Agreements. Lender shall enter into, and, if required by applicable law to provide constructive notice or requested by a
Tenant, record in the county where the subject Property is located, a subordination, attornment and non-disturbance agreement, substantially in form and substance substantially similar to the form attached hereto as Exhibit N (a
“Non-Disturbance Agreement”), with any Tenant (other than an Affiliate of Borrower) entering into a New Sublease or Sublease Modification, within ten (10) Business Days after written request therefor by Borrower; provided
that such request is accompanied by an Officer’s Certificate stating that such Sublease or Sublease Modification (as applicable) complies in all material respects with this Section 8.8 and payment of all reasonable out-of-pocket costs
and expenses incurred by Lender in connection with the negotiation, preparation, execution and delivery of any Non-Disturbance Agreement, including, without limitation, reasonable attorneys’ fees and disbursements. 
  
 8.8.10 Recognition Agreements. Master Lessee shall have the right to
enter into recognition agreements or nondisturbance and attornment agreements under the Master Lease with Tenants under Subleases without Lender’s consent. 
  

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	 	IX.	INTEREST RATE CAP AGREEMENT 

  
 9.1 Interest Rate Cap Agreement. Prior to or contemporaneously with the Closing Date, Borrower shall have obtained, and thereafter maintain in
effect, the Interest Rate Cap Agreement satisfying the requirements set forth in the definition of “Interest Rate Cap Agreement” herein. The notional amount of the Interest Rate Cap Agreement may be reduced from time to time (and Lender
shall authorize such reduction) in amounts equal to any mandatory prepayment of the principal of the Loan made in accordance with Section 5(b) of the Notes. 
  
 9.2 Pledge and Collateral Assignment. As security for the full and punctual payment and performance of the
Obligations when due (whether upon stated maturity, by acceleration, early termination or otherwise), Borrower, as pledgor, hereby pledges, assigns, hypothecates, transfers and delivers to Lender as collateral and hereby grants to Lender a
continuing first priority lien on and security interest in, to and under all of the following whether now owned or hereafter acquired and whether now existing or hereafter arising (the “Rate Cap Collateral”): all of the right, title
and interest of Borrower in and to (i) the Interest Rate Cap Agreement; (ii) all payments, distributions, disbursements or proceeds due, owing, payable or required to be delivered to Borrower in respect of the Interest Rate Cap Agreement or arising
out of the Interest Rate Cap Agreement, whether as contractual obligations, damages or otherwise; and (iii) all of Borrower’s claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under or
arising out of the Interest Rate Cap Agreement, in each case including all accessions and additions to, substitutions for and replacements, products and proceeds of any or all of the foregoing. 
  
 9.3 Covenants. 
  
 (a) Borrower shall comply with all of its obligations under the terms and
provisions of the Interest Rate Cap Agreement. All amounts paid by the Counterparty under the Interest Rate Cap Agreement to Borrower or Lender shall be deposited immediately into the Holding Account pursuant to Section 3.1. Subject to terms
hereof, provided no Event of Default has occurred and is continuing, Borrower shall be entitled to exercise all rights, powers and privileges of Borrower under, and to control the prosecution of all claims with respect to, the Interest Rate Cap
Agreement and the other Rate Cap Collateral. Borrower shall take all actions reasonably requested by Lender to enforce Borrower’s rights under the Interest Rate Cap Agreement in the event of a default by the Counterparty thereunder and shall
not waive, amend or otherwise modify any of its rights thereunder. 
  
 (b) Borrower shall defend Lender’s right, title and interest in and to the Rate Cap Collateral pledged by Borrower pursuant hereto or in which it has granted a security interest pursuant hereto against the claims and demands of all
other Persons. 
  
 (c) In the event of any downgrade, withdrawal
or qualification of the rating of the Counterparty such that it ceases to qualify as an “Approved Counterparty”, unless the Counterparty shall have posted collateral on terms acceptable to each Rating Agency, Borrower shall replace the
Interest Rate Cap Agreement with a Replacement Interest Rate Cap Agreement not later than ten (10) Business Days following receipt of notice from Lender, Servicer or any 

  

 101 

 
other Person of such downgrade, withdrawal or qualification. In the event that the Counterparty is downgraded to A2 or lower by Moody’s, a Replacement
Interest Rate Cap Agreement shall be required regardless of the posting of collateral. 
  
 (d) In the event that Borrower fails to purchase and deliver to Lender the Interest Rate Cap Agreement as and when required hereunder, Lender may upon written notice to Borrower purchase the Interest Rate Cap
Agreement and the actual cost incurred by Lender in purchasing the Interest Rate Cap Agreement shall upon written demand be paid by Borrower to Lender with interest thereon at the Default Rate from the date such cost was incurred by Lender and
demand made until such cost is paid by Borrower to Lender. 
  
 (e)
Borrower shall not sell, assign, or otherwise dispose of, or mortgage, pledge or grant a security interest in, any of the Rate Cap Collateral or any interest therein, and any sale, assignment, mortgage, pledge or security interest whatsoever made in
violation of this covenant shall be a nullity and of no force and effect, and upon demand of Lender, shall forthwith be cancelled or satisfied by an appropriate instrument in writing. 
  
 (f) Borrower shall not (i) without the prior written consent of Lender modify, amend or supplement the terms of the Interest
Rate Cap Agreement, (ii) without the prior written consent of Lender, except in accordance with the terms of the Interest Rate Cap Agreement, cause the termination of the Interest Rate Cap Agreement prior to its stated maturity date, (iii) without
the prior written consent of Lender, except as aforesaid, waive or release any obligation of the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) under the Interest Rate Cap Agreement, (iv) without the prior
written consent of Lender, consent or agree to any act or omission to act on the part of the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) which, without such consent or agreement, would constitute a default
under the Interest Rate Cap Agreement, (v) fail to exercise promptly and diligently each and every material right which it may have under the Interest Rate Cap Agreement, (vi) take or intentionally omit to take any action or intentionally suffer or
permit any action to be omitted or taken, the taking or omission of which would result in any right of offset against sums payable under the Interest Rate Cap Agreement or any defense by the Counterparty (or any successor or substitute party to the
Interest Rate Cap Agreement) to payment or (vii) fail to give prompt notice to Lender of any notice of default given by or to Borrower under or with respect to the Interest Rate Cap Agreement, together with a complete copy of such notice. If
Borrower shall have received written notice that the Securitization shall have occurred, no consent by Lender provided for in this Section 9.3 (f) shall be given by Lender unless Lender shall have received a Rating Agency Confirmation.

  
 (g) In connection with an Interest Rate Cap Agreement,
Borrower shall obtain and deliver to Lender an Opinion of Counsel from counsel (which counsel may be in-house counsel for the Counterparty) for the Counterparty upon which Lender and its successors and assigns may rely (the “Counterparty
Opinion”), under New York law and, if the Counterparty is a non-U.S. entity, the applicable foreign law, in a form approved by the Lender. 
  
 9.4 Powers of Borrower Prior to an Event of Default. Subject to the provisions of Section 9.3(a), provided no Event of Default has occurred
and is continuing, Borrower shall be entitled to exercise all rights, powers and privileges of Borrower under, and to control the prosecution of all claims with respect to, the Interest Rate Cap Agreement and the other Rate Cap Collateral.

  

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 9.5 Representations and Warranties. Borrower hereby covenants with, and represents and warrants
to, Lender as follows: 
  
 (a) The Interest Rate Cap Agreement
constitutes the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, subject only to applicable bankruptcy, insolvency and similar laws generally affecting the enforcement of creditors’
rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 (b) The Rate Cap Collateral is free and clear of all claims or security interests of every nature whatsoever, except such as are created pursuant to this
Agreement and the other Loan Documents, and Borrower has the right to pledge and grant a security interest in the same as herein provided without the consent of any other Person other than any such consent that has been obtained and is in full force
and effect. 
  
 (c) The Rate Cap Collateral has been duly and
validly pledged hereunder. All consents and approvals required to be obtained by Borrower for the consummation of the transactions contemplated by this Agreement have been obtained. 
  
 (d) Giving effect to the aforesaid grant and assignment to Lender, Lender has, as of the date of this Agreement, and as to
Rate Cap Collateral acquired from time to time after such date, shall have, a valid, and upon proper filing, perfected and continuing first priority lien upon and security interest in the Rate Cap Collateral; provided that no representation or
warranty is made with respect to the perfected status of the security interest of Lender in the proceeds of Rate Cap Collateral consisting of “cash proceeds” or “non-cash proceeds” as defined in the UCC except if, and to the
extent, the provisions of Section 9-306 of the UCC shall be complied with. 
  
 (e) Except for financing statements filed or to be filed in favor of Lender as secured party, there are no financing statements under the UCC covering any or all of the Rate Cap Collateral and Borrower shall not,
without the prior written consent of Lender, until payment in full of all of the Obligations, execute and file in any public office, any enforceable financing statement or statements covering any or all of the Rate Cap Collateral, except financing
statements filed or to be filed in favor of Lender as secured party. 
  
 9.6 Payments. If Borrower at any time shall be entitled to receive any payments with respect to the Interest Rate Cap Agreement, such amounts shall, immediately upon becoming payable to Borrower, be deposited by Counterparty into the
Holding Account. 
  
 9.7 Remedies. Subject to the
provisions of the Interest Rate Cap Agreement, if an Event of Default shall occur and then be continuing: 
  
 (a) Lender, without obligation to resort to any other security, right or remedy granted under any other agreement or instrument, shall have the right to,
in addition to all rights, powers and remedies of a secured party pursuant to the UCC, at any time and from time to time, sell, resell, assign and deliver, in its sole discretion, any or all of the Rate Cap Collateral (in one or 

  

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more parcels and at the same or different times) and all right, title and interest, claim and demand therein and right of redemption thereof, at public or
private sale, for cash, upon credit or for future delivery, and in connection therewith Lender may grant options and may impose reasonable conditions such as requiring any purchaser to represent that any “securities” constituting any part
of the Rate Cap Collateral are being purchased for investment only, Borrower hereby waiving and releasing any and all equity or right of redemption to the fullest extent permitted by the UCC or applicable law. If all or any of the Rate Cap
Collateral is sold by Lender upon credit or for future delivery, Lender shall not be liable for the failure of the purchaser to purchase or pay for the same and, in the event of any such failure, Lender may resell such Rate Cap Collateral. It is
expressly agreed that Lender may exercise its rights with respect to less than all of the Rate Cap Collateral, leaving unexercised its rights with respect to the remainder of the Rate Cap Collateral, provided, however, that such partial exercise
shall in no way restrict or jeopardize Lender’s right to exercise its rights with respect to all or any other portion of the Rate Cap Collateral at a later time or times. 
  
 (b) Lender may exercise, either by itself or by its nominee or designee, in the name of Borrower, all of Lender’s
rights, powers and remedies in respect of the Rate Cap Collateral, hereunder and under law. 
  
 (c) Borrower hereby irrevocably, in the name of Borrower or otherwise, authorizes and empowers Lender and assigns and transfers unto Lender, and constitutes and appoints Lender its true and lawful attorney-in-fact,
and as its agent, irrevocably, with full power of substitution for Borrower and in the name of Borrower, (i) to exercise and enforce every right, power, remedy, authority, option and privilege of Borrower under the Interest Rate Cap Agreement,
including any power to subordinate or modify the Interest Rate Cap Agreement (but not, unless an Event of Default exists and is continuing, the right to terminate or cancel the Interest Rate Cap Agreement), or to give any notices, or to take any
action resulting in such subordination, termination, cancellation or modification and (ii) in order to more fully vest in Lender the rights and remedies provided for herein, to exercise all of the rights, remedies and powers granted to Lender in
this Agreement, and Borrower further authorizes and empowers Lender, as Borrower’s attorney-in-fact, and as its agent, irrevocably, with full power of substitution for Borrower and in the name of Borrower, to give any authorization, to furnish
any information, to make any demands, to execute any instruments and to take any and all other action on behalf of and in the name of Borrower which in the opinion of Lender may be necessary or appropriate to be given, furnished, made, exercised or
taken under the Interest Rate Cap Agreement, in order to comply therewith, to perform the conditions thereof or to prevent or remedy any default by Borrower thereunder or to enforce any of the rights of Borrower thereunder. These powers-of-attorney
are irrevocable and coupled with an interest, and any similar or dissimilar powers heretofore given by Borrower in respect of the Rate Cap Collateral to any other Person are hereby revoked. 
  
 (d) Lender may, without notice to, or assent by, Borrower or any other Person
(to the extent permitted by law), but without affecting any of the Obligations, in the name of Borrower or in the name of Lender, notify the Counterparty, or if applicable, any other counterparty to the Interest Rate Cap Agreement, to make payment
and performance directly to Lender; extend the time of payment and performance of, compromise or settle for cash, credit or otherwise, and upon any terms and conditions, any obligations owing to Borrower, or claims of Borrower, under 

  

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the Interest Rate Cap Agreement; file any claims, commence, maintain or discontinue any actions, suits or other proceedings deemed by Lender necessary or
advisable for the purpose of collecting upon or enforcing the Interest Rate Cap Agreement; and execute any instrument and do all other things deemed necessary and proper by Lender to protect and preserve and realize upon the Rate Cap Collateral and
the other rights contemplated hereby. 
  
 (e) Pursuant to the
powers-of-attorney provided for above, Lender may take any action and exercise and execute any instrument which it may deem necessary or advisable to accomplish the purposes hereof; provided, however, that Lender shall not be permitted to take any
action pursuant to said power-of-attorney that would conflict with any limitation on Lender’s rights with respect to the Rate Cap Collateral. Without limiting the generality of the foregoing, Lender, after the occurrence of an Event of Default,
shall have the right and power to receive, endorse and collect all checks and other orders for the payment of money made payable to Borrower representing: (i) any payment of obligations owed pursuant to the Interest Rate Cap Agreement, (ii) interest
accruing on any of the Rate Cap Collateral or (iii) any other payment or distribution payable in respect of the Rate Cap Collateral or any part thereof, and for and in the name, place and stead of Borrower, to execute endorsements, assignments or
other instruments of conveyance or transfer in respect of any property which is or may become a part of the Rate Cap Collateral hereunder. 
  
 (f) Lender may exercise all of the rights and remedies of a secured party under the UCC. 
  
 (g) Without limiting any other provision of this Agreement or any of Borrower’s rights hereunder, and without waiving
or releasing Borrower from any obligation or default hereunder, Lender shall have the right, but not the obligation, to perform any act or take any appropriate action, as it, in its reasonable judgment, may deem necessary to protect the security of
this Agreement, to cure such Event of Default or to cause any term, covenant, condition or obligation required under this Agreement or the Interest Rate Cap Agreement to be performed or observed by Borrower to be promptly performed or observed on
behalf of Borrower. All amounts advanced by, or on behalf of, Lender in exercising its rights under this Section 9.7(g) (including, but not limited to, reasonable legal expenses and disbursements incurred in connection therewith), together
with interest thereon at the Default Rate from the date of each such advance, shall be payable by Borrower to Lender upon demand and shall be secured by this Agreement. 
  
 9.8 Sales of Rate Cap Collateral. No demand, advertisement or notice, all of which are, to the fullest extent
permitted by law, hereby expressly waived by Borrower, shall be required in connection with any sale or other disposition of all or any part of the Rate Cap Collateral following and during the continuance of an Event of Default, except that Lender
shall give Borrower at least thirty (30) Business Days’ prior written notice of the time and place of any public sale or of the time when and the place where any private sale or other disposition is to be made, which notice Borrower hereby
agrees is reasonable, all other demands, advertisements and notices being hereby waived. To the extent permitted by law, Lender shall not be obligated to make any sale of the Rate Cap Collateral if it shall determine not to do so, regardless of the
fact that notice of sale may have been given, and Lender may without notice or publication adjourn any public or private sale, and such sale may, without further notice, be made at the time and 

  

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place to which the same was so adjourned. Upon each private sale of the Rate Cap Collateral of a type customarily sold in a recognized market and upon each
public sale, unless prohibited by any applicable statute which cannot be waived, Lender (or its nominee or designee) may purchase any or all of the Rate Cap Collateral being sold, free and discharged from any trusts, claims, equity or right of
redemption of Borrower, all of which are hereby waived and released to the extent permitted by law, and may make payment therefor by credit against any of the Obligations in lieu of cash or any other obligations. In the case of all sales of the Rate
Cap Collateral, public or private, Borrower shall pay all reasonable out-of-pocket costs and expenses of every kind for sale or delivery, including brokers’ and attorneys’ fees and disbursements and any tax imposed thereon. However, the
proceeds of sale of Rate Cap Collateral shall be available to cover such costs and expenses, and, after deducting such costs and expenses from the proceeds of sale, Lender shall apply any residue to the payment of the Obligations in the order of
priority as set forth in Section 11 of the Security Instrument. 
  
 9.9 Public Sales Not Possible. Borrower acknowledges that the terms of the Interest Rate Cap Agreement may prohibit public sales, that the Rate Cap Collateral may not be of the type appropriately sold at public sales, and that such
sales may be prohibited by law. As a result, Borrower agrees that private sales of the Rate Cap Collateral shall not be deemed to have been made in a commercially unreasonably manner by mere virtue of having been made privately. 
  
 9.10 Receipt of Sale Proceeds. Upon any sale of the Rate Cap
Collateral by Lender hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt by Lender or the officer making the sale or the proceeds of such sale shall be a sufficient discharge to
the purchaser or purchasers of the Rate Cap Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to Lender or such officer or be answerable in any way for
the misapplication or non-application thereof. 
  
 9.11
Replacement Interest Rate Cap Agreement. If, in connection with Borrower’s exercise of any extension option pursuant to Section 5 of the Notes, Borrower delivers a Replacement Interest Rate Cap Agreement, all the provisions of
this Article IX applicable to the Interest Rate Cap Agreement delivered on the Closing Date shall be applicable to the Replacement Interest Rate Cap Agreement. 
  

	 	X.	MAINTENANCE OF PROPERTY; ALTERATIONS 

  
 10.1 Maintenance of Property. Borrower shall keep and maintain, or cause to be kept and maintained, the Property and every part thereof in good
condition and repair, subject to ordinary wear and tear, and, subject to Excusable Delays and the provisions of this Agreement with respect to damage or destruction caused by casualty events or Takings, shall not permit or commit any waste of any
portion of the Property in any material respect. Borrower shall not remove or demolish any Improvement on the Property except as the same may be necessary in connection with an Alteration or a restoration in connection with a Taking or casualty, or
as otherwise permitted herein, in each case in accordance with the terms and conditions hereof. 
  
 10.2 Conditions to Alteration. Provided that no Event of Default shall have occurred and be continuing hereunder, Borrower shall have the right,
without Lender’s consent, to 

  

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undertake any alteration, improvement, demolition or removal of the Property or any portion thereof (any such alteration, improvement, demolition or removal,
an “Alteration”) so long as (i) Borrower provides Lender with prior written notice of any Material Alteration, and (ii) such Alteration is undertaken in accordance with the applicable provisions of this Agreement and the other Loan
Documents, is not prohibited by any relevant Operating Agreements and shall not, upon completion (giving credit to rent and other charges attributable to Subleases executed upon such completion), have a Material Adverse Effect on the value, use or
operation of the Property taken as a whole or otherwise. Any Material Alteration shall be conducted under the supervision of an Architect and, in connection with any Material Alteration, Borrower shall deliver to Lender, for information purposes
only and not for approval by Lender, detailed plans and specifications prepared or approved by such Architect, and cost estimates therefor as set forth in an Officer’s Certificate. Such plans and specifications may be revised at any time and
from time to time by such Architect provided that material revisions of such plans and specifications are filed with Lender, for information purposes only. All work done in connection with any Alteration shall be performed with due diligence in a
good and workmanlike manner, all materials used in connection with any Alteration shall not be less than the standard of quality of the materials currently used at the Property and all materials used shall be in accordance with all applicable
material Legal Requirements and Insurance Requirements. 
  
 10.3
Costs of Alteration. Notwithstanding anything to the contrary contained in this Article X, no Material Alteration or Alteration which when aggregated with all other Alterations (other than Material Alterations) then being undertaken by
Borrower (exclusive of Alterations being directly paid for by Master Lessee or Tenants at the Property) exceeds the Threshold Amount, shall be performed by or on behalf of Borrower unless Borrower shall have delivered to Lender Cash and Cash
Equivalents and/or a Letter of Credit as security in an amount not less than the estimated cost of the Material Alteration or the Alterations minus the Threshold Amount (as set forth in the Architect’s written estimate referred to above).
Borrower shall deliver to Lender any security deposited by the Master Lessee for any Alteration under the Master Lease. In addition to payment or reimbursement from time to time of Borrower’s expenses incurred in connection with any Material
Alteration or any such Alteration, the amount of such security shall be reduced on any given date to the Architect’s written estimate of the cost to complete the Material Alteration or the Alterations (including any retainages), free and clear
of Liens, other than Permitted Encumbrances. Costs which are subject to retainage (which in no event shall be less than 5% in the aggregate with respect to each trade contract) shall be treated as due and payable and unpaid from the date they would
be due and payable but for their characterization as subject to retainage. In the event that any Material Alteration or Alteration shall be made in conjunction with any restoration with respect to which Borrower shall be entitled to withdraw
Proceeds pursuant to Section 6.2, the amount of the Cash and Cash Equivalents and/or Letter of Credit to be furnished pursuant hereto need not exceed the aggregate cost of such restoration and such Material Alteration or Alteration (as
estimated by the Architect), less the sum of the amount of any Proceeds which Borrower may be entitled to withdraw pursuant to Section 6.2 and which are held by Lender in accordance with Section 6.2. Payment or reimbursement of
Borrower’s expenses incurred with respect to any Material Alteration or any such Alteration shall be accomplished upon the terms and conditions specified in Section 6.2. 
  
 At any time after substantial completion of any Material Alteration or any such Alteration in respect of which Cash and Cash
Equivalents and/or a Letter of Credit is deposited 

  

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pursuant hereto, the whole balance of any Cash and Cash Equivalents so deposited by Borrower with Lender and then remaining on deposit (together with
earnings thereon), as well as all retainages, may be withdrawn by Borrower and shall be paid by Lender to Borrower, and any other Cash and Cash Equivalents and/or a Letter of Credit so deposited or delivered shall, to the extent it has not been
called upon, reduced or theretofore released, be released to Borrower, within ten (10) days after receipt by Lender of an application for such withdrawal and/or release together with an Officer’s Certificate, and signed also (as to the
following clause (a)) by the Architect, setting forth in substance as follows: 
  
 (a) that the Material Alteration or Alteration in respect of which such Cash and Cash Equivalents and/or a Letter of Credit was deposited has been substantially completed in all material respects substantially in
accordance with any plans and specifications therefor previously filed with Lender under Section 10.2 and that, if applicable, a certificate of occupancy has been issued with respect to such Material Alteration or Alteration by the relevant
Governmental Authority(ies) or, if not applicable, that a certificate of occupancy is not required; and 
  
 (b) that to the knowledge of the certifying Person all amounts which Borrower is or may become liable to pay in respect of such Material Alteration or
Alteration through the date of the certification have been paid in full or adequately provided for or are being contested in accordance with Section 7.3 and that, except to the extent of such contests, lien waivers have been obtained from the
general contractor and major subcontractors performing such Material Alterations or Alterations (or such waivers are not customary and reasonably obtainable by prudent owners in the area where the Property is located). 
  

	 	XI.	BOOKS AND RECORDS, FINANCIAL STATEMENTS, REPORTS AND OTHER INFORMATION 

  

11.1 Books and Records. Borrower shall keep and maintain on a fiscal year basis proper books and records separate from any other Person, in
which accurate and complete entries shall be made of all dealings or transactions of or in relation to the Notes, the Property and the business and affairs of Borrower relating to the Property which shall reflect all items of income and expense in
connection with the operation of the Property and in connection with any services, equipment or furnishings provided in connection with the operation of the Property, in accordance with GAAP. Subject to Section 11.2.9, Lender and its
authorized representatives shall have the right at reasonable times and upon reasonable notice to examine the books and records of Borrower relating to the operation of the Property and to make such copies or extracts thereof as Lender may
reasonably require. 
  
 11.2 Financial Statements.

  
 11.2.1 Monthly Reports. Commencing in January 2006 (or,
in the case of sales reports, commencing October 2005), not later than thirty (30) days following the end of each calendar month, Borrower shall cause Master Lessee, pursuant to the Master Lease, to deliver to Lender monthly sales reports in respect
of the Property for such month, for the corresponding month of the previous Fiscal Year and for the year to date, and financial statements, internally prepared on an accrual basis for such month, reporting Portfolio Four-Wall EBITDAR as of the end
of such 

  

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month, for the corresponding month of the previous Fiscal Year and for the year to date, and a comparison of the year to date results with (i) the results
for the same period of the previous year, (ii) the results that had been projected by Borrower and Master Lessee for such period and (iii) the Annual Budget for such period and the Fiscal Year, and a calculation of the DSCR, LTV Ratio, Master Lease
Variable Additional Rent and Master Lease Recurrent Additional Rent for such period. Such statements for each month shall be accompanied by an Officer’s Certificate (or in the case of the sales reports a Master Lessee Officer’s
Certificate) certifying to the best of the signer’s knowledge, (A) that such statements fairly represent the financial condition and results of operations of Borrower or Master Lessee, as applicable (B) that as of the date of such
Officer’s Certificate, no Event of Default exists under this Agreement, the Notes or any other Loan Document or, if so, specifying the nature and status of each such Event of Default and the action then being taken by Borrower or proposed to be
taken to remedy such Event of Default, (C) that as of the date of each Officer’s Certificate, no litigation exists involving Borrower, Master Lessee or the Property in which the amount involved is $2,000,000 (in the aggregate) or more or in
which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taking in relation thereto and (D) the amount by which actual operating expenses were greater than or
less than the operating expenses anticipated in the applicable Annual Budget. Such financial statements shall contain such other information as shall be reasonably requested by Lender for purposes of calculations to be made by Lender pursuant to the
terms hereof. Notwithstanding the foregoing, Borrower shall deliver promptly to Lender reports detailing any non recurring charges of Borrower or Master Lessee including, among other things, any charges assessed under any Operation Agreement.
Subject to Section 11.2.9(b), sales reports and Portfolio Four-Wall EBITDAR, shall each be prepared on an aggregate basis for all of the Individual Properties. 
  
 11.2.2 Quarterly Reports. Commencing not later than forty-five (45) days following the end of each Fiscal Quarter
(commencing with the Fiscal Quarter ending in January 2006), Borrower shall cause Master Lessee, pursuant to the Master Lease, to deliver to Lender quarterly sales reports in respect of the Property and unaudited financial statements, internally
prepared on an accrual basis, reporting Portfolio Four-Wall EBITDAR as of the end of such Fiscal Quarter and for the corresponding Fiscal Quarter of the previous year, including a statement of net income (in respect of the Property) for the year to
date and a statement of revenues and expenses for such Fiscal Quarter, and a comparison of the year to date results with (i) the results for the same period of the previous year, (ii) the results that had been projected by Borrower and Master Lessee
for such period and (iii) the Annual Budget for such period and the Fiscal Year, and a calculation of the DSCR, LTV Ratio, Master Lease Variable Additional Rent and Master Lease Recurrent Additional Rent for such period. Such statements for each
Fiscal Quarter shall be accompanied by an Officer’s Certificate (or in the case of the sales reports a Master Lessee Officer’s Certificate) certifying to the best of the signer’s knowledge, (A) that such statements fairly represent
the financial condition and results of operations of Borrower and Master Lessee, (B) that as of the date of such Officer’s Certificate, no Event of Default exists under this Agreement, the Notes or any other Loan Document or, if so, specifying
the nature and status of each such Event of Default and the action then being taken by Borrower or proposed to be taken to remedy such Event of Default, (C) that as of the date of each Officer’s Certificate, no litigation exists involving
Borrower, Master Lessee or the Property in which the amount involved is $2,000,000 (in the aggregate) or more or in which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the
actions being taking in 

  

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relation thereto and (D) the amount by which actual operating expenses were greater than or less than the operating expenses anticipated in the applicable
Annual Budget. Such financial statements shall contain such other information as shall be reasonably requested by Lender for purposes of calculations to be made by Lender pursuant to the terms hereof. 
  
 11.2.3 Annual Reports. Concurrently with the public filings of any
financial statements of Borrower and in any event not later than one-hundred twenty (120) days after the end of each Fiscal Year of Borrower’s operations (commencing with the Fiscal Year ending in January 2006), Borrower shall deliver and shall
cause Master Lessee, pursuant to the Master Lease, to deliver to Lender annual sales reports in respect of the Property, audited financial statements for Borrower and audited financial statements for Master Lessee certified by an Independent
Accountant in accordance with GAAP which shall contain unaudited schedules as follows: a statement of Borrower’s net income for the Fiscal Year and for the fourth Fiscal Quarter thereof and a statement of Borrower’s revenues and expenses
for such year, and stating in comparative form the figures for the previous fiscal year, and a calculation of the DSCR, LTV Ratio, Master Lease Variable Additional Rent and Master Lease Recurrent Additional Rent for such period and copies of all
federal income tax returns to be filed. Such annual financial statements shall also be accompanied by an Officer’s Certificate (or in the case of the sales reports a Master Lessee Officer’s Certificate) in the form required pursuant to
Section 11.2.1. 
  
 11.2.4 Disclosure Restrictions.
Notwithstanding anything to the contrary contained in this Article XI, unless such information is otherwise disclosed publicly by Borrower, Borrower shall not be required to deliver financial information hereunder to Lender to the limited
extent and only during any such period that any applicable federal or state securities laws or regulations promulgated thereunder (a) expressly prohibit such delivery or (b) permit such delivery to be made to Lender only when also disclosed
publicly. 
  
 11.2.5 . Capital Expenditures Summaries.
Borrower shall, or shall cause Master Lessee to, within ninety (90) days after the end of each calendar year during the term of the Notes, deliver to Lender an annual summary of any and all capital expenditures made at the Property during the prior
twelve (12) month period. 
  
 11.2.6 Master Lease. Without
duplication of any other provision of this Agreement or any other Loan Documents, Borrower shall deliver to Lender, within ten (10) Business Days of the receipt thereof by Borrower, a copy of all reports prepared by Master Lessee pursuant to the
Master Lease, including, without limitation, the Annual Budget and any inspection reports. 
  
 11.2.7 Annual Budget; Operating Agreement Annual Budgets. 
  
 (a) Borrower shall or shall cause Master Lessee to deliver to Lender the Annual Budget for Lender’s review, but not approval, not more than ninety
(90) days after the end of each Fiscal Year. Any proposed modifications to such Annual Budget shall be delivered to Lender for its review, but not approval. 
  
 (b) Borrower shall or shall cause Master Lessee to deliver to Lender the annual budget and any modifications thereto under any Operating Agreement for
Lender’s review, but not approval, prior to Borrower’s or Master Lessee’s approval of any such annual budget or 

  

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modification. Notwithstanding the foregoing, upon the occurrence and during the continuation of an Event of Default and if there is a Master Lease Tenant
Default, Lender shall have the right to exercise any right of approval that Borrower may have to approve the annual budgets and any amendments thereto under any Operating Agreements subject to any constraints in the Operating Agreement in question,
in its sole and absolute discretion. 
  
 11.2.8 Other
Information. Borrower shall, promptly after written request by Lender or, if a Securitization shall have occurred, the Rating Agencies, furnish or cause to be furnished to Lender, in such manner and in such detail as may be reasonably requested
by Lender, such reasonable additional information as may be reasonably requested with respect to the Property, Borrower, Master Lessee or Guarantor. 
  
 11.2.9 Proprietary Information. 
  
 (a) The Lender shall keep confidential all sales reports and any other proprietary information delivered to Lender pursuant to this Agreement, (provided
any such other proprietary information is clearly marked by Borrower as confidential) (collectively, “Proprietary Information”), including specifically, but not limited to, any financial information provided pursuant to this
Article XI and any information provided in connection with a securitization pursuant to Article XIV. Notwithstanding the foregoing, Lender shall be permitted to freely deliver Proprietary Information to Rating Agencies, Servicer and
securitization trustees, to prospective participants and purchasers of the Loan and interests therein and to prospective holders of securities backed by the Loan, and to its and their respective agents and representatives provided that Lender shall
inform such parties of the confidential nature of such information. 
  
 (b) Notwithstanding anything to the contrary contained herein, Borrower shall not identify any specific property to which any Proprietary Information relates (“Asset-Specific Proprietary Information”) (and shall not be
required to permit inspection of property-specific information contained in its books and records) unless requested by holders or prospective holders of (a) the Mezzanine Loan or any interest therein or (b) the unrated or lower-rated securities
backed by the Loan (collectively, “Requesting Parties”). Lender shall be permitted to deliver Asset-Specific Proprietary Information to Requesting Parties that request such information (and such Requesting Parties shall be permitted
to inspect property-specific information contained in Borrower’s books and records), provided that each such Person (i) executes a commercially reasonable confidentiality agreement with respect to such information for the benefit of Borrower
and Master Lessee and (ii) is not a business competitor of Borrower, Master Lessee or any Sponsor. 
  

	 	XII.	ENVIRONMENTAL MATTERS 

  
 12.1 Representations. Borrower hereby represents and warrants that except as set forth in the environmental reports and studies delivered to Lender
(the “Environmental Reports”), (i) Borrower has not engaged in or knowingly permitted any operations or activities upon, or any use or occupancy of the Property, or any portion thereof, for the purpose of or in any way involving the
handling, manufacture, treatment, storage, use, generation, release, discharge, refining, dumping or disposal of any Hazardous Materials on, under, in or about the Property, or 

  

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transported any Hazardous Materials to, from or across the Property, except in all cases in material compliance with Environmental Laws and only in the
course of legitimate business operations at the Property; (ii) to Borrower’s knowledge, no tenant, occupant or user of the Property, or any other Person, has engaged in or permitted any operations or activities upon, or any use or occupancy of
the Property, or any portion thereof, for the purpose of or in any material way involving the handling, manufacture, treatment, storage, use, generation, release, discharge, refining, dumping or disposal of any Hazardous Materials on, in or about
the Property, or transported any Hazardous Materials to, from or across the Property, except in all cases in material compliance with Environmental Laws and only in the course of legitimate business operations at the Property; (iii) no Hazardous
Materials are presently constructed, deposited, stored, or otherwise located on, under, in or about the Property except in material compliance with Environmental Laws; (iv) to Borrower’s knowledge, no Hazardous Materials have migrated from the
Property upon or beneath other properties which would reasonably be expected to result in material liability for Borrower; and (v) to Borrower’s knowledge, no Hazardous Materials have migrated or threaten to migrate from other properties upon,
about or beneath the Property which would reasonably be expected to result in material liability for Borrower. 
  
 12.2 Covenants. 
  
 12.2.1 Compliance with Environmental Laws. Subject to Borrower’s right to contest under Section 7.3, Borrower covenants and agrees with
Lender that it shall comply with all Environmental Laws. If at any time during the continuance of the Lien of the Security Instrument, a Governmental Authority having jurisdiction over the Property requires remedial action to correct the presence of
Hazardous Materials in, around, or under the Property (an “Environmental Event”), Borrower shall deliver prompt notice of the occurrence of such Environmental Event to Lender. Within thirty (30) days after Borrower has knowledge of
the occurrence of an Environmental Event, Borrower shall deliver to Lender an Officer’s Certificate (an “Environmental Certificate”) explaining the Environmental Event in reasonable detail and setting forth the proposed
remedial action, if any. Borrower shall promptly provide Lender with copies of all notices which allege or identify any actual or potential violation or noncompliance received by or prepared by or for Borrower in connection with any Environmental
Law. For purposes of this paragraph, the term “notice” shall mean any summons, citation, directive, order, claim, pleading, letter, application, filing, report, findings, declarations or other materials pertinent to compliance of
the Property and Borrower with such Environmental Laws. If the Security Instrument is foreclosed, Borrower shall deliver the Property in compliance with all applicable Environmental Laws. 
  
 12.3 Environmental Reports. Upon the occurrence and during the continuance of an Environmental Event with respect to
the Property or any Event of Default, Lender shall have the right to have its consultants perform an environmental audit of the Property. Such audit shall be conducted by an environmental consultant chosen by Lender and may include a visual survey,
a record review, an area reconnaissance assessing the presence of hazardous or toxic waste or substances, PCBs or storage tanks at the Property, an asbestos survey of the Property, which may include random sampling of the Improvements and air
quality testing, and such further site assessments as Lender may reasonably require due to the results obtained from the foregoing. Borrower grants Lender, its agents, consultants and contractors the right to enter the Property as reasonable or
appropriate for the circumstances for the purposes of performing such studies and 

  

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the reasonable cost of such studies shall be due and payable by Borrower to Lender upon demand and shall be secured by the Lien of the Security Instrument.
Lender shall not unreasonably interfere with, and Lender shall direct the environmental consultant to use its commercially reasonable efforts not to hinder, Borrower’s, Master Lessee’s or any Tenant’s, other occupant’s operations
upon the Property when conducting such audit, sampling or inspections. By undertaking any of the measures identified in and pursuant to this Section 12.3, Lender shall not be deemed to be exercising any control over the operations of Borrower
or the handling of any environmental matter or hazardous wastes or substances of Borrower for purposes of incurring or being subject to liability therefor. 
  
 12.4 Environmental Indemnification. Borrower shall protect, indemnify, save, defend, and hold harmless the Indemnified Parties from and against any
and all liability, loss, damage, actions, causes of action, costs or out-of-pocket expenses whatsoever (including reasonable attorneys’ fees and expenses) and any and all claims, suits and judgments which any Indemnified Party may suffer, as a
result of or with respect to: (a) any Environmental Claim relating to or arising from the Property; (b) the violation of any Environmental Law in connection with the Property; (c) any release, spill, or the presence of any Hazardous Materials
affecting the Property; and (d) the presence at, in, on or under, or the release, escape, seepage, leakage, discharge or migration at or from, the Property of any Hazardous Materials, whether or not such condition was known or unknown to Borrower;
provided that, in each case, Borrower shall be relieved of its obligation under this subsection if any of the matters referred to in clauses (a) through (d) above did not occur (but need not have been discovered) prior to (1) the foreclosure of the
Security Instrument, (2) the delivery by Borrower to Lender or its designee of a deed-in-lieu of foreclosure with respect to the Property, or (3) Lender’s or its designee’s taking possession and control of the Property after the occurrence
of an Event of Default hereunder. If any such action or other proceeding shall be brought against Lender, upon written notice from Borrower to Lender (given reasonably promptly following Lender’s notice to Borrower of such action or
proceeding), Borrower shall be entitled to assume the defense thereof, at Borrower’s expense, with counsel reasonably acceptable to Lender; provided, however, Lender may, at its own expense, retain separate counsel to participate in such
defense, but such participation shall not be deemed to give Lender a right to control such defense, which right Borrower expressly retains. Notwithstanding the foregoing, each Indemnified Party shall have the right to employ separate counsel at
Borrower’s expense if, in the reasonable opinion of legal counsel, a conflict or potential conflict exists between the Indemnified Party and Borrower that would make such separate representation advisable. Borrower shall have no obligation to
indemnify an Indemnified Party for damage or loss resulting from any Indemnified Party’s gross negligence or willful misconduct. 
  
 12.5 Recourse Nature of Certain Indemnifications. Notwithstanding anything to the contrary provided in this Agreement or in any other Loan
Document, the indemnification provided in Section 12.4 shall be fully recourse to Borrower and shall be independent of, and shall survive, the discharge of the Indebtedness, the release of the Lien created by the Security Instrument, and/or
the conveyance of title to the Property to Lender or any purchaser or designee in connection with a foreclosure of the Security Instrument or conveyance in lieu of foreclosure. 
  

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	 	XIII. 	THE OPERATING AGREEMENTS 

  
 13.1 Operating Agreement Representations, Warranties. Borrower hereby represents and warrants as follows: 
  
 (a) the Operating Agreements to which Borrower or an Affiliate is a party or
is bound are in full force and effect, and have not been amended, restated, modified, supplemented, replaced or assigned except as indicated on the applicable schedule attached hereto or the Security Instrument and Borrower has not waived, canceled
or surrendered any of its rights thereunder; 
  
 (b) none of the
Contemplated Transactions in any case: (1) requires the consent or approval of or notice to any party to any Operating Agreement, other than consents obtained prior to the date hereof and notices delivered prior to or on the date hereof or (2) will
constitute a default under any Operating Agreement that would have a Material Adverse Effect; 
  
 (c) none of the Operating Agreements requires the continued use of any Individual Property (i) under any designated trade name or (ii) for any single designated required use (other than use categories such as retail
uses consistent with a shopping center or similarly broad categories that would not have a Material Adverse Effect); 
  
 (d) all sums, charges, fees, costs, expenses, rent, additional rent, common charges, common area maintenance charges and other charges or assessments
reserved in or payable under the Operating Agreements, including without limitation, all sums, charges, fees, assessments, costs, and expenses in connection with any taxes, site preparation and construction, non-shareholder contributions, and common
area and other property management activities, are not more than sixty (60) days overdue (except for any of the same which are being contested in accordance with Section 7.3), are current, and no Lien (other than the Existing Matters of
Record) with respect thereto has attached on any Individual Property (or threat thereof been made in writing) for failure to pay any of the foregoing; 
  
 (e) Borrower has not delivered or received any notices of default under any of the Operating Agreements and is not in default under any material terms of
any of the Operating Agreements, except as to the extent that such default would not reasonably be expected to result in a Material Adverse Effect; 
  
 (f) To the best Borrower’s knowledge, no Fee Owner or other party to any Operating Agreement is in default under any of the terms of any of the
Operating Agreements and there are no circumstances which, with the passage of time or the giving of notice, or both, would constitute a default under any terms of any of the Operating Agreements by any such Fee Owner or other party that would have
a Material Adverse Effect; 
  
 (g) Borrower has delivered to
Lender a true, accurate and complete copy of each of the Operating Agreements, except in the case of the REAs and the Material Subleases to the extent it would not be expected to result in a Material Adverse Effect; 
  
 (h) All construction obligations of Borrower under all Operating Agreements
have been satisfied in all material respects; and 
  

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 (i) To Borrower’s knowledge, all easements granted pursuant to any Operating Agreement which were to
have survived the site preparation and completion of construction, remain in full force and effect and have not been released, terminated, extinguished or discharged by agreement or otherwise, except to the extent it would not be expected to result
in a Material Adverse Effect. 
  
 13.2 Cure by Lender. In
the event of a default by Borrower in the performance of any of its obligations under any Operating Agreement beyond any applicable notice and cure periods therein, including, without limitation, any default in the payment of any sums payable
thereunder, then, in each and every such case, Lender may, at its option, cause the default or defaults to be remedied and otherwise exercise any and all rights of Borrower thereunder in the name of and on behalf of Borrower. Borrower shall, on
demand, reimburse Lender for all advances made and reasonable out-of-pocket expenses incurred by Lender in curing any such default (including, without limitation, reasonable attorneys’ fees and disbursements), together with interest thereon
computed at the Default Rate from the tenth (10th) day after that such advance is made to and including the date the
same is paid to Lender. 
  
 13.3 Option to Renew or Extend the
Ground Lease. Borrower shall give Lender written notice of its intention to exercise each and every option, if any, to renew or extend the term of the Ground Lease, at least thirty (30) days prior to the expiration of the time to exercise such
option under the terms thereof. If required by Lender, Borrower shall duly exercise any renewal or extension option with respect to any of the Ground Lease if Lender reasonably determines that the exercise of such option is necessary to protect
Lender’s security for the Loan. If Borrower intends to renew or extend the term of the Ground Lease, it shall deliver to Lender, with the notice of such decision, a copy of the notice of renewal or extension delivered to Fee Owner, together
with the terms and conditions of such renewal or extension. If Borrower does not renew or extend the term of the Ground Lease, Lender may, at its option if Lender reasonably determines that the exercise of such option is necessary to protect
Lender’s security for the Loan, exercise the option to renew or extend in the name of and on behalf of Borrower. Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to execute and deliver, for and in
the name of Borrower, all instruments and agreements necessary under the Ground Lease or otherwise to cause any renewal or extension of the Ground Lease in accordance with this Section 13.3. 
  
 13.4 Operating Agreement Covenants. 
  
 13.4.1 Waiver of Interest In New Ground Lease or REAs. In the event
any of the Ground Leases or REAs shall be terminated by reason of a default thereunder by Borrower and Lender shall require that the related Fee Owner enter into a new ground lease or the related parties to the REAs grant new easement rights and
interests, Borrower hereby waives any right, title and interest in and to such new ground lease or the leasehold estate created thereby and/or the new easement rights, as applicable, waiving all rights of redemption now or hereafter operable under
any law. 
  
 13.4.2 No Election to Terminate. Borrower
shall not elect to treat any of the Operating Agreements as terminated, canceled or surrendered pursuant to the applicable provisions of the Bankruptcy Code (including, without limitation, Section 365(h)(1) thereof) without Lender’s

  

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prior written consent in the event a bankruptcy of a Fee Owner or any other party to an Operating Agreement. In addition, to the extent not prohibited by
applicable law, Borrower shall, in the event of a bankruptcy of Fee Owner or any other party to an Operating Agreement, reaffirm and ratify the legality, validity, binding effect and enforceability of such Operating Agreement and shall remain in
possession of the Property, the Leasehold Estate and the other rights granted pursuant to the Operating Agreements, notwithstanding any rejection thereof by Fee Owner, any other party to any Operating Agreement, or any trustee, custodian or
receiver. 
  
 13.4.3 Notice Prior to Rejection. Borrower
shall give Lender not less than thirty (30) days prior written notice of the date on which Borrower shall apply to any court or other governmental authority for authority and permission to reject an Operating Agreement in the event that there shall
be filed by or against Borrower any petition, action or proceeding under the Bankruptcy Code or under any other similar federal or state law now or hereafter in effect and if Borrower determines to reject an Operating Agreement. Lender shall have
the right, but not the obligation, to serve upon Borrower within such thirty (30) day period a notice stating that (i) Lender demands that Borrower assume and assign such Operating Agreement to Lender subject to and in accordance with the Bankruptcy
Code, and (ii) Lender covenants to cure or provide reasonably adequate assurance thereof with respect to all defaults reasonably susceptible of being cured by Lender and of future performance under such Operating Agreement. If Lender serves upon
Borrower the notice described above, Borrower shall not seek to reject such Operating Agreement and shall comply with the demand provided for clause (i) above within fifteen (15) days after the notice shall have been given by Lender. 
  
 13.4.4 Lender Right to Perform. During the continuance of an Event of
Default, Lender shall have the right, but not the obligation, (i) to perform and comply with all obligations of Borrower under the Operating Agreements without relying on any grace period provided therein, (ii) to do and take, without any obligation
to do so, such actions as Lender deems necessary or desirable to prevent or cure any default by Borrower under the Operating Agreements, including, without limitation, any act, deed, matter or thing whatsoever that Borrower may do in order to cure a
default under the Operating Agreements and (iii) subject to the terms of the Operating Agreement, to enter in and upon the Property or any part thereof to such extent and as often as Lender deems necessary or desirable in order to prevent or cure
any default of Borrower under the Operating Agreements. Borrower shall, within five (5) Business Days after written request is made therefor by Lender, execute and deliver to Lender or to any party designated by Lender, such further instruments,
agreements, powers, assignments, conveyances or the like as may be reasonably necessary to complete or perfect the interest, rights or powers of Lender pursuant to this Section or as may otherwise be required by Lender. 
  
 13.4.5 Lender Attorney in Fact. In the event of any arbitration under
or pursuant to any Operating Agreement in which Lender elects to participate, Borrower hereby irrevocably appoints Lender as its true and lawful attorney-in-fact (which appointment shall be deemed coupled with an interest) to exercise, during the
continuance of an Event of Default, all right, title and interest of Borrower in connection with such arbitration, including, without limitation, the right to appoint arbitrators and to conduct arbitration proceedings on behalf of Borrower and
Lender. All reasonable out-of-pocket costs and expenses incurred by Lender in connection with such arbitration and the settlement thereof shall be borne solely by Borrower, including, without 

  

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limitation, reasonable attorneys’ fees and disbursements. Nothing contained in this Section shall obligate Lender to participate in any such
arbitration. 
  
 13.4.6 Payment of Sums Due Under Operating
Agreements. Subject to Section 7.3, Borrower shall pay all rent, additional rent, common charges, common area maintenance charges and other charges or assessments reserved in or payable under the Operating Agreements on or prior to the
due date thereof. 
  
 13.4.7 Performance of Covenants.
Borrower shall promptly perform and observe in all material respects all of the terms, covenants and conditions required to be performed and observed by Borrower under the Operating Agreements, the breach of which could permit any party to an
Operating Agreement validly to terminate such Operating Agreement (including, without limitation, all payment obligations) except in the case of a Material Sublease or REA where such termination would not have a Material Adverse Effect, shall do all
things commercially reasonable to preserve and to keep unimpaired its rights under the Operating Agreements, shall not waive, excuse or discharge any of the material obligations of Fee Owner or any other party to the Operating Agreements without
Lender’s prior written consent in each instance, and shall diligently and continuously enforce the material obligations of the Fee Owner and the other parties to the Operating Agreements except in any such case where same would not have a
Material Adverse Event. 
  
 13.4.8 Reserved. 
  
 13.4.9 No Modification or Termination. (a) Borrower shall not, except
with the prior written consent of Lender, not to be unreasonably withheld, (i) institute any action or proceeding for partition of any Individual Property or any common areas under any REA or the Common Elements or any Condominium Units under any
Condominium Documents, (ii) materially modify or amend or vote for or consent to any material modification of or amendment to any Operating Agreement except in the case of an amendment or modification to an REA where the same would not have a
Material Adverse Effect, or, (iii) in the event of damage to or destruction of a Condominium Property, the Common Elements, or any of the Condominium Units, vote in opposition to a motion to repair, restore or rebuild the same unless and for so long
as such Individual Property is the subject of a valid Property Release Notice which results in the release of such Individual Property. 
  
 (b) Borrower shall not vote for, agree to or acquiesce in any cancellation, termination or surrender of any Operating Agreement without the prior written
consent of Lender except in the case of an REA to the extent it would not be expected to result in a Material Adverse Effect. Any agreement to which Borrower of its Affiliates is a party whereby any of the Operating Agreements is terminated or the
Property is withdrawn therefrom in violation of the immediately preceding sentence shall constitute a Transfer prohibited under this Agreement. 
  
 13.4.10 Notices of Default. Borrower shall deliver to Lender copies of any written notice of default by any party under the Operating Agreements,
or of any written notice from Fee Owner or any other party to any of the Operating Agreements of its intention to terminate such Operating Agreement or to re-enter and take possession of any portion of the Property, immediately upon delivery or
receipt of such notice, as the case may be. 
  

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 13.4.11 Delivery of Information. Borrower shall promptly furnish to Lender copies of such
information and evidence as Lender may reasonably request concerning Borrower’s due observance, performance and compliance with the terms, covenants and conditions of the Operating Agreements. 
  
 13.4.12 No Subordination. Borrower shall not consent to the
subordination of the Operating Agreements to any mortgage or other lease of the fee interest in any portion of the Property unless it receives a recognition and non-disturbance agreement. 
  
 13.4.13 Further Assurances. Borrower, at its sole cost and expense, shall execute and deliver to Lender, within five
(5) Business Days after request, such documents, instruments or agreements as may be reasonably required to permit Lender to cure any default under the Operating Agreements. 
  
 13.4.14 Estoppel Certificates. In addition to and without limitation of any obligations of Borrower under Section
2.3.9 and under any post-closing side letter delivered on the Closing Date, Borrower shall use commercially reasonable efforts to obtain and deliver to Lender within thirty (30) days after written demand by Lender, an estoppel certificate in the
applicable form attached hereto from each Fee Owner and other parties to the Operating Agreements designated by Lender setting forth (i) the name of the parties thereunder, (ii) that the Operating Agreement is in full force and effect and has not
been modified or, if it has been modified, the date of each modification (together with copies of each such modification), (iii) the date to which all rent, additional rent, common charges, common area maintenance charges and other charges or
assessments reserved in or payable under the Operating Agreements have been paid thereunder, (iv) whether there are any alleged defaults of the lessee under the Operating Agreements and, if there are, setting forth the nature thereof in reasonable
detail and (v) if any party under the Operating Agreements shall be in default, the default, provided, that unless an Event of Default exists, Lender shall not request an REA estoppel certificate prior to the first (1st) anniversary of the Loan Closing and thereafter not more than once in any twelve (12) month period. 
  
 13.4.15 Common Area/Common Elements Insurance. Borrower shall use
commercially reasonable efforts to cause the parties to the Operating Agreements to maintain the insurance required to be maintained by such parties thereunder and to deliver any insurance proceeds payable to Borrower under such Operating Agreements
to be delivered to Lender. Without limitation of Borrower’s obligations under Section 6.1, in the event any party to any Operating Agreement fails to maintain any insurance coverage required in any Operating Agreement and the failure
would reasonably be expected to have a Material Adverse Effect, Borrower shall obtain such insurance coverage to satisfy such requirement. 
  
 13.4.16 Reserved. 
  
 13.5 Lender Right to Participate. Lender shall have the right, but not the obligation, to proceed in respect of any claim, suit, action or
proceeding relating to the rejection of the Operating Agreements by Fee Owner as a result of a bankruptcy of Fee Owner or any other party to any Operating Agreement, including, without limitation, the right to file and prosecute any and all proofs
of claims, complaints, notices and other documents in any case in respect of Fee Owner or any other party to any Operating Agreement under and pursuant to the Bankruptcy Code. 
  

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 13.6 No Liability. Lender shall have no liability or obligation under the Operating Agreements by
reason of its acceptance of the Security Instrument, this Agreement and the other Loan Documents. Lender shall be liable for the obligations of the lessee arising under the Operating Agreements for only that period of time during which Lender is in
possession of the portion of the Property covered by said Operating Agreement or has acquired, by foreclosure or otherwise, and is holding all of Borrower’s right, title and interest therein. 
  

	 	XIV.	SECURITIZATION AND PARTICIPATION 

  
 14.1 Sale of Notes and Securitization. At the request of Lender and, to the extent not already required to be provided by Borrower under this
Agreement, Borrower shall use reasonable efforts to satisfy the market standards which may be reasonably required in the marketplace or by the Rating Agencies in connection with the sale of one or more of the Notes or a participation interest
therein as part of the first successful securitization (such sale and/or securitization, the “Securitization”) of rated single or multi-class securities (the “Securities”) secured by or evidencing ownership
interests in the applicable Note or Notes and this Agreement, including using reasonable efforts to do (or cause to be done) the following, at Borrower’s sole cost and expense (subject in the case of Lender’s Securitization costs and
expenses to Section 14.5), but (i) Borrower shall not be required to incur, suffer or accept (except to a de minimis extent)) any lesser rights or greater obligations or potential liabilities than as currently set forth in the Loan Documents
except, after an Event of Default, any increase in the weighted average interest rate of the Notes that may result after certain prepayments of the Loan have been made and applied in accordance with the terms hereof, (ii) Borrower shall not have to
provide Regulation S-X compliant financials or auditors consents, and (iii) nothing contained in this Section 14.1. shall result in any economic change or other material adverse change in the transaction contemplated by the Security
Instrument or the Loan Documents (unless Borrower is made whole by the holder of Notes) or result in any operational changes that are unduly burdensome to the Property or Borrower. 
  
 (a) Provided Information. (i) Provide such financial and other information (but not projections) with respect to the
Property, Borrower, Master Lessee and Guarantor to the extent such information is reasonably available to Borrower, (ii) provide business plans (but not projections) and budgets relating to the Property, to the extent prepared by the Borrower or
Master Lessee and (iii) cooperate with the holder of the Notes (and its representatives) in obtaining such site inspection, appraisals, market studies, environmental reviews and reports, engineering reports and other due diligence investigations of
the Property, as may be reasonably requested by the holder of the Notes or reasonably requested by the Rating Agencies (all information provided pursuant to this Section 14.1 together with all other information heretofore provided to Lender
in connection with the Loan, as such may be updated, at Lender’s request, in connection with a Securitization, or hereafter provided to Lender in connection with the Loan or a Securitization, being herein collectively called the
“Provided Information”); 
  
 (b) Opinions of
Counsel. Use reasonable efforts to cause to be rendered such customary updates or customary modifications to the Opinions of Counsel delivered at the 

  

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closing of the Loan as may be reasonably requested by the holder of the Notes or the Rating Agencies in connection with the Securitization, including without
limitation, true lease and non-consolidation opinions but specifically excluding 10b-5 and true sale opinions. Borrower’s failure to use reasonable efforts to deliver or cause to be delivered the opinion updates or modifications required hereby
within twenty (20) Business Days after written request therefor shall constitute an “Event of Default” hereunder; 
  
 (c) Modifications to Loan Documents. Execute such amendments to the Security Instrument and Loan Documents as may be reasonably requested by Lender
or the Rating Agencies in order to achieve the required rating or to effect the Securitization (including, without limitation, modifying the Payment Date and modifying the commencement and expiration of the Interest Period, in each case to dates
other than as originally set forth in the Notes), and 
  
 (d)
Cooperation with Rating Agencies. Borrower shall, (i) at Lender’s request, meet with representatives of the Rating Agencies at reasonable times to discuss the business and operations of the Property, and (ii) cooperate with the
reasonable requests of the Rating Agencies in connection with the Property. Until the Obligations are paid in full, Borrower shall provide the Rating Agencies with all financial reports required hereunder and such other information as they shall
reasonably request, including copies of any default notices or other material notices delivered to and received from Lender hereunder, to enable them to continuously monitor the creditworthiness of Borrower and to permit an annual surveillance of
the implied credit rating of the Securities. 
  
 14.2
Securitization Financial Statements. Borrower acknowledges that all financial information delivered by Borrower to Lender pursuant to Article XI may, at Lender’s option, be delivered to the Rating Agencies, subject to compliance
with Section 11.2.9. 
  
 14.3 Securitization
Indemnification. 
  
 (a) Disclosure Documents. Borrower
understands that certain of the Provided Information may be included in disclosure documents in connection with the Securitization, including a prospectus, private placement memorandum, collateral term sheet or a public registration statement (each,
a “Disclosure Document”) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”) or the Securities and Exchange Act
of 1934, as amended (the “Exchange Act”), or provided or made available to investors or prospective investors in the Securities, the Rating Agencies, and service providers relating to the Securitization. In the event that the
Disclosure Document is required to be revised prior to the sale of all Securities, upon request, Borrower shall reasonably cooperate with the holder of the Notes in updating the Provided Information for inclusion or summary in the Disclosure
Document by providing all current information pertaining to Borrower and the Property reasonably requested by Lender. 
  

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 14.3.2 Indemnification Certificate. In connection with each applicable Disclosure Document,
Borrower agrees to provide, at Lender’s reasonable request, an indemnification certificate: 
  
 (a) certifying that Borrower has carefully examined those portions of such memorandum or prospectus, as applicable, reasonably designated in writing by
Lender for Borrower’s review pertaining to Borrower, the Property, the Sponsor, the Loan and/or the Provided Information and insofar as such sections or portions thereof specifically pertain to Borrower, the Property, the Sponsor, the Provided
Information or the Loan (such portions, the “Relevant Portions”), the Relevant Portions do not (except to the extent specified by Borrower if Borrower does not agree with the statements therein), as of the date of such certificate,
to Borrower’s actual knowledge, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.

  
 (b) indemnifying Lender and the Affiliates of Deutsche Bank
Securities, Inc. (collectively, “DBS”) as well as Bank of America, N.A. and its Affiliates (“BofA”) that have prepared the Disclosure Document relating to the Securitization, each of their respective directors, each
of their respective officers who have signed the Disclosure Document and each person or entity who controls DBS or BofA within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Lender
Group”), and DBS and BofA, together with the Lender Group, each of their respective directors and each person who controls DBS or BofA or the Lender Group, within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act (collectively, the “Underwriter Group”) for any actual, out-of-pocket losses, third party claims, damages (excluding lost profits, diminution in value and other consequential damages) or liabilities arising out of third
party claims (the “Liabilities”) to which any member of the Underwriter Group may become subject to the extent such Liabilities arise out of or are based upon any untrue statement of any material fact contained in the Relevant
Portions and in the Provided Information or arise out of or are based upon the omission by Borrower to state therein a material fact required to be stated in the Relevant Portions in order to make the statements in the Relevant Portions in light of
the circumstances under which they were made, not misleading (except that (x) Borrower’s obligation to indemnify in respect of any information contained in a Disclosure Document that is derived in part from information provided by Borrower or
any Affiliate of Borrower and in part from information provided by others unrelated to or not employed by Borrower shall be limited to any untrue statement or omission of material fact therein known to Borrower that results directly from an error in
any information provided (or which should have been provided) by Borrower, (y) Borrower shall have no responsibility for the failure of any member of the Underwriting Group to accurately transcribe written information supplied by Borrower or to
include such portions of the Provided Information and (z) Borrower shall have no responsibility or obligation to indemnify in respect of any untrue or misleading statement in the Relevant Portions or Provided Information which is not corrected upon
a request for such correction by Borrower). The indemnity contained in the indemnification certificate will be in addition to any liability which Borrower may otherwise have. 
  
 (c) The indemnification certificate shall provide that Borrower’s liability under clauses (a) and (b) of the
indemnification certificate shall be limited to Liabilities arising out of or based upon any such untrue statement or omission made in a Disclosure Document in reliance upon and in conformity with information furnished to Lender by, or furnished at
the direction and on behalf of, Borrower in connection with the preparation of those portions of the relevant 

  

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Disclosure Document pertaining to Borrower, the Property, the Sponsor or the Loan, including financial statements of Borrower and operating statements with
respect to the Property. 
  
 (d) The indemnification certificate
shall also provide that promptly after receipt by an indemnified party of notice of the commencement of any action covered by the indemnification certificate, such indemnified party will notify the indemnifying party in writing of the commencement
thereof, but the omission to so notify the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have to any indemnified party thereunder except to the extent that failure to notify causes
prejudice to the indemnifying party. In the event that any action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, jointly with any other
indemnifying party, to participate therein and, to the extent that it (or they) may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof
with counsel reasonably satisfactory to such indemnified party. After such notice from the indemnifying party to such indemnified party of its assumption of such defense, the indemnifying party shall not be liable for any legal or other expenses
subsequently incurred by such indemnified party in connection with the defense thereof; provided, however, if an indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there are any
legal defenses available to it that are different from or in conflict with those available to the indemnifying party, or indemnified party or parties shall have the right to select separate counsel to assert such legal defenses and to otherwise
participate in the defense of such action on behalf of such indemnified party or parties at the expense of the indemnifying party. 
  
 (e) The indemnification certificate shall also provide that in order to provide for just and equitable contribution in circumstances in which the
indemnity provided for therein is for any reason held to be unenforceable by an indemnified party in respect of any actual, out-of-pocket losses, claims, damages or liabilities relating to third party claims (or action in respect thereof) referred
to therein which would otherwise be indemnifiable thereunder, the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such actual, out of pocket losses, third party claims, damages or liabilities
(or action in respect thereof) (but excluding damages for lost profits, diminution in value of the Property and consequential damages); provided, however, that no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution for Liabilities arising therefrom from any person who was not guilty of such fraudulent misrepresentation. In determining the amount of contribution to which the respective
parties are entitled, the following factors shall be considered: (i) the Lender Group’s and Borrower’s relative knowledge and access to information concerning the matter with respect to which the claim was asserted; (ii) the opportunity to
correct and prevent any statement or omission; (iii) the limited responsibilities and obligations of Borrower as specified herein; and (iv) any other equitable considerations appropriate in the circumstances. 
  
 14.4 Retention of Servicer. Lender reserves the right to retain the
Servicer. Lender has advised Borrower that the Servicer initially retained by Lender shall be Bank of America, N.A. or its Affiliate. Borrower shall pay any reasonable fees and expenses of the Servicer and any reasonable third party fees and
expenses of the Servicer, special servicing fees, work-out fees and reasonable attorneys fees and disbursements, in connection with a prepayment, release 

  

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or substitution of the Property, assumption or modification of the Loan, or following an Event of Default, special servicing or work-out of the Loan or
enforcement of the Loan Documents. In addition, Borrower shall pay the standard monthly servicing fee of the Servicer on or prior to each Payment Date. 
  
 14.5 Lender’s Securitization Expenses. Borrower has paid to Lender on the date hereof an amount equal to $2,890,000 in full satisfaction of
any obligation of Borrower to pay Lender’s costs and expenses in connection with any Securitization, including but not limited to Lender’s out-of-pocket costs and expenses for legal fees, fees of Rating Agencies and their counsel, printing
and distribution of offering materials, trustee acceptance fee and legal fees and accounting expenses. 
  

	 	XV.	ASSIGNMENTS AND PARTICIPATIONS 

  
 15.1 Assignment and Acceptance. Lender may assign to one or more Persons all or a portion of its rights and obligations under this Agreement and
the other Loan Documents (including, without limitation, all or a portion of one or more of the Notes); provided that the parties to each such assignment shall execute and deliver to Lender, for its acceptance and recording in the Register (as
hereinafter defined), an Assignment and Acceptance. In addition, Lender may participate to one or more Persons all or any portion of its rights and obligations under this Agreement and the other Loan Documents (including without limitation, all or a
portion of one or more of the Notes) utilizing such documentation to evidence such participation and the parties’ respective rights thereunder as Lender, in its sole discretion, shall elect. 
  
 15.2 Effect of Assignment and Acceptance. Upon such execution,
delivery, acceptance and recording, from and after the effective date specified in such Assignment and Acceptance, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it
pursuant to such Assignment and Acceptance, have the rights and obligations of Lender, as the case may be, hereunder and such assignee shall be deemed to have assumed such rights and obligations, and (ii) Lender shall, to the extent that rights and
obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement and the other Loan Documents (and, in the case of an Assignment and Acceptance
covering all or the remaining portion of Lender’s rights and obligations under this Agreement and the other Loan Documents, Lender shall cease to be a party hereto) accruing from and after the effective date of the Assignment and Acceptance,
except with respect to (A) any payments made by Borrower to Lender pursuant to the terms of the Loan Documents after the effective date of the Assignment and Acceptance and (B) any letter of credit, cash deposit or other deposits or security (other
than the Lien of the Security Instrument and the other Loan Documents) delivered to or for the benefit of or deposited with German American Capital Corporation, on behalf of the holders of the Notes, as Lender, for which German American Capital
Corporation, on behalf of the holders of the Notes, shall remain responsible for the proper disposition thereof until such items are delivered to a party who is qualified as an Approved Bank and agrees to hold the same in accordance with the terms
and provisions of the agreement pursuant to which such items were deposited. 
  

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 15.3 Content. By executing and delivering an Assignment and Acceptance, Lender and the assignee
thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, Lender makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with this Agreement or any other Loan Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien
or security interest created or purported to be created under or in connection with, this Agreement or any other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; (ii) Lender makes no representation or warranty
and assumes no responsibility with respect to the financial condition of Borrower or the performance or observance by Borrower of any of its obligations under any Loan Documents or any other instrument or document furnished pursuant thereto; (iii)
such assignee confirms that it has received a copy of this Agreement, together with copies of such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and
Acceptance; (iv) such assignee will, independently and without reliance upon Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
this Agreement and the other Loan Documents; (v) such assignee appoints and authorizes Lender to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents as are delegated to Lender by the terms
hereof together with such powers and discretion as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform, in accordance with their terms, all of the obligations which by the terms of this Agreement and the other Loan
Documents are required to be performed by Lender. 
  
 15.4
Register. Lender shall maintain a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of Lender and each assignee pursuant to this Article XV and the
principal amount of the Loan owing to each such assignee from time to time (the “Register”). The entries in the Register shall, with respect to such assignees, be conclusive and binding for all purposes, absent manifest error. The
Register shall be available for inspection by Borrower or any assignee pursuant to this Article XV at any reasonable time and from time to time upon reasonable prior written notice. 
  
 15.5 Substitute Notes. Upon its receipt of an Assignment and
Acceptance executed by an assignee, together with any Note or Notes subject to such assignment, Lender shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit M hereto, (i) accept such
Assignment and Acceptance, (ii) record the information contained therein in the Register, and (iii) give prompt written notice thereof to Borrower. Within five (5) Business Days after its receipt of such notice, Borrower, at Lender’s expense,
shall execute and deliver to Lender in exchange and substitution for the surrendered Note or Notes a new Note to the order of such assignee in an amount equal to the portion of the Loan assigned to it and a new Note to the order of Lender in an
amount equal to the portion of the Loan retained by it hereunder. Such new Note or Notes shall be in an aggregate principal amount equal to the aggregate then outstanding principal amount of such surrendered Note or Notes, shall be dated the
effective date of such Assignment and Acceptance and shall otherwise be in substantially the form of the Notes (modified, however, to the extent necessary so as not to impose duplicative or increased obligations on Borrower and to delete obligations
previously satisfied by Borrower). Notwithstanding the provisions of this Article XV, Borrower shall not be responsible or liable 

  

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for any additional taxes, reserves, adjustments or other costs and expenses that are related to, or arise as a result of, any transfer of the Loan (except as
provided in Article XIV) or any interest or participation therein that arise solely and exclusively from the transfer of the Loan or any interest or participation therein or from the execution of the new Note contemplated by this Section
15.5, including, without limitation, any mortgage tax. Lender and/or the assignees, as the case may be, shall from time to time designate one agent through which Borrower shall request all approvals and consents required or contemplated by this
Agreement and on whose statements Borrower may rely. 
  
 15.6
Participations. Each assignee pursuant to this Article XV may sell participations to one or more Persons (other than Borrower or any of its Affiliates) in or to all or a portion of its rights and obligations under this Agreement and
the other Loan Documents (including, without limitation, all or a portion of the Note held by it); provided, however, that (i) such assignee’s obligations under this Agreement and the other Loan Documents shall remain unchanged, (ii) such
assignee shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) such assignee shall remain the holder of any such Note for all purposes of this Agreement and the other Loan Documents, and (iv)
Borrower, Lender and the assignees pursuant to this Article XV shall continue to deal solely and directly with such assignee in connection with such assignee’s rights and obligations under this Agreement and the other Loan Documents. In
the event that more than one (1) party comprises Lender, Lender shall designate one party to act on the behalf of all parties comprising Lender in providing approvals and all other necessary consents under the Loan Documents and on whose statements
Borrower may rely. 
  
 15.7 Disclosure of Information. Any
assignee pursuant to this Article XV may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Article XV, disclose to the assignee or participant or proposed assignee or
participant, any information relating to Borrower furnished to such assignee by or on behalf of Borrower; provided, however, that, prior to any such disclosure, (a) the assignee or participant or proposed assignee or participant shall agree in
writing for the benefit of Borrower to preserve the confidentiality of any confidential information received by it and (b) with respect to any Asset-Specific Proprietary Information, the terms of Section 11.2.9 shall be complied with.

  
 15.8 Security Interest in Favor of Federal Reserve
Bank. Notwithstanding any other provision set forth in this Agreement or any other Loan Document, any assignee pursuant to this Article XV may at any time create a security interest in all or any portion of its rights under this Agreement
or the other Loan Documents (including, without limitation, the amounts owing to it and the Note or Notes held by it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System.

  

	 	XVI. 	RESERVE ACCOUNTS 

  
 16.1 Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, Borrower shall cause to be deposited into the Tax
Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax bill for the
Property, will be payable during the next ensuing twelve (12) months in order to 

  

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accumulate with Lender sufficient funds to pay all such Impositions at least thirty (30) days prior to the imposition of any interest, charges or expenses
for the non-payment thereof and (b) one-twelfth of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the
“Monthly Tax Reserve Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $824,185.12, but such amount
is subject to adjustment by Lender in its reasonable discretion upon notice to Borrower. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Tax Reserve Amount to payments of
Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In
making any payment relating to the Tax Reserve Account, Lender may do so according to any bill, statement or estimate procured from the appropriate public office, without inquiry into the accuracy of such bill, statement or estimate or into the
validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof subject to Borrower’s right to contest. If the amount of funds in the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges
pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be
sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient
to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the
amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Tax Reserve Account. 
  
 16.2 Insurance Reserve Account. 
  
 (a) Insurance Reserve. Subject to clause (b) below, Borrower shall, in accordance with the time periods set forth in
Section 3.1, cause to be deposited into the Insurance Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount equal to one-twelfth of the insurance premiums that Lender reasonably
estimates, based on the most recent bill, will be payable for the renewal of the coverage afforded by the insurance policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such insurance premiums at least
thirty (30) days prior to the expiration of the policies required to be maintained by Borrower pursuant to the terms hereof (said monthly amounts hereinafter called the “Monthly Insurance Reserve Amount,” and the aggregate amount of
funds held in the “Insurance Reserve Account” being the Insurance Reserve Amount). The Monthly Insurance Reserve Amount shall be subject to adjustment by Lender upon notice to Borrower. The Monthly Insurance Reserve Amount shall be
paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly Insurance Reserve Amount to payments of insurance premiums required to be made by Borrower pursuant to Article VI and under the Security Instrument. In making any
payment relating to the Insurance Reserve Account, Lender may do so according to any bill, statement or estimate procured from the insurer or agent, without inquiry into the accuracy of such bill, statement or estimate or into the validity thereof.
If the 

  

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amount of funds in the Insurance Reserve Account shall exceed the amounts due for insurance premiums pursuant to Article VI, Lender shall credit such
excess against future payments to be made to the Insurance Reserve Account. If at any time Lender reasonably determines that the Insurance Reserve Amount is not or will not be sufficient to pay insurance premiums by the dates set forth above, Lender
shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the
applicable insurance policies. Upon payment of such insurance premiums, Lender shall reassess the amount necessary to be deposited in the Insurance Reserve Account for the succeeding period, which calculation shall take into account any excess
amounts remaining in the Insurance Reserve Account. 
  
 (b)
Blanket Policies. Notwithstanding the foregoing, provided no Event of Default has occurred and is continuing, Borrower shall not be required to deposit funds into the Insurance Reserve Account at any time when the insurance required to be
maintained pursuant to this Agreement is provided under a Blanket Policy in accordance with Article VI hereof and either (i) one or more of the Sponsors or their Close Affiliates hold in the aggregate not less than a fifty-one percent (51%)
direct or indirect ownership interest in the Borrower or (ii) the premiums in respect of such Blanket Policy are paid or caused to be paid at least three (3) months before such premiums become due and payable. 
  
 16.3 Ground Rent Reserve Account. In accordance with the time periods
set forth in Section 3.1, Borrower shall, on each Payment Date, cause to be deposited into the Ground Rent Reserve Account (which deposit may be effected by the transfers contemplated under Section 3.1.6(a)) an amount (without duplication of
any amounts required to be deposited in the Tax Reserve Account in respect of real estate taxes payable with respect to the Leasehold Estate) equal to one-twelfth of the annual Ground Rent that Lender reasonably estimates will be payable during the
next ensuing twelve (12) months, or if such Ground Rent is payable monthly, the sum of the next month’s Ground Rent due, in order to accumulate with Lender sufficient funds to pay all such Ground Rent at least thirty (30) days prior to the
imposition of any interest, charges or expenses for the non-payment thereof (said monthly amounts above hereinafter called the “Monthly Ground Rent Reserve Amount”, and the aggregate amount of funds held in the Ground Rent Reserve
Account being the “Ground Rent Reserve Amount”). The Monthly Ground Rent Reserve Amount shall be subject to adjustment by Lender upon notice to Borrower. The Monthly Ground Rent Reserve Amount shall be paid by Borrower to Lender on
each Payment Date. Subject to the terms hereof, Lender will apply the Ground Rent Reserve Amount to payments of Ground Rent required to be made by Borrower pursuant to the Ground Lease. In making any payment relating to the Ground Rent Reserve
Account, Lender may do so according to any bill, statement or estimate procured from the Fee Owner, without inquiry into the accuracy of such bill, statement or estimate or into the validity thereof. If the amount of funds in the Ground Rent Reserve
Account shall exceed the amounts due as Ground Rent pursuant to the Ground Lease, Lender shall credit such excess against future payments to be made to the Ground Rent Reserve Account. If at any time Lender reasonably determines that the Ground Rent
Reserve Amount is not or will not be sufficient to pay Ground Rent by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably
estimates is sufficient to make up the deficiency at least 

  

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thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of Ground Rent. 
  

	 	XVII. 	DEFAULTS 

  
 17.1 Event of Default. 
  
 (a) Each of the following events shall constitute an event of default hereunder (an “Event of Default”): 
  
 (i) if (A) the Indebtedness is not paid in full on the
Maturity Date, (B) any regularly scheduled monthly payment of interest due under the Notes is not paid in full on the applicable Payment Date, (C) any prepayment of principal due under this Agreement or the Notes is not paid when due, (D) the
Prepayment Fee is not paid when due, (E) any deposit to the Holding Account is not made on the required deposit date therefor; or (F) except as to any amount included in (A), (B), (C), (D), (E) and/or (F) of this clause (i) or in clause (ii), any
other amount payable pursuant to this Agreement, the Notes or any other Loan Document (other than the Master Lease) is not paid in full when due and payable in accordance with the provisions of the applicable Loan Document (other than the Master
Lease), with such failure continuing for ten (10) Business Days after Lender delivers written notice thereof to Borrower; 
  
 (ii) subject to Borrower’s right to contest as set forth in Section 7.3, if any of the Impositions or Other Charges are not
paid prior to the imposition of any interest, penalty, charge or expense for the non-payment thereof, provided, that Borrower shall not be deemed to be in default hereunder in the event funds sufficient for a required payment of such Imposition or
Other Charge under Section 3.1.7(i) are held in the Tax Reserve Account and Lender or Cash Management Bank fails to timely make payment from such Sub-Account as contemplated by this Agreement unless due to the negligence or willful misconduct
of Borrower; 
  
 (iii) if the insurance policies
required by Section 6.1 are not kept in full force and effect or if Borrower fails to deliver to Lender evidence of the insurance required by Section 6.1 at the times required in such Section with such failure continuing for five (5)
Business Days after the Lender delivers written notice thereof to Borrower, provided, that Borrower shall not be deemed to be in default hereunder in the event funds sufficient for a required payment under Section 3.1.7(ii) of the premiums
required to keep the insurance policies in full force and effect are held in the Insurance Reserve Account and Lender or Cash Management Bank fails to timely make payment from such Sub-Account as contemplated by this Agreement unless due to the
negligence or willful misconduct of Borrower; 
  
 (iv) if, except as expressly permitted pursuant to Article VIII or the other provisions hereof, any of the following shall occur: (a) any Transfer of any direct or indirect legal, beneficial or equitable interest in all or any
portion of the Property, (b) any Transfer of any direct or indirect interest in Borrower, Mezzanine Borrower, Master Lessee, Guarantor or any SPE Entity, (c) Borrower grants any Lien or encumbrance against all or any portion of the Property, (d) any
pledge, hypothecation, creation of a security interest in or other encumbrance of any direct or indirect interests in Borrower, Mezzanine Borrower, Master Lessee, Guarantor or 

  

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any SPE Entity or (e) Borrower’s filing of a declaration of condominium with respect to the Property other than the Condominium Properties; 

 
 (v) if (i) any representation or warranty made by
Borrower in Section 4.1.24 shall have been false or misleading in any material respect as of the date the representation or warranty was made which incorrect, false or misleading statement is not cured within thirty (30) days after receipt by
Borrower of notice from Lender in writing of such breach or a longer period of time not to exceed thirty (30) additional days if Borrower has commenced to cure but cannot cure within the initial thirty (30) day period or (ii) if any other
representation or warranty made by Borrower herein or by Borrower or any Affiliate of Borrower in any other Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall have
been false or misleading in any material respect as of the date the representation or warranty was made; provided, however, that if such representation or warranty which was false or misleading in any material respect is, by its nature,
curable and is not reasonably likely to have a Material Adverse Effect, and such representation or warranty was not, to the best of Borrower’s knowledge, false or misleading in any material respect when made, then same shall not constitute an
Event of Default unless Borrower has not cured same within ten (10) days after receipt by Borrower of notice from Lender in writing of such breach; 
  
 (vi) if Borrower, Mezzanine Borrower, Master Lessee, Guarantor or any SPE Entity shall make an assignment for the benefit of creditors;

  
 (vii) if a receiver, liquidator or trustee
shall be appointed for Borrower, Mezzanine Borrower, Master Lessee, Guarantor or any SPE Entity or Borrower, Mezzanine Borrower, Master Lessee, Guarantor or any SPE Entity shall be adjudicated a bankrupt or insolvent, or if any petition for
bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower, Mezzanine Borrower, Master Lessee, Guarantor or any SPE
Entity, or if any proceeding for the dissolution or liquidation of Borrower, Mezzanine Borrower, Master Lessee, Guarantor or any SPE Entity shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was
involuntary and not consented to by Borrower, Mezzanine Borrower, Master Lessee, Guarantor or any SPE Entity upon the same not being discharged, stayed or dismissed within ninety (90) days; 
  
 (viii) if Borrower, Mezzanine Borrower, Master Lessee,
Guarantor or any SPE Entity, as applicable, attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein or therein in contravention of the Loan Documents; 
  
 (ix) reserved; 
  
 (x) if any of the assumptions contained in the
Non-Consolidation Opinion, in any Additional Non-Consolidation Opinion or in any other non-consolidation opinion delivered to Lender in connection with the Loan, or in any other non-consolidation delivered subsequent to the closing of the Loan, is
untrue in any material respect; 
  
 (xi) if any
of the assumptions contained in the True Lease Opinion is untrue in any material respect; 
  

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 (xii) if Borrower, having notified Lender of its election to extend the Maturity Date as
set forth in Section 5 of the Notes, fails to deliver the Replacement Interest Rate Cap Agreement to Lender not later than one (1) Business Day prior to the first day of the extended term of the Loan and Borrower has not prepaid the Loan
pursuant to the terms of the Notes prior to such first day of the extended term; 
  
 (xiii) if Borrower shall fail to comply in any material respect with any covenants set forth in Section 5.1.4, Section
5.1.9, Section 5.2.9 and 5.2.22; 
  
 (xiv) except as provided clause (xiv) above, if Borrower shall fail to comply with any covenants set forth in Article V or Section XI with such failure continuing for ten (10) Business Days after Lender delivers written notice
thereof to Borrower; 
  
 (xv) if Borrower shall
fail to comply with the covenants set forth in Section 3(d) or Section 8 of the Security Instrument with such failure continuing for ten (10) Business Days after Lender delivers written notice thereof to Borrower; 
  
 (xvi) if this Agreement or any other Loan Document or any
Lien granted hereunder or thereunder, in whole or in part, shall terminate or shall cease to be effective or shall cease to be a legally valid, binding and enforceable obligation of Borrower or any Guarantor, or any Lien securing the Indebtedness
shall, in whole or in part, cease to be a perfected first priority Lien, subject to the Permitted Encumbrances (except in any of the foregoing cases in accordance with the terms hereof or under any other Loan Document or by reason of any affirmative
act of Lender); 
  
 (xvii) except as expressly
permitted pursuant to the Loan Documents, if Borrower grants any easement, covenant or restriction (other than the Permitted Encumbrances) over the Property; 
  

(xviii) if Borrower or Master Lessee shall permit any event within its control to occur that would cause any REA to terminate without
notice or action by any party thereto or would entitle any party to terminate any REA and the term thereof by giving notice to Borrower or Master Lessee; or any REA shall be surrendered, terminated or canceled for any reason or under any
circumstance whatsoever except as provided for in such REA; or any material term of any REA shall be modified or supplemented (other than in accordance with its terms) and such modification or supplementation is reasonably likely to have a Material
Adverse Effect; or Borrower shall fail or shall permit Master Lessee to shall fail, within ten (10) Business Days after demand by Lender, to exercise its option to renew or extend the term of any REA or shall fail or neglect to pursue diligently all
actions necessary to exercise such renewal rights pursuant to such REA except as provided for in such REA, in all case where such surrender, termination, cancellation, modification, supplement or failure to renew or extend is reasonably expected to
have a Material Adverse Effect; 
  
 (xix) if
there shall occur any default by Borrower, as lessee under any Ground Lease, in the observance or performance of any term, covenant or condition of such Ground Lease on the part of Borrower to be observed or performed, and said default is not cured
prior to the expiration of any applicable grace or cure period therein provided, or if any one or 

  

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more of the events referred to in a Ground Lease shall occur which would cause such Ground Lease to terminate without notice or action by the related Fee
Owner under such Ground Lease or if any Leasehold Estate shall be surrendered or any Ground Lease shall be lawfully terminated or cancelled for any reason or under any circumstances whatsoever, or if any of the terms, covenants or conditions of any
Ground Lease shall in any manner be modified, changed, supplemented, altered or amended in contradiction of the provisions of Article XIII without the prior written consent of Lender, which consent shall not be unreasonably withheld,
conditioned or delayed, or if Borrower or Master Lessee shall fail to exercise any option to renew the Ground Lease or shall fail to or neglect to pursue diligently all actions necessary to exercise such renewal rights pursuant to the terms of the
Ground Lease, provided, that if a default by Borrower under a Ground Lease is a Ground Rent payment default, the occurrence or failure to cure such default shall not be deemed to be in default hereunder in the event funds sufficient for a required
transfer under Section 3.1.6(a)(iii) are held in the Ground Rent Reserve Account and Lender or Cash Management Bank fails to timely make any transfer from such Sub-Account as contemplated by this Agreement unless due to the negligence or
willful misconduct of Borrower; 
  
 (xx) if
Borrower, after actual notice, fails to use all commercially reasonable efforts to cause a Condominium Board to (x) take corrective action and (y) remedy its failure (A) to maintain the Common Elements in good condition and repair, and such failure
is reasonably be expected to have a Material Adverse Effect, (B) to promptly comply with all laws, orders, and ordinances affecting the Common Elements, or the use thereof, the failure of which is reasonably expected to have a Material Adverse
Effect, (C) to promptly repair, replace or rebuild any part of the Common Elements which may be damaged or destroyed by any casualty or which may be affected by any condemnation proceeding, the failure of which is reasonably expected to have a
Material Adverse Effect, or (D) to complete and pay for, within a reasonable time, any construction or repair undertaken on the Common Elements, all to the extent that the Condominium Board is required to so maintain, comply, repair, replace,
rebuild and complete the Common Elements by the Condominium Documents), the failure of which is reasonably expected to have a Material Adverse Effect; 
  
 (xxi) if Borrower fails to use commercial reasonable efforts to cause a Condominium Board to allow Lender to examine the records of the
receipts and expenditures arising from the operation of a Condominium and such default shall continue for a period of ten (10) days after written notice from Lender (with a copy to Borrower) thereof specifying such default and requiring the same to
be remedied shall have been given to the person designated from time to time in accordance the provisions of the Condominium Declarations to receive service of process; 
  
 (xxii) if withdrawal of the Property from a Condominium shall be authorized by, at the direction of or
pursuant to the vote of Borrower or any Affiliate of Borrower; 
  
 (xxiii) if, without the prior written consent of Lender, any of the material terms or provisions of any Operating Agreement are modified or amended (in a manner prohibited by Article XIII); 
  
 (xxiv) if a default by Borrower has occurred and continues
beyond any applicable cure period under any Condominium Documents that would entitle any party to 

  

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terminate any Condominium Document or the term thereof by giving notice to Borrower and such default or termination would otherwise be reasonably expected to
have a Material Adverse Effect; 
  
 (xxv) if the
Master Lease shall be materially modified without the prior written consent of Lender, except as expressly permitted hereunder or any other Loan Document (other than the Master Lease); 
  
 (xxvi) if Borrower shall be in default in any material obligation on the part of Borrower beyond any
applicable notice periods and cure periods pursuant to the terms of the Master Lease; 
  
 (xxvii) if the aggregate Allocated Loan Amount for all Individual Properties that Go Dark (excluding Go Dark Purchase Option Properties)
at any one time shall exceed the Go Dark Limit and Borrower shall not have obtained a release of such Individual Property or Properties or provided a substitute therefor in accordance with Section 2.3.3 within the time period specified in
such Section; 
  
 (xxviii) if Borrower shall
continue to be in Default under any of the other terms, covenants or conditions of this Agreement or of any Loan Document not specified in subsections (i) to (xxvii) above, for thirty (30) days after notice from Lender; provided,
however, that if such Default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and provided further that Borrower shall have commenced to cure such Default within such thirty (30) day period and
thereafter diligently proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed ninety
(90) days. 
  
 (b) Unless waived in writing by Lender, upon the
occurrence and during the continuance of an Event of Default (other than an Event of Default described in clauses (a)(vi), (vii) or (viii) above in respect of Borrower) Lender may, without notice or demand, in addition to any other rights or
remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, take such action that Lender deems advisable to protect and enforce its rights against Borrower and in the Property, including, without
limitation, (i) declaring immediately due and payable the entire Principal Amount together with interest thereon and all other sums due by Borrower under the Loan Documents, (ii) collecting interest on the Principal Amount at the Default Rate
whether or not Lender elects to accelerate the Notes and (iii) enforcing or availing itself of any or all rights or remedies set forth in the Loan Documents against Borrower and the Property, including, without limitation, all rights or remedies
available at law or in equity; and upon any Event of Default described in subsections (a)(vi) or (a)(vii) above in respect of Borrower, the Indebtedness and all other obligations of Borrower hereunder and under the other Loan Documents shall
immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding. The foregoing
provisions shall not be construed as a waiver by Lender of its right to pursue any other remedies available to it under this Agreement, the Security Instrument or any other Loan Document. Any payment hereunder may be enforced and recovered in whole

  

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or in part at such time by one or more of the remedies provided to Lender in the Loan Documents. 
  
 17.2 Remedies. 
  
 (a) Unless waived in writing by Lender, upon the occurrence and during the
continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to,
Borrower or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Indebtedness shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding
or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to the Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singly, successively,
together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity
or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) Lender shall not be subject to any one action or election of remedies
law or rule and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Property and the Security Instrument has been foreclosed,
sold and/or otherwise realized upon in satisfaction of the Indebtedness or the Indebtedness has been paid in full. 
  
 (b) Upon the occurrence and during the continuance of an Event of Default, with respect to the Account Collateral, the Lender may: 
  
 (i) without notice to Borrower, except as required by law,
and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Account Collateral against the Obligations, operating expenses and/or capital expenditures for the Property or any part thereof; 
  
 (ii) in Lender’s sole discretion, at any time and from
time to time, exercise any and all rights and remedies available to it under this Agreement, and/or as a secured party under the UCC; 
  
 (iii) demand, collect, take possession of or receipt for, settle, compromise, adjust, sue for, foreclose or realize upon the Account
Collateral (or any portion thereof) as Lender may determine in its sole discretion; and 
  
 (iv) take all other actions provided in, or contemplated by, this Agreement. 
  
 (c) With respect to Borrower, the Account Collateral, the Rate Cap Collateral and the Property, nothing contained herein or
in any other Loan Document shall be construed as requiring Lender to resort to the Property for the satisfaction of any of the Indebtedness, and Lender may seek satisfaction out of the Property or any part thereof, in its absolute discretion in
respect of the Indebtedness. In addition, Lender shall have the right from time to time to 

  

 133 

 
partially foreclose this Agreement and the Security Instrument in any manner and for any amounts secured by this Agreement or the Security Instrument then
due and payable as determined by Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of
principal or interest, Lender may foreclose this Agreement and the Security Instrument to recover such delinquent payments, or (ii) in the event Lender elects to accelerate less than the entire outstanding principal balance of the Loan, Lender may
foreclose this Agreement and the Security Instrument to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by this Agreement or the Security Instrument as Lender may elect. Notwithstanding one
or more partial foreclosures, the Property shall remain subject to this Agreement and the Security Instrument to secure payment of sums secured by this Agreement and the Security Instrument and not previously recovered. 
  
 17.3 Remedies Cumulative; Waivers. The rights, powers and remedies of
Lender under this Agreement and the Security Instrument shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in
equity or otherwise. Lender’s rights, powers and remedies may be pursued singly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy,
right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient.
A waiver of one Default or Event of Default with respect to Borrower or any Guarantor shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or any Guarantor or to impair any remedy, right or power consequent
thereon. 
  
 17.4 Costs of Collection. In the event that
after an Event of Default: (i) the Notes or any of the Loan Documents is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding; (ii) an attorney is retained to represent Lender in
any bankruptcy, reorganization, receivership, or other proceedings affecting creditors’ rights and involving a claim under the Notes or any of the Loan Documents; or (iii) an attorney is retained to protect or enforce the lien or any of the
terms of this Agreement, the Security Instrument or any of the Loan Documents; then Borrower shall pay to Lender all reasonable attorney’s fees, costs and expenses actually incurred in connection therewith, including costs of appeal, together
with interest on any judgment obtained by Lender at the Default Rate. 
  

	 	XVIII. 	SPECIAL PROVISIONS 

  
 18.1 Exculpation. 
  
 18.1.1 Exculpated Parties. Except as set forth in this Section 18.1, the Recourse Guaranty and the Environmental Indemnity, no personal
liability shall be asserted, sought or obtained by Lender or enforceable against (i) Borrower, (ii) any Affiliate of Borrower, (iii) any Person owning, directly or indirectly, any legal or beneficial interest in Borrower or any Affiliate of Borrower
or (iv) any direct or indirect partner, member, principal, officer, Controlling Person, beneficiary, trustee, advisor, shareholder, employee, agent, Affiliate or director of any Persons 

  

 134 

 
described in clauses (i) through (iii) above (collectively, the “Exculpated Parties”) and none of the Exculpated Parties shall have any
personal liability (whether by suit deficiency judgment or otherwise) in respect of the Obligations, this Agreement, the Security Instrument, the Notes, the Property or any other Loan Document, or the making, issuance or transfer thereof, all such
liability, if any, being expressly waived by Lender. The foregoing limitation shall not in any way limit or affect Lender’s right to any of the following and Lender shall not be deemed to have waived any of the following: 
  
 (a) Foreclosure of the lien of this Agreement and the Security Instrument in
accordance with the terms and provisions set forth herein and in the Security Instrument; 
  
 (b) Action against any other security at any time given to secure the payment of the Notes and the other Obligations; 
  
 (c) Exercise of any other remedy set forth in this Agreement or in any other Loan Document which is not inconsistent with the terms of this Section
18.1; 
  
 (d) Any right which Lender may have under
Sections 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Indebtedness secured by this Agreement and the Security Instrument or to require that all collateral
shall continue to secure all of the Indebtedness owing to Lender in accordance with the Loan Documents; or 
  
 (e) The liability of any given Exculpated Party with respect to any separate written guaranty or agreement given by any such Exculpated Party in
connection with the Loan (including, without limitation, the Recourse Guaranty and the Environmental Indemnity). 
  
 18.1.2 Carveouts From Non-Recourse Limitations. Notwithstanding the foregoing or anything in this Agreement or any of the Loan Documents to the
contrary, there shall at no time be any limitation on Borrower’s or any Guarantor’s liability for the payment, in accordance with the terms of this Agreement, the Notes, the Security Instrument and the other Loan Documents, to Lender of:

  
 (a) any loss, damage, cost or expense incurred by or on behalf
of Lender by reason of the fraudulent acts of Borrower or any Affiliate of Borrower; 
  
 (b) Proceeds which Borrower or any Affiliate of Borrower has received and to which Lender is entitled pursuant to the terms of this Agreement or any of the Loan Documents to the extent the same have not been applied
toward payment of the Indebtedness, or used for the repair or replacement of the Property in accordance with the provisions of this Agreement; 
  
 (c) all loss, damage, cost or expense as incurred by Lender and arising from any intentional misrepresentation of Borrower or any Affiliate of Borrower;

  
 (d) any misappropriation of Rents or security deposits by
Master Lessee, Borrower or any of their respective Affiliates; 
  

 135 

 (e) any loss, damage, cost or expense incurred by or on behalf of Lender by reason of all or any part of
the Property, the Account Collateral or the Rate Cap Collateral being encumbered by a Lien by reason of the acts of Borrower or any Affiliate of Borrower from and after the date hereof (other than this Agreement and the Security Instrument) in
violation of the Loan Documents; 
  
 (f) after the occurrence and
during the continuance of an Event of Default, any Rents, issues, profits and/or income from the Property collected by Borrower or any Affiliate of Borrower (other than Rent sent to the Holding Account or paid directly to Lender pursuant to any
notice of direction delivered to tenants of the Property) and not applied to payment of the Obligations or used to pay normal and verifiable operating expenses of the Property or otherwise applied in a manner permitted under the Loan Documents;

  
 (g) physical damage to the Property from intentional waste
committed by Borrower or any Affiliate of Borrower; 
  
 (h) any
loss, damage, cost or expense incurred by or on behalf of Lender by reason of the failure of Borrower to comply with any of the provisions of Article XII; 
  
 (i) any loss, damage, cost or expense incurred by or on behalf of Lender by reason of any breach of a representation set
forth in Section 4.1.31; 
  
 (j) any loss, damage, cost or
expense incurred by or on behalf of Lender by reason of the failure of Borrower to deliver to Lender the net sales proceeds of a Transfer of an Individual Property described in Section 5.1.9(b) together with any shortfall necessary to pay in
full the Release Price for such Individual Property, in accordance with the provisions of Section 5.1.9(b); 
  
 (k) reserved; 
  
 (l) any and all liabilities, obligations, losses, damages, costs and expenses (including, without limitation, reasonable attorneys’ fees, causes of
action, suits, claims, demands and adjustments of any nature or description whatsoever) which may at any time be imposed upon, incurred by or awarded against Lender, in the event (and arising out of such circumstances) that (x) Borrower should raise
any defense, counterclaim and/or allegation in any foreclosure action by Lender relative to the Property, the Account Collateral or the Rate Cap Collateral or any part thereof which is found by a court to have been raised by Borrower in bad faith or
to be without basis in fact or law, or (y) an involuntary case is commenced against Borrower or Guarantor under the Bankruptcy Code with the collusion of Borrower, Guarantor or any of their Affiliates or (z) an order for relief is entered with
respect to the Borrower or Guarantor under the Bankruptcy Code through the actions of the Borrower or Guarantor or any of their Affiliates at a time when the Borrower or Guarantor, as applicable, is able to pay its debts as they become due unless
Borrower or Guarantor, as applicable, shall have received an opinion of independent counsel that Borrower, Guarantor or such Affiliate, as applicable, has a fiduciary duty to seek such an order for relief; or 
  
 (m) reasonable attorney’s fees and expenses actually incurred by Lender
in connection with any successful suit filed on account of any of the foregoing clauses (a) through (l). 
  

 136 

	 	XIX. 	MISCELLANEOUS 

  
 19.1 Survival. This Agreement and all covenants, indemnifications, agreements, representations and warranties made herein and in the certificates
delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Notes, and shall continue in full force and effect so long as all or any of the Indebtedness is outstanding and unpaid unless a
longer period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party. All covenants,
promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the successors and assigns of Lender. If Borrower consists of more than one person, the obligations and liabilities of each such person hereunder
and under the other Loan Documents shall be joint and several. 
  
 19.2 Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or
disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole discretion of Lender and shall be final and conclusive. 
  
 19.3 Governing Law. 
  
 (A) THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK,
THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY
CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTES, AND THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW. 
  
 (B) ANY LEGAL SUIT,
ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, 

  

 137 

 
AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT:

  
 CORPORATION SERVICE COMPANY 
 80 STATE STREET 
 ALBANY, NEW YORK 12207-2543

  
 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY
AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED
TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED
ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR
SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
  
 19.4 Modification, Waiver in Writing. No modification, amendment,
extension, discharge, termination or waiver of any provision of this Agreement, or of the Notes, or of any other Loan Document, or consent to any departure therefrom, shall in any event be effective unless the same shall be in a writing signed by
the party against whom enforcement is sought (and, if a Securitization shall have occurred, a Rating Agency Confirmation is obtained), and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which
given. Except as otherwise expressly provided herein, no notice to or demand on Borrower shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances. 
  
 19.5 Delay Not a Waiver. Neither any failure nor any delay on the part
of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Notes or under any other Loan Document, or any other instrument given as
security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of
limitation, by accepting payment after the due date of any amount payable under this Agreement, the Notes or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts
due under this Agreement, the Notes or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 
  

 138 

 19.6 Notices. All notices, consents, approvals and requests required or permitted hereunder or
under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested, (b) expedited prepaid delivery
service, either commercial or United States Postal Service, with proof of attempted delivery or (c) telecopier (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time to time by any
party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 
  

			
	If to Lender:	  	German American Capital Corporation, on behalf of the holders of the Notes
60 Wall Street, 10th floor
New York, NY 10005
Attention: Todd Sammann and General Counsel
Telecopy No.:
(212) 797-4489
Confirmation No.: (212) 250-2748
		
	With a copy to:	  	Bank of America, N.A., as Servicer, at such notice address as shall be designated by notice delivered in accordance with this Section.
		
	With a copy to:	  	Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036
Attention: Harvey R. Uris, Esq.
Telecopy No.: (917) 777-2212
Confirmation No.: (212)
735-3000
		
	With a copy to:	  	Bank of America, N.A.
9 West 57th Street
New York, NY 10019
Attention: Mr. Dean Ravosa
Telecopy No.: (212) 847-5695
Confirmation No.: (212) 847-6398
		
	With a copy to:	  	White & Case LLP
1155 Avenue of the Americas
New York, New York 10036-2787
Attention: Tom Higgins, Esq.
Telecopy No.: (212) 354-8113
Confirmation No.: (212)
819-8813
		
	If to Borrower:	  	Giraffe Properties, LLC
c/o Toys “R” Us, Inc.
One Geoffrey Way
Wayne, New Jersey
Attention: Chief Financial Officer

  

 139 

			
	 	  	Telecopy No.: (973) 617 4006
Confirmation No.: (973) 617-5755
		
	 	  	Bain Capital Partners, LLC
111 Huntington Avenue
Boston, MA 02199
Attention: Mr. John Tudor
Telecopy No.: (617) 516-2010
Confirmation No.: (617) 516-2194
		
	 	  	Kohlberg Kravis Roberts & Co.
2800 Sand Hill Road, Suite 200
Menlo Park, CA 94025
Attention: Mr. David Kerko
Telecopy No.: (650) 233-6538
Confirmation No.: (650)
233-6519
		
	 	  	Vornado Realty Trust
888 Seventh Avenue
New York, New York 10106
Attention: Wendy Silverstein
Telecopy No.: (212) 894-7073
Confirmation No.: (212) 894-7000
		
	With a copy to:	  	Sullivan & Cromwell LLP
125 Broad Street
New York, N.Y. 10004-2498
Attention: Arthur Adler, Esq.
Telecopy No.: (212) 558-3588
Confirmation No.: (212)
558-3960
		
	 	  	Kirkland and Ellis LLP
200 East Randolph Drive
Chicago, Illinois 60601
Attention: Chris Butler, Esq.
Telecopy No.: (312) 861-2200
Confirmation No.: (312)
861-2298

  
 All notices, elections, requests and
demands under this Agreement shall be effective and deemed received upon the earliest of (i) the actual receipt of the same by personal delivery or otherwise, (ii) one (1) Business Day after being deposited with a nationally recognized overnight
courier service as required above, (iii) three (3) Business Days after being deposited in the United States mail as required above or (iv) on the day sent if sent by facsimile with confirmation on or before 5:00 p.m. New York time on any Business
Day or on the next Business Day if so delivered after 5:00 p.m. New York time or on any day other than a Business Day. Rejection or other refusal to 

  

 140 

 
accept or the inability to deliver because of changed address of which no notice was given as herein required shall be deemed to be receipt of the notice,
election, request, or demand sent. 
  
 19.7 TRIAL BY JURY.
BORROWER AND ALL PERSONS CLAIMING BY, THROUGH OR UNDER IT, HEREBY EXPRESSLY, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT, THE SECURITY
INSTRUMENT, THE NOTES OR ANY OTHER LOAN DOCUMENT, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT
TO THIS AGREEMENT, THE SECURITY INSTRUMENT, THE NOTES OR ANY OTHER LOAN DOCUMENT (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR
THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND BORROWER HEREBY AGREES AND CONSENTS THAT AN ORIGINAL COUNTERPART OR A COPY
OF THIS SECTION MAY BE FILED WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT HERETO TO THE WAIVER OF ANY RIGHT TO TRIAL BY JURY. BORROWER ACKNOWLEDGES THAT IT HAS CONSULTED WITH LEGAL COUNSEL REGARDING THE MEANING OF THIS WAIVER AND ACKNOWLEDGES
THAT THIS WAIVER IS AN ESSENTIAL INDUCEMENT FOR THE MAKING OF THE LOAN. THIS WAIVER SHALL SURVIVE THE REPAYMENT OF THE LOAN. 
  
 19.8 Headings. The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference
only and shall not constitute a part of this Agreement for any other purpose. 
  
 19.9 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be
prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  
 19.10 Preferences. To the extent Borrower makes a payment or payments
to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal
law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds
had not been received by Lender. 
  
 19.11 Waiver of
Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender
to 

  

 141 

 
Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice.
Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do not specifically and expressly provide for the giving of notice by Lender to Borrower.

  
 19.12 Expenses; Indemnity 
  
 (a) Borrower covenants and agrees to pay or, if Borrower fails to pay, to
reimburse, Lender upon receipt of written notice from Lender for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements), except as may be otherwise expressly provided in Article XIV or elsewhere
in this Agreement or the Loan Documents, incurred by Lender in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and
thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any opinions requested by Lender pursuant to this Agreement); (ii) Lender’s ongoing performance of and compliance with all agreements and
conditions contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date; (iii) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers
or other modifications to this Agreement and the other Loan Documents and any other documents or matters as required herein or under the other Loan Documents; (iv) securing Borrower’s compliance with any requests made pursuant to the provisions
of this Agreement; (v) the filing and recording fees and expenses, mortgage recording taxes, title insurance and reasonable fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in
creating and perfecting the Lien in favor of Lender pursuant to this Agreement and the other Loan Documents; (vi) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or
other litigation, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, the Property, or any other security given for the Loan; (vii) enforcing any obligations of or collecting any payments due from Borrower
under this Agreement, the other Loan Documents or with respect to the Property or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a work-out or of any insolvency or
bankruptcy proceedings and (viii) procuring insurance policies pursuant to Section 6.1.11; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by
reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. Any cost and expenses due and payable to Lender may be paid from any amounts in the Holding Account subject to the provisions of Section 3.1.10(a).

  
 (b) Subject to the non-recourse provisions of Section
18.1, Borrower shall protect, indemnify and save harmless Lender, and all officers, directors, stockholders, members, partners, employees, agents, successors and assigns thereof (collectively, the Indemnified Parties) from and against all
liabilities, obligations, claims, damages, penalties, causes of action, costs and expenses (including all reasonable attorneys’ fees and expenses actually incurred) imposed upon or incurred by or asserted against the Indemnified Parties or the
Property or any part of its interest therein, by reason of the occurrence or existence of any of the following (to the extent Proceeds payable on account of the following shall be inadequate; it being understood that in no 

  

 142 

 
event will the Indemnified Parties be required to actually pay or incur any costs or expenses as a condition to the effectiveness of the foregoing indemnity)
prior to (i) the acceptance by Lender or its designee of a deed-in-lieu of foreclosure with respect to the Property, or (ii) an Indemnified Party or its designee taking possession or control of the Property or (iii) the foreclosure of the Security
Instrument, except to the extent caused by the actual willful misconduct or gross negligence of the Indemnified Parties (other than such willful misconduct or gross negligence imputed to the Indemnified Parties because of their interest in the
Property): (1) ownership of Borrower’s interest in the Property, or any interest therein, or receipt of any Rents or other sum therefrom, (2) any accident, injury to or death of any persons or loss of or damage to property occurring on or about
the Property or any Appurtenances thereto, (3) any design, construction, operation, repair, maintenance, use, non-use or condition of the Property or Appurtenances thereto, including claims or penalties arising from violation of any Legal
Requirement or Insurance Requirement, as well as any claim based on any patent or latent defect, whether or not discoverable by Lender, any claim the insurance as to which is inadequate, and any Environmental Claim, (4) any Default under this
Agreement or any of the other Loan Documents or any failure on the part of Borrower to perform or comply with any of the terms of any Operating Agreement within the applicable notice or grace periods, (5) any performance of any labor or services or
the furnishing of any materials or other property in respect of the Property or any part thereof, (6) any negligence or tortious act or omission on the part of Borrower or any of its agents, contractors, servants, employees, sublessees, licensees or
invitees, (7) any contest referred to in Section 7.3 hereof, (8) any obligation or undertaking relating to the performance or discharge of any of the terms, covenants and conditions of the landlord contained in the Subleases or the Master
Lease, or (9) the presence at, in or under the Property or the Improvements of any Hazardous Materials in violation of any Environmental Law. Any amounts the Indemnified Parties are legally entitled to receive under this Section which are not paid
within fifteen (15) Business Days after written demand therefor by the Indemnified Parties or Lender, setting forth in reasonable detail the amount of such demand and the basis therefor, shall bear interest from the date of demand at the Default
Rate, and shall, together with such interest, be part of the Indebtedness and secured by the Security Instrument. In case any action, suit or proceeding is brought against the Indemnified Parties by reason of any such occurrence, Borrower shall at
Borrower’s expense resist and defend such action, suit or proceeding or will cause the same to be resisted and defended by counsel at Borrower’s reasonable expense for the insurer of the liability or by counsel designated by Borrower
(unless reasonably disapproved by Lender promptly after Lender has been notified of such counsel); provided, however, that nothing herein shall compromise the right of Lender (or any Indemnified Party) to appoint its own counsel at
Borrower’s expense for its defense with respect to any action which in its reasonable opinion presents a conflict or potential conflict between Lender and Borrower that would make such separate representation advisable; provided further that if
Lender shall have appointed separate counsel pursuant to the foregoing, Borrower shall not be responsible for the expense of additional separate counsel of any Indemnified Party unless in the reasonable opinion of Lender a conflict or potential
conflict exists between such Indemnified Party and Lender. So long as Borrower is resisting and defending such action, suit or proceeding as provided above in a prudent and commercially reasonable manner, Lender and the Indemnified Parties shall not
be entitled to settle such action, suit or proceeding without Borrower’s consent which shall not be unreasonably withheld or delayed, and claim the benefit of this Section with respect to such action, suit or proceeding and Lender agrees
that it will not settle any such action, suit or 

  

 143 

 
proceeding without the consent of Borrower; provided, however, that if Borrower is not diligently defending such action, suit or proceeding in
a prudent and commercially reasonable manner as provided above, and Lender has provided Borrower with thirty (30) days’ prior written notice, or shorter period if mandated by the requirements of applicable law, and opportunity to correct such
determination, Lender may settle such action, suit or proceeding and claim the benefit of this Section 19.12 with respect to settlement of such action, suit or proceeding. Any Indemnified Party will give Borrower prompt notice after such
Indemnified Party obtains actual knowledge of any potential claim by such Indemnified Party for indemnification hereunder. The Indemnified Parties shall not settle or compromise any action, proceeding or claim as to which it is indemnified under
this Section 19.12 without notice to and reasonable consent of Borrower. 
  
 19.13 Exhibits and Schedules Incorporated. The Exhibits and Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof.

  
 19.14 Offsets, Counterclaims and Defenses. Any assignee
of Lender’s interest in and to this Agreement, the Notes and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have against
any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such
unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower. 
  
 19.15 Liability of Assignees of Lender. No assignee of Lender shall have any personal liability, directly or indirectly, under or in connection
with this Agreement or any other Loan Document or any amendment or amendments hereto made at any time or times, heretofore or hereafter, any different than the liability of Lender hereunder. In addition, no assignee shall have at any time or times
hereafter any personal liability, directly or indirectly, under or in connection with or secured by any agreement, lease, instrument, encumbrance, claim or right affecting or relating to the Property or to which the Property is now or hereafter
subject any different than the liability of Lender hereunder. The limitation of liability provided in this Section 19.15 is (i) in addition to, and not in limitation of, any limitation of liability applicable to the assignee provided by law
or by any other contract, agreement or instrument, and (ii) shall not apply to any assignee’s gross negligence or willful misconduct. 
  
 19.16 No Joint Venture or Partnership; No Third Party Beneficiaries. 
  
 (a) Borrower and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of
borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in the Property other than that of
mortgagee, beneficiary or lender. 
  
 (b) This Agreement and the
other Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon 

  

 144 

 
or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the
Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make
the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in
Lender’s sole discretion, Lender deems it advisable or desirable to do so. 
  
 19.17 Publicity. Each party shall endeavor to permit the other to review the initial press release relating to the Loan in order to provide the other with a reasonable opportunity to comment thereon.

  
 19.18 Waiver of Marshalling of Assets. To the fullest
extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s members and others with interests in Borrower and of the Property, and agrees not to assert
any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of
Lender under the Loan Documents to a sale of the Property for the collection of the Indebtedness without any prior or different resort for collection or of the right of Lender to the payment of the Indebtedness out of the net proceeds of the
Property in preference to every other claimant whatsoever. 
  
 19.19 Waiver of Counterclaim and other Actions. Borrower hereby expressly and unconditionally waives, in connection with any suit, action or proceeding brought by Lender on this Agreement, the Notes, the Security Instrument or any
Loan Document, any and every right it may have to (i) interpose any counterclaim therein (other than a counterclaim which can only be asserted in the suit, action or proceeding brought by Lender on this Agreement, the Notes, the Security Instrument
or any Loan Document and cannot be maintained in a separate action) and (ii) have any such suit, action or proceeding consolidated with any other or separate suit, action or proceeding. 
  
 19.20 Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of this
Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Loan
Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and
advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the
exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest
any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower acknowledges
that Lender engages in the business of real estate 

  

 145 

 
financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its
Affiliates. 
  
 19.21 Prior Agreements. This Agreement and
the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, are superseded
by the terms of this Agreement and the other Loan Documents and unless specifically set forth in a writing contemporaneous herewith the terms, conditions and provisions of any and all such prior agreements do not survive execution of this Agreement.

  
 19.22 Counterparts. This Agreement may be executed in
multiple counterparts, each of which shall constitute an original, but all of which shall constitute one document. 
  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 146 

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

			
	 BORROWER:

	
	GIRAFFE PROPERTIES, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jon W. Kimmins

	 Name:
	 	 Jon W. Kimmins

	 Title:
	 	 Senior Vice President-Treasurer

  
 [Lender’s
signature appears on following page] 
  
 Borrower’s Execution
Page 

  

					
	 LENDER:

	
	GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation, on behalf of the holders of the Notes
		
	 By:
	 	 /s/ Todd O. Sammann

	 Name:
	 	 Todd O. Sammann

	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ Eric M. Schwartz

	 Name:
	 	 Eric M. Schwartz

	 Title:
	 	 Vice PresidentMezzanine Loan and Security Agreement (First Mezzanine)

 Exhibit 10.11 
  
 MEZZANINE LOAN AND SECURITY AGREEMENT (FIRST MEZZANINE) 
  
 Dated as of July 21, 2005 
  
 Between 
  
 GIRAFFE INTERMEDIATE, LLC, 
 as Mezzanine Borrower 
  
 and 
  
 GERMAN AMERICAN CAPITAL CORPORATION, 
 as Mezzanine Lender 

 TABLE OF CONTENTS 
  

									
	 	  	Page

	I.	  	DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	1
				
	 	  	1.1	  	Definitions	  	1
				
	 	  	1.2	  	Principles of Construction	  	25
			
	II.	  	GENERAL TERMS	  	25
				
	 	  	2.1	  	Loan; Disbursement to Mezzanine Borrower	  	25
	 	  	 	  	2.1.1	  	The Loan	  	25
	 	  	 	  	2.1.2	  	Disbursement to Mezzanine Borrower	  	26
	 	  	 	  	2.1.3	  	Use of Proceeds	  	26
				
	 	  	2.2	  	Interest; Loan Payments; Late Payment Charge; Payment of Principal and Interest	  	26
	 	  	 	  	2.2.1	  	Payment of Principal and Interest	  	26
	 	  	 	  	2.2.2	  	Method and Place of Payment	  	26
	 	  	 	  	2.2.3	  	Late Payment Charge	  	27
	 	  	 	  	2.2.4	  	Usury Savings	  	27
				
	 	  	2.3	  	Prepayments	  	27
	 	  	 	  	2.3.1	  	Mandatory Prepayment	  	27
	 	  	 	  	2.3.2	  	Prepayments After Event of Default; Application of Amounts Paid	  	28
	 	  	 	  	2.3.3	  	Release of Collateral	  	28
	 	  	 	  	2.3.4	  	Release of Individual Property	  	29
	 	  	 	  	2.3.5	  	Substitution of Properties	  	31
	 	  	 	  	2.3.6	  	Provisions Relating to Individual Properties That Go Dark	  	36
	 	  	 	  	2.3.7	  	Excess Account Collateral	  	37
	 	  	 	  	2.3.8	  	Reserve Requirements	  	37
	 	  	 	  	2.3.9	  	Intentionally Omitted	  	37
				
	 	  	2.4	  	Regulatory Change; Taxes	  	37
	 	  	 	  	2.4.1	  	Increased Costs	  	37
	 	  	 	  	2.4.2	  	Special Taxes	  	38
	 	  	 	  	2.4.3	  	Other Taxes	  	38
	 	  	 	  	2.4.4	  	Indemnity	  	39
	 	  	 	  	2.4.5	  	Change of Office	  	39
	 	  	 	  	2.4.6	  	Survival	  	39
				
	 	  	2.5	  	Conditions Precedent to Closing	  	39
	 	  	 	  	2.5.1	  	Representations and Warranties; Compliance with Conditions	  	39
	 	  	 	  	2.5.2	  	Delivery of Mezzanine Loan Documents; Title Policy; Reports; Leases	  	40
	 	  	 	  	2.5.3	  	Satisfactory Collateral	  	41
	 	  	 	  	2.5.4	  	Loan (Mortgage)	  	41

  

 i 

									
	 	  	 	  	2.5.5	  	Related Documents	  	42
	 	  	 	  	2.5.6	  	Delivery of Organizational Documents	  	42
	 	  	 	  	2.5.7	  	Opinions of Mezzanine Borrower’s Counsel	  	42
	 	  	 	  	2.5.8	  	Completion of Proceedings	  	42
	 	  	 	  	2.5.9	  	Payments	  	42
	 	  	 	  	2.5.10	  	Interest Rate Cap Agreement	  	43
	 	  	 	  	2.5.11	  	Account Agreement	  	43
	 	  	 	  	2.5.12	  	Reserved	  	43
	 	  	 	  	2.5.13	  	Tenant Estoppels and SNDAs	  	43
	 	  	 	  	2.5.14	  	REAs	  	43
	 	  	 	  	2.5.15	  	Insolvency	  	43
	 	  	 	  	2.5.16	  	Independent Manager/Member Certificate	  	43
	 	  	 	  	2.5.17	  	Transaction Costs	  	43
	 	  	 	  	2.5.18	  	Material Adverse Effect	  	43
	 	  	 	  	2.5.19	  	Subleases	  	44
	 	  	 	  	2.5.20	  	Master Lease; Master Lease SNDA	  	44
	 	  	 	  	2.5.21	  	Tax Lot	  	44
	 	  	 	  	2.5.22	  	Condominium Estoppels	  	44
	 	  	 	  	2.5.23	  	Condominium Documents	  	44
	 	  	 	  	2.5.24	  	Appraisal	  	44
	 	  	 	  	2.5.25	  	Financial Statements	  	44
	 	  	 	  	2.5.26	  	Flood Certifications	  	44
	 	  	 	  	2.5.27	  	Intentionally Omitted	  	44
	 	  	 	  	2.5.28	  	Merger Agreement	  	44
	 	  	 	  	2.5.29	  	Intercreditor Agreements	  	44
	 	  	 	  	2.5.30	  	Equity and Real Property Transfer Documents	  	45
	 	  	 	  	2.5.31	  	Consents	  	45
			
	III.	  	CASH MANAGEMENT	  	45
				
	 	  	3.1	  	Cash Management	  	45
	 	  	 	  	3.1.1	  	Establishment of Account	  	45
	 	  	 	  	3.1.2	  	Pledge of Account Collateral (First Mezzanine)	  	46
	 	  	 	  	3.1.3	  	Maintenance of Mezzanine Account	  	46
	 	  	 	  	3.1.4	  	Eligible Accounts	  	46
	 	  	 	  	3.1.5	  	Deposits into Sub-Accounts	  	47
	 	  	 	  	3.1.6	  	Monthly Funding	  	47
	 	  	 	  	3.1.7	  	Cash Management Bank	  	48
	 	  	 	  	3.1.8	  	Mezzanine Borrower’s Account Representations, Warranties and Covenants	  	49
	 	  	 	  	3.1.9	  	Account Collateral (First Mezzanine) and Remedies	  	49
	 	  	 	  	3.1.10	  	Transfers and Other Liens	  	50
	 	  	 	  	3.1.11	  	Reasonable Care	  	50
	 	  	 	  	3.1.12	  	Mezzanine Lender’s Liability	  	51
	 	  	 	  	3.1.13	  	Continuing Security Interest	  	51

  

 ii 

									
	IV.	  	REPRESENTATIONS AND WARRANTIES	  	52
				
	 	  	4.1	  	Borrower Representations	  	52
	 	  	 	  	4.1.1	  	Organization	  	52
	 	  	 	  	4.1.2	  	Proceedings	  	52
	 	  	 	  	4.1.3	  	No Conflicts	  	52
	 	  	 	  	4.1.4	  	Litigation	  	53
	 	  	 	  	4.1.5	  	Agreements	  	53
	 	  	 	  	4.1.6	  	Title to Assets	  	54
	 	  	 	  	4.1.7	  	No Bankruptcy Filing	  	55
	 	  	 	  	4.1.8	  	Full and Accurate Disclosure	  	55
	 	  	 	  	4.1.9	  	Ownership Interests	  	55
	 	  	 	  	4.1.10	  	No Plan Assets	  	55
	 	  	 	  	4.1.11	  	Compliance	  	56
	 	  	 	  	4.1.12	  	Financial Information	  	56
	 	  	 	  	4.1.13	  	Absence of UCC Financing Statements, Etc.	  	56
	 	  	 	  	4.1.14	  	Federal Reserve Regulations	  	56
	 	  	 	  	4.1.15	  	Setoff, Etc.	  	57
	 	  	 	  	4.1.16	  	Not a Foreign Person	  	57
	 	  	 	  	4.1.17	  	Enforceability	  	57
	 	  	 	  	4.1.18	  	Subdivision	  	57
	 	  	 	  	4.1.19	  	Insurance	  	57
	 	  	 	  	4.1.20	  	Physical Condition	  	57
	 	  	 	  	4.1.21	  	Subleases	  	57
	 	  	 	  	4.1.22	  	Single Purpose Entity/Separateness	  	58
	 	  	 	  	4.1.23	  	Subsidiaries	  	58
	 	  	 	  	4.1.24	  	Tax Filings	  	58
	 	  	 	  	4.1.25	  	Solvency/Fraudulent Conveyance	  	59
	 	  	 	  	4.1.26	  	Investment Company Act	  	59
	 	  	 	  	4.1.27	  	Interest Rate Cap Agreement	  	59
	 	  	 	  	4.1.28	  	Brokers	  	59
	 	  	 	  	4.1.29	  	No Other Debt	  	60
	 	  	 	  	4.1.30	  	Taxpayer Identification Number	  	60
	 	  	 	  	4.1.31	  	Merger Agreement	  	60
	 	  	 	  	4.1.32	  	Representations and Warranties in the Loan Documents (Mortgage)	  	60
				
	 	  	4.2	  	Survival of Representations	  	60
				
	 	  	4.3	  	Mezzanine Borrower’s Knowledge	  	60
			
	V.	  	MEZZANINE BORROWER COVENANTS	  	61
				
	 	  	5.1	  	Affirmative Covenants	  	61
	 	  	 	  	5.1.1	  	Performance by Mezzanine Borrower	  	61
	 	  	 	  	5.1.2	  	Existence; Compliance with Legal Requirements; Insurance	  	61
	 	  	 	  	5.1.3	  	Litigation	  	62
	 	  	 	  	5.1.4	  	Single Purpose Entity	  	62
	 	  	 	  	5.1.5	  	Consents	  	63
	 	  	 	  	5.1.6	  	Notice of Default	  	64
	 	  	 	  	5.1.7	  	Cooperate in Legal Proceedings	  	64
	 	  	 	  	5.1.8	  	Perform Mezzanine Loan Documents	  	64

  

 iii 

									
	 	  	 	  	5.1.9	  	Further Assurances; Separate Notes	  	64
	 	  	 	  	5.1.10	  	Business and Operations	  	66
	 	  	 	  	5.1.11	  	Title to the Collateral	  	66
	 	  	 	  	5.1.12	  	Costs of Enforcement	  	66
	 	  	 	  	5.1.13	  	Estoppel Statements	  	66
	 	  	 	  	5.1.14	  	Loan Proceeds	  	67
	 	  	 	  	5.1.15	  	No Joint Assessment	  	67
	 	  	 	  	5.1.16	  	No Further Encumbrances	  	67
	 	  	 	  	5.1.17	  	Article 8 “Opt In” Language	  	67
	 	  	 	  	5.1.18	  	Loan (Mortgage) Covenants	  	67
	 	  	 	  	5.1.19	  	Intentionally Omitted	  	69
	 	  	 	  	5.1.20	  	Impositions	  	69
				
	 	  	5.2	  	Negative Covenants	  	70
	 	  	 	  	5.2.1	  	Debt	  	70
	 	  	 	  	5.2.2	  	Encumbrances	  	70
	 	  	 	  	5.2.3	  	Engage in Different Business	  	71
	 	  	 	  	5.2.4	  	Make Advances	  	71
	 	  	 	  	5.2.5	  	Partition	  	71
	 	  	 	  	5.2.6	  	Commingle	  	71
	 	  	 	  	5.2.7	  	Guarantee Obligations	  	71
	 	  	 	  	5.2.8	  	Transfer Assets	  	71
	 	  	 	  	5.2.9	  	Amend Organizational Documents	  	71
	 	  	 	  	5.2.10	  	Dissolve	  	71
	 	  	 	  	5.2.11	  	Bankruptcy	  	71
	 	  	 	  	5.2.12	  	ERISA	  	71
	 	  	 	  	5.2.13	  	Distributions	  	71
	 	  	 	  	5.2.14	  	Modify REAs	  	72
	 	  	 	  	5.2.15	  	Modify Mezzanine Account Agreement	  	72
	 	  	 	  	5.2.16	  	Zoning Reclassification	  	72
	 	  	 	  	5.2.17	  	Change of Principal Place of Business	  	72
	 	  	 	  	5.2.18	  	Debt Cancellation	  	72
	 	  	 	  	5.2.19	  	Misapplication of Funds	  	72
	 	  	 	  	5.2.20	  	Single-Purpose Entity	  	72
			
	VI.	  	INSURANCE; CASUALTY; CONDEMNATION; RESTORATION	  	73
				
	 	  	6.1	  	Insurance Coverage Requirements	  	73
				
	 	  	6.2	  	Condemnation	  	74
				
	 	  	6.3	  	Certificates	  	74
			
	VII.	  	RESERVED	  	75
			
	VIII.	  	TRANSFERS, INDEBTEDNESS AND SUBORDINATE LIENS	  	75
				
	 	  	8.1	  	Restrictions on Transfers	  	75
				
	 	  	8.2	  	Sale of Building Equipments	  	75
				
	 	  	8.3	  	Immaterial Transfers and Easements, Etc.	  	75

  

 iv 

									
	 	  	8.4	  	Indebtedness	  	76
				
	 	  	8.5	  	Permitted Equity Transfers	  	76
				
	 	  	8.6	  	Deliveries to Mezzanine Lender	  	78
				
	 	  	8.7	  	Loan Assumption	  	78
				
	 	  	8.8	  	Subleases	  	79
	 	  	 	  	8.8.1	  	New Subleases and Sublease Modifications	  	79
	 	  	 	  	8.8.2	  	Leasing Conditions	  	79
	 	  	 	  	8.8.3	  	Delivery of New Sublease or Sublease Modification	  	81
	 	  	 	  	8.8.4	  	Security Deposits	  	81
	 	  	 	  	8.8.5	  	No Default Under Subleases	  	81
			
	IX.	  	INTEREST RATE CAP AGREEMENT	  	81
				
	 	  	9.1	  	Interest Rate Cap Agreement (First Mezzanine)	  	81
				
	 	  	9.2	  	Pledge	  	82
				
	 	  	9.3	  	Covenants	  	82
				
	 	  	9.4	  	Powers of Mezzanine Borrower Prior to an Event of Default	  	84
				
	 	  	9.5	  	Representations and Warranties	  	84
				
	 	  	9.6	  	Payments	  	85
				
	 	  	9.7	  	Remedies	  	85
				
	 	  	9.8	  	Sales of Rate Cap Collateral	  	87
				
	 	  	9.9	  	Public Sales Not Possible	  	87
				
	 	  	9.10	  	Receipt of Sale Proceeds	  	88
				
	 	  	9.11	  	Replacement Interest Rate Cap Agreement	  	88
			
	X.	  	RESERVED	  	88
			
	XI.	  	BOOKS AND RECORDS, FINANCIAL STATEMENTS, REPORTS AND OTHER
INFORMATION	  	88
				
	 	  	11.1	  	Books and Records	  	88
				
	 	  	11.2	  	Financial Statements	  	88
	 	  	 	  	11.2.1	  	Monthly Reports	  	88
	 	  	 	  	11.2.2	  	Quarterly Reports	  	89
	 	  	 	  	11.2.3	  	Annual Reports	  	90
	 	  	 	  	11.2.4	  	Disclosure Restrictions	  	90
	 	  	 	  	11.2.5	  	Capital Expenditures Summaries	  	90
	 	  	 	  	11.2.6	  	Master Lease	  	90
	 	  	 	  	11.2.7	  	Annual Budget; Operating Agreement	  	91
	 	  	 	  	11.2.8	  	Other Information	  	91
				
	 	  	11.3	  	Proprietary Information	  	91
			
	XII.	  	RESERVED	  	92

  

 v 

									
	XIII.	  	ENVIRONMENTAL MATTERS	  	92
				
	 	  	13.1	  	Representations	  	92
				
	 	  	13.2	  	Covenants	  	92
	 	  	 	  	13.2.1	  	Compliance with Environmental Laws	  	92
				
	 	  	13.3	  	Environmental Reports	  	93
				
	 	  	13.4	  	Environmental Indemnification	  	93
				
	 	  	13.5	  	Recourse Nature of Certain Indemnifications	  	94
			
	XIV.	  	ASSIGNMENTS AND PARTICIPATIONS	  	94
				
	 	  	14.1	  	Assignment and Acceptance	  	94
				
	 	  	14.2	  	Effect of Assignment and Acceptance	  	95
				
	 	  	14.3	  	Content	  	95
				
	 	  	14.4	  	Register	  	96
				
	 	  	14.5	  	Substitute Mezzanine Notes	  	96
				
	 	  	14.6	  	Participations	  	97
				
	 	  	14.7	  	Disclosure of Information	  	97
				
	 	  	14.8	  	Security Interest in Favor of Federal Reserve Bank	  	97
			
	XV.	  	INTENTIONALLY BLANK	  	97
			
	XVI.	  	ADDITIONAL RIGHTS; COSTS	  	97
				
	 	  	16.1	  	Certain Additional Rights of Mezzanine Lender	  	97
				
	 	  	16.2	  	Costs	  	98
			
	XVII.	  	RESERVED	  	98
			
	XVIII.	  	DEFAULTS	  	98
				
	 	  	18.1	  	Event of Default	  	98
				
	 	  	18.2	  	Remedies	  	103
				
	 	  	18.3	  	Remedies Cumulative; Waivers	  	105
				
	 	  	18.4	  	Costs of Collection	  	105
				
	 	  	18.5	  	Distribution of Collateral Proceeds	  	106
			
	XIX.	  	SPECIAL PROVISIONS	  	106
				
	 	  	19.1	  	Exculpation	  	106
	 	  	 	  	19.1.1	  	Exculpated Parties	  	106
	 	  	 	  	19.1.2	  	Carveouts From Non-Recourse Limitations	  	107

  

 vi 

									
	XX.	  	MISCELLANEOUS	  	109
				
	 	  	20.1	  	Survival	  	109
				
	 	  	20.2	  	Mezzanine Lender’s Discretion	  	109
				
	 	  	20.3	  	Governing Law	  	110
				
	 	  	20.4	  	Modification, Waiver in Writing	  	111
				
	 	  	20.5	  	Delay Not a Waiver	  	111
				
	 	  	20.6	  	Notices	  	112
				
	 	  	20.7	  	TRIAL BY JURY	  	113
				
	 	  	20.8	  	Headings	  	114
				
	 	  	20.9	  	Severability	  	114
				
	 	  	20.10	  	Preferences	  	114
				
	 	  	20.11	  	Waiver of Notice	  	114
				
	 	  	20.12	  	Expenses; Indemnity	  	115
				
	 	  	20.13	  	Exhibits and Schedules Incorporated	  	117
				
	 	  	20.14	  	Offsets, Counterclaims and Defenses	  	117
				
	 	  	20.15	  	Liability of Assignees of Mezzanine Lender	  	117
				
	 	  	20.16	  	No Joint Venture or Partnership; No Third Party Beneficiaries	  	118
				
	 	  	20.17	  	Publicity	  	118
				
	 	  	20.18	  	Waiver of Marshaling of Assets	  	118
				
	 	  	20.19	  	Waiver of Counterclaim and other Actions	  	118
				
	 	  	20.20	  	Conflict; Construction of Documents; Reliance	  	119
				
	 	  	20.21	  	Prior Agreements	  	119
				
	 	  	20.22	  	Counterparts	  	119
				
	 	  	20.23	  	Direction of Mortgage Borrower with Respect to the Property	  	119

  

 vii 

 EXHIBITS AND SCHEDULES 
  

			
	EXHIBIT A	  	FORM OF COUNTERPARTY ACKNOWLEDGMENT
	EXHIBIT B	  	FORM OF ASSIGNMENT AND ACCEPTANCE
	EXHIBIT C	  	FORM OF INDEPENDENT MEMBER/DIRECTOR CERTIFICATE
	EXHIBIT D	  	FORM OF PLEDGOR ACKNOWLEDGMENT
	EXHIBIT E	  	INTENTIONALLY DELETED
	EXHIBIT F	  	INTENTIONALLY DELETED
	EXHIBIT G	  	INTENTIONALLY DELETED
	EXHIBIT H	  	INTENTIONALLY DELETED
	EXHIBIT I	  	INTENTIONALLY DELETED
	EXHIBIT J	  	MEZZANINE BORROWER ORGANIZATIONAL STRUCTURE
	EXHIBIT K	  	LITIGATION SCHEDULE
	EXHIBIT L	  	INTEREST RATE CAP AGREEMENT
	EXHIBIT M	  	INTENTIONALLY DELETED
	EXHIBIT N	  	FORM OF MEMBER POWER
	EXHIBIT O	  	ARTICLE 8 “OPT-IN” PROVISIONS
		
	SCHEDULE I	  	SUBLEASES
	SCHEDULE II	  	ALLOCATED LOAN AMOUNTS
	SCHEDULE III	  	PRE-APPROVED TRANSFEREES

  

 viii 

 MEZZANINE LOAN AND SECURITY AGREEMENT (FIRST MEZZANINE) 
  
 THIS MEZZANINE LOAN AND SECURITY AGREEMENT (FIRST MEZZANINE) dated as of July
    , 2005 (as amended, restated, replaced, supplemented, or otherwise modified from time to time, this “Agreement”), between GIRAFFE INTERMEDIATE, LLC, a Delaware limited liability company
(“Mezzanine Borrower”) having an office at c/o Toys “R” Us, Inc., One Geoffrey Way, Wayne, New Jersey 07470 and GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation, on behalf of the holders of the Mezzanine Notes,
having an address at 60 Wall Street, New York, New York 10005 (together with its successors and assigns, “Mezzanine Lender”). 
  
 RECITALS: 
  
 WHEREAS, Mezzanine Borrower desires to obtain the Loan (as hereinafter defined) from Mezzanine Lender; 
  
 WHEREAS, Mezzanine Lender is willing to make the Loan to Mezzanine Borrower,
subject to and in accordance with the terms of this Agreement and the other Mezzanine Loan Documents (as hereinafter defined). 
  
 NOW, THEREFORE, in consideration of the making of the Loan by Mezzanine Lender and the covenants, agreements, representations and warranties set forth in
this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 
  

	I.	DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

  
 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary
intent: 
  
 “ABL Intercreditor Agreement” shall
mean an intercreditor agreement between Mortgage Lender, Mezzanine Lender, each Junior Mezzanine Lender, and the agent for the lenders under the ABL Loan. 
  
 “ABL Loan” shall have the meaning provided in the ABL Intercreditor Agreement. 
  
 “Account Agreement (Mortgage)” shall have the meaning set
forth in the Loan Agreement (Mortgage). 
  
 “Account
Collateral (First Mezzanine)” shall have the meaning set forth in Section 3.1.2. 
  
 “Acknowledgment” shall mean the Acknowledgment, dated on or about the date hereof made by Counterparty, or as applicable, Approved
Counterparty in the form of Exhibit A. 

 “Additional Non-Consolidation Opinion” shall have the meaning set forth in Section
4.1.22(b). 
  
 “Affiliate” shall mean, with
respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with, or any general partner or managing member in, such specified Person. An Affiliate of a Person
includes, without limitation, (i) any officer or director of such Person, (ii) any record or beneficial owner of more than 20% of any class of ownership interests of such Person and (iii) any Affiliate of the foregoing. For the purposes of this
definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or other beneficial
interest, by contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 
  
 “Aggregate Capped Debt Service” shall mean the aggregate amount of interest due and payable in accordance with the Mortgage Note and the
Mezzanine Notes for any immediately preceding twelve (12) Payment Dates, assuming that interest on the aggregate outstanding principal balance of the Mortgage Notes and the Mezzanine Notes is accruing at a loan constant equal to the Capped Interest
Rate. 
  
 “Aggregate Appraised Value” as of the
date determined shall mean the sum of (a) the aggregate appraised values as of the Closing Date of all Properties which remain as of the date determined subject to the Lien of the Security Instrument (excluding the Replaced Properties, Release
Properties and the Substitute Properties) and (b) the appraised value of the Substitute Property as of such date of determination. 
  
 “Agreement” shall mean this Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time. 
  
 “Allocated Loan Amount” shall mean with
respect to each Individual Property, the designated allocated portion of the Loan applicable to such Individual Property that is set forth on Schedule II attached hereto. 
  
 “ALTA” shall mean American Land Title Association, or any successor thereto. 
  
 “Annual Budget” shall have the meaning set forth in the Loan
Agreement (Mortgage). 
  
 “Approved Bank” shall
mean a bank or other financial institution which has a minimum long-term unsecured debt rating of at least “AA” and a minimum short-term unsecured debt rating of at least “A-1+” by each of the Rating Agencies, or if any such bank
or other financial institution is not rated by all the Rating Agencies, then a minimum long-term rating of at least “AA” and a minimum short-term unsecured debt rating of at least “A-1+”, or their respective equivalents, by two
of the Rating Agencies, but in any event one of the two Rating Agencies shall be S&P, it being understood that the AA and A-1+ benchmark ratings and other benchmark ratings in this Agreement are intended to be the ratings, or the equivalent of
ratings, issued by S&P. 
  

 2 

 “Approved Counterparty” shall mean a bank or other financial institution which has (a)
either (i) a long-term unsecured debt rating of “A+” or higher by S&P or (ii) if the long-term unsecured debt rating is “A” or lower by S&P, a short-term rating of not less than “A-1” from S&P; (b) a
long-term unsecured debt rating of not less than “Aa3” by Moody’s; and (c) if the counterparty is rated by Fitch, either a long-term unsecured debt rating of not less than “A” from Fitch or a short-term unsecured debt rating
of not less than “F-1” from Fitch. 
  
 “Assignment and Acceptance” shall mean an assignment and acceptance entered into by Mezzanine Lender and an assignee, and accepted by Mezzanine Lender in accordance with Article XIV and in such form customarily used
by Mezzanine Lender in connection with the participation or syndication of mortgage or mezzanine loans at the time of such assignment. 
  
 “Bankruptcy Code” shall mean Title 11, U.S.C.A., as amended from time to time and any successor statute thereto. 
  
 “Borrower” shall mean, collectively, Mortgage Borrower,
Mezzanine Borrower, Second Mezzanine Borrower, Third Mezzanine Borrower and Fourth Mezzanine Borrower. 
  
 “Building Equipment” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Business Day” shall mean any day other than a Saturday,
Sunday or any other day on which national banks in New York or in the state in which Servicer is located are not open for business. When used with respect to an Interest Determination Date, Business Day shall mean any day on which dealings in
deposits in U.S. Dollars are transacted in the London interbank market. 
  
 “Capped Interest Rate” shall mean a rate per annum equal to the sum of (a) the LIBOR Cap Strike Rate and (b) the LIBOR Margin. 
  
 “Cash” shall mean the legal tender of the United States of America. 
  
 “Cash Management Bank (First Mezzanine)” shall mean Bank of America, N.A., as servicer, or any successor
Approved Bank acting as Cash Management Bank (First Mezzanine) under the Mezzanine Account Agreement or other financial institution approved by the Mezzanine Lender. 
  
 “Cash Management Bank” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Certificate” shall have the meaning set forth in the
Pledge. 
  
 “Close Affiliate” shall mean with
respect to any Person (the “First Person”) any other Person (each, a “Second Person”) which is an Affiliate of the First Person and in respect of which any of the following are true: (a) the Second Person owns, directly or

  

 3 

 
indirectly, at least 75% of all of the legal, beneficial and/or equitable interest in such First Person, (b) the First Person owns, directly or indirectly,
at least 75% of all of the legal, beneficial and/or equitable interest in such Second Person, or (c) a third Person owns, directly or indirectly, at least 75% of all of the legal, beneficial and/or equitable interest in both the First Person and the
Second Person. 
  
 “Closing Date” shall mean the
date of this Agreement set forth in the first paragraph hereof. 
  
 “Closing Date DSCR” shall mean 3.01x. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant
thereto in temporary or final form. 
  
 “Collateral” shall mean collectively (i) all of the Pledged Collateral and all proceeds thereof, (ii) all Receipts, (iii) any stock certificates or other certificates, membership interest certificates or instruments
evidencing any of the foregoing property described in clauses (i) and (ii) above, (iv) the Rate Cap Collateral, (v) the Account Collateral (First Mezzanine) and (vi) all other rights appurtenant to the property described in clauses (i) through (v)
above. 
  
 “Collateral Accounts” shall have the
meaning set forth in the Loan Agreement (Mortgage). 
  
 “Collateral Accounts (First Mezzanine)” shall have the meaning set forth in Section 3.1.1. 
  
 “Collateral Accounts (Fourth Mezzanine)” shall have the meaning set forth in the Fourth Mezzanine Loan Agreement. 
  
 “Collateral Accounts (Second Mezzanine)” shall have the
meaning set forth in the Second Mezzanine Loan Agreement. 
  
 “Collateral Accounts (Third Mezzanine)” shall have the meaning set forth in the Third Mezzanine Loan Agreement. 
  
 “Combined Principal Amount” shall mean the sum of each “Principal Amount” as defined in each of the Loan Agreement (Mortgage),
Loan Agreement (Second Mezzanine), First Mezzanine Loan Agreement, Third Mezzanine Loan Agreement, and Fourth Mezzanine Loan Agreement. 
  
 “Condominium” shall mean, with respect to each Condominium Property, the condominium regime created by the Condominium Documents.

  
 “Condominium Documents” shall mean, with
respect to each Condominium Property, collectively, the Condominium Declaration, the by-laws of the Condominium, 

  

 4 

 
the floor plans attached to the Condominium Declaration, and any other similar written agreements among or otherwise binding upon any unit owners of the
Condominium in their capacity as such and that govern or otherwise relate to the establishment, continuance, maintenance or operation of the Condominium, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time. 
  
 “Condominium Properties” shall mean,
collectively, all of the Individual Properties that are subject to a Condominium and “Condominium Property” shall mean each such Property. 
  
 “Control” shall mean (i) the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise and (ii) the ownership, direct or indirect, of no less than 51% of the voting securities of such Person, and the terms Controlled, Controlling and Common
Control shall have correlative meanings. 
  
 “Contemplated
Transactions” shall mean, collectively, (i) the transactions consummated pursuant to the Merger Agreement, including but not limited to the change in control of the Toys ‘R’ Us, Inc. and the various equity transfers in connection
with the related restructuring, (ii) the transfers of certain of the Properties to Master Lessee, (iii) the transfers of all of the Properties from Master Lessee to Borrower, (iv) the leasing or subleasing of all of the Properties from Mortgage
Borrower to Master Lessee pursuant to the Master Lease, (v) the execution and delivery of the Loan Documents or the Mezzanine Loan Documents, Mortgage Borrower’s or Mezzanine Borrower’s performance thereunder, the recordation of the
Security Instrument, and the exercise of any remedies by Mortgage Lender or Mezzanine Lender, and (vi) following Mortgage Lender’s or its designee’s succession in title to any Property, the transfer of any such Property by Mortgage Lender
or such designee. 
  
 “Counterparty” shall mean,
with respect to the Interest Rate Cap Agreement (First Mezzanine), SMBC Derivative Products Limited, and with respect to any Replacement Interest Rate Cap Agreement (First Mezzanine), any substitute Approved Counterparty. 
  
 “Counterparty Opinion” shall have the meaning set forth in
Section 9.3(f). 
  
 “Debt” shall mean,
with respect to any Person at any time, (a) indebtedness or liability of such Person for borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services; (b)
obligations of such Person as lessee under leases which should have been or should be, in accordance with GAAP, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits under plans covered by Title IV
of ERISA; (d) obligations issued for, or liabilities incurred on the account of, such Person; (e) obligations or liabilities of such Person arising under letters of credit, credit facilities or other acceptance facilities; (f) obligations of such
Person under any guarantees or other agreement to become secondarily liable for any obligation of any other Person, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase,
to provide funds for payment, to supply funds to 

  

 5 

 
invest in any Person or otherwise to assure a creditor against loss; (g) obligations of such Person secured by any Lien on any property of such Person,
whether or not the obligations have been assumed by such Person; or (h) obligations of such Person under any interest rate or currency exchange agreement. 
  
 “Debt Service (First Mezzanine)” shall mean, with respect to any particular period of time, scheduled interest payments under the
Mezzanine Note. 
  
 “Default” shall mean the
occurrence of any event hereunder or under any other Mezzanine Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. 
  
 “Default Rate” shall have the meaning set forth in the Mezzanine Note. 
  
 “Disqualified Transferee” shall mean any proposed transferee
that, (i) has (within the past five (5) years) defaulted, or is now in default, beyond any applicable cure period, of its material obligations, under any written agreement with Lender, any affiliate of Lender, any financial institution or other
person providing or arranging financing; (ii) has been convicted in a criminal proceeding for a felony or a crime involving moral turpitude or that is an organized crime figure or is reputed (as determined by Lender in its sole discretion) to have
substantial business or other affiliations with an organized crime figure; (iii) has at any time filed a voluntary petition under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (iv) as to which an involuntary
petition has at any time been filed under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (v) has at any time filed an answer consenting to or acquiescing in any involuntary petition filed against it by any other
person under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (vi) has at any time consented to or acquiesced in or joined in an application for the appointment of a custodian, receiver, trustee or examiner for itself
or any of its property; (vii) has at any time made an assignment for the benefit of creditors, or has at any time admitted its insolvency or inability to pay its debts as they become due; or (viii) has been found by a court of competent jurisdiction
or other governmental authority in a comparable proceeding to have violated any federal or state securities laws or regulations promulgated thereunder. 
  
 “Distributions” shall have the meaning set forth in the Pledge. 
  
 “DSCR” shall mean a ratio, as determined by Lender for the applicable period, in which: 
  
 (a) the numerator is Portfolio Four-Wall EBITDAR, applied consistently, as
stated on Borrower’s or Master Lessee’s four most recent quarterly financial statements delivered to Lender pursuant to Section 11.2.2, for the trailing twelve (12) month period immediately prior to the applicable calculation date;
and 
  
 (b) the denominator is the Aggregate Capped Debt Service.

  
 “Eligible Account” shall mean (i) a
segregated trust account or accounts maintained with the corporate trust department of a federal depository institution or 

  

 6 

 
state-chartered depository institution subject to regulations regarding fiduciary funds on deposit such as or similar to Title 12 of the Code of Federal
Regulations Section 9.10(b) which, in either case, has corporate trust powers, acting in its fiduciary capacity or (ii) a segregated account maintained at an Approved Bank. An Eligible Account will not be evidenced by a certificate of
deposit, passbook or other instrument. 
  
 “Enforcement
Costs” shall have the meaning set forth in Section 18.4. 
  
 “Environmental Certificate” shall have the meaning set forth in Section 13.2.1. 
  
 “Environmental Claim” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Environmental Event” shall have the meaning set forth in
Section 13.2.1. 
  
 “Environmental Indemnity (First
Mezzanine)” shall mean the Environmental Indemnity (First Mezzanine), dated as of the date hereof, made by Guarantor in favor of Mortgage Lender. 
  
 “Environmental Indemnity (Mortgage)” shall mean the Environmental Indemnity, dated as of the date hereof, made by Guarantor in favor of
Mortgage Lender. 
  
 “Environmental Law” shall
have the meaning provided in the Environmental Indemnity (First Mezzanine). 
  
 “Environmental Reports” shall have the meaning set forth in Section 13.1. 
  
 “ERISA” shall mean the United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and the rulings issued thereunder. 
  
 “Event
of Default” shall have the meaning set forth in Section 18.1(a). 
  
 “Excess Account Collateral” shall have the meaning set forth in Section 2.3.7. 
  
 “Excess Cash Flow” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Excess Proceeds” shall have the meaning set forth in
Section 2.3.1(b). 
  
 “Excluded Personal
Property” shall mean, collectively, (a) all of the personal property of Master Lessee (including, without limitation, all inventory and equipment, but excluding any items that constitute fixtures), (b) any licenses or other intellectual
property relating to the trade names “Toys ‘R’ Us” or “Babies ‘R’ Us” and (c) any personal property of third-party Tenants under Subleases. For purposes of this definition, the terms “inventory”,
“equipment” and “fixtures” shall have the meaning set forth in the Uniform Commercial Code in effect in the State of New York, except that the term “fixtures” shall specifically include, but not be limited to, and the
terms “inventory” and 

  

 7 

 
“equipment” shall specifically exclude, all HVAC equipment, elevators, escalators and lighting together with all equipment, parts and supplies used
to service, repair, maintain and equip the foregoing. 
  
 “Exculpated Parties” shall have the meaning set forth in Section 19.1.1. 
  
 “Excusable Delay” shall mean a delay solely due to acts of God, governmental restrictions, stays, judgments, orders, decrees, enemy
actions, civil commotion, fire, casualty, strikes, work stoppages, shortages of labor or materials or other causes beyond the reasonable control of Mezzanine Borrower or Mortgage Borrower, but Mezzanine Borrower’s or Mortgage Borrower’s
lack of funds in and of itself shall not be deemed a cause beyond the control of Mezzanine Borrower or Mortgage Borrower, as applicable. 
  
 “Fiscal Quarter” shall mean each quarter within a Fiscal Year in accordance with GAAP. 
  
 “Fiscal Year” shall mean each twelve (12) month period
ending on the last Saturday closest to January 31 for such calendar year and commencing on the day following such Saturday on the preceding calendar year during each year of the term of the Loan or the portion of any such 12-month period falling
within the term of the Loan in the event that such a 12-month period occurs partially before or after, or partially during, the term of the Loan, or such other 12-month fiscal accounting period as Borrower may establish from time to time.

  
 “Fitch” shall mean Fitch Ratings Inc.

  
 “Fourth Mezzanine Account” shall mean account
number 1235465959 at Bank of America, N.A. 
  
 “Fourth
Mezzanine Borrower” shall mean Giraffe Junior Holdings, LLC, a Delaware limited liability company. 
  
 “Fourth Mezzanine Lender” shall mean German American Capital Corporation, a Maryland corporation, and its successors and/or assigns, as
the holder of the Fourth Mezzanine Loan. 
  
 “Fourth
Mezzanine Loan” shall mean that certain $25,000,000 mezzanine loan, made as of the date hereof, from Fourth Mezzanine Lender to the Fourth Mezzanine Borrower. 
  
 “Fourth Mezzanine Loan Agreement” shall mean that certain Mezzanine Loan and Security Agreement (Fourth
Mezzanine), dated as of the date hereof, between Fourth Mezzanine Borrower, as borrower, and Fourth Mezzanine Lender, as lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  

 8 

 “Fourth Mezzanine Loan Documents” shall mean the documents evidencing and securing the
Fourth Mezzanine Loan, as may be modified, amended, extended, supplemented, restated or replaced from time to time. 
  
 “GAAP” shall mean the generally accepted accounting principles 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 agencies with similar functions of comparable stature and authority within the accounting profession),
or in such other statements by such entity as may be in general use by significant segments of the U.S. accounting profession, to the extent such principles are applicable to the facts and circumstances on the date of determination. 
  
 “Go Dark” shall mean (a) with respect to any Individual
Property other than a Go Dark Purchase Option Property, if such Individual Property is not open for business to the public for a period of ninety (90) consecutive days, unless such closure (i) is a result of a Taking of or casualty or other damage
or injury to such Individual Property or (ii) is in connection with an Alteration permitted hereunder and (b) with respect to any Go Dark Purchase Option Property, if the Toys ‘R’ Us store or Babies ‘R’ Us store, or the Tenant
under any Sublease, as applicable, at such Individual Property is not open for business to the public if such failure would commence the period after which a purchase right or option that would be triggered. 
  
 “Go Dark Purchase Option Property” means any Individual
Property having an Operating Agreement which contains a purchase right, termination right, recapture right or option that would be triggered if the Toys ‘R’ Us store or Babies ‘R’ Us store, as applicable, at such Individual
Property is not open for business to the public for a period designated in such Operating Agreement, including but not limited to the Individual Properties listed on Schedule VI which are specifically designated as having such a purchase right or
option. 
  
 “Go Dark Limit” shall mean 20% of the
Loan Amount. 
  
 “Governmental Authority” shall
mean any court, board, agency, commission, office or other authority of any nature whatsoever for any governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 
  
 “Guarantor” shall mean Toys ‘R’ Us Inc., a
Delaware corporation, or any successor or assign permitted pursuant to the provisions set forth herein. 
  
 “Hazardous Materials” shall have the meaning provided in the Environmental Indemnity (First Mezzanine). 
  
 “HoldCo” shall mean Giraffe Holdings, LLC, a Delaware
limited liability company. 
  

 9 

 “Holding Account” shall mean the “Holding Account” and various sub-accounts to
the Holding Account established pursuant to the Loan Agreement (Mortgage) as in effect on the date hereof. 
  
 “Impositions” shall mean all taxes (including all ad valorem, sales (including those imposed on lease rentals), use, single business,
gross receipts, value added, intangible transaction, privilege or license or similar taxes), governmental assessments (including all assessments for public improvements or benefits, whether or not commenced or completed prior to the date hereof and
whether or not commenced or completed within the term of the Agreement), water, sewer or other rents and charges, excises, levies, fees (including license, permit, inspection, authorization and similar fees), and all other governmental charges, in
each case whether general or special, ordinary or extraordinary, or foreseen or unforeseen, of every character in respect of the Property and/or any Rents (including all interest and penalties thereon), which at any time prior to, during or in
respect of the term hereof may be assessed or imposed on or in respect of or be a Lien upon (a) Borrower (including all income, franchise, single business or other taxes imposed on Borrower for the privilege of doing business in the jurisdiction in
which the Property is located), (b) the Property, or any other collateral delivered or pledged to Lender in connection with the Loan, or any part thereof, or any Rents therefrom of any estate, right, title or interest therein, or (c) any occupancy,
operation, use or possession of, or sales from, or activity conducted on, or in connection with the Property or the leasing or use of all or any part thereof. Nothing contained in this Agreement shall be construed to require Borrower to pay any tax,
assessment, levy or charge imposed on (i) any tenant occupying any portion of the Property or (ii) Lender in the nature of a capital levy, estate, inheritance, succession, income or net revenue tax. 
  
 “Improvements” shall have the meaning set forth in the
Security Instrument. 
  
 “Increased Costs” shall
have the meaning set forth in Section 2.4.1. 
  
 “Indebtedness” shall mean, at any given time, the Principal Amount, together with all accrued and unpaid interest thereon and all other obligations and liabilities due or to become due to Mezzanine Lender pursuant hereto,
under the Mezzanine Note or in accordance with the other Mezzanine Loan Documents and all other amounts, sums and expenses paid by or payable to Mezzanine Lender hereunder or pursuant to the Mezzanine Note or the other Mezzanine Loan Documents.

  
 “Indemnified Parties” shall have the meaning
set forth in Section 20.12(a). 
  
 “Independent” shall mean, when used with respect to any Person, a Person who: (i) does not have any direct financial interest or any material indirect financial interest in any Borrower or in any of their Affiliates, (ii)
is not connected with any Borrower or any of their Affiliates, as an officer, employee, promoter, underwriter, trustee, partner, member, manager, creditor, director, supplier, customer or person performing similar functions and (iii) is not a member
of the immediate family of a Person defined in (i) or (ii) above. 
  

 10 

 “Independent Accountant” shall mean a firm or another firm of nationally recognized,
certified public accountants which is Independent and which is selected by Mezzanine Borrower or Mortgage Borrower, as applicable, and reasonably acceptable to Mezzanine Lender. 
  
 “Independent Director,” “Independent Manager,” or “Independent Member”
shall mean a Person who is not and will not be while serving and has never been (i) a member (other than an Independent Member), manager (other than an Independent Manager), director (other than an Independent Director), employee, attorney, or
counsel of any Borrower or its Affiliates (provided that Mezzanine Borrower may not have the same Independent Directors, Independent Managers or Independent Members as Mortgage Borrower), (ii) a customer, supplier or other Person who derives more
than 1% of its purchases or revenues from its activities with any Borrower or its Affiliates, (iii) a direct or indirect legal or beneficial owner in any entity referred to in (i) or (ii) above or any of its Affiliates, (iv) a member of the
immediate family of any member, manager, employee, attorney, customer, supplier or other Person referred to in (i), (ii) or (iii) above or (v) a person Controlling or under the common Control of anyone listed in (i) through (iv) above. A Person that
otherwise satisfies the foregoing shall not be disqualified from serving as an Independent Director or Independent Manager or Independent Member if such individual is at the time of initial appointment, or at any time while serving as such, is an
Independent Director or Independent Manager or Independent Member, as applicable, of a Single Purpose Entity affiliated with Mezzanine Borrower (other than an Independent Director or Independent Manager or Independent Member of Mortgage Borrower).

  
 “Individual Property” shall have the meaning
set forth in the Loan Agreement (Mortgage). 
  
 “Insurance
Requirements” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Interest Determination Date” shall have the meaning set forth in the Mezzanine Note. 
  
 “Interest Period” shall have the meaning set forth in the Mezzanine Note. 
  
 “Interest Rate Cap Agreement (First Mezzanine)” shall mean the Confirmation and Agreement (together with
the confirmation and schedules relating thereto), dated on or about the date hereof, between the Counterparty and Mezzanine Borrower, obtained by Mezzanine Borrower and collaterally assigned to Mezzanine Lender pursuant to this Agreement. After
delivery of a Replacement Interest Rate Cap Agreement (First Mezzanine) to Mezzanine Lender, the term Interest Rate Cap Agreement (First Mezzanine) shall be deemed to mean such Replacement Interest Rate Cap Agreement (First Mezzanine). 

 

 11 

 “Junior Mezzanine Borrower” shall mean, collectively, Second Mezzanine Borrower, Third
Mezzanine Borrower and Fourth Mezzanine Borrower, as the context may require. 
  
 “Junior Mezzanine Lender” shall mean, collectively, Second Mezzanine Lender, Third Mezzanine Lender, and Fourth Mezzanine Lender, as the context may require. 
  
 “Junior Mezzanine Loan” shall mean, collectively, the Second
Mezzanine Loan, the Third Mezzanine Loan and the Fourth Mezzanine Loan. 
  
 “Junior Mezzanine Loan Documents” shall mean, collectively, the Second Mezzanine Loan Documents, the Third Mezzanine Loan Documents and the Fourth Mezzanine Loan Documents, as the context may require. 
  
 “Late Payment Charge” shall have the meaning set forth in
Section 2.2.3. 
  
 “Legal Requirements”
shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Lender” shall mean, collectively, Mortgage Lender, Mezzanine Lender, Second Mezzanine Lender, Third Mezzanine Lender and Fourth Mezzanine Lender. 
  
 “LIBOR” shall have the meaning set forth in the Mezzanine Note. 
  
 “LIBOR Cap Strike Rate” shall mean 7% per annum. 

 
 “LIBOR Margin” shall have the meaning set forth in the
Mezzanine Note. 
  
 “LIBOR Rate” shall have the
meaning set forth in the Mezzanine Note. 
  
 “Lien” shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance or charge on or affecting Mortgage Borrower, Mezzanine Borrower, the Collateral, the
Property, any portion thereof or any interest therein, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of
any financing statement, and the filing of mechanic’s, materialmen’s and other similar liens and encumbrances, in case, excluding any such items filed against and solely affecting the Excluded Personal Property. 
  
 “Loan” shall mean the loan in the amount of $65,000,000 made
by Mezzanine Lender to Mezzanine Borrower pursuant to this Agreement. 
  
 “Loan (Mortgage)” or “Mortgage Loan” shall mean the loan in the amount of $425,000,000 made by Mortgage Lender to Mortgage Borrower pursuant to the Loan Agreement (Mortgage). 
  

 12 

 “Loan Agreement (Mortgage)” shall mean the Loan and Security Agreement, dated as of the
date hereof, between Mortgage Borrower, as borrower, and Mortgage Lender, as lender. 
  
 “Loan Documents (Mortgage)” shall mean, collectively, the Loan Agreement (Mortgage), the Mortgage Note, the Security Instrument, the Assignment of Leases (as defined in the Loan Agreement (Mortgage)),
the Environmental Indemnity (Mortgage), the Account Agreement (Mortgage), the Recourse Guaranty (Mortgage), the Clean Borrower Estoppel Certificate, the Master Lease, the Master Lease SNDA, the Account Agreement, and all other documents executed
and/or delivered by Mortgage Borrower, Master Lessee or Guarantor in connection with the Loan (Mortgage) in favor of Mortgage Lender, and in connection with any Property Substitution including any opinion certificates or other certifications or
representations delivered by or on behalf of Mortgage Borrower, or any Affiliate of Borrower in favor of Mortgage Lender. 
  
 “LTV Ratio” shall mean the ratio, expressed as a percentage, of the Combined Principal Amount as of the date of determination, to the
Aggregate Appraised Value as of the date of determination. 
  
 “Master Lease” shall mean that certain Master Lease Agreement for the Properties by and between Mortgage Borrower, as lessor, and Master Lessee, as lessee, dated the date hereof, as more particularly described in Section
5.1.19. Mezzanine Lender acknowledges that Mortgage Borrower does not own, and Mortgage Lender does not have a lien on, the Excluded Personal Property and that the term “Master Lease” shall not include the Excluded Personal Property or
leases or licenses with respect to the Excluded Personal Property. 
  
 “Master Lease Variable Additional Rent” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Master Lessee” shall mean Toys ‘R’ Us-Delaware, Inc., a Delaware corporation, or any successor or assign permitted pursuant to
the provisions set forth herein. 
  
 “Material Adverse
Effect” shall mean any event or condition that has a material adverse effect on (i) the Property taken as a whole, (ii) the use, operation, or value of any Individual Property, (iii) the business, profits, operations or financial condition
of Mortgage Borrower and/or Mezzanine Borrower (taken as a whole), (iv) the ability of Mezzanine Borrower to repay the principal and/or interest of the Loan as it becomes due or to satisfy any of Mezzanine Borrower’s material obligations under
the Mezzanine Loan Documents, (v) the ability of Mortgage Borrower to repay the principal and interest of the Loan (Mortgage) as it becomes due or to satisfy any of Mortgage Borrower’s material obligations under the Loan Documents (Mortgage),
or (vi) the Collateral taken as a whole. 
  
 “Material
Sublease” shall mean any Sublease to a single Tenant covering the lesser of (a) 40,000 or more or (b) more than 50% of the square feet of rentable area of any Individual Property, including, without limitation, the Material Sublease
(including 

  

 13 

 
all amendments and supplements thereto) designated as such on Schedule I attached hereto and made a part hereof. 
  
 “Material Sublease Approval Threshold” shall mean Material
Subleases with respect to Individual Properties having aggregate Allocated Loan Amounts equal to or greater than 5% of the Loan Amount. 
  
 “Maturity Date” shall have the meaning set forth in the Notes. 
  
 “Maturity Date Payment” shall have the meaning set forth in the Notes. 
  
 “Maximum Legal Rate” shall mean the maximum non-usurious
interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Mezzanine Note and as provided for herein or the other Mezzanine Loan Documents, under the
laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 
  
 “Member/Stock Power” shall mean the member/stock power executed by Mezzanine Borrower and substantially in the form of Exhibit N.

  
 “Merger Agreement” shall mean that certain
Plan of Merger among Toys ‘R’ Us, Inc., Global Toys Acquisition, LLC and Global Toys Acquisition Merger Sub, Inc. dated as of March 17, 2005. 
  
 “Mezzanine Account” shall have the meaning set forth in Section 3.1.1. 
  
 “Mezzanine Account Agreement” shall mean (a) the side letter
agreement dated the date hereof between Cash Management Bank (First Mezzanine) and Mezzanine Lender or (b) at any time when Mezzanine Lender or Servicer is not the Cash Management Bank (First Mezzanine), an Account and Control Agreement, in form
reasonably acceptable to Mezzanine Lender among Mezzanine Lender, Mezzanine Borrower and Cash Management Bank (First Mezzanine). 
  
 “Mezzanine Borrower” shall have the meaning set forth in the first paragraph of this Agreement. 
  
 “Mezzanine Borrower’s Account” shall mean an account or
accounts maintained by Mezzanine Borrower for its own account at such bank and with such account number as may be designated in writing by Mezzanine Borrower to Mezzanine Lender and Cash Management Bank from time to time. 
  
 “Mezzanine Debt Service Reserve Account” shall have the
meaning set forth in Section 3.1.1. 
  
 “Mezzanine
Lender” shall have the meaning set forth in the first paragraph of this Agreement. 
  

 14 

 “Mezzanine Lender’s Expenses” shall mean all reasonable expenses incurred in
connection with the origination of the Loan, including, without limitation, preparation of the Mezzanine Loan Documents, recording fees, underwriting costs, search fees, and other fees and out of pocket expenses (including reasonable attorneys’
fees and disbursements and other third party expenses) of the Mezzanine Lender. 
  
 “Mezzanine Loan Documents” shall mean, collectively, this Agreement, the Mezzanine Note, the Mezzanine Account Agreement, the Recourse Guaranty (Mezzanine), the Environmental Indemnity (First
Mezzanine) and the Pledge and any and all other agreements, instruments or documents executed by Mezzanine Borrower (or any of its Affiliates) evidencing, securing or delivered in connection with the Loan and the transactions contemplated thereby,
including, without limitation, any certificates or representations delivered by or on behalf of Mezzanine Borrower, or any Affiliate of Mezzanine Borrower. 
  
 “Mezzanine Loan Default Notice” shall mean a notice from Mezzanine Lender that an Event of Default has occurred and is continuing under
the Mezzanine Loan Documents. 
  
 “Mezzanine Loan Default
Revocation Notice” shall mean a notice from Mezzanine Lender that an Event of Default which has occurred under the Mezzanine Loan Documents is no longer continuing. 
  
 “Mezzanine Note” shall mean that certain Mezzanine Note A-1 (First Mezzanine), dated the date hereof, made
by Mezzanine Borrower, as maker, in favor of Mezzanine Lender, as payee, in the principal amount of $65,000,000, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Mortgage Borrower” shall have the meaning ascribed to the
term “Borrower” in the Loan Agreement (Mortgage). 
  
 “Mortgage Default” shall have the meaning ascribed to “Default” in the Loan Agreement (Mortgage). 
  
 “Mortgage Event of Default” shall have the meaning ascribed to “Event of Default” in the Loan Agreement (Mortgage). 

 
 “Mortgage Lender” shall mean German American Capital
Corporation, a Maryland corporation, its successors and assigns. 
  
 “Mortgage Loan” shall mean the loan in the amount of $425,000,000 made by Mortgage Lender to Mortgage Borrower pursuant to the Loan Agreement (Mortgage). 
  
 “Mortgage Note” shall have the meaning ascribed to “Notes” in the Loan Agreement (Mortgage).

  
 “New Sublease” shall have the meaning set
forth in Section 8.8.1. 
  

 15 

 “Non-Consolidation Opinion” shall have the meaning provided in Section 2.5.7(a).

  
 “Non-Disqualification Opinion” shall mean an
opinion of outside tax counsel reasonably acceptable to the Lender or the Rating Agencies to whom such opinion is addressed that a contemplated action will neither cause any trust formed as a REMIC pursuant to a Securitization to fail to qualify as
a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code at any time that any “regular interests” in the REMIC are outstanding nor cause a “prohibited transaction” tax (within
the meaning of Section 860F(a)(2) of the Code) or “prohibited contribution” tax (within the meaning of Section 860G(d) of the Code) to be imposed on any such REMIC. 
  
 “Obligations” shall mean, collectively, the Obligations
(First Mezzanine) and the Obligations (Mortgage). 
  
 “Obligations (Mortgage)” shall have the meaning ascribed to “Obligations” in the Loan Agreement (Mortgage). 
  
 “Obligations (First Mezzanine)” shall mean all indebtedness, obligations and liabilities of Mezzanine Borrower and Guarantor to Mezzanine
Lender, under this Agreement or any of the other Mezzanine Loan Documents or in respect of the Loan or the Mezzanine Note, or other instruments at any time evidencing any of the foregoing, whether existing on the date of this Agreement or arising or
incurred hereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise. 
  
 “Officer’s Certificate” shall mean a certificate
executed by an authorized signatory of Mezzanine Borrower that is familiar with the financial condition of Mezzanine Borrower and Mortgage Borrower and the operation of the Property, or in the case of Officer’s Certificates required under
Section 11, the Chief Financial Officer of Borrower. 
  
 “Operating Agreements” shall mean, collectively, the Master Lease, the Material Subleases, the REAs, and the Condominium Documents. 
  
 “Opinion of Counsel” shall mean an opinion of counsel of a law firm selected by Mezzanine Borrower and reasonably acceptable to Mezzanine
Lender. 
  
 “Other Charges” shall mean,
collectively, (i) Common Charges and any special assessments and other similar amounts charged to Mortgage Borrower under the Condominium Documents or otherwise payable with respect to the Condominium Properties pursuant to the Condominium
Documents, (ii) all sums, charges, fees, costs, expenses, common area maintenance charges and other charges or assessments reserved in or payable under the REAs and (iii) maintenance charges, impositions other than Impositions, and any other
charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the Property or any part thereof by any
Governmental Authority, other than those required to be paid by a tenant pursuant to its respective Sublease. 
  

 16 

 “Other Taxes” shall have the meaning set forth in Section 2.4.3. 
  
 “Outside Date” shall mean September 15, 2005. 
  
 “Owner’s Title Policy Loss Payment Direction Letter”
shall mean that certain letter of even date herewith from Mortgage Borrower to the Mezzanine Lender and other parties named therein and countersigned by the Title Companies, directing the Title Company to make certain loss payments under certain of
Mortgage Borrower’s owner’s title insurance policies to Mezzanine Lender as more particularly set forth therein. 
  
 “Ownership Interest” shall mean an equity interest in Mortgage Borrower pledged to Mezzanine Lender by Mezzanine Borrower pursuant to the
Pledge. 
  
 “Payment Date” shall have the meaning
set forth in the Mezzanine Note. 
  
 “Permitted
Debt” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Permitted Debt (First Mezzanine)” shall mean the Mezzanine Note and other obligations, indebtedness, and liabilities specifically provided for in specifically provided for in any Mezzanine Loan
Document and secured by this Agreement, the Pledge and/or the other Mezzanine Loan Documents, and the obligations, indebtedness and liabilities specifically provided for under the Mortgage Loan and any Junior Mezzanine Loan. 
  
 “Permitted Encumbrances” shall have the meaning set forth in
the Loan Agreement (Mortgage). 
  
 “Permitted Fund
Manager” means any Person that on the date of determination is (i) a nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real estate, and (ii) not subject to a bankruptcy
proceeding. 
  
 “Permitted Mortgage Loan
Amendment” shall have the meaning set forth in Section 5.1.17(a). 
  
 “Permitted Transferee” shall mean any entity that, together with its Close Affiliates (i) is experienced in owning and/or operating properties similar to the Properties, (ii) (a) has a net worth, as
of a date no more than six (6) months prior to the date of the transfer of at least $1 Billion and (b) immediately prior to such transfer, controls real estate equity assets of at least $1 Billion, (iii) owns or has under management or acts as the
exclusive fund manager or investment advisor, at the time of the transfer, not fewer than 200 retail properties (excluding the Properties) containing not fewer than 4,000,000 rentable square feet in the aggregate and (iv) is not a Disqualified
Transferee. 
  
 “Person” shall mean any
individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in
such capacity on behalf of any of the foregoing. 
  

 17 

 “Personal Property” shall have the meaning set forth in the granting clause of the
Security Instrument. 
  
 “Plan” shall have the
meaning set forth in Section 4.1.10(a). 
  
 “Pledge” shall mean that certain Pledge and Security Agreement (First Mezzanine), dated as of the date hereof, from Mezzanine Borrower to Mezzanine Lender. 
  
 “Pledged Collateral” shall have the meaning set forth in the Pledge. 
  
 “Portfolio Four-Wall EBITDAR” shall mean earnings from store
operations before interest expense/income, taxes, depreciation and amortization, any rental expense on real property, distribution expense, direct and allocated corporate overhead expense, regional office allocation, royalty charges from affiliates
and restructuring expense plus any non-cash charges/less any non-cash income, including but not limited to losses on sales of assets and non cash compensation expense. 
  
 “Pre-approved Transferee” shall mean any of the entities set forth on Schedule III hereof, or any
Close Affiliates thereof, provided any of the foregoing entities or their Close Affiliates shall only be a “Pre-approved Transferee” if (i) such entity continues to be Controlled by substantially the same Persons Controlling such
entity as of the Closing Date or if such Pre-approved Transferee is a publicly traded company, such Pre-approved Transferee continues to be publicly traded on an established securities market, (ii) there has been no material adverse change in the
financial condition or results of operations of such entity since the Closing Date and (iii) such entity and its Close Affiliates together own, have under management or act as the exclusive fund manager or investment advisor, at the time of the
transfer, not fewer than 200 retail properties (excluding the Properties) containing not fewer than 4,000,000 rentable square feet in the aggregate. 
  
 “Prepayment Fee” shall have the meaning set forth in the Mezzanine Note. 
  
 “Principal Amount” shall have the meaning set forth in the Mezzanine Note. 
  
 “Proceeds” shall have the meaning set forth in the Loan
Agreement (Mortgage). 
  
 “Prohibited Mortgage Loan
Amendment” shall have the meaning specified in Section 5.1.17(a). 
  
 “Property” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Protective Advances” shall mean sums advanced by Mezzanine Lender for the purposes of payment of items reasonably necessary to protect
the Collateral. 
  
 “Rate Cap Collateral” shall
have the meaning set forth in Section 9.2. 
  
 “Rating Agencies” shall mean (a) prior to a Securitization, each of S&P, Moody’s and Fitch and any other nationally-recognized statistical rating agency which has been 

  

 18 

 
approved by Lender and (b) after a Securitization has occurred, each such Rating Agency which has rated the Securities in the Securitization. 
  
 “Rating Agency Confirmation” shall mean, collectively, a
written affirmation from each of the Rating Agencies that the credit rating of the Securities given by such Rating Agency immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be
qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion which may be satisfied by a Rating Agency declining to review the
matter in question without adverse impact on the Securities. In the event that, at any given time, no such Securities shall have been issued and are then outstanding, then the term Rating Agency Confirmation shall be deemed instead to require the
written approval of Lender based on its good faith determination of whether the Rating Agencies would issue a Rating Agency Confirmation if any such Securities were outstanding. 
  
 “REAs” shall mean, collectively, any “construction, operation and reciprocal easement agreement”
or similar agreement (including any “separate agreement” or other agreement between Borrower and one or more other parties to an REA with respect to such REA) affecting any Individual Property or portion thereof, including, without
limitation, all REAs as defined in the Security Instrument. 
  
 “Receipts” shall mean with respect to any Person, the declaration or payment of any cash, cash flow, dividend or distribution on or in respect of any member’s or partner’s interest, shares of any class of capital
stock or other beneficial interest of such Person; the purchase, redemption, exchange or other retirement of any member’s or partner’s interest, shares of any class of capital stock or other beneficial interest of such Person, directly or
indirectly; the return of capital by such Person to its members, shareholders or partners as such; or any other distribution of any nature whatsoever on or in respect of any member’s or partner’s interest, shares of any class of capital
stock or other beneficial interest of such Person. 
  
 “Recourse Guaranty (Mezzanine)” shall mean that certain Guaranty of Recourse Obligations of Mezzanine Borrower, dated as of the date hereof, by Guarantor in favor of Mezzanine Lender, as the same may be amended,
supplemented, restated or otherwise modified from time to time. 
  
 “Recourse Guaranty (Mortgage)” shall mean that certain Guaranty of Recourse Obligations of Mortgage Borrower, dated as of the date hereof, by Guarantor in favor of Mortgage Lender, as the same may be amended, supplemented,
restated or otherwise modified from time to time. 
  
 “Register” shall have the meaning set forth in Section 14.4. 
  
 “Regulatory Change” shall mean any change after the date of this Agreement in federal, state or foreign laws or regulations or the adoption or the making, after such date, of any interpretations,
directives or requests applying to Mezzanine Lender, or any 

  

 19 

 
Person Controlling Mezzanine Lender or to a class of banks or companies Controlling banks of or under any federal, state or foreign laws or regulations
(whether or not having the force of law) by any court or Governmental Authority or monetary authority charged with the interpretation or administration thereof. 
  

“Release Date” shall have the meaning provided in Section 2.3.4(a). 
  
 “Release Instruments” shall have the meaning provided in
Section 2.3.4(c). 
  
 “Release Price”
shall mean the product of (a) the Allocated Loan Amount for the Release Property and (b) the applicable Release Price Percentage. 
  
 “Release Price Percentage” shall mean, as of any Release Date, the percentage applicable to the range of Combined Principal Amounts that
would be outstanding immediately following such Release, as set forth in the following table: 
  

				
	 Range of Outstanding Combined Principal Amount Following Release

	  	Release Price
Percentage

	 
	 From $600,000,000 to and including $510,000,000
	  	100	%
	 Less than $510,000,000 to and including $420,000,000
	  	110	%
	 Less than $420,000,000 to $0.00
	  	115	%

  
 “Release
Property” shall have the meaning provided in Section 2.3.4. 
  
 “Rents” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Replaced Property” shall have the meaning provided in Section 2.3.5(a). 
  
 “Replacement Interest Rate Cap Agreement (First Mezzanine)”
shall mean an interest rate cap agreement from an Approved Counterparty with terms that are the same in all material respects as the terms of the Interest Rate Cap Agreement (First Mezzanine) except that the same shall be effective as of (i) in
connection with a replacement following a downgrade, withdrawal or qualification of the rating of the Counterparty such that it ceases to qualify as an “Approved Counterparty”, the date required in Section 9.3(b) or (ii) in
connection with a replacement related to an extension of the Maturity Date, the date required in Section 5(a)(ii) of the Mezzanine Note; provided that to the extent any such interest rate cap agreement does not meet the foregoing
requirements, a Replacement Interest Rate Cap Agreement (First Mezzanine) shall be such interest rate cap agreement approved in writing by Mezzanine Lender, and if the Loan or any portion thereof is included in a Securitization, each of the Rating
Agencies with respect thereto. 
  
 “Requesting
Parties” shall have the meaning set forth in Section 11.3(b). 
  

 20 

 “S&P” shall mean Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc. 
  
 “Second Mezzanine
Account” shall mean account number 1235465935 at Bank of America, N.A. 
  
 “Second Mezzanine Borrower” shall mean Giraffe Intermediate Holdings, LLC, a Delaware limited liability company. 
  
 “Second Mezzanine Lender” shall mean German American Capital Corporation, a Maryland corporation, its
successors and/or assigns, as the holder of the Second Mezzanine Loan. 
  
 “Second Mezzanine Loan” shall mean that certain $60,000,000 mezzanine loan, made as of the date hereof, from Second Mezzanine Lender to the Second Mezzanine Borrower. 
  
 “Second Mezzanine Loan Agreement” shall mean that certain
Mezzanine Loan and Security Agreement (Second Mezzanine), dated as of the date hereof, between Second Mezzanine Borrower, as borrower, and Second Mezzanine Lender, as lender, as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time. 
  
 “Second Mezzanine Loan
Documents” shall mean the documents evidencing and securing the Second Mezzanine Loan, as may be modified, amended, extended, supplemented, restated or replaced from time to time. 
  
 “Securitization” shall have the meaning set forth in the
Loan Agreement (Mortgage). 
  
 “Security
Instrument” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Servicer” shall mean such Person designated in writing with an address for such Person by Mezzanine Lender, in its sole discretion, to act as Mezzanine Lender’s agent hereunder with such powers
as are specifically delegated to the Servicer by Mezzanine Lender, whether pursuant to the terms of this Agreement, the Mezzanine Account Agreement or otherwise, together with such other powers as are reasonably incidental thereto. 
  
 “Single Purpose Entity” shall mean a Person, other than an
individual, which (i) is formed or organized solely for the purpose of owning, holding, developing, using, operating and financing an ownership interest in the Collateral, (ii) does not engage in any business unrelated to the Collateral and the
ownership, development, use, operation and financing thereof, (iii) has not and will not have any assets other than those related to its interest in the Collateral or the operation, management and financing thereof or any indebtedness other than the
Permitted Debt (First Mezzanine), (iv) maintains its own separate books and records and its own accounts, in each case which are separate and apart 

  

 21 

 
from the books and records and accounts of any other Person, (v) holds itself out as being a Person, separate and apart from any other Person, (vi) does not
and will not commingle its funds or assets with those of any other Person, (vii) conducts its own business in its own name; (viii) maintains separate financial statements, (ix) pays its own liabilities out of its own funds, (x) observes all
partnership, corporate or limited liability company formalities, as applicable, (xi) pays the salaries of its own employees, if any, and maintains a sufficient number of employees, if any, in light of its contemplated business operations, (xii) does
not guarantee or otherwise obligate itself with respect to the debts of any other Person or hold out its credit as being available to satisfy the obligations of any other Person, (xiii) does not acquire obligations or securities of its partners,
members or shareholders, (xiv) allocates fairly and reasonably shared expenses, including, without limitation, any overhead for shared office space, if any, (xv) uses separate stationary, invoices, and checks, (xvi) maintains an arms-length
relationship with its Affiliates, (xvii) does not and will not pledge its assets for the benefit of any other Person or make any loans or advances to any other Person, (xviii) does and will continue to use commercially reasonable efforts to correct
any known misunderstanding regarding its separate identity, (xix) maintains adequate capital in light of its contemplated business operations and (xx) has not and will not engage in, seek, or consent to the dissolution, winding up, liquidation,
consolidation or merger and except as otherwise permitted in this Agreement, has not and will not engage in, seek or consent to any asset sale, transfer of partnership, membership or shareholder interests, or amendments of its partnership or
operating agreement, certificate of incorporation, articles of organization or other organizational document. In addition, if such Person is a partnership, (1) all general partners of such Person shall be Single Purpose Entities; and (2) if such
Person has more than one general partner, then the organizational documents shall provide that such Person shall continue (and not dissolve) for so long as a solvent general partner exists. In addition, if such Person is a corporation, then, at all
times: (a) such Person shall have at least two (2) Independent Directors and (b) the board of directors of such Person may not take any action requiring the unanimous affirmative vote of 100% of the members of the board of directors unless all of
the directors, including the Independent Directors, shall have participated in such vote. In addition, if such Person is a limited liability company, (a) such Person shall have at least two (2) Independent Managers or Independent Members, (b) if
such Person is managed by a board of managers, the board of managers of such Person may not take any action requiring the unanimous affirmative vote of 100% of the members of the board of managers unless all of the managers, including the
Independent Managers, shall have participated in such vote, (c) if such Person is not managed by a board of managers, the members of such Person may not take any action requiring the affirmative vote of 100% of the members of such Person unless all
of the members, including the Independent Members, shall have participated in such vote, (d) each managing member shall be a Single Purpose Entity and (e) its articles of organization, certificate of formation and/or operating agreement, as
applicable, shall provide that until all of the Indebtedness and Obligations (First Mezzanine) are paid in full such entity will not dissolve. In addition, the organizational documents of such Person shall provide that such Person (1) without the
unanimous consent of all of the partners, directors or members, as applicable, shall not with respect to itself or to any other Person in which it has a direct or indirect legal or beneficial interest (a) seek or consent to the appointment of a
receiver, liquidator, assignee, 

  

 22 

 
trustee, sequestrator, custodian or other similar official for the benefit of the creditors of such Person or all or any portion of such Person’s
properties, or (b) take any action that might cause such Person to become insolvent, petition or otherwise institute insolvency proceedings or otherwise seek any relief under any laws relating to the relief from debts or the protection of debtors
generally, (2) has and will maintain its books, records, resolutions and agreements as official records, (3) has held and will hold its assets in its own name, (4) has and will maintain its financial statements, accounting records and other
organizational documents, books and records separate and apart from any other Person, (5) has not and will not identify its partners, members or shareholders, or any affiliates of any of them as a division or part of it, (6) has and will maintain an
arms-length relationship with its Affiliates, and (7) has not and will not enter into or be a party to any transaction with its partners, members, shareholders, or its Affiliates except in the ordinary course of business and on terms which are
intrinsically fair and are no less favorable to it than would be obtained in a comparable arms-length transaction with a third party. 
  
 “Solvency Opinion” shall have the meaning provided in Section 2.5.7(c). 
  
 “Special Taxes” shall mean any and all present or future
taxes, levies, imposts, deductions, charges or withholdings, or any liabilities with respect thereto, including those arising after the date hereof as result of the adoption of or any change in law, treaty, rule, regulation, guideline or
determination of a Governmental Authority or any change in the interpretation or application thereof by a Governmental Authority but excluding, in the case of Mezzanine Lender, such taxes (including income taxes, franchise taxes and branch profit
taxes) as are imposed on or measured by Mezzanine Lender’s net income by the United States of America or any Governmental Authority of the jurisdiction under the laws under which Mezzanine Lender is organized or maintains a lending office.

  
 “SPE Entity” shall mean Mezzanine Borrower
and any other Person which is required by this Agreement to be, as long as the Loan is outstanding, a Single Purpose Entity. 
  
 “Sponsors” shall have the meaning set forth in Section 8.5(iii)(9). 
  
 “State” shall mean, with respect to each Individual Property, the State in which such Individual Property
or any part thereof is located. 
  
 “Sub-Account(s)” shall have the meaning set forth in Section 3.1.1. 
  
 “Sublease” shall mean any lease (other than the Master Lease), sublease or subsublease, letting, license, concession or other agreement
(whether written or oral and whether now or hereafter in effect), pursuant to which any Person is granted by the Borrower or the Master Lessee a possessory interest in, or right to use or occupy all or any portion of any space in the Property, and
every modification, amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and every guarantee of the performance and
observance of the covenants, conditions and agreements to be performed and observed by the other party thereto. Lender acknowledges that Borrower 

  

 23 

 
does not own, and Lender does not have a lien on, the Excluded Personal Property and that the term “Subleases” shall not include the Excluded
Personal Property or leases or licenses with respect to the Excluded Personal Property. 
  
 “Sublease Modification” shall have the meaning set forth in Section 8.8.1. 
  
 “Substitute Property” shall have the meaning provided in Section 2.3.5(a). 
  
 “Substitute Property Mortgage Spreader Agreement” shall have
the meaning provided in Section 2.3.5(a). 
  
 “Substitution” shall have the meaning provided in Section 2.3.5. 
  
 “Substitution Date” shall have the meaning provided in Section 2.3.5(a). 
  
 “Substitution Due Diligence Package” shall have the meaning
provided in Section 2.3.5. 
  
 “Substitution
Notice” shall have the meaning provided in Section 2.3.5(c). 
  
 “Survey” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Taking” shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the
exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the Property or any part thereof.

  
 “Tenant” shall have the meaning set forth in
the Loan Agreement (Mortgage). 
  
 “Third Mezzanine
Account” shall mean account number 1235465954 at Bank of America, N.A. 
  
 “Third Mezzanine Borrower” shall mean Giraffe Junior, LLC, a Delaware limited liability company. 
  
 “Third Mezzanine Lender” shall mean German American Capital Corporation, a Maryland corporation, and its successors and/or assigns, as
the holder of the Third Mezzanine Loan. 
  
 “Third
Mezzanine Loan” shall mean that certain $25,000,000 mezzanine loan, made as of the date hereof, from Third Mezzanine Lender to Third Mezzanine Borrower. 
  
 “Third Mezzanine Loan Agreement” shall mean that certain Mezzanine Loan and Security Agreement (Third
Mezzanine), dated as of the date hereof, between Third Mezzanine Borrower, as borrower, and Third Mezzanine Lender, as lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  

 24 

 “Third Mezzanine Loan Documents” shall mean the documents evidencing and securing the
Third Mezzanine Loan, as may be modified, amended, extended, supplemented, restated or replaced from time to time. 
  
 “Title Company” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Title Policy (Mortgage)” shall have the meaning ascribed to
“Title Policy” in the Loan Agreement (Mortgage). 
  
 “Transfer” shall mean to, directly or indirectly, sell, assign, convey, mortgage, transfer, pledge, hypothecate, encumber, grant a security interest in, exchange or otherwise dispose of any beneficial interest or grant any
option or warrant with respect to, or where used as a noun, a direct or indirect sale, assignment, conveyance, transfer, pledge or other disposition of any beneficial interest by any means whatsoever whether voluntary, involuntary, by operation of
law or otherwise. 
  
 “True Lease Opinion” shall
have the meaning provided in Section 2.5.7(b). 
  
 “UCC” or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in the State of Delaware or New York, as applicable. 
  
 “U.S. Government Obligations” shall have the meaning set forth in the Loan Agreement (Mortgage).

  
 1.2 Principles of Construction. All references to
sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. When used herein, the term “financial
statements” shall include the notes and schedules thereto. Unless otherwise specified herein or therein, all terms defined in this Agreement shall have the definitions given them in this Agreement when used in any other Mezzanine Loan Document
or in any certificate or other document made or delivered pursuant thereto. All uses of the word “including” shall mean including, without limitation unless the context shall indicate otherwise. Unless otherwise specified, the words
hereof, herein and hereunder and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms
herein shall be equally applicable to both the singular and plural forms of the terms so defined. 
  

	II.	GENERAL TERMS 

  
 2.1 Loan; Disbursement to Mezzanine Borrower. 
  
 2.1.1 The Loan. Subject to and upon the terms and conditions set forth herein, Mezzanine Lender hereby agrees to make and Mezzanine Borrower hereby
agrees to accept the Loan on the Closing Date. 
  

 25 

 2.1.2 Disbursement to Mezzanine Borrower. Mezzanine Borrower may request and receive only one
borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Mezzanine Borrower acknowledges and agrees that the full proceeds of the Loan have been disbursed by Mezzanine
Lender to Mezzanine Borrower on the Closing Date. 
  
 2.1.3 Use
of Proceeds. Mezzanine Borrower shall use the proceeds of the Loan to (a) as a distribution to Mortgage Borrower to acquire the Property, (b) pay all past-due operating expenses, if any, in respect of the Property, (c) fund any working capital
requirements of the Property, (d) make deposits into the Sub-Accounts as required hereunder, (e) pay costs and expenses incurred in connection with the closing of the Loan, (f) distribute to its parent entities and (g) retain and/or distribute the
balance, if any. 
  
 2.2 Interest; Loan Payments; Late Payment
Charge; Payment of Principal and Interest. 
  
 2.2.1
Payment of Principal and Interest. 
  
 (i)
Except as set forth in Section 2.2.1(ii), interest shall accrue on the Principal Amount as set forth in the Mezzanine Note. 
  
 (ii) Upon the occurrence and during the continuance of an Event of Default and from and after the Maturity Date, if the entire Principal
Amount is not repaid on the Maturity Date, interest on the outstanding principal balance of the Loan and, to the extent permitted by law, overdue interest and other amounts due in respect of the Loan shall accrue at the Default Rate calculated from
the date such payment was due without regard to any grace or cure periods contained herein. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the actual receipt and collection of the Indebtedness (or
that portion thereof that is then due). To the extent permitted by applicable law, interest at the Default Rate shall be added to the Indebtedness, shall itself accrue interest at the same rate as the Loan and shall be secured by this Agreement and
the Pledge. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the Indebtedness, nor as a waiver of any other right or remedy accruing to Mezzanine Lender by reason of the occurrence of any Event
of Default; and Mezzanine Lender retains its rights under the Mezzanine Note to accelerate and to continue to demand payment of the Indebtedness upon the happening of any Event of Default. 
  
 2.2.2 Method and Place of Payment. 
  
 (a) On each Payment Date, Mezzanine Borrower shall pay to Mezzanine Lender
interest accruing pursuant to the Mezzanine Note for the entire Interest Period during which said Payment Date shall occur. 
  
 (b) All amounts advanced by Mezzanine Lender pursuant to the applicable provisions of the Mezzanine Loan Documents, other than the Principal Amount,
together with any interest at the Default Rate or other charges as provided therein, shall be due 

  

 26 

 
and payable hereunder as provided in the Mezzanine Loan Documents. In the event any such advance or charge is not so repaid by Mezzanine Borrower, Mezzanine
Lender may, at its option, first apply any payments received under the Mezzanine Note to repay such advances, together with any interest thereon, or other charges as provided in the Mezzanine Loan Documents, and the balance, if any, shall be applied
in payment of any installment of interest or principal then due and payable. 
  
 (c) The Maturity Date Payment shall be due and payable in full on the Maturity Date. 
  
 2.2.3 Late Payment Charge. If any principal, interest or any other sums due under the Mezzanine Loan Documents (other than the outstanding
Principal Amount due and payable on the Maturity Date) is not paid by Mezzanine Borrower on or prior to the date on which it is due, Mezzanine Borrower shall pay to Mezzanine Lender upon demand an amount equal to the lesser of three percent (3%) of
such unpaid sum or the Maximum Legal Rate (the “Late Payment Charge”) in order to defray the expense incurred by Mezzanine Lender in handling and processing such delinquent payment and to compensate Mezzanine Lender for the loss of
the use of such delinquent payment. Any such amount shall be secured by this Agreement, the Pledge and the other Mezzanine Loan Documents to the extent permitted by applicable law. 
  
 2.2.4 Usury Savings. This Agreement and the Mezzanine Note are subject to the express condition that at no time shall
Mezzanine Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Mezzanine Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by
the terms of this Agreement or the other Mezzanine Loan Documents, Mezzanine Borrower is at any time required or obligated to pay interest on the principal balance due under the Mezzanine Note at a rate in excess of the Maximum Legal Rate, then the
LIBOR Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and
not on account of the interest due under the Mezzanine Note. All sums paid or agreed to be paid to Mezzanine Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect
and applicable to the Loan for so long as the Loan is outstanding. 
  
 2.3 Prepayments. No prepayments of the Indebtedness shall be permitted except as set forth in Section 2.3.1 hereof and Section 4 of the Mezzanine Note. 
  
 2.3.1 Mandatory Prepayment. 
  

(a) Except as described in Section 2.3.1(b) below and subject to Article VIII, Mezzanine Borrower shall repay the Mezzanine Note, in
full, together with the 

  

 27 

 
Prepayment Fee (if applicable), in accordance with Section 4(b) and Section 4(d) (if applicable) of the Mezzanine Note upon the occurrence of
any of the following events: 
  
 (i) if all or
any portion of the Mortgage Borrower’s interest in the Property is Transferred except in a manner that does not violate the Loan Agreement (Mortgage) or as otherwise agreed to by Mezzanine Lender; 
  
 (ii) if all or any portion of the Mezzanine Borrower’s
direct or indirect interest in Mortgage Borrower is Transferred except in a manner that does not violate this Agreement or is otherwise agreed to by Mezzanine Lender; 
  
 (iii) if a Transfer or series of Transfers of any direct or indirect ownership interests in the Mezzanine
Borrower or any other SPE Entity shall occur which either individually or in the aggregate with all such Transfers violates the requirements of Article VIII; or 
  
 (iv) if the Loan (Mortgage) is repaid in full or refinanced. 
  
 (b) If there shall occur a casualty or Taking in respect of the Property and
as a result thereof either the Loan (Mortgage) is prepaid in whole or in part, then, to the extent that there shall be excess proceeds or awards available following the application of the proceeds or awards to reconstruct or repair the Property or
to the payment of all or any portion of the Loan (Mortgage) pursuant to the terms of the Loan Documents (Mortgage) (“Excess Proceeds”), Mezzanine Borrower shall repay the Mezzanine Note, or a portion thereof, in the amount of such
available Excess Proceeds (excluding payment of any Prepayment Fee) in accordance with Section 4(b) of the Mezzanine Note. All Excess Proceeds shall be deposited directly into the Mezzanine Account. 
  
 2.3.2 Prepayments After Event of Default; Application of Amounts Paid.
If, following an Event of Default, Mezzanine Lender shall accelerate the Indebtedness and Mezzanine Borrower thereafter tenders payment of all or any part of the Indebtedness, or if all or any portion of the Indebtedness is otherwise recovered by
Mezzanine Lender after such Event of Default, (a) such payment may be made only on the next occurring Payment Date together with all unpaid interest thereon as calculated through the end of the Interest Period during which such Payment Date occurs
(even if such period extends beyond such Payment Date and calculated as if such payment had not been made on such Payment Date), and all other fees and sums payable hereunder or under the Mezzanine Loan Documents, including without limitation,
interest that has accrued at the Default Rate and any Late Payment Charges), (b) such payment shall be deemed a voluntary prepayment by Mezzanine Borrower, and (c) Mezzanine Borrower shall pay, in addition to the Indebtedness, an amount equal to the
Prepayment Fee. 
  
 2.3.3 Release of Collateral. Mezzanine
Lender shall, upon the written request, upon payment in full of the Principal Amount and interest on the Loan and all other amounts due and payable under the Mezzanine Loan Documents in accordance with the terms and provisions of the Mezzanine Note
and this Agreement, release the Lien of (i) this Agreement upon the Account Collateral (First Mezzanine) and the Rate Cap 

  

 28 

 
Collateral and (ii) the Pledge on the Collateral or assign it (together with the Mezzanine Note), in whole or in part, to a new lender without
representation, warranty or recourse, and without fee except for reasonable costs and expenses. In such event, Mezzanine Borrower shall submit to Mezzanine Lender, not less than ten (10) Business Days prior to the date of such release or assignment,
a release of lien or assignment of lien, as applicable, for such Collateral for execution by Mezzanine Lender. Such release or assignment, as applicable, shall be in a form satisfactory to Mezzanine Lender in its reasonable discretion. In addition,
Mezzanine Borrower shall provide all other documentation Mezzanine Lender reasonably requires to be delivered by Mezzanine Borrower in connection with such release or assignment, as applicable. 
  
 2.3.4 Release of Individual Property. In the event Mortgage Borrower
requests the release of any Individual Property or Properties, subject to satisfaction of each of the conditions set forth below (collectively, the “General Release Conditions”), Mezzanine Lender shall consent to such release and to
the other actions to be taken by Mortgage Lender in accordance with Section 2.3.4 of the Loan Agreement (Mortgage) with respect to such Individual Property or Properties (each a “Release Property”): 
  
 (a) Mezzanine Borrower delivers a written notice (a “Property Release
Notice”) to Mezzanine Lender of its desire to effect such Property Release no later than thirty (30) days prior to the date of such desired Property Release, and setting forth the Business Day (the “Release Date”) on which
Mezzanine Borrower desires that Mortgage Lender release its interest in such Release Property. 
  
 (b) Mezzanine Borrower and Mortgage Borrower shall have paid (i) the “Release Price” (as such term is defined herein and in the Loan Agreement (Mortgage)), (ii) the applicable Prepayment Fee (as such
term is defined herein and in the Loan Agreement (Mortgage), if any, (iii) all other sums due under the applicable loan in connection with such prepayment, for deposit into the Holding Account and disbursement by the Cash Management Bank in
accordance with Section 3.1.6. Interest payable under the Mezzanine Note shall be calculated through the end of the Interest Period in which such payment is made on the Principal Amount (even if such period extends beyond such Payment Date
and calculated as if such payment had not been made on such Payment Date (i.e. without a deduction for the portion of the Principal Amount included in the Release Price)). 
  
 (c) Mezzanine Borrower shall submit to Mezzanine Lender not less than ten (10) Business Days prior to the Release Date
(which must be on a Business Day), a release of Liens and related Mezzanine Loan Documents for each applicable Release Property (for execution by Mezzanine Lender) in a form appropriate in the applicable state and otherwise satisfactory to Mezzanine
Lender in its reasonable discretion and all other documentation Mezzanine Lender reasonably requires to be delivered by Mezzanine Borrower in connection with such Property Release (collectively, “Release Instruments”) (for execution
by Mezzanine Lender) for each applicable Release Property together with an Officer’s Certificate certifying that (i) the Release Instruments are in compliance with all Legal Requirements, (ii) the release to be effected will not violate the
terms of this Agreement, (iii) the release to be effected will not impair or otherwise adversely affect 

  

 29 

 
the Liens, security interests and other rights of Mezzanine Lender under the Mezzanine Loan Documents not being released (or as to the Properties subject to
the Mezzanine Loan Documents not being released), and (iv) the requirement described in paragraph (e) below is satisfied in connection with such Property Release (together with calculations and supporting documentation demonstrating the same in
reasonable detail). 
  
 (d) With respect to any Property Release,
after giving effect to such Property Release, the DSCR as of the Release Date for all of the Properties then remaining subject to the Liens of the Security Instrument shall not be less than the greater of (A) the Closing Date DSCR and (B) 80% of the
DSCR for the Properties subject to the Lien of the Security Instrument immediately prior to the Release Date. 
  
 (e) No Event of Default shall have occurred and then be continuing on the date on which Borrower delivers the Property Release Notice and on the Release
Date. 
  
 (f) The Release Property is simultaneously transferred
to a party other than Borrower or any SPE Entity. 
  
 (g)
Mezzanine Borrower shall cause Mortgage Borrower to execute and deliver such other instruments, certificates, opinions of counsel and documentation as Mezzanine Lender and the Rating Agencies shall reasonably request in order to preserve, confirm or
secure the Liens and security granted to Mortgage Lender by the Loan Documents, including any amendments, modifications or supplements to any of the Loan Documents and partial release endorsements to the existing Title Policy. 
  
 (h) Mezzanine Borrower shall pay for any and all reasonable out-of-pocket
costs and expenses incurred by Mezzanine Borrower or Mezzanine Lender in connection with any proposed Property Release, including Mezzanine Lender’s reasonable attorneys’ fees and disbursements and all title insurance premiums for any
endorsements to any existing Title Policies reasonably required by Mezzanine Lender in connection with such proposed release. 
  
 (i) Prior to the Release Date, Mezzanine Borrower shall deliver to Mezzanine Lender evidence reasonably satisfactory to Mezzanine Lender that all amounts
owing to any parties in connection with the transaction relating to the proposed Property Release have been paid in full, or will simultaneously be paid in full on the Release Date or adequate reserves therefor are established by Mezzanine Borrower
in cash with respect to contingent or other liabilities that may arise out of such transaction and for which Mezzanine Borrower is not adequately indemnified or insured against as reasonably determined by Mezzanine Lender. 
  
 (j) As a condition precedent to a Release but not as a direct covenant of the
Borrower, on the Release Date, each Junior Mezzanine Borrower shall have paid to each Lender (as applicable) the Release Price and any other sums required to be paid under each Junior Mezzanine Loan Agreement (as applicable). This Section
2.3.4(j) shall not create a debtor creditor relationship between Mezzanine Borrower and any other Lender. 
  

 30 

 (k) The transfer of the Release Property in connection with the Property Release does not trigger any
rights of first refusal or purchase options in any Operating Agreements, including, but not limited to the rights or obligations set forth on Schedule VI of the Loan Agreement (Mortgage). 
  
 2.3.5 Substitution of Properties. 
  
 (a) Generally. Mezzanine Borrower may cause Mortgage Borrower, subject to the conditions in this Section
2.3.5, to substitute one or more properties (each a “Substitute Property”) for one or more existing Individual Properties (each a “Replaced Property”) (each release and substitution a
“Substitution”); provided, however, such right of Substitution shall be limited to Individual Properties whose aggregate Allocated Loan Amounts represent not greater than fifteen percent (15%) of the Loan Amount. From and after the
Substitution of a Substitute Property in accordance herewith, such Substitute Property shall thereafter be deemed a Property, and shall have the Allocated Loan Amount applicable to the Replaced Property. Concurrently with the completion of all steps
necessary to effect a Substitution as provided in this Section 2.3.5, Mezzanine Lender shall cause Mortgage Lender to release such Replaced Property from the Lien of the Security Instrument and related Loan Documents (or to the extent so
requested by Mortgage Borrower, assign the Lien of the Security Instrument to a new lender without representation, warranty or recourse). In the event of a Substitution, the Mortgage Note shall remain in full force and effect, and the Lien of the
Security Instrument shall be spread to encumber the Substitute Property (each a “Substitute Property Mortgage Spreader Agreement”). 
  
 (b) Certain Requirements. All Substitute Properties shall comply with this Section 2.3.5. To qualify as a Substitute Property, a property
must, as of the Substitution Date (in addition to the other criteria set forth in this Section 2.3.5): 
  
 (i) be subject to the Master Lease; 
  
 (ii) be a property as to which Mortgage Borrower will hold insurable fee title or a valid and subsisting leasehold interest free and clear
of any Lien or other encumbrance except for exceptions not materially impairing the value of such property, and have an appraised value at least equal to the Appraised Value of the Replaced Property; 
  
 (iii) be free and clear, as evidenced by the environmental
report referred to in paragraph (c) below, of Hazardous Substances requiring remediation or other action under any Environmental Law the presence of which violates Environmental Laws and be in material compliance with all Environmental Laws;

  
 (iv) be in good repair and condition, as
evidenced by the engineering report referred to in clause (c) below; and 
  
 (v) be in compliance, in all material respects, with Legal Requirements and Insurance Requirements, as evidenced by diligence items required to be provided in paragraph (c) below. 
  

 31 

 (c) Diligence Process. The Mezzanine Borrower shall submit to the Mezzanine Lender written notice
(a “Substitution Notice”) setting forth the Business Day no earlier than forty-five (45) days after the date of such Substitution Notice on which Mezzanine Borrower desires to effect such Substitution (the “Substitution
Date”), together with the following materials (the “Substitution Due Diligence Package”) relating to the proposed Substitute Property: (i) a description of the proposed Substitute Property sufficient to obtain the Title
Policy, (ii) two years of historical cash flow operating statements, if available, (iii) true, complete and correct copies of any Material Subleases affecting the proposed Substitute Property, (iv) a map and site plan, including an existing Survey
of the property dated not more than six (6) months prior to such submission, (v) a copy of the proposed amendment to the Master Lease and Master Lease SNDA to include the Substitute Property, (vi) copies of all permits, licenses and approvals
required with respect to operation of the Substitute Property, (vii) an environmental report issued by a recognized environmental consultant, (viii) copies of all REAs, condominium documents and ground leases, (ix) an engineer’s inspection
report, (x) ground lessor, REA, condominium association and tenant (under Material Subleases) estoppel certificates and tenant (under Material Subleases) Non-Disturbance Agreements, in each case in the forms attached hereto and including such
variations that are either immaterial or are reasonably acceptable to Mezzanine Lender, as applicable, together with any consents required with respect to the Contemplated Transactions, (xi) a commitment from the Title Company with respect to the
issuance of a Title Policy, together with copies of all exceptions referenced therein and a copy of the recorded memorandum of ground lease if such Substitute Property will be a Ground Lease Property, (xii) upon the reasonable request of the
Mezzanine Lender, a PML study, (xiii) a FIRREA appraisal conducted by Cushman & Wakefield (or another Independent appraiser engaged by Mortgage Lender and reasonably acceptable to Mezzanine Lender), (xiv) if such Substitute Property is not then
owned by the Mortgage Borrower or its Affiliate, a duly executed copy of the purchase and sale agreement for such Substitute Property and copies of all proposed documentation transferring title to the Substitute Property to Mortgage Borrower
including any interim transfers to its Affiliates, (xii) a copy of the flood certification, (xv) either (A) a letter or other evidence with respect to the proposed Substitute Property from the appropriate Governmental Authorities concerning
compliance with applicable zoning and building laws, (B) an ALTA 3.1 zoning endorsement for the Title Policy or (C) a zoning report prepared by PZR indicating that the Substitute Property is in material compliance with applicable zoning and building
laws, (xvi) a copy of the valid permanent certificate of occupancy (if required by applicable law), (xvii) calculations of the LTV Ratio and DSCR both before and after the proposed Substitution, (xviii) pro formas of the insurance certificates
required under Article VI with respect to such Substitute Property, (xix) UCC, bankruptcy, state and federal tax lien, litigation and judgment searches conducted by a search firm reasonably acceptable to the Mezzanine Lender with respect to
the title holder of such Substitute Property on the date immediately prior to acquisition thereof by Mortgage Borrower, in each of the locations reasonably specified by the Mezzanine Lender and not revealing any Liens other than Permitted
Encumbrances. In addition, Mezzanine Borrower shall permit the Mezzanine Lender at all reasonable times and upon reasonable prior notice to make an inspection of such Substitute Property. Mezzanine Lender shall confirm Mezzanine Borrower’s
compliance with this paragraph (c) with respect to each proposed 

  

 32 

 
Substitute Property within thirty (30) days after Mezzanine Lender’s receipt of the applicable Substitution Due Diligence Package and Mezzanine
Lender’s failure to so confirm or deny Mezzanine Borrower’s compliance within such thirty (30) day period shall be deemed compliance by Mezzanine Borrower with this paragraph (c), provided that this sentence appears in bold capital letters
on the envelope containing the Substitution Due Diligence Package. 
  
 (d) Additional Conditions Precedent. In addition to the conditions in paragraphs (a), (b) and (c) above, each Substitution shall be subject to the satisfaction of the following conditions precedent: 
  
 (i) Intentionally Omitted; 
  
 (ii) Release Conditions. Mezzanine Borrower’s
compliance with the condition set forth in Section 2.3.4(c), (e), (f), (g) and (k) with respect to the release of the Replaced Property; 
  
 (iii) Financial and Other Tests. 
  
 (1) DSCR. After giving effect to such Substitution, as of the Substitution Date the DSCR for all of the Properties then remaining
subject to the Liens of the Security Instrument (i.e., including the Substitute Property and excluding the Replaced Property), shall not be less than the greater of (A) the Closing Date DSCR and (B) 80% of the DSCR for the Properties subject to the
Lien of the Security Instrument immediately prior to the Substitution Date; 
  
 (2) LTV Ratio. After giving effect to such Substitution, as of the Substitution Date the LTV Ratio for all of the Properties then remaining subject to the Liens of the Security Instrument (i.e. including the
Substitute Property and excluding the Replaced Property), shall not be less than 79.8%. 
  
 (3) Geographic Diversity. The proposed Substitution does not cause (a) the aggregate Allocated Loan Amounts with respect to
Individual Properties located any single State to exceed thirty percent (30%) of the Principal Amount. 
  
 (iv) Mezzanine Lender’s Costs and Expenses. Mezzanine Borrower shall pay for any and all reasonable out-of-pocket costs and
expenses of Mezzanine Lender incurred in connection with any proposed Substitution, including Mezzanine Lender’s reasonable attorneys’ fees and disbursements, all title insurance premiums for any endorsements to any existing Title Policies
reasonably required by Mezzanine Lender in connection with such proposed Substitution, title premiums, mortgage recording taxes, transfer taxes and recording fees; 
  
 (v) Transaction Costs. Mezzanine Borrower shall deliver to Mezzanine Lender evidence reasonably
satisfactory to Mezzanine Lender that all amounts owing to any parties in connection with the transactions relating to the proposed Substitution have been paid in full, or will simultaneously be paid in full 

  

 33 

 
on the Substitution Date or adequate reserves therefor are established by Mezzanine Borrower in cash with respect to contingent or other liabilities that may
arise out of such transaction and for which Mezzanine Borrower is not adequately indemnified or insured against as reasonably determined by Mezzanine Lender; 
  

(vi) Opinions of Counsel. Delivery to Mezzanine Lender of the following favorable original Opinions of Counsel or updates
thereto in connection with the Substitute Property similar in form and substance to the opinions which were delivered on the Closing Date in connection with the Replaced Property, reasonably satisfactory to Mezzanine Lender and addressed to the
Mezzanine Lender on behalf of the holders of the Notes: (a) if requested by the Rating Agencies, a true lease opinion and a non-consolidation opinion, (b) a local counsel enforceability opinion, (c) an enforceability opinion under New York law, (d)
an opinion to the effect that each of Mortgage Borrower, Master Lessee and Guarantor is duly organized and validly existing under the laws of the state of its formation and is qualified or licensed to do business in each jurisdiction where the
nature of its business in which it is engaged makes such qualification or licensing necessary and (e) an opinion to the effect that the Mezzanine Loan Documents or amendments thereto have been duly authorized, executed and delivered by Mezzanine
Borrower, Master Lessee and Guarantor and are the valid and binding obligations and agreements of such party, enforceable in accordance with their terms, in each case with the same exceptions as made on Closing Date; 
  
 (vii) No Event of Default. No Event of Default shall
have occurred and then be continuing on the date on which Mezzanine Borrower delivers the Substitution Notice and on the Substitution Date; 
  
 (viii) Accuracy of Representations and Warranties. The representations and warranties set forth in the Loan Documents shall be true
and correct as to the Substitute Property on the Substitution Date in all material respects (subject to any additional items set forth on updated exhibits and schedules hereto provided by Mezzanine Borrower which do not violate the provisions of the
Mezzanine Loan Documents and are not reasonably likely to have a Material Adverse Effect with respect to such Substitute Property); 
  
 (ix) Officer’s Certificate. Delivery to Mezzanine Lender of an Officer’s Certificate certifying to the truth and accuracy
of the statements in clauses (vii) and (viii); 
  
 (x) Non-Disqualification Opinion. Delivery of a Non-Disqualification Opinion; 
  
 (xi) Organizational Documents. If required by the Rating Agencies, delivery of original updated organizational documents of the
Mortgage Borrower, Mezzanine Borrower, Second Mezzanine Borrower, Third Mezzanine Borrower, Fourth Mezzanine Borrower, HoldCo, Master Lessee and Guarantor, including, but not limited to a current certificate of good standing. If the Substitute
Property 

  

 34 

 
is located in a State not previously covered by the Security Instrument, evidence of Mortgage Borrower’s and Master Lessee’s qualification to do
business in the State where the Substitute Property is located. Delivery of appropriate evidence of the authorization of the Mortgage Borrower, Master Lessee and Guarantor approving the execution, delivery and performance of the Loan Documents or
amendments thereto being executed and delivered in connection with the Substitution, duly adopted by the Mortgage Borrower, Master Lessee and Guarantor as applicable and accompanied by an Officer’s Certificate stating that such authorizations
have not been altered or repealed and are in full force and effect, and certifying as to the names of the Persons authorized to sign on behalf of such parties, together with the true signatures of each such Person; 
  
 (xii) Insurance Certificates. Delivery of the
insurance certificates naming Mezzanine Lender with respect to the Substitute Property required by the Loan Agreement (Mortgage); and 
  
 (xiii) Loan Documents. Delivery to Mezzanine Lender of originals of the following Loan Documents or amendments thereto: 

 
 (1) a Substitute Property Mortgage Spreader Agreement,
duly executed and acknowledged by Mortgage Borrower; 
  
 (2) a first priority Assignment of Master Lease, Subleases, Rents and Security Deposits, from Mortgage Borrower, as assignor, to Mortgage Lender, as assignee, assigning to Mortgage Lender all of Mortgage Borrower’s interest in and to
the Master Lease, the Subleases, Rents and Security Deposits as security for the Mortgage Loan with respect to the Substitute Property, or a counterpart original of the Assignment of Leases, modified as necessary, duly executed and acknowledged by
Mortgage Borrower (the “Assignment of Leases Counterpart”); 
  
 (3) UCC financing statements (Form UCC-1) (or other forms required in any jurisdiction), covering all fixtures, Building Equipment and other personal property (other than the Excluded Personal Property), and all
proceeds thereof, naming Mortgage Borrower as debtor and Mortgage Lender as secured party (collectively, the “UCC Financing Statements”; together with the Assignment of Leases Counterpart and the Substitute Property Mortgage
Spreader Agreement, the “Security Documents”); 
  
 (4) the Title Policy (Mortgage) or endorsements to the Title Policy (Mortgage), and related mezzanine endorsements thereto as applicable, issued by the Title Company in an amount equal to 125% of the Allocated Loan
Amount for the Substitute Property, reflecting the addition of each such Substitute Property and containing such affirmative coverage similar in form and substance to the affirmative coverage provided in connection with the Replaced Property,
insuring that the Substitute Property Mortgage Spreader Agreement creates a valid first lien on Mortgage Borrower’s fee or leasehold title in the Substitute 

  

 35 

 
Property subject to the Permitted Encumbrances, and insuring the perfected first priority interest of Mortgage Lender pursuant to the Substitute Property
Mortgage Spreader Agreement, together with any title insurance premiums, fees or charges due in connection therewith, and the Mezzanine Borrower shall cause Mortgage Borrower to cooperate with the Mortgage Lender and execute such further instruments
and documents and perform such further acts as the Mezzanine Lender, Mortgage Lender or the Title Company shall reasonably request to carry out the creation and perfection of the liens and security interests contemplated by the Security Documents
and the release, discharge and removal of any encumbrances required for the issuance of the Title Policy; 
  
 (5) an amendment to the Master Lease and to the Master Lease SNDA incorporating the Substitute Property and eliminating the Replaced
Property; 
  
 (6) updates to any Exhibits and
Schedules to the Loan Documents (Mortgage) as applicable without disclosing matters inconsistent with the requirements of this Section 2.3.5; and 
  
 (7) a Confirmation of Guaranty and Indemnity in customary form duly executed and delivered by Guarantor, adding the Substitute Property to
and affirming its obligations under the Recourse Guaranty (Mezzanine) and the Environmental Indemnity. 
  
 (xiv) Mezzanine Loan Deliveries. The Second Mezzanine Lender, Third Mezzanine Lender and Fourth Mezzanine Lender shall have
received all deliveries required under Section 2.3.5 of the Mezzanine Loan Agreement, including, but not limited to, insurance certificates naming Second Mezzanine Lender, Third Mezzanine Lender and Fourth Mezzanine Lender with respect to the
Substitute Property, a copy of the owner’s title insurance policy and related mezzanine endorsement (if available in such State) and copies of the Substitution Due Diligence Package and all final deliveries to Mortgage Lender under this
Section 2.3.5. 
  
 (xv) Additional
Deliveries. Mezzanine Lender shall have received such other deliveries reasonably requested by Mezzanine Lender, provided such requests are customary and are consistent with the deliveries required with respect to the Properties on the Closing
Date. 
  
 2.3.6 Provisions Relating to Individual Properties
That Go Dark. At any one time and from time to time, Mezzanine Borrower may cause Mortgage Borrower to allow Individual Properties (other than the Distribution Centers) to Go Dark provided that (i) the aggregate Allocated Loan Amount for all
Individual Properties that Go Dark at any one time (excluding any Go Dark Purchase Option Properties) shall not exceed the Go Dark Limit and (ii) in no event may Mezzanine Borrower allow the Mortgage Borrower to allow any Go Dark Purchase Option
Property to Go Dark. If the aggregate Allocated Loan Amount for all Individual Properties that Go Dark at any one time shall exceed 

  

 36 

 
(excluding any Go Dark Purchase Option Property) the Go Dark Limit, then within thirty (30) days of such property first closing for business to the general
public, Mezzanine Borrower shall cause Mortgage Borrower to either: 
  
 (a) cause one or more Individual Properties to be released from the lien of the Security Instrument in accordance with Section 2.3.5 hereof such that the aggregate Allocated Loan Amount for all Individual Properties that Go Dark does
not exceed the Go Dark Limit; or 
  
 (b) provide a Substitute
Property, to be subject to the lien of the Security Instrument, in accordance with Section 2.3.6 hereof to the extent permitted under such Section such that the aggregate Allocated Loan Amount for all Individual Properties that Go Dark does
not exceed the Go Dark Limit. 
  
 If any Individual Property shall
Go Dark, Mezzanine Borrower shall cause Mortgage Borrower to promptly send written notice thereof to Mezzanine Lender. If an Individual Property shall Go Dark, the Master Lessee shall nonetheless be required to make into the Holding Account without
reduction the full Master Lease Rent payment as and when required under the Master Lease and the Rent Payment Direction Letter with respect to all Individual Properties. 
  
 2.3.7 Excess Account Collateral. Upon the occurrence of any Property Release, provided no Low DSCR Cash Sweep Period
exists and no Event of Default has occurred and is continuing, Mezzanine Lender shall promptly perform an analysis of the Account Collateral in order to reasonably determine the amount of the Account Collateral (including, but not limited to,
Proceeds) attributable to the Release Property (the “Excess Account Collateral”), and shall promptly instruct Cash Management Bank to return to each Borrower, as applicable, the Excess Account Collateral, if any, except to the
extent that Mezzanine Lender, Second Mezzanine Lender, Third Mezzanine Lender, Fourth Mezzanine Lender and Mortgage Lender reasonably determine that a shortfall exists in such Sub-Account with respect to the Property other than the Release Property.

  
 2.3.8 Reserve Requirements. Upon the occurrence of a
Property Release, provided no Low DSCR Cash Flow Sweep Period exists and no Event of Default has occurred and is continuing, Mezzanine Borrower shall promptly prepare a revised estimate of Impositions and Other Charges, insurance premiums, Ground
Rent and Master Lease Rent with respect to the remaining Properties in accordance with the terms of the Loan Agreement (Mortgage), and shall promptly provide Mezzanine Borrower and Cash Management Bank with notice of the revised Monthly Tax Reserve
Amount, Monthly Insurance Reserve Amount and Monthly Ground Rent Amount. 
  
 2.3.9 Intentionally Omitted. 
  
 2.4 Regulatory Change; Taxes. 
  
 2.4.1
Increased Costs. If as a result of any Regulatory Change or compliance of Mezzanine Lender therewith, the basis of taxation of payments to Mezzanine Lender or any company Controlling Mezzanine Lender of the principal of or interest on the
Loan is 

  

 37 

 
changed or Mezzanine Lender or the company Controlling Mezzanine Lender shall be subject to (i) any tax, duty, charge or withholding of any kind with respect
to this Agreement (excluding federal taxation of the overall net income of Lender or the company Controlling Lender); or (ii) any reserve, special deposit or similar requirements relating to any extensions of credit or other assets of, or any
deposits with or other liabilities, of Mezzanine Lender or any company Controlling Mezzanine Lender is imposed, modified or deemed applicable; or (iii) any other condition affecting loans to borrowers subject to LIBOR-based interest rates is imposed
on Mezzanine Lender or any company Controlling Mezzanine Lender and Mezzanine Lender determines that, by reason thereof, the cost to Mezzanine Lender or any company Controlling Mezzanine Lender of making, maintaining or extending the Loan to
Mezzanine Borrower is increased, or any amount receivable by Mezzanine Lender or any company Controlling Mezzanine Lender hereunder in respect of any portion of the Loan to Mezzanine Borrower is reduced, in each case by an amount deemed by Mezzanine
Lender in good faith to be material (such increases in cost and reductions in amounts receivable being herein called “Increased Costs”), then Mezzanine Lender shall provide notice thereof to Mezzanine Borrower and Mezzanine Borrower agrees
that it will pay to Mezzanine Lender upon Mezzanine Lender’s written request such additional amount or amounts as will compensate Mezzanine Lender or any company Controlling Mezzanine Lender for such Increased Costs to the extent Mezzanine
Lender reasonably determines that such Increased Costs are allocable to the Loan. If Mezzanine Lender requests compensation under this Section 2.4.1, Mezzanine Borrower may, by notice to Mezzanine Lender, require that Mezzanine Lender furnish
to Mezzanine Borrower a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. In the event that Borrower is required to pay any Increased Costs in accordance with the terms hereof,
Borrower shall have the right to prepay the Principal Amount (together will all accrued but unpaid interest thereon calculated through the end of the then current Interest Period) without the imposition of any Prepayment Fee. 
  
 2.4.2 Special Taxes. Mezzanine Borrower shall make all payments
hereunder free and clear of and without deduction for Special Taxes. If Mezzanine Borrower shall be required by law to deduct any Special Taxes from or in respect of any sum payable hereunder or under any other Mezzanine Loan Document to Mezzanine
Lender, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.4.2) Mezzanine Lender receives an amount equal to
the sum it would have received had no such deductions been made, (ii) Mezzanine Borrower shall make such deductions, and (iii) Mezzanine Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable
law. Notwithstanding anything to the contrary contained in this Section 2.4, Mezzanine Borrower shall not be liable for any amounts as a result of withholding for Special Taxes or additional costs incurred as a result of the assignment of all
or any portion of the Loan by Lender to any Person that is subject to Special Taxes and which is organized under or has its principal place of business outside of the United States of America or any political subdivision thereof. 
  
 2.4.3 Other Taxes. In addition, Mezzanine Borrower agrees to pay any
present or future stamp or documentary taxes or other excise or property taxes, charges, or 

  

 38 

 
similar levies which arise from any payment made hereunder, or from the execution, delivery or registration of, or otherwise with respect to, this Agreement,
the other Mezzanine Loan Documents, or the Loan (hereinafter referred to as “Other Taxes”). 
  
 2.4.4 Indemnity. (a) Mezzanine Borrower shall indemnify Mezzanine Lender for the full amount of Special Taxes and Other Taxes (including any
Special Taxes or Other Taxes imposed by any Governmental Authority on amounts payable under this Section 2.4.4) paid by Mezzanine Lender and any liability (including penalties, interest, and reasonable out-of-pocket expenses) arising
therefrom or with respect thereto, whether or not such Special Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty (30) days after the date Mezzanine Lender makes written demand therefor.

  
 2.4.5 Change of Office. To the extent that changing the
jurisdiction of Mezzanine Lender’s applicable office would have the effect of minimizing Special Taxes, Other Taxes or Increased Costs, Mezzanine Lender shall use reasonable efforts to make such a change, provided that same would not otherwise
be disadvantageous to Mezzanine Lender. 
  
 2.4.6 Survival.
Without prejudice to the survival of any other agreement of Mezzanine Borrower hereunder, the agreements and obligations of Mezzanine Borrower contained in this Section 2.4 shall survive the payment in full of principal and interest
hereunder, and the termination of this Agreement. 
  
 2.5
Conditions Precedent to Closing. The obligation of Mezzanine Lender to make the Loan hereunder is subject to the fulfillment by, or on behalf of, Mezzanine Borrower or waiver by Mezzanine Lender of the following conditions precedent no later
than the Closing Date; provided, however, that unless a condition precedent shall expressly survive the Closing Date pursuant to a separate agreement, by funding the Loan, Mezzanine Lender shall be deemed to have waived any such
conditions not theretofore fulfilled or satisfied: 
  
 2.5.1
Representations and Warranties; Compliance with Conditions. 
  
 (a) The representations and warranties of Mezzanine Borrower contained in this Agreement and the other Mezzanine Loan Documents shall be true and correct in all material respects on and as of the Closing Date with the same effect as if made
on and as of such date, and no Default or Event of Default shall have occurred and be continuing; and Mezzanine Borrower shall be in compliance in all material respects with all terms and conditions set forth in this Agreement and in each other
Mezzanine Loan Document on its part to be observed or performed; and 
  
 (b) The representations and warranties of Mortgage Borrower contained in the Loan Agreement (Mortgage) and the other Loan Documents (Mortgage) shall be true and correct in all material respects on and as of the Closing Date with the same
effect as if made on and as of such date, and no Mortgage Default or Mortgage Event of Default shall have occurred and be continuing; and Mortgage Borrower and Guarantor shall be in 

  

 39 

 
compliance in all material respects with all terms and conditions set forth in the Loan Agreement (Mortgage) and in each other Loan Document (Mortgage) on
its part to be observed or performed. 
  
 2.5.2 Delivery of
Mezzanine Loan Documents; Title Policy; Reports; Leases. 
  
 (a) Mezzanine Loan Documents. Mezzanine Lender shall have received an original copy of this Agreement, the Mezzanine Note and all of the other Mezzanine Loan Documents, in each case, duly executed (and to the extent required,
acknowledged) and delivered on behalf of Mezzanine Borrower and any other parties thereto; 
  
 (b) Certificates. Mezzanine Lender shall have received originals of the Certificates together with a Member Power endorsed in blank; 
  
 (c) UCC Financing Statements. The UCC financing statements relating to the Pledge and this Agreement shall have been
delivered to Mezzanine Lender for filing in the applicable jurisdictions; 
  
 (d) Interest Rate Cap Agreement. Mezzanine Lender shall have received the original Interest Rate Cap Agreement (First Mezzanine) which shall be in form and substance reasonably satisfactory to Mezzanine Lender
and a counterpart of the Acknowledgment executed and delivered by the Counterparty; 
  
 (e) Mezzanine Account Agreement. Mezzanine Lender shall have received the original of the Mezzanine Account Agreement executed by each of Cash Management Bank (First Mezzanine) and Mezzanine Borrower;

  
 (f) Title Insurance. 
  
 (i) Mezzanine Lender shall have received a copy of the Title
Policy (Mortgage) or a marked-up and signed commitment having the force and effect of a title policy, marked “paid” by an authorized representatives of the Title Company) issued by the Title Company with respect to the Loan (Mortgage) and
dated as of the Closing Date, with a mezzanine loan endorsement in favor of Mezzanine Lender, it successors and assigns, dated as of the Closing Date and reinsurance and direct access agreements in form and substance acceptable to Mezzanine Lender.
Mezzanine Lender shall also have received evidence that all premiums in respect of the Title Policy (Mortgage) have been paid; and 
  
 (ii) Mezzanine Lender shall have received an “Eagle 9” title policy in favor of Mezzanine Lender, its successors and assigns,
dated as of the Closing Date. Mezzanine Lender also shall have received evidence that all premiums in respect of the “Eagle 9” title policy have been paid. 
  
 (g) Survey. Mezzanine Lender shall have received copies of the Surveys for the Property delivered under the Loan
Agreement (Mortgage); 
  

 40 

 (h) Insurance. Mezzanine Lender shall have received valid certificates of insurance for the
policies of insurance required by the Loan Agreement (Mortgage) naming Mezzanine Lender as an additional insured and containing a cross liability/severability endorsement, satisfactory to Mezzanine Lender in its sole discretion, and evidence of the
payment of all insurance premiums currently due and payable for the existing policy period; 
  
 (i) Environmental Reports. Mezzanine Lender shall have received an Environmental Report or regulatory database search in respect of the Property reasonably satisfactory to Mezzanine Lender; 
  
 (j) Zoning. Unless otherwise agreed in writing between Mezzanine
Lender and Mezzanine Borrower, Mezzanine Lender shall have received with respect to each Individual Property one of the following: (i) letters or other evidence with respect to the Property from the appropriate municipal authorities (or other
Persons) concerning compliance with applicable zoning and building laws reasonably acceptable to Mezzanine Lender or (ii) an ALTA 3.1 zoning endorsement for the Title Policy (Mortgage); title policy or (iii) a zoning report reasonably acceptable to
Mezzanine Lender prepared by PZR or another nationally recognized zoning due diligence firm reasonably acceptable to Lender. 
  
 (k) Certificate of Occupancy. Unless otherwise agreed in writing between Mezzanine Lender and Mezzanine Borrower, Mezzanine Lender shall have
received a copy of the valid permanent certificate of occupancy for each Individual Property located in a jurisdiction that requires certificates of occupancy under applicable law, in each case reasonably acceptable to Mezzanine Lender. 

 
 (l) Encumbrances. Mezzanine Borrower shall have taken or caused to
be taken such actions in such a manner so that Mezzanine Lender has a valid and perfected first Lien as of the Closing Date on the Collateral and Mezzanine Lender shall have received satisfactory evidence thereof; 
  
 (m) Intentionally Omitted; 
  
 (n) Intentionally Omitted. 
  
 (o) Pledgor Acknowledgments. Mezzanine Lender shall have received an
original of the Acknowledgment in the form of Exhibit D executed by each of Mortgage Borrower and Mezzanine Borrower and dated as of the Closing Date. 
  
 2.5.3 Satisfactory Collateral. The Pledge and the other Mezzanine Loan Documents shall constitute a valid and perfected Lien on the Collateral for
the full amount of the Principal Amount, free and clear of all Liens other than encumbrances specifically approved by Mezzanine Lender, in writing, in its sole discretion; 
  
 2.5.4 Loan (Mortgage). The Loan (Mortgage) shall have been made (or shall be made concurrently with the Loan) to the
Mortgage Borrower in accordance with the 

  

 41 

 
terms of the Loan Documents (Mortgage) and no Mortgage Event of Default shall have occurred and be continuing under and as defined in the Loan Documents
(Mortgage); 
  
 2.5.5 Related Documents. Each additional
document not specifically referenced herein, but relating to the transactions contemplated herein, shall have been duly authorized, executed and delivered by all parties thereto and Mezzanine Lender shall have received and approved copies thereof;

  
 2.5.6 Delivery of Organizational Documents. On or
before the Closing Date, Mezzanine Borrower shall deliver, or cause to be delivered, to Mezzanine Lender copies certified by an Officer’s Certificate, of all organizational documentation related to Mortgage Borrower, Guarantor, each SPE Entity,
HoldCo, Master Lessee and Mezzanine Borrower as have been requested by Mezzanine Lender and/or the formation, structure, existence, good standing and/or qualification to do business of Mortgage Borrower, Guarantor, each SPE Entity, HoldCo, Master
Lessee and Mezzanine Borrower as Lender may request in its sole discretion, including, without limitation, good standing certificates, qualifications to do business in the appropriate jurisdictions, resolutions authorizing the entering into of the
Loan and incumbency certificates as may be requested by Mezzanine Lender. Each of the organizational documents of any SPE Entity shall contain single purpose entity provisions reasonably approved by Lender prior to the date hereof. 
  
 2.5.7 Opinions of Mezzanine Borrower’s Counsel. 
  
 (a) Mezzanine Lender shall have received a Non-Consolidation Opinion in such
form approved by the Lender (the “Non-Consolidation Opinion”); 
  
 (b) Mezzanine Lender shall have received a True Lease Opinion with respect to the Master Lease in form and substance reasonably acceptable to the Mezzanine Lender and the Rating Agencies (the “True Lease
Opinion”); 
  
 (c) Mezzanine Lender shall have received a
Solvency Opinion in form and substance acceptable to the Rating Agencies (the “Solvency Opinion”); and 
  
 (d) Mezzanine Lender shall have received from Counterparty the Counterparty Opinion in such form approved by the Mezzanine Lender. 
  
 2.5.8 Completion of Proceedings. All corporate and other proceedings
taken or to be taken in connection with the transactions contemplated by this Agreement and other Mezzanine Loan Documents and all documents incidental thereto shall be reasonably satisfactory in form and substance to Mezzanine Lender, and Mezzanine
Lender shall have received all such counterpart originals or certified copies of such documents as Mezzanine Lender may reasonably request; 
  
 2.5.9 Payments. All payments, deposits or escrows, if any, required to be made or established by Mezzanine Borrower under this Agreement, the
Mezzanine Note and the other Mezzanine Loan Documents on or before the Closing Date shall have been paid. 
  

 42 

 2.5.10 Interest Rate Cap Agreement. Mezzanine Lender shall have received a copy of the Interest
Rate Cap Agreement (First Mezzanine) which shall be in form and substance reasonably satisfactory to Mezzanine Lender and an original counterpart of the Acknowledgment executed and delivered by the Counterparty. 
  
 2.5.11 Account Agreement. Mezzanine Lender shall have received the
original of the Mezzanine Account Agreement executed by each of Cash Management Bank and Mezzanine Borrower. 
  
 2.5.12 Reserved. 
  
 2.5.13 Tenant Estoppels and SNDAs. Mezzanine Borrower shall have requested and made commercially reasonable efforts to obtain prior to Closing, an
executed tenant estoppel letter, substantially in form required by the Loan Agreement (Mortgage) and a Non-Disturbance Agreement from each of the Tenants required by the Loan Agreement (Mortgage), and shall have delivered to Mezzanine Lender all
such estoppels and Non-Disturbance Agreements received by Mezzanine Borrower. 
  
 2.5.14 REAs. Mezzanine Lender shall have received copies of all of the REAs to which Mezzanine Borrower or its Affiliates is a party or is bound; 
  
 2.5.15 Insolvency. Neither Mezzanine Borrower nor any of its constituent Persons shall be the subject of any
bankruptcy, reorganization, or insolvency proceeding; 
  
 2.5.16
Independent Manager/Member Certificate. Mezzanine Lender shall have received an executed Independent Manager/Member certificate substantially in the form attached as Exhibit C from each Independent Manager/Member required pursuant to
the terms hereof; 
  
 2.5.17 Transaction Costs. Mezzanine
Borrower shall have paid or reimbursed Mezzanine Lender for all title insurance premiums, recording and filing fees, costs of Environmental Reports, seismic reports, zoning reports, searches, flood certifications, appraisals and other reports, the
reasonable fees and costs of Mezzanine Lender’s counsel and all other reasonable third party out-of-pocket expenses incurred in connection with the origination of the Loan. 
  
 2.5.18 Material Adverse Effect. No change, circumstance, event or effect shall have occurred that would be materially
adverse to the assets, liabilities, business, financial condition or results of operations of the Company and the Company Subsidiaries (as such terms are defined in the Merger Agreement) taken as a whole, other than any change, circumstance, event
or effect resulting from (i) changes in general economic conditions, (ii) the announcement of the Merger Agreement and the transactions contemplated thereby, (iii) general changes or developments in the industries in which the Company and the
Company Subsidiaries operate, (iv) any actions required under the Merger Agreement to obtain any approval or authorization under applicable antitrust or competition laws for the consummation of the transactions contemplated by the Merger Agreement
or (v) changes in any Laws (as defined in the Merger Agreement) or applicable accounting regulations or principles, unless, in the case of the foregoing clauses (i) and (iii), 

  

 43 

 
such changes or developments referred to therein would reasonably be expected to have a materially disproportionate impact on the business, financial
condition or results of operations of the Company and the Company Subsidiaries taken as a whole relative to other industry participants; 
  
 2.5.19 Subleases. Mezzanine Lender shall have received copies of all Subleases. 
  
 2.5.20 Master Lease; Master Lease SNDA. Mezzanine Lender shall have received a copy of the Master Lease and shall
have received the duly executed Master Lease SNDA, each in form and substance required by the Loan Agreement (Mortgage) and acceptable to the Rating Agencies; 
  

2.5.21 Tax Lot. Mezzanine Lender shall have received a tax lot endorsement to the Title Policy or other evidence that each Individual Property
constitutes one (1) or more separate tax lots, which endorsement or other evidence shall be reasonably satisfactory in form and substance to Mezzanine Lender; 
  

2.5.22 Condominium Estoppels. Mezzanine Borrower shall have requested and made commercially reasonable efforts to obtain prior to Closing,
estoppel certificates from the Condominium Board of all Condominium Properties substantially in the form required by the Loan Agreement (Mortgage), and shall have delivered to Mezzanine Lender all such estoppels received by Mezzanine Borrower.
Mezzanine Lender shall have received a condominium endorsement to the Title Policy for each Condominium Property in form and substance reasonably satisfactory to Lender; 
  
 2.5.23 Condominium Documents. Mezzanine Lender shall have received copies of all Condominium Documents; 

 
 2.5.24 Appraisal. Mezzanine Lender shall have received an Appraisal
of the Property, which shall be satisfactory in form and substance to Mezzanine Lender; 
  
 2.5.25 Financial Statements. Lender shall have confirmed the accuracy of all financial statements and other financial information with respect to the Property delivered by Borrower to Lender. 
  
 2.5.26 Flood Certifications. Mezzanine Lender shall have received a
flood zone certification with respect to each Property. 
  
 2.5.27
Intentionally Omitted. 
  
 2.5.28 Merger
Agreement. Mezzanine Borrower shall have delivered to Mezzanine Lender a true, correct and complete copy of the Merger Agreement and, if requested by Mezzanine Lender, all deliveries made by any of the parties thereto or any of their respective
Affiliates. 
  
 2.5.29 Intercreditor Agreements. Mezzanine
Lender shall have received the ABL Intercreditor Agreement as well as the loan documents evidencing the ABL Loan (as defined in the ABL Intercreditor Agreement). 
  

 44 

 2.5.30 Equity and Real Property Transfer Documents. To the extent requested by Mezzanine Lender,
Mezzanine Borrower shall have delivered to Mezzanine Lender true, correct and complete copies of all documentation pursuant to which the transactions contemplated by the Merger Agreement are consummated, including, but not limited to, all documents
evidencing all stages of the restructuring of Toys ‘R’ Us, Inc. and all documents evidencing (i) all preliminary transfers of equity interests that resulted in the Mezzanine Borrower structure required by the Loan Agreement (Mortgage),
(ii) any preliminary transfers of the Properties into Affiliates of Mezzanine Borrower and (iii) the preliminary transfers of all of the Properties from Affiliates of Mezzanine Borrower into Mezzanine Borrower. 
  
 2.5.31 Consents. Mezzanine Borrower shall have delivered all consents
or approval of or notices to any party to any Operating Agreement required under such Operating Agreement in connection with any of the Contemplated Transactions. 
  

	III.	CASH MANAGEMENT 

  
 3.1 Cash Management. 
  
 3.1.1 Establishment of Account. Mezzanine Borrower hereby acknowledges that, simultaneously with the execution of this Agreement, pursuant to the
Mezzanine Account Agreement, Mezzanine Borrower has established with Cash Management Bank (First Mezzanine), in the name of “Giraffe Intermediate, LLC, Mezzanine Account in favor of Bank of America, N.A., as Agent” (the “Mezzanine
Account”), which has been established as a non-interest bearing deposit account with interest-bearing sub-accounts. The Mezzanine Account and the funds deposited therein shall serve as additional security for the Loan. Pursuant to the
Mezzanine Account Agreement, Mezzanine Borrower shall irrevocably instruct and authorize Cash Management Bank (First Mezzanine) to disregard any and all orders for withdrawal from the Mezzanine Account made by, or at the direction of, Mezzanine
Borrower. Mezzanine Borrower agrees that, prior to the payment in full of the Indebtedness, the terms and conditions of the Mezzanine Account Agreement shall not be amended or modified in all material respect without the prior written consent of
Mezzanine Lender (which consent Mezzanine Lender may grant or withhold in its sole discretion). In recognition of Mezzanine Lender’s security interest in the funds deposited into the Mezzanine Account, Mezzanine Borrower shall identify the
Mezzanine Account with the name of Giraffe Intermediate, LLC, Mezzanine Account in favor of Bank of America, N.A., as Agent. Mezzanine Borrower confirms that it has established with Cash Management Bank (First Mezzanine) the following sub-accounts
of the Mezzanine Account (each, a “Sub-Account” and, collectively, the “Sub-Accounts” and together with the Mezzanine Account, the “Collateral Accounts (First Mezzanine)”), which (i) may be ledger
or book entry sub-accounts and need not be actual sub-accounts, (ii) shall each be linked to the Mezzanine Account, (iii) shall each be a “deposit account” (as such term is defined in Section 9-102(a)(29) of the UCC) and (iv) shall
each be an Eligible Account to which certain funds shall be allocated and from which disbursements shall be made pursuant to the terms of this Agreement: 
  
 A sub-account for the retention of Account Collateral (First Mezzanine) in respect of Debt Service (First Mezzanine) on the Loan with the account number 1235465930 (the
“Mezzanine Debt Service Reserve Account”). 
  

 45 

 3.1.2 Pledge of Account Collateral (First Mezzanine). To secure the full and punctual payment and
performance of the Obligations (First Mezzanine), Mezzanine Borrower hereby collaterally assigns, grants a security interest in and pledges to Mezzanine Lender, to the extent not prohibited by applicable law, a first priority continuing security
interest in and to the following property of Mezzanine Borrower, whether now owned or existing or hereafter acquired or arising and regardless of where located (all of the same, collectively, the “Account Collateral (First
Mezzanine)”): 
  
 (a) the Collateral Accounts (First
Mezzanine) and all cash, deposits and/or wire transfers from time to time deposited or held in, credited to or made to Collateral Accounts (First Mezzanine); 
  
 (b) all interest and cash from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing or
purchased with funds from the Collateral Accounts (First Mezzanine); and 
  
 (c) to the extent not covered by clauses (a) or (b) above, all proceeds (as defined under the UCC) of any or all of the foregoing. 
  
 In addition to the rights and remedies herein set forth, Mezzanine Lender shall have all of the rights and remedies with
respect to the Account Collateral (First Mezzanine) available to a secured party at law or in equity, including, without limitation, the rights of a secured party under the UCC, as if such rights and remedies were fully set forth herein. 

 
 This Agreement shall constitute a security agreement for purposes of the
Uniform Commercial Code and other applicable law. 
  
 3.1.3
Maintenance of Mezzanine Account. Mezzanine Borrower agrees that each of the Collateral Accounts (First Mezzanine) is and shall be maintained (i) as a “deposit account” (as such term is defined in Section 9-102(a)(29) of the
UCC), (ii) in such a manner that Mezzanine Lender shall have control (within the meaning of Section 9-104(a)(2) of the UCC) over the Mezzanine Account and (iii) such that no Person other than Lender shall have any right of withdrawal from the
Mezzanine Account Collateral and, except as provided herein and in the Account Agreement, no Account Collateral (First Mezzanine) shall be released to Mezzanine Borrower from the Collateral. Without limiting the Mezzanine Borrower’s obligations
under the immediately preceding sentence, Mezzanine Borrower shall only establish and maintain the Mezzanine Account with a financial institution that has executed an agreement substantially in the form of the Mezzanine Account Agreement or in such
other form acceptable to Mezzanine Lender in its sole discretion. 
  
 3.1.4 Eligible Accounts. The Collateral Accounts (First Mezzanine) shall be Eligible Accounts. The Collateral Accounts (First Mezzanine) shall be subject to such 

  

 46 

 
applicable laws, and such applicable regulations of the Board of Governors of the Federal Reserve System and of any other banking or governmental authority,
as may now or hereafter be in effect. Income and interest accruing on the Collateral Accounts (First Mezzanine) or any investments held in such accounts shall be periodically added to the principal amount of such account and shall be held, disbursed
and applied in accordance with the provisions of this Agreement and the Mezzanine Account Agreement. Mezzanine Borrower shall be the beneficial owner of the Collateral Accounts (First Mezzanine) for federal income tax purposes and shall report all
income on the Collateral Accounts (First Mezzanine). 
  
 3.1.5
Deposits into Sub-Accounts. On the date hereof, Mezzanine Borrower has deposited the following amounts into the Sub-Accounts: 
  
 (i) $0.00 into the Mezzanine Debt Service Reserve Account; 
  
 3.1.6 Monthly Funding. 
  
 (a) Mezzanine Borrower hereby irrevocably authorizes Mezzanine Lender to transfer (and pursuant to the Mezzanine Account Agreement shall irrevocably
authorize Cash Management Bank (First Mezzanine) to execute any corresponding instructions of Mezzanine Lender), and Mezzanine Lender shall transfer from the Mezzanine Account by 11:00 a.m. New York time on the date on which each payment of Master
Lease Rent under the Master Lease is made to the Holding Account, or as soon thereafter as there shall be sufficient collected funds on deposit in the Mezzanine Account, and from time to time (but no less frequently than weekly thereafter) funds in
an amount equal to the sum of any Protective Advances which may have been advanced by (and not previously reimbursed to) the Mezzanine Lender pursuant to the terms of the Mezzanine Loan Documents to cure any Default or Event of Default, any Mortgage
Default or Mortgage Event of Default, or to protect the Collateral together with any interest payable on such amounts pursuant to the Mezzanine Loan Documents, plus (x) the unpaid Debt Service (First Mezzanine) for the next occurring Payment Date,
plus (y) an amount equal to such payments for any prior month(s), to the extent not previously paid, plus (z) an amount equal to the amount, if any, deducted from the Mezzanine Account in any preceding month to pay any other amounts then due under
the Mezzanine Loan Documents (other than any Debt Service (First Mezzanine)). Mezzanine Borrower acknowledges that Mezzanine Lender shall not be required to make such withdrawal and deposit until such time as Mezzanine Lender is able to calculate
the amount of the Debt Service (First Mezzanine) for the next occurring Payment Date. 
  
 (b) If for any reason there will be insufficient amounts in the Mezzanine Debt Service Reserve Account on any Payment Date to pay the Debt Service (First Mezzanine) due on such Payment Date, Mezzanine Borrower shall
immediately deposit into the Mezzanine Account an amount equal to the shortfall of available funds in the Mezzanine Debt Service Reserve Account. Any failure by Mezzanine Borrower to deposit the full amount required by the preceding sentence shall
constitute an Event of Default hereunder. If Mezzanine Lender shall reasonably determine that there will be insufficient amounts in the Mezzanine Account to pay any Protective Advances as and when the same are due 

  

 47 

 
and payable, Mezzanine Lender shall provide written notice of same to Mezzanine Borrower setting forth the basis for such determination. Within five (5)
Business Days of receipt of said notice, Mezzanine Borrower shall deposit into the Mezzanine Account an amount equal to the shortfall of available funds in the Mezzanine Account. Any failure by Mezzanine Borrower to deposit the full amount required
by the preceding sentence within said five (5) Business Day period shall constitute an Event of Default hereunder. 
  
 (c) Mezzanine Lender agrees to deliver to Mortgage Lender a monthly notice letter (the Mezzanine Lender Monthly Debt Service Notice) at least five (5)
Business Days prior to each Payment Date setting forth the Debt Service (First Mezzanine) payable by Mezzanine Borrower on the first Payment Date occurring after the date such notice is delivered. 
  
 (d) Mezzanine Borrower hereby acknowledges that, pursuant to Section
3.1.6 of the Loan Agreement (Mortgage), (i) to the extent Mortgage Lender has received a Mezzanine Loan Default Notice and until such time as Mortgage Lender receives a Mezzanine Loan Default Revocation Notice, the Mortgage Borrower has
irrevocably directed that Excess Cash Flow and any other payments to be made to Mezzanine Borrower, any Junior Mezzanine Borrower, Mezzanine Lender, or any Junior Mezzanine Lender are to be deposited directly into the Mezzanine Account for
application as provided in this Agreement (in lieu of transferring such funds to such accounts of the Mezzanine Lender, any Junior Mezzanine Lender or Mortgage Borrower as the Mortgage Borrower may have so directed if the Mortgage Lender had not
received such notice from Mezzanine Lender). Notwithstanding any provision herein to the contrary, provided no Event of Default has occurred or is continuing, there shall be disbursed to Mezzanine Borrower the Proceeds of a Condemnation or Casualty
remaining after payment of all amounts to which Mortgage Lender is entitled. Mezzanine Borrower agrees that Mezzanine Lender shall not be required to deliver to Mortgage Lender a Mezzanine Loan Default Notice prior to the deposit of Proceeds into
the Mezzanine Account. 
  
 3.1.7 Cash Management Bank.

  
 (a) Mezzanine Lender shall have the right at Mezzanine
Borrower’s sole cost and expense to replace the Cash Management Bank with a financial institution reasonably satisfactory to Mezzanine Borrower in the event that (i) the Cash Management Bank fails, in any material respect, to comply with the
Account Agreement, or (ii) the Cash Management Bank is no longer an Approved Bank. Upon the occurrence and during the continuance of an Event of Default, Mezzanine Lender shall have the right at Mezzanine Borrower’s sole cost and expense to
replace Cash Management Bank (First Mezzanine) at any time, without notice to Mezzanine Borrower. Mezzanine Borrower shall cooperate with Mezzanine Lender in connection with the appointment of any replacement Cash Management Bank and the execution
by the Cash Management Bank (First Mezzanine) and the Mezzanine Borrower of an Mezzanine Account Agreement and delivery of same to Mezzanine Lender (with a copy to Second Mezzanine Lender, Third Mezzanine Lender and Fourth Mezzanine Lender).

  

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 (b) So long as no Event of Default shall have occurred and be continuing, Mezzanine Borrower shall have
the right at its sole cost and expense to replace the Cash Management Bank (First Mezzanine) with a financial institution that is an Approved Bank provided that such financial institution and Mezzanine Borrower shall execute and deliver to Mezzanine
Lender (with a copy to Second Mezzanine Lender, Third Mezzanine Lender and Fourth Mezzanine Lender an Mezzanine Account Agreement substantially similar to the Mezzanine Account Agreement executed as of the Closing Date with such changes therein as
shall be reasonably acceptable to Mezzanine Lender.) 
  
 3.1.8
Mezzanine Borrower’s Account Representations, Warranties and Covenants. Mezzanine Borrower represents, warrants and covenants that: 
  
 (a) Mezzanine Borrower will not have any right, title or interest in or to any Excess Cash Flow during any period with respect to which the Mortgage
Lender becomes obligated under the Loan Agreement (Mortgage) to transfer such Excess Cash Flow to the Mezzanine Account, except any rights Mezzanine Borrower shall have to allocations of such funds following the disbursement to Mezzanine Borrower of
any Excess Cash Flow as provided in Section 3.1.6(d); 
  
 (b) There are no accounts other than the Collateral Accounts, Collateral Accounts (First Mezzanine), Collateral Accounts (Second Mezzanine), Collateral Accounts (Third Mezzanine) and Collateral Accounts (Fourth Mezzanine) maintained by
Mortgage Borrower, Mezzanine Borrower or any other Person with respect to the collection of Mortgage Borrower’s or Mezzanine Borrower’s rents, revenues, proceeds or other income from the Property or for the collection of Mortgage
Borrower’s Receipts in respect of Mezzanine Borrower or Mortgage Borrower; 
  
 (c) Mezzanine Borrower shall cause Mortgage Borrower to deposit or cause to be deposited all Distributions into the Mezzanine Account as required by the Pledge and this Agreement or any other Mezzanine Loan Document;
and 
  
 (d) so long as the Loan shall be outstanding, neither
Mortgage Borrower, Mezzanine Borrower nor any other Person shall open any other accounts with respect to the collection of rents, revenues, proceeds or other income from the Property or for the collection of Receipts in respect of Mortgage Borrower
or Mezzanine Borrower, except as provided in the Loan Agreement (Mortgage). 
  
 3.1.9 Account Collateral (First Mezzanine) and Remedies. 
  
 (a) Upon the occurrence and during the continuance of an Event of Default, without additional notice from Mezzanine Lender to Mezzanine Borrower, (i)
Mezzanine Lender may, in addition to and not in limitation of Mezzanine Lender’s other rights, make any and all withdrawals from, and transfers between and among, the Collateral Accounts (First Mezzanine) as Mezzanine Lender shall determine in
its sole and absolute discretion to pay any Obligations, operating expenses and/or capital expenditures for the Property; (ii) all Excess Cash Flow shall be retained in the Mezzanine Account or applicable 

  

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Sub-Accounts, and (iii) all payments to the Mezzanine Borrower’s Account pursuant to Section 3.1.6 shall immediately cease. 
  
 (b) Upon the occurrence and during the continuance of an Event of Default,
Mezzanine Borrower hereby irrevocably constitutes and appoints Mezzanine Lender as Mezzanine Borrower’s true and lawful attorney-in-fact, with full power of substitution, to execute, acknowledge and deliver any instruments and to exercise and
enforce every right, power, remedy, option and privilege of Mezzanine Borrower with respect to the Account Collateral (First Mezzanine), and do in the name, place and stead of Mezzanine Borrower, all such acts, things and deeds for and on behalf of
and in the name of Mezzanine Borrower, which Mezzanine Borrower could or might do or which Mezzanine Lender may deem necessary or desirable to more fully vest in Mezzanine Lender the rights and remedies provided for herein and to accomplish the
purposes of this Agreement. The foregoing powers of attorney are irrevocable and coupled with an interest. Upon the occurrence and during the continuance of an Event of Default, Mezzanine Lender may perform or cause performance of any such
agreement, and any reasonable out-of-pocket expenses of Mezzanine Lender incurred in connection therewith shall be paid by Mezzanine Borrower as provided in Section 5.1.13. 
  
 (c) Mezzanine Borrower hereby expressly waives, to the fullest extent permitted by law, presentment, demand, protest or any
notice of any kind in connection with this Agreement or the Account Collateral (First Mezzanine). Mezzanine Borrower acknowledges and agrees that ten (10) days’ prior written notice of the time and place of any public sale of the Account
Collateral (First Mezzanine) or any other intended disposition thereof shall be reasonable and sufficient notice to Mezzanine Borrower within the meaning of the UCC. 
  
 3.1.10 Transfers and Other Liens. Mezzanine Borrower agrees that it will not (i) sell or otherwise dispose of any of
the Account Collateral (First Mezzanine) or (ii) create or permit to exist any Lien upon or with respect to all or any of the Account Collateral (First Mezzanine), except for the Lien granted to Mezzanine Lender under this Agreement. 
  
 3.1.11 Reasonable Care. Beyond the exercise of reasonable care in the
custody thereof, Mezzanine Lender shall have no duty as to any Account Collateral (First Mezzanine) in its possession or control as agent therefor or bailee thereof or any income thereon or the preservation of rights against any person or otherwise
with respect thereto. Mezzanine Lender shall be deemed to have exercised reasonable care in the custody of the Account Collateral (First Mezzanine) in its possession if the Account Collateral (First Mezzanine) is accorded treatment substantially
equal to that which Mezzanine Lender accords its own property, it being understood that Mezzanine Lender shall not be liable or responsible for any loss or damage to any of the Account Collateral (First Mezzanine), or for any diminution in value
thereof, by reason of the act or omission of Mezzanine Lender, its Affiliates, agents, employees or bailees, except to the extent that such loss or damage results from Mezzanine Lender’s gross negligence or willful misconduct. In no event shall
Mezzanine Lender be liable either directly or indirectly for losses or delays resulting from any event which may be the basis of an Excusable Delay, computer 

  

 50 

 
malfunctions, interruption of communication facilities, labor difficulties or other causes beyond Mezzanine Lender’s reasonable control or for indirect,
special or consequential damages except to the extent of Mezzanine Lender’s gross negligence or willful misconduct. Notwithstanding the foregoing, Mezzanine Borrower acknowledges and agrees that (i) Mezzanine Lender does not have custody of the
Account Collateral (First Mezzanine), (ii) Cash Management Bank (First Mezzanine) has custody of the Account Collateral (First Mezzanine), (iii) the initial Cash Management Bank (First Mezzanine) was chosen by Mezzanine Borrower and (iv) Mezzanine
Lender has no obligation or duty to supervise Cash Management Bank (First Mezzanine) or to see to the safe custody of the Account Collateral (First Mezzanine). 
  

3.1.12 Mezzanine Lender’s Liability. 
  
 (a) Mezzanine Lender shall be responsible for the performance only of such duties with respect to the Account Collateral (First Mezzanine) as are
specifically set forth in this Section 3.1 or elsewhere in the Mezzanine Loan Documents, and no other duty shall be implied from any provision hereof. Mezzanine Lender shall not be under any obligation or duty to perform any act with respect
to the Account Collateral (First Mezzanine) which would cause it to incur any expense or liability or to institute or defend any suit in respect hereof, or to advance any of its own monies. Mezzanine Borrower shall indemnify and hold Mezzanine
Lender, its employees and officers harmless from and against any loss, cost or damage (including, without limitation, reasonable attorneys’ fees and disbursements) incurred by Mezzanine Lender in connection with the transactions contemplated
hereby with respect to the Account Collateral (First Mezzanine) except as such may be caused by the gross negligence or willful misconduct of Mezzanine Lender, its employees, officers or agents. 
  
 (b) Mezzanine Lender shall be protected in acting upon any notice,
resolution, request, consent, order, certificate, report, opinion, bond or other paper, document or signature believed by it in good faith to be genuine, and, in so acting, it may be assumed that any person purporting to give any of the foregoing in
connection with the provisions hereof has been duly authorized to do so. Mezzanine Lender may consult with counsel, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by
it hereunder and in good faith in accordance therewith. 
  
 3.1.13
Continuing Security Interest. This Agreement shall create a continuing security interest in the Account Collateral (First Mezzanine) and shall remain in full force and effect until payment in full of the Indebtedness. Upon payment in full of
the Indebtedness, this security interest shall automatically terminate without further notice from any party and Mezzanine Borrower shall be entitled to the return, upon its request, of such of the Account Collateral (First Mezzanine) as shall not
have been sold or otherwise applied pursuant to the terms hereof and Mezzanine Lender shall execute such instruments and documents as may be reasonably requested by Mezzanine Borrower to evidence such termination and the release of the Account
Collateral (First Mezzanine). 
  

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	IV.	REPRESENTATIONS AND WARRANTIES 

  
 4.1 Borrower Representations. Mezzanine Borrower represents and warrants as of the Closing Date that: 
  
 4.1.1 Organization. Each of Mortgage Borrower, Junior Mezzanine
Borrower and Mezzanine Borrower is a limited liability company and has been duly organized and is validly existing and in good standing pursuant to the laws of the State of Delaware with requisite power and authority to own its properties and to
transact the businesses in which it is now engaged. Master Lessee is a corporation and has been duly organized and is validly existing and in good standing pursuant to the laws of the State of Delaware with requisite power and authority to own its
properties and to transact the businesses in which it is now engaged. Mortgage Borrower, Mezzanine Borrower and Master Lessee have each duly qualified to do business and is in good standing in each jurisdiction where it is required to be so
qualified in connection with its properties, businesses and operations, or, in the case of qualifications in the various States (a) an application for such qualification has been duly filed with the applicable Governmental Authority and all fees
required in order to obtain such qualification have been paid in full, (b) all conditions to obtaining such qualification have been satisfied under applicable law and the issuance of such qualification is a ministerial act of the applicable
Governmental Authority, (c) Mortgage Borrower has agreed to so qualify and cause Master Lessee to qualify in accordance with a post-closing side letter entered into on the date hereof, and (d) no such failure to qualify would be reasonably likely to
have a Material Adverse Effect. Each of Mortgage Borrower, Mezzanine Borrower, HoldCo, Master Lessee and Guarantor possesses all material rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own its
properties and to transact the businesses in which it is now engaged, and the sole business of Mezzanine Borrower is the ownership of the Ownership Interests. The organizational structure of each Borrower and Master Lessee is accurately depicted by
the schematic diagram attached hereto as Exhibit J, and Mezzanine Borrower shall not change its name, identity, corporate form or jurisdiction of organization unless it shall have given Mezzanine Lender thirty (30) days prior written notice
of any such change and shall have taken all steps reasonably requested by Mezzanine Lender to grant, perfect, protect and/or preserve the liens and security interest granted to Mezzanine Lender under the Mezzanine Loan Documents. 
  
 4.1.2 Proceedings. Each of Mortgage Borrower, Mezzanine Borrower,
Guarantor and Master Lessee has full power to and has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Mezzanine Loan Documents to which it is a party. The Mezzanine Loan Documents which
such Person is a party have been duly executed and delivered by, or on behalf of, Mortgage Borrower, Mezzanine Borrower, Guarantor and Master Lessee, as applicable, and constitute legal, valid and binding obligations of such Persons, as applicable,
enforceable against such Persons, as applicable in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 4.1.3 No Conflicts. The execution, delivery and performance of this Agreement and the other Mezzanine Loan Documents by Mortgage Borrower,
Mezzanine Borrower, 

  

 52 

 
Guarantor and Master Lessee, as applicable, will not conflict with or result in a material breach of any of the terms or provisions of, or constitute a
material default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Mezzanine Loan Documents) upon any of the property or assets of any such Person pursuant to the terms of any indenture,
mortgage, deed of trust, loan agreement, partnership agreement or other agreement or instrument to which any such Person is a party or by which any of such Person’s property or assets is subject (unless consents from all applicable parties
thereto have been obtained), except for any conflict that would not individually or in the aggregate reasonably be expected to result in a Material Adverse Effect, nor will such action result in any violation of the provisions of any statute or any
order, rule or regulation of any Governmental Authority, and any material consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Mortgage
Borrower, Mezzanine Borrower, Guarantor and Master Lessee of this Agreement, except for any violation that would not individually or in the aggregate reasonably be expected to result in a Material Adverse Effect, or any other Mezzanine Loan
Documents has been obtained and is in full force and effect. 
  
 4.1.4 Litigation. Except as set forth on Exhibit K attached hereto, there are no arbitration proceedings, governmental investigations, actions, suits or proceedings at law or in equity by or before any Governmental Authority
now pending or, to the best of Mezzanine Borrower’s knowledge, threatened against or affecting Mortgage Borrower, any Junior Mezzanine Borrower, Mezzanine Borrower, HoldCo, Guarantor, Master Lessee or any Individual Property (other than claims
(A)(i) which are being covered by insurance, (ii) which are being defended by the relevant insurance company and (iii) as to which Mezzanine Borrower has not received a notice from such insurance company that the claim exceeds the total amount of
insurance coverage with respect to such claim; (B) which are covered by the self insurance limit permitted pursuant to the Mezzanine Loan Documents and Loan Documents (Mortgage) and are being diligently defended by Mezzanine Borrower, any other
Borrower, Mortgage Borrower, HoldCo, Guarantor, Master Lessee or their respective Affiliates; or (C) which relate to employment claims for which liability in the event any such matter is adversely determined could not reasonably be expected to
exceed $1,000,000 or provided that none of such unscheduled claims could reasonably be expected to individually or in the aggregate to have in a Material Adverse Effect if adversely determined). The actions, suits or proceedings identified on
Exhibit K, if determined against Mortgage Borrower, Mezzanine Borrower, Guarantor, Master Lessee or the Property, would not materially and adversely affect the condition (financial or otherwise) or business of any such Person or the condition
or operation of any Individual Property. 
  
 4.1.5
Agreements. Mezzanine Borrower is not a party to any agreement or instrument or subject to any restriction which is reasonably likely to materially and adversely affect Mezzanine Borrower or Mezzanine Borrower’s business, properties or
assets, operations or condition, financial or otherwise. Mezzanine Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any material
agreement or instrument to which it is a party or by which Mezzanine Borrower or the Property is bound. Mezzanine 

  

 53 

 
Borrower has no material financial obligation (contingent or otherwise) under any indenture, mortgage, deed of trust, loan agreement or other similar
agreement or instrument to which Mezzanine Borrower is a party or by which Mezzanine Borrower or the Property is otherwise bound, other than (a) obligations constituting Permitted Debt (First Mezzanine) which are incurred in the ordinary course of
the ownership and operation of the Property and (b) obligations under the Mezzanine Loan Documents. 
  
 4.1.6 Title to Assets. 
  
 (a) Mezzanine Borrower owns all of the Collateral as of the date hereof, subject to no rights of others, including any mortgages, leases, conditional
sales agreements, title retention agreements, liens or other encumbrances, except for the Permitted Encumbrances and other Liens permitted hereunder. 
  
 (b) Mortgage Borrower has good, marketable and insurable fee simple title to the Land and the Improvements relating to the Properties, in each case free
and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. Borrower has good and marketable title to the remainder of the
Property (excluding the Excluded Personal Property), free and clear of all Liens whatsoever except the Permitted Encumbrances. The Security Instrument, when properly recorded in the appropriate records, together with any Uniform Commercial Code
financing statements required to be filed in connection therewith, will create (i) a valid, perfected first mortgage lien on the Land and the Improvements or the leasehold estate therein, as applicable, subject only to Permitted Encumbrances and
(ii) perfected security interests in and to, and perfected collateral assignments of, all personalty other than the Excluded Personal Property (including the Subleases) or any leases of equipment from third parties, all in accordance with the terms
thereof, in each case subject only to any applicable Permitted Encumbrances. There are no claims for payment for work, labor or materials affecting the Property which are or may become a lien prior to, or of equal priority with, the Liens created by
the Loan Documents (Mortgage) other than the Permitted Encumbrances. Borrower represents and warrants that none of the Permitted Encumbrances would individually or in the aggregate reasonably be expected to result in a Material Adverse Effect as of
the Closing Date and thereafter. Mezzanine Borrower shall cause Mortgage Borrower to preserve its right, title and interest in and to the Property for so long as the Mezzanine Note and Mortgage Note remain outstanding and will warrant and defend
same and the validity and priority of the Lien hereof from and against any and all claims whatsoever other than the Permitted Encumbrances. 
  
 (c) with respect to any Individual Property for which no current survey has been prepared in connection with this transaction, to the actual knowledge of
Mezzanine Borrower: 
  
 (i) there are no title
defects that would be disclosed by an accurate survey as of this date that would interfere with the continued use and operation of such Individual Property as used as of this date, and 
  

 54 

 (ii) the Improvements and parking at such Individual Property and purported to be owned
by Mortgage Borrower and appraised pursuant to the Appraisal are wholly located on the Land related to such Individual Property. 
  
 (d) with respect to any parcel of land burdened by an REA, (1) the appurtenant rights purported to be granted pursuant to such REA to benefit the
Individual Property are not subject to any title defect and (2) there are no liens or encumbrances affecting such burdened parcel that, in either case, would interfere with the continued use and operation of such Individual Property or such
appurtenant rights as used as of the date of this Agreement. 
  
 4.1.7 No Bankruptcy Filing. None of Mortgage Borrower, Mezzanine Borrower, Guarantor or Master Lessee is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation
of all or a major portion of such entity’s assets or property, and Mezzanine Borrower has no knowledge of any Person contemplating the filing of any such petition against it or against Mortgage Borrower, Mezzanine Borrower, Guarantor or Master
Lessee. 
  
 4.1.8 Full and Accurate Disclosure. To
Mezzanine Borrower’s knowledge no statement of material fact made by Mezzanine Borrower in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to
make statements contained herein or therein not materially misleading as of the date made which in any such case could reasonably be expected to have a Material Adverse Effect. There is no fact presently known to Mezzanine Borrower which has not
been disclosed which could reasonably be expected to have a Material Adverse Effect. 
  
 4.1.9 Ownership Interests. The Ownership Interests constitute all of the Ownership Interests currently owned by Mezzanine Borrower. 
  
 4.1.10 No Plan Assets. 
  
 (a) Mezzanine Borrower does not maintain an employee benefit plan as defined by Section 3(3) of ERISA, which is subject to Title IV of ERISA and
Mezzanine Borrower (i) has no knowledge of any material liability which has been incurred or is expected to be incurred by Mezzanine Borrower which is or remains unsatisfied for any taxes or penalties with respect to any “employee benefit
plan,” within the meaning of Section 3(3) of ERISA, or any “plan,” within the meaning of Section 4975(e)(1) of the Internal Revenue Code or any other benefit plan (other than a multiemployer plan) maintained, contributed
to, or required to be contributed to by Mezzanine Borrower or by any entity that is under common control with Mezzanine Borrower within the meaning of ERISA Section 4001(a)(14) (a “Plan”) or any plan that would be a Plan but for the
fact that it is a multiemployer plan within the meaning of ERISA Section 3(37); and (ii) has made and shall continue to make when due all required contributions to all such Plans, if any. Each such Plan has been and will be administered in
material compliance with its terms and the applicable provisions of ERISA, the Internal Revenue Code, and any other applicable federal or state law; and no action shall be taken or fail to be taken that would result 

  

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in the disqualification or loss of tax-exempt status of any such Plan intended to be qualified and/or tax exempt; and 
  
 (b) None of Mortgage Borrower, or Mezzanine Borrower is an employee benefit
plan, as defined in Section 3(3) of ERISA, subject to Title I of ERISA, none of the assets of Mortgage Borrower, or Mezzanine Borrower constitutes or will constitute plan assets of one or more such plans within the meaning of 29 C.F.R.
Section 2510.3-101 and Mortgage Borrower, or Mezzanine Borrower is not a governmental plan within the meaning of Section 3(32) of ERISA and transactions by or with Mortgage Borrower or Mezzanine Borrower are not subject to state
statutes regulating investment of, and fiduciary obligations with respect to, governmental plans similar to the provisions of Section 406 of ERISA or Section 4975 of the Code currently in effect, which prohibit or otherwise restrict
the transactions contemplated by this Agreement. 
  
 4.1.11
Compliance. Mortgage Borrower, Mezzanine Borrower, and the Property and the use thereof comply in all material respects with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes (except
for any non-compliance that individually or in the aggregate would not reasonably be expected to result in a Material Adverse Effect). To the best of Mezzanine Borrower’s knowledge, none of Mortgage Borrower, or Mezzanine Borrower is not in
default or in violation of any order, writ, injunction, decree or demand of any Governmental Authority. To the best of Mezzanine Borrower’s knowledge, there has not been committed by Mezzanine Borrower or Mortgage Borrower any act or omission
affording the federal government or any other Governmental Authority the right of forfeiture as against the Property, the Collateral or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the
Mezzanine Loan Documents. 
  
 4.1.12 Financial Information.
The information set forth in the certificate of Mezzanine Borrower regarding financial information dated of even date herewith (i) is true, complete and correct in all material respects and (ii) fairly represents the financial condition of the
Property as of the Closing Date. Neither Mortgage Borrower nor Mezzanine Borrower has any material contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable
commitments that are known to Mezzanine Borrower and could reasonably be expected to have a Material Adverse Effect. 
  
 4.1.13 Absence of UCC Financing Statements, Etc. Except with respect to the Permitted Encumbrances, the Loan Documents (Mortgage), the Mezzanine
Loan Documents and the Junior Mezzanine Loan Documents, there is no financing statement, security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any filing records, registry, or other public office, that
purports to cover, affect or give notice of any present or possible future lien on, or security interest or security title in the interest in the Property or any of the Collateral. 
  
 4.1.14 Federal Reserve Regulations. None of the proceeds of the Loan will be used for the purpose of purchasing or
carrying any “margin stock” as defined in Regulation U, Regulation X or Regulation T or for the purpose of reducing or retiring any 

  

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Indebtedness which was originally incurred to purchase or carry “margin stock” or for any other purpose which might constitute this transaction a
“purpose credit” within the meaning of Regulation U or Regulation X, which in any such case would cause the Mezzanine Loan, the Mezzanine Borrower, or the Mezzanine Lender to be in violation of Regulation U. As of the Closing Date,
Mezzanine Borrower does not own any “margin stock.” 
  
 4.1.15 Setoff, Etc. The Collateral and the rights of Mezzanine Lender with respect to the Collateral are not subject to any setoff, claims, withholdings or other defenses. 
  
 4.1.16 Not a Foreign Person. None of Mezzanine Borrower, or Mortgage Borrower is a foreign person within the meaning
of § 1445(f)(3) of the Code. 
  
 4.1.17
Enforceability. This Agreement and the other Mezzanine Loan Documents are the legal, valid and binding obligations of Mezzanine Borrower, enforceable against Mezzanine Borrower in accordance with their terms, subject only to applicable
bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or similar laws from time to time in effect affecting creditor’s rights. 
  
 4.1.18 Subdivision. The Individual Properties located in Florida, New York, Oregon and Texas comply in all material respects with all applicable
subdivision laws, ordinances and regulations. 
  
 4.1.19
Insurance. Mezzanine Borrower has obtained and has delivered to Mezzanine Lender certified copies or originals of all insurance policies required under this Agreement, reflecting the insurance coverages, amounts and other requirements set
forth in this Agreement. Mezzanine Borrower has not and to the best of Mezzanine Borrower’s knowledge no Person has, done by act or omission anything which would impair the coverage of any such policy. 
  
 4.1.20 Physical Condition. To the best of Mezzanine Borrower’s
knowledge, the Property, including, without limitation, all buildings, Improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators,
exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; to the best of Mezzanine Borrower’s knowledge, there exists no structural or other
material defects or damages in or to the Property, whether latent or otherwise, and Mezzanine Borrower has not received any written notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part
thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. 
  
 4.1.21 Subleases. The Property is not subject to any leases other than
the Master Lease and the Subleases (as defined in the Loan Agreement (Mortgage) set forth on Schedule I attached hereto). No Person has any possessory interest in the Property or right to occupy the same except under and pursuant to the
provisions of the Master Lease, 

  

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the Subleases and the REAs. The current Subleases are in full force and effect and to Mezzanine Borrower’s knowledge, there are no material defaults
thereunder by either party (other than as expressly disclosed in the Loan Agreement (Mortgage), Schedule I or in the Tenant estoppel certificates delivered to Mezzanine Lender in connection with the closing of the Loan). Except as set forth in the
Loan Agreement (Mortgage), no rent has been paid more than one (1) month in advance of its due date, except as disclosed in the Tenant estoppel certificates delivered to Mezzanine Lender in connection with the closing of the Loan or as set forth in
the Loan Agreement (Mortgage) on Schedule I. There has been no prior sale, transfer or assignment, hypothecation or pledge by Mortgage Borrower or Master Lessee of the Master Lease or any Sublease or of the Rents received therein, which will
be outstanding following the funding of the Loan, other than those being assigned to Mortgage Lender concurrently herewith. 
  
 4.1.22 Single Purpose Entity/Separateness. 
  
 (a) Until the Indebtedness has been paid in full, Mezzanine Borrower hereby represents, warrants and covenants that Mezzanine Borrower, Mortgage Borrower
and each SPE Entity is, shall be, and shall continue to be, a Single Purpose Entity. 
  
 (b) All of the assumptions made in the Non-Consolidation Opinion, including, but not limited to, any exhibits attached thereto, are true and correct in all material respects and any assumptions made in any subsequent
non-consolidation opinion delivered in connection with the Mezzanine Loan Documents (an “Additional Non-Consolidation Opinion”), including, but not limited to, any exhibits attached thereto, will have been and shall be true and
correct in all material respects. Mezzanine Borrower, Mortgage Borrower and each SPE Entity have complied and will comply in all material respects with all of the assumptions made with respect to it in the Non-Consolidation Opinion in all material
respects. Mezzanine Borrower, Mortgage Borrower and each SPE Entity will have complied and will comply with all of the assumptions made with respect to it in any Additional Non-Consolidation Opinion. Each entity other than Mortgage Borrower with
respect to which an assumption shall be made in any Additional Non-Consolidation Opinion will have complied and will comply in all material respects with all of the assumptions made with respect to it in any Additional Non-Consolidation Opinion.

  
 4.1.23 Subsidiaries. Mezzanine Borrower has no
subsidiaries other than Mortgage Borrower. 
  
 (a) All of the
assumptions made in the True Lease Opinion, including, but not limited to, any exhibits attached thereto, are true and correct in all material respects. 
  
 (b) All of the assumptions made in the Solvency Opinion, including, but not limited to, any exhibits attached thereto, are true and correct in all
respects. Mortgage Borrower, Mezzanine Borrower and Master Lessee have complied and will comply with all of the assumptions made with respect to it in the Solvency Opinion. 
  
 4.1.24 Tax Filings. Mezzanine Borrower has filed (or has obtained effective extensions for filing) all federal, state
and local tax returns required to be filed and has paid 

  

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or made adequate provision for the payment of all federal, state and local taxes, charges and assessments payable by Mezzanine Borrower. 
  
 4.1.25 Solvency/Fraudulent Conveyance. Mezzanine Borrower (a) has not
entered into the transaction contemplated by this Agreement or any Mezzanine Loan Document with the actual intent to hinder, delay, or defraud any creditor and (b) has received reasonably equivalent value in exchange for its obligations under the
Mezzanine Loan Documents. After giving effect to the Loan, the fair saleable value of Mezzanine Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Mezzanine Borrower’s total liabilities, including,
without limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Mezzanine Borrower’s assets is and will, immediately following the making of the Loan, be greater than Mezzanine Borrower’s
probable liabilities, including the maximum amount of its contingent liabilities on its Debts as such Debts become absolute and matured, Mezzanine Borrower’s assets do not and, immediately following the making of the Loan will not, constitute
unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Mezzanine Borrower does not intend to, and does not believe that it will, incur Debt and liabilities (including contingent liabilities and other
commitments) beyond its ability to pay such Debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by Mezzanine Borrower and the amounts to be payable on or in respect of obligations of Mezzanine
Borrower ). 
  
 4.1.26 Investment Company Act. Mezzanine
Borrower is not (a) an investment company or a company Controlled by an investment company, within the meaning of the Investment Company Act of 1940, as amended, (b) a holding company or a subsidiary company of a holding company or an affiliate of
either a holding company or a subsidiary company within the mean of the Public Utility Holding Company Act of 1935, as amended or (c) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to
borrow money. 
  
 4.1.27 Interest Rate Cap Agreement. A
complete and correct copy of the Interest Rate Cap Agreement (First Mezzanine) is attached hereto as Exhibit L. The Interest Rate Cap Agreement (First Mezzanine) is in full force and effect and enforceable against Mezzanine Borrower in
accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws generally affecting the enforcement of creditors’ rights and subject as to enforceability to general principles of equity (regardless of whether enforcement
is sought in a proceeding in equity or at law). 
  
 4.1.28
Brokers. Neither Mezzanine Borrower nor Mezzanine Lender has dealt with any broker or finder with respect to the transactions contemplated by the Mezzanine Loan Documents (except that Credit Suisse First Boston acted in connection with
certain of the Contemplated Transactions and is either not owed a fee in connection with the Loan or any such fee shall be paid by Borrower) neither party has done any acts, had any negotiations or conversations, or made any agreements or promises
which will in any way create or give rise to any obligation or liability for the payment by either party of any brokerage fee, charge, commission or other compensation to any Person with respect to the transactions contemplated by the Mezzanine Loan
Documents. Mezzanine Borrower 

  

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and Mezzanine Lender shall each indemnify and hold harmless the other from and against any loss, liability, cost or expense, including any judgments,
attorneys’ fees, or costs of appeal, incurred by the other party and arising out of or relating to any breach or default by the indemnifying party of its representations, warranties and/or agreements set forth in this Section 4.1.28. The
provisions of this Section 4.1.28 shall survive the expiration and termination of this Agreement and the payment of the Indebtedness. 
  
 4.1.29 No Other Debt. Mezzanine Borrower has not borrowed or received debt financing that has not been heretofore repaid in full, other than the
Permitted Debt (First Mezzanine). 
  
 4.1.30 Taxpayer
Identification Number. Mezzanine Borrower’s Federal taxpayer identification number is 37-1512917. 
  
 4.1.31 Merger Agreement. Mezzanine Borrower has delivered to Mezzanine Lender true complete and correct copies of the Merger Agreement and all
deliveries made by any party thereto or any of their respective Affiliates. 
  
 4.1.32 Representations and Warranties in the Loan Documents (Mortgage). 
  
 Mezzanine Borrower hereby represents and warrants that each of the representations and warranties contained in the Loan Documents (Mortgage) (which are
hereby incorporated by reference as if fully set forth herein) is true and correct in all material respects, as of the Closing Date and to the best of its knowledge, after reasonable inquiry, there is no Mortgage Event of Default thereunder.

  
 4.2 Survival of Representations. Mezzanine Borrower
agrees that all of the representations and warranties of Mezzanine Borrower set forth in Section 4.1 and elsewhere in this Agreement and in the other Mezzanine Loan Documents shall be deemed given and made as of the date hereof and survive
for so long as any amount remains owing to Mezzanine Lender under this Agreement or any of the other Mezzanine Loan Documents by Mezzanine Borrower or Guarantor unless a longer survival period is expressly stated in a Mezzanine Loan Document with
respect to a specific representation or warranty, in which case, for such longer period. Notwithstanding the foregoing, the representations and warranties set forth in Section 4.1.6(c) and (d) shall survive until repayment of the Indebtedness
in full without regard to extinguishment thereof by reason of bankruptcy, anti-deficiency and or other similar laws relating to enforcement actions. All representations, warranties, covenants and agreements made in this Agreement or in the other
Mezzanine Loan Documents by Mezzanine Borrower shall be deemed to have been relied upon by Mezzanine Lender notwithstanding any investigation heretofore or hereafter made by Mezzanine Lender or on its behalf. 
  
 4.3 Mezzanine Borrower’s Knowledge. Whenever a representation or
warranty is made “to Mezzanine Borrower’s knowledge,” or a term of similar import, such term shall mean the actual knowledge of Mezzanine Borrower or Master Lessee, as applicable, or their respective officers or directors who would be
likely to have actual knowledge of the relevant subject matter. 
  

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	V.	MEZZANINE BORROWER COVENANTS 

  
 5.1 Affirmative Covenants. From the Closing Date and until payment and performance in full of all obligations of Mezzanine Borrower under the
Mezzanine Loan Documents, Mezzanine Borrower (as to itself, Mortgage Borrower and the Property) hereby covenants and agrees with Mezzanine Lender that: 
  
 5.1.1 Performance by Mezzanine Borrower. 
  
 (a) Mezzanine Borrower shall in a timely manner observe, perform and fulfill in all material respects each and every covenant, term and provision of each
Mezzanine Loan Document executed and delivered by, or applicable to, Mezzanine Borrower, and shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification of any Mezzanine Loan Document
executed and delivered by, or applicable to, Mezzanine Borrower, as applicable, without the prior written consent of Mezzanine Lender. 
  
 (b) Mezzanine Borrower shall cause Mortgage Borrower in a timely manner to observe, perform and fulfill each and every covenant, term and provision of
each Loan Document (Mortgage) executed and delivered by, or applicable to, Mortgage Borrower. Mezzanine Borrower shall not suffer or permit Mortgage Borrower to enter into any amendment, waiver, supplement, termination or other modification of any
Loan Document (Mortgage) executed and delivered by, or applicable to, Mortgage Borrower without the prior written consent of Mezzanine Lender. 
  
 5.1.2 Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s right of contest pursuant to Section 7.3
of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, Mortgage
Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits
and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower or any other Person in
occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the Property or any part thereof or any monies
paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act or omission affording such right of
forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the failure to so preserve and protect would be
reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause Mortgage Borrower to keep the Property) in good
working order and repair, and 

  

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from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by
the Loan Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as is more fully set
forth in this Agreement and the Loan Agreement (Mortgage). 
  
 5.1.3 Litigation. Mezzanine Borrower shall give prompt written notice to Mezzanine Lender of any litigation or governmental proceedings pending or threatened in writing against Mezzanine Borrower, Mortgage Borrower, the Collateral or
the Property which, if determined adversely to such party, the Collateral or the Property would reasonably be expected to have a Material Adverse Effect. 
  
 5.1.4 Single Purpose Entity. Each of Mezzanine Borrower and each SPE Entity has been since the date of its formation and shall remain a Single
Purpose Entity. 
  
 (a) Each of Mezzanine Borrower and each SPE
Entity shall continue to maintain its own deposit account or accounts, separate from those of any Affiliate, with commercial banking institutions. None of the funds of Mezzanine Borrower or any SPE Entity will be diverted to any other Person or for
other than business uses of Mezzanine Borrower or any SPE Entity, as applicable, nor (ii) will such funds be commingled with the funds of any other Affiliate. 
  

(b) To the extent that Mezzanine Borrower or any SPE Entity shares the same officers or other employees as Mezzanine Borrower, any SPE Entity or their
Affiliates, the salaries of and the expenses related to providing benefits to such officers and other employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs associated
with all such common officers and employees. 
  
 (c) To the extent
that any Mezzanine Borrower or any SPE Entity jointly contracts with any other Mezzanine Borrower, any SPE Entity or either of their Affiliates, as applicable, to do business with vendors or service providers or to share overhead expenses, the costs
incurred in so doing shall be allocated fairly among such entities, and each such entity shall bear its fair share of such costs. To the extent that Mezzanine Borrower or any SPE Entity contracts or does business with vendors or service providers
where the goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods and services are provided, and each such entity
shall bear its fair share of such costs. All material transactions between (or among) Mezzanine Borrower, any SPE Entity and/or any of their respective Affiliates shall be conducted on substantially the same terms (or on more favorable terms for
Mezzanine Borrower or such SPE Entity, as applicable) as would be conducted with third parties. 
  
 (d) To the extent that Mezzanine Borrower, any SPE Entity or any of their Affiliates have offices in the same location, there shall be a fair and
appropriate allocation 

  

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of overhead costs among them, and each such entity shall bear its fair share of such expenses. 
  
 (e) Mezzanine Borrower and each SPE Entity shall conduct its affairs strictly in accordance with its organizational
documents, and observe all necessary, appropriate and customary corporate, limited liability company or partnership formalities, as applicable, including, but not limited to, obtaining any and all members’ consents necessary to authorize
actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, without limitation, payroll and intercompany transaction accounts. 
  
 (f) In addition, Mezzanine Borrower and each SPE Entity shall each: (i) maintain books and records separate from those of
any other Person; (ii) maintain its assets in such a manner that it is not more costly or difficult to segregate, identify or ascertain such assets; (iii) hold regular meetings of its board of directors, shareholders, partners or members, as the
case may be, and observe all other corporate, partnership or limited liability company, as the case may be, formalities; (iv) hold itself out to creditors and the public as a legal entity separate and distinct from any other entity; (v) prepare
separate tax returns (unless part of a consolidated group) and financial statements (unless part of a consolidated group), or if part of a consolidated group, it will be shown as a separate member of such group or such consolidated tax returns or
financial statements will contain a note indicating that it and its Affiliate are separate legal entities and maintain records, books of account and accounts separate and apart from any other Person; (vi) transact all business with its Affiliates on
an arm’s-length basis and pursuant to enforceable agreements; (vii) conduct business in its name and use separate stationery, invoices and checks; (viii) not commingle its assets or funds with those of any other Person; and (ix) not assume,
guarantee or pay the debts or obligations of any other Person. 
  
 5.1.5 Consents. If Mezzanine Borrower, or any SPE Entity is a corporation, the board of directors of such Person may not take any action requiring the unanimous affirmative vote of 100% of the members of the board of directors unless
all of the directors, including the Independent Directors, shall have participated in such vote. If Mezzanine Borrower or any SPE Entity is a limited liability company, (a) if such Person is managed by a board of managers, the board of managers of
such Person may not take any action requiring the unanimous affirmative vote of 100% of the members of the board of managers unless all of the managers, including the Independent Managers, shall have participated in such vote, (b) if such Person is
not managed by a board of managers, the members of such Person may not take any action requiring the affirmative vote of 100% of the members of such Person unless all of the members, including the Independent Members, shall have participated in such
vote. An affirmative vote of 100% of the directors, board of managers or members, as applicable, Mezzanine Borrower and any SPE Entity shall be required to (i) file a bankruptcy or insolvency petition or otherwise institute insolvency proceedings or
to authorize Mezzanine Borrower or any SPE Entity to do so or (ii) file an involuntary bankruptcy petition against any Affiliate. Furthermore, Mezzanine Borrower’s and each SPE Entity’s formation documents shall expressly state that for so
long as the Loan is outstanding, neither Mezzanine Borrower nor any SPE Entity shall be permitted to (i) dissolve, liquidate, consolidate, merge or sell all or substantially 

  

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all of Mezzanine Borrower’s, Mortgage Borrower’s, or any SPE Entity’s assets other than in connection with the repayment of the Loan or (ii)
engage in any other business activity and such restrictions shall not be modified or violated for so long as the Loan is outstanding. 
  
 5.1.6 Notice of Default. Mezzanine Borrower shall promptly advise Mezzanine Lender (a) of any event or condition that has or is likely to have a
Material Adverse Effect and (b) of the occurrence of any Event of Default of which Mezzanine Borrower has knowledge. 
  
 5.1.7 Cooperate in Legal Proceedings. Mezzanine Borrower shall, and shall cause Mortgage Borrower to cooperate fully with Mezzanine Lender with
respect to any proceedings before any court, board or other Governmental Authority which would reasonably be expected to affect in any material adverse way the rights of Mezzanine Lender hereunder or under any of the other Mezzanine Loan Documents
and, in connection therewith, permit Mezzanine Lender, at its election, to participate in any such proceedings which may have a Material Adverse Effect. 
  
 5.1.8 Perform Mezzanine Loan Documents. Mezzanine Borrower shall observe, perform and satisfy all the terms, provisions, covenants and conditions
of, and shall pay when due all costs, fees and expenses to the extent required, under the Mezzanine Loan Documents executed and delivered by, or applicable to, Mezzanine Borrower. 
  
 5.1.9 Further Assurances; Separate Notes. Mezzanine Borrower shall execute and acknowledge (or cause to be executed
and acknowledged) and deliver to Mezzanine Lender all documents, and take all actions, reasonably required by Mezzanine Lender from time to time to confirm the rights created or now or hereafter intended to be created under this Agreement and the
other Mezzanine Loan Documents and any security interest created or purported to be created thereunder, to protect and further the validity, priority and enforceability of this Agreement and the other Mezzanine Loan Documents, to subject to the
Mezzanine Loan Documents any property of Mezzanine Borrower intended by the terms of any one or more of the Mezzanine Loan Documents to be encumbered by the Mezzanine Loan Documents, or otherwise carry out the purposes of the Mezzanine Loan
Documents and the transactions contemplated thereunder. Mezzanine Borrower agrees that it shall, upon request, reasonably cooperate with Mezzanine Lender in connection with any request by Mezzanine Lender to sever one or more of the Mezzanine Notes
into two (2) or more separate substitute notes in an aggregate principal amount equal to the Principal Amount and to reapportion the Loan among such separate substitute notes, including, without limitation, by executing and delivering to Mezzanine
Lender new substitute notes to replace the Mezzanine Note, amendments to or replacements of existing Mezzanine Loan Documents to reflect such severance and/or Opinions of Counsel with respect to such substitute notes, amendments and/or replacements,
provided that Mezzanine Borrower shall bear no costs or expenses in connection therewith (other than internal administrative costs and expenses of Mezzanine Borrower). Any such substitute notes may have varying principal amounts and economic terms,
provided, however, that (i) the maturity date of any such substitute note shall be the same as the scheduled Maturity Date of the Mezzanine Note immediately prior to the issuance of such substitute notes, 

  

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(ii) the initial weighted average LIBOR Margin for the term of the substitute notes shall not exceed the LIBOR Margin under the Mezzanine Note being
substituted immediately prior to the issuance of such substitute notes; and (iii) the economics of the Loan, shall not change in a manner which is adverse to Mezzanine Borrower. Upon the occurrence and during the continuance of an Event of Default,
Mezzanine Lender may apply payment of all sums due under such substitute notes in such order and priority as Mezzanine Lender shall elect in its sole and absolute discretion. 
  
 (b) It is acknowledged that the entering of the Loan, the Mortgage Loan, and Junior Mezzanine Loan concurrently is
beneficial to Mezzanine Borrower, Mortgage Borrower, Mezzanine Borrower, and each Junior Mezzanine Borrower, and accordingly, Mezzanine Borrower further agrees that if, in connection with the Securitization, it is determined by the Rating Agencies
that a portion of the Securitization would not receive an “investment grade” rating unless the principal amount of the Mortgage Loan were to be decreased and, as a result, the principal amount of the Mortgage Loan is decreased, then (i)
the Mezzanine Borrower shall cooperate (and cause Mortgage Borrower to cooperate) with Lender’s “resizing” of the Loan and the Mezzanine Loan and (ii) Lender shall on the date of the “resizing” of the Loan lend to the
Mezzanine Borrower (by way of a reallocation of the principal amount of the Mortgage Loan and the Loan) such additional amount equal to the amount of the principal reduction of the Mortgage Loan provided that each Borrower execute and deliver any
and all necessary amendments or modifications to the Loan Documents (Mortgage), Mezzanine Loan Documents or Junior Mezzanine Loan Documents, as applicable. In addition, Mezzanine Borrower and Mezzanine Lender agree that if, in connection with the
Securitization, it is determined by the Rating Agencies that, if the principal amount of the Loan were to be decreased and, as a result the principal amount of the Mortgage Loan were increased, more “investment grade” rated securities
could be issued, then (i) if “resizing” to decrease the size of the Mezzanine Loan and increase the size of the Mortgage Loan is provided for in the Mezzanine Loan Documents, Mezzanine Borrower shall cooperate (and cause Mortgage Borrower
to cooperate) with Lender’s “resizing” of the Loan, the Mezzanine Loan or Junior Mezzanine Loan, and (ii) Lender shall on the date of the “resizing” of the Loan lend to the Mortgage Borrower (by way of a reallocation of the
principal amount of the Loan and the Mezzanine Loan) an additional amount equal to the amount of principal reduction of the Loan, provided that Mortgage Borrower, Mezzanine Borrower, and Junior Mezzanine Borrower execute and deliver any and all
necessary modifications to the Loan Documents (Mortgage) and Mezzanine Loan Documents. In connection with the foregoing, Mezzanine Borrower agrees, at Mezzanine Lender’s sole cost and expense, to execute and deliver such documents and other
agreements reasonably required by Mortgage Lender and/or Mezzanine Lender to “re-size” the Loan and the Mortgage Loan, including, without limitation, an amendment to this Agreement, the Mezzanine Note, the Pledge and the other Loan
Documents (Mortgage) and, if the principal amount of the Mortgage Loan is increased, a fully paid endorsement to the Title Policy reflecting an increase in the insured amount thereunder. Notwithstanding the foregoing, Mezzanine Lender agrees that
any “resizing” of the Mortgage Loan and the Loan shall not change the economics of the Mortgage Loan and the Mezzanine Loan shall not change the economics of the Loan and the Mezzanine Loan taken as a whole in a manner which is adverse to
Borrower and no amendment of any of the Loan Documents (Mezzanine) in connection with such “resizing” 

  

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shall (taken as a whole with the Loan Documents (Mortgage)) increase in any material respect the obligations or liabilities of, or decrease the rights of,
Mezzanine Borrower other than to a de minimis extent. Mezzanine Borrower shall cause Mortgage Borrower to pay the title charges and the mortgage and mortgage recording taxes resulting only from the first “resizing” of the Mortgage Loan and
Mezzanine Loan, with such charges and taxes being the responsibility of Mortgage Lender in connection with any subsequent “resizings” of the Loan. 
  
 5.1.10 Business and Operations. Mezzanine Borrower shall continue to and shall cause Mortgage Borrower to continue to engage in the businesses
presently conducted by each of them as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Property and the Collateral, as applicable. Mezzanine Borrower shall and shall cause Mortgage Borrower
to, qualify to do business and shall remain in good standing under the laws of all applicable jurisdictions as and to the extent required for the Mortgage Borrower’s ownership, maintenance, management and operation of the Property and, as
applicable, the Mezzanine Borrower’s ownership of the Collateral. 
  
 5.1.11 Title to the Collateral. Mezzanine Borrower shall warrant and defend (a) its title to the Collateral and every part thereof, subject to the Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and
priority of the Lien of the Pledge and this Agreement on the Collateral, subject to the Liens permitted hereunder (including Permitted Encumbrances), in each case against the claims of all Persons whomsoever. Mezzanine Borrower shall reimburse
Mezzanine Lender for any losses, costs, damages or expenses (including reasonable attorneys’ fees and court costs) incurred by Mezzanine Lender if an interest in the Collateral is claimed by another Person. 
  
 5.1.12 Costs of Enforcement. In the event (a) that this Agreement or
the Pledge is foreclosed upon in whole or in part or that by reason of Mezzanine Borrower’s default hereunder this Agreement or the Pledge is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure
of any security agreement prior to or subsequent to this Agreement or the Pledge in which proceeding Mezzanine Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Mezzanine Borrower
or any of its constituent Persons or an assignment by Mezzanine Borrower or any of its constituent Persons for the benefit of its creditors, Mezzanine Borrower, its successors or assigns, shall be chargeable with and agrees to pay all reasonable
out-of-pocket costs of collection and defense, including reasonable attorneys’ fees and costs, incurred by Mezzanine Lender or Mezzanine Borrower in connection therewith and in connection with any appellate proceeding or post-judgment action
involved therein, together with all required service or use taxes. 
  
 5.1.13 Estoppel Statements. Mezzanine Borrower shall, from time to time, upon thirty (30) days’ prior written request from Mezzanine Lender, execute, acknowledge and deliver to the Mezzanine Lender (and shall cause Mortgage
Borrower to execute, acknowledge and deliver to Mezzanine Lender), an Officer’s Certificate, stating that this Agreement and the other Mezzanine Loan Documents (or as applicable, the Loan Documents (Mortgage)) are unmodified and in full force
and effect (or, if there have been 

  

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modifications, that this Agreement and the other Mezzanine Loan Documents or, as applicable, Loan Documents (Mortgage) are in full force and effect as
modified and setting forth such modifications), stating the amount of accrued and unpaid interest and the outstanding principal amount of the Mezzanine Note (or, as applicable, the Mortgage Note) and containing such other information with respect to
the Mezzanine Borrower, Mortgage Borrower, the Property, the Loan and the Loan (Mortgage) as Mezzanine Lender shall reasonably request. Mezzanine Lender shall, from time to time, but no more often than once annually, upon thirty (30) days’
prior written request from Mezzanine Borrower, execute, acknowledge and deliver to Mezzanine Borrower, a certificate signed by an officer of Mezzanine Lender, stating that this Agreement and the other Loan Documents are unmodified and in full force
and effect (or, if there have been modifications, that this Agreement and the other Loan Documents are in full force and effect as modified and setting forth such modifications). The estoppel certificate from Mezzanine Borrower shall also state
either that, to Mezzanine Borrower knowledge, no Default exists hereunder or, if any Default shall exist hereunder, specify such Default and the steps being taken to cure such Default and the estoppel certificate from Mezzanine Lender shall state
whether Mezzanine Lender has delivered notice of a Default or an Event of Default. 
  
 5.1.14 Loan Proceeds. Mezzanine Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.3. 
  
 5.1.15 No Joint Assessment. Mezzanine Borrower shall not suffer,
permit or initiate the joint assessment of the Property (a) with any other real property constituting a tax lot separate from the Property and (b) which constitutes real property with any portion of the Property which may be deemed to constitute
personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Property. 
  
 5.1.16 No Further Encumbrances. Subject to Section 8.3.
Mezzanine Borrower shall do, or cause to be done, all things necessary to keep and protect the Property and the Collateral and all portions thereof unencumbered from any Liens, easements or agreements granting rights in or restricting the use or
development of the Property, except for (a) Permitted Encumbrances, (b) Liens permitted pursuant to the Mezzanine Loan Documents or the Loan Documents (Mortgage), (c) Liens for Impositions prior to the imposition of any interest, charges or expenses
for the non-payment thereof and (d) the Subleases. 
  
 5.1.17
Article 8 “Opt In” Language. Each organizational document of Mortgage Borrower and Mezzanine Borrower shall be modified to include, the language set forth on Exhibit O. 
  
 5.1.18 Loan (Mortgage) Covenants. Mezzanine Borrower hereby covenants
that it shall cause Mortgage Borrower, to fully keep, perform and comply with (or cause to be kept, performed and complied with) each of the covenants set forth in the Loan Agreement (Mortgage) and the Security Instrument, which are hereby
incorporated by reference as if fully set forth herein, notwithstanding any waiver or future amendment of such covenants by Mortgage Lender (other than a Permitted Mortgage Loan Amendment). 

  

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Mezzanine Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations
of the Mortgage Borrower under the Loan Documents (Mortgage). 
  
 (a) Mezzanine Borrower shall not, and shall cause Mortgage Borrower to, (i) amend or modify (by agreement on the part of the Mortgage Borrower or Mezzanine Borrower) or (ii) affirmatively permit the modification or amendment of (by
operation of law or otherwise) the Loan Documents (Mortgage) in effect as of the Closing Date except for those amendments or modifications (“Permitted Mortgage Loan Amendments”) that are (i) required under the Loan Documents
(Mortgage) or that Mortgage Borrower is required to consent to thereunder pursuant to the express terms of the Loan Documents (Mortgage), (ii) which do not constitute a Prohibited Mortgage Loan Amendment, or (iii) are otherwise consented to by
Mezzanine Lender. As used herein, a “Prohibited Mortgage Loan Amendment” shall mean an amendment or modification to the Loan Documents (Mortgage) that (A) is reasonably likely to have a Material Adverse Effect, or (B) which (1)
increases the principal amount of the Loan (Mortgage) (exclusive of protective advances), (2) increases the interest rate payable under the Loan (Mortgage), (3) provides for the payment of any additional interest, additional fees, increases the
amount of or adds additional reserve payments or increases the amount of or adds additional escrows, or otherwise increases the amount payable under the Loan (Mortgage) or other payments required under the Loan, (4) increases the frequency or
payment amount of the periodic principal installments under the Loan (Mortgage), (5) modifies the recourse carveout obligations under the Loan Documents (Mortgage) in a manner which increases or expands recourse liability, (6) modifies the
due-on-sale, due-on-encumbrance, or collateral release provisions of the Loan Documents (Mortgage), (7) modifies the provisions governing requirements with respect to the Independent Directors under the Loan Documents (Mortgage) in a manner
materially adverse to Mezzanine Lender, (8) adds material additional obligations, liabilities or indemnities on the part of Mortgage Borrower, Guarantor or Mezzanine Borrower, (9) shortens any default cure periods or adds any additional defaults
under the Loan Documents (Mortgage), (10) extends the maturity date of the Loan (Mortgage) beyond the initially scheduled maturity date (except pursuant to the extension option in the Loan Documents (Mortgage) or in connection with any work-out or
other surrender, compromise, release, renewal, or indulgence relating to the Loan (Mortgage)), (11) modifies any provisions related to the Master Lease in a manner materially adverse to Mezzanine Lender, (12) waives or modifies any provisions
related to the use of proceeds under the Loan Documents (Mortgage), (13) modifies any provisions of the Loan Documents (Mortgage) related to the funding of escrows or cash management or any provision of the Account Agreement (Mortgage) or (14)
materially decreases or materially modifies any insurance requirements under the Loan Documents (Mortgage). Any amendment or modification to the Loan Documents (Mortgage) in violation of this Section shall be ineffective as between Mezzanine
Borrower and Mezzanine Lender, and, if not cured by Mezzanine Borrower within thirty (30) days after written notice from Mezzanine Lender shall constitute an Event of Default hereunder, unless Mezzanine Lender consents thereto in writing in its sole
discretion. 
  
 (b) In the event the Loan (Mortgage) shall at any
time be repaid, or the Liens securing the Loan (Mortgage) at any time be released in full, then unless and until the 

  

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Mezzanine Note shall have been repaid in full and all obligations of Mezzanine Borrower to Mezzanine Lender hereunder and under the other Mezzanine Loan
Documents shall have been satisfied, then Mezzanine Borrower shall nevertheless comply or cause the Mortgage Borrower to comply with each of the terms and provisions of the Loan Documents (Mortgage) (other than payment of principal, interest and
premium (if any)) and the Loan Documents (Mortgage) shall nevertheless be deemed to remain in full force and effect as between Mezzanine Borrower and Mezzanine Lender with Mezzanine Lender being deemed in such context to possess exclusively all of
the rights and remedies of the Mortgage Lender thereunder including without limitation, all rights of consent and approval, rights to receive and control the disposition of casualty insurance proceeds and condemnation awards, and the right to
collect rents through a lockbox and make waterfall distributions (but expressly excluding any rights and remedies relating to payment of the indebtedness under the Loan Documents (Mortgage) and evidenced by the Mortgage Note and Mezzanine Borrower
shall nevertheless comply or cause the Mortgage Borrower to comply with each of the terms and provisions of the Loan Documents (Mortgage) (and any Permitted Mortgage Loan Amendments or amendment or modification consented to in writing by Mezzanine
Lender) (other than the payment of principal, interest and premium, if any). Mezzanine Borrower shall, and shall cause Mortgage Borrower to, execute any and all documents reasonably requested by Mezzanine Lender for the implementation or furtherance
of the foregoing provided that the same shall be at Mezzanine Lender’s sole cost and expense. Mezzanine Borrower shall deliver to Mezzanine Lender copies of any and all modifications to the Loan Documents (Mortgage) within five (5) Business
Days after execution thereof. 
  
 (c) Mezzanine Borrower covenants
and agrees to cause Mortgage Borrower to deliver any and all financial information delivered or required to be delivered to Mortgage Lender pursuant to the terms of the Loan Documents (Mortgage) to be delivered simultaneously to Mezzanine Lender.

  
 5.1.19 Intentionally Omitted. 
  
 5.1.20 Impositions. Mezzanine Borrower shall cause Mortgage Borrower
to pay all Impositions, to timely pay all claims for labor, material or supplies that if unpaid or unbonded might by law become a lien or charge upon any of its property (including the Property), and to keep the Property free from any Lien (other
than the lien of the Loan Documents (Mortgage) and the Permitted Encumbrances), and shall in any event cause the prompt, full and unconditional discharge of all Liens imposed upon the Property or any portion thereof within forty-five (45) days after
receiving written notice (whether from Mezzanine Lender, the lienholder or any other Person) of the filing thereof; subject in each case to Mortgage Borrower’s or Master Lessee’s right to contest the same as permitted in but subject to the
conditions set forth in the Loan Agreement (Mortgage) so long as no Event of Default has occurred and is continuing. In the event that Mortgage Borrower elects to commence any contest or similar proceeding with respect to any such Imposition, Lien
or other claim described herein, Mezzanine Borrower shall provide prompt written notice thereof to Mezzanine Lender together with such evidence as Mezzanine Lender may reasonably require showing Mortgage Borrower’s satisfaction of the
requirements set forth in Section 7.3 of the Loan Agreement (Mortgage) to Mortgage 

  

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Borrower conducting such contest. Notwithstanding the foregoing, Mezzanine Borrower shall cause Mortgage Borrower promptly to pay any contested Imposition,
Lien or claim and the payment thereof shall not be deferred, if Mezzanine Lender or Mortgage Borrower may be subject to criminal damages as a result thereof. If such action or proceeding is terminated or discontinued adversely to Mortgage Borrower,
then Mezzanine Borrower shall cause Mortgage Borrower to deliver to Mezzanine Lender reasonable evidence of payment of such contested Imposition or Lien. 
  
 5.2 Negative Covenants. From the Closing Date until payment and performance in full of all obligations of Mezzanine Borrower under the Mezzanine
Loan Documents or the earlier release of the Lien of this Agreement or the Pledge in accordance with the terms of this Agreement and the other Mezzanine Loan Documents, Mezzanine Borrower covenants and agrees with Mezzanine Lender that it will not
do (and will not permit Mortgage Borrower to do), or permit to be done, directly or indirectly, any of the following: 
  
 5.2.1 Debt. Without the prior written consent of Mezzanine Lender, such consent to be made in Mezzanine Lender’s sole determination, incur,
create, assume or be liable with respect to any additional Debt (including, but not limited to, any secondary or junior financing or any preferred equity investment), or create or permit to be created or to remain, any Lien on, or conditional sale
or other title retention agreement with respect to the Collateral or any part thereof or income therefrom, other than the Mezzanine Loan Documents or except as permitted therein (it being acknowledged and agreed that any refinancing of such Debt in
connection with an assignment and restatement of the Loan Documents (Mortgage) shall be in violation of this Section 5.2.1). 
  
 5.2.2 Encumbrances. Other than in connection with or as permitted under the Mezzanine Loan Documents and the Loan Documents (Mortgage), Mezzanine
Borrower or Mortgage Borrower shall not (a) create or incur or suffer to be created or incurred or to exist any lien, security title, encumbrance, mortgage, pledge, negative pledge, charge, restriction or other security interest of any kind upon any
of its property or assets of any character whether now owned or hereafter acquired, or upon the income or profits therefrom; (b) transfer any of its property or assets or the income or profits therefrom for the purpose of subjecting the same to the
payment of Debt or performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money
security agreement, device or arrangement; (d) suffer to exist for a period of more than 30 days after the same shall have been incurred any Debt or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or
otherwise, be given any priority whatsoever over its general creditors; (e) sell, assign, pledge or otherwise transfer any accounts, contract rights, general intangibles, chattel paper or instruments, with or without recourse (other than
endorsements of checks and negotiable instruments in the ordinary course); or (f) incur or maintain any obligation to any holder of Debt which prohibits the creation or maintenance of any lien securing the Obligations (First Mezzanine). 

 

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 5.2.3 Engage in Different Business. Engage, directly or indirectly, in any business other than
that of entering into this Agreement and the other Mezzanine Loan Documents to which Mezzanine Borrower is a party and ownership of interests in Mortgage Borrower and activities related thereto; 
  
 5.2.4 Make Advances. Make advances or make loans to any Person, or
hold any investments, except as expressly permitted pursuant to the terms of this Agreement or any other Mezzanine Loan Document; 
  
 5.2.5 Partition. Partition any Individual Property; 
  
 5.2.6 Commingle. Commingle its assets with the assets of any of its Affiliates; 
  
 5.2.7 Guarantee Obligations. Guarantee any obligations of any Person; 
  
 5.2.8 Transfer Assets. Transfer any asset other than in the ordinary
course of business or Transfer any interest in the Property except in each case (including in connection with a Release or Substitution) as may be permitted hereby or in the other Mezzanine Loan Documents; 
  
 5.2.9 Amend Organizational Documents. Amend or modify any of its
organizational documents without Mezzanine Lender’s consent, other than in connection with any Transfer permitted pursuant to Article VIII or to reflect any change in capital accounts, contributions, distributions, allocations or other
provisions that do not and could not reasonably be expected to have a Material Adverse Effect and provided that Mezzanine Borrower remains and each SPE Entity each remain a Single Purpose Entity; 
  
 5.2.10 Dissolve. Dissolve, wind-up, terminate, liquidate, merge with
or consolidate into another Person, except as expressly permitted pursuant to this Agreement; 
  
 5.2.11 Bankruptcy. (i) File a bankruptcy or insolvency petition or otherwise institute insolvency proceedings, (ii) dissolve, liquidate, consolidate, merge or sell all or substantially all of Mezzanine
Borrower’s assets other than in connection with the repayment of the Loan or (iii) file or solicit the filing of an involuntary bankruptcy petition against any Borrower, HoldCo, Master Lessee, Guarantor or any Affiliate of Mezzanine Borrower or
any such Person, without obtaining the prior consent of all of the directors, members or managers, as applicable, of Mezzanine Borrower; 
  
 5.2.12 ERISA. Engage in any activity that would subject Mezzanine Borrower to material liability under ERISA or qualify it as an “employee
benefit plan” (within the meaning of Section 3(3) of ERISA) to which ERISA applies and Borrower’s assets do not and will not constitute plan assets within the meaning of 29 C.F.R. Section 2510.3-101; 
  
 5.2.13 Distributions. From and after the occurrence and during the
continuance of an Event of Default, make any distributions to or for the benefit of any of its partners or members or its or their Affiliates; 
  

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 5.2.14 Modify REAs. Without the prior consent of Mezzanine Lender, which shall not be unreasonably
withheld, delayed or conditioned, Mezzanine Borrower shall not permit Mortgage Borrower to execute any material modifications to the REAs; 
  
 5.2.15 Modify Mezzanine Account Agreement. Without the prior consent of Mezzanine Lender, which shall not be unreasonably withheld, delayed or
conditioned, Mezzanine Borrower shall not execute any modification to the Mezzanine Account Agreement; 
  
 5.2.16 Zoning Reclassification. Without the prior written consent of Mezzanine Lender, (which in the case of clause (a) shall not be unreasonably
withheld), permit Mortgage Borrower to (a) initiate or consent to any zoning reclassification of any portion of the Property, (b) seek any variance under any existing zoning ordinance that could result in the use of the Property becoming a
non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, or (c) allow any portion of the Property to be used in any manner that could result in the use of the Property becoming a non-conforming use
under any zoning ordinance or any other applicable land use law, rule or regulation; 
  
 5.2.17 Change of Principal Place of Business. Change its principal place of business and chief executive office set forth on the first page of this Agreement without first giving Mezzanine Lender thirty (30)
days’ prior written notice (but in any event, within the period required pursuant to the UCC) and there shall have been taken such action, reasonably satisfactory to Mezzanine Lender, as may be necessary to maintain fully the effect, perfection
and priority of the security interest of Mezzanine Lender hereunder in the Account Collateral (First Mezzanine) and the Rate Cap Collateral at all times; 
  
 5.2.18 Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to it by any Person, except for adequate
consideration or in the ordinary course of its business and except for termination of a Sublease as permitted by Section 8.8; 
  
 5.2.19 Misapplication of Funds. Distribute any revenue from the Property or any Proceeds in violation of the provisions of this Agreement, fail to
remit amounts to the Mezzanine Account, as required by Section 3.1.1 or the Pledge, misappropriate any security deposit or portion thereof or apply the proceeds of the Loan in violation of Section 2.1.3; or 
  
 5.2.20 Single-Purpose Entity. Fail to be a Single-Purpose Entity or
take or suffer any action or inaction the result of which would be to cause it or any SPE Entity to cease to be a Single-Purpose Entity. 
  

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	VI.	INSURANCE; CASUALTY; CONDEMNATION; RESTORATION 

  
 6.1 Insurance Coverage Requirements. 
  
 (a) Mezzanine Borrower will cause Mortgage Borrower, at its expense, to procure and maintain the insurance policies required by the Loan Documents
(Mortgage). Each commercial general liability or umbrella liability policy with respect to the Property shall name Mezzanine Lender as an additional insured and shall contain a cross liability/severability endorsement in form and substance
acceptable to Mezzanine Lender. 
  
 (b) In the event of any loss
or damage to the Property, Mezzanine Borrower shall give prompt written notice to the insurance carrier and Mezzanine Lender. Mezzanine Lender acknowledges that Mortgage Borrower’s rights to any insurance proceeds are subject to the terms of
the Loan Agreement (Mortgage). Mezzanine Borrower may not and shall not permit Mortgage Borrower to settle, adjust or compromise any claim under such insurance policies without the prior written consent of Mezzanine Lender which shall not be
unreasonably withheld, delayed or denied; provided, further, that Mortgage Borrower may make proof of loss and adjust and compromise any claim under casualty insurance policies which does not exceed forty percent (40%) of the Allocated Loan Amount
of the affected Individual Property so long as no Event of Default has occurred and is continuing. Any proceeds of such claim which are not used to reconstruct or repair the Property or applied to Mortgage Borrower’s costs in connection
therewith, or applied to the balance of the loan evidenced by the Loan Documents (Mortgage), shall be deposited into the accounts established pursuant to the Loan Agreement (Mortgage) to the extent required thereby, or if such deposit is not
required thereunder, then such proceeds shall be paid to Mezzanine Lender and applied to the payment of the Obligations (First Mezzanine) whether or not then due. 
  
 (c) In the event that Mortgage Borrower is permitted pursuant to the terms of the Loan Agreement (Mortgage) to reconstruct,
restore or repair the Property following a casualty to any portion of the Property, Mezzanine Borrower shall cause Mortgage Borrower to promptly and diligently repair and restore the Property in the manner and within the time periods required by the
Loan Agreement (Mortgage), the Leases and any other agreements affecting the Property. In the event that Mortgage Borrower is permitted pursuant to terms of the Loan Agreement (Mortgage) to elect to not reconstruct, restore or repair the Property
following a casualty to any portion of the Property, Mezzanine Borrower shall not permit Mortgage Borrower to elect not to reconstruct, restore or repair the Property without the prior written consent of Mezzanine Lender. 
  
 (d) Mezzanine Borrower shall comply with all Insurance Requirements and shall
not bring or keep or permit to be brought or kept any article upon any of the Properties or cause or permit any condition to exist thereon which would be prohibited by any Insurance Requirement, or would invalidate insurance coverage required to be
maintained by Mortgage Borrower on or with respect to any part of the Property pursuant to Section 6.1 of the Loan Agreement (Mortgage). 
  

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 (e) Mezzanine Lender hereby confirms and acknowledges that Mezzanine Borrower has delivered to Mezzanine
Lender certificates of insurance with respect to Master Lessee’s insurance program, in amount, form and content so as to satisfy the requirements of this Section 6.1 in all material respects as of the Closing Date other than with respect
to Section 6.1.9 of the Loan Agreement (Mortgage), and that any renewals or modifications that comply with Section 6.1.11 of the Loan Agreement (Mortgage) and are otherwise not, in substance, materially different from the approved
program in place on the Closing Date shall be deemed to be in compliance. 
  
 6.2 Condemnation. In the event that all or any portion of the Property shall be damaged or taken through condemnation (which term shall include any damage or taking by any governmental authority,
quasi-governmental authority, any party having the power of condemnation, or any transfer by private sale in lieu thereof), or any such condemnation shall be threatened, Mezzanine Borrower shall give prompt written notice to Mezzanine Lender.
Mezzanine Lender acknowledges that Mortgage Borrower’s rights to any condemnation award is subject to the terms of the Loan Agreement (Mortgage). Notwithstanding the foregoing, Mezzanine Borrower may not and shall not permit Mortgage Borrower
to settle or compromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of Mezzanine Lender, which shall not be unreasonably withheld, delayed or denied; provided, further, that Mortgage
Borrower may settle, adjust and compromise any such claim, action or proceeding which does not exceed forty percent (40%) of the Allocated Loan Amount of the affected Individual Property so long as no Monetary Default or Event of Default has
occurred and is continuing. Any Excess Proceeds shall be paid to Mezzanine Lender and applied to the payment of the Obligations (First Mezzanine) whether or not then due pursuant to Section 2.3.1(b). In the event that Mortgage Borrower is
permitted pursuant to the terms of the Loan Agreement (Mortgage) to reconstruct, restore or repair the Property following a condemnation of any portion of the Property, Mezzanine Borrower shall cause Mortgage Borrower to promptly and diligently
repair and restore the Property in the manner and within the time periods required by the Loan Agreement (Mortgage), the Leases and any other agreements affecting the Property. In the event that Mortgage Borrower is permitted pursuant to the terms
of the Loan Agreement (Mortgage) to elect not to reconstruct, restore or repair the Property following a condemnation of any portion of the Property, Mezzanine Borrower shall not permit Mortgage Borrower to elect not to reconstruct, restore or
repair the Property without the prior written consent of Mezzanine Lender. 
  
 6.3 Certificates. Mezzanine Borrower shall deliver (or cause Mortgage Borrower to deliver) to Mezzanine Lender annually, concurrently with the renewal of the insurance policies required hereunder, a certificate
from Mezzanine Borrower’s and Mortgage Borrower’s insurance agent stating that the insurance policies required to be delivered to Mezzanine Lender pursuant to Section 6.1 are maintained with insurers who comply with the terms of
Section 6.1.9 of the Loan Agreement (Mortgage) (as modified by the final sentence of Section 6.1.12 of the Loan Agreement (Mortgage)), setting forth a schedule describing all premiums required to be paid by Mezzanine Borrower or
Mortgage Borrower, as applicable, to maintain the policies of insurance required under Section 6.1 and stating that either Mezzanine Borrower or Mortgage Borrower, as applicable, has paid such premiums. Certificates of insurance with respect
to all replacement 

  

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policies shall be delivered to Mezzanine Lender not less than fifteen (15) Business Days prior to the expiration date of any of the insurance policies
required to be maintained hereunder which certificates shall bear notations evidencing payment of applicable premiums. Mezzanine Borrower shall deliver to Mezzanine Lender originals (or certified copies) of such replacement insurance policies on or
before the earlier to occur of (i) thirty (30) days after the effective date thereof and (ii) five (5) Business Days after Mezzanine Borrower’s receipt thereof. If Mezzanine Borrower fails to (i) maintain and deliver to Mezzanine Lender the
certificates of insurance and certified copies or originals required by this Agreement upon five (5) Business Days’ prior notice to Mezzanine Borrower, Mezzanine Lender may procure such insurance, and all costs thereof (and interest thereon at
the Default Rate) shall be added to the Indebtedness. Mezzanine Lender shall not, by the fact of approving, disapproving, accepting, preventing, obtaining or failing to obtain any insurance, incur any liability for or with respect to the amount of
insurance carried, the form or legal sufficiency of insurance contracts, solvency of insurance companies, or payment or defense of lawsuits, and Mezzanine Borrower hereby expressly assumes full responsibility therefor and all liability, if any, with
respect such matters. 
  

	VII.	RESERVED 

  

	VIII.	TRANSFERS, INDEBTEDNESS AND SUBORDINATE LIENS 

  
 8.1 Restrictions on Transfers. Unless such action is permitted by the provisions of this Article VIII, Mezzanine Borrower shall not, and
shall not permit any other Person holding any direct or indirect ownership interest in Mortgage Borrower, Mezzanine Borrower, Junior Mezzanine Borrower, HoldCo, Master Lessee, any SPE Entity or the Property to, except with the prior written consent
of Mezzanine Lender, (i) Transfer all or any part of the Property, (ii) incur any Debt, other than Permitted Debt (First Mezzanine) or Permitted Encumbrances, or (iii) except in connection with the Mezzanine Loan, permit any Transfer (directly or
indirectly) of any interest in Borrower, any Junior Mezzanine Borrower, HoldCo, Master Lessee or any SPE Entity. Notwithstanding the foregoing, the grant of a Lien by Master Lessee on the Excluded Personal Property (other than Master Lessee’s
equity interest in HoldCo) shall not be prohibited pursuant to this Section 8.1. 
  
 8.2 Sale of Building Equipments. Mezzanine Borrower may cause Mortgage Borrower to Transfer or dispose of Building Equipment which is being replaced or which is no longer necessary in connection with the
operation of the Property free from the Lien of the Security Instrument provided that such Transfer or disposal will not have a Material Adverse Effect on the value of the Property taken as a whole, will not materially impair the utility of the
Property, and will not result in a reduction or abatement of, or right of offset against, the Rents payable under the Master Lease or any Sublease, in either case as a result thereof, and provided further that any new Building Equipment acquired by
Mortgage Borrower (and not so disposed of) shall be subject to the Lien of the Security Instrument. 
  
 8.3 Immaterial Transfers and Easements, Etc.. Mezzanine Borrower may cause Mortgage Borrower, without the consent of Mezzanine Lender, to (i) make
immaterial 

  

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Transfers of portions of the Property to Governmental Authorities for dedication or public use (subject to the provisions of Section 6.2) or, portions
of the Property to third parties for the purpose of erecting and operating additional structures whose use is integrated with the use of the Property, and (ii) grant easements, restrictions, covenants, reservations and rights of way in the ordinary
course of business for access, water and sewer lines, telephone and telegraph lines, electric lines or other utilities or for other similar purposes, provided that no such Transfer, conveyance or encumbrance set forth in the foregoing clauses (i)
and (ii) shall materially impair the utility and operation of the Property or have a Material Adverse Effect on the value of the Property taken as a whole. 
  
 8.4 Indebtedness. Notwithstanding anything to the contrary contained in Section 8.1, Master Lessee, Guarantor and any other Person holding
any direct or indirect ownership interest in Master Lessee or Guarantor shall be permitted to incur Debt without the consent of the Mezzanine Lender or a Rating Agency Confirmation. Without limiting the foregoing, nothing herein or in the other
Mezzanine Loan Documents shall be deemed to prohibit the borrowing and repayment of the loans being made on the date hereof to Guarantor pursuant to, or Guarantor’s execution and delivery of, that certain Bridge Loan Agreement, entered into as
of the date hereof, by Guarantor, each lender from time to time party thereto, Banc of America Bridge LLC, as administrative agent for the lenders, Deutsche Bank AG Cayman Islands Branch, as joint-administrative agent, and Banc of America Securities
LLC, Deutsche Bank Securities Inc. and Credit Suisse, as joint lead arrangers and joint bookrunning managers, and Citigroup Global Markets Inc. as co-arranger (the “Bridge Loan Agreement”) and the other Loan Documents (as defined in
the Bridge Loan Agreement). In addition, holders of direct and indirect interests in HoldCo, shall, provided that such interests in HoldCo do not constitute more than 25% of such holder’s net worth, be permitted to incur Debt without the
consent of the Mezzanine Lender or a Rating Agency Confirmation. 
  
 8.5 Permitted Equity Transfers. 
  
 (a) A Transfer
(but not a pledge or encumbrance) of an indirect beneficial interest in Mezzanine Borrower that is otherwise prohibited hereunder shall nevertheless be permitted without Mezzanine Lender’s prior written consent or a Rating Agency Confirmation
if (i) Mezzanine Lender receives thirty (30) days prior written notice thereof, (ii) immediately prior to such Transfer, no Event of Default shall have occurred and be continuing, (iii) no more than forty-nine percent (49%) of the direct or indirect
ownership interests in Mortgage Borrower, Mezzanine Borrower, any Junior Mezzanine Borrower, HoldCo, or any SPE Entity is being Transferred (in the aggregate of all such Transfers), (iv) the transferee is not a Disqualified Transferee, (v) HoldCo
continues to own 100% of the ownership interests in Mezzanine Borrower and Mezzanine Borrower continues to own 100% of the ownership interests in Borrower, (vi) Guarantor retains Control of Mortgage Borrower, Master Lessee, HoldCo, Mezzanine
Borrower, and each Junior Mezzanine Borrower, and Mortgage Borrower and continues to own, directly and/or indirectly, at least fifty-one percent (51%) of the equity interests in Master Lessee, (vii) Master Lessee (or its successor by merger or
acquisition of all or substantially all of Master Lessee’s assets) remains the master lessee under the Master Lease, and (viii) except as otherwise permitted under clause (b) below, no more than forty-nine percent (49%) of the 

  

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direct or indirect ownership interests in Master Lessee or Guarantor is being Transferred (in the aggregate of all such Transfers). 
  
 (b) Notwithstanding anything herein to the contrary, the following Transfers
shall not require the prior written consent of Mezzanine Lender: 
  
 (i) a Transfer of interests in any Sponsor, 
  
 (ii) a Transfer of interests in Guarantor or Master Lessee as a result of a merger or a Transfer of all or substantially all of the assets of a direct or indirect owner of Guarantor or Master Lessee to a Permitted
Transferee or Pre-Approved Transferee and provided Borrower complies with Section 8.5(a) and (b) (and thereafter Transfers of interests in any such transferee if it is publicly traded); 
  
 (iii) a Transfer (but not a pledge or encumbrance in the
case of any Transfer of interests in HoldCo) of any interests in Guarantor, Master Lessee or HoldCo, provided that subsequent to any such Transfer, more than fifty-one percent (51%) percent of HoldCo is owned by any one or more of the following:

  
 (1) Bain Capital Partners, LLC; 

 
 (2) Kohlberg Kravis Roberts & Co.; 
  
 (3) Vornado Realty, L.P.; 
  
 (4) a Permitted Transferee; 
  
 (5) a Pre-Approved Transferee; 
  
 (6) any Person that has been previously approved in writing
by Lender and the Rating Agencies, 
  
 (7) a
transferee described in clause (iv) or (v) below; and 
  
 (8) an investment fund, limited liability company, limited partnership or general partnership with committed capital of at least $1,000,000,000 where a Permitted Fund Manager acts as the general partner, managing
member or fund manager and at least 51% of the equity interests in such Permitted Fund Manager are owned, directly or indirectly, by any of the Persons listed above; and  
  
 (9) any successor by merger with respect to or transferee of all or substantially all of the assets of any
of the foregoing, (each of the foregoing Persons described in clauses (1) through (8), a “Sponsor”); 
  
 (iv) a pledge or encumbrance of interests in Guarantor or Master Lessee and any Transfer of such interests in realization upon such pledge
or encumbrance, provided not less than fifty-one percent (51%) of such transferee owned by a Sponsor; 
  

 77 

 (v) a pledge or encumbrance of interests in HoldCo as security for a loan secured by all
or substantially all of the assets of Master Lessee and any Transfer of such interests in realization upon such pledge or encumbrance; 
  
 (vi) a pledge or encumbrance of direct or indirect interests in the Person (“HoldCo Parent”) that owns the direct
interests in HoldCo as security for a loan secured by all or substantially all of the assets of the owner of the interests in HoldCo Parent (provided that such interests in HoldCo Parent do not constitute more than 25% of such owner’s net
worth) and any Transfer of such interests in realization upon such pledge or encumbrance, provided such Transfer does not result in less than fifty-one percent (51%) percent of the direct or indirect interests in HoldCo being owned by a Sponsor; and

  
 (vii) a Transfer of direct or indirect
interests in any Person that holds an indirect interest in HoldCo that is either (A) publicly traded or (B) an “umbrella partnership” in which a publicly traded REIT is the general partner (e.g., Vornado Realty Trust). 
  
 (c) Notwithstanding the foregoing, Mezzanine Borrower shall not, and shall
not permit or suffer any person to, pledge, hypothecate, encumber or grant a security interest in or lien on any direct or, except as set forth in this Section 8.5, indirect, interest in Mortgage Borrower, Mezzanine Borrower, any Junior
Mezzanine Borrower or any SPE Entities. 
  
 8.6 Deliveries to
Mezzanine Lender. Not less than thirty (30) days prior to (or, in the case of the transactions described in Section 8.5 (other than clause (b)(vii), promptly following) the closing of any transaction that requires consent of Mezzanine
Lender under the provisions of Section 8.1, Mezzanine Borrower shall deliver to Mezzanine Lender an Officer’s Certificate describing the proposed transaction and stating that such transaction is permitted by this Article VIII,
together with any appraisal or other documents upon which such Officer’s Certificate is based. In addition, Mezzanine Borrower shall provide Lender with copies of executed deeds or other similar closing documents within ten (10) Business Days
after such closing. 
  
 8.7 Loan Assumption. Provided no
Event of Default is then continuing, Mortgage Borrower shall have the one time right to sell, assign, convey or transfer (but not mortgage, hypothecate or otherwise encumber or grant a security interest in) legal or equitable title to all (but not
fewer than all) of the Properties only if after giving effect to the proposed transaction (i) the Properties will be owned by one or more Single Purpose Entities wholly owned by a Permitted Transferee or a Pre-approved Transferee which shall have
executed and delivered to Mezzanine Lender an assumption agreement in form and substance acceptable to Mezzanine Lender. Any such assumption of the Loan shall be conditioned upon, among other things, (i) the delivery of financial information,
including, without limitation, audited financial statements, for such purchaser and the direct and indirect owners such purchaser, (ii) the delivery of evidence that the purchaser is a Single Purpose Entity and is not a Disqualified Transferee,
(iii) the execution and delivery of all documentation reasonably requested by Mezzanine Lender, (iv) the delivery of Opinions 

  

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of Counsel requested by Mezzanine Lender, including, without limitation, a Non-Consolidation Opinion with respect to the purchaser and other entities
identified by Mezzanine Lender or requested by the Rating Agencies and opinions with respect to the valid formation, due authority and good standing of the purchaser and any additional pledgors and the continued enforceability of the Loan Documents
(Mezzanine) and any other matters requested by Mezzanine Lender, (v) the delivery of a mezzanine endorsement to the Title Policy in form and substance acceptable to Mezzanine Lender, insuring the lien of the Security Instrument, as assumed, subject
only to the Permitted Encumbrances and (vi) the payment of all of Mezzanine Lender’s reasonable out-of-pocket fees, costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, actually incurred by Mezzanine
Lender in connection with such assumption. 
  
 8.8
Subleases. 
  
 8.8.1 New Subleases and Sublease
Modifications. Mezzanine Borrower represents and warrants that each Individual Property is currently leased to Master Lessee pursuant to the Master Lease, and substantially occupied by a Toys ‘R’ Us, a Babies ‘R’ Us or a
related distribution facility, and with respect to the Individual Properties constituting retail properties, occupied in part by other subtenants under the applicable Subleases. 
  
 8.8.2 Leasing Conditions. Except as otherwise provided in this Section 8.8, Mezzanine Borrower shall not, and
shall not permit Master Lessee to (x) enter into any Sublease (a “New Sublease”) or (y) modify any Sublease (including, without limitation, accept a surrender of any portion of the Property subject to a Sublease (unless otherwise
permitted or required by law), allow a reduction in the term of any Sublease or a reduction in the Rent payable under any Sublease, change any renewal provisions of any Sublease, materially increase the obligations of the landlord or materially
decrease the obligations of any Tenant) or terminate any Sublease unless the Tenant under such Lease is in default (any such action referred to in clauses (y) and (z) being referred to herein as a “Sublease Modification”) without
the prior written consent of Mezzanine Lender which consent shall not be unreasonably withheld or delayed, provided, however, that Mezzanine Borrower shall have the right to cause Mortgage Borrower or allow Master Lessee to terminate a Sublease (x)
to replace it with another Sublease, (y) to use the property formerly subleased for itself as a Toys “R” Us or a Babies “R” Us or (z) subject to subject to Section 2.3.6 of the Loan Agreement (Mortgage), in connection with
the decision to have the store Go Dark. Any New Sublease or Sublease Modification that requires Lender’s consent shall be delivered to Mezzanine Lender for approval not less than ten (10) Business Days prior to the effective date of such New
Sublease or Sublease Modification. If Mezzanine Lender fails to respond to a request for Lender’s consent pursuant to this Section 8.8.2 within ten (10) Business Days of Mezzanine Lender’s receipt of Mezzanine Borrower’s
request therefor, Mezzanine Borrower may deliver to Mezzanine Lender a second request in an envelope or under cover of a letter marked “URGENT” and including a legend in bold typeface that Mezzanine Lender’s failure to grant or deny
the requested consent within ten (10) Business Days of the receipt thereof will result in the requested consent being deemed to have been granted. If Mezzanine Lender fails to respond to such second request within ten (10) Business Days of its
receipt thereof, Mezzanine Lender’s consent shall be deemed granted. Notwithstanding the foregoing, provided 

  

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no Event of Default shall have occurred and be continuing, Mezzanine Borrower may permit Mortgage Borrower to permit Master Lessee to enter into a New
Sublease or Sublease Modification, without Mezzanine Lender’s prior written consent, that satisfies each of the following conditions: 
  
 (a) with respect to a New Sublease or Sublease Modification the premises demised thereunder is not a Material Sublease that, when taken together with all
other Material Subleases, exceeds the Material Sublease Approval Threshold; 
  
 (b) the term of such Sublease Modification that modifies the term or New Sublease, as applicable, does not exceed 120 months, plus up to two (2) 60-month option terms (or equivalent combination of renewals) provided
that such lease, including the rental rate, is on market terms; 
  
 (c) the rental rate under such Sublease Modification that modifies the rent or New Sublease, as applicable, is at least equal to the then prevailing market rate for the entire term of such lease (except for the option periods as set forth
in the preceding clause (c)); 
  
 (d) “fixed” or
“base” rent under such New Sublease or, if the rent is modified, under such Sublease Modification, as applicable, is at a substantially consistent or rising level throughout the term of the lease, other than for (x) market-rate “free
rent” periods or (y) tenant improvement and tenant inducements that exceed current market conditions but are amortized over a shorter time period than the entire initial term of such New Sublease or Sublease Modification, as applicable;

  
 (e) such New Sublease or Sublease (as Modified by the Sublease
Modification), as applicable, provides that the premises demised thereby cannot be used for any of the following uses (it being agreed and understood that book stores and “Best Buy” type operations shall be considered acceptable uses); any
pornographic or obscene purposes, any commercial sex establishment, any pornographic, obscene, nude or semi-nude performances, modeling, obscene materials, activities or sexual conduct or any other use that has or could reasonably be expected to
have a Material Adverse Effect; 
  
 (f) the Tenant under such New
Sublease or Sublease Modification, as applicable, is not an Affiliate of Mortgage Borrower (or, if such Tenant is an Affiliate of Mortgage Borrower, such Tenant does not have the benefit of the Master Lease SNDA or any Non-Disturbance Agreement and
such New Sublease or Sublease Modification, as applicable, is by its terms terminable by the Mortgage Lender upon an Event of Default or transfer of the applicable Individual Property to Mortgage Lender or its designee upon a foreclosure of the
Security Instrument or deed in lieu thereof) and by the Mezzanine Lender upon an event of default under the Mezzanine Loan or foreclosure of the related pledge of the ownership interests in Mortgage Borrower); 
  
 (g) the New Sublease or Sublease Modification, as applicable, does not
prevent Proceeds from being held and disbursed by Mezzanine Lender in accordance with the terms hereof; 
  

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 (h) the New Sublease or Sublease Modification, as applicable, shall not entitle any Tenant to receive and
retain Proceeds except those that may be specifically awarded to it in condemnation proceedings because of the Taking of its trade fixtures and its leasehold improvements which have not become part of the Property and such business loss as Tenant
may specifically and separately establish; provided, however, that if the Tenant is responsible for maintaining casualty insurance on the Property pursuant to the terms of such New Sublease or Sublease Modification, such Tenant shall be entitled to
receive and use the proceeds of such insurance for restoration of the Property on the same terms and conditions as Mortgage Borrower may use Proceeds hereunder; and 
  
 (i) the New Sublease or Sublease Modification, as applicable, does not trigger any of the rights or obligations set forth on
Schedule VI of the Loan Agreement (Mortgage). 
  
 8.8.3
Delivery of New Sublease or Sublease Modification. Upon the execution of any New Sublease or Sublease Modification, as applicable, Mezzanine Borrower shall cause Mortgage Borrower to deliver to Mezzanine Lender an executed copy of the
Sublease. 
  
 8.8.4 Security Deposits. All security or
other deposits of Tenants of the Property shall be treated as trust funds and shall not be commingled with any other funds of Mortgage Borrower, and such deposits shall be deposited, upon receipt of the same by Mortgage Borrower in a separate trust
account maintained by Mortgage Borrower expressly for such purpose. Within ten (10) Business Days after written request by Mezzanine Lender, Mezzanine Borrower shall cause Mortgage Borrower to furnish to Mezzanine Lender reasonably satisfactory
evidence of compliance with this Section 8.8.4, together with a statement of all lease securities deposited with Mortgage Borrower by the Tenants and the location and account number of the account in which such security deposits are held.

  
 8.8.5 No Default Under Subleases. Mezzanine Borrower
shall cause Mortgage Borrower or Master Lessee to (i) promptly perform and observe all of the material terms, covenants and conditions required to be performed and observed by Mortgage Borrower under the Subleases, if the failure to perform or
observe the same would have a Material Adverse Effect; (ii) exercise, within ten (10) Business Days after a written request by Mezzanine Lender, any right to request from the Tenant under any Sublease a certificate with respect to the status thereof
and (iii) not collect any of the Rents, more than one (1) month in advance (except that Mortgage Borrower may collect such security deposits and last month’s Rents as are permitted by Legal Requirements and are commercially reasonable in the
prevailing market and collect other charges in accordance with the terms of each Sublease). 
  

	IX.	INTEREST RATE CAP AGREEMENT. 

  
 9.1 Interest Rate Cap Agreement (First Mezzanine). Prior to or contemporaneously with the Closing Date, Mezzanine Borrower shall have obtained, and
thereafter maintain in effect, the Interest Rate Cap Agreement satisfying the requirements set forth 

  

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in the definition of “Interest Rate Cap Agreement “ herein. The notional amount of the Interest Rate Cap Agreement (First Mezzanine) may be reduced
from time to time (and Lender shall authorize such reduction) in amounts equal to any mandatory prepayment of the principal of the Loan made in accordance with Section 5(b) of the Mezzanine Note. 
  
 9.2 Pledge. As security for the full and punctual payment and
performance of the Obligations (First Mezzanine) when due (whether upon stated maturity, by acceleration, early termination or otherwise), Mezzanine Borrower, as pledgor, hereby pledges, assigns, hypothecates, transfers and delivers to Mezzanine
Lender as collateral and hereby grants to Mezzanine Lender a continuing first priority lien on and security interest in, to and under all of the following whether now owned or hereafter acquired and whether now existing or hereafter arising (the
“Rate Cap Collateral”): all of the right, title and interest of Mezzanine Borrower in and to (i) the Interest Rate Cap Agreement (First Mezzanine); (ii) all payments distributions, disbursements or proceeds due, owing, payable or
required to be delivered to Borrower in respect of the Interest Rate Cap Agreement (First Mezzanine) or arising out of the Interest Rate Cap Agreement (First Mezzanine), whether as contractual obligations, damages or otherwise; and (iii) all of
Mezzanine Borrower’s claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under or arising out of the Interest Rate Cap Agreement (First Mezzanine), in each case including all accessions and
additions to, substitutions for and replacements, products and proceeds of any or all of the foregoing. 
  
 9.3 Covenants. Mezzanine Borrower shall comply with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement (First
Mezzanine). All amounts paid by the Counterparty under the Interest Rate Cap Agreement (First Mezzanine) to Mezzanine Borrower or Mezzanine Lender shall be deposited immediately into the Mezzanine Account pursuant to Section 3.1. Subject to
terms hereof, provided no Event of Default has occurred and is continuing, Mezzanine Borrower shall be entitled to exercise all rights, powers and privileges of Mezzanine Borrower under, and to control the prosecution of all claims with respect to,
the Interest Rate Cap Agreement (First Mezzanine) and the other Rate Cap Collateral. Mezzanine Borrower shall take all actions reasonably requested by Mezzanine Lender to enforce Mezzanine Borrower’s rights under the Interest Rate Cap Agreement
(First Mezzanine) in the event of a default by the Counterparty thereunder and shall not waive, amend or otherwise modify any of its rights thereunder. 
  
 (a) Mezzanine Borrower shall defend Mezzanine Lender’s right, title and interest in and to the Rate Cap Collateral pledged by Mezzanine Borrower
pursuant hereto or in which it has granted a security interest pursuant hereto against the claims and demands of all other Persons. 
  
 (b) In the event of any downgrade, withdrawal or qualification of the rating of the Counterparty such that it ceases to qualify as an “Approved
Counterparty”, unless the Counterparty shall have posted collateral on terms acceptable to each Rating Agency, Borrower shall replace the Interest Rate Cap Agreement (First Mezzanine) with a Replacement Interest Rate Cap Agreement (First
Mezzanine) not later than ten (10) Business Days following receipt of notice from Mezzanine Lender, Servicer or any other 

  

 82 

 
Person of such downgrade, withdrawal or qualification. In the event that the Counterparty is downgraded to A2 or lower by Moody’s, a Replacement
Interest Rate Cap Agreement (First Mezzanine) shall be required regardless of the posting of collateral. 
  
 (c) In the event that Mezzanine Borrower fails to purchase and deliver to Mezzanine Lender the Interest Rate Cap Agreement (First Mezzanine) as and when
required hereunder, Mezzanine Lender may upon written notice to Borrower purchase the Interest Rate Cap Agreement (First Mezzanine) and the actual cost incurred by Mezzanine Lender in purchasing the Interest Rate Cap Agreement shall upon written
demand be paid by Mezzanine Borrower to Mezzanine Lender with interest thereon at the Default Rate from the date such cost was incurred by Mezzanine Lender and demand made until such cost is paid by Mezzanine Borrower to Mezzanine Lender.

  
 (d) Mezzanine Borrower shall not sell, assign, or otherwise
dispose of, or mortgage, pledge or grant a security interest in, any of the Rate Cap Collateral or any interest therein, and any sale, assignment, mortgage, pledge or security interest whatsoever made in violation of this covenant shall be a nullity
and of no force and effect, and upon demand of Mezzanine Lender, shall forthwith be cancelled or satisfied by an appropriate instrument in writing. 
  
 (e) Mezzanine Borrower shall not (i) without the prior written consent of Mezzanine Lender, modify, amend or supplement the terms of the Interest Rate Cap
Agreement (First Mezzanine), (ii) without the prior written consent of Mezzanine Lender, except in accordance with the terms of the Interest Rate Cap Agreement (First Mezzanine), cause the termination of the Interest Rate Cap Agreement prior to its
stated maturity date, (iii) without the prior written consent of Mezzanine Lender, except as aforesaid, waive or release any obligation of the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement (First Mezzanine))
under the Interest Rate Cap Agreement (First Mezzanine), (iv) without the prior written consent of Mezzanine Lender, consent or agree to any act or omission to act on the part of the Counterparty (or any successor or substitute party to the Interest
Rate Cap Agreement (First Mezzanine)), which, without such consent or agreement, would constitute a default under the Interest Rate Cap Agreement (First Mezzanine), (v) fail to exercise promptly and diligently each and every material right which it
may have under the Interest Rate Cap Agreement (First Mezzanine), (vi) take or intentionally omit to take any action or intentionally suffer or permit any action to be omitted or taken, the taking or omission of which would result in any right of
offset against sums payable under the Interest Rate Cap Agreement (First Mezzanine) or any defense by the Counterparty (or any successor or substitute counterparty to the Interest Rate Cap Agreement (First Mezzanine)) to payment or (vii) fail to
give prompt notice to Mezzanine Lender of any notice of default given by or to Mezzanine Borrower under or with respect to the Interest Rate Cap Agreement (First Mezzanine), together with a complete copy of such notice. 
  
 (f) In connection with an Interest Rate Cap Agreement (First Mezzanine),
Mezzanine Borrower shall obtain and deliver to Mezzanine Lender an Opinion of Counsel from counsel (which counsel may be in-house counsel for the Counterparty) for the Counterparty upon which Mezzanine Lender and its successors and assigns may rely
(the 

  

 83 

 
“Counterparty Opinion”) under New York law and, if the Counterparty is a non-U.S. entity, the applicable foreign law in such form approved
by the Mezzanine Lender. 
  
 9.4 Powers of Mezzanine Borrower
Prior to an Event of Default. Subject to the provisions of Section 9.3, provided no Event of Default has occurred and is continuing, Mezzanine Borrower shall be entitled to exercise all rights, powers and privileges of Mezzanine Borrower
under, and to control the prosecution of all claims with respect to, the Interest Rate Cap Agreement (First Mezzanine) and the other Rate Cap Collateral. 
  
 9.5 Representations and Warranties. Mezzanine Borrower hereby covenants with, and represents and warrants to, Mezzanine Lender as follows:

  
 (a) The Interest Rate Cap Agreement (First Mezzanine)
constitutes the legal, valid and binding obligation of Mezzanine Borrower, enforceable against Mezzanine Borrower in accordance with its terms, subject only to applicable bankruptcy, insolvency and similar laws generally affecting the enforcement of
creditors’ rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 (b) The Rate Cap Collateral is free and clear of all claims or security interests of every nature whatsoever, except such as
are created pursuant to this Agreement and the other Mezzanine Loan Documents, and Mezzanine Borrower has the right to pledge and grant a security interest in the same as herein provided without the consent of any other Person other than any such
consent that has been obtained and is in full force and effect. 
  
 (c) The Rate Cap Collateral has been duly and validly pledged hereunder. All consents and approvals required to be obtained by Borrower for the consummation of the transactions contemplated by this Agreement have been obtained. 

 
 (d) Giving effect to the aforesaid grant and assignment to Mezzanine
Lender, Mezzanine Lender has, as of the date of this Agreement, and as to Rate Cap Collateral acquired from time to time after such date, shall have, a valid, and upon proper filing, perfected and continuing first priority lien upon and security
interest in the Rate Cap Collateral; provided that no representation or warranty is made with respect to the perfected status of the security interest of Mezzanine Lender in the proceeds of Rate Cap Collateral consisting of “cash proceeds”
or “non-cash proceeds” as defined in the UCC except if, and to the extent, the provisions of Section 9-306 of the UCC shall be complied with. 
  

(e) Except for financing statements filed or to be filed in favor of Mezzanine Lender as secured party, there are no financing statements under the UCC
covering any or all of the Rate Cap Collateral and Mezzanine Borrower shall not, without the prior written consent of Mezzanine Lender, until payment in full of all of the Obligations (First Mezzanine), execute and file in any public office, any
enforceable financing statement or statements covering any or all of the Rate Cap Collateral, except financing statements filed or to be filed in favor of Mezzanine Lender as secured party. 
  

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 9.6 Payments. If Mezzanine Borrower at any time shall be entitled to receive any payments with
respect to the Interest Rate Cap Agreement (First Mezzanine), such amounts shall, immediately upon becoming payable to Mezzanine Borrower, be deposited by Counterparty into the Mezzanine Account. 
  
 9.7 Remedies. Subject to the provisions of the Interest Rate Cap
Agreement (First Mezzanine), if an Event of Default shall occur and then be continuing: 
  
 (a) Mezzanine Lender, without obligation to resort to any other security, right or remedy granted under any other agreement or instrument, shall have the right to, in addition to all rights, powers and remedies of a
secured party pursuant to the UCC, at any time and from time to time, sell, resell, assign and deliver, in its sole discretion, any or all of the Rate Cap Collateral (in one or more parcels and at the same or different times) and all right, title
and interest, claim and demand therein and right of redemption thereof, at public or private sale, for cash, upon credit or for future delivery, and in connection therewith Mezzanine Lender may grant options and may impose reasonable conditions such
as requiring any purchaser to represent that any “securities” constituting any part of the Rate Cap Collateral are being purchased for investment only, Mezzanine Borrower hereby waiving and releasing any and all equity or right of
redemption to the fullest extent permitted by the UCC or applicable law. If all or any of the Rate Cap Collateral is sold by Mezzanine Lender upon credit or for future delivery, Mezzanine Lender shall not be liable for the failure of the purchaser
to purchase or pay for the same and, in the event of any such failure, Mezzanine Lender may resell such Rate Cap Collateral. It is expressly agreed that Mezzanine Lender may exercise its rights with respect to less than all of the Rate Cap
Collateral, leaving unexercised its rights with respect to the remainder of the Rate Cap Collateral, provided, however, that such partial exercise shall in no way restrict or jeopardize Mezzanine Lender’s right to exercise its rights with
respect to all or any other portion of the Rate Cap Collateral at a later time or times. 
  
 (b) Mezzanine Lender may exercise, either by itself or by its nominee or designee, in the name of Mezzanine Borrower, all of Mezzanine Lender’s rights, powers and remedies in respect of the Rate Cap Collateral,
hereunder and under law. 
  
 (c) Mezzanine Borrower hereby
irrevocably, in the name of Mezzanine Borrower or otherwise, authorizes and empowers Mezzanine Lender and assigns and transfers unto Mezzanine Lender, and constitutes and appoints Mezzanine Lender its true and lawful attorney-in-fact, and as its
agent, irrevocably, with full power of substitution for Mezzanine Borrower and in the name of Mezzanine Borrower, (i) to exercise and enforce every right, power, remedy, authority, option and privilege of Mezzanine Borrower under the Interest Rate
Cap Agreement, including any power to subordinate or modify the Interest Rate Cap Agreement (but not, unless an Event of Default exists and is continuing, the right to terminate or cancel the Interest Rate Cap Agreement), or to give any notices, or
to take any action resulting in such subordination, termination, cancellation or modification and (ii) in order to more fully vest in Mezzanine Lender the rights and remedies provided for herein, to exercise all of the rights, remedies and powers
granted to Mezzanine Lender in this Agreement, and Mezzanine Borrower further authorizes and empowers Mezzanine Lender, as Mezzanine Borrower’s attorney-in-fact, and as its agent, 

  

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irrevocably, with full power of substitution for Mezzanine Borrower and in the name of Mezzanine Borrower, to give any authorization, to furnish any
information, to make any demands, to execute any instruments and to take any and all other action on behalf of and in the name of Mezzanine Borrower which in the opinion of Mezzanine Lender may be necessary or appropriate to be given, furnished,
made, exercised or taken under the Interest Rate Cap Agreement, in order to comply therewith, to perform the conditions thereof or to prevent or remedy any default by Mezzanine Borrower thereunder or to enforce any of the rights of Mezzanine
Borrower thereunder. These powers-of-attorney are irrevocable and coupled with an interest, and any similar or dissimilar powers heretofore given by Mezzanine Borrower in respect of the Rate Cap Collateral to any other Person are hereby revoked.

  
 (d) Mezzanine Lender may, without notice to, or assent by,
Mezzanine Borrower or any other Person (to the extent permitted by law), but without affecting any of the Obligations (First Mezzanine), in the name of Mezzanine Borrower or in the name of Mezzanine Lender, notify the Counterparty, or if applicable,
any other counterparty to the Interest Rate Cap Agreement, to make payment and performance directly to Mezzanine Lender; extend the time of payment and performance of, compromise or settle for cash, credit or otherwise, and upon any terms and
conditions, any obligations owing to Mezzanine Borrower, or claims of Mezzanine Borrower, under the Interest Rate Cap Agreement; file any claims, commence, maintain or discontinue any actions, suits or other proceedings deemed by Mezzanine Lender
necessary or advisable for the purpose of collecting upon or enforcing the Interest Rate Cap Agreement; and execute any instrument and do all other things deemed necessary and proper by Mezzanine Lender to protect and preserve and realize upon the
Rate Cap Collateral and the other rights contemplated hereby. 
  
 (e) Pursuant to the powers-of-attorney provided for above, Mezzanine Lender may take any action and exercise and execute any instrument which it may deem necessary or advisable to accomplish the purposes hereof; provided, however, that
Mezzanine Lender shall not be permitted to take any action pursuant to said power-of-attorney that would conflict with any limitation on Mezzanine Lender’s rights with respect to the Rate Cap Collateral. Without limiting the generality of the
foregoing, Mezzanine Lender, after the occurrence of an Event of Default, shall have the right and power to receive, endorse and collect all checks and other orders for the payment of money made payable to Mezzanine Borrower representing: (i) any
payment of obligations owed pursuant to the Interest Rate Cap Agreement, (ii) interest accruing on any of the Rate Cap Collateral or (iii) any other payment or distribution payable in respect of the Rate Cap Collateral or any part thereof, and for
and in the name, place and stead of Mezzanine Borrower, to execute endorsements, assignments or other instruments of conveyance or transfer in respect of any property which is or may become a part of the Rate Cap Collateral hereunder. 
  
 (f) Mezzanine Lender may exercise all of the rights and remedies of a secured
party under the UCC. 
  
 (g) Without limiting any other provision
of this Agreement or any of Mezzanine Borrower’s rights hereunder, and without waiving or releasing Mezzanine Borrower from any obligation or default hereunder, Mezzanine Lender shall have the right, but not 

  

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the obligation, to perform any act or take any appropriate action, as it, in its reasonable judgment, may deem necessary to protect the security of this
Agreement, to cure such Event of Default or to cause any term, covenant, condition or obligation required under this Agreement or the Interest Rate Cap Agreement to be performed or observed by Mezzanine Borrower to be promptly performed or observed
on behalf of Mezzanine Borrower. All amounts advanced by, or on behalf of, Mezzanine Lender in exercising its rights under this Section 9.7(g) (including, but not limited to, reasonable legal expenses and disbursements incurred in connection
therewith), together with interest thereon at the Default Rate from the date of each such advance, shall be payable by Mezzanine Borrower to Mezzanine Lender upon demand and shall be secured by this Agreement. 
  
 9.8 Sales of Rate Cap Collateral. No demand, advertisement or notice,
all of which are, to the fullest extent permitted by law, hereby expressly waived by Mezzanine Borrower, shall be required in connection with any sale or other disposition of all or any part of the Rate Cap Collateral following and during the
continuance of an Event of Default, except that Mezzanine Lender shall give Mezzanine Borrower at least thirty (30) Business Days’ prior written notice of the time and place of any public sale or of the time when and the place where any private
sale or other disposition is to be made, which notice Mezzanine Borrower hereby agrees is reasonable, all other demands, advertisements and notices being hereby waived. To the extent permitted by law, Mezzanine Lender shall not be obligated to make
any sale of the Rate Cap Collateral if it shall determine not to do so, regardless of the fact that notice of sale may have been given, and Mezzanine Lender may without notice or publication adjourn any public or private sale, and such sale may,
without further notice, be made at the time and place to which the same was so adjourned. Upon each private sale of the Rate Cap Collateral of a type customarily sold in a recognized market and upon each public sale, unless prohibited by any
applicable statute which cannot be waived, Mezzanine Lender (or its nominee or designee) may purchase any or all of the Rate Cap Collateral being sold, free and discharged from any trusts, claims, equity or right of redemption of Mezzanine Borrower,
all of which are hereby waived and released to the extent permitted by law, and may make payment therefor by credit against any of the Obligations (First Mezzanine) in lieu of cash or any other obligations. In the case of all sales of the Rate Cap
Collateral, public or private, Mezzanine Borrower shall pay all reasonable out-of-pocket costs and expenses of every kind for sale or delivery, including brokers’ and attorneys’ fees and disbursements and any tax imposed thereon. However,
the proceeds of sale of Rate Cap Collateral shall be available to cover such costs and expenses, and, after deducting such costs and expenses from the proceeds of sale, Mezzanine Lender shall apply any residue to the payment of the Obligations
(First Mezzanine) in the order of priority as set forth in Section 11 of the Security Instrument. 
  
 9.9 Public Sales Not Possible. Mezzanine Borrower acknowledges that the terms of the Interest Rate Cap Agreement (First Mezzanine) may prohibit
public sales, that the Rate Cap Collateral may not be of the type appropriately sold at public sales, and that such sales may be prohibited by law. As a result, Borrower agrees that private sales of the Rate Cap Collateral shall not be deemed to
have been made in a commercially unreasonably manner by mere virtue of having been made privately. 
  

 87 

 9.10 Receipt of Sale Proceeds. Upon any sale of the Rate Cap Collateral by Mezzanine Lender
hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt by Mezzanine Lender or the officer making the sale of the proceeds of such sale shall be a sufficient discharge to the
purchaser or purchasers of the Rate Cap Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to Mezzanine Lender or such officer or be answerable in any way
for the misapplication or non-application thereof. 
  
 9.11
Replacement Interest Rate Cap Agreement. If, in connection with Mezzanine Borrower’s exercise of any extension option pursuant to Section 5 of the Mezzanine Note, Mezzanine Borrower delivers a Replacement Interest Rate Cap
Agreement (First Mezzanine), all the provisions of this Article IX applicable to the Interest Rate Cap Agreement (First Mezzanine) delivered on the Closing Date shall be applicable to the Replacement Interest Rate Cap Agreement (First
Mezzanine). 
  

	X.	RESERVED. 

  

	XI.	BOOKS AND RECORDS, FINANCIAL STATEMENTS, REPORTS AND OTHER INFORMATION 

  
 11.1 Books and Records. Mezzanine Borrower shall cause Mortgage Borrower to keep and maintain on a fiscal year basis proper books and records
separate from any other Person, in which accurate and complete entries shall be made of all dealings or transactions of or in relation to the Mortgage Note, the Mezzanine Note, the Property and the business and affairs of Borrower and Mezzanine
Borrower relating to the Property which shall reflect all items of income and expense in connection with the operation of the Property and in connection with any services, equipment or furnishings provided in connection with the operation of the
Property, in accordance with GAAP. Subject to Section 11.3, Mezzanine Lender and its authorized representatives shall have the right at reasonable times and upon reasonable notice to examine the books and records of Mortgage Borrower and
Mezzanine Borrower relating to the operation of the Property and to make such copies or extracts thereof as Mezzanine Lender may reasonably require. 
  
 11.2 Financial Statements. 
  
 11.2.1 Monthly Reports. Commencing in January 2006 (or, in the case of sales reports, commencing October 2005), not later than thirty (30) days
following the end of each calendar month, Mezzanine Borrower shall cause Mortgage Borrower to cause Master Lessee, pursuant to the Master Lease, to deliver to Mezzanine Lender monthly sales reports in respect of the Property for such month, for the
corresponding month of the previous Fiscal Year and for the year to date, and financial statements, internally prepared on an accrual basis for such month, reporting Portfolio Four-Wall EBITDAR as of the end of such month, for the corresponding
month of the previous Fiscal Year and for the Fiscal Year to date and a comparison of the year to date results with (i) the results for the same period of the previous year, (ii) the results that had been projected by Mezzanine Borrower, Mortgage
Borrower and Master Lessee for such period and (iii) the Annual 

  

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Budget for such period and the Fiscal Year, and a calculation of the DSCR, LTV Ratio, Master Lease Variable Additional Rent and Master Lease Recurrent
Additional Rent for such period. Such statements for each month shall be accompanied by an Officer’s Certificate (or in the case of the sales reports a Master Lessee Officer’s Certificate) certifying to the best of the signer’s
knowledge, (A) that such statements fairly represent the financial condition and results of operations of Mezzanine Borrower, Mortgage Borrower and Master Lessee, as applicable (B) that as of the date of such Officer’s Certificate, no Event of
Default exists under this Agreement, the Notes or any other Loan Document or, if so, specifying the nature and status of each such Event of Default and the action then being taken by Mezzanine Borrower, Mortgage Borrower or proposed to be taken to
remedy such Event of Default and (C) that as of the date of each Officer’s Certificate, no litigation exists involving Mezzanine Borrower, Mortgage Borrower, Master Lessee or the Property in which the amount involved is $2,000,000 (in the
aggregate) or more or in which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taking in relation thereto and (D) the amount by which actual operating
expenses were greater than or less than the operating expenses anticipated in the applicable Annual Budget. Such financial statements shall contain such other information as shall be reasonably requested by Mezzanine Lender for purposes of
calculations to be made by Mezzanine Lender pursuant to the terms hereof. Notwithstanding the foregoing, Mezzanine Borrower shall cause Mortgage Borrower to deliver promptly to Mezzanine Lender reports detailing any non recurring charges of
Mezzanine Mortgage Borrower or Master Lessee including, among other things, any charges assessed under any Operation Agreement. Sales reports and Portfolio Four-Wall EBITDAR shall each be prepared on an aggregate basis for all of the Individual
Properties. 
  
 11.2.2 Quarterly Reports. Commencing not
later than forty-five (45) days following the end of each Fiscal Quarter (commencing with the Fiscal Quarter ending in January 2006), Mezzanine Borrower shall cause Mortgage Borrower to cause Master Lessee pursuant to the Master Lease, to deliver to
Mezzanine Lender quarterly sales reports in respect of the Property and unaudited financial statements, internally prepared on an accrual basis, reporting Portfolio Four-Wall EBITDAR as of the end of such Fiscal Quarter and for the corresponding
Fiscal Quarter of the previous year, including a statement of net operating income for the year to date and a statement of revenues and expenses for such Fiscal Quarter, and a comparison of the year to date results with (i) the results for the same
period of the previous year, (ii) the results that had been projected by Mortgage Borrower and Master Lessee for such period and (iii) the Annual Budget for such period and the Fiscal Year, and a calculation of the DSCR, LTV Ratio, Master Lease
Variable Additional Rent and Master Lease Recurrent Additional Rent for such period. Such statements for each Fiscal Quarter shall be accompanied by an Officer’s Certificate (or in the case of the sales reports a Master Lessee Officer’s
Certificate) certifying to the best of the signer’s knowledge, (A) that such statements fairly represent the financial condition and results of operations of Mortgage Borrower and Master Lessee, (B) that as of the date of such Officer’s
Certificate, no Event of Default exists under this Agreement, the Mezzanine Note or any other Mezzanine Loan Document or Loan Document (Mortgage) or, if so, specifying the nature and status of each such Event of Default and the action then being
taken by Mortgage Borrower or proposed to be taken to 

  

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remedy such Event of Default, (C) that as of the date of each Officer’s Certificate, no litigation exists involving Mezzanine Borrower, Master Lease or
the Property in which the amount involved is $2,000,000 (in the aggregate) or more or in which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taking in
relation thereto and (D) the amount by which actual operating expenses were greater than or less than the operating expenses anticipated in the applicable Annual Budget. Such financial statements shall contain such other information as shall be
reasonably requested by Mezzanine Lender for purposes of calculations to be made by Mezzanine Lender pursuant to the terms hereof. 
  
 11.2.3 Annual Reports. Concurrently with the public filings of any financial statements of Mortgage Borrower and in any event not later than
one-hundred twenty (120) days after the end of each Fiscal Year of Mortgage Borrower’s operations (commencing with the Fiscal Year ending in January 2006), Mezzanine Borrower shall cause Mortgage Borrower to cause Master Lessee, pursuant to the
Master Lease, to deliver to Mezzanine Lender annual sales reports in respect of the Property, audited financial statements for both Mortgage Borrower and audited financial statements for Master Lessee certified by an Independent Accountant in
accordance with GAAP, which shall contain unaudited schedules as follows: a statement of Mortgage Borrower’s net income for the Fiscal Year and for the fourth Fiscal Quarter thereof and a statement of Mortgage Borrower’s revenues and
expenses for such year, and stating in comparative form the figures for the previous fiscal year, and a calculation of the DSCR, LTV Ratio, Master Lease Variable Additional Rent and Master Lease Recurrent Additional Rent for such period and copies
of all federal income tax returns to be filed. Such annual financial statements shall also be accompanied by an Officer’s Certificate (or in the case of the sales reports a Master Lessee Officer’s Certificate) in the form required pursuant
to Section 11.2.1. 
  
 11.2.4 Disclosure
Restrictions. Notwithstanding anything to the contrary contained in this Article XI, unless such information is otherwise disclosed publicly by Mezzanine Borrower, Mezzanine Borrower shall not be required to deliver financial information
hereunder to Mezzanine Lender to the limited extent and only during any such period that any applicable federal or state securities laws or regulations promulgated thereunder (a) expressly prohibit such delivery or (b) permit such delivery to be
made to Mezzanine Lender only when also disclosed publicly. 
  
 11.2.5 Capital Expenditures Summaries. Without duplication of any other provision of this Agreement or any other Loan Documents, Mezzanine Borrower shall, or shall cause Mortgage Borrower, to cause Master Lessee to, within ninety
(90) days after the end of each calendar year during the term of the Note, to deliver to Mezzanine Lender an annual summary of any and all capital expenditures made at the Property during the prior twelve (12) month period. 
  
 11.2.6 Master Lease. Without duplication of any other provision of
this Agreement or any other Loan Documents, Mezzanine Borrower shall cause Mortgage Borrower, to deliver to Mezzanine Lender, within ten (10) Business Days of the receipt thereof by Mortgage Borrower, a copy of all reports prepared by Master Lessee
pursuant 

  

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to the Master Lease, including, without limitation, the Annual Budget and any inspection reports. 
  
 11.2.7 Annual Budget; Operating Agreement. 
  
 Mezzanine Borrower shall or shall cause Mortgage Borrower to cause Master
Lessee to deliver to Mezzanine Lender the Annual Budget for Mezzanine Lender’s review, but not approval, not more than ninety (90) days after the end of each Fiscal Year. Any proposed modifications to such Annual Budget shall be delivered to
Mezzanine Lender for its review, but not approval. Mezzanine Borrower shall or shall cause Mortgage Borrower to cause Master Lessee to deliver to Mezzanine Lender the annual budget and any modifications thereto under any Operating Agreement for
Mezzanine Lender’s review, but not approval, prior to Mortgage Borrower’s or Master Lessee’s approval of any such annual budget or modification. Notwithstanding the foregoing, upon the occurrence and during the continuation of an
Event of Default and if there is a Master Lease Tenant Default, Mezzanine Lender shall have the right to exercise any right of approval that Borrower may have to approve the annual budgets and any amendments thereto under any Operating Agreements
subject to any constraints in the Operating Agreement in question, in its sole and absolute discretion. 
  
 11.2.8 Other Information. 
  
 Mezzanine Borrower shall cause Mortgage Borrower to, promptly after written request by Mezzanine Lender or, if a Securitization shall have occurred, the
Rating Agencies, furnish or cause to be furnished to Mezzanine Lender, in such manner and in such detail as may be reasonably requested by Mezzanine Lender, such reasonable additional information as may be reasonably requested with respect to the
Property, Mortgage Borrower, Master Lessee or Guarantor. 
  
 11.3
Proprietary Information. 
  
 (a) The Mezzanine Lender shall
keep confidential all sales reports and any other proprietary information delivered to Mezzanine Lender pursuant to this Agreement (provided any such other proprietary information is clearly marked by Mortgage Borrower as confidential)
(collectively, “Proprietary Information”), including specifically, but not limited to, any financial information provided pursuant to this Article XI and any information provided in connection with a securitization pursuant
to Article XIV. Notwithstanding the foregoing, Mezzanine Lender shall be permitted to freely deliver Proprietary Information to Rating Agencies, Servicer and securitization trustees, to prospective participants and purchasers of the Mortgage
Loan and interests therein and to prospective holders of securities backed by the Mortgage Loan, and to its and their respective agents and representatives provided that Mezzanine Lender shall inform such parties of the confidential nature of such
information. 
  
 (b) Notwithstanding anything to the contrary
contained herein, Mezzanine Borrower shall not cause Mortgage Borrower to identify any specific property to which any Proprietary Information relates (“Asset-Specific Proprietary Information”) (and shall 

  

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not be required to permit inspection property-specific information contained in its books and records) unless requested by holders or prospective holders of
(a) the Mezzanine Loan or any interest therein or (b) the unrated or lower-rated securities backed by the Mortgage Loan (collectively, “Requesting Parties”). Mezzanine Lender shall be permitted to deliver Asset-Specific Proprietary
Information to Requesting Parties that request such information (and such Requesting Parties shall be permitted to inspect property-specific information contained in Mezzanine Borrower’s or Mortgage Borrower’s books and records), provided
that each such Person (i) executes a commercially reasonable confidentiality agreement with respect to such information for the benefit of Mezzanine Borrower, Mortgage Borrower, and Master Lessee and (ii) is not a business competitor of Mortgage
Borrower, Mezzanine Borrower, Master Lessee or any Sponsor. 
  

	XII.	RESERVED 

  

	XIII.	ENVIRONMENTAL MATTERS. 

  
 13.1 Representations. Mezzanine Borrower hereby represents and warrants that except as set forth in the environmental reports and studies delivered
to Mezzanine Lender (the “Environmental Reports”), (i) neither Mezzanine Borrower nor Mortgage Borrower has engaged in or knowingly permitted any operations or activities upon, or any use or occupancy of the Property, or any portion
thereof, for the purpose of or in any way involving the handling, manufacture, treatment, storage, use, generation, release, discharge, refining, dumping or disposal of any Hazardous Materials on, under, in or about the Property, or transported any
Hazardous Materials to, from or across the Property, except in all cases in material compliance with Environmental Laws and only in the course of legitimate business operations at the Property; (ii) to Mezzanine Borrower’s knowledge, no tenant,
occupant or user of the Property, or any other Person, has engaged in or permitted any operations or activities upon, or any use or occupancy of the Property, or any portion thereof, for the purpose of or in any material way involving the handling,
manufacture, treatment, storage, use, generation, release, discharge, refining, dumping or disposal of any Hazardous Materials on, in or about the Property, or transported any Hazardous Materials to, from or across the Property, except in all cases
in material compliance with Environmental Laws and only in the course of legitimate business operations at the Property; (iii) no Hazardous Materials are presently constructed, deposited, stored, or otherwise located on, under, in or about the
Property except in material compliance with Environmental Laws; (iv) to Mezzanine Borrower’s knowledge, no Hazardous Materials have migrated from the Property upon or beneath other properties which would reasonably be expected to result in
material liability for Mezzanine Borrower or Mortgage Borrower; and (v) to Mezzanine Borrower’s knowledge, no Hazardous Materials have migrated or threaten to migrate from other properties upon, about or beneath the Property which would
reasonably be expected to result in material liability for Mezzanine Borrower or Mortgage Borrower. 
  
 13.2 Covenants. 
  
 13.2.1 Compliance with Environmental Laws. Subject to Mortgage Borrower’s right to contest under Section 7.3 of the Loan Agreement
(Mortgage), Mezzanine Borrower 

  

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covenants and agrees with Mezzanine Lender that it shall comply and shall cause Mortgage Borrower to comply in all material respects with all Environmental
Laws. If at any time prior to the repayment in full of the Obligations (First Mezzanine), a Governmental Authority having jurisdiction over the Property requires remedial action to correct the presence of Hazardous Materials in, around, or under the
Property (an “Environmental Event”), Mezzanine Borrower shall deliver prompt notice of the occurrence of such Environmental Event to Mezzanine Lender. Within thirty (30) days after Mezzanine Borrower has knowledge of the occurrence
of an Environmental Event, Mezzanine Borrower shall deliver to Mezzanine Lender an Officer’s Certificate (an “Environmental Certificate”) explaining the Environmental Event in reasonable detail and setting forth the proposed
remedial action, if any. Mezzanine Borrower shall promptly provide Mezzanine Lender with copies of all notices which allege or identify any actual or potential violation or noncompliance received by or prepared by or for Mezzanine Borrower in
connection with any Environmental Law. For purposes of this paragraph, the term “notice” shall mean any summons, citation, directive, order, claim, pleading, letter, application, filing, report, findings, declarations or other materials
pertinent to compliance of the Property and Mezzanine Borrower with such Environmental Laws. If the Pledge is foreclosed, Mezzanine Borrower shall cause Mortgage Borrower to deliver the Property in compliance with all applicable Environmental Laws.

  
 13.3 Environmental Reports. Upon the occurrence and
during the continuance of an Environmental Event with respect to the Property or any Event of Default, Mezzanine Lender shall have the right to have its consultants perform an environmental audit of the Property. Such audit shall be conducted by an
environmental consultant chosen by Mezzanine Lender and may include a visual survey, a record review, an area reconnaissance assessing the presence of hazardous or toxic waste or substances, PCBs or storage tanks at the Property, an asbestos survey
of the Property, which may include random sampling of the Improvements and air quality testing, and such further site assessments as Mezzanine Lender may reasonably require due to the results obtained from the foregoing. Mezzanine Borrower grants
(and shall cause Mortgage Borrower to grant) to Mezzanine Lender, its agents, consultants and contractors the right to enter the Property as reasonable or appropriate for the circumstances for the purposes of performing such studies and the
reasonable cost of such studies shall be due and payable by Mezzanine Borrower to Mezzanine Lender upon demand and shall be secured by the Lien of this Agreement and the Pledge. Mezzanine Lender shall not unreasonably interfere with (and shall cause
Mortgage Borrower not to unreasonably interfere with), and Mezzanine Lender shall direct the environmental consultant to use its commercially reasonable efforts not to hinder, Mortgage Borrower’s, Master Lessee’s, any Tenant’s, or
other occupant’s upon the Property when conducting such audit, sampling or inspections. By undertaking any of the measures identified in and pursuant to this Section 13.3, Mezzanine Lender shall not be deemed to be exercising any control
over the operations of Mezzanine Borrower or Mortgage Borrower or the handling of any environmental matter or hazardous wastes or substances of Mezzanine Borrower or Mortgage Borrower for purposes of incurring or being subject to liability therefor.

  
 13.4 Environmental Indemnification. Mezzanine Borrower
shall protect, indemnify, save, defend, and hold harmless the Indemnified Parties from and against any 

  

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and all liability, loss, damage, actions, causes of action, costs or out-of-pocket expenses whatsoever (including reasonable attorneys’ fees and
expenses) and any and all claims, suits and judgments which any Indemnified Party may suffer, as a result of or with respect to: (a) any Environmental Claim relating to or arising from the Property; (b) the violation of any Environmental Law in
connection with the Property; (c) any release, spill, or the presence of any Hazardous Materials affecting the Property; and (d) the presence at, in, on or under, or the release, escape, seepage, leakage, discharge or migration at or from, the
Property of any Hazardous Materials, whether or not such condition was known or unknown to Mezzanine Borrower; provided that, in each case, Mezzanine Borrower shall be relieved of its obligation under this subsection if any of the matters referred
to in clauses (a) through (d) above did not occur (but need not have been discovered) prior to the foreclosure of the Pledge or transfer in lieu thereof. If any such action or other proceeding shall be brought against Mezzanine Lender, upon written
notice from Mezzanine Borrower to Mezzanine Lender (given reasonably promptly following Mezzanine Lender’s notice to Mezzanine Borrower of such action or proceeding), Mezzanine Borrower shall be entitled to assume the defense thereof, at
Mezzanine Borrower’s expense, with counsel reasonably acceptable to Mezzanine Lender; provided, however, Mezzanine Lender may, at its own expense, retain separate counsel to participate in such defense, but such participation
shall not be deemed to give Mezzanine Lender a right to control such defense, which right Mezzanine Borrower expressly retains. Notwithstanding the foregoing, each Indemnified Party shall have the right to employ separate counsel at Mezzanine
Borrower’s expense if, in the reasonable opinion of legal counsel, a conflict or potential conflict exists between the Indemnified Party and Mezzanine Borrower that would make such separate representation advisable. Mezzanine Borrower shall
have no obligation to indemnify an Indemnified Party for damage or loss resulting from any Indemnified Party’s gross negligence or willful misconduct. 
  
 13.5 Recourse Nature of Certain Indemnifications. Notwithstanding anything to the contrary provided in this Agreement or in any other Mezzanine
Loan Document, the indemnification provided in Section 13.4 shall be fully recourse to Mezzanine Borrower and shall be independent of, and shall survive, the discharge of the Indebtedness, the release of the Liens created by this Agreement
and the Pledge, and/or the conveyance of title to the Collateral to Mezzanine Lender or any purchaser or designee in connection with a foreclosure of this Agreement and the Pledge or conveyance in lieu of foreclosure. 
  

	XIV.	ASSIGNMENTS AND PARTICIPATIONS. 

  
 14.1 Assignment and Acceptance. Mezzanine Lender may assign to one or more Persons all or a portion of its rights and obligations under this
Agreement and the other Mezzanine Loan Documents (including, without limitation, all or a portion of one or more of the Mezzanine Notes); provided that the parties to each such assignment shall execute and deliver to Mezzanine Lender, for its
acceptance and recording in the Register (as hereinafter defined), an Assignment and Acceptance. In addition, Mezzanine Lender may participate to one or more Persons all or any portion of its rights and obligations under this Agreement and the other
Mezzanine Loan Documents (including without limitation, all or a portion of one or more of the Mezzanine Notes) utilizing such documentation 

  

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to evidence such participation and the parties’ respective rights thereunder as Mezzanine Lender, in its sole discretion, shall elect. 
  
 14.2 Effect of Assignment and Acceptance. Upon such execution,
delivery, acceptance and recording, from and after the effective date specified in such Assignment and Acceptance, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it
pursuant to such Assignment and Acceptance, have the rights and obligations of Mezzanine Lender, as the case may be, hereunder and such assignee shall be deemed to have assumed such rights and obligations, and (ii) Mezzanine Lender shall, to the
extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement and the other Mezzanine Loan Documents (and, in the
case of an Assignment and Acceptance covering all or the remaining portion of Mezzanine Lender’s rights and obligations under this Agreement and the other Mezzanine Loan Documents, Mezzanine Lender shall cease to be a party hereto) accruing
from and after the effective date of the Assignment and Acceptance, except with respect to (A) any payments made by Mezzanine Borrower to Mezzanine Lender pursuant to the terms of the Mezzanine Loan Documents after the effective date of the
Assignment and Acceptance and (B) any letter of credit, cash deposit or other deposits or security (other than the Liens of this Agreement and the Pledge and the other Mezzanine Loan Documents) delivered to or for the benefit of or deposited with
German American Capital Corporation, on behalf of the holders of the Mezzanine Notes, as Mezzanine Lender, for which German American Capital Corporation, as Mezzanine Lender, on behalf of the holders of the Mezzanine Notes, shall remain responsible
for the proper disposition thereof until such items are delivered to a party who is qualified as an Approved Bank and agrees to hold the same in accordance with the terms and provisions of the agreement pursuant to which such items were deposited.

  
 14.3 Content. By executing and delivering an Assignment
and Acceptance, Mezzanine Lender and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, Mezzanine Lender makes no representation or
warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or any other Mezzanine Loan Documents or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection with, this Agreement or any other Mezzanine Loan Documents or any other instrument or
document furnished pursuant hereto or thereto; (ii) Mezzanine Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of Mezzanine Borrower or the performance or observance by Mezzanine
Borrower of any of its obligations under any Mezzanine Loan Documents or any other instrument or document furnished pursuant thereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of such other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon Mezzanine 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 

  

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or not taking action under this Agreement and the other Mezzanine Loan Documents; (v) such assignee appoints and authorizes Mezzanine Lender to take such
action as agent on its behalf and to exercise such powers and discretion under the Mezzanine Loan Documents as are delegated to Mezzanine Lender by the terms hereof together with such powers and discretion as are reasonably incidental thereto; and
(vi) such assignee agrees that it will perform, in accordance with their terms, all of the obligations which by the terms of this Agreement and the other Mezzanine Loan Documents are required to be performed by Mezzanine Lender. 
  
 14.4 Register. Mezzanine Lender shall on behalf of Mezzanine Borrower,
maintain a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of Mezzanine Lender and each assignee pursuant to this Article XIV and the principal amount of the
Loan owing to each such assignee from time to time (the “Register”). The entries in the Register shall, with respect to such assignees, be conclusive and binding for all purposes, absent manifest error. The Register shall be
available for inspection by Mezzanine Borrower or any assignee pursuant to this Article XIV at any reasonable time and from time to time upon reasonable prior written notice.  
  
 14.5 Substitute Mezzanine Notes. Upon its receipt of an Assignment and
Acceptance executed by an assignee, together with any Mezzanine Note or Mezzanine Notes subject to such assignment, Mezzanine Lender shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit B
hereto, (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register, and (iii) give prompt written notice thereof to Mezzanine Borrower. Within five (5) Business Days after its receipt of such notice,
Mezzanine Borrower, at Mezzanine Lender’s own expense, shall execute and deliver to Mezzanine Lender in exchange and substitution for the surrendered Mezzanine Note or Mezzanine Notes a new Mezzanine Note to the order of such assignee in an
amount equal to the portion of the Loan assigned to it and a new Mezzanine Note to the order of Mezzanine Lender in an amount equal to the portion of the Loan retained by it hereunder. Such new Mezzanine Note or Mezzanine Notes shall be in an
aggregate principal amount equal to the aggregate then outstanding principal amount of such surrendered Mezzanine Note or Mezzanine Notes, shall be dated the effective date of such Assignment and Acceptance and shall otherwise be in substantially
the form of the Mezzanine Note (modified, however, to the extent necessary so as not to impose duplicative or increased obligations on Mezzanine Borrower and to delete obligations previously satisfied by Mezzanine Borrower). Notwithstanding the
provisions of this Article XIV, Mezzanine Borrower shall not be responsible or liable for any additional taxes, reserves, adjustments or other costs and expenses that are related to, or arise as a result of, any transfer of the Loan (except
as provided in Article XIV) or any interest or participation therein that arise solely and exclusively from the transfer of the Loan or any interest or participation therein or from the execution of the new Mezzanine Note contemplated by this
Section 14.5, including, without limitation, any mortgage tax. Mezzanine Lender and/or the assignees, as the case may be, shall from time to time designate one agent through which Mezzanine Borrower shall request all approvals and consents
required or contemplated by this Agreement and on whose statements Mezzanine Borrower may rely. 
  

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 14.6 Participations. Each assignee pursuant to this Article XIV may sell participations to
one or more Persons (other than Mezzanine Borrower or any of its Affiliates) in or to all or a portion of its rights and obligations under this Agreement and the other Mezzanine Loan Documents (including, without limitation, all or a portion of the
Mezzanine Note held by it); provided, however, that (i) such assignee’s obligations under this Agreement and the other Mezzanine Loan Documents shall remain unchanged, (ii) such assignee shall remain solely responsible to the
other parties hereto for the performance of such obligations, (iii) such assignee shall remain the holder of any such Mezzanine Note for all purposes of this Agreement and the other Mezzanine Loan Documents, (iv) Mezzanine Borrower, Mezzanine Lender
and the assignees pursuant to this Article XIV shall continue to deal solely and directly with such assignee in connection with such assignee’s rights and obligations under this Agreement and the other Mezzanine Loan Documents. In the
event that more than one (1) party comprises Mezzanine Lender, Mezzanine Lender shall designate one party to act on the behalf of all parties comprising Mezzanine Lender in providing approvals and all other necessary consents under the Mezzanine
Loan Documents and on whose statements Mezzanine Borrower may rely. 
  
 14.7 Disclosure of Information. Any assignee pursuant to this Article XIV may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Article XIV, disclose to the
assignee or participant or proposed assignee or participant, any information relating to Mezzanine Borrower furnished to such assignee by or on behalf of Mezzanine Borrower; provided, however, that, prior to any such disclosure, (a)
the assignee or participant or proposed assignee or participant shall agree in writing for the benefit of Mezzanine Borrower to preserve the confidentiality of any confidential information received by it, and (b) with respect to any Asset-Specific
Proprietary Information, the terms of Section 11.3 shall be complied with. 
  
 14.8 Security Interest in Favor of Federal Reserve Bank. Notwithstanding any other provision set forth in this Agreement or any other Mezzanine Loan Document, any assignee pursuant to this Article XIV
may at any time create a security interest in all or any portion of its rights under this Agreement or the other Mezzanine Loan Documents (including, without limitation, the amounts owing to it and the Mezzanine Note or Mezzanine Notes held by it)
in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System. 
  

	XV.	INTENTIONALLY BLANK 

  

	XVI.	ADDITIONAL RIGHTS; COSTS 

  
 16.1 Certain Additional Rights of Mezzanine Lender. Notwithstanding anything to the contrary which may be contained in this Agreement, Mezzanine
Lender shall have: 
  
 (a) the right, upon not less than fifteen
(15) Business Days’ prior written notice to Mezzanine Borrower, to request and to hold a meeting, no more often than once during each fiscal year of Mezzanine Borrower, and only in conjunction with all any 

  

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other Lender that wishes any such meeting, at Mezzanine Borrower’s office in New York, New York, with the president and chief operating officer or the
executive vice president and chief financial officer of Mezzanine Borrower, to discuss such significant business activities and business and financial developments of Mezzanine Borrower as are specified by Lender in writing in the request for such
meeting; 
  
 (b) the right, in accordance with the terms of
Section 11.1, to examine the books and records of Mezzanine Borrower; 
  
 (c) the right, in accordance with the terms of Section 11.2, to receive such financial data and information set forth therein; 
  
 (d) the right, without restricting any other rights of Mezzanine Lender under this Agreement (including any similar right),
to approve any acquisition by Mezzanine Borrower of any other significant property (other than personal property required for the day to day operation of the Property); 
  
 (e) the right, in accordance with the Pledge, during the continuance of an Event of Default, to vote Mezzanine
Borrower’s interests in Mortgage Borrower; and 
  
 (f) the
right, in accordance with this Agreement and the Pledge, including, without limitation, the provisions of Article VIII, to restrict the Transfer of interests in Mortgage Borrower, it being understood that no such restrictions can be made on
such Transfers to the extent such Transfers are permitted by the terms hereof or the Pledge. 
  
 The rights described above may be exercised by Mezzanine Lender until the Principal Amount and all other Obligations (First Mezzanine) hereunder have been repaid in full. 
  
 16.2 Costs. Mezzanine Lender shall reimburse Mezzanine Borrower for
all reasonable out-of-pocket expenses incurred by Mezzanine Borrower in connection with Mezzanine Borrower’s compliance with the provisions of Section 16.1 unless Mezzanine Borrower would otherwise have incurred such costs pursuant to
any other provision of this Agreement or the other Mezzanine Loan Documents. 
  

	XVII.	 RESERVED. 

  

	XVIII.	 DEFAULTS. 

  
 18.1 Event of Default. 
  
 (a) Each of the following events shall constitute an event of default hereunder (an “Event of Default”): 
  
 (i) if (A) the Indebtedness is not paid in full on the
Maturity Date, (B) any regularly scheduled monthly payment of interest due under the Mezzanine Note is not paid in full on the applicable Payment Date, (C) any prepayment of principal due under this Agreement or the Mezzanine Note is not paid when
due, (D) the Prepayment Fee is not paid when due, (E) any deposit to the 

  

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Mezzanine Account is not made on the required deposit date therefor; or (F) except as to any amount included in (A), (B), (C), (D), (E), and/or (F) of this
clause (i) or in clause (ii), any other amount payable pursuant to this Agreement, the Mezzanine Note or any other Mezzanine Loan Document is not paid in full when due and payable in accordance with the provisions of the applicable Mezzanine Loan
Document, with such failure continuing for ten (10) Business Days after Mezzanine Lender delivers written notice thereof to Mezzanine Borrower; 
  
 (ii) subject to Mortgage Borrower’s right to contest as set forth in Section 7.3 of the Loan Agreement (Mortgage), if any of
the Impositions or Other Charges are not paid prior to the imposition of any interest, penalty, charge or expense for the non-payment thereof; provided, that Mezzanine Borrower shall not be deemed to be in default hereunder in the event funds
sufficient for a required payment of such Imposition or Other Charge under are held in the Tax Reserve Account (as defined in the Loan Agreement (Mortgage)) and Mortgage Lender or Cash Management Bank (Mortgage) fails to timely make payment from
such account as contemplated by the Loan Agreement (Mortgage) unless due to the negligence or willful misconduct of Mortgage Borrower; 
  
 (iii) if the insurance policies required by Section 6.1 are not kept in full force and effect, or if Mezzanine Borrower fails to
deliver to Mezzanine Lender evidence of the insurance required by Section 6.1 at the times required in such Section with such failure continuing for five (5) Business Days after the Mezzanine Lender delivers written notice thereof to
Mezzanine Borrower; provided, that Mezzanine Borrower shall not be deemed to be in default hereunder in the event funds sufficient for a required payment of the premiums required to keep the insurance policies in full force and effect are held in
the Insurance Reserve Account (as defined in the Loan Agreement (Mortgage) and Mortgage Lender or Cash Management Bank (Mortgage) fails to timely make payment from such account as contemplated by the Loan Agreement (Mortgage) unless due to the
negligence or willful misconduct of Mortgage Borrower; 
  
 (iv) if, except as expressly permitted pursuant to Article VIII, or the other provisions hereof, any of the following shall occur: (a) any Transfer of any direct or indirect legal, beneficial or equitable interest in all or any
portion of the Property, (b) any Transfer of any direct or indirect interest in Mortgage Borrower, Mezzanine Borrower, any Junior Mezzanine Borrower, Master Lessee, Guarantor or any SPE Entity, (c) the Mezzanine Borrower permits Mortgage Borrower to
grant any Lien or encumbrance against all or any portion of the Property, (d) any pledge, hypothecation, creation of a security interest in or other encumbrance of any direct or indirect interests in any Borrower, Master Lessee, Guarantor or any SPE
Entity, or (e) Mortgage Borrower’s filing of a declaration of condominium with respect to the Property other than the Condominium Properties; 
  
 (v) if (i) any representation or warranty made by Mortgage Borrower in Section 4.1.24 of the Loan Agreement (Mortgage) shall have
been false or misleading in any material respect as of the date the representation or warranty was 

  

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made which incorrect, false or misleading statement is not cured within thirty (30) days after receipt by Mezzanine Borrower of notice from Mezzanine Lender
in writing of such breach or a longer period of time not to exceed thirty (30) additional days if Borrower has commenced to cure but cannot cure within the initial thirty (30) day period or (ii) if any, representation or warranty made by Mezzanine
Borrower herein or by Mortgage Borrower, Junior Mezzanine Borrower, Guarantor or any Affiliate of Mezzanine Borrower in any other Mezzanine Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document
furnished to Mezzanine Lender shall have been false or misleading in any material respect as of the date the representation or warranty was made; provided, however, that if such representation or warranty which was false or misleading in any
material respect is, by its nature, curable and is not reasonably likely to have a Material Adverse Effect, and such representation or warranty was not, to the best of Mezzanine Borrower’s knowledge, false or misleading in any material respect
when made, then same shall not constitute an Event of Default unless Mezzanine Borrower has not cured same within ten (10) days after receipt by Mezzanine Borrower of notice from Mezzanine Lender in writing of such breach; 
  
 (vi) if Mezzanine Borrower, Mortgage Borrower, Master
Lessee, Guarantor or any SPE Entity shall make an assignment for the benefit of creditors; 
  
 (vii) if a receiver, liquidator or trustee shall be appointed for Mezzanine Borrower, Mortgage Borrower, Master Lessee, Guarantor or any
SPE Entity or Mortgage Borrower, Mezzanine Borrower, Master Lessee, Guarantor or any SPE Entity shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any
similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Mezzanine Borrower, Mortgage Borrower, Master Lessee, Guarantor or any SPE Entity, or if any proceeding for the dissolution or liquidation of Mezzanine
Borrower, Mortgage Borrower, Master Lessee, Guarantor or any SPE Entity shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Mortgage Borrower, Mezzanine Borrower,
Master Lessee, Guarantor or any SPE Entity upon the same not being discharged, stayed or dismissed within ninety (90) days; 
  
 (viii) if Mezzanine Borrower, Guarantor or any SPE Entity, as applicable, attempts to assign its rights under this Agreement or any of the
other Mezzanine Loan Documents or any interest herein or therein in contravention of the Mezzanine Loan Documents; 
  
 (ix) Intentionally Omitted; 
  
 (x) the occurrence of a Mortgage Event of Default; 
  
 (xi) if any of the assumptions contained in the Non-Consolidation Opinion, in any Additional
Non-Consolidation Opinion or in any other 

  

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non-consolidation opinion delivered to Mezzanine Lender in connection with the Loan, or in any other non-consolidation opinion delivered subsequent to the
closing of the Loan, is untrue in any material respect; 
  
 (xii) if any of the assumptions contained in the True Lease Opinion is untrue in any material respect; 
  
 (xiii) if Mezzanine Borrower, having notified Mezzanine Lender of its election to extend the Maturity Date as set forth in Section
5 of the Mezzanine Note, fails to deliver the Replacement Interest Rate Cap Agreement to Mezzanine Lender not later than one (1) Business Day prior to the first day of the extended term of the Loan and Mezzanine Borrower has not prepaid the Loan
pursuant to the terms of the Mezzanine Note prior to such first day of the extended term; 
  
 (xiv) if Mezzanine Borrower shall fail to comply in any material respect with any covenants set forth in Section 5.1.4,
5.2.9 and 5.2.22; 
  
 (xv) except
as provided in clause (xiv) above, if Mezzanine Borrower shall fail to comply with any covenants set forth in Article V or Article XI with such failure continuing for ten (10) Business Days after Mezzanine Lender delivers written
notice thereof to Mezzanine Borrower; 
  
 (xvi)
Mezzanine Borrower shall fail to deposit any sums required to be deposited in the Mezzanine Account pursuant to Section 3.1.5 when due (solely with respect to deposits that are made by third parties that are not Affiliates of Mortgage
Borrower, with such failure continuing for three (3) days after Mezzanine Lender delivers notice thereof to Mezzanine Borrower; 
  
 (xvii) if this Agreement or any other Mezzanine Loan Document or any Lien granted hereunder or thereunder, in whole or in part, shall
terminate or shall cease to be effective or shall cease to be a legally valid, binding and enforceable obligation of Mezzanine Borrower or any Guarantor, or any Lien securing the Indebtedness shall, in whole or in part, cease to be a perfected first
priority Lien, subject to the Permitted Encumbrances (except in any of the foregoing cases in accordance with the terms hereof or under any other Mezzanine Loan Document or by reason of any affirmative act of Mezzanine Lender); 
  
 (xviii) except as expressly permitted pursuant to the
Mezzanine Loan Documents, if Mezzanine Borrower allows the Mortgage Borrower to grant any easement, covenant or restriction (other than the Permitted Encumbrances) over the Property; 
  
 (xix) if Mezzanine Borrower allows the Mortgage Borrower or Mortgage Borrower allows the Master Lessee to
permit any event within its control to occur that would cause any REA to terminate without notice or action by any party thereto or would entitle any party to terminate any REA and the term thereof by giving notice to Mortgage Borrower or Master
Lessee; or any REA shall be surrendered, terminated or canceled for any reason or under any circumstance 

  

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whatsoever except as provided for in such REA; or any material term of any REA shall be modified or supplemented (other than in accordance with its terms)
and such modification or supplementation is reasonably likely to have a Material Adverse Effect; or Borrower shall fail or shall permit Master Lessee to shall fail, within ten (10) Business Days after demand by Mezzanine Lender, to exercise its
option to renew or extend the term of any REA or shall fail or neglect to pursue diligently all actions necessary to exercise such renewal rights pursuant to such REA except as provided for in such REA, in all cases where such surrender,
termination, cancellation, modification, supplement or failure to renew or extend is reasonably expected to have a Material Adverse Effect; 
  
 (xx) if Mezzanine Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement or of
any Mezzanine Loan Document not specified in subsection (i) above, for thirty (30) days after notice from Mezzanine Lender; provided, however, that if such Default is susceptible of cure but cannot reasonably be cured within such thirty (30) day
period and provided further that Mezzanine Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently proceeds to cure the same, such thirty (30) day period shall be extended for such time as is
reasonably necessary for Mezzanine Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed ninety (90) days. 
  
 (b) Unless waived in writing by Mezzanine Lender, upon the occurrence and during the continuance of an Event of Default (other than an Event of Default
described in clauses (a)(vi), (vii) or (viii) above in respect of Mezzanine Borrower) Mezzanine Lender may, without notice or demand, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Mezzanine Loan
Documents or at law or in equity, take such action that Mezzanine Lender deems advisable to protect and enforce its rights against Mezzanine Borrower and in the Collateral, including, without limitation, (i) declaring immediately due and payable the
entire Principal Amount together with interest thereon and all other sums due by Mezzanine Borrower under the Mezzanine Loan Documents, (ii) collecting interest on the Principal Amount at the Default Rate whether or not Mezzanine Lender elects to
accelerate the Mezzanine Note and (iii) enforcing or availing itself of any or all rights or remedies set forth in the Mezzanine Loan Documents against Mezzanine Borrower and the Collateral, including, without limitation, all rights or remedies
available at law or in equity; and upon any Event of Default described in subsections (a)(vi), (vii) or (viii) above in respect of Mezzanine Borrower, the Indebtedness and all other obligations of Mezzanine Borrower hereunder and under the other
Mezzanine Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Mezzanine Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Mezzanine Loan
Document to the contrary notwithstanding. The foregoing provisions shall not be construed as a waiver by Mezzanine Lender of its right to pursue any other remedies available to it under this Agreement, the Pledge or any other Mezzanine Loan
Document. Any payment hereunder may be enforced and recovered in whole or in part at such time by one or more of the remedies provided to Mezzanine Lender in the Mezzanine Loan Documents. 
  

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 (c) Upon the occurrence of a Mortgage Default or an Event of Default pursuant to Section
18.1(a)(ix), Mezzanine Borrower shall cause Mortgage Borrower to deliver to Mezzanine Lender within five (5) Business Days after the first to occur of (a) receipt by Mortgage Borrower of notice of such Mortgage Default or Mortgage Event of
Default from Mortgage Lender or (b) the date Mortgage Borrower obtains actual knowledge of the occurrence of such Mortgage Default or Mortgage Event of Default, a detailed description of the actions to be taken by Mortgage Borrower to cure such
Mortgage Default or Mortgage Event of Default and the dates by which each such action shall occur. Such schedule shall be subject to the approval of Mezzanine Lender. Mezzanine Borrower shall cause Mortgage Borrower to take all such actions as are
necessary to cure such Mortgage Default or Mortgage Event of Default by the date approved by Mezzanine Lender and shall deliver to Mezzanine Lender not less frequently than weekly thereafter written updates concerning the status of Mortgage
Borrower’s efforts to cure such Mortgage Default or Mortgage Event of Default. Mezzanine Lender shall have the right, but not the obligation, to pay any sums or to take any action which Mezzanine Lender deems necessary or advisable to cure any
default or alleged default under the Loan Documents (Mortgage) (whether or not Mortgage Borrower is undertaking efforts to cure such default), and such payment or such action is hereby authorized by Mezzanine Borrower, and any sum so paid and any
expense incurred by Mezzanine Lender in taking any such action shall be evidenced by this Agreement and secured by this Agreement and the Pledge and shall be immediately due and payable by Mezzanine Borrower to Mezzanine Lender with interest at the
Default Rate until paid. Mezzanine Borrower shall cause Mortgage Borrower to permit Mezzanine Lender to enter upon the Property for the purpose of curing any default or alleged default under the Loan Documents (Mortgage) or hereunder. Mezzanine
Borrower hereby transfers and assigns any excess proceeds arising from any foreclosure or sale under power pursuant to the Loan Documents (Mortgage) or any instrument evidencing the indebtedness secured thereby, and Mezzanine Borrower hereby
authorizes and directs the holder or holders of the Loan Documents (Mortgage) to pay such excess proceeds directly to Mezzanine Lender up to the amount of the Obligations (First Mezzanine). 
  
 (d) Notwithstanding anything contained herein or in the other Mezzanine Loan
Documents, if an Event of Default is caused by a Default in respect of a Property (such as, without limitation, a Default arising from an inability to maintain a material license for the operation of a Property), then, provided (i) Mezzanine
Lender shall have not accelerated the Loan, and (ii) the elimination of the Ownership Interest relating to such Property from the collateral securing the Loan would eliminate the condition or circumstance giving rise to the Event of Default, then
Mezzanine Borrower may by notice to Mezzanine Lender, elect to prepay the Loan in the manner provided in (and subject to the requirements of) Section 2.3.4 in an amount equal to the Release Amount of such Ownership Interest, so as to obtain
the release thereof from the Lien of the Mezzanine Loan Documents. Upon such prepayment and release, such Event of Default shall be deemed cured hereunder. 
  
 18.2 Remedies. Unless waived in writing by Mezzanine Lender, upon the occurrence and during the continuance of an Event of Default, all or any one
or more of the rights, powers, privileges and other remedies available to Mezzanine Lender against 

  

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Mezzanine Borrower and Guarantor under this Agreement or any of the other Mezzanine Loan Documents executed and delivered by, or applicable to, Mezzanine
Borrower or Guarantor or at law or in equity may be exercised by Mezzanine Lender at any time and from time to time, whether or not all or any of the Indebtedness shall be declared due and payable, and whether or not Mezzanine Lender shall have
commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Mezzanine Loan Documents with respect to the Collateral. Any such actions taken by Mezzanine Lender shall be cumulative and
concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Mezzanine Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise
affecting the other rights and remedies of Mezzanine Lender permitted by law, equity or contract or as set forth herein or in the other Mezzanine Loan Documents. Without limiting the generality of the foregoing, Mezzanine Borrower agrees that if an
Event of Default is continuing (i) Mezzanine Lender shall not be subject to any one action or election of remedies law or rule and (ii) all liens and other rights, remedies or privileges provided to Mezzanine Lender shall remain in full force and
effect until Mezzanine Lender has exhausted all of its remedies against the Collateral and this Agreement and the Pledge have been foreclosed, sold and/or otherwise realized upon in satisfaction of the Indebtedness or the Indebtedness has been paid
in full. 
  
 (a) Upon the occurrence of any Event of Default,
Mezzanine Lender may, but without any obligation to do so and without notice to or demand on Mezzanine Borrower and without releasing Mezzanine Borrower from any obligation hereunder, take any action to cure such Event of Default. Mezzanine Lender
may appear in, defend, or bring any action or proceeding to protect its interests in the Collateral or to foreclose its security interest under this Agreement and the Pledge or under any of the other Mezzanine Loan Documents or collect the
Indebtedness. 
  
 (b) Upon the occurrence and during the
continuance of an Event of Default, with respect to the Account Collateral (First Mezzanine), the Mezzanine Lender may: 
  
 (i) without notice to Mezzanine Borrower, except as required by law, and at any time or from time to time, charge, set-off and otherwise
apply all or any part of the Account Collateral (First Mezzanine) against the Obligations (First Mezzanine), operating expenses and/or capital expenditures for the Property or any part thereof; 
  
 (ii) in Mezzanine Lender’s sole discretion, at any time
and from time to time, exercise any and all rights and remedies available to it under this Agreement, and/or as a secured party under the UCC; 
  
 (iii) demand, collect, take possession of or receipt for, settle, compromise, adjust, sue for, foreclose or realize upon the Account
Collateral (First Mezzanine) (or any portion thereof) as Mezzanine Lender may determine in its sole discretion; and 
  

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 (iv) take all other actions provided in, or contemplated by, this Agreement. 

 
 (c) With respect to Mezzanine Borrower, the Account Collateral (First
Mezzanine), the Rate Cap Collateral and the Collateral, nothing contained herein or in any other Mezzanine Loan Document shall be construed as requiring Mezzanine Lender to resort to the Collateral for the satisfaction of any of the Indebtedness,
and Mezzanine Lender may seek satisfaction out of the Collateral or any part thereof, in its absolute discretion in respect of the Indebtedness. In addition, Mezzanine Lender shall have the right from time to time to partially foreclose this
Agreement and the Pledge in any manner and for any amounts secured by this Agreement or the Pledge then due and payable as determined by Mezzanine Lender in its sole discretion including, without limitation, the following circumstances: (i) in the
event Mezzanine Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of principal or interest, Mezzanine Lender may foreclose this Agreement and the Pledge to recover such delinquent payments, or (ii)
in the event Mezzanine Lender elects to accelerate less than the entire outstanding principal balance of the Loan, Mezzanine Lender may foreclose this Agreement and the Pledge to recover so much of the principal balance of the Loan as Mezzanine
Lender may accelerate and such other sums secured by this Agreement or the Pledge as Mezzanine Lender may elect. Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to this Agreement and the Pledge to secure payment
of sums secured by this Agreement and the Pledge and not previously recovered. 
  
 18.3 Remedies Cumulative; Waivers. The rights, powers and remedies of Mezzanine Lender under this Agreement and the Mezzanine Loan Documents shall be cumulative and not exclusive of any other right, power or
remedy which Mezzanine Lender may have against Mezzanine Borrower pursuant to this Agreement or the other Mezzanine Loan Documents, or existing at law or in equity or otherwise. Mezzanine Lender’s rights, powers and remedies may be pursued
singly, concurrently or otherwise, at such time and in such order as Mezzanine Lender may determine in Mezzanine Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall
impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with
respect to Mezzanine Borrower or any Guarantor shall not be construed to be a waiver of any subsequent Default or Event of Default by Mezzanine Borrower or any Guarantor or to impair any remedy, right or power consequent thereon. 
  
 18.4 Costs of Collection. In the event that after an Event of Default:
(i) the Mezzanine Note or any of the Mezzanine Loan Documents is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding; (ii) an attorney is retained to represent Mezzanine Lender in
any bankruptcy, reorganization, receivership, or other proceedings affecting creditors’ rights and involving a claim under this Agreement, the Mezzanine Note or any of the Mezzanine Loan Documents; or (iii) an attorney is retained to protect or
enforce the lien or any of the terms of this Agreement, the Pledge or any of the Mezzanine Loan Documents; then Mezzanine 

  

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Borrower shall pay to Mezzanine Lender all reasonable attorney’s fees, costs and expenses actually incurred in connection therewith, including costs of
appeal, together with interest on any judgment obtained by Mezzanine Lender at the Default Rate (collectively, “Enforcement Costs”). 
  
 18.5 Distribution of Collateral Proceeds. In the event that, following the occurrence and during the continuance of any Event of Default, any
monies are received in connection with the enforcement of any of the Mezzanine Loan Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows: 
  
 (a) First, to the payment of, or (as the case may be) the reimbursement of,
Mezzanine Lender for or in respect of all reasonable out-of-pocket costs, expenses, disbursements and losses which shall have been incurred or sustained by Mezzanine Lender to protect or preserve the Collateral or in connection with the collection
of such monies by Mezzanine Lender (including without limitation, Enforcement Costs), for the exercise, protection or enforcement by Mezzanine Lender of all or any of the rights, remedies, powers and privileges of Mezzanine Lender under this
Agreement or any of the other Mezzanine Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to Mezzanine Lender against any taxes or liens which by law shall have, or may have, priority over the rights
of Mezzanine Lender to such monies; 
  
 (b) Second, to all other
Obligations (First Mezzanine) in such order or preference as Mezzanine Lender shall determine in its reasonable discretion; 
  
 (c) Third, the excess, if any, shall be deposited in the Second Mezzanine Account for distribution or application under the Second Mezzanine Loan
Documents, or if the Second Mezzanine Loan has been repaid, shall be deposited in the Third Mezzanine Account for distribution or application under the Third Mezzanine Loan Documents, or if the Third Mezzanine Loan has been repaid, shall be
deposited in the Fourth Mezzanine Account for distribution or application under the Fourth Mezzanine Loan Documents, or if the Fourth Mezzanine Loan has been repaid, shall be distributed to the Mezzanine Borrower. 
  

	XIX.	SPECIAL PROVISIONS 

  
 19.1 Exculpation. 
  
 19.1.1 Exculpated Parties. Except as set forth in this Section 19.1, the Recourse Guaranty (Mezzanine) and the Environmental Indemnity, no
personal liability shall be asserted, sought or obtained by Mezzanine Lender or enforceable against (i) Mezzanine Borrower, (ii) any Affiliate of Mezzanine Borrower, (iii) any Person owning, directly or indirectly, any legal or beneficial interest
in Mezzanine Borrower or any Affiliate of Mezzanine Borrower or (iv) any direct or indirect partner, member, principal, officer, Controlling Person, beneficiary, trustee, advisor, shareholder, employee, agent, Affiliate or director of any Persons
described in clauses (i) through (iii) above (collectively, the “Exculpated Parties”) and none of the Exculpated Parties shall have any personal liability 

  

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(whether by suit, deficiency judgment or otherwise) in respect of the Obligations (First Mezzanine), this Agreement, the Pledge, the Mezzanine Note, the
Collateral or any other Mezzanine Loan Document, or the making, issuance or transfer thereof, all such liability, if any, being expressly waived by Mezzanine Lender. The foregoing limitation shall not in any way limit or affect Mezzanine
Lender’s right to any of the following and Mezzanine Lender shall not be deemed to have waived any of the following: 
  
 (a) Foreclosure of the lien of this Agreement and the Pledge in accordance with the terms and provisions set forth herein and in the Pledge; 

 
 (b) Action against any other security at any time given to secure the
payment of the Mezzanine Note and the other Obligations (First Mezzanine); 
  
 (c) Exercise of any other remedy set forth in this Agreement or in any other Mezzanine Loan Document which is not inconsistent with the terms of this Section 19.1; 
  
 (d) Any right which Mezzanine Lender may have under Sections 506(a),
506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Indebtedness secured by this Agreement and the Pledge or to require that all collateral shall continue to secure all of the Indebtedness owing
to Mezzanine Lender in accordance with the Mezzanine Loan Documents; or 
  
 (e) The liability of any given Exculpated Party with respect to any separate written guaranty or agreement given by any such Exculpated Party in connection with the Loan (including, without limitation, the Recourse Guaranty (Mezzanine) and
the Environmental Indemnity). 
  
 19.1.2 Carveouts From
Non-Recourse Limitations. Notwithstanding the foregoing or anything in this Agreement or any of the Mezzanine Loan Documents to the contrary, there shall at no time be any limitation on Mezzanine Borrower’s or any Guarantor’s liability
for the payment, in accordance with the terms of this Agreement, the Mezzanine Note, the Pledge and the other Mezzanine Loan Documents, to Mezzanine Lender of: 
  

(a) any loss, damage, cost or expense incurred by or on behalf of Mezzanine Lender by reason of the fraudulent acts of Mezzanine Borrower or any
Affiliate of Mezzanine Borrower; 
  
 (b) Proceeds which Mortgage
Borrower, any Affiliate of Mortgage Borrower, Mezzanine Borrower or any Affiliate of Mezzanine Borrower has received and to which Mezzanine Lender is entitled pursuant to the terms of this Agreement or any of the Mezzanine Loan Documents to the
extent the same have not been applied toward payment of the Indebtedness, or used for the repair or replacement of the Property in accordance with the Loan Agreement (Mortgage); 
  
 (c) all loss, damage, cost or expense as incurred by Mezzanine Lender and arising from any intentional misrepresentation of
Mortgage Borrower, Mezzanine Borrower or any Affiliate of Mezzanine Borrower; 
  

 107 

 (d) any misappropriation of Rents or security deposits by Mortgage Borrower, Master Lessee, Mezzanine
Borrower or any of their respective Affiliates; 
  
 (e) any loss,
damage, cost or expense incurred by or on behalf of Mezzanine Lender by reason of all or any part of the Collateral, the Account Collateral or the Rate Cap Collateral being encumbered by a Lien by reason of the acts of Mezzanine Borrower or any
Affiliate of Mezzanine Borrower from and after the date hereof (other than as provided in this Agreement, the Pledge and/or any other Mezzanine Loan Document) in violation of the Mezzanine Loan Documents; 
  
 (f) after the occurrence and during the continuance of an Event of Default by
Mezzanine Borrower hereunder or under any other Mezzanine Loan Document, any Rents belonging to Mortgage Borrower, issues, profits and/or income from the Property collected by Mortgage Borrower, Mezzanine Borrower or any Affiliate of Mezzanine
Borrower other than Rent sent to the Holding Account pursuant to the Loan Agreement (Mortgage) (and not paid directly to Mortgage Lender pursuant to any notice of direction delivered to tenants of the Property) and not applied to payment of the
Obligations or used to pay normal and verifiable operating expenses of the Property or otherwise are not applied in a manner permitted under the Loan Documents (Mortgage) or the Mezzanine Loan Documents; 
  
 (g) any loss, damage, cost or expense incurred by or on behalf of Mezzanine
Lender by reason of any physical damage to the Property from intentional waste committed by Mortgage Borrower, any Affiliate of Mortgage Borrower, Mezzanine Borrower or any Affiliate of Mezzanine Borrower; 
  
 (h) any loss, damage, cost or expense incurred by or on behalf of Mezzanine
Lender by reason of the failure of Borrower to comply with any of the provisions of Article XIII; 
  
 (i) any loss, damage, cost or expense incurred by or on behalf of Mezzanine Lender by reason of any breach of a representation by Mortgage Borrower set
forth in Section 4.1.31 of the Loan Agreement (Mortgage). 
  
 (j) any loss, damage, cost or expense incurred by or on behalf of Mezzanine Lender by reason of the failure of Mezzanine Borrower to deliver to Mezzanine Lender the net sales proceeds of a Transfer of an Individual Property together with
any shortfall necessary to pay in full the Release Price for such Individual Property in accordance with the provisions set forth herein; 
  
 (k) any loss, damage, cost, or expense incurred by or on behalf of Mezzanine Lender arising from any misrepresentation of Mezzanine Borrower in Section
4.1.6 (c) or (d) to the extent Mezzanine Lender claims or asserts such amounts are covered or insured by the Mortgage Borrower’s owner’s title policy or the Owner’s Title Policy Loss Payment Direction Letter; 
  
 (l) any and all liabilities, obligations, losses, damages, costs and expenses
(including, without limitation, reasonable attorneys’ fees, causes of action, suits, claims, 

  

 108 

 
demands and adjustments of any nature or description whatsoever) which may at any time be imposed upon, incurred by or awarded against Mezzanine Lender, in
the event (and arising out of such circumstances) that (x) Mezzanine Borrower should raise any defense, counterclaim and/or allegation in any foreclosure action by Mezzanine Lender relative to the Property, the Account Collateral or the Rate Cap
Collateral or any part thereof which is found by a court to have been raised by Mezzanine Borrower in bad faith or to be without basis in fact or law, or (y) an involuntary case is commenced against Mezzanine Borrower or Guarantor under the
Bankruptcy Code with the collusion of Mezzanine Borrower or Guarantor or any of their Affiliates or (z) an order for relief is entered with respect to the Mezzanine Borrower or Guarantor under the Bankruptcy Code through the actions of the Mezzanine
Borrower or Guarantor or any of their Affiliates at a time when the Mezzanine Borrower or Guarantor, as applicable, is able to pay its debts as they become due unless Mezzanine Borrower or Guarantor, as applicable, shall have (i) received an opinion
of independent counsel that the Mezzanine Borrower or Guarantor or such Affiliate, as applicable, has a fiduciary duty to seek such an order for relief; 
  
 (m) reasonable attorney’s fees and expenses actually incurred by Mezzanine Lender in connection with any successful suit filed on account of any of
the foregoing clauses (a) through (h). 
  

	XX.	MISCELLANEOUS 

  
 20.1 Survival. This Agreement and all covenants, indemnifications, agreements, representations and warranties made herein and in the certificates
delivered pursuant hereto shall survive the making by Mezzanine Lender of the Loan and the execution and delivery to Mezzanine Lender of the Mezzanine Note, and shall continue in full force and effect so long as all or any of the Indebtedness is
outstanding and unpaid unless a longer period is expressly set forth herein or in the other Mezzanine Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and
assigns of such party. All covenants, promises and agreements in this Agreement, by or on behalf of Mezzanine Borrower, shall inure to the benefit of the successors and assigns of Mezzanine Lender. If Mezzanine Borrower consists of more than one
person, the obligations and liabilities of each such person hereunder and under the other Mezzanine Loan Documents shall be joint and several. 
  
 20.2 Mezzanine Lender’s Discretion. Whenever pursuant to this Agreement, Mezzanine Lender exercises any right given to it to approve or
disapprove, or any arrangement or term is to be satisfactory to Mezzanine Lender, the decision of Mezzanine Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise
specifically herein provided) be in the sole discretion of Mezzanine Lender and shall be final and conclusive. 
  

 109 

 20.3 Governing Law. 
  
 (A) THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY MEZZANINE LENDER AND ACCEPTED BY MEZZANINE
BORROWER IN THE STATE OF NEW YORK WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING,
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS (FIRST MEZZANINE) ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND
PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, MEZZANINE BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO
ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE MEZZANINE NOTE, AND THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW. 
  
 (B) ANY LEGAL SUIT, ACTION OR
PROCEEDING AGAINST MEZZANINE LENDER OR MEZZANINE BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY AT MEZZANINE LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO
SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND MEZZANINE BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND MEZZANINE BORROWER
HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. MEZZANINE BORROWER DOES HEREBY DESIGNATE AND APPOINT: 
  
 CORPORATION SERVICE COMPANY 
 80 STATE STREET

 ALBANY, NEW YORK 12207-2543 
  
 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL
OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO MEZZANINE BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT
EFFECTIVE SERVICE OF PROCESS UPON MEZZANINE BORROWER IN ANY SUCH SUIT, ACTION OR 

  

 110 

 
PROCEEDING IN THE STATE OF NEW YORK. MEZZANINE BORROWER (I) SHALL GIVE PROMPT NOTICE TO MEZZANINE LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT
HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III)
SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
  

20.4 Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any provision of this
Agreement, or of the Mezzanine Note, or of any other Mezzanine Loan Document, or consent to any departure by Mezzanine Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom
enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to or demand on Mezzanine Borrower shall entitle
Mezzanine Borrower to any other or future notice or demand in the same, similar or other circumstances. 
  
 20.5 Delay Not a Waiver. Neither any failure nor any delay on the part of Mezzanine Lender in insisting upon strict performance of any term,
condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Mezzanine Note or under any other Mezzanine Loan Document, or any other instrument given as security therefor, shall operate as or
constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after
the due date of any amount payable under this Agreement, the Mezzanine Note or any other Mezzanine Loan Document, Mezzanine Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under
this Agreement, the Mezzanine Note or the other Mezzanine Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 
  

 111 

 20.6 Notices. All notices, consents, approvals and requests required or permitted hereunder or
under any other Mezzanine Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested, (b) expedited prepaid
delivery service, either commercial or United States Postal Service, with proof of attempted delivery or (c) telecopier (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time to
time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 
  

			
	If to Mezzanine Lender:	  	German American Capital Corporation, on behalf of the holders of the Notes
	 	  	60 Wall Street, 10th floor
	 	  	New York, NY 10005
	 	  	Attention: Todd Sammann and General Counsel
	 	  	Telecopy No.: (212) 797-4489
	 	  	Confirmation No.: (212) 250-2748
		
	With a copy to:	  	Bank of America, N.A., as Servicer, at such notice address as shall be designated by notice delivered in accordance with this Section.
		
	With a copy to:	  	Skadden, Arps, Slate, Meagher & Flom LLP
	 	  	Four Times Square
	 	  	New York, New York 10036
	 	  	Attention: Harvey R. Uris, Esq.
	 	  	Telecopy No.: (917) 777-2212
	 	  	Confirmation No.: (212) 735-3000
		
	With a copy to:	  	 Bank of America, N.A.
 9 West 57th Street

New York, NY 10019
 Attention: Mr. Dean Ravosa
 Telecopy No.: (212) 847-5695
 Confirmation No.: (212)
847-6398

		
	With a copy to:	  	 White & Case LLP
 1155 Avenue of the
Americas
 New York, New York 10036-2787
 Attention: Tom Higgins,
Esq.
 Telecopy No.: (212) 354-8113
 Confirmation No.: (212)
819-8813

		
	If to Mezzanine Borrower:	  	 Giraffe Intermediate, LLC
 c/o Toys “R” Us,
Inc.
 One Geoffrey Way
 Wayne, New Jersey 07470
 Attention: Chief Financial Officer
 Telecopy No.: (973) 617 4006
 Confirmation No.: (973) 617-5755

		
	 	  	 Bain Capital Partners, LLC
 111 Huntington
Avenue
 Boston, MA 02199
 Attention: Mr. John Tudor
 Telecopy No.: (617) 516-2010
 Confirmation No.: (617)
516-2194

  

 112 

			
	 	  	 Kohlberg Kravis Roberts & Co.
 2800 Sand Hill
Road, Suite 200
 Menlo Park, CA 94025
 Attention: Mr. David
Kerko
 Telecopy No.: (650) 233-6538
 Confirmation No.: (650)
233-6519
  
 Vornado Realty Trust
 888 Seventh Avenue
 New York, New York 10106
 Attention: Wendy Silverstein
 Telecopy No.: (212) 894-7073
 Confirmation No.: (212) 894-7000

		
	With a copy to:	  	 Sullivan & Cromwell LLP
 125 Broad
Street
 New York, N.Y. 10004-2498
 Attention: Arthur Adler,
Esq.
 Telecopy No.: (212) 558-3588
 Confirmation No.: (212)
558-3960

		
	 	  	 Kirkland and Ellis LLP
 200 East Randolph
Drive
 Chicago, Illinois 60601
 Attention: Chris Butler,
Esq.
 Telecopy No.: (312) 861-2200
 Confirmation No.: (312)
861-2298

  
 All notices, elections, requests and
demands under this Agreement shall be effective and deemed received upon the earliest of (i) the actual receipt of the same by personal delivery or otherwise, (ii) one (1) Business Day after being deposited with a nationally recognized overnight
courier service as required above, (iii) three (3) Business Days after being deposited in the United States mail as required above, or (iv) on the day sent if sent by facsimile with confirmation on or before 5:00 p.m. New York time on any Business
Day or on the next Business Day if so delivered after 5:00 p.m. New York time or on any day other than a Business Day. Rejection or other refusal to accept or the inability to deliver because of changed address of which no notice was given as herein
required shall be deemed to be receipt of the notice, election, request, or demand sent. 
  
 20.7 TRIAL BY JURY. EACH OF MEZZANINE BORROWER AND MEZZANINE LENDER AND ALL PERSONS CLAIMING BY, THROUGH OR UNDER EITHER OF THE FOREGOING, HEREBY EXPRESSLY, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY
RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT, THE PLEDGE, THE MEZZANINE NOTE OR ANY OTHER MEZZANINE LOAN DOCUMENT, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF
OR (II) IN ANY WAY 

  

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CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, THE PLEDGE, THE MEZZANINE NOTE
OR ANY OTHER MEZZANINE LOAN DOCUMENT (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH OF MEZZANINE BORROWER AND MEZZANINE LENDER HEREBY AGREES AND CONSENTS THAT AN ORIGINAL COUNTERPART OR A COPY OF THIS
SECTION MAY BE FILED WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT HERETO TO THE WAIVER OF ANY RIGHT TO TRIAL BY JURY. EACH OF MEZZANINE BORROWER AND MEZZANINE LENDER ACKNOWLEDGES THAT IT HAS CONSULTED WITH LEGAL COUNSEL REGARDING THE MEANING OF
THIS WAIVER AND ACKNOWLEDGES THAT THIS WAIVER IS AN ESSENTIAL INDUCEMENT FOR THE MAKING OF THE LOAN. THIS WAIVER SHALL SURVIVE THE REPAYMENT OF THE LOAN. 
  
 20.8 Headings. The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference
only and shall not constitute a part of this Agreement for any other purpose. 
  
 20.9 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be
prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  
 20.10 Preferences. To the extent Mezzanine Borrower makes a payment or
payments to Mezzanine Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy
law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such
payment or proceeds had not been received by Mezzanine Lender. 
  
 20.11 Waiver of Notice. Mezzanine Borrower shall not be entitled to any notices of any nature whatsoever from Mezzanine Lender except with respect to matters for which this Agreement or the other Mezzanine Loan Documents specifically
and expressly provide for the giving of notice by Mezzanine Lender to Mezzanine Borrower and except with respect to matters for which Mezzanine Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice.
Mezzanine Borrower hereby expressly waives the right to receive any notice from Mezzanine Lender with respect to any matter for which this Agreement or the other Mezzanine Loan 

  

 114 

 
Documents do not specifically and expressly provide for the giving of notice by Mezzanine Lender to Mezzanine Borrower. 
  
 20.12 Expenses; Indemnity. Mezzanine Borrower covenants and agrees to
pay or, if Mezzanine Borrower fails to pay, to reimburse, Mezzanine Lender upon receipt of written notice from Mezzanine Lender for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements), except
as may be otherwise expressly provided in Article XIV or elsewhere in this Agreement or the Loan Documents incurred by Mezzanine Lender in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the other
Mezzanine Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Mezzanine Borrower (including without limitation any opinions requested by Mezzanine Lender
pursuant to this Agreement); (ii) Mezzanine Lender’s ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other Mezzanine Loan Documents on its part to be performed or complied with after the
Closing Date; (iii) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Mezzanine Loan Documents and any other documents or matters as
required herein or under the other Mezzanine Loan Documents; (iv) securing Mezzanine Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (v) the filing and recording fees and expenses, mortgage recording
taxes, title insurance and reasonable fees and expenses of counsel for providing to Mezzanine Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Lien in favor of Mezzanine Lender pursuant to this
Agreement and the other Mezzanine Loan Documents; (vi) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting
Mezzanine Borrower, this Agreement, the other Mezzanine Loan Documents, the Property, or any other security given for the Loan; (vii) enforcing any obligations of or collecting any payments due from Mezzanine Borrower under this Agreement, the other
Mezzanine Loan Documents or with respect to the Property or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a work-out or of any insolvency or bankruptcy proceedings and
(viii) procuring insurance policies pursuant to Section 6.1; provided, however, that Borrower shall not be liable for the payment of (A) any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts,
fraud or willful misconduct of Mezzanine Lender. Any cost and expenses due and payable to Mezzanine Lender may be paid from any amounts in the Mezzanine Account. 
  
 (a) Subject to the non-recourse provisions of Section 19.1, Mezzanine Borrower shall protect, indemnify and save
harmless Mezzanine Lender, and all officers, directors, stockholders, members, partners, employees, agents, successors and assigns thereof (collectively, the “Indemnified Parties”) from and against all liabilities, obligations,
claims, damages, penalties, causes of action, costs and expenses (including all reasonable attorneys’ fees and expenses actually incurred) imposed upon or incurred by or asserted against the Indemnified Parties, the Collateral or the Property
or any part of its interest therein, by reason of the occurrence or existence of any of the following (to the 

  

 115 

 
extent Proceeds payable on account of the following shall be inadequate; it being understood that in no event will the Indemnified Parties be required to
actually pay or incur any costs or expenses as a condition to the effectiveness of the foregoing indemnity) prior to (i) the acceptance by Mezzanine Lender or its designee of a transfer-in-lieu of foreclosure with respect to the Collateral, (ii) an
Indemnified Party or its designee or a receiver taking possession or control of the Property, or (iii) the foreclosure of the Pledge, except to the extent caused by the actual willful misconduct or gross negligence of the Indemnified Parties (other
than such willful misconduct or gross negligence imputed to the Indemnified Parties because of their interest in the Property): (1) ownership of Mezzanine Borrower’s interest in Mortgage Borrower, or any interest therein, or receipt of any
Rents or other sum therefrom, (2) any accident, injury to or death of any persons or loss of or damage to property occurring on or about the Property or any Appurtenances thereto, (3) any design, construction, operation, repair, maintenance, use,
non-use or condition of the Property or Appurtenances thereto, including claims or penalties arising from violation of any Legal Requirement or Insurance Requirement, as well as any claim based on any patent or latent defect, whether or not
discoverable by Mezzanine Lender, any claim the insurance as to which is inadequate, and any Environmental Claim, (4) any Default under this Agreement or any of the other Mezzanine Loan Documents or any failure on the part of Mezzanine Borrower to
perform or comply or to cause Mortgage Borrower to perform or comply with any of the terms of any Operating Agreement within the applicable notice or grace periods, (5) any performance of any labor or services or the furnishing of any materials or
other property in respect of the Property or any part thereof, (6) any negligence or tortious act or omission on the part of Mezzanine Borrower or any of its agents, contractors, servants, employees, sublessees, licensees or invitees, (7) any
contest referred to in Section 7.3 of the Loan Agreement (Mortgage) hereof, (8) any obligation or undertaking relating to the performance or discharge of any of the terms, covenants and conditions of the landlord contained in the Subleases or
the Master Lease, or (9) the presence at, in or under the Property or the Improvements of any Hazardous Materials in violation of any Environmental Law. Any amounts the Indemnified Parties are legally entitled to receive under this Section which are
not paid within fifteen (15) Business Days after written demand therefor by the Indemnified Parties or Mezzanine Lender, setting forth in reasonable detail the amount of such demand and the basis therefor, shall bear interest from the date of demand
at the Default Rate, and shall, together with such interest, be part of the Indebtedness and secured by this Agreement and the Pledge. In case any action, suit or proceeding is brought against the Indemnified Parties by reason of any such
occurrence, Mezzanine Borrower shall at Mezzanine Borrower’s expense resist and defend such action, suit or proceeding or will cause the same to be resisted and defended by counsel at Mezzanine Borrower’s reasonable expense for the insurer
of the liability or by counsel designated by Mezzanine Borrower (unless reasonably disapproved by Mezzanine Lender promptly after Mezzanine Lender has been notified of such counsel); provided, however, that nothing herein shall compromise the right
of Mezzanine Lender (or any Indemnified Party) to appoint its own counsel at Mezzanine Borrower’s expense for its defense with respect to any action which in its reasonable opinion presents a conflict or potential conflict between Mezzanine
Lender and Mezzanine Borrower that would make such separate representation advisable; provided further that if Mezzanine Lender shall have appointed separate counsel pursuant to the foregoing, Mezzanine Borrower 

  

 116 

 
shall not be responsible for the expense of additional separate counsel of any Indemnified Party unless in the reasonable opinion of Mezzanine Lender a
conflict or potential conflict exists between such Indemnified Party and Mezzanine Lender. So long as Mezzanine Borrower is resisting and defending such action, suit or proceeding as provided above in a prudent and commercially reasonable manner,
Mezzanine Lender and the Indemnified Parties shall not be entitled to settle such action, suit or proceeding without Borrower’s consent which shall not be unreasonably withheld or delayed, and claim the benefit of this Section 20.12 with
respect to such action, suit or proceeding and Mezzanine Lender agrees that it will not settle any such action, suit or proceeding without the consent of Mezzanine Borrower; provided, however, that if Mezzanine Borrower is not diligently defending
such action, suit or proceeding in a prudent and commercially reasonable manner as provided above, and Mezzanine Lender has provided Mezzanine Borrower with thirty (30) days’ prior written notice, or shorter period if mandated by the
requirements of applicable law, and opportunity to correct such determination, Mezzanine Lender may settle such action, suit or proceeding and claim the benefit of this Section 20.12 with respect to settlement of such action, suit or
proceeding. Any Indemnified Party will give Mezzanine Borrower prompt notice after such Indemnified Party obtains actual knowledge of any potential claim by such Indemnified Party for indemnification hereunder. The Indemnified Parties shall not
settle or compromise any action, proceeding or claim as to which it is indemnified under this Section 20.12 without notice to and reasonable consent of Mezzanine Borrower. 
  
 20.13 Exhibits and Schedules Incorporated. The Exhibits and Schedules annexed hereto are hereby incorporated herein
as a part of this Agreement with the same effect as if set forth in the body hereof. 
  
 20.14 Offsets, Counterclaims and Defenses. Any assignee of Mezzanine Lender’s interest in and to this Agreement, the Mezzanine Note and the other Mezzanine Loan Documents shall take the same free and clear
of all offsets, counterclaims or defenses which are unrelated to such documents which Mezzanine Borrower may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by
Mezzanine Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived
by Mezzanine Borrower. 
  
 20.15 Liability of Assignees of
Mezzanine Lender. No assignee of Mezzanine Lender shall have any personal liability, directly or indirectly, under or in connection with this Agreement or any other Mezzanine Loan Document or any amendment or amendments hereto made at any time
or times, heretofore or hereafter, any different than the liability of Mezzanine Lender hereunder. In addition, no assignee shall have at any time or times hereafter any personal liability, directly or indirectly, under or in connection with or
secured by any agreement, lease, instrument, encumbrance, claim or right affecting or relating to the Property or to which the Property is now or hereafter subject any different than the liability of Mezzanine Lender hereunder. The limitation of
liability provided in this Section 20.15 is (i) in addition to, and not in limitation of, any limitation of liability applicable to the assignee provided by law or by any other contract, agreement 

  

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or instrument, and (ii) shall not apply to any assignee’s gross negligence or willful misconduct. 
  
 20.16 No Joint Venture or Partnership; No Third Party Beneficiaries.

  
 (a) Mezzanine Borrower and Mezzanine Lender intend that the
relationships created hereunder and under the other Mezzanine Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship
between Mezzanine Borrower and Mezzanine Lender nor to grant Mezzanine Lender any interest in the Property other than that of mortgagee, beneficiary or lender. 
  

(b) This Agreement and the other Mezzanine Loan Documents are solely for the benefit of Mezzanine Lender and Mezzanine Borrower and nothing contained
in this Agreement or the other Mezzanine Loan Documents shall be deemed to confer upon anyone other than Mezzanine Lender and Mezzanine Borrower any right to insist upon or to enforce the performance or observance of any of the obligations contained
herein or therein. All conditions to the obligations of Mezzanine Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Mezzanine Lender and no other Person shall have standing to require satisfaction of such
conditions in accordance with their terms or be entitled to assume that Mezzanine Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a
beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Mezzanine Lender if, in Mezzanine Lender’s sole discretion, Mezzanine Lender deems it advisable or desirable to do so. 
  
 20.17 Publicity. Each party shall endeavor to permit the other to
review the initial press release relating to the Mezzanine Loan in order to provide the other with a reasonable opportunity to comment thereon. 
  
 20.18 Waiver of Marshaling of Assets. To the fullest extent permitted by law, Mezzanine Borrower, for itself and its successors and assigns, waives
all rights to a marshaling of the assets of Mezzanine Borrower, Mezzanine Borrower’s members or partners, as applicable, and others with interests in Mezzanine Borrower and of the Collateral, and agrees not to assert any right under any laws
pertaining to the marshaling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Mezzanine Lender under the
Mezzanine Loan Documents to a sale of the Collateral for the collection of the Indebtedness without any prior or different resort for collection or of the right of Mezzanine Lender to the payment of the Indebtedness out of the net proceeds of the
Collateral in preference to every other claimant whatsoever. 
  
 20.19 Waiver of Counterclaim and other Actions. Mezzanine Borrower hereby expressly and unconditionally waives, in connection with any suit, action or proceeding brought by Mezzanine Lender on this Agreement, the Mezzanine Note, the
Pledge or any Mezzanine Loan Document, any and every right it may have to (i) interpose any counterclaim therein (other than a counterclaim which can only be asserted in the suit, action or 

  

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proceeding brought by Mezzanine Lender on this Agreement, the Mezzanine Note, the Pledge or any Mezzanine Loan Document and cannot be maintained in a
separate action) and (ii) have any such suit, action or proceeding consolidated with any other or separate suit, action or proceeding. 
  
 20.20 Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of this Agreement and any of the other
Mezzanine Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Mezzanine Loan Documents and
that such Mezzanine Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Mezzanine Borrower acknowledges that, with respect to the Loan, Mezzanine Borrower shall rely solely on its
own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Mezzanine Lender or any parent, subsidiary or Affiliate of Mezzanine Lender. Mezzanine Lender shall not be
subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Mezzanine Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent,
subsidiary or Affiliate of Mezzanine Lender of any equity interest any of them may acquire in Mezzanine Borrower, and Mezzanine Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with
respect to Mezzanine Lender’s exercise of any such rights or remedies. Mezzanine Borrower acknowledges that Mezzanine Lender engages in the business of real estate financings and other real estate transactions and investments which may be
viewed as adverse to or competitive with the business of Mezzanine Borrower or its Affiliates. 
  
 20.21 Prior Agreements. This Agreement and the other Mezzanine Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and
all prior agreements among or between such parties, whether oral or written, are superseded by the terms of this Agreement and the other Mezzanine Loan Documents and unless specifically set forth in a writing contemporaneous herewith the terms,
conditions and provisions of any and all such prior agreements do not survive execution of this Agreement. 
  
 20.22 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall constitute an original, but all of which shall
constitute one document. 
  
 20.23 Direction of Mortgage
Borrower with Respect to the Property. Mezzanine Borrower and Mezzanine Lender acknowledge and agree that, as to any clauses or provisions contained in this Agreement or any of the other Mezzanine Loan Documents to the effect that (i) Mezzanine
Borrower shall cause Mortgage Borrower to act or to refrain from acting in any manner, or (ii) Mezzanine Borrower shall cause to occur or not to occur, or otherwise be obligated in any manner with respect to, any matters pertaining to Mortgage
Borrower or the Property, or (iii) other similar effect, such clause or provisions, in each case, is intended to mean, and shall be construed as meaning, that Mezzanine Borrower has undertaken to act and is obligated to act only in Mezzanine
Borrower’s 

  

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capacity as the direct or indirect sole member of Mortgage Borrower (which Mortgage Borrower, in turn, is the fee owner of the Property) but not directly
with respect to Mortgage Borrower or the Property or in any other manner which would violate any of the covenants contained in Section 5.1.4 hereof or other similar covenants contained in Mezzanine Borrower’s Organizational Documents.

  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 120 

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

			
	 MEZZANINE BORROWER:

	
	GIRAFFE INTERMEDIATE, LLC, a
Delaware limited liability company
		
	 By:
	 	 /s/ Jon W. Kimmins

	 Name:
	 	 Jon W. Kimmins

	 Title:
	 	 Senior Vice President-Treasurer

  
 [Mezzanine
Lender’s signature appears on following page] 

			
	 MEZZANINE LENDER:

	
	GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation
		
	 By:
	 	 /s/ Todd O. Sammann

	 Name:
	 	 Todd O. Sammann

	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ Eric M. Schwartz

	 Name:
	 	 Eric M. Schwartz

	 Title:
	 	 Vice President

  

 2

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