Document:

EX-10.1

 Exhibit 10.1 
  

 
  

Published CUSIP Numbers: 
 Deal:
05491PAA7 
 Revolver: 05491PAB5 

CREDIT AGREEMENT 
 Dated as of
April 28, 2017 
 among 

BEF FOODS, INC., 
 as the Borrower,

 BOB EVANS FARMS, INC., 
 as
the Parent and as a Guarantor, 
 BOB EVANS FARMS, LLC, 

as the Intermediate Parent and as a Guarantor, 

CERTAIN SUBSIDIARIES OF THE PARENT PARTY HERETO, 

as Guarantors, 
 BANK OF AMERICA,
N.A., 
 as Administrative Agent, Swingline Lender and L/C Issuer, 

JPMORGAN CHASE BANK, N.A. 
 and

 PNC BANK, NATIONAL ASSOCIATION, 

as Co-Syndication Agents 

and 
 THE OTHER LENDERS PARTY
HERETO 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

JPMORGAN CHASE BANK, N.A. 
 and 

PNC CAPITAL MARKETS LLC, 
 as Joint
Lead Arrangers and Joint Bookrunners 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
	 1.01
	 	 Defined Terms
	  	 	1	 
	 1.02
	 	 Other Interpretive Provisions
	  	 	36	 
	 1.03
	 	 Accounting Terms
	  	 	37	 
	 1.04
	 	 Rounding
	  	 	38	 
	 1.05
	 	 Times of Day
	  	 	38	 
	 1.06
	 	 Letter of Credit Amounts
	  	 	38	 
	 1.07
	 	 UCC Terms
	  	 	39	 
		
	 ARTICLE II COMMITMENTS AND CREDIT EXTENSIONS
	  	 	39	 
	 2.01
	 	 Revolving Loans
	  	 	39	 
	 2.02
	 	 Borrowings, Conversions and Continuations of Revolving Loans
	  	 	39	 
	 2.03
	 	 Letters of Credit
	  	 	42	 
	 2.04
	 	 Swingline Loans
	  	 	51	 
	 2.05
	 	 Prepayments
	  	 	54	 
	 2.06
	 	 Termination or Reduction of Commitments
	  	 	55	 
	 2.07
	 	 Repayment of Loans
	  	 	56	 
	 2.08
	 	 Interest and Default Rate
	  	 	56	 
	 2.09
	 	 Fees
	  	 	57	 
	 2.10
	 	 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
	  	 	57	 
	 2.11
	 	 Evidence of Debt
	  	 	58	 
	 2.12
	 	 Payments Generally; Administrative Agent’s Clawback
	  	 	59	 
	 2.13
	 	 Sharing of Payments by Lenders
	  	 	61	 
	 2.14
	 	 Cash Collateral
	  	 	61	 
	 2.15
	 	 Defaulting Lenders
	  	 	62	 
		
	 ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	65	 
	 3.01
	 	 Taxes
	  	 	65	 
	 3.02
	 	 Illegality
	  	 	69	 
	 3.03
	 	 Inability to Determine Rates
	  	 	70	 
	 3.04
	 	 Increased Costs; Reserves on Eurodollar Rate Loans
	  	 	71	 
	 3.05
	 	 Compensation for Losses
	  	 	72	 
	 3.06
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	73	 
	 3.07
	 	 Survival
	  	 	73	 
		
	 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	74	 
	 4.01
	 	 Conditions Precedent to Effectiveness and Initial Credit Extensions on the Closing Date
	  	 	74	 
	 4.02
	 	 Conditions to all Credit Extensions
	  	 	77	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	78	 
	 5.01
	 	 Existence, Qualification and Power
	  	 	78	 
	 5.02
	 	 Authorization; No Contravention
	  	 	78	 
	 5.03
	 	 Governmental Authorization; Other Consents
	  	 	78	 
	 5.04
	 	 Binding Effect
	  	 	78	 
	 5.05
	 	 Financial Statements; No Material Adverse Effect
	  	 	79	 
	 5.06
	 	 Litigation
	  	 	79	 
	 5.07
	 	 No Default
	  	 	79	 
	 5.08
	 	 Ownership of Property
	  	 	79	 
	 5.09
	 	 Environmental Compliance
	  	 	80	 

  
 i 

							
	 5.10
	 	 Insurance
	  	 	80	 
	 5.11
	 	 Taxes
	  	 	80	 
	 5.12
	 	 ERISA Compliance
	  	 	80	 
	 5.13
	 	 Margin Regulations; Investment Company Act
	  	 	81	 
	 5.14
	 	 Disclosure
	  	 	81	 
	 5.15
	 	 Compliance with Laws
	  	 	82	 
	 5.16
	 	 Solvency
	  	 	82	 
	 5.17
	 	 Casualty, Etc.
	  	 	82	 
	 5.18
	 	 Sanctions Concerns; Anti-Corruption Laws; PATRIOT Act
	  	 	82	 
	 5.19
	 	 Responsible Officers
	  	 	82	 
	 5.20
	 	 Subsidiaries; Equity Interests; Loan Parties
	  	 	83	 
	 5.21
	 	 Collateral Representations; Properties
	  	 	83	 
	 5.22
	 	 EEA Financial Institutions
	  	 	84	 
	 5.23
	 	 Designation as Senior Indebtedness
	  	 	84	 
		
	 ARTICLE VI AFFIRMATIVE COVENANTS
	  	 	84	 
	 6.01
	 	 Financial Statements
	  	 	84	 
	 6.02
	 	 Certificates; Other Information
	  	 	85	 
	 6.03
	 	 Notices
	  	 	87	 
	 6.04
	 	 Payment of Obligations
	  	 	88	 
	 6.05
	 	 Preservation of Existence, Etc.
	  	 	88	 
	 6.06
	 	 Maintenance of Properties
	  	 	88	 
	 6.07
	 	 Maintenance of Insurance
	  	 	89	 
	 6.08
	 	 Compliance with Laws
	  	 	89	 
	 6.09
	 	 Books and Records
	  	 	89	 
	 6.10
	 	 Inspection Rights
	  	 	89	 
	 6.11
	 	 Use of Proceeds
	  	 	90	 
	 6.12
	 	 Material Contracts
	  	 	90	 
	 6.13
	 	 Covenant to Guarantee Obligations
	  	 	90	 
	 6.14
	 	 Covenant to Give Security
	  	 	91	 
	 6.15
	 	 Further Assurances
	  	 	92	 
	 6.16
	 	 Maintenance of Primary Depository and Cash Management Relationship
	  	 	92	 
	 6.17
	 	 Anti-Corruption Laws
	  	 	92	 
	 6.18
	 	 Post-Closing Covenant
	  	 	92	 
		
	 ARTICLE VII NEGATIVE COVENANTS
	  	 	92	 
	 7.01
	 	 Liens
	  	 	92	 
	 7.02
	 	 Indebtedness
	  	 	93	 
	 7.03
	 	 Investments
	  	 	94	 
	 7.04
	 	 Fundamental Changes
	  	 	95	 
	 7.05
	 	 Dispositions
	  	 	96	 
	 7.06
	 	 Restricted Payments
	  	 	96	 
	 7.07
	 	 Change in Nature of Business
	  	 	96	 
	 7.08
	 	 Transactions with Affiliates
	  	 	97	 
	 7.09
	 	 Burdensome Agreements
	  	 	97	 
	 7.10
	 	 Use of Proceeds
	  	 	97	 
	 7.11
	 	 Financial Covenants
	  	 	98	 
	 7.12
	 	 Amendments of Organization Documents; Changes in Fiscal Year, Legal Name, State of Organization,
Form of Entity, or Principal Place of Business; Accounting Changes
	  	 	98	 
	 7.13
	 	 Sale and Leaseback Transactions
	  	 	98	 
	 7.14
	 	 Prepayments, Etc. of Junior Debt
	  	 	98	 

  
 ii 

							
	 7.15
	 	 Amendment, Etc. of Junior Debt; Amendment of Permitted Guaranties
	  	 	99	 
	 7.16
	 	 Ownership of Subsidiaries
	  	 	99	 
	 7.17
	 	 Sanctions
	  	 	99	 
	 7.18
	 	 Anti-Corruption Laws
	  	 	100	 
		
	 ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES
	  	 	100	 
	 8.01
	 	 Events of Default
	  	 	100	 
	 8.02
	 	 Remedies upon Event of Default
	  	 	102	 
	 8.03
	 	 Application of Funds
	  	 	102	 
		
	 ARTICLE IX ADMINISTRATIVE AGENT
	  	 	104	 
	 9.01
	 	 Appointment and Authority
	  	 	104	 
	 9.02
	 	 Rights as a Lender
	  	 	104	 
	 9.03
	 	 Exculpatory Provisions
	  	 	105	 
	 9.04
	 	 Reliance by Administrative Agent
	  	 	105	 
	 9.05
	 	 Delegation of Duties
	  	 	106	 
	 9.06
	 	 Resignation of Administrative Agent
	  	 	106	 
	 9.07
	 	 Non-Reliance on Administrative Agent and Other
Lenders
	  	 	108	 
	 9.08
	 	 No Other Duties, Etc.
	  	 	108	 
	 9.09
	 	 Administrative Agent May File Proofs of Claim; Credit Bidding
	  	 	108	 
	 9.10
	 	 Collateral and Guaranty Matters
	  	 	110	 
	 9.11
	 	 Secured Cash Management Agreements and Secured Hedge Agreements
	  	 	110	 
		
	 ARTICLE X CONTINUING GUARANTY
	  	 	111	 
	 10.01
	 	 Guaranty
	  	 	111	 
	 10.02
	 	 Rights of Lenders
	  	 	111	 
	 10.03
	 	 Certain Waivers
	  	 	111	 
	 10.04
	 	 Obligations Independent
	  	 	112	 
	 10.05
	 	 Subrogation
	  	 	112	 
	 10.06
	 	 Termination; Reinstatement
	  	 	112	 
	 10.07
	 	 Stay of Acceleration
	  	 	112	 
	 10.08
	 	 Condition of Borrower
	  	 	113	 
	 10.09
	 	 Appointment of Borrower
	  	 	113	 
	 10.10
	 	 Right of Contribution
	  	 	113	 
	 10.11
	 	 Keepwell
	  	 	113	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	114	 
	 11.01
	 	 Amendments, Etc.
	  	 	114	 
	 11.02
	 	 Notices; Effectiveness; Electronic Communications
	  	 	116	 
	 11.03
	 	 No Waiver; Cumulative Remedies; Enforcement
	  	 	118	 
	 11.04
	 	 Expenses; Indemnity; Damage Waiver
	  	 	118	 
	 11.05
	 	 Payments Set Aside
	  	 	121	 
	 11.06
	 	 Successors and Assigns
	  	 	121	 
	 11.07
	 	 Treatment of Certain Information; Confidentiality
	  	 	125	 
	 11.08
	 	 Right of Setoff
	  	 	127	 
	 11.09
	 	 Interest Rate Limitation
	  	 	127	 
	 11.10
	 	 Counterparts; Integration; Effectiveness
	  	 	128	 
	 11.11
	 	 Survival of Representations and Warranties
	  	 	128	 
	 11.12
	 	 Severability
	  	 	128	 
	 11.13
	 	 Replacement of Lenders
	  	 	129	 
	 11.14
	 	 Governing Law; Jurisdiction; Etc.
	  	 	129	 
	 11.15
	 	 Waiver of Jury Trial
	  	 	130	 
	 11.16
	 	 Subordination
	  	 	131	 

  
 iii 

							
	 11.17
	 	 No Advisory or Fiduciary Responsibility
	  	 	131	 
	 11.18
	 	 Electronic Execution
	  	 	132	 
	 11.19
	 	 PATRIOT Act Notice
	  	 	132	 
	 11.20
	 	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	132	 
	 11.21
	 	 ENTIRE AGREEMENT
	  	 	133	 

  
 iv 

 SCHEDULES 
  

			
	Schedule 1.01(a)	  	Certain Addresses for Notices
	Schedule 1.01(b)	  	Commitments and Applicable Percentages
	Schedule 1.01(c)	  	Existing Letters of Credit
	Schedule 5.19	  	Responsible Officers
	Schedule 5.20(a)	  	Subsidiaries, Joint Ventures, Partnerships and Other Equity Investments
	Schedule 5.20(b)	  	Loan Parties
	Schedule 5.21(b)	  	Intellectual Property
	Schedule 5.21(c)	  	Deposit Accounts & Securities Accounts
	Schedule 5.21(d)	  	Real Properties
	Schedule 7.01	  	Existing Liens
	Schedule 7.02	  	Existing Indebtedness
	Schedule 7.03	  	Existing Investments
	Schedule 7.09	  	Burdensome Agreements

 EXHIBITS 
  

			
	Exhibit A	  	Form of Assignment and Assumption
	Exhibit B	  	Form of Compliance Certificate
	Exhibit C	  	Form of Joinder Agreement
	Exhibit D	  	Form of Letter of Credit Report
	Exhibit E	  	Form of Loan Notice
	Exhibit F	  	Form of Note
	Exhibit G	  	Form of Notice of Loan Prepayment
	Exhibit H	  	Form of Secured Party Designation Notice
	Exhibit I	  	Form of Solvency Certificate
	Exhibit J	  	Form of Swingline Loan Notice
	Exhibit K	  	Forms of U.S. Tax Compliance Certificates

  
 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT is entered into as of April 28, 2017 among BEF FOODS, INC., an Ohio corporation (the “Borrower”),
BOB EVANS FARMS, INC., a Delaware corporation (the “Parent”), BOB EVANS FARMS, LLC, an Ohio limited liability company (the “Intermediate Parent”), the other Guarantors (defined herein), the Lenders (defined herein),
and BANK OF AMERICA, N.A., as Administrative Agent, Swingline Lender and L/C Issuer. 
 PRELIMINARY STATEMENTS: 

WHEREAS, the Loan Parties (defined herein) have requested that the Lenders, the Swingline Lender and the L/C Issuer make loans and
other financial accommodations to the Loan Parties in an aggregate amount of up to $300,000,000; and 
 WHEREAS, the Lenders, the
Swingline Lender and the L/C Issuer have agreed to make such loans and other financial accommodations to the Loan Parties on the terms and subject to the conditions set forth herein. 

NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as
follows: 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 
  

	1.01	Defined Terms. 

 As used in this Agreement, the following terms shall have the
meanings set forth below: 
 “Acquisition” means the acquisition, whether through a single transaction or a series of
related transactions, of (a) a majority of the Voting Stock or other controlling ownership interest in another Person (including the purchase of an option, warrant or convertible or similar type security to acquire such a controlling interest
at the time it becomes exercisable by the holder thereof), whether by purchase of such equity or other ownership interest or upon the exercise of an option or warrant for, or conversion of securities into, such equity or other ownership interest, or
(b) assets of another Person which constitute all or substantially all of the assets of such Person or of a division, line of business or other business unit of such Person. 

“Acquisition Consideration” means the purchase consideration for any Permitted Acquisition and all other payments by any Loan
Party or any Subsidiary in exchange for, or as part of, or in connection with, any Permitted Acquisition, whether paid in cash or by exchange of Equity Interests or of properties or otherwise and whether payable at or prior to the consummation of
such Permitted Acquisition or deferred for payment at any future time, whether or not any such future payment is subject to the occurrence of any contingency, and includes any and all payments representing the purchase price and any assumptions of
Indebtedness, deferred purchase price, Earn Out Obligations and other agreements to make any payment the amount of which is, or the terms of payment of which are, in any respect subject to or contingent upon the revenues, income, cash flow or
profits (or the like) of any Person. For purposes of determining the aggregate consideration paid for an Acquisition at the time of such Acquisition, the amount of any Earn Out Obligations shall be deemed to be the maximum amount of the earn-out payments in respect thereof as specified in the documents relating to such Acquisition, if determinable; otherwise, such amount shall be the Borrower’s reasonable good faith estimation of the amounts
payable therein. 

 “Additional Secured Obligations” means all obligations arising under Secured
Cash Management Agreements and Secured Hedge Agreements, including costs and expenses to the extent provided therein; provided, that, Additional Secured Obligations of a Guarantor shall exclude any Excluded Swap Obligations with
respect to such Guarantor. 
 “Administrative Agent” means Bank of America, in its capacity as administrative agent under
any of the Loan Documents, or any successor administrative agent. 
 “Administrative Agent’s Office” means the
Administrative Agent’s address and, as appropriate, account as set forth on Schedule 1.01(a), or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders. 

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

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Aggregate
Commitments” means the Commitments of all the Lenders. 
 “Agreement” means this Credit Agreement. 

“Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal
place) of the Aggregate Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.15. If the Commitments of all of the Lenders to make Revolving Loans and the
obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender in respect of the
Aggregate Commitments shall be determined based on the Applicable Percentage of such Lender in respect of the Aggregate Commitments most recently in effect, giving effect to any subsequent assignments. The Applicable Percentage of each Lender is set
forth opposite the name of such Lender on Schedule 1.01(b) or in the Assignment and Assumption or other documentation pursuant to which such Lender becomes a party hereto, as applicable. 

“Applicable Rate” means with respect to Revolving Loans, Swingline Loans, Letter of Credit Fees, and the Commitment Fee, the
following percentages per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a): 

 

																			
	 Pricing Tier
	  	 Consolidated
Leverage Ratio
	  	 Commitment Fee
	 	 	 Letter of

Credit Fee
	 	 	 Eurodollar Rate

Loans
	 	 	 Base Rate

Loans
	 
	 I
	  	< 1.0 to 1.0	  	 	0.20	% 	 	 	1.25	% 	 	 	1.25	% 	 	 	0.25	% 
	 II
	  	3 1.0 to 1.0 but
 < 2.0 to
1.0
	  	 	0.20	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	0.50	% 
	 III
	  	3 2.0 to 1.0 but
 < 3.0 to
1.0
	  	 	0.25	% 	 	 	1.75	% 	 	 	1.75	% 	 	 	0.75	% 
	 IV
	  	3 3.0 to 1.0	  	 	0.30	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	1.00	% 

  
 2 

 Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall
become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, that, if a Compliance Certificate is not delivered when due in accordance
with Section 6.02(a), then, upon the request of the Required Lenders, Pricing Tier IV shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect
until the first Business Day immediately following the date on which such Compliance Certificate is delivered in accordance with Section 6.02(a), whereupon the Applicable Rate shall be adjusted based upon the calculation of the Consolidated
Leverage Ratio contained in such Compliance Certificate. The Applicable Rate in effect from the Closing Date to the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a) for
the fiscal quarter ending July 28, 2017 shall be determined based upon Pricing Tier II. Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the
provisions of Section 2.10(b). 
 “Appropriate Lender” means, at any time, (a) a Lender that has a Commitment
or holds a Revolving Loan at such time, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer, and (ii) if any Letters of Credit have been issued pursuant to Section 2.03, the Lenders, and
(c) with respect to the Swingline Sublimit, (i) the Swingline Lender, and (ii) if any Swingline Loans are outstanding pursuant to Section 2.04(a), the Lenders. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arrangers” means MLPFS, JPMorgan
Chase Bank, N.A., and PNC Capital Markets LLC, in their respective capacities as joint lead arrangers and joint bookrunners. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the
consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any other form (including an electronic documentation form generated by use of an
electronic platform) approved by the Administrative Agent. 
 “Audited Financial Statements” means the audited Consolidated
balance sheet of the Parent and its Subsidiaries for the fiscal year ended April 29, 2016, and the related Consolidated statements of income or operations, changes in shareholders’ equity and cash flows for such fiscal year, including the
notes thereto. 
 “Auto-Extension Letter of Credit” has the meaning specified in Section 2.03(b)(iv). 

“Auto-Reinstatement Letter of Credit” has the meaning specified in Section 2.03(b)(v). 

“Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date,
(b) the date of termination of the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the Commitment of each Lender to make Revolving Loans and of the obligation of the L/C Issuer
to make L/C Credit Extensions pursuant to Section 8.02. 

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

  
 3 

 “Bail-In Legislation” means, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 
 “Bank of America” means Bank of America, N.A. and its
successors. 
 “Base Rate” means for any day a fluctuating rate of interest per annum equal to the highest of (a) the
Federal Funds Rate plus one-half of one percent (0.50%), (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and
(c) the Eurodollar Rate plus one percent (1%); provided, that, if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. The “prime rate” is a rate set by Bank of
America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such
announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. 

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

“Board of Directors” means (a) with respect to a corporation, the board of directors of the corporation or any committee
thereof duly authorized to act on behalf of such board, (b) with respect to a partnership, the Board of Directors of the general partner of the partnership, (c) with respect to a limited liability company, the managing member or members or
any controlling committee of managing members thereof or if not member-managed, the managers thereof or any committee of managing members or managers thereof duly authorized to act on behalf of such Persons, and (d) with respect to any other
Person, the board or committee of such Person serving a similar function. 
 “Borrower” has the meaning specified in the
introductory paragraph hereto. 
 “Borrower Materials” has the meaning specified in Section 6.02.

 “Borrowing” means a Revolving Borrowing or a Swingline Borrowing, as the context may require. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a London Banking Day. 

“Capitalized Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.

 “Cash Collateralize” means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or
more of the L/C Issuer, the Swingline Lender or the Lenders, as collateral for L/C Obligations, the Obligations in respect of Swingline Loans, or obligations of the Lenders to fund participations in Letters of Credit or Swingline Loans (as the
context may require), (a) cash or deposit account balances, (b) backstop letters of credit entered into on terms, from issuers and in amounts satisfactory to the Administrative Agent and the L/C Issuer, and/or (c) if the Administrative
Agent and the L/C Issuer or the Swingline Lender shall agree, in their sole discretion, other credit support, in each case, in Dollars and pursuant to documentation in form and substance satisfactory to the Administrative Agent and the L/C Issuer or
the Swingline Lender (as applicable). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

  
 4 

 “Cash Management Agreement” means any agreement that is not prohibited by the
terms hereof to provide treasury or cash management services, including deposit accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards), funds transfer,
automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services. 

“Cash Management Bank” means any Person in its capacity as a party to a Cash Management Agreement that (a) at the time
it enters into a Cash Management Agreement with a Loan Party, is a Lender or an Affiliate of a Lender, or (b) in the case of any Cash Management Agreement in effect on or prior to the Closing Date, is, as of the Closing Date or within thirty
(30) days thereafter, a Lender or an Affiliate of a Lender and a party to a Cash Management Agreement with a Loan Party; provided, that, for any of the foregoing to be included as a “Secured Cash Management Agreement” on
any date of determination by the Administrative Agent, the applicable Cash Management Bank (other than the Administrative Agent or an Affiliate of the Administrative Agent) must have delivered a Secured Party Designation Notice to the Administrative
Agent prior to such date of determination. 
 “Change in Law” means the occurrence, after the Closing Date, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental
Authority, or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, that, notwithstanding anything herein to the contrary,
(i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith, and (ii) all requests, rules, guidelines or directives promulgated by the
Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a
“Change in Law”, regardless of the date enacted, adopted or issued. 
 “Change of Control” means an event or
series of events by which: 
 (a) any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person or group shall be deemed to have “beneficial
ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of
thirty percent (30%) or more of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Parent on a fully-diluted basis (and taking into account all such securities that such “person” or
“group” has the right to acquire pursuant to any option right); or 
 (b) during any period of twenty-four
(24) consecutive months, a majority of the members of the Board of Directors of the Parent cease to be composed of individuals (i) who were members of that Board of Directors on the first day of such period, (ii) whose election or
nomination to that Board of Directors was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that Board of

  
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Directors, or (iii) whose election or nomination to that Board of Directors was approved by individuals referred to in clauses (i) and (ii) above constituting at the time
of such election or nomination at least a majority of that Board of Directors; or 
 (c) (i) except as permitted pursuant to
Section 7.04(h) or Section 7.04(i), the Parent shall cease to own and control, of record and beneficially, directly one hundred percent (100%) of the Equity Interests of the Intermediate Parent; or (ii) except as permitted
pursuant to Section 7.04(h) or Section 7.04(i), the Intermediate Parent shall cease to own and control, of record and beneficially, directly one hundred percent (100%) of the Equity Interests of the Borrower; or (iii) after giving
effect to the merger or consolidation permitted pursuant to Section 7.04(h), the Parent shall cease to own and control, of record and beneficially, directly one hundred percent (100%) of the Equity Interests of the Borrower; or
(iv) after giving effect to the liquidation or dissolution permitted pursuant to Section 7.04(i), the Parent shall cease to own and control, of record and beneficially, directly one hundred percent (100%) of the Equity Interests of the
Borrower. 
 “Closing Date” means the date hereof. 

“Closing Date Disposition” means the Disposition by the Parent of certain assets pursuant to, and in accordance with the
terms of, the Closing Date Disposition Agreement. 
 “Closing Date Disposition Agreement” means that certain Asset and
Membership Interest Purchase Agreement, dated as of January 24, 2017, by and between the Parent, as seller, and BER Acquisition, LLC, as buyer (including all schedules and exhibits thereto). 

“Code” means the Internal Revenue Code of 1986. 

“Collateral” means a collective reference to all personal property with respect to which Liens in favor of the Administrative
Agent, for the benefit of the Secured Parties, are granted or purported to be granted pursuant to and in accordance with the terms of the Collateral Documents; provided, that, for the avoidance of doubt, “Collateral” shall
not include any Excluded Property. 
 “Collateral Documents” means, collectively, the Security Agreement, the Pledge
Agreement, each Qualifying Control Agreement, each Joinder Agreement, each of the collateral assignments, security agreements, pledge agreements or other similar agreements delivered to the Administrative Agent pursuant to
Section 6.14, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent, for the benefit of the Secured Parties. 

“Commitment” means, as to each Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to
Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swingline Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite
such Lender’s name on Schedule 1.01(b) under the caption “Commitment” or opposite such caption in the Assignment and Assumption or other documentation pursuant to which such Lender becomes a party hereto, as applicable, as such
amount may be adjusted from time to time in accordance with this Agreement. The Aggregate Commitments on the Closing Date shall be $300,000,000. 

“Commitment Fee” has the meaning specified in Section 2.09(a). 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time,
and any successor statute. 

  
 6 

 “Compliance Certificate” means a certificate substantially in the form of
Exhibit B. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income
(however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated” means, when used with
reference to financial statements or financial statement items of the Parent and its Subsidiaries or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP. 

“Consolidated EBITDA” means, for any Measurement Period, for the Parent and its Subsidiaries on a Consolidated basis in
accordance with GAAP, an amount equal to the total of (a) the sum of (without duplication) net income, depreciation, amortization, fees, costs and expenses in connection with the consummation of the Transactions, in each case to the extent
deducted in determining net income, all adjustments deducted in determining net income and reflected in the “GAAP to Non-GAAP Reconciliation of Operating Income” disclosed in the Parent’s
earnings release for such Measurement Period (provided, that, exclusive of any Historical EBITDA Period, during which cash charges added back to net income shall be deemed to be zero, cash charges relating thereto shall not exceed
$10,000,000 in any Measurement Period), other non-cash charges to net income (including non-cash stock-based compensation expense), and any contingent or deferred
payments (including payments of Earn Out Obligations) made in connection with any Permitted Acquisition or the Pineland Farms Acquisition, in each case, to the extent deducted in determining net income, interest expense, and income and franchise (or
similar) Tax expense, minus (b) non-cash credits to net income (but excluding any such items to the extent they represent (i) non-cash gains with
respect to cash actually received in a prior period to the extent such cash did not increase net income in a prior period, or (ii) non-cash items representing ordinary course accruals of cash to be
received in future periods (it being understood that such cash when received in such future period shall not increase net income)); provided, that, notwithstanding any provision in this definition, all
non-cash charges (with no dollar limitation) to net income will be added back to net income when accrued for purposes of this calculation, regardless of whether any such
non-cash charge is expected to result in any future cash payment but, to the extent any such non-cash charges determined pursuant to this definition result in future
cash payments (excluding any cash payments made with respect to a non-cash charge that was previously added back to net income as an accrual or reserve for a fee, cost or expense in connection with the
Transactions) in excess of an aggregate amount of $10,000,000 in any Measurement Period, Consolidated EBITDA will be reduced by the amount of such excess at such future time. Notwithstanding the foregoing, for purposes of determining Consolidated
EBITDA for any Measurement Period that includes any of the four fiscal quarters most recently ending on or prior to the Closing Date (each, a “Historical EBITDA Period”), Consolidated EBITDA shall equal $16,861,000.00 for the fiscal
quarter ended July 29, 2016, $15,504,000.00 for the fiscal quarter ended October 28, 2016, $26,956,000.00 for the fiscal quarter ended January 27, 2017, and $23,300,000.00 for the fiscal quarter ended April 28, 2017, in each
case, subject to Section 1.03 with respect to all Specified Transactions occurring after the Closing Date; provided, that, from and after delivery of the financial statements for the fiscal year ending
April 28, 2017 pursuant to Section 6.01(a), Consolidated EBITDA for the Historical EBITDA Period ended April 28, 2017 shall be determined by reference to the financial statements for the fiscal year ending April 28, 2017. 

“Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA for
the Measurement Period most recently ended on or prior to such date, to (b) interest expense of the Parent and its Subsidiaries (determined on a Consolidated basis) for the Measurement Period most recently ended on or prior to such date.

  
 7 

 “Consolidated Leverage Ratio” means, as of any date of determination, the ratio
of (a) Indebtedness of the Parent and its Subsidiaries on a Consolidated basis determined in accordance with GAAP as of such date, to (b) Consolidated EBITDA for the Measurement Period most recently ended on or prior to such date.

 “Consolidated Total Assets” means, as of any date of determination, for any Person, the total amount of all assets of
such Person and its Subsidiaries, determined on a Consolidated basis in accordance with GAAP. 
 “Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

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

“Credit Extension” means each of the following: (a) a Borrowing, and (b) an L/C Credit Extension. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect. 

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the
passage of time, or both, would be an Event of Default. 
 “Default Rate” means (a) with respect to any Obligation for
which a rate is specified, a rate per annum equal to two percent (2%) in excess of the rate otherwise applicable thereto, and (b) with respect to any Obligation for which a rate is not specified or available, a rate per annum equal to the Base
Rate plus the Applicable Rate for Revolving Loans that are Base Rate Loans plus two percent (2%), in each case, to the fullest extent permitted by applicable Law. 

“Defaulting Lender” means, subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all or any
portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the
Administrative Agent, the L/C Issuer, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days
of the date when due; (b) has notified the Borrower, the Administrative Agent, the L/C Issuer or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that
effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition
precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied); (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the
Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding 

  
 8 

 
obligations hereunder (provided, that, such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the
Administrative Agent and the Borrower); or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory
authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided, that, a Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts
within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.
Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and the effective date of such status, shall be conclusive and binding absent manifest
error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the
Administrative Agent to the Borrower, the L/C Issuer, the Swingline Lender and each other Lender promptly following such determination. 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory is the subject of any
Sanction. 
 “Disposition” or “Dispose” means the sale, conveyance, assignment, lease, abandonment or
other transfer or disposition of, voluntarily or involuntarily, any properties or assets, tangible or intangible (including the sale, assignment, discount or other disposition of accounts, contract rights, chattel paper, equipment, or general
intangibles with or without recourse or of Equity Interests in any Subsidiary), but excluding (a) any sale, conveyance, assignment, lease, abandonment or other transfer or disposition of assets in the ordinary course of business, (b) so
long as no Default shall exist, any sale, conveyance, assignment, lease, abandonment or other transfer or disposition to the Parent or any of its Subsidiaries (provided, that, if the transferor of such property is a Loan Party, the
transferee thereof must be a Loan Party), (c) any sale, conveyance, assignment, lease, abandonment or other transfer or disposition of used, worn out, obsolete or surplus property in the ordinary course of business, (d) any sale, conveyance,
assignment, lease, abandonment or other transfer or disposition of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property, or (ii) the proceeds of such sale are
promptly applied to the purchase price of such replacement property, (e) the licensing, on a non-exclusive basis, of Intellectual Property, (f) the sale or discount, in each case without recourse, of
accounts receivable arising in the ordinary course of business, but only in connection with the compromise or collection thereof, (g) dispositions of cash and Cash Equivalents, and (h) any loss of, damage to, or destruction of, or any
condemnation or taking for public use of, any property. 
 “Disqualified Equity Interests” means Equity Interests that by
their terms (or by the terms of any security into which they are convertible or for which they are exchangeable), or by the happening of any event, (a) mature or are mandatorily redeemable or subject to mandatory repurchase or redemption or
repurchase at the option of the holders thereof (in each case, other than to the extent such repurchase can be satisfied solely by delivery of Qualified Equity Interests), in whole or in part, prior to the date that is
ninety-one (91) days after the Maturity Date, or (b) are convertible or exchangeable, automatically or at the option of any holder thereof, for (i) debt securities, or (ii) Equity Interests
referred to in clause (a) above, in each case, at any time prior to the ninety-first (91st) day after the Maturity Date; provided, that, (A) only the portion of any
issuance of Equity Interests within the scope of clauses (a) or (b) above shall 

  
 9 

 
constitute Disqualified Equity Interests, (B) if such Equity Interests are issued to current or former employees of the Parent or any Subsidiary pursuant to a plan or other agreement for the
benefit of current or former employees of the Parent or its Subsidiaries, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by the Parent or one of its Subsidiaries in
order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, resignation, death or disability, (C) any Equity Interests that would not constitute Disqualified Equity Interests but for
provisions thereof giving holders thereof (or the holders of any security into or for which such Equity Interests are convertible or exchangeable) the right to require the issuer thereof to redeem or repurchase such Equity Interests upon the
occurrence of an initial public offering, a change in control, or an asset sale, in each case, occurring prior to the ninety-first (91st) day after the Maturity Date, shall not constitute
Disqualified Equity Interests if such Equity Interests provide that the issuer thereof will not redeem or repurchase any such Equity Interests pursuant to such provisions prior to the Facility Termination Date, and (D) any Equity Interests that
qualify for equity accounting under GAAP shall not constitute Disqualified Equity Interests. 
 “Dollar” and
“$” mean lawful money of the United States. 
 “Domestic Subsidiary” means any Subsidiary that is
organized under the laws of any political subdivision of the United States. 
 “Earn Out Obligations” means, with respect
to any Acquisition, all obligations of the Parent or any Subsidiary to make earn-out or other contingency payments (including purchase price adjustments, non-competition
and consulting agreements, or other indemnity obligations) pursuant to the documentation relating to such Acquisition. For purposes of determining the amount of any Earn Out Obligations to be included in the definition of Indebtedness, Earn Out
Obligations shall not constitute Indebtedness unless and until they are not paid when due and payable under the relevant documentation evidencing the same. 

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

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

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

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 11.06 (subject to such consents, if any, as may be required under Section 11.06(b)). 

“Environmental Laws” shall mean all applicable federal, state, local, tribal, territorial and foreign Laws, constitutions,
statutes, treaties, regulations, rules, ordinances and codes and any consent decrees, settlement agreements, judgments, orders, directives, policies or programs issued by or entered into with a Governmental Authority pertaining or relating to
(a) pollution or pollution control, (b) protection of the environment and/or natural resources, (c) the presence, use, management, generation, manufacture, 

  
 10 

 
processing, extraction, treatment, recycling, refining, reclamation, labeling, packaging, sale, transport, storage, collection, distribution, disposal or release or threat of release of Hazardous
Materials, (d) the presence of contamination, (e) the protection of endangered or threatened species, and (f) the protection of environmentally sensitive areas. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of any Loan Party or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment, or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity
Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of
shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or
options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or
nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to
time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 

“ERISA Event” means (a) with respect to a Pension Plan, a reportable event under Section 4043 of ERISA as to which
event (after taking into account notice waivers provided for in the regulations) there is a duty to give notice to the PBGC, (b) a withdrawal by the Borrower or any member of the ERISA Group from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, (c) a complete or partial withdrawal
by the Borrower or any member of the ERISA Group from a Multiemployer Plan, notification that a Multiemployer Plan is insolvent, or occurrence of an event described in Section 4041A(a) of ERISA that results in the termination of a Multiemployer
Plan, (d) the filing of a notice of intent to terminate a Pension Plan, the treatment of a Pension Plan amendment as a termination under Section 4041(e) of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan,
(e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, or (f) the imposition of any liability under Title IV of ERISA,
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any member of the ERISA Group. 

“ERISA Group” means, at any time, the Borrower and all members of a controlled group of corporations and all trades or
businesses (whether or not incorporated) under common control and all other entities which, together with the Borrower, are treated as a single employer under Section 414 of the Code or Section 4001(b)(1) of ERISA. 

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

  
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 “Eurodollar Rate” means: 

(a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered
Rate (“LIBOR”), or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may
be designated by the Administrative Agent from time to time) (in such case, the “LIBOR Rate”) at or about 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period, for Dollar deposits
(for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and 
 (b) for any
interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at or about 11:00 a.m., London time, two (2) Business Days prior to such date for Dollar deposits with a term of one (1) month
commencing that day; 
 provided, that, (i) to the extent a comparable or successor rate is approved by the Administrative Agent in
connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further, that, to the extent such market practice is not administratively feasible for the Administrative Agent, such
approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent; and (ii) if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 

“Eurodollar Rate Loan” means a Revolving Loan that bears interest at a rate based on clause (a) of the definition
of “Eurodollar Rate.” 
 “Event of Default” has the meaning specified in Section 8.01.

 “Exchange Act” means the Securities Exchange Act of 1934, including all amendments thereto and regulations promulgated
thereunder. 
 “Excluded Deposit and Securities Accounts” means (a) zero balance accounts, (b) payroll accounts,
(c) withholding and trust accounts, (d) employee benefit accounts, and (e) any other deposit or securities account the average daily balance of which, together with the aggregate average daily balance of all other deposit accounts and
securities accounts excluded pursuant to this clause (e), does not exceed $100,000. 
 “Excluded Property” means,
with respect to any Loan Party, (a) any property which is located outside of the United States; (b) any owned or leased real property; (c) any personal property (including motor vehicles) in respect of which perfection of a Lien is
not either (i) governed by the UCC, or (ii) effected by appropriate evidence of the Lien being filed in either the United States Copyright Office or the United States Patent and Trademark Office; (d) the Equity Interests of any
Foreign Subsidiary to the extent not required to be pledged to secure the Secured Obligations pursuant to Section 6.14(a); (e) any property which, subject to the terms of Section 7.02(d), is subject to a Lien of the type described in
clause (l) of the definition of “Permitted Liens” pursuant to documents that prohibit such Loan Party from granting any other Liens in such property; (f) any Excluded Deposit and Securities Account; (g) for the
avoidance of doubt, all property and other assets to the extent sold pursuant to the Closing Date Disposition Agreement and which such assets no Loan Party any longer owns or has any rights to use; (h) any lease, contract, license or permit of
such Loan Party to the extent the grant of a security interest in such lease, contract, license or permit in the manner contemplated by the Collateral Documents, under the terms thereof or under applicable law, is prohibited and would result in the
termination thereof or give the 

  
 12 

 
other parties thereto the right to terminate, accelerate or otherwise alter such Loan Party’s rights, titles and interests thereunder; provided, that, (i) any such
limitation described in this clause (h) on the security interests granted pursuant to the Collateral Documents shall only apply to the extent that any such prohibition could not be rendered ineffective (A) pursuant to the UCC or any
other applicable law (including Debtor Relief Laws) or principles of equity, or (B) by obtaining the consent of the Parent or any of its Subsidiaries, and (ii) in the event of the termination or elimination of any such prohibition or the
requirement for any consent contained in any applicable law, lease, contract, license or permit, to the extent sufficient to permit any such item to become Collateral, or upon the granting of any such consent, or waiving or terminating any
requirement for such consent, a security interest in such lease, contract, license or permit shall be automatically and simultaneously granted under the Collateral Documents and shall be included as Collateral; (i) any Equity Interest owned by
such Loan Party in any joint venture (other than, for the avoidance of doubt, any Subsidiary) which may not be pledged, assigned or otherwise transferred pursuant to the terms of such joint venture’s Organization Documents; provided,
that, (i) any such restriction described in this clause (i) shall only apply to the extent that any such restriction could not be rendered ineffective (A) pursuant to the UCC or any other applicable law (including Debtor
Relief Laws) or principles of equity, or (B) by obtaining the consent of the Parent or any of its Subsidiaries, and (ii) in the event of the termination or elimination of any such restriction, a security interest in such Equity Interests
shall be automatically and simultaneously granted under the Collateral Documents and shall be included as Collateral; (j) any “intent-to-use” application
for registration of a Trademark (as defined in the Security Agreement) of such Loan Party filed in the United States Patent and Trademark Office pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. §1051, prior to the filing of a
“Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during the period, if
any, in which the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application
under applicable federal law; (k) letter of credit rights with a value of less than $1,000,000, except to the extent a security interest therein can be perfected by the filing of a UCC-1 financing
statement; (l) commercial tort claims with a value (taking the greater of the aggregate claimed damages thereunder or the reasonably estimated value thereof) of less than $500,000; (m) pledges of, and security interests in, certain assets,
which are prohibited by applicable law, rule or regulation; provided, that, (i) any such limitation described in this clause (m) on the security interests granted pursuant to the Collateral Documents shall only apply
to the extent that any such prohibition could not be rendered ineffective pursuant to the UCC or any other applicable law (including Debtor Relief Laws) or principles of equity, and (ii) in the event of the termination or elimination of any
such prohibition contained in any applicable law, rule or regulation, a security interest in such assets shall be automatically and simultaneously granted under the Collateral Documents and shall be included as Collateral; and (n) any property
as to which the Administrative Agent and the Borrower agree in writing that the costs or other consequences of obtaining a security interest or perfection thereof are excessive in view of the benefits to be obtained by the Secured Parties therefrom.

 “Excluded Subsidiary” means any Subsidiary (other than, for the avoidance of doubt, the Intermediate Parent or the
Borrower) that is (a) not a Wholly-Owned Subsidiary, or (b) an Immaterial Subsidiary. 
 “Excluded Swap
Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a Lien to secure, such Swap Obligation (or any
Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation thereof) by virtue of such Guarantor’s failure
for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 10.11 and any other keepwell, support or other agreement for

  
 13 

 
the benefit of such Guarantor and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guaranty of such Guarantor, or grant by such Guarantor of
a Lien, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more than one Swap Contract, such exclusion shall apply only to the portion of such Swap Obligation that is attributable
to Swap Contracts for which such Guaranty or Lien is or becomes excluded in accordance with the first sentence of this definition. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws
of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii) that are Other Connection Taxes, (b) in the case of a
Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such
interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 11.13), or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to
Section 3.01(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its
Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e), and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Existing Credit Agreement” means that certain amended and restated credit agreement, dated as of January 2, 2014, by
and among the Intermediate Parent, as borrower, the guarantors party thereto, the lenders from time to time party thereto, and PNC Bank, National Association, as administrative agent. 

“Existing Letters of Credit” means those certain letters of credit described by issuer, date of issuance, letter of credit
number, undrawn amount, name of beneficiary and date of expiry as set forth on Schedule 1.01(c). 
 “Facility Termination
Date” means the date as of which all of the following shall have occurred: (a) the Aggregate Commitments have terminated, (b) all Obligations have been paid in full in cash (other than contingent indemnification obligations for
which no claim has been asserted), and (c) all Letters of Credit have terminated or expired (other than Letters of Credit as to which other arrangements with respect thereto satisfactory to the Administrative Agent and the L/C Issuer shall have
been made). 
 “Fair Market Value” means, at any time and with respect to any property, the sale value of such property
that would be realized in an arm’s-length sale at such time between an informed and willing buyer and an informed and willing seller (neither being under a compulsion to buy or sell), as reasonably
determined in the good faith opinion of a Loan Party’s or any Subsidiary’s Board of Directors or one or more officers to whom authority to determine such value has been delegated by such Board of Directors. 

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

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

  
 14 

 “Federal Funds Rate” means, for any day, the rate per annum equal to the
weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, that,
(a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of one percent (1%)) charged to Bank of America on such day on such
transactions as determined by the Administrative Agent. 
 “Fee Letter” means that certain fee letter agreement, dated
February 20, 2017, among the Borrower, the Administrative Agent and MLPFS. 
 “Foreign Lender” means a Lender that is
not a U.S. Person. 
 “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

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

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting
Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the
terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s Applicable Percentage of Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been
reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 
 “Fund” means any Person (other
than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Funding Indemnity Letter” means a funding indemnity letter, in form and substance satisfactory to the Administrative Agent.

 “GAAP” means generally accepted accounting principles in the United States set forth from time to time 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) including the FASB ASC, that are applicable to the circumstances as of the date of determination, consistently applied and subject to Section 1.03; provided,
that, if it was permissible to use more than one principle at such time in respect of a particular accounting matter, GAAP shall, insofar as it relates to the Parent or any Subsidiary, refer to the principle then employed by the Parent or
such Subsidiary with the agreement of its independent public accountants. 
 “Governmental Authority” means the government
of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank), and any group or body charged with setting financial accounting or
regulatory capital rules or standards (including the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). 

  
 15 

 “Guarantee” means, as to any Person (the “guarantor”), any
obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply
funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, or (c) as an
account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that, the term Guarantee shall not include endorsements for collection or deposit in the ordinary
course of business. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the primary Indebtedness or other obligation in respect of which such Guarantee is made or, if not stated or determinable,
the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. 

“Guaranteed Obligations” has the meaning specified in Section 10.01. 

“Guarantors” means, collectively, (a) the Parent, (b) the Intermediate Parent (it being understood that after
giving effect to (i) the merger or consolidation permitted pursuant to Section 7.04(h), or (ii) the liquidation or dissolution permitted pursuant to Section 7.04(i), in either case, the Intermediate Parent shall be
released as a Guarantor pursuant to Section 9.10(c)), (c) each other Person identified as a “Guarantor” on the signature pages hereto, (d) the other Domestic Subsidiaries of the Parent as are or may from time to time become
parties to this Agreement pursuant to Section 6.13, (e) with respect to (i) the Additional Secured Obligations owing by any Loan Party, and (ii) any Swap Obligation of a Specified Loan Party (determined before
giving effect to Sections 10.01 and 10.11) under the Guaranty, in each case, the Borrower, and (f) the successors and permitted assigns of the foregoing. 

“Guaranty” means, collectively, the Guarantee made by the Guarantors under Article X in favor of the Secured Parties,
together with each other guaranty delivered pursuant to Section 6.13. 
 “Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, natural gas, natural gas liquids, asbestos or asbestos-containing materials,
polychlorinated biphenyls, radon gas, and toxic mold regulated pursuant to any Environmental Law. 
 “Hedge Bank” means any
Person in its capacity as a party to a Swap Contract that, (a) at the time it enters into a Swap Contract not prohibited under Article VI or VII, is a Lender or an Affiliate of a Lender, or (b) in the case of any Swap
Contract not prohibited under Article VI or VII in effect on or prior to the Closing Date, is, as of the Closing Date or within thirty (30) days thereafter, a Lender or an Affiliate of a Lender and a party to a Swap Contract not
prohibited under Article VI or VII with a Loan Party; provided, that, in the case of a Secured Hedge Agreement with a Person who is no longer a Lender (or Affiliate of a Lender), such Person shall be considered a Hedge
Bank only through the stated termination date (without extension or renewal) of such Secured Hedge Agreement; provided, further, that for any of the foregoing to be included as a “Secured Hedge Agreement” on any date of
determination by the Administrative Agent, the applicable Hedge Bank (other than the Administrative Agent or an Affiliate of the Administrative Agent) must have delivered a Secured Party Designation Notice to the Administrative Agent prior to such
date of determination. 

  
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 “Historical EBITDA Period” has the meaning specified in the definition of
“Consolidated EBITDA”. 
 “HMT” has the meaning specified in the definition of “Sanction(s)”. 

“Honor Date” has the meaning specified in Section 2.03(c)(i). 

“Immaterial Subsidiary” means any Subsidiary that is not a Material Subsidiary. 

“Impacted Loans” has the meaning specified in Section 3.03(a). 

“Indebtedness” means, as to any Person at any time, without duplication, any and all indebtedness, obligations or liabilities
(whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of (a) borrowed money, (b) amounts raised under or liabilities in respect of any
note purchase or acceptance credit facility, (c) reimbursement obligations (contingent or otherwise) under any letter of credit agreement, bankers’ acceptances and bank guaranties, surety bonds and similar instruments, (d) the Swap
Termination Value of any Swap Contract, (e) the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business and, for the avoidance of doubt, operating leases that are not
required to be characterized as Capitalized Leases), (f) Indebtedness of other Persons secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired
by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) Capitalized Leases, (h) obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit, bankers’
acceptances and bank guaranties, surety bonds and similar instruments, (i) Securitization Transactions, (j) the full outstanding balance of trade receivables, notes or other instruments sold with full recourse (and the portion thereof
subject to potential recourse, if sold with limited recourse, other than for breach of representations and/or warranties by the seller or its Affiliate), other than in any such case any thereof sold solely for purposes of collection of delinquent
accounts, (k) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Disqualified Equity Interest in such Person or any other Person, valued at the greater of its voluntary or
involuntary liquidation preference plus accrued and unpaid dividends, (l) all Guarantees of Indebtedness of the types specified in clauses (a) through (k) above of another Person, and (m) all Indebtedness of the
types referred to in clauses (a) through (l) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or joint
venture (other than a limited partner), except to the extent that such Indebtedness is expressly made non-recourse to such Person. For purposes hereof, the amount of any direct obligation arising under letters
of credit, bankers’ acceptances, bank guaranties, surety bonds and similar instruments shall be the maximum amount available to be drawn thereunder. 

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

“Indemnitee” has the meaning specified in Section 11.04(b). 

“Information” has the meaning specified in Section 11.07. 

“Insolvency Event” means, with respect to any Person, (a) the commencement of a voluntary case or proceeding by such
Person under the Bankruptcy Code of the United States, (b) the commencement of an involuntary case or proceeding against such Person under the Bankruptcy Code of the United States 

  
 17 

 
and the petition is not dismissed within sixty (60) days after commencement of the case or proceeding, (c) a custodian (as defined in the Bankruptcy Code of the United States) or a
receiver, interim receiver, trustee or monitor, or any similar person under any insolvency law is appointed for, or takes charge of, all or substantially all of the property of such Person, (d) such Person commences (including by way of
applying for or consenting to the appointment of, or the taking of possession by, a rehabilitator, receiver, interim receiver, monitor, custodian, trustee, conservator or liquidator (collectively, a “conservator”) of such Person or
all or any substantial portion of its property) any other proceeding under any reorganization, arrangement, adjustment or composition of debt, relief of debtors, dissolution, insolvency, liquidation, rehabilitation, conservatorship or similar law of
any jurisdiction whether now or hereafter in effect relating to such Person, (e) any such proceeding of the type set forth in clause (d) above is commenced against such Person to the extent such proceeding is consented to by such
Person or remains undismissed for a period of sixty (60) days, (f) such Person is adjudicated insolvent or bankrupt, (g) any order of relief or other order approving any case or proceeding of the type set forth in clause (f) is
entered, or (h) such Person makes a general assignment for the benefit of creditors or generally does not pay its debts as such debts become due. 

“Intellectual Property” means all trademarks, trademark applications, service marks, trade names, copyrights, copyright
applications, patents, patent applications, patent rights, franchises, licenses and other intellectual property rights. 

“Intercompany Debt” has the meaning specified in Section 7.02(g). 

“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to
such Loan and the Maturity Date; provided, that, if any Interest Period for a Eurodollar Rate Loan exceeds three (3) months, the respective dates that fall every three (3) months after the beginning of such Interest Period
shall also be Interest Payment Dates; and (b) as to any Base Rate Loan or Swingline Loan, the last Business Day of each March, June, September and December and the Maturity Date. 

“Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is
disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one (1), two (2), three (3) or six (6) months thereafter (in each case, subject to availability), as selected by the Borrower in its Loan Notice;
provided, that: (a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case
such Interest Period shall end on the next preceding Business Day; (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the
end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and (c) no Interest Period shall extend beyond the Maturity Date. 

“Interim Financial Statements” means the unaudited Consolidated balance sheet of the Parent and its Subsidiaries for the
fiscal quarter ended January 27, 2017, and the related Consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal quarter of the Parent and its Subsidiaries, including the notes thereto. 

“Intermediate Parent” has the meaning specified in the introductory paragraph hereto. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of
(a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other 

  
 18 

 
acquisition of any other debt or interest in, another Person (including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor
guaranties Indebtedness of such other Person), or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person which constitute all or substantially all of the assets of such Person or of a
division, line of business or other business unit of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such
Investment. 
 “IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

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

“Joinder Agreement” means a joinder agreement substantially in the form of Exhibit C executed and delivered in
accordance with the provisions of Section 6.13. 
 “Junior Debt” has the meaning specified in
Section 7.14. 
 “Junior Debt Payment” has the meaning specified in
Section 7.14. 
 “Laws” means, collectively, all international, foreign, federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case having the force of law. 

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in
accordance with its Applicable Percentage. 
 “L/C Borrowing” means an extension of credit resulting from a drawing under
any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Borrowing. 
 “L/C Credit
Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof. 

“L/C Issuer” means (a) Bank of America in its capacity as issuer of Letters of Credit hereunder, or any successor issuer
of Letters of Credit hereunder, (b) PNC Bank, National Association, solely with respect to the Existing Letters of Credit identified on Schedule 1.01(a) as issued by PNC Bank, National Association, and (c) JPMorgan Chase Bank,
N.A., solely with respect to the Existing Letters of Credit identified on Schedule 1.01(a) as issued by JPMorgan Chase Bank, N.A. For so long as the Existing Letters of Credit remain outstanding, references herein and in the other Loan
Documents to the L/C Issuer shall be deemed to refer to the L/C Issuer in respect of the applicable Letter of Credit or to all L/C Issuers, as the context requires. 

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

“Lender” means each of the Persons identified as a “Lender” on the signature pages hereto, each other Person that
becomes a “Lender” in accordance with this Agreement and, their successors and assigns and, unless the context requires otherwise, includes the Swingline Lender. 

“Lending Office” means, as to the Administrative Agent, the L/C Issuer or any Lender, the office or offices of such Person
described as such in such Person’s Administrative Questionnaire, or such other office or offices as such Person may from time to time notify the Borrower and the Administrative Agent; which office may include any Affiliate of such Person or any
domestic or foreign branch of such Person or such Affiliate. 
 “Letter of Credit” means any standby letter of credit
issued hereunder and shall include the Existing Letters of Credit. 
 “Letter of Credit Application” means an application
and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer. 
 “Letter
of Credit Expiration Date” means the day that is seven (7) days prior to the Maturity Date (or, if such day is not a Business Day, the next preceding Business Day). 

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

“Letter of Credit Report” means a certificate substantially in the form of Exhibit D or any other form approved by the
Administrative Agent. 
 “Letter of Credit Sublimit” means an amount equal to the lesser of (a) $20,000,000, and
(b) the Aggregate Commitments. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments. 

“Leverage Increase Period” has the meaning specified in Section 7.11(a). 

“LIBOR” has the meaning specified in the definition of “Eurodollar Rate”. 

“LIBOR Rate” has the meaning specified in the definition of “Eurodollar Rate”. 

“Lien” means any mortgage, deed of trust, pledge, lien, security interest, charge or other encumbrance or security
arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having the effect of, security and any
filed financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the filing). 

  
 20 

 “Loan” means an extension of credit by a Lender to the Borrower under Article
II in the form of a Revolving Loan or a Swingline Loan. 
 “Loan Documents” means, collectively, this Agreement, each
Note, the Guaranty, each Collateral Document, the Fee Letter, each Issuer Document, each Joinder Agreement, each agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.14, and
each other agreement, instrument or document designated by its terms as a “Loan Document” (but specifically excluding any Secured Hedge Agreement or any Secured Cash Management Agreement). 

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

“Loan Parties” means, collectively, the Borrower and each Guarantor. 

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London
interbank eurodollar market. 
 “Master Agreement” has the meaning specified in the definition of “Swap
Contract.” 
 “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect on,
the operations, business, assets, properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects of the Loan Parties and their respective Subsidiaries, taken as a whole; (b) a material impairment of the rights
and remedies of the Administrative Agent or any Lender under any Loan Document, or of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality,
validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. 
 “Material
Contract” means, with respect to the Parent and its Subsidiaries, (a) each contract or agreement that is material to the operations, business, assets, properties, liabilities (actual or contingent), condition (financial or otherwise)
or prospects of the Parent and its Subsidiaries, taken as a whole, or (b) any other contract, agreement, permit or license, written or oral, of the Parent and its Subsidiaries as to which the breach, nonperformance, cancellation or failure to
renew by any party thereto, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

“Material Indebtedness” means, as of any date of determination, any Indebtedness (excluding any Indebtedness outstanding
hereunder) having an aggregate outstanding principal amount of $15,000,000 or more. 
 “Material Subsidiary” means
(a) the Intermediate Parent (it being understood that after giving effect to (i) the merger or consolidation permitted pursuant to Section 7.04(h), or (ii) the liquidation or dissolution permitted pursuant to Section
7.04(i), in either case, the Intermediate Parent shall be not be a Material Subsidiary hereunder), (b) the Borrower, and (c) any other Subsidiary that has, as of any date of determination and based upon the financial
statements most recently delivered pursuant to Section 6.01(a), (i) for the most recently ended fiscal year of the Parent to which such financial statements relate, Consolidated revenues (together with the Consolidated revenues of its
Subsidiaries) greater than five percent (5%) of the Consolidated revenues of the Parent and its Subsidiaries for such fiscal year, or (ii) as 

  
 21 

 
of the end of the most recently ended fiscal year of the Parent to which such financial statements relate, Consolidated Total Assets (together with the Consolidated Total Assets of its
Subsidiaries) greater than five percent (5%) of the Consolidated Total Assets of the Parent and its Subsidiaries for such fiscal year; provided, that, if, as of the date financial statements are delivered pursuant to
Section 6.01(a), (x) the Consolidated revenues of all Immaterial Subsidiaries (and their respective Subsidiaries) shall be, for the fiscal year of the Parent to which such financial statements relate, in excess of ten percent (10%) of
the Consolidated revenues of the Parent and its Subsidiaries for such fiscal year, or (y) the Consolidated Total Assets of all Immaterial Subsidiaries (and their respective Subsidiaries) shall have, as of the end of the fiscal year of the
Parent to which such financial statements relate, exceeded ten percent (10%) of the Consolidated Total Assets of the Parent and its Subsidiaries for such fiscal year, then, in either case, within ten (10) Business Days (or such later date as
agreed by the Administrative Agent in its sole discretion) after the date such financial statements are delivered, the Borrower shall designate one or more Immaterial Subsidiaries as Material Subsidiaries, such that, as a result thereof, the
Consolidated revenues or Consolidated Total Assets, in each case, of all Immaterial Subsidiaries (and their respective Subsidiaries) in the aggregate do not exceed such limits. Upon any such Subsidiary ceasing to be an Immaterial Subsidiary pursuant
to the preceding sentence, such Subsidiary, to the extent not otherwise qualifying as an Excluded Subsidiary, shall comply with Sections 6.13(a) and 6.14, to the extent applicable. 

“Maturity Date” means April 28, 2022; provided, that, if such date is not a Business Day, the Maturity
Date shall be the next preceding Business Day. 
 “Measurement Period” means, at any date of determination, the most
recently completed four (4) fiscal quarters of the Parent. 
 “Minimum Collateral Amount” means, at any time,
(a) with respect to Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during any period when a Lender constitutes a Defaulting Lender, an amount equal to one hundred five percent
(105%) of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time, (b) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the
provisions of Section 2.14(a)(i), (a)(ii) or (a)(iii), an amount equal to one hundred five percent (105%) of the Outstanding Amount of all L/C Obligations, and (c) otherwise, an amount determined by the Administrative
Agent and the L/C Issuer in their sole discretion. 
 “MLPFS” means Merrill Lynch, Pierce, Fenner & Smith
Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services
or related businesses may be transferred following the date of this Agreement), in its capacity as a joint lead arranger and a joint bookrunner. 

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

“Multiemployer Plan” means any employee pension benefit plan which is a “multiemployer plan” within the meaning of
Section 4001(a)(3) of ERISA and to which the Borrower or any member of the ERISA Group is then making or accruing an obligation to make contributions or, within the preceding five (5) plan years, has made or had an obligation to make such
contributions. 
 “Non-Consenting Lender” means any Lender that does not approve
any consent, waiver or amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 11.01, and (b) has been approved by the Required Lenders. 

  
 22 

 “Non-Defaulting Lender” means, at any
time, each Lender that is not a Defaulting Lender at such time. 
 “Non-Extension Notice
Date” has the meaning specified in Section 2.03(b)(iv). 

“Non-Reinstatement Deadline” has the meaning specified in Section 2.03(b)(v).

 “Note” means a promissory note made by the Borrower in favor of a Lender evidencing Revolving Loans and/or Swingline
Loans, as the case may be, made by such Lender, substantially in the form of Exhibit F. 
 “Notice of Loan
Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form of Exhibit G or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or
electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower. 

“Obligations” means (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party
arising under any Loan Document or otherwise with respect to any Loan, or Letter of Credit, and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges and disbursements of
counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest, expenses and fees that accrue after the commencement
by or against any Loan Party or any Affiliate thereof pursuant to any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest, expenses and fees are allowed claims in such
proceeding; provided, that, Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor. 

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

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) with respect to any limited liability company, the certificate or articles of formation or
organization and operating agreement or limited liability company agreement (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization (or equivalent or comparable constitutive documents with respect to any
non-U.S. jurisdiction), and (d) with respect to all entities, any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable
Governmental Authority in the jurisdiction of its formation or organization (or equivalent or comparable documents with respect to any non-U.S. jurisdiction). 

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

  
 23 

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

“Outstanding Amount” means (a) with respect to Revolving Loans and Swingline Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Loans and Swingline Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any
date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any
reimbursements by the Borrower of Unreimbursed Amounts. 
 “Parent” has the meaning specified in the introductory paragraph
hereto. 
 “PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)). 
 “Participant” has the meaning specified in Section 11.06(d). 

“Participant Register” has the meaning specified in Section 11.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any
successor. 
 “Pension Plan” means, at any time, an “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA) (including a “multiple employer plan” as described in Sections 4063 and 4064 of ERISA, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under
Section 412 or Section 430 of the Code and either (a) is sponsored, maintained or contributed to by any member of the ERISA Group for employees of any member of the ERISA Group, or (b) has at any time within the preceding five
(5) years been sponsored, maintained or contributed to by any entity which was at such time a member of the ERISA Group for employees of any entity which was at such time a member of the ERISA Group, or in the case of a “multiple
employer” or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five (5) plan years. 

“Permitted Acquisition” means any Acquisition by any Loan Party or any Wholly-Owned Subsidiary (the Person, assets or
division, line of business or other business unit of the Person to be acquired in such Acquisition shall be referred to herein as the “Target”); provided, that, (a) such Acquisition shall not be a
“hostile” acquisition and shall have been approved by the Board of Directors and/or the shareholders (or equivalent) of the Target (it being understood that such approval shall not be required in connection with a court-approved sale), (b)
the Target of such Acquisition is in the same line(s) of business as, or lines of business substantially related, complementary (including the supply chain thereof) or incidental to the principal business of, the Parent and its Subsidiaries,
considered as an entirety, on the Closing Date (after giving effect to the Closing Date Disposition), (c) immediately before and after giving effect to such Acquisition on a Pro Forma Basis, (i) no Default shall have occurred and be continuing,
and (ii) the Loan Parties shall be in compliance with the financial covenants set forth in Section 7.11 as of the most recent fiscal quarter end for which the Loan Parties were required to deliver financial statements
pursuant to Section 6.01(a) or (b), (d) the Target of such Acquisition will become a 

  
 24 

 
Loan Party and the assets acquired shall be subject to Liens in favor of the Administrative Agent, in each case, in accordance with, and to the extent required by,
Section 6.13 and/or Section 6.14, and (e) the Borrower shall have delivered to the Administrative Agent at least five (5) Business Days prior to the date on which any such Acquisition
involving total Acquisition Consideration in excess of $50,000,000 is to be consummated, a certificate of a Responsible Officer of the Borrower, in form and substance satisfactory to the Administrative Agent, certifying that all of the requirements
set forth in this definition have been satisfied or will be satisfied on or prior to the consummation of such Acquisition. 

“Permitted Guaranty” and “Permitted Guaranties” means, individually or collectively as the context may
require, (a) that certain Lease Guaranty entered into prior to the Closing Date by one or more of the Loan Parties substantially in the form of Exhibit 10.6 disclosed in the Parent’s Form 10-K filed
with the SEC on June 23, 2016 for the period ended April 29, 2016, in favor of the “Landlord” (as defined in such Lease Guaranty) or its successors and assigns, and (b) that certain Lease Guaranty entered into prior to the
Closing Date by one or more of the Loan Parties substantially in the form of Exhibit 10.7 disclosed in the Parent’s Form 10-K filed with the SEC on June 23, 2016 for the period ended April 29,
2016, in favor of the “Landlord” (as defined in such Lease Guaranty) or its successors or assigns; in each case, as in effect on the Closing Date and as such Permitted Guaranties may be amended or modified from time to time to the extent
such amendment or modification is permitted pursuant to Section 7.15(b). 
 “Permitted Investments” means: 

(a) direct obligations of the United States or any agency or instrumentality thereof or obligations backed by the full faith
and credit of the United States; 
 (b) debt securities of United States federal agencies and United States government
sponsored enterprises which carry the explicit or implied guarantee of the United States government, including the Government National Mortgage Association, the Federal Home Loan Bank, the Federal Farm Credit Bank, the Federal National Mortgage
Association, and the Student Loan Marketing Association; 
 (c) corporate debt instruments (including Rule 144A debt
securities) which are denominated and payable in Dollars and are issued by companies which carry a rating of at least “A-1” (or the then equivalent grade) by S&P and “Prime-1” (or the then equivalent grade) by Moody’s, or, in the case of commercial paper, are rated at least “A-2” (or the then equivalent grade) by
S&P and “Prime-2” (or the then equivalent grade) by Moody’s; 

(d) short-term tax exempt debt obligations of Governmental Authorities consisting of municipal notes, commercial paper, auction
rate notes and floating rate notes that are rated at least “A-1” (or the then equivalent grade) by S&P and “Prime-1” (or the then equivalent
grade) by Moody’s, municipal notes rated at least “SP-1” (or the then equivalent grade) by S&P and “MIG-1” (or the then equivalent grade) by
Moody’s, and bonds rated at least “AA” (or the then equivalent grade) by S&P and “Aa” (or the then equivalent grade) by Moody’s; 

(e) demand deposits, time deposits or certificates of deposit maturing within one (1) year in commercial banks whose
obligations are rated at least “A-1” (or the then equivalent grade) or “A” (or the then equivalent grade) by S&P on the date of acquisition; 

(f) United States money market funds that comply with the requirements of Rule 2a-7
under the Investment Company Act of 1940 and are rated at least “AA” (or the then equivalent grade) by S&P and “Aa” (or the then equivalent grade) by Moody’s; 

  
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 (g) investments made under Secured Cash Management Agreements; and 

(h) any other investments that are made pursuant to any investment policy approved from time to time (i) by the
Parent’s Board of Directors, and (ii) in writing as “Permitted Investments” by the Administrative Agent in its sole discretion (such approval not to be unreasonably withheld). 

“Permitted Liens” means: 

(a) Liens pursuant to any Loan Document; 

(b) Liens for Taxes, assessments, or similar charges, incurred in the ordinary course of business and which are not yet due and
payable, or for Taxes, assessments or similar charges which are being contested in good faith; provided, that, the applicable Loan Party or applicable Subsidiary maintains such reserves or other appropriate provisions as shall be
required by GAAP and pays all such Taxes, assessments or charges forthwith upon the commencement of proceedings to foreclose any such Lien; 

(c) pledges or deposits made in the ordinary course of business to secure payment of workmen’s compensation, or to
participate in any fund in connection with workmen’s compensation, unemployment insurance, old-age pensions or other social security programs; 

(d) Liens of mechanics, materialmen, warehousemen, carriers, or other like Liens, securing obligations (other than Indebtedness
for borrowed money) incurred in the ordinary course of business; 
 (e) Liens of landlords securing obligations to pay lease
payments that are not yet due and payable or in default, or which are due and payable; provided, that, with respect to those obligations which are due and payable, the validity or amount thereof is being contested in good faith by
appropriate and lawful proceedings diligently conducted so long as levy and execution thereon have been stayed and continue to be stayed or if a final judgment is entered and such judgment is discharged within thirty (30) days of entry, and in
either case that they do not, in the aggregate, materially impair the ability of any Loan Party to perform its obligations hereunder or under the other Loan Documents; 

(f) good-faith pledges or deposits made in the ordinary course of business to secure performance of bids, tenders, contracts
(other than for the repayment of borrowed money) or leases, not in excess of the aggregate amount due thereunder, or to secure statutory obligations, or surety, appeal, indemnity, performance or other similar bonds required in the ordinary course of
business; 
 (g) leases or subleases granted to others and encumbrances consisting of zoning restrictions, easements or other
restrictions on the use of real property; 
 (h) claims, Liens or encumbrances upon, and defects of title to, real or
personal property, including any attachment of personal or real property or other legal process prior to adjudication of a dispute on the merits; provided, that, the validity or amount thereof is being contested in good faith by
appropriate and lawful proceedings diligently conducted so long as levy and execution thereon have been stayed and continue to be stayed or if a final judgment is entered and such judgment is discharged within thirty (30) days of entry, and in
either case that they do not, in the aggregate, materially impair the ability of any Loan Party to perform its obligations hereunder or under the other Loan Documents; 

  
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 (i) final judgments or orders for the payment of money that do not, in the
aggregate, constitute an Event of Default under Section 8.01(h); 
 (j) Liens on property leased by any Loan
Party or any Subsidiary under operating leases securing obligations of such Loan Party or such Subsidiary to the lessor under such leases; 

(k) any Lien existing on the Closing Date and described on Schedule 7.01; provided, that, the principal
amount secured thereby is not hereafter increased, and no additional assets become subject to such Lien; 
 (l) Purchase
Money Security Interests securing Indebtedness permitted under Section 7.02(d) and other Liens securing Indebtedness permitted under Section 7.02(d); provided, that, (i) such Liens do not at any time encumber any
property other than the property financed by such Indebtedness, (ii) the Indebtedness secured thereby does not exceed the total purchase price of the property being acquired on the date of acquisition, and (iii) such Liens attach to such
property concurrently with or within ninety (90) days after the acquisition thereof; 
 (m) Liens incurred after the
Closing Date given to secure the payment of Indebtedness permitted by Section 7.02(e), including Liens existing on such property at the time of acquisition or construction thereof; provided, that, (i) with respect to such
Liens that exist on property at the time of its acquisition or construction, (A) such Liens shall not have been created or assumed in contemplation of such acquisition or construction, and (B) such Liens shall secure only those obligations
it secures on the date of acquisition or construction, and (ii) such Liens shall attach solely to the property acquired, purchased, constructed or improved; 

(n) Liens (i) securing Indebtedness permitted by Section 7.02(f), and (ii) on property acquired (whether or
not the Indebtedness secured thereby shall have been assumed), or, if required by the terms of the instrument originally creating such Lien, other property which is an improvement to, or is acquired for specific use in connection with, such acquired
property; provided, that, (i) such Lien shall not have been created in contemplation of, or in connection with, such Person becoming a Subsidiary or such merger, consolidation or acquisition, and (ii) such Liens shall attach
solely to the property acquired or such other property which is an improvement to or is acquired for specific use in connection with such acquired property; 

(o) any extensions, renewals, refinancings or replacements of any Lien permitted by clause (k); provided,
that, (i) no additional property shall be encumbered by such Liens, (ii) the unpaid principal amount of the Indebtedness or other obligations secured by such Liens shall not be increased, (iii) the direct or any contingent
obligor with respect to such Liens shall not be changed, (iv) at such time of such extension, renewal, refinancing or replacement and immediately after giving effect thereto, no Event of Default shall have occurred and be continuing, and
(v) any extension, renewal, refinancing or replacement of the obligations secured or benefited thereby is a Permitted Refinancing; 

(p) informational UCC filings and Liens of sellers of goods to the Parent or its Subsidiaries arising under Article 2 of the
UCC or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and securing only the unpaid purchase price for such goods and related expenses; 

  
 27 

 (q) Liens on raw materials and inventory acquired in the ordinary course of
business securing obligations in respect of commercial letters of credit; 
 (r) Liens on cash and securities securing
obligations arising under Swap Contracts permitted under Section 7.02 in an aggregate principal amount at any one time outstanding not to exceed $15,000,000; 

(s) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Permitted
Investments on deposit in one or more accounts maintained by the Parent or any Subsidiary, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such
bank with respect to cash management and operating account arrangements; provided, that, in no case shall any such Liens secure (either directly or indirectly) the repayment of any Indebtedness (other than Indebtedness permitted
pursuant to Section 7.02(h)(ii)); and 
 (t) other Liens not otherwise specified in the foregoing clauses securing
Indebtedness or other obligations permitted pursuant to this Agreement in an aggregate principal amount at any one time outstanding not to exceed $15,000,000. 

“Permitted Refinancing” means, with respect to any Indebtedness of any Person, any extensions, renewals, refinancings or
replacements of such Indebtedness; provided, that, (a) the principal amount thereof does not exceed the sum of (i) the outstanding principal amount of the Indebtedness so extended, renewed, refinanced or replaced, plus
(ii) prepayment premiums paid, accrued but unpaid interest thereon, and reasonable and customary fees (including reasonable upfront fees and original issue discount) and expenses incurred in connection with such extension, renewal, refinancing
or replacement, plus (iii) an amount equal to any existing commitments unutilized under the Indebtedness being extended, renewed, refinanced or replaced, (b) such extension, renewal, refinancing or replacement has (i) a final
maturity date equal to or later than the final maturity date of the Indebtedness being extended, renewed, refinanced or replaced, and (ii) a Weighted Average Life to Maturity equal to or longer than the Weighted Average Life to Maturity of the
Indebtedness being extended, renewed, refinanced or replaced, (c) the direct and contingent obligors of such Indebtedness shall not be changed, as a result of or in connection with such extension, renewal, refinancing or replacement,
(d) if the Indebtedness being extended, renewed, refinanced or replaced is subordinated in right of payment to the Secured Obligations or secured by Liens on the Collateral junior to those created under the Collateral Documents, such extension,
renewal, refinancing or replacement shall be subordinated to the Secured Obligations on terms at least as favorable to the Secured Parties as those contained in the documentation governing the Indebtedness being so extended, renewed, refinanced or
replaced, (e) if the Indebtedness being extended, renewed, refinanced or replaced is secured by a Lien ranking pari passu to the Lien securing the Secured Obligations, such extension, renewal, refinancing or replacement shall be secured
on terms no more favorable to the Parent and its Subsidiaries as those contained in the documentation governing the Indebtedness being so extended, renewed, refinanced or replaced, (f) if the Indebtedness being extended, renewed, refinanced or
replaced is unsecured, such extension, renewal, refinancing or replacement shall be unsecured, (g) the terms and conditions of such Indebtedness shall not be changed in any manner that is materially adverse, when taken as a whole, to the Parent
and its Subsidiaries, as applicable, in connection with the extension, renewal, refinancing or replacement, and (h) at the time of such extension, renewal, refinancing or replacement of such Indebtedness, no Default shall have occurred and be
continuing or result therefrom. 
 “Permitted Sale and Leaseback Transaction” means any Sale and Leaseback Transaction by
the Parent or any Subsidiary; provided, that, (a) such Sale and Leaseback Transaction is at a sale price equal to or exceeding the Fair Market Value of the property that is the subject of such Sale and Leaseback

  
 28 

 
Transaction, (b) no Default exists or would result from such Sale and Leaseback Transaction, (c) upon giving Pro Forma Effect to such Sale and Leaseback Transaction, the Loan Parties
would be in compliance with the financial covenants set forth in Section 7.11 as of the most recent fiscal quarter end for which the Loan Parties were required to deliver financial statements pursuant to Section
6.01(a) or (b), and (d) the aggregate net book value of all assets sold or otherwise disposed of in connection with all such Sale and Leaseback Transactions consummated during the term of this Agreement shall not exceed $100,000,000.

 “Permitted Transfer” means (a) any Disposition (other than any Permitted Sale and Leaseback Transaction) by the
Parent or any Subsidiary; provided, that, (i) the assets are sold for Fair Market Value, (ii) at least seventy-five percent (75%) of the aggregate consideration for such Disposition is received in cash or Permitted
Investments, (iii) no Default exists or would result from such Disposition, (iv) upon giving Pro Forma Effect to such Disposition, the Loan Parties would be in compliance with the financial covenants set forth in
Section 7.11 as of the most recent fiscal quarter end for which the Loan Parties were required to deliver financial statements pursuant to Section 6.01(a) or (b), and (v) the aggregate net book value of
all assets sold or otherwise disposed of shall not exceed (i) $5,000,000 in any single transaction (or series of related transactions), and (ii) $30,000,000 in the aggregate during the term of this Agreement; and (b) any Permitted Sale and
Leaseback Transaction. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Pineland Farms” means Pineland Farms Potato
Company, Inc., a Maine corporation. 
 “Pineland Farms Acquisition” means the Acquisition by the Borrower of all of the
Equity Interests of Pineland Farms, pursuant to that certain Stock Purchase Agreement, dated as of January 24, 2017, by and among the Borrower, as buyer, Pineland Farms, the stockholders of Pineland Farms party thereto, Libra Foundation, a
charitable trust with its principal place of administration in Portland, Maine, as the sellers’ representative, and the Parent, as guarantor. 

“Platform” has the meaning specified in Section 6.02. 

“Pledge Agreement” means the pledge agreement, dated as of the Closing Date, executed in favor of the Administrative Agent by
each of the Loan Parties. 
 “Post-Closing Dividend” means that certain one-time
dividend following the Closing Date paid to the holders of the Parent’s common Qualified Equity Interests in an amount not to exceed $200,000,000; provided, that, such dividend shall be made on or prior to July 31, 2017. 

“Pro Forma Basis”, “Pro Forma Compliance” and “Pro Forma Effect” means, in respect of a
Specified Transaction, that such Specified Transaction and the following transactions in connection therewith (to the extent applicable) shall be deemed to have occurred as of the first day of the applicable period of measurement for the applicable
covenant or requirement: (a)(i) with respect to any Disposition or sale, transfer or other disposition that results in a Person ceasing to be a Subsidiary, income statement and cash flow statement items (whether positive or negative) attributable to
the Person or property disposed of shall be excluded, and (ii) with respect to any Acquisition or Investment, income statement and cash flow statement items (whether positive or negative) attributable to the Person or property acquired shall be
included to the extent relating to any period applicable in such calculations to the extent (A) such items are not otherwise included in such income statement items for the Parent and its Subsidiaries in accordance with GAAP or in accordance
with any defined terms set forth in Section 1.01, 

  
 29 

 
and (B) such items are supported by financial statements or other information reasonably satisfactory to the Administrative Agent, (b) any retirement of Indebtedness, and (c) any
incurrence or assumption of Indebtedness by the Parent or any of its Subsidiaries (and if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes of this
definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination); provided, that, (x) Pro Forma Basis, Pro Forma Compliance and Pro Forma Effect
in respect of any Specified Transaction shall be calculated in a reasonable and factually supportable manner and certified by a Responsible Officer of the Parent, and (y) any such calculation shall be subject to the applicable limitations set
forth in the definition of “Consolidated EBITDA”. 
 “Pro Forma Compliance Certificate” means a certificate of a
Responsible Officer of the Parent containing reasonably detailed calculations of the Consolidated Leverage Ratio and the Consolidated Interest Coverage Ratio as of the most recent fiscal quarter end for which the Loan Parties were required to
deliver financial statements pursuant to Section 6.01(a) or (b) after giving Pro Forma Effect to the applicable Specified Transaction. 

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

“Purchase Money Security Interests” means Liens upon tangible personal property securing Indebtedness to any Loan Party or
any Subsidiary or deferred payments by such Loan Party or such Subsidiary, in each case, for the purchase of such tangible personal property. 

“Qualified Acquisition” means (a) a Permitted Acquisition for which the aggregate Acquisition Consideration exceeds
$50,000,000, or (b) a series of Permitted Acquisitions in any six (6) month period, for which the aggregate Acquisition Consideration for all such Permitted Acquisitions exceeds $50,000,000; provided, that, for any Permitted
Acquisition or series of Permitted Acquisitions to qualify as a “Qualified Acquisition”, the Administrative Agent shall have received (not fewer than ten (10) Business Days (or such lesser period of time as may be agreed to by the
Administrative Agent in its sole discretion) prior to the consummation of such Permitted Acquisition or series of Permitted Acquisitions) a Qualified Acquisition Election Certificate with respect to such Permitted Acquisition or series of Permitted
Acquisitions. 
 “Qualified Acquisition Election Certificate” means a certificate of a Responsible Officer of the Borrower,
in form and substance reasonably satisfactory to the Administrative Agent, (a) certifying that the applicable Permitted Acquisition or series of Permitted Acquisitions meet the criteria set forth in clauses (a) or (b) (as
applicable) of the definition of “Qualified Acquisition”, and (b) notifying the Administrative Agent that the Borrower has elected to treat such Permitted Acquisition or series of Permitted Acquisitions as a “Qualified
Acquisition”; provided, that, the Borrower may not deliver more than two (2) Qualified Acquisition Election Certificates during the term of this Agreement. In the case of a Qualified Acquisition involving a series of
Permitted Acquisitions in any six (6) month period, the requirement that the Borrower deliver a Qualified Acquisition Election Certificate with respect to such Qualified Acquisition shall be deemed to have been satisfied if the Borrower
delivers a Qualified Acquisition Election Certificate not fewer than ten (10) Business Days (or such lesser period of time as may be agreed to by the Administrative Agent in its sole discretion) prior to the consummation of the last such
Permitted Acquisition in such series of Permitted Acquisitions. 
 “Qualified ECP Guarantor” means, at any time, each Loan
Party with total assets exceeding $10,000,000 or that qualifies at such time as an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract participant” at
such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
 30 

 “Qualified Equity Interests” means any Equity Interests other than Disqualified
Equity Interests. 
 “Qualifying Control Agreement” means an agreement, among a Loan Party, a depository institution or
securities intermediary and the Administrative Agent, which agreement is in form and substance acceptable to the Administrative Agent and which provides the Administrative Agent with “control” (as such term is used in Article 9 of the UCC)
over the deposit account(s) or securities account(s) described therein. 
 “Recipient” means the Administrative Agent, any
Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder. 

“Register” has the meaning specified in Section 11.06(c). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Removal Effective Date” has the meaning specified in Section 9.06(b). 

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

“Required Lenders” means, at any time, Lenders having Total Credit Exposures representing more than fifty percent (50%) of
the Total Credit Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time; provided, that, the amount of any participation in any Swingline Loan and
Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that is the Swingline Lender or the L/C Issuer, as the case may be, in making
such determination. 
 “Resignation Effective Date” has the meaning specified in Section 9.06(a). 

“Responsible Officer” means (a) the chief executive officer, president, chief financial officer, treasurer, assistant
treasurer or controller of a Loan Party, (b) solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of a Loan Party, and (c) solely for
purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the officers identified in clause (a) or clause (b) in a notice to the Administrative
Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of
a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of
such Loan Party. To the extent requested by the Administrative Agent, each Responsible Officer will provide an incumbency certificate and to the extent requested by the Administrative Agent, appropriate authorization documentation, in form and
substance satisfactory to the Administrative Agent. 

  
 31 

 “Restricted Payment” means (a) any dividend or other distribution, direct
or indirect, on account of any shares (or equivalent) of any class of Equity Interests of the Parent or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar payment, purchase or other
acquisition for value, direct or indirect, of any shares (or equivalent) of any class of Equity Interests of the Parent or any of its Subsidiaries, now or hereafter outstanding, (c) any payment made to retire, or to obtain the surrender of, any
outstanding warrants, options or other rights to acquire shares of any class of Equity Interests of the Parent or any of its Subsidiaries, now or hereafter outstanding. 

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

“Revolving Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding
Revolving Loans and such Lender’s participation in L/C Obligations and Swingline Loans at such time. 
 “Revolving
Loan” has the meaning specified in Section 2.01. 
 “S&P” means Standard &
Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto. 
 “Sale and
Leaseback Transaction” means any arrangement with any Person providing for the leasing by the Parent or any of its Subsidiaries of any property (except for (x) temporary leases for a term, including any renewal thereof, of not more
than one (1) year, and (y) leases between the Parent and a Subsidiary or between Subsidiaries), which property has been or is to be sold or transferred by the Parent or such Subsidiary to such Person. 

“Sanction(s)” means any sanction administered or enforced by the United States Government (including OFAC), the United
Nations Security Council, the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Second Lien Indebtedness” has the meaning specified in Section 7.14. 

“Secured Cash Management Agreement” means any Cash Management Agreement between any Loan Party and any Cash Management Bank.

 “Secured Hedge Agreement” means any interest rate, currency, foreign exchange, or commodity Swap Contract required by or
not prohibited under Article VI or VII between any Loan Party and any Hedge Bank. 
 “Secured Obligations”
means all Obligations and all Additional Secured Obligations. 
 “Secured Parties” means, collectively, the Administrative
Agent, the Lenders, the L/C Issuer, the Hedge Banks, the Cash Management Banks, the Indemnitees, and the co-agents or sub-agents appointed by the Administrative Agent
from time to time pursuant to Section 9.05. 

  
 32 

 “Secured Party Designation Notice” means a notice from any Lender or an
Affiliate of a Lender substantially in the form of Exhibit H. 
 “Securities Act” means the Securities Act of 1933,
including all amendments thereto and regulations promulgated thereunder. 
 “Security Agreement” means the security
agreement, dated as of the Closing Date, executed in favor of the Administrative Agent by each of the Loan Parties. 

“Securitization Transaction” means, with respect to any Person, any financing transaction or series of financing transactions
(including factoring arrangements) pursuant to which such Person or any Subsidiary of such Person may sell, convey or otherwise transfer, or grant a security interest in, accounts, payments, receivables, rights to future lease payments or residuals
or similar rights to payment to a special purpose subsidiary or affiliate of such Person. 
 “Solvency Certificate” means a
solvency certificate in substantially in the form of Exhibit I. 
 “Solvent” and “Solvency” means,
with respect to any Person on any date of determination, taking into account any right of reimbursement, contribution or similar right available to such Person from other Persons, that on such date (a) the fair value of the property of such
Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured, (c) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal
course of business, (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature, and (e) such Person is not engaged in
business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which
such Person is engaged. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability. 
 “Specified Loan Party” means any Loan
Party that is not then an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section 10.11). 

“Specified Transaction” means (a) any Acquisition, any Disposition, any sale, transfer or other disposition that results
in a Person ceasing to be a Subsidiary, any Investment that results in a Person becoming a Subsidiary, in each case, whether by merger, amalgamation, consolidation or otherwise, or any incurrence or repayment of Indebtedness, or (b) any other
event that by the terms of the Loan Documents requires Pro Forma Compliance with a test or covenant or requires such test or covenant to be calculated on a Pro Forma Basis. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the shares of Voting Stock is at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified,
all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Parent. 

  
 33 

 “Swap Contract” means (a) any and all rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond
price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and
(b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any
International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master
Agreement. 
 “Swap Obligations” means with respect to any Guarantor any obligation to pay or perform under any agreement,
contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 

“Swingline Borrowing” means a borrowing of a Swingline Loan pursuant to Section 2.04. 

“Swingline Lender” means Bank of America in its capacity as provider of Swingline Loans, or any successor swingline lender
hereunder. 
 “Swingline Loan” has the meaning specified in Section 2.04(a). 

“Swingline Loan Notice” means a notice of a Swingline Borrowing pursuant to Section 2.04(b), which shall be
substantially in the form of Exhibit J or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately
completed and signed by a Responsible Officer of the Borrower. 
 “Swingline Sublimit” means an amount equal to the lesser
of (a) $25,000,000, and (b) the Aggregate Commitments. The Swingline Sublimit is part of, and not in addition to, the Aggregate Commitments. 

“Target” has the meaning specified in the definition of “Permitted Acquisition.” 

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

  
 34 

 “Threshold Amount” means $15,000,000. 

“Total Credit Exposure” means, as to any Lender at any time, the unused Commitments and Revolving Exposure of such Lender at
such time. 
 “Total Revolving Outstandings” means the aggregate Outstanding Amount of all Revolving Loans, Swingline Loans
and L/C Obligations. 
 “Transaction Costs” means all fees, costs and expenses incurred or payable by or on behalf of the
Parent or any of its Subsidiaries in connection with the Transactions. 
 “Transactions” means, collectively, (a) the
making of the Post-Closing Dividend, (b) the consummation of the Closing Date Disposition, (c) the entering into of the Loan Documents and the incurrence of any Loans or Letters of Credit on the Closing Date or after the Closing Date in
connection with the Pineland Farms Acquisition and/or the Post-Closing Dividend, (d) the refinancing in full of the Existing Credit Agreement, including the termination of all commitments thereunder and the termination and release of all
security interests and guarantees granted in connection therewith, (e) the consummation of the Pineland Farms Acquisition, (f) all transactions relating to any of the foregoing, and (g) the payment of all Transaction Costs. 

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York; provided, that, if perfection or
the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority. 
 “United States” and “U.S.” mean the
United States of America. 
 “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 

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

“U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(3). 

“Voting Stock” means, with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily,
in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right to so vote has been suspended by the happening of such contingency. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date of determination, the number of years
obtained by dividing (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in
respect thereof, by (ii) the number of years (calculated to the nearest one twelfth) that will elapse between such date of determination and the making of such payment, by (b) the then outstanding principal amount of such
Indebtedness as of such date of determination. 

  
 35 

 “Wholly-Owned Subsidiary” means, as to any Person, (a) any corporation one
hundred percent (100%) of whose Equity Interests (other than directors’ qualifying shares or Equity Interests that are required to be held by another person in order to satisfy a foreign requirement of Law prescribing an equity owner resident
in the local jurisdiction) is at the time owned by such Person and/or one or more Wholly-Owned Subsidiaries of such Person, and (b) any partnership, association, joint venture, limited liability company or other entity in which such Person
and/or one or more Wholly-Owned Subsidiaries of such Person have a one hundred percent (100%) equity interest at such time. Unless otherwise specified, all references herein to a “Wholly-Owned Subsidiary” or to “Wholly-Owned
Subsidiaries” shall refer to a Wholly-Owned Subsidiary or Wholly-Owned Subsidiaries of the Parent. 
 “Withholding
Agent” means any Loan Party and the Administrative Agent. 
 “Write-Down and Conversion Powers” means, with
respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
  

	1.02	Other Interpretive Provisions. 

 With reference to this Agreement and each other
Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a) The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including the Loan Documents and any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time
amended, amended and restated, modified, extended, restated, replaced or supplemented from time to time (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any
Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory rules,
regulations, orders and provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified, extended, restated,
replaced or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights. 

  
 36 

 (b) In the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.” 

(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect
the interpretation of this Agreement or any other Loan Document. 
  

	1.03	Accounting Terms. 

 (a) Generally. All accounting terms not
specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing,
for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Parent and its Subsidiaries shall be deemed to be carried at one hundred percent (100%) of the
outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded. 

(b) Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided, that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior
to such change therein, and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding the foregoing, for all purposes of this Agreement, (A) leases shall continue to be classified and accounted for on a
basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, and (B) Guarantees permitted hereunder of operating leases of any Person shall
continue to be permitted hereunder notwithstanding any change in GAAP resulting in such operating leases being classified as a capital lease under GAAP (it being understood that, for the avoidance of doubt, Guarantees permitted hereunder of
operating leases of any Person shall not constitute Indebtedness hereunder notwithstanding any change in GAAP resulting in such operating leases being classified as a capital lease under GAAP), in each case, unless the parties hereto shall enter
into a mutually acceptable amendment addressing such changes, as provided for above. In furtherance of the foregoing, any such amendment addressing the impact of changes in GAAP as contemplated by this Section 1.03(b) shall be documented
and effected at no cost to the Borrower other than the reimbursement of the Administrative Agent’s costs and expenses as contemplated by Section 11.04. 

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

  
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 (d) Pro Forma Calculations. Notwithstanding anything to the contrary
contained herein, all calculations of the Consolidated Leverage Ratio (including for purposes of determining the Applicable Rate) and the Consolidated Interest Coverage Ratio shall be made on a Pro Forma Basis with respect to all Specified
Transactions occurring during the applicable Measurement Period to which such calculation relates, and/or subsequent to the end of such Measurement Period but not later than the date of such calculation; provided, that, notwithstanding
the foregoing, when calculating the Consolidated Leverage Ratio and/or the Consolidated Interest Coverage Ratio for purposes of determining (i) compliance with Section 7.11, and/or (ii) the Applicable Rate, any
Specified Transaction and any related adjustment contemplated in the definition of “Pro Forma Basis” that occurred subsequent to the end of the applicable Measurement Period shall not be given Pro Forma Effect. For purposes of determining
compliance with any provision of this Agreement which requires Pro Forma Compliance with any financial covenant set forth in Section 7.11, (A) in the case of any such compliance required after delivery of financial
statements for the fiscal quarter ending July 28, 2017, such Pro Forma Compliance shall be determined by reference to the maximum Consolidated Leverage Ratio and/or minimum Consolidated Interest Coverage Ratio, as applicable, permitted for the
fiscal quarter most recently then ended for which financial statements have been delivered (or were required to have been delivered) in accordance with Section 6.01(a) or (b), or (B) in the case of any such compliance required
prior to the delivery referred to in clause (A) above, such Pro Forma Compliance shall be determined by reference to (1)(x) Consolidated EBITDA for each Historical EBITDA Period as set forth in the last sentence of the definition of
“Consolidated EBITDA” in Section 1.01, and (y) the amount of Indebtedness that would be set forth on a consolidated balance sheet of the Parent and its Subsidiaries prepared as of April 28, 2017, giving
effect to the Transactions occurring on the Closing Date on a Pro Forma Basis, and (2) the maximum Consolidated Leverage Ratio and/or minimum Consolidated Interest Coverage Ratio, as applicable, permitted for the fiscal quarter ending
July 28, 2017. 
  

	1.04	Rounding. 

 Any financial ratios required to be maintained by the Loan Parties
pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down
to the nearest number (with a rounding-up if there is no nearest number). 
  

	1.05	Times of Day. 

 Unless otherwise specified, all references herein to times of day
shall be references to Eastern time (daylight or standard, as applicable). 
  

	1.06	Letter of Credit Amounts. 

 Unless otherwise specified herein, the amount of a
Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, that, with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related
thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or
not such maximum stated amount is in effect at such time. 

  
 38 

	1.07	UCC Terms. 

 Terms defined in the UCC in effect on the Closing Date and not
otherwise defined herein shall, unless the context otherwise indicates, have the meanings provided by those definitions. Subject to the foregoing, the term “UCC” refers, as of any date of determination, to the UCC then in effect. 

ARTICLE II 
 COMMITMENTS
AND CREDIT EXTENSIONS 
  

	2.01	Revolving Loans. 

 Subject to the terms and conditions set forth herein, each
Lender severally agrees to make loans (each such loan, a “Revolving Loan”) to the Borrower, in Dollars, from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time
outstanding the amount of such Lender’s Commitment; provided, that, after giving effect to any Revolving Borrowing, (a) the Total Revolving Outstandings shall not exceed the Aggregate Commitments, and (b) the Revolving
Exposure of any Lender shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow Revolving Loans under this
Section 2.01, prepay Revolving Loans under Section 2.05, and reborrow Revolving Loans under this Section 2.01. Revolving Loans may be Base Rate Loans or Eurodollar Rate
Loans, as further provided herein; provided, that, any Revolving Borrowings made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the Borrower delivers a
Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Revolving Borrowing. 
  

	2.02	Borrowings, Conversions and Continuations of Revolving Loans. 

(a) Notice of Borrowing. Each Revolving Borrowing, each conversion of Revolving Loans from one Type to the other, and
each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone or a Loan Notice; provided, that, any telephonic notice must be confirmed
immediately by delivery to the Administrative Agent of a Loan Notice. Each such Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three (3) Business Days prior to the requested date of any Borrowing of,
conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans. Each Borrowing of, conversion to or continuation of
Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Loans shall be in
a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice and each telephonic notice shall specify (A) whether the Borrower is requesting a Revolving Borrowing, a conversion of Revolving Loans from one
Type to the other, or a continuation of Revolving Loans, as the case may be, (B) the requested date of the Revolving Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (C) the principal amount of
Revolving Loans to be borrowed, converted or continued, (D) the Type of Revolving Loans to be borrowed or to which existing Revolving Loans are to be converted, and (E) if applicable, the duration of the Interest Period with respect
thereto. If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting conversion of Base Rate Loans to Eurodollar Rate Loans, then the applicable Revolving Loans shall be made as Base
Rate Loans. If the 

  
 39 

 
Borrower fails to give a timely notice requesting a continuation of Eurodollar Rate Loans, then the Borrower shall be deemed to have elected to continue such Revolving Loans as Eurodollar Rate
Loans with the same Interest Period as the Revolving Loans to be continued; provided, that, (1) such Interest Period shall not end after the Maturity Date and shall otherwise be permitted under this Agreement at the time of such
continuation, and (2) if such Interest Period would end after the Maturity Date, the Borrower shall be deemed to have elected to continue such Revolving Loans as Eurodollar Rate Loans with an Interest Period of a length that would not end after
the Maturity Date; provided, further, that, if such Interest Period cannot be continued as set forth in this sentence, the Borrower shall be deemed to have converted such Revolving Loans to Base Rate Loans as of the last day of
the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest
Period, it will be deemed to have specified an Interest Period of one (1) month. Notwithstanding anything to the contrary herein, a Swingline Loan may not be converted to a Eurodollar Rate Loan. 

(b) Advances. Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each Appropriate Lender
of the amount of its Applicable Percentage of the applicable Revolving Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Appropriate Lender of the details of any
automatic conversion to Base Rate Loans described in Section 2.02(a). In the case of a Revolving Borrowing, each Appropriate Lender shall make the amount of its Revolving Loan available to the Administrative Agent in immediately available
funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such
Revolving Borrowing is the initial Credit Extension on the Closing Date, Section 4.01), the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative
Agent either by (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds, or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably
acceptable to) the Administrative Agent by the Borrower; provided, that, if, on the date a Loan Notice with respect to a Revolving Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such
Revolving Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above. 

(c) Eurodollar Rate Loans. Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted
only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders, and the
Required Lenders may demand that any or all of the outstanding Eurodollar Rate Loans be converted immediately to Base Rate Loans. 

(d) Interest Rates. Each determination of an interest rate by the Administrative Agent pursuant to any provision of this
Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. 
 (e)
Interest Periods. After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type to the other, and all continuations of Revolving Loans as the same Type, there shall not be more than seven (7) Interest
Periods in effect. 

  
 40 

 (f) Cashless Settlement Mechanism. Notwithstanding anything to the
contrary in this Agreement, any Lender may exchange, continue or rollover all or the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a
cashless settlement mechanism approved by the Borrower, the Administrative Agent and such Lender. 
 (g) Increase in
Aggregate Commitments. The Borrower may at any time and from time to time, upon prior written notice by the Borrower to the Administrative Agent, increase the Aggregate Commitments (but not the Letter of Credit Sublimit or the Swingline
Sublimit) by a maximum aggregate amount not to exceed $100,000,000 with additional Commitments from any Lender or new Commitments from any other Person selected by the Borrower and acceptable to the Administrative Agent, the Swingline Lender and the
L/C Issuer (so long as such Persons are not Affiliates of the Borrower and would be Eligible Assignees); provided, that: 

(i) any such increase shall be in a minimum principal amount of $15,000,000 and in integral multiples of $5,000,000 in excess
thereof; 
 (ii) no Default shall exist and be continuing at the time of any such increase; 

(iii) no existing Lender shall be under any obligation to increase its Commitment and any such decision whether to increase its
Commitment shall be in such Lender’s sole and absolute discretion; 
 (iv) (A) any new Lender shall join this Agreement
by executing such joinder documents as are required by the Administrative Agent, and/or (B) any existing Lender electing to increase its Commitment shall have executed a commitment agreement satisfactory to the Administrative Agent; 

(v) as a condition precedent to such increase, the Borrower shall have delivered to the Administrative Agent a certificate of
each Loan Party dated as of the date of such increase signed by a Responsible Officer of each such Loan Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (B) in the
case of the Borrower, certifying that, before and after giving effect to such increase, (1) the representations and warranties of the Borrower and each other Loan Party contained in this Agreement or any other Loan Document, or which are
contained in any document furnished at any time under or in connection herewith or therewith, are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or reference
to Material Adverse Effect) on and as of the date of such increase, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (and in all
respects if any such representation or warranty is already qualified by materiality or reference to Material Adverse Effect) as of such earlier date, and except that for purposes of this Section 2.02(g)(v), the representations and warranties
contained in Sections 5.05(a), (b) and (d) shall be deemed to refer to the most recent statements furnished pursuant to Section 6.01(a), (b) or (c), respectively, and (2) no Default exists; 

(vi) a Responsible Officer of the Parent shall have delivered to the Administrative Agent a Pro Forma Compliance Certificate
demonstrating that, upon giving Pro Forma Effect to such increase (and assuming for such calculation that such 

  
 41 

 
increase is fully drawn), the Loan Parties would be in compliance with the financial covenants set forth in Section 7.11 as of the most recent fiscal quarter end for
which the Loan Parties were required to deliver financial statements pursuant to Section 6.01(a) or (b); 

(vii) Schedule 1.01(b) shall be deemed revised to include any increase in the Aggregate Commitments pursuant to this
Section 2.02(g) and to include thereon any Person that becomes a Lender pursuant to this Section 2.02(g); and 

(viii) the Administrative Agent shall have received such amendments to the Collateral Documents as the Administrative Agent
reasonably requests to cause the Collateral Documents to secure the Secured Obligations after giving effect to such increase. 

Upon each increase to the Aggregate Commitments pursuant to this Section 2.02(g), each Lender immediately prior to such
increase will automatically and without further act be deemed to have assigned to each Lender providing a portion of such increase and each such increasing Lender will automatically and without further act be deemed to have assumed, a portion of
such Lender’s participations hereunder in outstanding Letters of Credit and Swingline Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding
participations hereunder in such Letters of Credit and/or Swingline Loans held by each Lender (including each such increasing Lender), as applicable, will equal such Lender’s Applicable Percentage of the aggregate outstanding L/C Obligations
and Swingline Loans. Additionally, if any Revolving Loans are outstanding at the time any increase to the Aggregate Commitments is effected pursuant to this Section 2.02(g), the applicable Lenders immediately after effectiveness of such
increase shall purchase and assign at par such amounts of the Revolving Loans outstanding at such time as the Administrative Agent may require such that each Lender holds its Applicable Percentage of all Revolving Loans outstanding immediately after
giving effect to all such assignments. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions
effected pursuant to this paragraph. 
  

	2.03	Letters of Credit. 

  

	 	(a)	The Letter of Credit Commitment. 

 (i) Subject to the terms and
conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit
Expiration Date, to issue Letters of Credit for the account of the Borrower, any other Loan Party or any Subsidiary, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b), and (2) to honor
drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower (or any other Loan Party or any Subsidiary) and any drawings thereunder; provided,
that, after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Commitments, (y) the Revolving Exposure of any Lender shall not exceed
such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower 

  
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for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the
proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing
period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto and deemed L/C Obligations, and from and
after the Closing Date shall be subject to and governed by the terms and conditions hereof. 
 (ii) The L/C Issuer shall not
issue any Letter of Credit if: 
 (A) subject to Section 2.03(b)(iv), the expiry date of the requested Letter of
Credit would occur more than twelve (12) months after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or 

(B) the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the
Lenders have approved such expiry date. 
 (iii) The L/C Issuer shall not be under any obligation to issue any Letter of
Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to
enjoin or restrain the L/C Issuer from issuing the Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer
shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the L/C Issuer with respect to the Letter of Credit any restriction, reserve or
capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and
which the L/C Issuer in good faith deems material to it; 
 (B) the issuance of the Letter of Credit would violate one or
more policies of the L/C Issuer applicable to letters of credit generally; 
 (C) except as otherwise agreed by the
Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount less than $500,000; 
 (D) the
Letter of Credit is to be denominated in a currency other than Dollars; or 
 (E) any Lender is at that time a Defaulting
Lender, unless the L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such 

  
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Lender to eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.15(a)(iv)) with respect to the Defaulting Lender arising from either the
Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion. 

(iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue the
Letter of Credit in its amended form under the terms hereof. 
 (v) The L/C Issuer shall be under no obligation to amend any
Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment
to the Letter of Credit. 
 (vi) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit
issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by the L/C
Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX included the L/C
Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer. 

(b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit; Auto-Reinstatement Letter
of Credit. 
 (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower
delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower (and such other Loan Party or such Subsidiary, as
required by the L/C Issuer). Such Letter of Credit Application may be sent by fax transmission, by United States mail, by overnight courier, by electronic transmission using the system provided by the L/C Issuer, by personal delivery or by any other
means acceptable to the L/C Issuer. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Administrative
Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter
of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof;
(D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any
drawing thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of
Credit Application shall specify in form and detail satisfactory to the L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day);

  
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(3) the nature of the proposed amendment; and (4) such other matters as the L/C Issuer may require. Additionally, the Borrower shall furnish to the L/C Issuer and the Administrative Agent
such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may require. 

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

(iv) If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole discretion,
agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided, that, any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any
such extension at least once in each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the
“Non-Extension Notice Date”) in each such twelve (12) month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower
shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the
extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, that, the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it
would not be permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of Section 2.03(a)(ii), Section 2.03(a)(iii) or
otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before the Non-Extension Notice Date (1) from the
Administrative Agent that the Required Lenders have elected not to permit such extension, or (2) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in
Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension. 

  
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 (v) If the Borrower so requests in any applicable Letter of Credit Application,
the L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the stated amount thereof after any drawing thereunder (each, an “Auto-Reinstatement Letter of
Credit”). Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer to permit such reinstatement. Once an Auto-Reinstatement Letter of Credit has been issued, except as
provided in the following sentence, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance with the provisions of such Letter of Credit.
Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits the L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a drawing thereunder by giving notice of such non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement Deadline”), the L/C Issuer shall not permit such reinstatement
if it has received a notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before the Non-Reinstatement Deadline (A) from the Administrative Agent that
the Required Lenders have elected not to permit such reinstatement, or (B) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then
satisfied (treating such reinstatement as an L/C Credit Extension for purposes of this clause) and, in each case, directing the L/C Issuer not to permit such reinstatement. 

(c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C
Issuer shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse
the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of the Honor Date, the
amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof. In such event, the Borrower shall be deemed to have requested a Revolving Borrowing of Base Rate
Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the
amount of the unutilized portion of the Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this
Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided, that, the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 

(ii) Each Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent
may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than

  
 46 

 
1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds available
shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer. 

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

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

(v) Each Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under
Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender
may have against the L/C Issuer, the Borrower, any other Loan Party, any Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or
not similar to any of the foregoing; provided, that, each Lender’s obligation to make Revolving Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02
(other than delivery by the Borrower of a Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any
Letter of Credit, together with interest as provided herein. 
 (vi) If any Lender fails to make available to the
Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without limiting the
other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the
date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation,
plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such
Lender’s Revolving Loan included in the relevant Revolving Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with
respect to any amounts owing under this Section 2.03(c)(vi) shall be conclusive absent manifest error. 

  
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 (d) Repayment of Participations. 

(i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such
Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof in the same funds as
those received by the Administrative Agent. 
 (ii) If any payment received by the Administrative Agent for the account of
the L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by the L/C Issuer in its
discretion), each Lender shall pay to the Administrative Agent for the account of the L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such
amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this
Agreement. 
 (e) Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each drawing
under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

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

(ii) the existence of any claim, counterclaim, setoff, defense or other right that the Borrower, any other Loan Party or any
Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with
this Agreement or by such Letter of Credit, the transactions contemplated hereby or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii) any draft, demand, endorsement, certificate or other document presented under or in connection with such Letter of Credit
proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing
under such Letter of Credit; 
 (iv) waiver by the L/C Issuer of any requirement that exists for the L/C Issuer’s
protection and not the protection of the Borrower or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower; 

  
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 (v) honor of a demand for payment presented electronically even if such Letter of
Credit requires that demand be in the form of a draft; 
 (vi) any payment made by the L/C Issuer in respect of an otherwise
complying item presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized by the UCC or the ISP, as applicable; 

(vii) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such
Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 
 (viii) any other
circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower, any other Loan Party or any of their
respective Subsidiaries. 
 The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered
to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against
the L/C Issuer and its correspondents unless such notice is given as aforesaid. 
 (f) Role of L/C Issuer. Each Lender
and the Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight or time draft, certificates and documents expressly required by the Letter of
Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective Related
Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as
applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or
Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, that, this assumption is not intended to, and shall not,
preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor
any correspondent, participant or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in Section 2.03(e); provided, that, anything in such clauses to the contrary notwithstanding, the
Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower
proves, as determined by a final non-appealable judgment of a court of competent jurisdiction, were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful
failure to pay under any Letter of Credit after the 

  
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presentation to it by the beneficiary of a sight or time draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of
the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for
the validity or sufficiency of any instrument transferring, endorsing or assigning or purporting to transfer, endorse or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason. The L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication message or overnight courier, or any other
commercially reasonable means of communicating with a beneficiary. 
 (g) Applicability of ISP; Limitation of
Liability. Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each Letter of
Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Borrower for, and the L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the L/C Issuer required or
permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice
stated in the ISP or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of
International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice. 
 (h)
Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance, subject to Section 2.15, with its Applicable Percentage a Letter of Credit fee (the
“Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. Letter of Credit Fees shall be (i) due and payable on the first
Business Day following each fiscal quarter end, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand, and (ii) computed on a quarterly basis
in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter
that such Applicable Rate was in effect. 
 (i) Fronting Fee and Documentary and Processing Charges Payable to L/C
Issuer. The Borrower shall pay directly to (i) Bank of America, as an L/C Issuer for its own account, a fronting fee with respect to each Letter of Credit issued by Bank of America, at the rate per annum specified in the Fee Letter,
computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears, and payable on or prior to the date that is ten (10) Business Days following each fiscal quarter end, commencing with the first such
date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand, and (ii) to each other L/C Issuer, a fronting fee with respect to each Letter of Credit issued by such L/C Issuer at a
rate separately agreed between such L/C Issuer and the Borrower. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 1.06. In addition, the Borrower shall pay directly to each L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and

  
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charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

 (j) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any
Issuer Document, the terms hereof shall control. For the avoidance of doubt, until the Facility Termination Date, any Liens or setoff provisions created by, or otherwise provided for in, any Issuer Document (other than this Agreement or as set forth
in clause (q) of the definition of “Permitted Liens”) are deemed inoperative. 
 (k) L/C Issuer
Reports to the Administrative Agent. Unless otherwise agreed by the Administrative Agent, the L/C Issuer with respect to the Existing Letters of Credit shall, in addition to its notification obligations set forth elsewhere in this
Section 2.03, provide the Administrative Agent a Letter of Credit Report containing the following information: (i) reasonably prior to the time that such L/C Issuer amends, renews, increases or extends any Existing
Letter of Credit, the date of such amendment, renewal, increase or extension and the stated amount of such Existing Letter of Credit after giving effect to such amendment, renewal or extension (and whether the amounts thereof shall have changed),
(ii) on each Business Day on which such L/C Issuer makes a payment pursuant to an Existing Letter of Credit, the date and amount of such payment, (iii) on any Business Day on which the Borrower fails to reimburse a payment made pursuant to an
Existing Letter of Credit required to be reimbursed to such L/C Issuer on such day, the date of such failure and the amount of such payment, and (iv) on any other Business Day, such other information as the Administrative Agent shall reasonably
request as to the Existing Letters of Credit issued by such L/C Issuer. 
 (l) Letters of Credit Issued for Other Loan
Parties and Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, any Loan Party (other than the Borrower) or any Subsidiary, the Borrower shall be
obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of such other Loan Parties or such Subsidiaries inures to
the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such other Loan Parties and such Subsidiaries.  

 

	2.04	Swingline Loans. 

 (a) The Swingline. Subject to the
terms and conditions set forth herein, the Swingline Lender, in reliance upon the agreements of the other Lenders set forth in this Section, may in its sole discretion make loans to the Borrower (each such loan, a “Swingline Loan”).
Each such Swingline Loan may be made, subject to the terms and conditions set forth herein, to the Borrower, in Dollars, from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time
outstanding the amount of the Swingline Sublimit, notwithstanding the fact that such Swingline Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Revolving Loans and L/C Obligations of the Lender acting as Swingline
Lender, may exceed the amount of such Lender’s Commitment; provided, that, (i) after giving effect to any Swingline Loan, (A) the Total Revolving Outstandings shall not exceed the Aggregate Commitments at such time, and
(B) the Revolving Exposure of any Lender at such time shall not exceed such Lender’s Commitment, (ii) the Borrower shall not use the proceeds of any Swingline Loan to refinance any outstanding Swingline Loan, and (iii) the
Swingline Lender shall not be under any obligation to make any Swingline Loan if it shall 

  
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determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure. Within the foregoing limits, and
subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each
Swingline Loan shall bear interest only at a rate based on the Base Rate plus the Applicable Rate. Immediately upon the making of a Swingline Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase
from the Swingline Lender a risk participation in such Swingline Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swingline Loan. 

(b) Borrowing Procedures. Each Swingline Borrowing shall be made upon the Borrower’s irrevocable notice to the
Swingline Lender and the Administrative Agent, which may be given by telephone or a Swingline Loan Notice; provided, that, any telephonic notice must be confirmed immediately by delivery to the Swingline Lender and the Administrative
Agent of a Swingline Loan Notice. Each such Swingline Loan Notice must be received by the Swingline Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed,
which shall be a minimum of $100,000, and (ii) the requested date of the Swingline Borrowing (which shall be a Business Day). Promptly after receipt by the Swingline Lender of any Swingline Loan Notice, the Swingline Lender will confirm with
the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swingline Loan Notice and, if not, the Swingline Lender will notify the Administrative Agent (by telephone or in writing) of the contents
thereof. Unless the Swingline Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed Swingline Borrowing (A) directing
the Swingline Lender not to make such Swingline Loan as a result of the limitations set forth in the first proviso to the second sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article
IV is not then satisfied, then, subject to the terms and conditions hereof, the Swingline Lender may make the amount of its Swingline Loan available to the Borrower at its office by crediting the account of the Borrower on the books of the
Swingline Lender in immediately available funds. 
 (c) Refinancing of Swingline Loans. 

(i) The Swingline Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably
authorizes the Swingline Lender to so request on its behalf), that each Lender make a Base Rate Loan in an amount equal to such Lender’s Applicable Percentage of the amount of Swingline Loans then outstanding. Such request shall be made in
writing (which written request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the
principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02. The Swingline Lender shall furnish the Borrower with a copy of the
applicable Loan Notice promptly after delivering such notice to the Administrative Agent. Each Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Loan Notice available to the Administrative Agent in
immediately available funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable Swingline Loan) for the account of the Swingline Lender at the Administrative Agent’s Office not later than 1:00 p.m.
on the day specified in such Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit
the funds so received to the Swingline Lender. 

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

(iii) If any Lender fails to make available to the Administrative Agent for the account of the Swingline Lender any amount
required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swingline Lender shall be entitled to recover from such Lender (acting through the
Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal to the greater of
the Federal Funds Rate and a rate determined by the Swingline Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Swingline Lender in
connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Revolving Borrowing or funded participation in the
relevant Swingline Loan, as the case may be. A certificate of the Swingline Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest
error. 
 (iv) Each Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swingline
Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the
Swingline Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided,
that, each Lender’s obligation to make Revolving Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Loan Notice). No
such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swingline Loans, together with interest as provided herein. 

(d) Repayment of Participations. 

(i) At any time after any Lender has purchased and funded a risk participation in a Swingline Loan, if the Swingline Lender
receives any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Swingline Lender. 

(ii) If any payment received by the Swingline Lender in respect of principal or interest on any Swingline Loan is required to
be returned by the Swingline Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by the Swingline Lender in its discretion), each Lender shall pay to the
Swingline Lender its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The
Administrative Agent will make such demand upon the request of the Swingline Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

  
 53 

 (e) Interest for Account of Swingline Lender. The Swingline Lender shall
be responsible for invoicing the Borrower for interest on the Swingline Loans. Until each Lender funds its Base Rate Loan or risk participation pursuant to this Section to refinance such Lender’s Applicable Percentage of any Swingline Loan,
interest in respect of such Applicable Percentage shall be solely for the account of the Swingline Lender. 
 (f) Payments
Directly to Swingline Lender. The Borrower shall make all payments of principal and interest in respect of the Swingline Loans directly to the Swingline Lender. 

 

	2.05	Prepayments. 

 (a) Optional. 

(i) The Borrower may, upon notice to the Administrative Agent pursuant to delivery to the Administrative Agent of a Notice of
Loan Prepayment, at any time or from time to time voluntarily prepay Revolving Loans in whole or in part without premium or penalty subject to Section 3.05; provided, that, unless otherwise agreed by the
Administrative Agent, (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. (1) three (3) Business Days (or one (1) Business Day to the extent no Loan Notice requesting a conversion or continuation of
any Loan has been submitted in the three (3) Business Day period prior to the date such notice is submitted) prior to any date of prepayment of Eurodollar Rate Loans, and (2) on the date of prepayment of Base Rate Loans; (B) any
prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of
$100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Revolving Loans to be prepaid and, if Eurodollar
Rate Loans are to be prepaid, the Interest Period(s) of such Revolving Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment
(based on such Lender’s Applicable Percentage). If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein;
provided, that, notwithstanding the foregoing, during the term of this Agreement, the Borrower may revoke up to three (3) Notices of Loan Prepayment by providing written notice of such revocation to the Administrative Agent on or
prior to the date of prepayment specified in such Notices of Loan Prepayment (and, in connection with any such revocation, the Borrower shall make any payments required by Section 3.05). Any prepayment of a Eurodollar Rate
Loan 

  
 54 

 
shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to
Section 2.15, such prepayments shall be paid to the Lenders in accordance with their respective Applicable Percentages. 

(ii) The Borrower may, upon notice to the Swingline Lender pursuant to delivery to the Swingline Lender of a Notice of Loan
Prepayment (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swingline Loans in whole or in part without premium or penalty; provided, that, unless otherwise agreed by the Swingline Lender,
(A) such notice must be received by the Swingline Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any such prepayment shall be in a minimum principal amount of $100,000 or a whole
multiple of $100,000 in excess hereof (or, if less, the entire principal thereof then outstanding). Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such
prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of principal shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts
required pursuant to Section 3.05. 
 (b) Mandatory. If for any reason the Total Revolving
Outstandings at any time exceed the Aggregate Commitments at such time, the Borrower shall immediately prepay Revolving Loans, Swingline Loans and L/C Borrowings (together with all accrued but unpaid interest thereon) and/or Cash Collateralize the
L/C Obligations in an aggregate amount equal to such excess; provided, that, the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b) unless, after the prepayment of the
Revolving Loans and Swingline Loans, the Total Revolving Outstandings exceed the Aggregate Commitments at such time. Within the parameters of the applications set forth above, prepayments pursuant to this Section 2.05(b) shall be applied
first to Base Rate Loans and then to Eurodollar Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.05(b) shall be subject to Section 3.05, but otherwise without premium or
penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment. 
  

	2.06	Termination or Reduction of Commitments. 

 (a) Optional.
The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, the Letter of Credit Sublimit or the Swingline Sublimit, or from time to time permanently reduce the Aggregate Commitments, the Letter of Credit Sublimit
or the Swingline Sublimit; provided, that, (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five (5) Business Days prior to the date of termination or reduction, (ii) any such
partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, and (iii) the Borrower shall not terminate or reduce (A) the Aggregate Commitments if, after giving effect thereto and
to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Aggregate Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash
Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swingline Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Swingline Loans would exceed the Swingline
Sublimit. 

  
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 (b) Mandatory. If after giving effect to any reduction or termination of
the Aggregate Commitments under this Section 2.06, the Letter of Credit Sublimit or the Swingline Sublimit exceeds the Aggregate Commitments at such time, the Letter of Credit Sublimit or the Swingline Sublimit, as the case
may be, shall be automatically reduced by the amount of such excess. 
 (c) Application of Commitment Reductions; Payment
of Fees. The Administrative Agent will promptly notify the Lenders of any termination or reduction of the Letter of Credit Sublimit, Swingline Sublimit or the Aggregate Commitments under this Section 2.06. Upon any
reduction of the Aggregate Commitments, the Commitment of each Lender shall be reduced by such Lender’s Applicable Percentage of such reduction amount. All fees in respect of the Aggregate Commitments accrued until the effective date of any
termination of the Aggregate Commitments shall be paid on the effective date of such termination. 
  

	2.07	Repayment of Loans. 

 (a) Revolving Loans. The Borrower
shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans outstanding on such date. 

(b) Swingline Loans. The Borrower shall repay each Swingline Loan on the earlier to occur of (i) the date
ten (10) Business Days after such Swingline Loan is made, and (ii) the Maturity Date. 
  

	2.08	Interest and Default Rate. 

 (a) Interest. Subject to the
provisions of Section 2.08(b), (i) each Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period from the applicable borrowing date at a rate per annum equal to the Eurodollar Rate for such
Interest Period plus the Applicable Rate for Revolving Loans; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate
plus the Applicable Rate for Revolving Loans; and (iii) each Swingline Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the
Applicable Rate for Revolving Loans. To the extent that any calculation of interest or any fee required to be paid under this Agreement shall be based on (or result in) a calculation that is less than zero, such calculation shall be deemed zero for
purposes of this Agreement. 
 (b) Default Rate. 

(i) (A) If any amount payable by any Loan Party under any Loan Document is not paid when due (without regard to any applicable
grace periods), whether at stated maturity, by acceleration or otherwise, or (B) an Event of Default pursuant to Sections 8.01(f) or (g) exists, in each case, all outstanding Obligations shall thereafter bear interest at a
fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii) Upon the request of the Required Lenders, while any Event of Default exists, all outstanding Obligations (including Letter
of Credit Fees) shall accrue at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iii) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon
demand. 
 (c) Interest Payments. Interest on each Loan shall be due and payable in arrears on each Interest Payment
Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any
Debtor Relief Law. 

  
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	2.09	Fees. 

 In addition to certain fees described in Sections 2.03(h) and
(i): 
 (a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Lender
in accordance with its Applicable Percentage, a commitment fee (the “Commitment Fee”) equal to the Applicable Rate times the actual daily amount by which the Aggregate Commitments exceeds the sum of (i) the Outstanding
Amount of Revolving Loans, plus (ii) the Outstanding Amount of L/C Obligations plus (iii) the Outstanding Amount of Swingline Loans, subject to adjustment as provided in Section 2.15. The Commitment
Fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March,
June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The Commitment Fee shall be calculated quarterly in arrears, and if there is any change in the
Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 

(b) Other Fees. 

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

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

	2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate. 

(a) Computation of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans
determined by reference to the Eurodollar Rate) shall be made on the basis of a year of three hundred sixty-five (365) or three hundred sixty-six (366) days, as the case may be, and actual days
elapsed. All other computations of fees and interest shall be made on the basis of a three hundred sixty (360)-day year and actual days elapsed (which results in more fees or interest, as applicable, being
paid than if computed on the basis of a three hundred sixty-five (365) day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or
such portion is paid, provided that any Loan that is repaid on the same day on which it is made 

  
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shall, subject to Section 2.12(a), bear interest for one (1) day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding
for all purposes, absent manifest error. 
 (b) Financial Statement Adjustments or Restatements. If, as a result of
any restatement of or other adjustment to the financial statements of the Parent and its Subsidiaries or for any other reason, the Borrower or the Lenders determine that (i) the Consolidated Leverage Ratio as calculated by the Parent as of any
applicable date was inaccurate, and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative
Agent for the account of the applicable Lenders or the L/C Issuer, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under
the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such
period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under any provision of this Agreement to payment of
any Obligations hereunder at the Default Rate or under Article VIII. The Borrower’s obligations under this paragraph shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder. 

 

	2.11	Evidence of Debt. 

 (a) Maintenance of Accounts. The Credit
Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and
each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or
otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the
Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute
and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if
applicable), amount and maturity of its Loans and payments with respect thereto. 
 (b) Maintenance of Records. In
addition to the accounts and records referred to in Section 2.11(a), each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of
participations in Letters of Credit and Swingline Loans. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and
records of the Administrative Agent shall control in the absence of manifest error. 

  
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	2.12	Payments Generally; Administrative Agent’s Clawback. 

 (a)
General. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the
Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m.
on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s
Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. Except as otherwise specifically provided for
in this Agreement, if any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as
the case may be. 
 (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have
received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available to
the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a
Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent
forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any
administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the
Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If
such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the
Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 
 (ii)
Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders
or the L/C Issuer hereunder that the Borrower will not make such payment, the 

  
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Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders or the
L/C Issuer, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Appropriate Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to
the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this
Section 2.12(b) shall be conclusive, absent manifest error. 
 (c) Failure to Satisfy Conditions
Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the
Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as
received from such Lender) to such Lender, without interest. 
 (d) Obligations of Lenders Several. The obligations of
the Lenders hereunder to make Revolving Loans, to fund participations in Letters of Credit and Swingline Loans and to make payments pursuant to Section 11.04(c) are several and not joint. The failure of any Lender to make any Revolving Loan,
to fund any such participation or to make any payment under Section 11.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the
failure of any other Lender to so make its Revolving Loan, to purchase its participation or to make its payment under Section 11.04(c). 

(e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Revolving Loan in
any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Revolving Loan in any particular place or manner. 

(f) Pro Rata Treatment. Except to the extent otherwise provided herein, (i) each Revolving Borrowing shall be made
from the Appropriate Lenders, each payment of fees under Section 2.03(h), Section 2.03(i) and Section 2.09 shall be made for account of the Appropriate Lenders, and each termination or reduction of the amount
of the Aggregate Commitments shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each Revolving Borrowing shall be allocated pro rata among the Lenders according
to the amounts of their respective Commitments (in the case of making of Revolving Loans) or their respective Revolving Loans that are to be included in such Revolving Borrowing (in the case of conversions and continuations of Loans); (iii) each
payment or prepayment of principal of Loans by the Borrower shall be made for account of the Appropriate Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by them; and (iv) each payment of interest on
Loans by the Borrower shall be made for account of the Appropriate Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Appropriate Lenders. 

  
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	2.13	Sharing of Payments by Lenders. 

 If any Lender shall, by exercising any right of
setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of
(i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on
account of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time, or (b) Obligations owing (but not due and payable) to such Lender hereunder and under
the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the
Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan
Documents at such time obtained by all of the Lenders at such time, then, in each case under clauses (a) and (b) above, the Lender receiving such greater proportion shall (A) notify the Administrative Agent of such fact, and
(B) purchase (for cash at face value) participations in the Loans and subparticipations in L/C Obligations and Swingline Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments
shall be shared by the Lenders ratably in accordance with the aggregate amount of Obligations then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided, that, (1) if any
such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and (2) the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including
the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in Section 2.14, or (z) any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations or Swingline Loans to any assignee or participant, other than an assignment to any Loan Party or any Affiliate thereof (as to which the provisions
of this Section shall apply). 
 Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under
applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of such Loan Party in the amount of such participation. 
  

	2.14	Cash Collateral. 

 (a) Certain Credit Support Events. If
(i) the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains
outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to Section 2.05 or Section 8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately
(in the case of clause (iii) above) or within one (1) Business Day (in all other cases) following any request by the Administrative Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum
Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (iv) above, after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by the Defaulting Lender). 

  
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 (b) Grant of Security Interest. The Borrower, and to the extent provided
by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and agrees to maintain, a first priority
security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral
may be applied pursuant to Section 2.14(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the L/C Issuer as herein provided, or
that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount
sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in one or more blocked, non-interest bearing deposit
accounts at Bank of America. The Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral. 

(c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under
any of Sections 2.03, 2.05, 2.14, 2.15 or 8.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including,
as to Cash Collateral provided by a Lender that is a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided
for herein. 
 (d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure
or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable
Lender (or, as appropriate, its assignee following compliance with Section 11.06(b)(vi))), or (ii) the determination by the Administrative Agent and the L/C Issuer that there exists excess Cash Collateral; provided, that,
(A) any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents and the other applicable provisions of the Loan
Documents, and (B) the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations. 

 

	2.15	Defaulting Lenders. 

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

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 11.01. 

  
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 (ii) Defaulting Lender Waterfall. Any payment of principal, interest, fees
or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a Defaulting
Lender pursuant to Section 11.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the
Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the L/C Issuer or the Swingline Lender hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting
Exposure with respect to such Defaulting Lender in accordance with Section 2.14; fourth, as the Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro
rata in order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement, and (B) Cash Collateralize the L/C Issuer’s future Fronting Exposure with respect to such
Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.14; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or the Swingline
Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise as may be required under the Loan Documents in connection with any Lien conferred thereunder or directed by a court
of competent jurisdiction; provided, that, if (1) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and
(2) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C
Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and
funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to Section 2.15(a)(v). Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.15(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and
each Lender irrevocably consents hereto. 
 (iii) Certain Fees. 

(A) Fees. No Defaulting Lender shall be entitled to receive any portion of the Commitment Fee for any period during
which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such portion of the Commitment Fee that otherwise would have been required to have been paid to that Defaulting Lender). 

  
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 (B) Letter of Credit Fees. Each Defaulting Lender shall be entitled to
receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to
Section 2.14. 
 (C) Defaulting Lender Fees. With respect to any Letter of Credit Fee not
required to be paid to any Defaulting Lender pursuant to clause (B) above, the Borrower shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such
Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (2) pay to
the L/C Issuer the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining amount of any such
fee. 
 (iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting
Lender’s participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to
such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject to Section 11.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting
Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s
increased exposure following such reallocation. 
 (v) Cash Collateral, Repayment of Swingline Loans. If the
reallocation described in clause (a)(iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (A) first, prepay Swingline
Loans in an amount equal to the Swingline Lender’s Fronting Exposure, and (B) second, Cash Collateralize the L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.14.

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

  
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 ARTICLE III 

TAXES, YIELD PROTECTION AND ILLEGALITY 
  

	3.01	Taxes. 

 (a) Payments Free of Taxes; Obligation to Withhold;
Payments on Account of Taxes. 
 (i) Any and all payments by or on account of any obligation of any Loan Party under any
Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of an applicable Withholding Agent) require the deduction or
withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to
Section 3.01(e). 
 (ii) Without limitation of Section 3.01(a)(i), if any Withholding Agent shall be
required by the Code to withhold or deduct any Taxes, including both United States federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by
the Administrative Agent to be required based upon the information and documentation it has received pursuant to Section 3.01(e), (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental
Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received
had no such withholding or deduction been made. 
 (iii) If any Withholding Agent shall be required by any applicable Laws
other than the Code to withhold or deduct any Taxes from any payment, then (A) such Withholding Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to be required based upon the information and
documentation it has received pursuant to Section 3.01(e), (B) such Withholding Agent, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such
Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all
required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or
deduction been made. 
 (b) Payment of Other Taxes by the Loan Parties. Without limiting the provisions of Section
3.01(a), the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

  
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 (c) Tax Indemnifications. 

(i) Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in
respect thereof within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01)
payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its
own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error. Each of the Loan Parties shall also, and does hereby, jointly and severally indemnify the Administrative Agent, and shall make payment in respect
thereof within ten (10) days after demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii). 

(ii) Each Lender and the L/C Issuer shall, and does hereby, severally indemnify and shall make payment in respect thereof
within ten (10) days after demand therefor, (A) the Administrative Agent against any Indemnified Taxes attributable to such Lender or the L/C Issuer (but only to the extent that any Loan Party has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (B) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable to such Lender’s failure to comply with the
provisions of Section 11.06(d) relating to the maintenance of a Participant Register, and (C) the Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender or the L/C Issuer, in each
case, that are payable or paid by the Administrative Agent or a Loan Party in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender and the L/C Issuer hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent
under this Section 3.01(c)(ii). 
 (d) Evidence of Payments. As soon as practicable after any payment of Taxes
by any Loan Party to a Governmental Authority, as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of any return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e) Status of Lenders; Tax Documentation. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested 

  
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by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be
made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested
by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the
contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in
the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

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

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying
that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is
legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN-E (or W-8BEN, as
applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty, and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“business profits” or “other income” article of such tax treaty; 
 (2) executed originals of IRS Form W-8ECI; 
 (3) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit K-1 to the effect that such Foreign Lender is not a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower 

  
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within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”), and (y) executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable); or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-2 or Exhibit K-3, IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided, that, if the Foreign Lender is a partnership and one or more direct or indirect partners of
such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-4 on behalf of each such
direct and indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed copies (or originals, as required) of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at
the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of
this Agreement. 
 (iii) Each Lender agrees that if any form or certification it previously delivered pursuant to this
Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

  
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 (f) Treatment of Certain Refunds. Unless required by applicable Laws, at
no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds
paid for the account of such Lender or the L/C Issuer, as the case may be. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party
or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to such Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or
additional amounts paid, by such Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) incurred by such Recipient, as the case may be, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund); provided, that, each Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required
to pay any amount to such Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be
construed to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person. 

(g) Survival. Each party’s obligations under this Section 3.01 shall survive the
resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. 

 

	3.02	Illegality. 

 If any Lender determines that any Law has made it unlawful, or that
any Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to perform any of its obligations hereunder or to make, maintain or fund or charge interest with respect to any Credit Extension or to determine or
charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on
notice thereof by such Lender to the Borrower through the Administrative Agent, (a) any obligation of such Lender to issue, make, maintain, fund or charge interest with respect to any such Credit Extension or continue Eurodollar Rate Loans or
to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (b) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar
Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate,
in each case, until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (i) the Borrower shall, upon demand from such Lender (with
a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined
by the Administrative Agent without reference to the Eurodollar Rate 

  
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component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if
such Lender may not lawfully continue to maintain such Eurodollar Rate Loans, and (ii) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall
during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such
Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 

 

	3.03	Inability to Determine Rates. 

 (a) If in connection with any
request for a Eurodollar Rate Loan or a conversion to or continuation thereof, (i) the Administrative Agent determines that (A) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable
amount and Interest Period of such Eurodollar Rate Loan, or (B) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection
with an existing or proposed Base Rate Loan (in each case with respect to clause (i), “Impacted Loans”), or (ii) the Administrative Agent or the Required Lenders determine that for any reason the Eurodollar
Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each
Lender. Thereafter, (1) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (2) in the event of a determination described
in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the
instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar
Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 

(b) Notwithstanding the foregoing, if the Administrative Agent has made the determination described in Section
3.03(a)(i), the Administrative Agent in consultation with the Borrower and the Required Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the
Impacted Loans until (i) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under Section 3.03(a)(i), (ii) the Administrative Agent or the Required Lenders notify the Administrative Agent and the
Borrower that such alternative interest rate does not adequately and fairly reflect the cost to the Lenders of funding the Impacted Loans, or (iii) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such
rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof. 

  
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	3.04	Increased Costs; Reserves on Eurodollar Rate Loans. 

 (a)
Increased Costs Generally. If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special
deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(d)) or
the L/C Issuer; 
 (ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described
in clauses (b) through (d) of the definition of “Excluded Taxes”, and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto; or 
 (iii) impose on any Lender or the L/C Issuer or the London interbank
market any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any
Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue
any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the L/C Issuer, the Borrower will
pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the
L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or
the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit
or Swingline Loans held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company could have achieved but for such
Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect to capital adequacy), then from time to time the Borrower will
pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction suffered. 

(c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth the amount or amounts
necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in Sections 3.04(a) or (b) and delivered to the Borrower shall be conclusive absent manifest error. The Borrower
shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

  
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 (d) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each
Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional
interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), and
(ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding
of the Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such
Lender in good faith, which determination shall be conclusive), which in each case shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least ten (10) days’ prior
notice (with a copy to the Administrative Agent) of such additional interest or costs from such Lender. If a Lender fails to give notice ten (10) days prior to the relevant Interest Payment Date, such additional interest shall be due and
payable ten (10) days from receipt of such notice. 
 (e) Delay in Requests. Failure or delay on the part of any
Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation,
provided that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than nine
(9) months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to
claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred to above shall be extended to include the period of retroactive effect
thereof). 
  

	3.05	Compensation for Losses. 

 Upon demand of any Lender (with a copy to the
Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last
day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b) any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue
or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or 
 (c) any
assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 11.13; 

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

  
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 For purposes of calculating amounts payable by the Borrower to the Lenders under this
Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a
comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. 
  

	3.06	Mitigation Obligations; Replacement of Lenders. 

 (a)
Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any
Governmental Authority for the account of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower, such
Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or Section 3.04, as the
case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such
designation or assignment. 
 (b) Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01
and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 11.13. 

 

	3.07	Survival. 

 All of the Borrower’s obligations under this Article III
shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, resignation of the Administrative Agent and the Facility Termination Date. 

  
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 ARTICLE IV 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 
  

	4.01	Conditions Precedent to Effectiveness and Initial Credit Extensions on the Closing Date. 

The effectiveness of this Agreement and the obligation of the L/C Issuer and each Lender to make its initial Credit Extension hereunder on the
Closing Date is subject to satisfaction of the following conditions precedent: 
 (a) Execution of Loan Documents. The
Administrative Agent shall have received counterparts of this Agreement and the other Loan Documents, each properly executed by a Responsible Officer of the signing Loan Party and, in the case of this Agreement, by each Lender. 

(b) Organization Documents, Resolutions, Etc. The Administrative Agent shall have received the following, each of which
shall be originals, facsimiles or electronic copies (followed promptly by originals, as applicable), in form and substance satisfactory to the Administrative Agent and its legal counsel: 

(i) copies of the Organization Documents of each Loan Party certified to be true and complete as of a recent date by the
appropriate Governmental Authority of the jurisdiction of its organization, formation or incorporation, where applicable, and certified by a secretary or assistant secretary of such Loan Party to be true and correct as of the Closing Date; 

(ii) such certificates of resolutions or other action and incumbency certificates of Responsible Officers of each Loan Party as
the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan
Party is a party; and 
 (iii) such documents and certifications as the Administrative Agent may require to evidence that
each Loan Party is duly organized or formed, and is validly existing, in good standing and qualified to engage in business in its jurisdiction of organization, formation or incorporation. 

(c) Legal Opinions of Counsel. The Administrative Agent shall have received an opinion or opinions of counsel for the
Loan Parties, dated the Closing Date and addressed to the Administrative Agent and the Lenders, in form and substance acceptable to the Administrative Agent. 

(d) Budget. The Administrative Agent shall have received a budget of the Parent and its Subsidiaries on a Consolidated
basis, including forecasts and projections prepared by management of the Parent, of Consolidated balance sheets and statements of income or operations and cash flows of the Parent and its Subsidiaries for the first five (5) years following the
Closing Date. 
 (e) No Material Adverse Effect. There shall not have occurred since April 29, 2016 any event or
condition that has had or would be reasonably expected, either individually or in the aggregate, to have a Material Adverse Effect. 

  
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 (f) No Litigation. There shall not exist any action, suit, investigation
or proceeding pending or, to the knowledge of the Loan Parties, threatened in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect. 

(g) Personal Property Collateral. The Administrative Agent shall have received, in form and substance satisfactory to
the Administrative Agent: 
 (i) (A) searches of UCC filings in the jurisdiction of incorporation, formation or organization,
as applicable, of each Loan Party and each jurisdiction where any Loan Party maintains its principal place of business, and such other searches that the Administrative Agent deems necessary or appropriate, indicating that no Liens exist (other than
Permitted Liens), and (B) tax lien, judgment and bankruptcy searches; 
 (ii) searches of ownership of Intellectual
Property in the appropriate governmental offices and duly executed notices of grant of security interest in the form required by the Collateral Documents as are necessary, in the Administrative Agent’s sole discretion, to perfect the
Administrative Agent’s security interest in the Intellectual Property of the Loan Parties; 
 (iii) proper UCC financing
statements in form appropriate for filing in each jurisdiction as is necessary, in the Administrative Agent’s sole discretion, to perfect the Administrative Agent’s security interest in the Collateral; 

(iv) all certificates evidencing any certificated Equity Interests pledged to the Administrative Agent pursuant to the
Collateral Documents, together with duly executed in blank and undated stock powers attached thereto; 
 (v) to the extent
required to be delivered pursuant to the terms of the Collateral Documents, all instruments, documents and chattel paper in the possession of any of the Loan Parties, together with allonges or assignments as may be necessary or appropriate to
perfect the Administrative Agent’s security interest in the Collateral; and 
 (vi) such estoppel letters, consents and
waivers from the landlords of the real properties listed on Schedule 5.21(d) to the extent required to be delivered pursuant to Section 6.14(c). 

(h) Liability, Casualty, Property and Business Interruption Insurance. The Administrative Agent shall have received
copies of insurance certificates and endorsements of insurance evidencing liability, casualty, property, and business interruption insurance meeting the requirements set forth herein or in the Collateral Documents or as required by the
Administrative Agent. 
 (i) Officer’s Certificate. The Administrative Agent shall have received a certificate
signed by a Responsible Officer of the Borrower certifying that the conditions specified in Sections 4.01(e), (f), (k), (l) and (n) and Sections 4.02(a) and (b) have been satisfied. 

(j) Solvency Certificate. The Administrative Agent shall have received a Solvency Certificate signed by a Responsible
Officer of the Parent as to solvency of the Parent and its Subsidiaries on a Consolidated basis upon giving effect to the Transactions. 

  
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 (k) Consents. All Board of Director, governmental, shareholder and
material third party consents and approvals necessary in connection with the Loan Documents and the Transactions shall have been obtained and shall be in full force and effect. 

(l) Existing Indebtedness. All of the existing Indebtedness for borrowed money of the Loan Parties and their respective
Subsidiaries, including Indebtedness arising under the Existing Credit Agreement (but excluding Indebtedness permitted to exist pursuant to Section 7.02), shall be repaid in full, all commitments relating thereto shall be
terminated, and all guarantees and security interests related thereto shall be terminated (or arrangements reasonably satisfactory to the Administrative Agent shall have been made for their termination and release substantially contemporaneously
with the Closing Date), in each case, on or prior to the Closing Date or substantially concurrently with the effectiveness of this Agreement. 

(m) Compliance Certificate. The Administrative Agent shall have received a certificate signed by a Responsible Officer
of the Parent demonstrating that the Consolidated Leverage Ratio as of the Closing Date, after giving effect to the Transactions on a Pro Forma Basis, is not greater than 3.50 to 1.0. 

(n) Closing Date Disposition Agreement; Closing Date Disposition. The Closing Date Disposition Agreement shall be in
full force and effect. The Closing Date Disposition shall have been consummated in accordance with the Closing Date Disposition Agreement substantially simultaneously with the effectiveness of this Agreement on the Closing Date without giving effect
to any amendments or supplements thereto, consents thereunder or modifications or waivers to the provisions thereof that, in any such case, are materially adverse to the interests of MLPFS without the consent of MLPFS (such consent not to be
unreasonably withheld, conditioned or delayed). 
 (o) Due Diligence. The Administrative Agent and the Lenders shall
have completed a due diligence investigation of the Loan Parties and their respective Subsidiaries in scope, and with results, satisfactory to the Administrative Agent and the Lenders, including OFAC, Foreign Corrupt Practices Act and “know
your customer” due diligence. The Loan Parties shall have provided to the Administrative Agent and the Lenders the documentation and information that the Administrative Agent or such Lender requests in order to comply with its obligations under
applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act. 
 (p)
Fees. Receipt by the Administrative Agent, the Arrangers and the Lenders of, substantially concurrently with the effectiveness of this Agreement, any fees required to be paid (or, at the Borrower’s election, to be paid with the proceeds
of the Loans made on the Closing Date as set forth in the funding instructions given by the Borrower to the Administrative Agent) on or before the Closing Date. 

(q) Attorney Costs. Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable fees, charges
and disbursements of Moore & Van Allen, PLLC to the extent invoiced prior to or on the Closing Date, plus such additional amounts of such reasonable fees, charges and disbursements as shall constitute a reasonable estimate of such
fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided, that, such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative
Agent). 

  
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 Without limiting the generality of the provisions of the last paragraph of
Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the
proposed Closing Date specifying its objection thereto. 
  

	4.02	Conditions to all Credit Extensions. 

 The obligation of each Lender and the L/C
Issuer to honor any Request for Credit Extension is subject to the following conditions precedent: 
 (a) Representations
and Warranties. The representations and warranties of the Borrower and each other Loan Party contained in this Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or
therewith, shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or reference to Material Adverse Effect) on and as of the date of such Credit Extension,
except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by
materiality or reference to Material Adverse Effect) as of such earlier date, and except that for purposes of this Section 4.02(a), the representations and warranties contained in Sections 5.05(a), (b) and (d) shall
be deemed to refer to the most recent statements furnished pursuant to Section 6.01(a), (b) or (c), respectively. 

(b) No Default. No Default shall exist, or would result from such proposed Credit Extension or from the application of
the proceeds thereof. 
 (c) Request for Credit Extension. The Administrative Agent and, if applicable, the L/C Issuer
or the Swingline Lender, shall have received a Request for Credit Extension in accordance with the requirements hereof. 

(d) No Legal Impediment. With respect to any Letter of Credit to be issued for the account of a Foreign Subsidiary,
there shall be no impediment, restriction, limitation or prohibition imposed under Law or by any Governmental Authority, as to the proposed Letter of Credit or the repayment thereof or as to rights created under any Loan Document or as to
application of the proceeds of the realization of any such rights. 
 Each Request for Credit Extension submitted by the Borrower shall be deemed to be a
representation and warranty that the conditions specified in Sections 4.02(a), (b) and, if applicable, (d) have been satisfied on and as of the date of the applicable Credit Extension. 

  
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 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

Each Loan Party represents and warrants to the Administrative Agent and the Lenders, as of the date made or deemed made, that: 

 

	5.01	Existence, Qualification and Power. 

 Each Loan Party and each of its Subsidiaries
(a) is a corporation, partnership or limited liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, formation or incorporation, as applicable, (b) has the lawful power to
own or lease its properties and to engage in the business it presently conducts or proposes to conduct, (c) is duly licensed or qualified and in good standing in each jurisdiction where the property owned or leased by it or the nature of the
business transacted by it (or both) makes such licensing or qualification necessary, and (d) has full power to enter into, execute, deliver and carry out this Agreement and the other Loan Documents to which it is a party, to incur the
Indebtedness contemplated by the Loan Documents and to perform its obligations under the Loan Documents to which it is a party, and all such actions have been duly authorized by all necessary proceedings on its part; except, in each case referred to
in clauses (a) (solely with respect to any Subsidiary that is not a Loan Party), (b), and (c), to the extent such failure or non-compliance would not reasonably be expected to have a
Material Adverse Effect. 
  

	5.02	Authorization; No Contravention. 

 The execution, delivery and performance by each
Loan Party of each Loan Document to which such Person is a party have been duly authorized by all necessary corporate or other organizational action. Neither the execution and delivery of this Agreement or the other Loan Documents by any Loan Party
nor the consummation of the transactions herein or therein contemplated or compliance with the terms and provisions hereof or thereof by any of them will conflict with, constitute a default under or result in any breach of, or result in the creation
or enforcement of any Lien, charge or encumbrance under (other than Liens granted under the Loan Documents), (a) the terms and conditions of the Organization Documents of any Loan Party, (b) any material Law, or (c) any Material Contract
or any order, writ, judgment, injunction or decree to which any Loan Party is a party or by which it or any Loan Party is bound or to which it is subject. 
  

	5.03	Governmental Authorization; Other Consents. 

 No consent, approval, exemption,
order or authorization of, or a registration or filing with, any Governmental Authority or any other Person is required by any Law or any agreement in connection with (a) the execution, delivery or performance by, or enforcement against, any
Loan Party of this Agreement or any other Loan Document, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents
(including the first priority nature thereof), or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, other than
(i) authorizations, approvals, actions, notices and filings which have been duly obtained, and (ii) filings to perfect the Liens created by the Collateral Documents. 

 

	5.04	Binding Effect. 

 This Agreement and each of the other Loan Documents (a) has
been duly and validly executed and delivered by each Loan Party that is a party thereto, and (b) constitutes, or will constitute, legal, valid and binding obligations of each Loan Party which is or will be a party thereto, enforceable against
such Loan Party in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity
(whether enforcement is sought by proceedings in equity or at law). 

  
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	5.05	Financial Statements; No Material Adverse Effect. 

 (a) The
Audited Financial Statements, taken as a whole, are correct and complete and fairly represent in all material respects the Consolidated financial condition of the Parent and its Subsidiaries as of the date thereof and the results of operations for
the fiscal period covered thereby and have been prepared in accordance with GAAP consistently applied. 
 (b) The Interim
Financial Statements, taken as a whole, are correct and complete and fairly represent in all material respects the Consolidated financial condition of the Parent and its Subsidiaries as of the date thereof and the results of operations for the
fiscal period covered thereby and have been prepared in accordance with GAAP consistently applied, subject to the absence of footnotes and normal year-end audit adjustments. 

(c) Since the date of the balance sheet included in the Audited Financial Statements, no Material Adverse Effect has occurred.

 (d) The budget of the Parent and its Subsidiaries delivered pursuant to Section 4.01(d)(ii) or Section
6.01(c), as applicable, was prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed by management of the Parent to be reasonable in light of the conditions existing at the time of delivery of such
budget, and represented, at the time of delivery, the Parent’s good faith reasonable estimate of its future financial condition and performance. 
  

	5.06	Litigation. 

 There are no actions, suits, proceedings or investigations pending
or, to the knowledge of any Loan Party, threatened against such Loan Party or any Subsidiary at law, in equity or before any Governmental Authority which (a) purport to affect or pertain to this Agreement or any other Loan Document or any of
the transactions contemplated hereby, or (b) individually or in the aggregate would reasonably be expected to have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary is in violation of any order, writ, injunction or any decree
of any Governmental Authority which would reasonably be expected to have a Material Adverse Effect. 
  

	5.07	No Default. 

 Neither any Loan Party nor any Subsidiary is (a) in default
under or with respect to, or party to, any Contractual Obligation, (b) subject to any restriction in any Organization Document, or (c) subject to any requirement of Law, in each case, that would, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. No Event of Default exists or is continuing. 
  

	5.08	Ownership of Property. 

 Each Loan Party and each of its Subsidiaries has good and
marketable title to or valid leasehold interest in all properties, assets and other rights which it purports to own or lease or which are reflected as owned or leased on its books and records, free and clear of all Liens and encumbrances, except
Permitted Liens, except for such defects in title as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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	5.09	Environmental Compliance. 

 (a) Each Loan Party and each of its
Subsidiaries is and, to the knowledge of each respective Loan Party and each of its Subsidiaries, has been, in compliance with applicable Environmental Laws, except to the extent such non-compliance would not
reasonably be expected to have a Material Adverse Effect. 
 (b) Neither any Loan Party nor any of its Subsidiaries is
undertaking, and has not completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened release, discharge or disposal of
Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials generated, used, treated, handled or stored
at, or transported to or from, any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries have been disposed of in a manner not reasonably expected to result in material liability to any Loan Party or any of
its Subsidiaries. 
  

	5.10	Insurance. 

 The properties of each Loan Party and each of its Subsidiaries are
insured with financially sound and reputable insurance companies not Affiliates of the Loan Parties, in such amounts (after giving effect to any self-insurance compatible with the following standards), with such deductibles and covering such risks
as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the applicable Loan Party or the applicable Subsidiary operates. 

 

	5.11	Taxes. 

 Each Loan Party and its Subsidiaries have (a) filed all United
States federal Tax returns and all other material Tax returns which are required to be filed by such Loan Party or such Subsidiary, and (b) paid all Taxes due pursuant to the Tax returns referenced in clause (a) above or pursuant to
any assessment received by such Loan Party or such Subsidiary, except in each case, such Taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided in accordance with GAAP and as to which no Lien exists.
No Tax liens have been filed and no claims are being asserted with respect to any such Taxes. The charges, accruals and reserves on the books of the Parent and its Subsidiaries in respect of any Taxes or other governmental charges are adequate.
There is not any tax sharing agreement applicable to any Loan Party or any Subsidiary (other than any such agreement the primary subject matter of which is not Taxes). 
  

	5.12	ERISA Compliance. 

 (a) Each Pension Plan is in compliance in all
material respects with the applicable provisions of ERISA, the Code and other federal or state Laws. Each Pension Plan that is intended to qualify under Section 401(a) of the Code has received from the IRS a favorable determination or opinion
letter, which has not by its terms expired, that such Pension Plan is so qualified, or such Pension Plan is entitled to rely on an IRS advisory or opinion letter with respect to an IRS-approved master and
prototype or volume submitter plan, or a timely application for such a determination or opinion letter is currently being processed by the IRS with respect thereto; and, to the knowledge of the Borrower, nothing has occurred which would prevent, or
cause the loss of, such qualification. The Borrower and each member of the ERISA Group have made all required contributions to each Pension Plan subject to Sections 412 or 430 of the Code, 

  
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and no application for a funding waiver pursuant to Sections 412 or 430 of the Code has been made with respect to any Pension Plan, in each case, except to the extent that failure to do so would
not reasonably be expected to have a Material Adverse Effect. 
 (b) (i) No ERISA Event has occurred or is reasonably
expected to occur; (ii) no Pension Plan has any unfunded pension liability (i.e., excess of benefit liabilities over the current value of that Pension Plan’s assets, determined pursuant to the assumptions used for funding the Pension Plan
for the applicable plan year in accordance with Section 430 of the Code); (iii) neither the Borrower nor any member of the ERISA Group has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any
Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither the Borrower nor any member of the ERISA Group has incurred, or reasonably expects to incur, any liability (and no event has occurred which,
with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 of ERISA, with respect to a Multiemployer Plan; (v) neither the Borrower nor any member of the ERISA Group has received notice
pursuant to Section 4242(a)(1)(B) of ERISA that a Multiemployer Plan is in reorganization and that additional contributions are due to the Multiemployer Plan pursuant to Section 4243 of ERISA; and (vi) neither the Borrower nor any member
of the ERISA Group has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA; in each case, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect. 

 

	5.13	Margin Regulations; Investment Company Act. 

 (a) Neither any Loan
Party nor any Subsidiary engages or intends to engage principally, or as one of its important activities, in the business of extending credit for the purpose, immediately, incidentally or ultimately, of purchasing or carrying margin stock (within
the meaning of Regulation U, T or X as promulgated by the FRB). No part of the proceeds of any Loan has been or will be used, immediately, incidentally or ultimately, to purchase or carry any margin stock or to extend credit to others for the
purpose of purchasing or carrying any margin stock or which is inconsistent with the provisions of the regulations of the FRB. Neither any Loan Party nor any Subsidiary holds or intends to hold margin stock in such amounts that more than twenty five
percent (25%) of the reasonable value of the assets of such Loan Party or such Subsidiary is or will be represented by margin stock. 

(b) None of any Loan Party or any Subsidiary is an “investment company” registered or required to be registered under
the Investment Company Act of 1940, or is under the “control” of an “investment company” as such terms are defined in the Investment Company Act of 1940. None of any Loan Party or any Subsidiary shall become such an
“investment company” or under such “control”. 
  

	5.14	Disclosure. 

 Neither this Agreement nor any other Loan Document, nor any written
certificate, statement, agreement or other documents, taken as a whole, furnished to the Administrative Agent or any Lender in connection herewith or therewith, contains any material misstatement of fact or omits to state a material fact necessary
in order to make the statements contained herein and therein, in light of the circumstances under which they were made, not misleading; provided, that, with respect to projected financial information, the Parent and its Subsidiaries
only represent that such information was prepared in good faith based upon reasonable assumptions at the time of delivery thereof (it being understood that such projections are subject to significant uncertainties and contingencies, any of which are
beyond such 

  
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Person’s control, and that no assurance can be given that any particular projection will be realized and that actual results during the period or periods covered by the projections may
differ significantly from the projected results and such differences may be material). 
  

	5.15	Compliance with Laws. 

 Each Loan Party and each Subsidiary is in compliance with
all applicable Laws (other than Environmental Laws, which are specifically addressed in Section 5.09) in all jurisdictions in which such Loan Party or such Subsidiary is presently or will be doing business or to which their
respective properties are subject, except to the extent such non-compliance would not reasonably be expected to have a Material Adverse Effect. 

 

	5.16	Solvency. 

 The Parent and its Subsidiaries, on a Consolidated basis, are Solvent.

  

	5.17	Casualty, Etc. 

 Neither the businesses nor the properties of any Loan Party or
any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that,
either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 
  

	5.18	Sanctions Concerns; Anti-Corruption Laws; PATRIOT Act. 

 (a) No
Loan Party, nor any Subsidiary, nor, to the knowledge of the Loan Parties and their Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any
individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban
List, or any similar list enforced by any other relevant sanctions authority, or (iii) located, organized or resident in a Designated Jurisdiction. 

(b) The Loan Parties and their Subsidiaries have conducted their business in compliance with the United States Foreign Corrupt
Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions and have instituted and maintained policies and procedures designed to promote and achieve compliance with such Laws, in each case,
to the extent such Laws are applicable to them. 
 (c) The Loan Parties and their Subsidiaries are in compliance with
(i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order
relating thereto, and (ii) the PATRIOT Act. 
  

	5.19	Responsible Officers. 

 Set forth on Schedule 5.19 are the Responsible
Officers of each Loan Party, holding the offices indicated next to their respective names, as of the Closing Date. Such Responsible Officers are the duly elected and qualified officers of such Loan Party and are duly authorized to execute and
deliver, on behalf of the respective Loan Party, this Agreement and the other Loan Documents to which such Loan Party is a party. 

  
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	5.20	Subsidiaries; Equity Interests; Loan Parties. 

 (a) Set forth on
Schedule 5.20(a), as of the Closing Date, is (i) the name of each Subsidiary and joint venture of the Parent and its Subsidiaries (including, for each Subsidiary, the jurisdiction of organization, formation or incorporation, as
applicable, of such Subsidiary, the amount, percentage and type of Equity Interests in such Subsidiary outstanding, the identity of each Person owning such Equity Interests, and an indication as to whether such Subsidiary is an Excluded Subsidiary),
and (ii) any options, warrants or other rights outstanding to purchase any such Equity Interests. The Parent and each Subsidiary has good and marketable title to all of such Equity Interests it purports to own, free and clear in each case of
any Lien. All such Equity Interests have been validly issued, fully paid and non-assessable. 

(b) Set forth on Schedule 5.20(b), as of the Closing Date, is a complete and accurate list of all Loan Parties,
including, with respect to each Loan Party, (i) the exact legal name of such Loan Party, (ii) any former legal names of such Loan Party in the four (4) months prior to the Closing Date, (iii) the jurisdiction of such Loan
Party’s incorporation, formation or organization, as applicable, (iv) such Loan Party’s type of organization, (v) the jurisdictions in which such Loan Party is qualified to do business, (vi) the address of such Loan
Party’s chief executive office (and, if different, the address of such Loan Party’s principal place of business), (vii) such Loan Party’s U.S. federal taxpayer identification number, and (viii) such Loan Party’s organization
identification number (if applicable). 
  

	5.21	Collateral Representations; Properties. 

 (a) The provisions of
the Collateral Documents are effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, valid and enforceable perfected first-priority security interests under the UCC (subject to Permitted Liens) on all right,
title and interest of the respective Loan Parties in the Collateral described therein. All filings necessary to perfect or protect such Liens have been or will be made, and all filing fees and other expenses in connection with the perfection of such
Liens have been or will be paid by the Borrower. 
 (b) Set forth on Schedule 5.21(b), as of the Closing Date, is a
list of all Intellectual Property registered or pending registration with the United States Copyright Office or the United States Patent and Trademark Office and owned by each Loan Party as of the Closing Date. Each Loan Party and each Subsidiary
owns or possesses the right to use all the Intellectual Property necessary to own and operate its properties and to carry on its business as presently conducted and planned to be conducted by such Loan Party or such Subsidiary, without known
possible, alleged or actual conflict with the rights of others, except to the extent that failure to do so or any such actual or alleged conflict would not reasonably be expected to have a Material Adverse Effect. As of the Closing Date, none of the
Intellectual Property owned by any Loan Party or any Subsidiary is subject to any licensing agreement or similar arrangement (other than non-exclusive outbound licenses entered into in the ordinary course of
business) except as set forth on Schedule 5.21(b). 
 (c) Set forth on Schedule 5.21(c), as of the Closing
Date, is a description of all deposit accounts and securities accounts of the Loan Parties maintained in the United States, including the name of (A) the applicable Loan Party, (B) in the case of a deposit account, the

  
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depository institution and average daily balance (as of the close of business) held in such deposit account and whether such account is an Excluded Deposit and Securities Account, and (C) in
the case of a securities account, the securities intermediary or issuer and the average aggregate daily market value (as of the close of business) held in such securities account and whether such account is an Excluded Deposit and Securities
Account, as applicable. 
 (d) Set forth on Schedule 5.21(d), as of the Closing Date, is a list of all real property
located in the United States that is owned or leased by any Loan Party (in each case, including (i) the name of the Loan Party owning or leasing such property, (ii) the street address for such property, and (iii) the city, state and
zip code which such property is located). 
  

	5.22	EEA Financial Institutions. 

 No Loan Party is an EEA Financial Institution. 

 

	5.23	Designation as Senior Indebtedness. 

 (a) The Obligations
constitute “Designated Senior Indebtedness” or any similar designation (with respect to indebtedness having the maximum rights as “senior debt”) under and as defined in any agreement governing any subordinated Indebtedness, and
the subordination provisions set forth in each such agreement are legally valid and enforceable against the parties thereto. 

(b) The Obligations are equal in priority of payment to, or senior to (as applicable), the obligations owed by any Loan Party
or any Subsidiary to the holders of any Indebtedness under note issuances permitted under Section 7.02(b), and no Subsidiary has provided any Guarantee of such Indebtedness unless such Subsidiary has become a Guarantor pursuant to
Section 6.13. 
 ARTICLE VI 

AFFIRMATIVE COVENANTS 

Each of the Loan Parties hereby covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, such Loan
Party shall, and shall cause each of its Subsidiaries to: 
  

	6.01	Financial Statements. 

 Deliver to the Administrative Agent, in form and detail
satisfactory to the Administrative Agent: 
 (a) Audited Financial Statements. As soon as available and in any event
within ninety (90) days after the end of each fiscal year of the Parent, financial statements of the Parent consisting of a Consolidated balance sheet as of the end of such fiscal year, and related Consolidated statements of income,
stockholders’ equity and cash flows for the fiscal year then ended, all in reasonable detail and setting forth in comparative form the financial statements as of the end of and for the preceding fiscal year, prepared in accordance with GAAP and
certified by independent certified public accountants of nationally recognized standing satisfactory to the Administrative Agent. The certificate or report of accountants shall be free of qualifications (other than any consistency qualification that
may result from a change in the method used to prepare the financial statements as to which such accountants concur) and shall not indicate the 

  
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occurrence or existence of any event, condition or contingency which would materially impair the prospect of payment or performance of any covenant, agreement or duty of any Loan Party under any
of the Loan Documents. The Loan Parties shall deliver with such financial statements and certification by their accountants a letter of such accountants to the Administrative Agent and the Lenders substantially to the effect that, based upon their
ordinary and customary examination of the affairs of the Parent, performed in connection with the preparation of such Consolidated financial statements, and in accordance with GAAP, they are not aware of the existence of any condition or event which
constitutes a Default or an Event of Default or, if they are aware of such condition or event, stating the nature thereof. 

(b) Quarterly Financial Statements. As soon as available and in any event within forty-five (45) days after the end
of each of the first three fiscal quarters in each fiscal year of the Parent, financial statements of the Parent consisting of a Consolidated balance sheet as of the end of such fiscal quarter and related Consolidated statements of income,
stockholders’ equity and cash flows for the fiscal quarter then ended and the fiscal year through that date, all in reasonable detail and certified (subject to normal year-end audit adjustments) by the
chief executive officer, chief financial officer, treasurer or controller that is a Responsible Officer of the Parent as having been prepared in accordance with GAAP, consistently applied, and setting forth in comparative form the respective
financial statements for the corresponding date and period in the previous fiscal year. 
 (c) Budget. As soon as
available, but in any event no later than ninety (90) days after the beginning of each fiscal year of the Parent, a budget of the Parent and its Subsidiaries on a Consolidated basis, including forecasts and projections prepared by management of
the Parent, in form satisfactory to the Administrative Agent, of Consolidated balance sheets and statements of income or operations and cash flows of the Parent and its Subsidiaries on a quarterly basis for the then current fiscal year. 

As to any information contained in materials furnished pursuant to Section 6.02(c), the Loan Parties shall not be separately required to furnish such
information under Section 6.01(a) or (b), but the foregoing shall not be in derogation of the obligation of the Loan Parties to furnish the information and materials described in Sections 6.01(a) and (b) above at the
times specified therein. 
  

	6.02	Certificates; Other Information. 

 Deliver to the Administrative Agent, in form
and detail satisfactory to the Administrative Agent: 
 (a) Compliance Certificate. Concurrently with the delivery of
the financial statements referred to in Section 6.01(a) and 6.01(b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller which is a Responsible Officer of the
Parent, including (i) a certification as to whether the Loan Parties and their respective Subsidiaries have performed and observed each covenant and condition of the Loan Documents applicable to it during the period covered by the Compliance
Certificate (or, if not, a listing of the conditions or covenants that have not been performed or observed and the nature and status of each such Default), (ii) a certification of compliance with the financial covenants set forth in
Section 7.11, including financial covenant analyses and calculation for the period covered by the Compliance Certificate (it being understood that the Loan Parties shall not be required to include such certification,
financial covenant analyses and calculation in the Compliance Certificate delivered concurrently with the financial statements referred to in Section 6.01(a) for the fiscal year ending April 28, 2017), and (iii) solely with respect
to any Compliance 

  
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Certificate delivered concurrently with the financial statements delivered pursuant to Section 6.01(a), a listing of (A) all applications with the United States Patent and Trademark
Office or the United States Copyright Office by any Loan Party, if any, for any Intellectual Property made since the date of the prior certificate (or, in the case of the first such certificate, the Closing Date), (B) all issuances of registrations
or letters on existing applications with the United States Patent and Trademark Office or the United States Copyright Office by any Loan Party, if any, for any Intellectual Property received since the date of the prior certificate (or, in the case
of the first such certificate, the Closing Date), (C) all licenses relating to any Intellectual Property so long as such Intellectual Property has been registered with the United States Patent and Trademark Office, the United States Copyright Office
entered into by any Loan Party since the date of the prior certificate (or, in the case of the first such certificate, the Closing Date), and (D) any updated insurance binder or other evidence of insurance for any insurance coverage of any Loan
Party that was renewed, replaced or modified during the period covered by such Compliance Certificate. Unless the Administrative Agent or a Lender requests executed originals, delivery of the Compliance Certificate may be by electronic communication
including fax or email and shall be deemed to be an original and authentic counterpart thereof for all purposes. 
 (b)
Audit Reports. Promptly after the same are available, copies of any final reports submitted to any Loan Party or any Subsidiary by independent accountants in connection with any annual, interim or special audit. 

(c) Annual Reports; Etc. Promptly after the same are available, copies of each annual report, proxy or financial
statement or other report or communication sent to the stockholders of any Loan Party or any Subsidiary, and copies of all annual, regular, periodic and special reports and registration statements which any Loan Party or any Subsidiary may file or
be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto.

 (d) Debt Securities Statements and Reports. Promptly after the furnishing thereof, copies of any statement or
report furnished to any holder of debt securities of any Loan Party or of any of its Subsidiaries pursuant to the terms of any indenture, loan or credit or similar agreement evidencing Indebtedness having an outstanding principal amount in excess of
the Threshold Amount and not otherwise required to be furnished to the Lenders pursuant to any Loan Document. 
 (e) SEC
Notices. Promptly, and in any event within five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each material notice or other material correspondence received from the SEC (or comparable agency
in any applicable non-U.S. jurisdiction) concerning any material investigation or possible material investigation or other material inquiry by such agency regarding financial or other operational results of
any Loan Party or any Subsidiary thereof. 
 (f) Additional Information. Promptly, such other reports and information
as the Administrative Agent or any Lender may from time to time reasonably request. 
 Documents required to be delivered pursuant to Section 6.01(a)
or (b) or Section 6.02(c) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which
(i) the Borrower posts such documents, or provides a link thereto on the Parent’s website on the Internet at the 

  
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website address listed on Schedule 1.01(a); or (ii) such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided, that, (A) the Borrower shall deliver paper copies of such documents to the Administrative
Agent or any Lender upon its request to the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender, and (B) the Borrower shall notify the Administrative
Agent and each Lender (by fax transmission or e-mail transmission) of the posting of any such documents and provide to the Administrative Agent by e-mail electronic
versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor
compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrower hereby acknowledges that (1) the Administrative Agent and/or an Affiliate thereof may, but shall not be obligated to, make
available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar or
a substantially similar electronic transmission system (the “Platform”), and (2) certain of the Lenders may have personnel who do not wish to receive material non-public information
(within the meaning of the United States federal securities laws, “MNPI”) with respect to the Parent or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other
market-related activities with respect to such Persons’ securities (each, a “Public Lender”). The Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that
may be distributed to the Public Lenders, which information will not contain MNPI and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word
“PUBLIC” shall appear prominently on the first page thereof, (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, any Affiliate thereof, the Arrangers, the L/C
Issuer and the Lenders to treat such Borrower Materials as not containing any MNPI (although it may be sensitive and proprietary) with respect to the Parent or its Affiliates, or the respective securities of any of the foregoing (provided,
that, to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.07), (y) all Borrower Materials marked “PUBLIC” are permitted to be made available
through a portion of the Platform designated “Public Side Information”, and (z) the Administrative Agent and any Affiliate thereof and the Arrangers shall be entitled to treat any Borrower Materials that are not marked
“PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information” (it being understood and agreed that unless Borrower Materials are expressly identified as “PUBLIC” as
set forth above, each document to be disseminated to any Lender and the L/C Issuer in connection with this Agreement shall be deemed to contain MNPI) Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower
Materials “PUBLIC”. 
  

	6.03	Notices. 

 (a) Promptly after any Responsible Officer of any Loan
Party obtains knowledge thereof (but in any event within five (5) Business Days after such Responsible Officer obtains such knowledge), notify the Administrative Agent of the occurrence of any Default. 

(b) Promptly, but in any event within five (5) Business Days, notify the Administrative Agent of the occurrence of any
ERISA Event. 

  
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 (c) Promptly, but in any event within five (5) Business Days, notify the
Administrative Agent in the event that any Loan Party or its accountants conclude or advise that any previously issued financial statement, audit report or interim review should no longer be relied upon or that disclosure should be made or action
should be taken to prevent future reliance. 
 (d) Promptly after receiving notice thereof (but in any event within five
(5) Business Days after receiving such notice), notify the Administrative Agent of any action, suit, proceeding or investigation before or by any Governmental Authority or any other Person against any Loan Party or any Subsidiary which involves
a claim or series of claims that, if adversely determined, would reasonably be expected to have a Material Adverse Effect. 
 Each notice pursuant to this
Section 6.03 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and to the extent applicable, stating what action the Borrower has taken
and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

 

	6.04	Payment of Obligations. 

 Duly pay and discharge all liabilities to which it is
subject or which are asserted against it, promptly as and when the same shall become due and payable (and prior to the date on which penalties attach thereto), including all Taxes, assessments and governmental charges upon it or any of its
properties, assets, income or profits, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, and such Loan Party or such Subsidiary has set aside on its books adequate reserves with respect
thereto in accordance with GAAP, or (b) the failure to make such payment would not reasonably be expected to have a Material Adverse Effect. 
  

	6.05	Preservation of Existence, Etc. 

 (a) Preserve, renew and maintain
its legal existence as a corporation, limited partnership or limited liability company, except in a transaction permitted by Section 7.04 or Section 7.05. 

(b) Preserve, renew and maintain its license or qualification and good standing in each jurisdiction in which its ownership or
lease of property or the nature of its business makes such license or qualification necessary, except to the extent such failure or non-compliance with such licensing or qualification requirement would not
reasonably be expected to have a Material Adverse Effect. 
 (c) Take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect. 

(d) Preserve or renew all of its registered Intellectual Property, the non-preservation
of which would reasonably be expected to have a Material Adverse Effect. 
  

	6.06	Maintenance of Properties. 

 Maintain in good repair, working order and condition
(ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those 

  
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properties material to the conduct of its business taken as a whole, and, from time to time, make or cause to be made all appropriate repairs, renewals or replacements thereof, except where the
failure to do so would not reasonably be expected to have a Material Adverse Effect. 
  

	6.07	Maintenance of Insurance. 

 (a) Maintenance of Insurance.
Maintain with financially sound and reputable insurance companies not Affiliates of the Loan Parties, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the
same or similar business, of such types and in such amounts (after giving effect to any self-insurance compatible with the following standards) as are customarily carried under similar circumstances by such other Persons. 

(b) Evidence of Insurance. Cause (i) the Administrative Agent to be named as lenders’ loss payable, loss
payee, mortgagee and/or additional insured, as its interest may appear, with respect of any such insurance providing liability coverage or coverage in respect of any Collateral, and cause, unless otherwise agreed to by the Administrative Agent, each
provider of any such insurance to agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Administrative Agent that it will give the Administrative Agent thirty (30) days prior written
notice before any such policy or policies shall be altered or cancelled (or ten (10) days prior notice in the case of cancellation due to the nonpayment of premiums), and (ii) evidence of insurance to be delivered to the Administrative
Agent on an annual basis upon expiration of current insurance coverage, such evidence to include (A) as applicable, ACORD Form 28 certificates (or similar form of insurance certificate) and ACORD Form 25 certificates (or similar form of
insurance certificate), and (B) additional insured and lender’s loss payable endorsements. 
  

	6.08	Compliance with Laws. 

 Comply with all applicable Laws, including all
Environmental Laws, in all respects, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
  

	6.09	Books and Records. 

 Maintain and keep proper books of record and account which
enable the Parent and its Subsidiaries to issue Consolidated financial statements in accordance with GAAP and as otherwise required by applicable Laws of any Governmental Authority having jurisdiction over such Loan Party or such Subsidiary, and in
which full, true and correct entries shall be made in all material respects of all its dealings and business and financial affairs. 
  

	6.10	Inspection Rights. 

 Permit any of the officers or authorized employees or
representatives of the Administrative Agent or any of the Lenders to visit and inspect any of its properties and to examine and make excerpts from its books and records and discuss its business affairs, finances and accounts with its officers, all
in such detail and at such times as the Administrative Agent or any of the Lenders may reasonably request (it being understood and agreed that any such visit or inspection shall be at the expense of the Borrower but shall not unreasonably interfere
with the conduct of business at such site); provided, that, each Lender shall coordinate any visit through the Administrative Agent and shall provide the Borrower and the 

  
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Administrative Agent with reasonable notice prior to any visit or inspection; provided, further, that, (a) unless an Event of Default exists, such visits and inspections
shall not occur more than twice (2) in any fiscal year, and (b) when an Event of Default exists, the Administrative Agent or any Lender (or any of the officers or authorized employees or representatives thereof) may conduct such visits or
inspections at the expense of the Borrower at any time and without advance notice. 
  

	6.11	Use of Proceeds. 

 Use the proceeds of the Credit Extensions (a) to finance
in part (i) the Post-Closing Dividend, and (ii) the Transaction Costs, (b) to refinance in part certain existing Indebtedness (including Indebtedness outstanding under the Existing Credit Agreement), (c) to finance working capital,
Restricted Payments, Permitted Acquisitions, the Pineland Farms Acquisition and capital expenditures, and (d) for other general corporate purposes; provided, that, in no event shall the proceeds of the Credit Extensions be used in
contravention of any Law or any Loan Document. 
  

	6.12	Material Contracts. 

 Perform and observe all the terms and provisions of each
Material Contract to be performed or observed by it, maintain each such Material Contract in full force and effect, and enforce each such Material Contract in accordance with its terms, in each case, except where the failure to do so would, either
individually or in the aggregate, not reasonably be expected to have a Material Adverse Effect. 
  

	6.13	Covenant to Guarantee Obligations. 

 (a) Cause the Parent and each
of its Domestic Subsidiaries (other than any Excluded Subsidiary), whether newly formed, after acquired or otherwise existing, to promptly (and in any event within thirty (30) days (or such longer period of time as is agreed to by the
Administrative Agent in its sole discretion)) after the acquisition or formation of such Subsidiary (it being understood that any Subsidiary ceasing to be an Excluded Subsidiary but remaining a Subsidiary shall be deemed to be the acquisition of a
Subsidiary for purposes of this Section 6.13), to become a Guarantor hereunder by way of execution of a Joinder Agreement or such other joinder documentation as is acceptable to the Administrative Agent in its sole
discretion, and, in connection with the foregoing, deliver to the Administrative Agent, with respect to each new Guarantor to the extent applicable, substantially the same documentation required pursuant to Sections 4.01(b) and
(g) and Section 6.14 and, to the extent requested by the Administrative Agent, favorable opinions of counsel to such Person (which should cover, among other things, legality, binding effect and enforceability),
all in form, content and scope reasonably satisfactory to the Administrative Agent. 
 (b) Upon the Guarantee by any
Subsidiary of any Indebtedness permitted by Section 7.02(b), concurrently with the provision of such Guarantee, cause such Person to become a Guarantor by way of execution of a Joinder Agreement or such other joinder documentation as is
acceptable to the Administrative Agent in its sole discretion, and, in connection with the foregoing, deliver to the Administrative Agent, with respect to such Person, to the extent applicable, substantially the same documentation required pursuant
to Sections 4.01(b) and (g) and Section 6.14 and, to the extent requested by the Administrative Agent, favorable opinions of counsel to such Person (which should cover, among other things, legality,
binding effect and enforceability), all in form, content and scope reasonably satisfactory to the Administrative Agent. 

  
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	6.14	Covenant to Give Security. 

 (a) Equity Interests. Except
with respect to Excluded Property, cause (i) one hundred percent (100%) of the issued and outstanding Equity Interests of each Domestic Subsidiary directly owned by a Loan Party, and (ii) sixty five percent (65%) (or such greater
percentage that, due to a change in an applicable Law after the Closing Date, (A) could not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for United States federal income tax purposes to be
treated as a deemed dividend to a U.S. Person that is a direct or indirect parent of such Foreign Subsidiary, and (B) could not reasonably be expected to cause any material adverse Tax consequences) of the issued and outstanding Equity
Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and one hundred percent (100%) of the issued and outstanding Equity Interests not entitled to vote (within the meaning of
Treas. Reg. Section 1.956-2(c)(2)) in each Foreign Subsidiary directly owned by a Loan Party to be subject at all times to a first priority, perfected Lien in favor of the Administrative Agent, for the benefit
of the Secured Parties, pursuant to the terms and conditions of the Collateral Documents, together with, to the extent requested by the Administrative Agent, opinions of counsel and any filings and deliveries necessary in connection therewith to
perfect the security interests therein, all in form and substance reasonably satisfactory to the Administrative Agent. 
 (b)
Other Property. Except with respect to Excluded Property, cause all property of each Loan Party to be subject at all times to first priority (subject to Permitted Liens), perfected Liens in favor of the Administrative Agent, for the benefit
of the Secured Parties, to secure the Secured Obligations pursuant to the Collateral Documents or, with respect to any such property acquired subsequent to the Closing Date, such other additional security documents as the Administrative Agent shall
reasonably request and, in connection with the foregoing, deliver to the Administrative Agent such other documentation as the Administrative Agent may reasonably request including filings and deliveries necessary to perfect such Liens, Organization
Documents, resolutions, and, to the extent requested by the Administrative Agent, favorable opinions of counsel to such Person, all in form, content and scope reasonably satisfactory to the Administrative Agent. 

(c) Landlord Waivers. In the case of (i) each chief executive office location of each Loan Party, (ii) each
location of the Loan Parties where any books or records (electronic or otherwise) are maintained, and (iii) each location where any personal property Collateral with an aggregate book value in excess of $5,000,000 is located, in each case, use
commercially reasonable efforts to provide the Administrative Agent with such estoppel letters, consents and waivers (in form and substance reasonably satisfactory to the Administrative Agent) from the landlords on such real property to the extent
reasonably requested by the Administrative Agent. 
 (d) Qualifying Control Agreements. Within one hundred-twenty
(120) days after the Closing Date (or such longer period of time as is agreed by the Administrative Agent in its sole discretion), cause each deposit account (other than (i) to the extent consented to by the Administrative Agent in its
sole discretion, any deposit account maintained with the Administrative Agent or any Lender, and (ii) any Excluded Deposit and Securities Account) and each securities account (other than any Excluded Deposit and Securities Account) of each Loan
Party at all times to be subject to a Qualifying Control Agreement. 

  
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	6.15	Further Assurances. 

 (a) Faithfully preserve and protect
(i) any Lien created or intended to be created under the Collateral Documents, and (ii) the a valid and enforceable perfected first-priority security interest under the UCC in the Collateral, whether now owned or hereafter acquired
(subject only to Permitted Liens). 
 (b) Do such other acts and things as the Administrative Agent in its reasonable
discretion may deem necessary or advisable from time to time in order to (i) preserve, perfect and protect the Liens granted under the Collateral Documents, and (ii) exercise and enforce its rights and remedies thereunder with respect to
the Collateral. 
  

	6.16	Maintenance of Primary Depository and Cash Management Relationship. 

 Within one
hundred-twenty (120) days after the Closing Date, maintain its principal deposit and operating accounts and principal cash management and depository relationship, in each case, with the Administrative Agent or a Lender at all times. 

 

	6.17	Anti-Corruption Laws. 

 Conduct its business in compliance with the United States
Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions and maintain policies and procedures designed to promote and achieve compliance with such Laws, in each case, to the
extent such Laws are applicable to them. 
  

	6.18	Post-Closing Covenant. 

 Within thirty (30) days of the Closing Date (or such
longer period as the Administrative Agent shall agree in its sole discretion), cause the Administrative Agent to be named as lenders’ loss payable, loss payee, mortgagee and/or additional insured, as its interest may appear, with respect to any
insurance providing liability coverage or coverage in respect of any Collateral, and cause, unless otherwise agreed to by the Administrative Agent, each provider of any insurance to agree, by endorsement upon the policy or policies issued by it or
by independent instruments furnished to the Administrative Agent that it will give the Administrative Agent thirty (30) days prior written notice before any such policy or policies shall be altered or cancelled (or ten (10) days prior
notice in the case of cancellation due to the nonpayment of premiums). 
 ARTICLE VII 

NEGATIVE COVENANTS 
 Each
of the Loan Parties hereby covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly: 

 

	7.01	Liens. 

 Create, incur, assume or suffer to exist any Lien on any of its property
or assets, tangible or intangible, now owned or hereafter acquired, or agree or become liable to do so, except Permitted Liens. 

  
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	7.02	Indebtedness. 

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

 (a) Indebtedness under the Loan Documents; 

(b) unsecured Indebtedness incurred in the form of one or more series of senior or subordinated notes (and any Permitted
Refinancing thereof); provided, that, (i) such Indebtedness shall have a maturity date that is at least ninety-one (91) days after the Maturity Date, (ii) none of the obligors or
guarantors with respect to such Indebtedness shall be a Person that is not a Loan Party, (iii) if such Indebtedness is subordinated, such Indebtedness shall be subordinated to the Secured Obligations on terms and conditions reasonably
acceptable to the Administrative Agent, (iv) the terms and conditions of such Indebtedness shall be customary for similar Indebtedness in light of then-prevailing market conditions and, in any event, when taken as a whole, no more restrictive
to the Parent and its Subsidiaries than the terms and conditions set forth in the Loan Documents, and (v) the aggregate outstanding principal amount of all such Indebtedness shall not exceed $200,000,000 at any one time; 

(c) Indebtedness outstanding on the Closing Date (and any Permitted Refinancing thereof), which, in the case of any such
Indebtedness with an aggregate principal amount in excess of $10,000,000, is listed on Schedule 7.02; 
 (d)
Indebtedness secured by Purchase Money Security Interests and Indebtedness in respect of Capitalized Leases (and any Permitted Refinancing thereof); provided, that, the aggregate outstanding principal amount of such Indebtedness,
together with the Indebtedness and other obligations incurred or assumed under Sections 7.02(e) and (f), shall not exceed $100,000,000 at any one time; 

(e) Indebtedness (i) incurred to finance the acquisition, construction or improvement of any fixed or capital assets or
real estate, or (ii) assumed in connection with the acquisition of any fixed or capital assets or real estate (and, in each case, any Permitted Refinancing thereof); provided, that, the aggregate outstanding principal amount of
such Indebtedness, together with the Indebtedness and other obligations incurred under Sections 7.02(d) and (f), shall not exceed $100,000,000 at any one time; 

(f) Indebtedness (i) of any Person that becomes a Subsidiary of the Parent after the Closing Date, (ii) of any Person
that merges with or consolidates into any Loan Party or any Subsidiary, to the extent such merger or consolidation is permitted pursuant to Section 7.04, or (iii) assumed in connection with the acquisition of any
property (and, in each case, any Permitted Refinancing thereof); provided, that, (A) such Indebtedness shall be existing at the time such Person becomes a Subsidiary, such Person merges or consolidates into any Loan Party or any
Subsidiary, or such acquisition of property is consummated and, in each case, shall not be incurred in contemplation of such event, and (B) the aggregate outstanding principal amount of such Indebtedness, together with the Indebtedness and
other obligations incurred under Sections 7.02(d) and (e), shall not exceed $100,000,000 at any one time; 

(g) intercompany Indebtedness permitted under Section 7.03(d) or Section 7.03(e) (other than by reference to this
Section 7.02 (or any clause hereof)) (“Intercompany Debt”); provided, that, in the case of Indebtedness owing by a Loan Party to any Subsidiary that is not a Loan Party, such Indebtedness
shall be subordinated in right of payment to the Secured Obligations pursuant to subordination provisions reasonably acceptable to the Administrative Agent; 

  
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 (h) (i) obligations (contingent or otherwise) existing or arising under any Swap
Contract; provided, that, such obligations are (or were) entered into in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or
reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view”; and (ii) Indebtedness existing or arising under any Secured Cash
Management Agreement entered into in the ordinary course of business; and 
 (i) other Indebtedness not permitted by any of
the foregoing clauses of this Section 7.02 in an aggregate outstanding principal amount not to exceed $45,000,000 at any one time. 
  

	7.03	Investments. 

 Make, hold or suffer to remain outstanding any Investments, or
agree, become or remain liable to do any of the foregoing, except: 
 (a) trade credit extended on usual and customary terms
in the ordinary course of business; 
 (b) loans and advances to officers and directors of the Parent or any of its
Subsidiaries (or employees thereof provided such loans and advances are approved by an officer of such Person) for travel, entertainment and relocation expenses in the ordinary course of business in an aggregate outstanding principal amount not to
exceed $5,000,000 at any one time; 
 (c) (i) Investments in the form of cash or Permitted Investments; and
(ii) Investments existing as of the Closing Date and set forth on Schedule 7.03; 
 (d) Investments (i) in
any Subsidiary existing as of the Closing Date, (ii) in any Person that is a Loan Party prior to giving effect to such Investment, and (iii) by any Subsidiary that is not a Loan Party in any other Subsidiary that is not a Loan Party; 

(e) Investments by any Loan Party in any joint venture or any Subsidiary that is not a Loan Party; provided,
that, (i) in no event shall any Loan Party become liable, or agree to become liable, for any liabilities of any joint venture beyond the sum of such Loan Party’s Investment in such joint venture, (ii) no Default shall have
occurred and be continuing at the time of such Investment or would result therefrom, and (iii) upon giving Pro Forma Effect to such Investment, the Loan Parties would be in compliance with the financial covenants set forth in
Section 7.11 as of the most recent fiscal quarter end for which the Loan Parties were required to deliver financial statements pursuant to Section 6.01(a) or (b); 

(f) (i) Permitted Acquisitions; and (ii) the Pineland Farms Acquisition; 

(g) Guarantees (i) permitted by Section 7.02 (other than by reference to this
Section 7.03 (or any clause hereof)), and (ii) under any Permitted Guaranty; 
 (h)
Investments intended to fund deferred compensation liabilities; provided, that, such Investments are made pursuant to The Bob Evans Amended and Restated Grantor Trust 

  
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Agreement, dated April 4, 2011, or any additional or successor agreements, plans or policies, and continue at all times to be assets of the Parent or one of its Subsidiaries subject to the
claims of its general creditors; and 
 (i) other Investments (other than Acquisitions) not permitted by any of the foregoing
clauses of this Section 7.03 in an aggregate amount not to exceed $15,000,000 at any one time outstanding. 
  

	7.04	Fundamental Changes. 

 Dissolve, liquidate or
wind-up its affairs, or become a party to any merger or consolidation, or Dispose (whether in one transaction or a series of transactions) assets to or in favor of any Person; provided, that,
(a) any Loan Party (other than the Parent or the Intermediate Parent) may merge or consolidate into any other Loan Party; provided, further, that, if such merger or consolidation involves the Borrower, the Borrower shall be
the continuing or surviving Person; (b) any Subsidiary that is not a Loan Party may merge or consolidate into any Loan Party (other than the Parent or the Intermediate Parent); provided, further, that, such Loan Party shall
be the continuing or surviving Person; (c) any Subsidiary that is not a Loan Party may merge or consolidate into any other Subsidiary that is not a Loan Party; (d)(i) any Subsidiary (other than a Loan Party) may liquidate or dissolve, and
(ii) any Loan Party (other than the Parent, the Intermediate Parent or the Borrower) may liquidate or dissolve; provided, further, that, (A) in each case, the Borrower determines in good faith that such liquidation or
dissolution is in the best interests of the Loan Parties and is not materially disadvantageous to the Lenders, and (B) in the case of the liquidation or dissolution of a Loan Party, all of the assets and liabilities of such Loan Party shall be
transferred (by operation of law or otherwise) to another Loan Party prior to or upon giving effect to such liquidation or dissolution; (e) the Borrower may undertake any restructuring, regardless of whether accomplished by liquidation,
contribution, distribution, merger, amalgamation or any other technique, whereby the ownership of Subsidiaries of the Borrower is changed; provided, further, that, (i) each such Subsidiary that is a Subsidiary of the
Borrower prior to such restructuring remains, directly or indirectly, a Subsidiary of the Borrower after such restructuring, (ii) any Subsidiary of the Borrower that is a Loan Party prior to such restructuring shall continue to be a Loan Party
after such restructuring, and (iii) the Borrower shall continue to be the Borrower under the Loan Documents after such restructuring; (f) any transaction, regardless of whether accomplished by liquidation, contribution, distribution,
merger, amalgamation or any other technique, and including reincorporations, whereby the only substantive effect is that the Parent or any of its Subsidiaries changes its state of organization; provided, further, that, the
Borrower shall provide ten (10) days prior written notice to the Administrative Agent (or such shorter notice as the Administrative Agent shall agree to accept in its sole discretion) prior to such transaction; (g) any Loan Party or any
Subsidiary may consummate any Disposition permitted under Section 7.05; (h) the Intermediate Parent may merge or consolidate into any other Loan Party; provided, further, that, (i) the Parent
determines in good faith that such merger or consolidation is in the best interests of the Loan Parties and is not materially disadvantageous to the Lenders, (ii) the result of such merger or consolidation is that the Loan Party into which the
Intermediate Parent merged or consolidated is the continuing or surviving Person, (iii) all of the assets and liabilities of the Intermediate Parent shall be transferred (by operation of law or otherwise) to the Loan Party into which the
Intermediate Parent is merging or consolidating, (iv) after giving effect to such merger or consolidation, the Parent shall own and control, of record and beneficially, directly one hundred percent (100%) of the Equity Interests of the
Borrower, and (v) the Borrower shall continue to be the Borrower under the Loan Documents after such merger or consolidation; and (i) the Intermediate Parent may liquidate or dissolve; provided, further, that,
(i) the Parent determines in good faith that such liquidation or dissolution is in the best interests of the Loan Parties and is not materially disadvantageous to the Lenders, (ii) all of the assets and liabilities of the Intermediate
Parent shall be transferred (by operation of law or otherwise) to another Loan Party prior 

  
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to or upon giving effect to such liquidation or dissolution, (iii) the Borrower shall continue to be the Borrower under the Loan Documents after such liquidation or dissolution, and
(iv) after giving effect to such liquidation or dissolution, the Parent shall own and control, of record and beneficially, directly one hundred percent (100%) of the Equity Interests of the Borrower. 

 

	7.05	Dispositions. 

 Make any Disposition, except for any Permitted Transfer. 

 

	7.06	Restricted Payments. 

 Declare or make, or agree to pay or make, directly or
indirectly, any Restricted Payment, except: 
 (a) the Parent and any of its Subsidiaries may declare and pay dividends
payable solely in the Qualified Equity Interests of such Person; 
 (b) Subsidiaries of the Parent may declare and pay
dividends or make distributions, in each case, to Persons that own Equity Interests in such Subsidiary, ratably with respect to their respective Equity Interests; 

(c) the Parent may repurchase fractional shares of the Parent’s common Equity Interests; provided, that, no
Default shall have occurred and be continuing at the time of such Restricted Payment or would result therefrom; 
 (d) the
Parent may make the Post-Closing Dividend; 
 (e) so long as no Default or Event of Default has occurred and is continuing,
the Parent and its Subsidiaries may make Restricted Payments pursuant to and in accordance with employment contracts, stock option plans or other benefit plans or similar arrangements for consultants, management (including directors and officers) or
employees of the Parent and its Subsidiaries; and 
 (f) the Parent may make any other Restricted Payment; provided,
that, (i) no Default shall have occurred and be continuing at the time of such Restricted Payment or would result therefrom, and (ii) the Parent shall have delivered to the Administrative Agent a Pro Forma Compliance Certificate
demonstrating that, upon giving Pro Forma Effect to such Restricted Payment, the Loan Parties would be in compliance with the financial covenants set forth in Section 7.11 as of the most recent fiscal quarter end for which
the Loan Parties were required to deliver financial statements pursuant to Section 6.01(a) or (b). 
  

	7.07	Change in Nature of Business. 

 Engage in any material line of business
other than those lines of business conducted by the Parent and its Subsidiaries on the Closing Date (after giving effect to the Closing Date Disposition) and any business that, in the good faith judgment of the Board of Directors of the Parent, is
reasonably related, incidental, ancillary, supplementary or complementary (including supply chain) thereto, or reasonable extensions thereof. 

  
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	7.08	Transactions with Affiliates. 

 Enter into or carry out any transaction with any
Affiliate of such Person (including purchasing property or services from or selling property or services to any Affiliate of such Person), other than (a) transactions expressly permitted by Section 7.02,
Section 7.03, Section 7.04, Section 7.05 or Section 7.06, (b) except as otherwise specifically limited in this Agreement, transactions entered
into in the ordinary course of such Person’s business upon fair and reasonable arm’s-length terms and conditions and in accordance with all applicable Law, (c) transactions solely between or
among the Loan Parties, and (d) entering into agreements or transactions with, and making payments to, officers, directors, employees and shareholders of the Parent or any Subsidiary that are either (i) entered into in the ordinary course
of business and not prohibited by any of the provisions of this Agreement, or (ii) entered into outside the ordinary course of business, approved by the Board of Directors (or a committee thereof, or pursuant to a policy approved by such Board
of Directors or such committee thereof) or shareholders of the Parent or such Subsidiary, as applicable, and not prohibited by any of the provisions of this Agreement. 
  

	7.09	Burdensome Agreements. 

 Enter into any Contractual Obligation which, in any
manner, whether directly or contingently, (a) prohibits, restricts or limits the right to (i) create, incur, assume or suffer to exist any Lien on its property or assets generally, tangible or intangible, now owned or hereafter acquired
(including its ability to pledge its property pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof), (ii) make Restricted Payments to any Loan Party, or (iii) make loans or advances to any
Loan Party, except, in each case, for prohibitions, restrictions or limitations existing under or by reason of (A) applicable Law, (B) this Agreement and the other Loan Documents, (C) customary provisions restricting subletting or
assignment of any lease governing a leasehold interest, (D) customary provisions restricting assignment of any licensing agreement entered into in the ordinary course of business, (E) customary provisions restricting the transfer or
further encumbering of assets subject to Liens permitted under clause (n) of the definition of “Permitted Liens”, (F) customary restrictions and conditions contained in agreements relating to the sale of assets or a
Subsidiary pending such sale (provided, that, such restrictions and conditions apply only to the assets or the Subsidiary that is to be sold and such sale is permitted under Section 7.05), (G) any document
governing Indebtedness permitted by Section 7.02(d) or Section 7.02(e), insofar as the provisions thereof (1) relate only to the assets constructed or acquired in connection therewith, and (2) limit grants of other liens on
the assets securing such Indebtedness, (H) any operating lease or Capitalized Leases, insofar as the provisions thereof limit grants of a security interest in, or other assignments of, the related leasehold interest to any other Person,
(I) restrictions or conditions imposed by documentation governing secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness (and permit the Liens created
under the Loan Documents), (J) customary provisions in leases and other contracts restricting the assignment thereof, and (K) any agreement in effect on the Closing Date and set forth on Schedule 7.09; or (b) prohibits, restricts or
limits the right to act as a Loan Party pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof. 
  

	7.10	Use of Proceeds. 

 Use the proceeds of any Credit Extension, whether directly or
indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U, T or X as promulgated by the FRB) or to extend credit to others for the purpose of purchasing or carrying margin
stock or to refund indebtedness originally incurred for such purpose. 

  
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	7.11	Financial Covenants. 

 (a) Consolidated Leverage Ratio.
Permit the Consolidated Leverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Parent (commencing with the fiscal quarter of the Parent ending July 28, 2017) to be greater than 3.50 to 1.0;
provided, that, for each of the four (4) Measurement Periods immediately following a Qualified Acquisition (such period of increase, the “Leverage Increase Period”), the ratio set forth above shall be increased to
(i) 4.00 to 1.0, as of the end of the first and second Measurement Periods immediately following such Qualified Acquisition, and (ii) 3.75 to 1.0, as of the end of the third and fourth Measurement Periods immediately following such Qualified
Acquisition; provided, further, that, (A) for at least one (1) fiscal quarter immediately following each Leverage Increase Period, the Consolidated Leverage Ratio as of the end of such fiscal quarter shall not be
greater than 3.50 to 1.0 prior to giving effect to another Leverage Increase Period, and (B) there shall be no more than two (2) Leverage Increase Periods during the term of this Agreement. 

(b) Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio as of the end of any
Measurement Period ending as of the end of any fiscal quarter of the Parent (commencing with the fiscal quarter of the Parent ending July 28, 2017) to be less than 3.00 to 1.0. 

 

	7.12	Amendments of Organization Documents; Changes in Fiscal Year, Legal Name, State of Organization, Form of Entity, or Principal Place of Business; Accounting Changes. 

(a) Except as otherwise permitted by Section 7.04, (i) amend in any respect that would reasonably be
expected to be materially disadvantageous to the Lenders its Organization Documents, without obtaining the prior written consent of the Administrative Agent, or (ii) change its legal name, state of organization, form of organization or
principal place of business, without providing ten (10) days prior written notice to the Administrative Agent (or such shorter notice as the Administrative Agent shall agree to accept in its sole discretion). 

(b) Change its fiscal year from the twelve-month period beginning the day after the last Friday in April and ending the last
Friday in April, without obtaining the prior written consent of the Administrative Agent. 
 (c) Make any material change in
accounting policies or reporting practices, except as required by GAAP. 
  

	7.13	Sale and Leaseback Transactions. 

 Enter into any Sale and Leaseback Transaction
other than any Permitted Sale and Leaseback Transaction. 
  

	7.14	Prepayments, Etc. of Junior Debt. 

 Make any payment or prepayment of principal of
or redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner any Indebtedness that is expressly subordinated in right of payment to the Secured Obligations, any Indebtedness secured by Liens on the
Collateral junior to those created under the Collateral Documents (any such Indebtedness being referred to herein as “Second Lien Indebtedness”), or any Permitted Refinancing of any of the foregoing (collectively, “Junior
Debt”), or make any payment in violation of any subordination terms applicable to 

  
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any such Indebtedness (each a “Junior Debt Payment”); provided, that, (a) a Permitted Refinancing of Junior Debt pursuant to
Section 7.02 may be consummated; (b) the Parent or any Subsidiary may make regularly scheduled payments or mandatory prepayments on Junior Debt; and (c) the Parent or any Subsidiary may make any Junior Debt
Payment so long as (i) except with respect to any Second Lien Indebtedness with an outstanding principal amount of less than the Threshold Amount (prior to giving effect to such Junior Debt Payment), the Parent shall have delivered to the
Administrative Agent a Pro Forma Compliance Certificate demonstrating that, upon giving Pro Forma Effect to such Junior Debt Payment, the Loan Parties would be in compliance with the financial covenants set forth in
Section 7.11 as of the most recent fiscal quarter end for which the Loan Parties were required to deliver financial statements pursuant to Section 6.01(a) or (b), and (ii) no Default shall have occurred
and be continuing at the time of such Junior Debt Payment or would result therefrom. 
  

	7.15	Amendment, Etc. of Junior Debt; Amendment of Permitted Guaranties. 

(a) Amend or modify, or permit the amendment or modification of, any provision of any document governing Junior Debt, in each
case, in any manner that is adverse in any material respect to the interests of the Lenders; provided, that, a Permitted Refinancing of Junior Debt permitted pursuant to Section 7.02 may be consummated. 

(b) Amend or modify, or permit the amendment or modification of, any provision of any Permitted Guaranty (i) in a manner
that would increase the financial obligations of the guarantor or guarantors under such Permitted Guaranty, or (ii) in any other manner that is adverse in any material respect to the interests of the Lenders. 

 

	7.16	Ownership of Subsidiaries. 

 (a) Permit any Person (other than any
Loan Party or any Wholly-Owned Subsidiary of the Borrower) to own any Equity Interests of any Subsidiary, except to qualify directors where required by applicable Law. 

(b) Except as otherwise permitted pursuant to Section 7.02, permit any Loan Party or any Subsidiary
to issue or have outstanding any shares of Disqualified Equity Interests. 
 (c) Create, incur, assume or suffer to exist any
Lien on any Equity Interests of any Subsidiary, except for (i) Liens created under the Collateral Documents, and (ii) non-consensual Liens that are Permitted Liens. 

 

	7.17	Sanctions. 

 Directly or indirectly, use any Credit Extension or the proceeds of
any Credit Extension, or lend, contribute or otherwise make available such Credit Extension or the proceeds of any Credit Extension to any Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the
time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer, Swingline
Lender, or otherwise) of Sanctions. 

  
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	7.18	Anti-Corruption Laws. 

 Directly or indirectly, use any Credit Extension or the
proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions. 

ARTICLE VII 
 IEVENTS OF
DEFAULT AND REMEDIES 
  

	8.01	Events of Default. 

 An “Event of Default” shall mean the
occurrence and continuance of any one or more of the following events or conditions: 
 (a)
Non-Payment. The Borrower or any other Loan Party shall fail to pay (i) any amount of principal of any Loan (including the payment due at maturity) or any L/C Obligation on the date on which such
principal becomes due in accordance with the terms hereof, or (ii) any interest on any Loan or on any L/C Obligation, or any other amount owing hereunder or under the other Loan Documents, in each case, on the date such interest or other amount
becomes due, and such failure shall continue for a period of three (3) Business Days after the same shall become due; provided, that, if such failure under Section 8.01(a)(ii) was due to the Administrative Agent’s
failure to send out a materially correct notice of amounts due, the Loan Parties shall have two (2) Business Days from receipt of such notice to make such payment; or 

(b) Representations and Warranties. (i) Any representation or warranty contained in
Section 5.18 is or becomes false or misleading at any time, or (ii) any representation or warranty (other than a representation or warranty contained in Section 5.18) made or deemed made by or
on behalf of any Loan Party herein, in any other Loan Document or in any certificate or statement delivered in connection herewith or therewith, shall prove to be false in any material respect as of the date made or deemed made; or 

(c) Specific Covenants. Any of the Loan Parties shall fail in the observance or performance of any covenant contained in
Section 6.01, Section 6.02(a), Section 6.03(a), Section 6.05(a), Section 6.10, Section 6.11 or Article VII; or 

(d) Other Defaults. Any of the Loan Parties shall fail in the observance or performance of any other covenant, condition
or provision hereof (not specified in Section 8.01(a) or Section 8.01(c) above) or of any other Loan Document and such failure shall continue for a period of thirty (30) days after the earlier of (i) the date on which a
Responsible Officer of a Loan Party has knowledge of such failure, or (ii) the date on which written notice of such failure has been given to the Borrower by the Administrative Agent or any Lender; or 

(e) Cross-Default. (i) Any Loan Party or any Subsidiary (A) fails to make any payment when due (whether by
scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Indebtedness, or (B) fails to observe or perform any other agreement or condition relating to any Material Indebtedness, or any other event
occurs, the effect of which default or other event is to cause or to permit the holder or holders of such Material Indebtedness to cause, with the giving of notice if required, such Material Indebtedness to become due prior to its stated maturity,
or (ii) there occurs under any Swap Contract an “early 

  
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termination date” (as defined in such Swap Contract) resulting from any event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the “defaulting
party” (as defined in such Swap Contract), and the Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount; or 

(f) Insolvency Proceedings, Etc. Any Insolvency Event shall occur with respect to any Loan Party or any Material
Subsidiary; or 
 (g) Inability to Pay Debts; Attachment. (i) Any Loan Party or any Material Subsidiary thereof
becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any material portion of any Loan Party’s or any Material Subsidiary’s assets in excess of an aggregate amount of equal
to the Threshold Amount are attached, seized, levied upon or subjected to a writ or distress warrant; or such come within the possession of any receiver, trustee, custodian or assignee for the benefit of creditors and the same is not cured within
thirty (30) days thereafter; or 
 (h) Judgments. Any final judgments or orders for the payment of money (to the
extent not covered by independent third party insurance as to which the insurer does not dispute coverage and is not subject to an Insolvency Event) in excess of an aggregate amount equal to the Threshold Amount shall be entered against any Loan
Party or any Subsidiary by a court having jurisdiction in the premises, which judgment is not discharged, vacated, bonded or stayed pending appeal within a period of forty five (45) days from the date of entry; or 

(i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan which has resulted or could reasonably be
expected to result in liability of the Borrower under Title IV of ERISA to the Pension Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Borrower or any member of the ERISA Group fails to pay when due, after
the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan, where the aggregate amount of unamortized withdrawal liability is in excess
of the Threshold Amount; or 
 (j) Invalidity of Loan Documents. Any of the Loan Documents shall cease to be legal,
valid and binding agreements enforceable in any material respect against the party executing the same or such party’s successors and assigns (as permitted under the Loan Documents) in accordance with the respective terms thereof, or shall in
any way be terminated (except in accordance with its terms) or become or be declared ineffective or inoperative; or any Loan Party contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies
that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or it is or becomes unlawful for a Loan Party to perform any of its
obligations under the Loan Documents; or 
 (k) Change of Control. The occurrence of a Change of Control; or 

(l) Permitted Guaranties. Any Loan Party or any Subsidiary becomes obligated (whether upon demand under any Permitted
Guaranty or otherwise) to make any payment under any Permitted Guaranty or under any lease agreement relating thereto, or any Loan Party or any Subsidiary makes any payment under any Permitted Guaranty or under any lease agreement relating thereto,
to the extent that the aggregate dollar amount of all such payments for which the Loan Parties and their respective Subsidiaries become obligated, or otherwise make payment in respect thereof, exceeds $20,000,000 in the aggregate for all such
Persons taken together in any fiscal year of the Parent. 

  
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 Without limiting the provisions of Article IX, if a Default shall have occurred under the
Loan Documents, then such Default will continue to exist until it either is cured (to the extent specifically permitted) in accordance with the Loan Documents or is otherwise expressly waived by the Administrative Agent (with the approval of
requisite Appropriate Lenders (in their sole discretion) as determined in accordance with Section 11.01); and once an Event of Default occurs under the Loan Documents, then such Event of Default will continue to exist until
it is expressly waived by the requisite Appropriate Lenders or by the Administrative Agent with the approval of the requisite Appropriate Lenders, as required under Section 11.01. 

 

	8.02	Remedies upon Event of Default. 

 If any Event of Default occurs and is
continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 

(a) declare the Commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to
be terminated, whereupon such commitments and obligation shall be terminated; 
 (b) declare the unpaid principal amount of
all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind,
all of which are hereby expressly waived by the Borrower; 
 (c) require that the Borrower Cash Collateralize the L/C
Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto); and 
 (d) exercise on behalf of
itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or applicable Law or equity; 

provided, that, upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code
of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other
amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case, without further act of the Administrative
Agent or any Lender. 
  

	8.03	Application of Funds. 

 After the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to
Section 8.02), or if at any time insufficient funds are received by and available to the Administrative Agent to pay fully all Secured Obligations then due hereunder, any amounts received on account of the Secured
Obligations shall, subject to the provisions of Sections 2.14 and 2.15, be applied by the Administrative Agent in the following order: 

First, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts
(including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

  
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 Second, to payment of that portion of the Secured Obligations constituting
fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer arising under
the Loan Documents and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit Fees and
interest on the Loans, L/C Borrowings and other Secured Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of (a) that portion of the Secured Obligations constituting unpaid principal of the Loans and
L/C Borrowings, (b) that portion of the Secured Obligations then owing under Secured Hedge Agreements, (c) that portion of the Secured Obligations then owing under Secured Cash Management Agreements, and (d) obligations owing to the
Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to
Sections 2.03 and 2.14, in each case ratably among the Administrative Agent, the Lenders, the L/C Issuer, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause Fourth held
by them; and 
 Last, the balance, if any, after all of the Secured Obligations have been indefeasibly paid in full,
to the Borrower or as otherwise required by Law. 
 Subject to Sections 2.03(c) and 2.14, amounts used to Cash Collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either
been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such
Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Secured Obligations otherwise set forth above in this Section 8.03. 

Notwithstanding the foregoing, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be
excluded from the application described above if the Administrative Agent has not received a Secured Party Designation Notice, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management
Bank or Hedge Bank, as the case may be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the
appointment of the Administrative Agent pursuant to the terms of Article IX for itself and its Affiliates as if a “Lender” party hereto. 

  
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 ARTICLE IX 

ADMINISTRATIVE AGENT 
  

	9.01	Appointment and Authority. 

 (a) Appointment. Each of the
Lenders and the L/C Issuer hereby irrevocably appoints, designates and authorizes Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article IX are
solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use
of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

(b) Collateral Agent. The Administrative Agent shall also act as the “collateral agent” under the Loan
Documents, and each of the Lenders (including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) and the L/C Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender
and the L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental
thereto. In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted
under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this Article IX and Article XI (including
Section 11.04(c), as though such co-agents, sub-agents and attorneys-in-fact were
the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto. 
  

	9.02	Rights as a Lender. 

 The Person serving as the Administrative Agent hereunder
shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the
financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust, financial, advisory, underwriting or other business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were
not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto. 

  
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	9.03	Exculpatory Provisions. 

 (a) The Administrative Agent shall not
have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent and its
Related Parties shall not (i) be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; (ii) have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the
Lenders as shall be expressly provided for herein or in the other Loan Documents); provided, that, the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent to liability or that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture,
modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and (iii) except as expressly set forth herein and in the other Loan Documents, have any duty or responsibility to disclose, and shall not be
liable for the failure to disclose, any information relating to any Loan Party or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 

(b) Neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or not taken by the
Administrative Agent under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent or at the request of the Required Lenders (or such other number or percentage of
the Lenders as shall be necessary), or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 8.02 and 11.01), or (ii) in the absence of its own gross negligence
or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until
notice describing such Default is given in writing to the Administrative Agent by the Borrower, a Lender or the L/C Issuer. 

(c) Neither the Administrative Agent nor any of its Related Parties have any duty or obligation to any Lender or participant or
any other Person to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral
Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent. 
  

	9.04	Reliance by Administrative Agent. 

 The Administrative Agent shall be entitled to
rely upon, and shall be fully protected in relying and shall not incur any liability for relying upon, any notice, request, certificate, communication, consent, 

  
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statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall be fully protected in
relying and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled
to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender
or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties), independent accountants and other experts selected by it,
and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. For purposes of determining compliance with the conditions specified in
Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved
by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objections thereto. 

 

	9.05	Delegation of Duties. 

 The Administrative Agent may perform any and all of its
duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article IX shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of
the credit facilities hereunder as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a
court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 
  

	9.06	Resignation of Administrative Agent. 

 (a) Notice. The
Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower (such
consent not to be unreasonably withheld or delayed), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States; provided, that, the consent
of the Borrower shall not be required if an Event of Default has occurred and is continuing at the time of such appointment. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within
thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative
Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above; provided, that, in no event shall any successor Administrative
Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

  
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 (b) Defaulting Lender. If the Person serving as Administrative Agent is a
Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and,
with the consent of the Borrower (such consent not to be unreasonably withheld or delayed), appoint a successor; provided, that, the consent of the Borrower shall not be required if an Event of Default has occurred and is continuing at
the time of such appointment. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders) (the
“Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(c) Effect of Resignation or Removal. With effect from the Resignation Effective Date or the Removal Effective Date (as
applicable) (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent
on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed), and
(ii) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be
made by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to
indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from
all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 9.06). The fees payable by the Borrower to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan
Documents, the provisions of this Article IX and Section 11.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (A) while the retiring or removed Administrative Agent was acting as Administrative Agent, and (B) after such resignation or removal for
as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including (1) acting as collateral agent or otherwise holding any collateral security on behalf of any of the Secured Parties, and (2) in
respect of any actions taken in connection with transferring the agency to any successor Administrative Agent. 
 (d) L/C
Issuer and Swingline Lender. Any resignation or removal by Bank of America as Administrative Agent pursuant to this Section 9.06 shall also constitute its resignation as the L/C Issuer and the Swingline
Lender. If Bank of America resigns as the L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as the L/C
Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c). If Bank of America resigns as the
Swingline Lender, it shall retain all the rights of the Swingline Lender 

  
 107 

 
provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans
or fund risk participations in outstanding Swingline Loans pursuant to Section 2.04(c). Upon the appointment by the Borrower of a successor L/C Issuer or Swingline Lender hereunder (which successor shall in all cases be a Lender other than a
Defaulting Lender), (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or the retiring Swingline Lender, as applicable, (ii) the retiring L/C Issuer and the
retiring Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of
Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit. 

 

	9.07	Non-Reliance on Administrative Agent and Other Lenders. 

Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender
or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in
taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
  

	9.08	No Other Duties, Etc. 

 Anything herein to the contrary notwithstanding, none of
the titles listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, an Arranger, a Lender or the
L/C Issuer hereunder. 
  

	9.09	Administrative Agent May File Proofs of Claim; Credit Bidding. 

 In case of the
pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, the
L/C Obligations and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the
Administrative Agent under Sections 2.03(h) and (i), 2.09, 2.10(b) and 11.04) allowed in such judicial proceeding; and 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

  
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 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the
L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under
Sections 2.03(h) and (i), 2.09, 2.10(b) and 11.04. 
 Nothing contained herein shall be deemed to
authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any
Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer or in any such proceeding. 

The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any
portion of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or
through one or more acquisition vehicles) all or any portion of the Collateral (i) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code
of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (ii) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of)
the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be,
credit bid on a ratable basis (with Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount
proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are
used to consummate such purchase). In connection with any such bid (A) the Administrative Agent shall be authorized to form one or more acquisition vehicles to make a bid, (B) the Administrative Agent shall be authorized to adopt documents
providing for the governance of the acquisition vehicle or vehicles (provided, that, any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity
Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in
Section 11.01), and (C) to the extent that Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because
the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Lenders pro rata and the Equity
Interests and/or debt instruments issued by any acquisition vehicle on account of the Secured Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or any acquisition
vehicle to take any further action. 

  
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	9.10	Collateral and Guaranty Matters. 

 Each of the Lenders (including in its
capacities as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer irrevocably authorizes the Administrative Agent, at its option and in its discretion: 

(a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon
the Facility Termination Date, (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder or under any other Loan Document, or
(iii) if approved, authorized or ratified in writing by the Required Lenders in accordance with Section 11.01; 

(b) to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the
holder of any Lien on such property that is permitted by clause (l) of the definition of “Permitted Liens”; and 

(c) to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a
transaction permitted under the Loan Documents or is no longer required to be a Guarantor hereunder. 
 Upon request by the Administrative
Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the
Guaranty pursuant to this Section 9.10. In each case as specified in this Section 9.10, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan
Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to
release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.10. 

The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the
existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be
responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 
  

	9.11	Secured Cash Management Agreements and Secured Hedge Agreements. 

 Except as
otherwise expressly set forth herein, no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral
Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or
to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan
Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured
Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured Obligations,
together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of, or that other
satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements in the case of a Facility Termination Date. 

  
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 ARTICLE X 

CONTINUING GUARANTY 
  

	10.01	Guaranty. 

 Each Guarantor hereby absolutely and unconditionally, jointly and
severally guarantees, as primary obligor and as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise,
and at all times thereafter, of any and all Secured Obligations (for each Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”); provided, that, (a) the Guaranteed Obligations of a
Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor, and (b) the liability of each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that
would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law. Without limiting the generality of the foregoing, the
Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or compromised or shall be an allowed or disallowed claim under any proceeding or case
commenced by or against any debtor under any Debtor Relief Laws. The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each
Guarantor, and conclusive for the purpose of establishing the amount of the Secured Obligations absent manifest error. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Secured Obligations or any
instrument or agreement evidencing any Secured Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance
relating to the Secured Obligations which might otherwise constitute a defense to the obligations of the Guarantors, or any of them, under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire
in any way relating to any or all of the foregoing. 
  

	10.02	Rights of Lenders. 

 Each Guarantor consents and agrees that the Secured Parties
may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment
or the terms of the Secured Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Secured Obligations;
(c) apply such security and direct the order or manner of sale thereof as the Administrative Agent, the L/C Issuer and the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other
guarantors of any of the Secured Obligations. Without limiting the generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor
under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor. 
  

	10.03	Certain Waivers. 

 Each Guarantor waives (a) any defense arising by reason of
any disability or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the liability of the Borrower or any other Loan Party, other than defense of
payment; (b) any defense based on any claim that such Guarantor’s obligations exceed or are more burdensome than those of the Borrower or any other Loan Party; (c) the benefit of any statute of

  
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limitations affecting any Guarantor’s liability hereunder; (d) any right to proceed against the Borrower or any other Loan Party, proceed against or exhaust any security for the Secured
Obligations, or pursue any other remedy in the power of any Secured Party whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any Secured Party; and (f) to the fullest extent permitted by
law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of or exonerating guarantors or sureties. Each Guarantor expressly waives all setoffs and counterclaims and all presentments,
demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Secured Obligations, and all notices
of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Secured Obligations. 
  

	10.04	Obligations Independent. 

 The obligations of each Guarantor hereunder are those
of primary obligor, and not merely as surety, and are independent of the Secured Obligations and the obligations of any other guarantor, and a separate action may be brought against each Guarantor to enforce this Guaranty whether or not the Borrower
or any other person or entity is joined as a party. 
  

	10.05	Subrogation. 

 No Guarantor shall exercise any right of subrogation, contribution,
indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until the Facility Termination Date. If any amounts are paid to a Guarantor in violation of the foregoing limitation, then such amounts shall be
held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Secured Parties to reduce the amount of the Secured Obligations, whether matured or unmatured. 

 

	10.06	Termination; Reinstatement. 

 This Guaranty is a continuing and irrevocable
guaranty of all Secured Obligations now or hereafter existing and shall remain in full force and effect until the Facility Termination Date. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the
case may be, if any payment by or on behalf of the Borrower or a Guarantor is made, or any of the Secured Parties exercises its right of setoff, in respect of the Secured Obligations and such payment or the proceeds of such setoff or any part
thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the Secured Parties in their discretion) to be repaid to a trustee, receiver or any
other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Secured Parties are in possession of or have released this
Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of each Guarantor under this paragraph shall survive termination of this Guaranty. 

 

	10.07	Stay of Acceleration. 

 If acceleration of the time for payment of any of the
Secured Obligations is stayed, in connection with any case commenced by or against a Guarantor or the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each Guarantor, jointly and severally,
immediately upon demand by the Secured Parties. 

  
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	10.08	Condition of Borrower. 

 Each Guarantor acknowledges and agrees that it has the
sole responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor such information concerning the financial condition, business and operations of the Borrower and any such other guarantor as such Guarantor
requires, and that none of the Secured Parties has any duty, and such Guarantor is not relying on the Secured Parties at any time, to disclose to it any information relating to the business, operations or financial condition of the Borrower or any
other guarantor (each Guarantor waiving any duty on the part of the Secured Parties to disclose such information and any defense relating to the failure to provide the same). 
  

	10.09	Appointment of Borrower. 

 Each of the Loan Parties hereby appoints the Borrower
to act as its agent for all purposes of this Agreement, the other Loan Documents and all other documents and electronic platforms entered into in connection herewith and agrees that (a) the Borrower may execute such documents and provide such
authorizations on behalf of such Loan Parties as the Borrower deems appropriate in its sole discretion and each Loan Party shall be obligated by all of the terms of any such document and/or authorization executed on its behalf, (b) any notice
or communication delivered by the Administrative Agent, the L/C Issuer or a Lender to the Borrower shall be deemed delivered to each Loan Party, and (c) the Administrative Agent, the L/C Issuer or the Lenders may accept, and be permitted to
rely on, any document, authorization, instrument or agreement executed by the Borrower on behalf of each of the Loan Parties. 
  

	10.10	Right of Contribution. 

 The Guarantors agree among themselves that, in connection
with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted under applicable Law. 
  

	10.11	Keepwell. 

 Each Loan Party that is a Qualified ECP Guarantor at the time the
Guaranty or the grant of a Lien under the Loan Documents, in each case, by any Specified Loan Party becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to
provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under the Loan Documents in respect of such Swap
Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article X voidable under applicable law
relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this Section 10.11 shall remain in full force and effect
until the Secured Obligations have been indefeasibly paid and performed in full. Each Loan Party intends this Section 10.11 to constitute, and this Section 10.11 shall be deemed to constitute, a
guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Loan Party for all purposes of the Commodity Exchange Act. 

  
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 ARTICLE XI 

MISCELLANEOUS 
  

	11.01	Amendments, Etc. 

 No amendment or waiver of any provision of this Agreement or
any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders)
and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given;
provided, that, no such amendment, waiver or consent shall: 
 (a) extend or increase the Commitment of any
Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender (it being understood and agreed that a waiver of any condition precedent in
Section 4.02 or of any Default or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender); 

(b) postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of
principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without the written consent of each Lender entitled to such payment; 

(c) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to
clause (iv) set forth in the proviso below with respect to the Fee Letter) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender entitled to such amount;
provided, further, that, only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit
Fees at the Default Rate, or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee
payable hereunder; 
 (d) change (i) Section 2.13 or Section 8.03 in a manner that
would alter the pro rata sharing of payments required thereby without the written consent of each Lender, or (ii) Section 2.12(f) in a manner that would alter the pro rata application required thereby without the written consent of each
Lender directly affected thereby; 
 (e) change any provision of this Section 11.01 or the
definition of “Required Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or thereunder or make any determination or grant
any consent hereunder, without the written consent of each Lender; 
 (f) release all or substantially all of the Collateral
in any transaction or series of related transactions, without the written consent of each Lender, except to the extent the release of all or substantially all of the Collateral is permitted pursuant to Section 9.10(a)(i) or Section
9.10(a)(ii) (in which case such release may be made by the Administrative Agent acting alone); or; 

  
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 (g) release all or substantially all of the value of the Guaranty, without the
written consent of each Lender, except to the extent the release of any Subsidiary from the Guaranty is permitted pursuant to Section 9.10(c) (in which case such release may be made by the Administrative Agent acting alone); or 

(h) release the Borrower or permit the Borrower to assign or transfer any of its rights or obligations under this Agreement or
the other Loan Documents without the consent of each Lender; 
 provided, further, that, (i) no amendment, waiver or consent
shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it;
(ii) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in addition to the Lenders required above, affect the rights or duties of the Swingline Lender under this Agreement; (iii) no amendment,
waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (iv) the Fee
Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto; (v) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any
amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (A) the Commitment of any
Defaulting Lender may not be increased or extended without the consent of such Lender, and (B) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender
disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender; (vi) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and
each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth herein; (vii) the Required Lenders shall determine whether or not to allow a Loan
Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of the Lenders; (viii) in order to implement any additional Commitments in accordance with Section
2.02(g), this Agreement may be amended for such purpose (but solely to the extent necessary to implement such additional Commitments and otherwise in accordance with Section 2.02(g)) by the Loan Parties, the Administrative Agent and each
Lender providing such additional Commitments; (ix) this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent, each Borrower, the other Loan Parties and the relevant
Lenders providing such additional credit facilities (A) to add one or more additional credit facilities to this Agreement, to permit the extensions of credit from time to time outstanding hereunder and the accrued interest and fees in respect
thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Loans and the accrued interest and fees in respect thereof and to include appropriately the Lenders holding such credit facilities in any determination
of the Required Lenders, and (B) to change, modify or alter any provision of this Agreement relating to the pro rata sharing of payments among the Lenders to the extent necessary to effectuate any of the amendments (or amendments and
restatements) enumerated in this clause (ix), (x) if following the Closing Date, the Administrative Agent and the Borrower shall have jointly identified an inconsistency, obvious error or omission of a technical or immaterial nature, in each
case, in any provision of the Loan Documents, then the Administrative Agent and the Loan Parties shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other

  
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party to any Loan Documents, and (xi) as to any amendment, amendment and restatement or other modifications otherwise approved in accordance with this
Section 11.01, it shall not be necessary to obtain the consent or approval of any Lender that, upon giving effect to such amendment, amendment and restatement or other modification, would have no Commitment or outstanding
Loans so long as such Lender receives payment in full of the principal of and interest accrued on each Loan made by, and all other amounts owing to, such Lender or accrued for the account of such Lender under this Agreement and the other Loan
Documents at the time such amendment, amendment and restatement or other modification becomes effective. 
  

	11.02	Notices; Effectiveness; Electronic Communications. 

 (a)
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 11.02(b)), all notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax transmission or e-mail transmission as follows, and all notices and other
communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to the Borrower or any other Loan Party, the Administrative Agent, the L/C Issuer or the Swingline Lender, to the
address, fax number, e-mail address or telephone number specified for such Person on Schedule 1.01(a); and 

(ii) if to any other Lender, to the address, fax number, e-mail address or telephone
number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Borrower). 
 Notices and other communications sent
by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by fax transmission shall be deemed to have been given when sent (except that,
if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to
the extent provided in Section 11.02(b) shall be effective as provided in Section 11.02(b). 
 (b)
Electronic Communications. Notices and other communications to the Administrative Agent, the Lenders, the Swingline Lender and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail, FPML messaging and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided, that, the foregoing shall not apply to notices to any Lender, the
Swingline Lender or the L/C Issuer pursuant to Article II if such Lender, the Swingline Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under Article II by
electronic communication. The Administrative Agent, the Swingline Lender, the L/C Issuer or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it; provided, that, approval of such procedures may be limited to particular notices or communications. 

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

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED
BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN
CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, the L/C Issuer or
any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of Borrower
Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet. 

(d) Change of Address, Etc. Each of the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender may
change its address, fax number or telephone number or e-mail address for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, fax number
or telephone number or e-mail address for notices and other communications hereunder by notice to the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender. In addition, each Lender
agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, fax number and e-mail address to
which notices and other communications may be sent, and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender to at all times have
selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and
applicable Law, including United States federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States federal or state securities laws. 

(e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuer and the Lenders
shall be entitled to rely and act upon any notices (including 

  
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telephonic or electronic notices, Loan Notices, Letter of Credit Applications, Notice of Loan Prepayment and Swingline Loan Notices) purportedly given by or on behalf of any Loan Party even if
(i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof. The Loan Parties shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each
notice purportedly given by or on behalf of a Loan Party. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such
recording. 
  

	11.03	No Waiver; Cumulative Remedies; Enforcement. 

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

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuer; provided, that, the foregoing shall not prohibit (a) the Administrative Agent from exercising on
its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swingline Lender from exercising the rights and remedies
that inure to its benefit (solely in its capacity as the L/C Issuer or the Swingline Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with
Section 11.08 (subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to any Loan Party under any Debtor Relief Law; provided, further, that, if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders
shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02, and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding
proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

 

	11.04	Expenses; Indemnity; Damage Waiver. 

 (a) Costs and
Expenses. The Loan Parties shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable
fees, charges and disbursements of counsel for the Administrative Agent, but specifically excluding all fees and time charges and disbursements for attorneys who may be employees of the Administrative Agent or any of its Affiliates), in connection
with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or 

  
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thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, and (iii) all reasonable out-of-pocket expenses
incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or the L/C Issuer, but specifically excluding all fees and time charges and
disbursements for attorneys who may be employees of the Administrative Agent, any Lender or the L/C Issuer) in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents,
including its rights under this Section 11.04, or (B) in connection with Loans made or Letters of Credit issued hereunder, including all such reasonable
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit; provided, that,
notwithstanding the foregoing, the obligations of the Loan Parties set forth in Section 11.04(a)(iii) with respect to the payment of fees, charges, and disbursements of counsel shall be limited to the reasonable fees, charges, and
disbursements of one (1) firm of counsel for the Administrative Agent, any Lender or the L/C Issuer, as applicable, and one (1) firm of local counsel in each appropriate jurisdiction for the Administrative Agent, any Lender, or the L/C
Issuer, as applicable, and, in the case of any actual, asserted or perceived conflict of interest with respect to any such counsel, one additional counsel for each affected Person. 

(b) Indemnification by the Loan Parties. The Loan Parties shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of one (1) firm of counsel for such Indemnitees (taken as a whole), and, if necessary, one (1) firm of
local counsel in each appropriate jurisdiction for such Indemnitees (taken as a whole) (and, in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict informs the Borrower of such conflict and
thereafter retains its own counsel, of one (1) additional firm of counsel for all such affected Indemnitees (taken as a whole))) incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other
Loan Party) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of
their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its
Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the
proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any
actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by a Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to a Loan Party or any of its Subsidiaries, or
(iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party or
any of the Borrower’s or such Loan Party’s directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto (it being agreed that the Administrative Agent shall make a good faith effort to advise such
Indemnitee of any such claim, litigation, investigation or proceeding), IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided,
that, that 

  
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such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (A) are found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnitee’s gross negligence, bad faith or willful misconduct, or a material breach of the obligations of such
Indemnitee’s (or any of such Indemnitee’s controlled affiliates) under the Loan Documents, or (B) arise out of disputes between and among Indemnitees that do not involve an act or omission by a Loan Party or any of its Affiliates
(other than any such claim, litigation or proceeding brought against any such Indemnitee solely in its capacity as, or in the fulfillment of its role as, an agent, Administrative Agent, collateral agent, Arranger or other similar role under the Loan
Documents). Without limiting the provisions of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 (c) Reimbursement by Lenders. To the extent that the Loan Parties
for any reason fail to indefeasibly pay any amount required under Section 11.04(a) or Section 11.04(b) to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer, the
Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer, the Swingline Lender or such Related
Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such
unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lender’s Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought); provided, that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative
Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender in connection with such capacity. The obligations of the Lenders under this Section 11.04(c) are subject to the provisions of Section 2.12(d). 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, none of the Loan Parties,
the Administrative Agent, any other agent hereunder, any Lender, the L/C Issuer, any other party hereto or any Indemnitee shall assert, and each such Person hereby waives and acknowledges that no other Person shall have, any claim against any other
such Person, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any
agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof; provided, that, the foregoing shall in no event limit the Loan Parties’
indemnification obligations under Section 11.04(b) to the extent such special, indirect, consequential or punitive damages are included in any third-party claim in connection with which such Indemnitee is otherwise entitled to
indemnification hereunder. No Indemnitee referred to in Section 11.04(b) shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by
such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 

  
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 (e) Payments. All amounts due under this Section shall be payable not
later than ten (10) Business Days after demand therefor. 
 (f) Survival. The agreements in this
Section 11.04 and the indemnity provisions of Section 11.02(e) shall survive the resignation of the Administrative Agent, the L/C Issuer and the Swingline Lender, the replacement of any Lender, the termination of the
Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 
  

	11.05	Payments Set Aside. 

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

	11.06	Successors and Assigns. 

 (a) Successors and Assigns
Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except neither the Borrower
nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or
obligations hereunder except (i) to an assignee in accordance with the provisions of Section 11.06(b), (ii) by way of participation in accordance with the provisions of Section 11.06(d), or (iii) by way of pledge or
assignment of a security interest subject to the restrictions of Section 11.06(e) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 11.06(d) and, to the extent expressly contemplated hereby, the Related Parties
of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) Assignments by Lenders. Any Lender may at any time assign to one or
more assignees all or a portion of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment(s) and the Loans (including for purposes of this Section 11.06(b), participations in
L/C Obligations and in Swingline Loans) at the time owing to it); provided, that, any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at
the time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in Section 11.06(b)(i)(B) in the aggregate, or in the case of an
assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any
case not described in Section 11.06(b)(i)(A), the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of
the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and
Assumption, as of the Trade Date, shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be
unreasonably withheld or delayed). 
 (ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement and the other Loan Documents with respect to the Loans and/or the Commitment assigned, except that this Section 11.06(b)(ii)
shall not apply to the Swingline Lender’s rights and obligations in respect of Swingline Loans. 
 (iii) Required
Consents. No consent shall be required for any assignment except to the extent required by Section 11.06(b)(i)(B) and, in addition: 

(A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an
Event of Default has occurred and is continuing at the time of such assignment, or (2) such assignment is to a Lender, an Affiliate of a Lender, or an Approved Fund; provided, that, the Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if
such assignment is to a Person that is not a Lender, an Affiliate of such Lender, or an Approved Fund; and 
 (C) the
consent of the L/C Issuer and the Swingline Lender shall be required for any assignment. 
 (iv) Assignment and
Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, that, the
Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

  
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 (v) No Assignment to Certain Persons. No such assignment shall be made
(A) (1) to the Borrower, the Parent, or the Intermediate Parent, (2) to any Affiliate of any such Person, or (3) to any Subsidiary, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a
Lender hereunder, would constitute any of the foregoing Persons described in this Section 11.06(b)(v)(B), or (C) to a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of
a natural person). 
 (vi) Certain Additional Payments. In connection with any assignment of rights and
obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to
(A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full
pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 11.06(c), from and after the
effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all
of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with
respect to facts and circumstances occurring prior to the effective date of such assignment); provided, that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer
by a Lender of rights or obligations under this Agreement that does not comply with this Section 11.06(b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with Section 11.06(d). 

  
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 (c) Register. The Administrative Agent, acting solely for this purpose as
a non-fiduciary agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the
equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the
Borrower or the Administrative Agent, sell participations to any Person (other than (i) a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person, (ii) a
Defaulting Lender, (iii) the Borrower, the Parent, the Intermediate Parent, (iv) any Affiliate of the Borrower, the Parent or the Intermediate Parent, or (v) any Subsidiary) (each, a “Participant”) in all or a portion
of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swingline Loans) owing to it);
provided, that, (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and
(C) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of
doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) without regard to the existence of any participations. 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain
the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that, such agreement or instrument may provide that such Lender will not, without the consent
of the Participant, agree to any amendment, waiver or other modification described in Sections 11.01(a), (b), (c), (f), (g) and (h) that affects such Participant. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations therein, including the requirements under Section 3.01(e) (it being understood that the
documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.06(b);
provided, that, such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 11.13 as if it were an assignee under Section 11.06(b), and (B) shall not be entitled to receive any
greater payment under Section 3.01 or Section 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except
to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and
expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 11.08 as though it were a Lender; provided, that, such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a
participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, 

  
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maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other
obligations under the Loan Documents (the “Participant Register”); provided, that, no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be
conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the
avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

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

(f) Resignation as the L/C Issuer or the Swingline Lender after Assignment. Notwithstanding anything to the contrary
contained herein, if at any time Bank of America assigns all of its Commitment and/or Revolving Loans pursuant to Section 11.06(b), Bank of America may, (i) upon thirty (30) days’ notice to the Borrower and the Lenders,
resign as the L/C Issuer, and/or (ii) upon thirty (30) days’ notice to the Borrower, resign as the Swingline Lender. In the event of any such resignation as the L/C Issuer or the Swingline Lender, the Borrower shall be entitled to
appoint from among the Lenders a successor L/C Issuer or Swingline Lender hereunder; provided, that, no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America as the L/C Issuer or the
Swingline Lender, as the case may be. If Bank of America resigns as the L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date
of its resignation as the L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If
Bank of America resigns as the Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the
right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swingline Lender, (A) such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swingline Lender, as the case may be, and (B) the successor L/C Issuer shall issue letters of credit in substitution for the
Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit. 

 

	11.07	Treatment of Certain Information; Confidentiality. 

 (a)
Treatment of Certain Information. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to use all Information solely in connection with this Agreement 

  
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or performing their respective obligations hereunder and to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its
Affiliates, its auditors and its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and shall be bound pursuant to written agreement, policy,
procedure, or other ethical, fiduciary or other responsibility to keep such Information confidential (and, in the case of its Affiliates and Related Parties, it being understood and agreed that such Persons are bound by policy or fiduciary duty to
keep such information confidential)), (ii) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (iii) to the extent required by applicable Laws or regulations or by any subpoena or similar compulsory legal process (in which case such Person agrees to inform the Borrower promptly thereof prior to such
disclosure to the extent not prohibited by Law, rule or regulation), (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this
Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section 11.07, to (A) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.02(g) or
Section 11.01, or (B) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this
Agreement or payments hereunder, (vii) on a confidential basis to (A) any rating agency in connection with rating the Parent or its Subsidiaries or the credit facilities provided hereunder, (B) the provider of any Platform or other
electronic delivery service used by the Administrative Agent, the L/C Issuer and/or the Swingline Lender to deliver Borrower Materials or notices to the Lenders, or (C) the CUSIP Service Bureau or any similar agency in connection with the
issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (viii) with the consent of the Borrower, or (ix) to the extent such Information (A) becomes publicly
available other than as a result of a breach of this Section 11.07, or (B) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a non-confidential basis from a source other than the Borrower; provided, that, such source does not, to the knowledge of the Administrative Agent, a Lender of the L/C Issuer, after reasonable inquiry,
have an obligation of confidentiality to the Borrower or any Loan Party. For purposes of this Section 11.07, “Information” means all information received from the Parent or any Subsidiary relating to the
Parent or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the L/C Issuer on a non-confidential basis prior to
disclosure by the Parent or any Subsidiary. Any Person required to maintain the confidentiality of Information as provided in this Section 11.07 shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. In addition, the Administrative Agent and the Lenders may disclose the existence of
this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the agents and the Lenders in connection with the administration of this Agreement, the other
Loan Documents and the Commitments. 
 (b) Non-Public Information. Each of the
Administrative Agent, the Lenders and the L/C Issuer acknowledges that (i) the Information may include material non-public information concerning a Loan Party or a Subsidiary, as the case may be,
(ii) it has developed compliance 

  
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procedures regarding the use of material non-public information, and (iii) it will handle such material
non-public information in accordance with applicable Law, including United States federal and state securities Laws. 

(c) Press Releases. The Loan Parties and their Affiliates agree that they will not in the future issue any press
releases or other public disclosure using the name of the Administrative Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the Loan Documents without the prior written consent of the Administrative Agent,
unless (and only to the extent that) the Loan Parties or such Affiliate is required to do so under law and then, in any event the Loan Parties or such Affiliate will consult with such Person before issuing such press release or other public
disclosure. 
 (d) Customary Advertising Material. The Loan Parties consent to the publication by the Administrative
Agent or any Lender of customary advertising material relating to the transactions contemplated hereby using the name, product photographs, logo or trademark of the Loan Parties. 

 

	11.08	Right of Setoff. 

 If an Event of Default shall have occurred and be continuing,
each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, to the fullest extent permitted by applicable Law, to
set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such
Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender
or the L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender, the L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or
such Loan Party may be contingent or unmatured, secured or unsecured, or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated on such
indebtedness; provided, that, in the event that any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in
accordance with the provisions of Section 2.15, and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C
Issuer and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such right of
setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section 11.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or
their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the
validity of such setoff and application. 
  

	11.09	Interest Rate Limitation. 

 Notwithstanding anything to the contrary contained in
any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).
If the Administrative Agent or any Lender shall 

  
 127 

 
receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.
In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not
principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the
contemplated term of the Obligations hereunder. 
  

	11.10	Counterparts; Integration; Effectiveness. 

 This Agreement and each of the other
Loan Documents may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the
other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuer (including the Fee Letter), constitute the entire contract among the parties relating to the subject matter hereof
and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been
executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature
page of this Agreement or any other Loan Document, or any certificate delivered thereunder, by fax transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery
of a manually executed counterpart of this Agreement or such other Loan Document or certificate. Without limiting the foregoing, to the extent a manually executed counterpart is not specifically required to be delivered under the terms of any Loan
Document, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart. 

 

	11.11	Survival of Representations and Warranties. 

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

 

	11.12	Severability. 

 If any provision of this Agreement or the other Loan Documents is
held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby, and (b) the parties shall
endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity
of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section, if and to the extent that the enforceability of any
provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C Issuer or the Swingline Lender, as applicable, then such provisions shall be deemed
to be in effect only to the extent not so limited. 

  
 128 

	11.13	Replacement of Lenders. 

 If the Borrower is entitled to replace a Lender pursuant
to the provisions of Section 3.06, if any Lender is a Defaulting Lender or a Non-Consenting Lender, or if any other circumstance exists hereunder that gives the Borrower the right to
replace a Lender as a party hereto, then, in each case, the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and
subject to the restrictions contained in, and consents required by, Section 11.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations
under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided, that: 

(a) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b);

 (b) such Lender shall have received payment of an amount equal to one hundred percent (100%) of the outstanding principal
of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the
extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

(c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or
payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; 

(d) such assignment does not conflict with applicable Laws; and 

(e) in the case of an assignment resulting from a Lender becoming a Non-Consenting
Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent. 
 A Lender shall not be required to
make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

 

	11.14	Governing Law; Jurisdiction; Etc. 

 (a) GOVERNING LAW. THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. 

  
 129 

 (b) SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER,
THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK
COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT
ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT
ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE
COURTS OF ANY JURISDICTION. 
 (c) WAIVER OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN
ANY COURT REFERRED TO IN SECTION 11.14(b). THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH
ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE
OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

 

	11.15	Waiver of Jury Trial. 

 EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY 

  
 130 

 
OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 11.15. 
  

	11.16	Subordination. 

 Each Loan Party (a “Subordinating Loan Party”)
hereby subordinates the payment of all obligations and indebtedness of any other Loan Party owing to it, whether now existing or hereafter arising, including but not limited to any obligation of any such other Loan Party to the Subordinating Loan
Party as subrogee of the Secured Parties or resulting from such Subordinating Loan Party’s performance under this Guaranty, to the indefeasible payment in full in cash of all Obligations. If the Secured Parties so request, any such obligation
or indebtedness of any such other Loan Party to the Subordinating Loan Party shall be enforced and performance received by the Subordinating Loan Party as trustee for the Secured Parties and the proceeds thereof shall be paid over to the Secured
Parties on account of the Secured Obligations, but without reducing or affecting in any manner the liability of the Subordinating Loan Party under this Agreement. Without limitation of the foregoing, so long as no Default has occurred and is
continuing, the Loan Parties may make and receive payments with respect to Intercompany Debt; provided, that, in the event that any Loan Party receives any payment of any Intercompany Debt at a time when such payment is prohibited by
this Section, such payment shall be held by such Loan Party, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to the Administrative Agent. 

 

	11.17	No Advisory or Fiduciary Responsibility. 

 In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’
understanding, that: (a)(i) the arranging and other services regarding this Agreement provided by the Administrative Agent and any Affiliate thereof, the Arrangers and the Lenders are arm’s-length
commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent and, as applicable, its Affiliates (including MLPFS) and the Lenders and their Affiliates
(collectively, solely for purposes of this Section, the “Lenders”), on the other hand, (ii) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it
has deemed appropriate, and (iii) the Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b)(i) the
Administrative Agent and its Affiliates (including MLPFS) and each Lender each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an
advisor, agent or fiduciary, for Borrower, any other Loan Party or any of their respective Affiliates, or any other Person, and (ii) neither the Administrative Agent, any of its Affiliates (including MLPFS) nor any Lender has any obligation to
the Borrower, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent
and its Affiliates (including MLPFS) and the Lenders may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the
Administrative Agent, any of its Affiliates (including MLPFS) nor any Lender has any obligation to disclose any of such 

  
 131 

 
interests to the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower and each other Loan Party hereby waives and
releases any claims that it may have against the Administrative Agent, any of its Affiliates (including MLPFS) or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions
contemplated hereby. 
  

	11.18	Electronic Execution. 

 The words “delivery,” “execute,”
“execution,” “signed,” “signature,” and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of
assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided, that, notwithstanding anything contained herein to the contrary, the Administrative Agent
is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided, further, that, without limiting
the foregoing, upon the request of the Administrative Agent, any electronic signature shall be promptly followed by such manually executed counterpart. 
  

	11.19	PATRIOT Act Notice. 

 Each Lender that is subject to the PATRIOT Act and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and the other Loan Parties that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies
each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the PATRIOT Act. The
Loan Parties agree to, promptly following a request by the Administrative Agent or any Lender, provide all such other documentation and information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations
under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act. 
  

	11.20	Acknowledgement and Consent to Bail-In of EEA Financial Institutions. 

Solely to the extent any Lender or the L/C Issuer that is an EEA Financial Institution is a party to this Agreement, and notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or the L/C Issuer that is an EEA Financial Institution
arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or the L/C Issuer that is an EEA Financial Institution; and (b) the effects of
any Bail-In Action on any such liability, including, if applicable, (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability
into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise 

  
 132 

 
conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan
Document; or (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
  

	11.21	ENTIRE AGREEMENT. 

 THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE
FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 

  
 133 

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

							
	BORROWER:	 		 	BEF FOODS, INC.,
		 		 	an Ohio corporation
				
		 		 	By:	 	 /s/ Mark E. Hood

		 		 	Name:	 	Mark E. Hood
		 		 	Title:	 	Chief Financial Officer and Treasurer
			
	GUARANTORS:	 		 	BOB EVANS FARMS, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Mark E. Hood

		 		 	Name:	 	Mark E. Hood
		 		 	Title:	 	Chief Administrative Officer and Chief Financial Officer
			
		 		 	BOB EVANS FARMS, LLC,
		 		 	an Ohio limited liability company
				
		 		 	By:	 	 /s/ Mark E. Hood

		 		 	Name:	 	Mark E. Hood
		 		 	Title:	 	Chief Financial Officer
			
		 		 	BOB EVANS HOLDING, INC.,
		 		 	an Ohio corporation
				
		 		 	By:	 	 /s/ Mark E. Hood

		 		 	Name:	 	Mark E. Hood
		 		 	Title:	 	President
			
		 		 	BOB EVANS TRANSPORTATION COMPANY, LLC,
		 		 	an Ohio limited liability company
				
		 		 	By:	 	 /s/ T. Alan Ashworth

		 		 	Name:	 	T. Alan Ashworth
		 		 	Title:	 	Senior Vice President and Treasurer
			
		 		 	BEF MANAGEMENT, INC.,
		 		 	an Ohio corporation
				
		 		 	By:	 	 /s/ Mark E. Hood

		 		 	Name:	 	Mark E. Hood
		 		 	Title:	 	Chief Financial Officer and Chief Administrative Officer

  

							
	ADMINISTRATIVE AGENT:	 		 	BANK OF AMERICA, N.A.,
		 		 	as Administrative Agent
				
		 		 	By:	 	 /s/ Maria A. McClain

		 		 	Name:	 	Maria A. McClain
		 		 	Title:	 	Vice President

							
	LENDERS:	 		 	BANK OF AMERICA, N.A.,
		 		 	as a Lender, an L/C Issuer and the Swingline Lender
				
		 		 	By:	 	 /s/ Sara Just

		 		 	Name:	 	Sara Just
		 		 	Title:	 	Vice President

 
			
	JPMORGAN CHASE BANK, N.A.,
	as a Lender and an L/C Issuer
		
	By:	 	 /s/ Cris S. Gossard

	Name:	 	Cris S. Gossard
	Title:	 	Authorized Officer

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	as a Lender and an L/C Issuer
		
	By:	 	 /s/ George M. Gevas

	Name:	 	George M. Gevas
	Title:	 	Senior Vice President

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Ryan Zimmerman

	Name:	 	Ryan Zimmerman
	Title:	 	Vice President

 
			
	FIFTH THIRD BANK,
	as a Lender
		
	By: 	 	 /s/ Ellen Ruschhaupt

	Name:	 	Ellen Ruschhaupt
	Title:	 	Vice PresidentExhibit

Exhibit 10.1

EXECUTION VERSION

LOAN AGREEMENT

Dated as of April 28, 2017

between

2017-1 IH BORROWER L.P.,
as Borrower,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Lender
 

TABLE OF CONTENTS
Page
ARTICLE 1 
 
DEFINITIONS; PRINCIPLES OF CONSTRUCTION    1
		
	Section 1.1
	Specific Definitions    1

		
	Section 1.2
	Index of Other Definitions    31

		
	Section 1.3
	Principles of Construction    33

		
	Section 1.4
	Pro Forma Calculations    33

ARTICLE 2 
 
THE LOAN    34
		
	Section 2.1
	The Loan    34

		
	2.1.1
	Agreement to Lend and Borrow    34

		
	2.1.2
	Components of the Loan    34

		
	2.1.3
	Single Disbursement to Borrower    34

		
	2.1.4
	The Note    34

		
	2.1.5
	Use of Proceeds    34

		
	Section 2.2
	Interest Rate    35

		
	2.2.1
	Interest Rate    35

		
	2.2.2
	Default Rate    35

		
	2.2.3
	Interest Calculation    35

		
	2.2.4
	Usury Savings    35

		
	Section 2.3
	Loan Payments    35

		
	2.3.1
	Payments    35

		
	2.3.2
	Payments Generally    36

		
	2.3.3
	Payment on Maturity Date    36

		
	2.3.4
	Late Payment Charge    36

		
	2.3.5
	Method and Place of Payment    36

		
	Section 2.4
	Prepayments    37

		
	2.4.1
	Prepayments    37

		
	2.4.2
	Voluntary Prepayments    37

		
	2.4.3
	Mandatory Prepayments    37

		
	2.4.4
	Prepayments After Default    39

		
	2.4.5
	Prepayment/Repayment Conditions    39

		
	Section 2.5
	Transfers of Properties    40

		
	Section 2.6
	Special Releases    42

		
	Section 2.7
	Substitutions    43

		
	Section 2.8
	Yield Maintenance Premium    47

		
	Section 2.9
	[Reserved]    47

		
	Section 2.10
	Taxes    47

		
	2.10.1
	Defined Terms    47

		
	2.10.2
	Payments Free of Taxes    47

		
	2.10.3
	Payment of Other Taxes by Borrower    47

		
	2.10.4
	Indemnification by the Loan Parties    47

		
	2.10.5
	Evidence of Payments    47

		
	2.10.6
	Status of Lender    47

		
	2.10.7
	Treatment of Certain Refunds    49

		
	2.10.8
	Survival    49

		
	Section 2.11
	Quarterly Lender Calculations and Valuations    49

		
	2.11.1
	Asset Performance Calculations    49

		
	2.11.2
	Valuations    50

		
	Section 2.12
	Collateral Event Procedures    51

		
	2.12.1 
	Collateral Event Calculations    51

		
	2.12.2
	Collateral Event Conditions    51

ARTICLE 3 
 
REPRESENTATIONS AND WARRANTIES    51
		
	Section 3.1
	General Representations    52

		
	3.1.1
	Organization; Special Purpose    52

		
	3.1.2
	Proceedings; Enforceability    52

		
	3.1.3
	No Conflicts    52

		
	3.1.4
	Litigation    52

		
	3.1.5
	Agreements    53

		
	3.1.6
	Consents    53

		
	3.1.7
	Solvency    53

		
	3.1.8
	Employee Benefit Matters    53

		
	3.1.9
	Compliance with Legal Requirements    54

		
	3.1.10
	Perfection Representations    54

		
	3.1.11
	Business    55

		
	3.1.12
	Management    55

		
	3.1.13
	Financial Information    55

		
	3.1.14
	Insurance    56

		
	3.1.15
	Tax Filings    56

		
	3.1.16
	Federal Reserve Regulations    56

		
	3.1.17
	Organizational Chart    56

		
	3.1.18
	Bank Holding Company    56

		
	3.1.19
	FIRPTA    56

		
	3.1.20
	Investment Company Act    56

		
	3.1.21
	Fiscal Year    56

		
	3.1.22
	Other Debt    56

		
	3.1.23
	Contracts    57

		
	3.1.24
	Full and Accurate Disclosure    57

		
	3.1.25
	Illegal Activity    57

		
	3.1.26
	Patriot Act    57

		
	Section 3.2
	Property Representations    58

		
	3.2.1
	Property/Title    58

		
	3.2.2
	Adverse Claims    58

		
	3.2.3
	Title Insurance Owner’s Policy    58

		
	3.2.4
	Deed    59

		
	3.2.5
	Mortgage File Required Documents    59

		
	3.2.6
	Property File    59

		
	3.2.7
	Property Taxes, Other Charges and HOA Fees    59

		
	3.2.8
	Compliance with Renovation Standards    59

		
	3.2.9
	Physical Condition    59

		
	3.2.10
	Brokers    60

		
	3.2.11
	Leasing    60

		
	3.2.12
	Insurance    60

		
	3.2.13
	Lawsuits, Etc    60

		
	3.2.14
	Orders, Injunctions, Etc    60

		
	3.2.15
	Agreements Relating to the Property    60

		
	3.2.16
	Accuracy of Information Regarding Property    60

		
	3.2.17
	Compliance with Legal Requirements    61

		
	3.2.18
	Environmental Laws    61

		
	3.2.19
	Utilities and Public Access    61

		
	3.2.20
	Eminent Domain    61

		
	3.2.21
	Flood Zone    61

		
	3.2.22
	Specified Liens    61

		
	Section 3.3
	Survival of Representations    62

ARTICLE 4 
 
COVENANTS    62
		
	Section 4.1
	Affirmative Covenants    62

		
	4.1.1
	Compliance with Laws, Etc    62

		
	4.1.2
	Preservation of Existence    62

		
	4.1.3
	Non-Property Taxes    62

		
	4.1.4
	Access to Properties    63

		
	4.1.5
	Perform Loan Documents    63

		
	4.1.6
	Awards and Insurance Benefits    63

		
	4.1.7
	Security Interest; Further Assurances    63

		
	4.1.8
	Keeping of Records and Books of Account    64

		
	4.1.9
	Special Purpose Bankruptcy Remote Entity/Separateness    64

		
	4.1.10
	Location of Records    64

		
	4.1.11
	Business and Operations    64

		
	4.1.12
	Leasing Matters    64

		
	4.1.13
	Property Management    65

		
	4.1.14
	Property Files    65

		
	4.1.15
	Security Deposits    65

		
	4.1.16
	Anti-Money Laundering    66

		
	4.1.17
	OFAC    66

		
	4.1.18
	Cooperate in Legal Proceedings    67

		
	4.1.19
	Further Assurances    67

		
	4.1.20
	Costs and Expenses    67

		
	4.1.21
	Indemnity    68

		
	4.1.22
	ERISA Matters    68

		
	4.1.23
	Formation of a Borrower TRS    69

		
	4.1.24
	Loan Proceeds    69

		
	Section 4.2
	Negative Covenants    69

		
	4.2.1
	Prohibition Against Termination or Modification    69

		
	4.2.2
	Liens Against Collateral    70

		
	4.2.3
	Transfers    70

		
	4.2.4
	Change in Business    70

		
	4.2.5
	Changes to Accounts    71

		
	4.2.6
	Dissolution, Merger, Consolidation, Etc    71

		
	4.2.7
	ERISA Matters    71

		
	4.2.8
	Indebtedness    71

		
	4.2.9
	Limitation on Transactions with Affiliates    72

		
	4.2.10
	Loan Documents    72

		
	4.2.11
	Limitation on Investments    72

		
	4.2.12
	Restricted Junior Payments    72

		
	4.2.13
	Limitation on Issuance of Equity Interests    72

		
	4.2.14
	Principal Place of Business    72

		
	4.2.15
	Change of Name, Identity or Structure    72

		
	4.2.16
	No Embargoed Persons    73

		
	4.2.17
	Zoning    73

		
	4.2.18
	Special Purpose Bankruptcy Remote Entity    73

		
	4.2.19
	No Joint Assessment    73

		
	Section 4.3
	Reporting Covenants    73

		
	4.3.1
	Financial Reporting    73

		
	4.3.2
	Reporting on Adverse Effects    75

		
	4.3.3
	Litigation    75

		
	4.3.4
	Event of Default    75

		
	4.3.5
	Other Defaults    75

		
	4.3.6
	Properties Schedule    75

		
	4.3.7
	Disqualified Properties    76

		
	4.3.8
	Security Deposits    76

		
	4.3.9
	ERISA Matters    76

		
	4.3.10
	Audited Invitation Homes Financials    77

		
	4.3.11
	Other Reports    77

		
	4.3.12
	HOA Reporting    78

		
	4.3.13
	Format Of Certain Deliveries    79

		
	4.3.14
	Confidential Designation    79

		
	4.3.15
	Rating Agency Information    79

		
	Section 4.4
	Property Covenants    79

		
	4.4.1
	Ownership of the Property    79

		
	4.4.2
	Liens Against the Property    79

		
	4.4.3
	Title Insurance for the Property    79

		
	4.4.4
	Deeds    79

		
	4.4.5
	Mortgage Documents    80

		
	4.4.6
	Condition of the Property    80

		
	4.4.7
	Compliance with Legal Requirements    80

		
	4.4.8
	Property Taxes, Other Charges and HOA Fees    80

		
	4.4.9
	Compliance with Agreements Relating to the Properties    81

		
	4.4.10
	Leasing    81

		
	4.4.11
	Verification of HOA Payments    81

ARTICLE 5 
 
INSURANCE, CASUALTY AND CONDEMNATION    81
		
	Section 5.1
	Insurance    82

		
	5.1.1
	Insurance Policies    82

		
	5.1.2
	Insurance Company    85

		
	5.1.3
	Special Insurance Reserve    86

		
	Section 5.2
	Casualty    87

		
	Section 5.3
	Condemnation    87

		
	Section 5.4
	Restoration    88

ARTICLE 6 
 
CASH MANAGEMENT AND RESERVE FUNDS    92
		
	Section 6.1
	Cash Management Arrangements    92

		
	6.1.1
	Rent Deposit Account and Collection Account    92

		
	6.1.2
	Investment of Funds in Collection Account, Accounts, and Rent Deposit Account    93

		
	6.1.3
	Borrower’s Operating Account    93

		
	6.1.4
	General    94

		
	Section 6.2
	Tax Funds; HOA Funds    94

		
	6.2.1
	Deposits of Tax Funds    94

		
	6.2.2
	Release of Tax Funds    94

		
	Section 6.3
	Insurance Funds    95

		
	6.3.1
	Deposits of Insurance Funds    95

		
	6.3.2
	Release of Insurance Funds    95

		
	6.3.3
	Acceptable Blanket Policy    95

		
	Section 6.4
	Capital Expenditure Funds    95

		
	6.4.1
	Deposits of Capital Expenditure Funds    95

		
	6.4.2
	Release of Capital Expenditure Funds    96

		
	Section 6.5
	Special Insurance Reserve Account    96

		
	6.5.1
	Deposit of Special Insurance Reserve Funds    96

		
	6.5.2
	Release of Special Insurance Reserve Funds    96

		
	Section 6.6
	Casualty and Condemnation Account    96

		
	Section 6.7
	Cash Collateral Reserve    97

		
	6.7.1
	Cash Collateral Account    97

		
	6.7.2
	Withdrawal of Cash Collateral Funds    97

		
	6.7.3
	Release of Cash Collateral Funds    97

		
	Section 6.8
	Property Cash Flow Allocation    97

		
	6.8.1
	Order of Priority of Funds in Collection Account    97

		
	6.8.2
	Application During Event of Default    98

		
	6.8.3
	Annual Budget    99

		
	6.8.4
	Extraordinary Operating Expenses    99

		
	Section 6.9
	Security Interest in Reserve Funds    99

		
	Section 6.10
	Eligibility Reserve Account    100

		
	6.10.1
	Deposit of Eligibility Funds    100

		
	6.10.2
	Release of Eligibility Funds    100

		
	Section 6.11
	Release of Reserve Funds Generally    100

ARTICLE 7 
 
PERMITTED TRANSFERS    100
		
	Section 7.1
	Permitted Transfers    100

		
	Section 7.2
	Deliverables; Cost and Expenses    103

		
	Section 7.3
	Lender Determination    104

ARTICLE 8 
 
DEFAULTS    104
		
	Section 8.1
	Events of Default    104

		
	Section 8.2
	Remedies    106

		
	8.2.1
	Acceleration    106

		
	8.2.2
	Remedies Cumulative    106

		
	8.2.3
	Severance    107

		
	8.2.4
	Lender’s Right to Perform    108

ARTICLE 9 
 
SECURITIZATION    108
		
	Section 9.1
	Securitization    108

		
	Section 9.2
	Securitization Indemnification    110

		
	Section 9.3
	Severance    112

		
	9.3.6
	Severance Documentation    112

		
	9.3.7
	Cooperation; Execution; Delivery    113

ARTICLE 10 
 
MISCELLANEOUS    113
		
	Section 10.1
	Survival; Successors and Assigns    113

		
	Section 10.2
	Lender’s Discretion; Rating Agency Review Waiver    113

		
	Section 10.3
	Governing Law    114

		
	Section 10.4
	Modification, Waiver in Writing    115

		
	Section 10.5
	Notices    115

		
	Section 10.6
	Waiver of Trial by Jury    117

		
	Section 10.7
	Headings, Schedules and Exhibits    117

		
	Section 10.8
	Severability    117

		
	Section 10.9
	Preferences    117

		
	Section 10.10
	Waiver of Notice    117

		
	Section 10.11
	Remedies of Borrower    117

		
	Section 10.12
	Offsets, Counterclaims and Defenses    118

		
	Section 10.13
	No Joint Venture or Partnership; No Third Party Beneficiaries    118

		
	Section 10.14
	Publicity    118

		
	Section 10.15
	Waiver of Marshalling of Assets    118

		
	Section 10.16
	Certain Waivers    118

		
	Section 10.17
	Conflict; Construction of Documents; Reliance    119

		
	Section 10.18
	Brokers and Financial Advisors    119

		
	Section 10.19
	Prior Agreements    119

		
	Section 10.20
	Servicer    119

		
	Section 10.21
	Joint and Several Liability    119

		
	Section 10.22
	Creation of Security Interest    119

		
	Section 10.23
	Assignments and Participations    120

		
	Section 10.24
	Register and Participant Register    120

		
	Section 10.25
	Counterparts    121

		
	Section 10.26
	Set-Off    121

		
	Section 10.27
	Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets..    121

		
	Section 10.28
	Certificated Interests.    121

		
	Section 10.29
	Exculpation of Lender    122

		
	Section 10.30
	No Fiduciary Duty    122

		
	Section 10.31
	Arizona Provision    123

		
	Section 10.32
	California Provision    124

		
	Section 10.33
	Florida Provision    124

		
	Section 10.34
	Georgia Provision    125

		
	Section 10.35
	Minnesota Provisions    125

		
	Section 10.36
	Nevada Provisions    125

		
	Section 10.37
	North Carolina Provision    126

		
	Section 10.38
	South Carolina Provisions    127

		
	Section 10.39
	Washington Provisions    128

Schedules and Exhibits

Schedules:

Schedule I.A.      -    Closing Date Properties Schedule
Schedule I.B.    -    Form of Quarterly Properties Schedule
Schedule I.C.     -    Form of Quarterly Investor Rollup Report
Schedule II    -    Organizational Chart
Schedule III     -    Exceptions to Representations and Warranties
Schedule IV    -    Definition of Special Purpose Bankruptcy Remote Entity
Schedule V    -     Allocated Loan Amount
Schedule VI    -    Qualified Title Insurance Companies
Schedule VII    -    Chief Executive Office, Prior Names and Employer Identification Number
Schedule VIII    -    Securities
Schedule IX    -    Midland Loan Services Asset Management Fees
Schedule X    -    IH Markets
Schedule XI    -    Vacant Properties
Schedule XII    -    Specified Liens
Schedule XIII      -    Security Deposit Accounts
Schedule XIV    -    Nevada HOA Schedule
Schedule XV    -    Applicable HOA Properties
Schedule XVI    -    Previously Owned Properties
Schedule XVII     -    Calculation of Yield Maintenance Premium

Exhibits:

Exhibit A    -     Form of Blocked Account Control Agreement 
Exhibit B    -    Form of Property Account Control Agreement
Exhibit C    -    Form of Compliance Certificate
Exhibit D    -    Form of Tenant Direction Letter
Exhibit E-1    -    Form of Request for Release (Disqualified Properties)
Exhibit E-2    -    Form of Request for Release (Substitutions)
Exhibit E-3    -    Form of Request for Release (Transfers)
Exhibit E-4    -    Form of Request for Release (Special Releases)
Exhibit F    -    Forms of U.S. Tax Compliance Certificate
Exhibit G    -    Form of Closing Date GRC Certificate
Exhibit H    -    Form of Closing Date OSN Certificate

LOAN AGREEMENT
THIS LOAN AGREEMENT, dated as of April 28, 2017 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this “Agreement”), between WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, having an address at 2010 Corporate Ridge, Suite 1000, McLean, Virginia 22102 (together with its successors and assigns, collectively, “Lender”) and 2017-1 IH BORROWER L.P., a Delaware limited partnership, having an address at c/o Invitation Homes, 1717 Main Street, Suite 2000, Dallas, TX 75201 (together with its permitted successors and assigns, collectively, “Borrower”).
All capitalized terms used herein shall have the respective meanings set forth in Article 1 hereof.
W I T N E S S E T H :
WHEREAS, Borrower desires to obtain the Loan from Lender; and
WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms and conditions of this Agreement and the other Loan Documents.
NOW, THEREFORE, in consideration of the covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, represent and warrant as follows:
Article 3     
 
DEFINITIONS; PRINCIPLES OF CONSTRUCTION
Section 3.1    Specific Definitions.
For all purposes of this Agreement, except as otherwise expressly provided:
“2014-1 Loan” shall mean the indebtedness incurred pursuant to and evidenced by that certain Loan Agreement, dated as of May 30, 2014, by and between Borrower and Original Lender.
“Actual Rent Collections” means, for any period of determination, actual cash collections of Rents in respect of the Properties by Borrower (or, for the period prior to the Closing Date, by Borrower’s Affiliates that owned the Properties) to the extent such Rents relate to such period of determination, regardless of when actually collected.
“Affiliate” means, as to any Person, any other Person that (i) owns directly or indirectly forty-nine percent (49%) or more of all equity interests in such Person, and/or (ii) is in Control of, is Controlled by or is under common ownership or Control with such Person, and/or (iii) is a director or officer of such Person or of an Affiliate of such Person, and/or (iv) is the spouse, issue or parent of such Person or of an Affiliate of such Person. 
“Allocated Loan Amount” means, with respect to each Property as of any date of determination, (i) from and after the Closing Date until the first Quarterly Valuation Statement is delivered under this Agreement, an amount equal to the portion of the Loan made with respect to such Property, as set forth on Schedule V and (ii) from and after delivery of the first Quarterly Valuation Statement under this Agreement, the “Allocated Loan Amount” for such Property set forth in the most recent Quarterly Valuation Statement, in each case of clause (i) and (ii), as the same may be reduced in accordance with Section 2.4 and adjusted in accordance with Section 2.6(b); provided that (i) if a single Substitute Property is substituted for a Replaced Property or portfolio of Replaced Properties pursuant to Section 2.7, then the initial Allocated Loan Amount of such Substitute Property shall be the Allocated Loan Amount of such Replaced Property (or the aggregate Allocated Loan Amounts of such Replaced Properties) immediately prior to its (or their) substitution, and (ii) if two (2) or more Substitute Properties are substituted for a Replaced Property or portfolio of Replaced Properties pursuant to Section 2.7, then the initial Allocated Loan Amount of each such Substitute Property shall be a pro rata portion of the Allocated Loan Amount of such Replaced Property (or the aggregate Allocated Loan Amounts of such Replaced Properties) immediately prior to its (or their) substitution, with such pro rata portion determined based on the Property Values of the Substitute Properties.  For the avoidance of doubt, in connection with calculating the Release Amount in connection with any prepayments or Transfers of Properties contemplated by this Agreement, Lender will determine the Allocated Loan Amount for any individual Property as of the date Lender received notice of the prepayment or Request for Release from Borrower. 
“ALTA” means American Land Title Association, or any successor thereto.
“Annual Budget” means the operating and capital budget for the Properties in the aggregate setting forth, on a month-by-month basis, in reasonable detail, each line item of Borrower’s good faith estimate of anticipated Rents and other recurring income, Operating Expenses and Capital Expenditures for the applicable Fiscal Year.
“Applicable HOA Properties” means with respect to any Applicable HOA State, (i) all HOA Properties located in such Applicable HOA State except for any Property (A)(1) as to which any Liens for HOA Fees are expressly subordinated to the Lien of the Mortgage encumbering such Property and (2) the applicable Title Insurance Policy insures against any loss sustained by Lender if such Liens for HOA Fees, including after-arising HOA Liens, have Priority or (B) with respect to which Borrower (x) delivered to Lender an opinion, reasonably satisfactory to Lender, from a nationally recognized law firm (or one with prominent standing in the applicable state) that affirmatively concludes that any Liens for HOA Fees (including after-arising Liens for HOA Fees) would not have Priority with respect to such Property (which may be based on the particular terms of the HOA declarations for such Property as set forth in the Closing Date HOA Opinion for that state subject to certification by OS National LLC or a similar title service) and (y) delivers to Lender an updated legal opinion with the same conclusion (which may be in the form of a bring-down or date-down opinion with respect to an earlier delivered opinion) within twenty (20) Business Days after each of June 30 and December 31 (commencing with December 31, 2017), and (ii) all HOA Properties located in such Applicable HOA State designated as an Applicable HOA Property pursuant to Section 4.3.12(b). 
“Applicable HOA State” means (i) a state in which, pursuant to applicable Legal Requirements, (A) a Lien in favor of a homeowner’s association may be created through the non-payment of fees assessed against a residential property by such homeowner’s association, (B) any such Lien would extinguish the Lien of a mortgage upon the valid and proper foreclosure of such Lien for homeowner’s associations fees and (C) any such Lien would have priority over the lien of the related Mortgage or (ii) a state designated as an Applicable HOA State pursuant to Section 4.3.12(b).  For the avoidance of doubt, if any reported decision of a state appellate court would result in the foregoing clauses (i)(A), (i)(B) and (i)(C) applying in such state, then such state shall constitute an Applicable HOA State.
“Approved Capital Expenditures” means Capital Expenditures incurred by Borrower and either (i) if no Trigger Period is continuing, included in the Annual Budget or, if during a Trigger Period, an Approved Annual Budget or (ii) approved by Lender, which approval shall not be unreasonably withheld, conditioned or delayed.
“Assignment of Leases and Rents” means an Assignment of Leases and Rents for each Property or for multiple Properties located within the same county or parish, dated as of the Closing Date (or, in connection with a Property which is a Substitute Property, dated as of the date of the substitution), executed and delivered by Borrower, constituting an assignment of the Lease or the Leases, as applicable, and the proceeds thereof as Collateral for the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.  The Assignment of Leases and Rents may be included as part of the Mortgage for such Property or Properties.
“Assignment of Management Agreement” means an Assignment of Management Agreement and Subordination of Management Fees among Borrower, Manager and Lender, substantially in the form delivered on the date hereof by Borrower, Existing Manager and Lender.
“Award” means any compensation paid by any Governmental Authority in connection with a Condemnation in respect to all or any part of a Property.
“Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C. Section 101 et seq., as the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other Federal or state bankruptcy or insolvency law.
“Blocked Account Control Agreement” means the Cash Management Agreement among Borrower, Collection Account Bank and Lender providing for the exclusive control of the Collection Account and all other Accounts by Lender, substantially in the form of Exhibit A or such other form as may be reasonably acceptable to Lender.
“Borrower GP” means 2017-1 IH Borrower G.P. LLC, a Delaware limited liability company.
“Borrower GP Guaranty” that certain Borrower GP Guaranty, dated as of the date hereof, executed by Borrower GP in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Borrower GP Security Agreement” that certain Security Agreement, dated as of the date hereof, executed by Borrower GP in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Borrower Security Agreement” that certain Security Agreement, dated as of the date hereof, executed by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Borrower TRS” means a Delaware limited liability company, corporation or limited partnership that is a wholly-owned subsidiary of Borrower that is treated for U.S. federal income tax purposes as a “taxable REIT subsidiary”.
“Broker Price Opinion” means a broker price opinion obtained by Lender at Borrower’s sole cost and expense.
“Business Day” means any day other than a Saturday, a Sunday or a legal holiday on which national banks are not open for general business in (i) the State of New York, (ii) the state where the corporate trust office of the Trustee is located, or (iii) the state where the servicing offices of the Servicer are located.
“Calculation Date” means the last day of each calendar quarter during the Term, commencing with the calendar quarter ending June 30, 2017.
“Calculation Date Report” means, with respect to any Calculation Date, a report by Lender delivered to Borrower setting forth the results of Lender’s calculations of certain Property and pool-level metrics as set forth in Section 2.11.1, which calculations shall be conclusive and binding on Borrower.
“Capital Expenditures” for any period means amounts expended for replacements and alterations to a Property and required to be capitalized according to GAAP.
“Casualty Threshold Amount” means, with respect to all Casualties arising from any single Casualty event, an amount equal to $2,500,000.
“Closing Date” means the date of the funding of the Loan.
“Closing Date Debt Yield” means 8.10%.
“Closing Date DSCR” means 1.37:1.00.
“Closing Date GRC Certificate” means a certificate from GRC in substantially the form of Exhibit G without any material exceptions.
“Closing Date HOA Opinions” means the opinions of counsels to Borrower executed and delivered on or prior to the Closing Date.
“Closing Date Loan LTV” means 60.0%.
“Closing Date OSN Certificate” means a certificate from OS National, LLC, in substantially the form of Exhibit H without any material exceptions. 
“Code” means the Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.
“Collateral” means, collectively, all of the real, personal and mixed property in which Liens are purported to be granted pursuant to the Collateral Documents as security for the Obligations.
“Collateral Documents” means the Borrower Security Agreement, the Borrower GP Security Agreement, the Equity Owner Security Agreement, the Blocked Account Control Agreement, each Property Account Control Agreement, the Assignment of Management Agreement, each Mortgage Document and all other instruments, documents and agreements delivered by any Loan Party pursuant to this Agreement or any of the other Loan Documents in order to grant to Lender a Lien on any real, personal or mixed property of that Loan Party as security for the Obligations, as the same may be (and each of the foregoing defined terms shall refer to such documents as they may be) amended, restated, replaced, supplemented or otherwise modified from time to time.
“Collateral Event” means any Transfer of one or more Properties (including any Substitution, any Special Release and Transfer of a Property to a Borrower TRS) pursuant to Section 2.4.3, 2.5, 2.6, 2.7 or 4.1.23.
“Collection Account” means an Eligible Account at the Collection Account Bank established by Borrower and designated as the “Collection Account” for purposes of this Agreement.
“Collection Account Bank” means the Eligible Institution selected by Lender to maintain the Collection Account.
“Collections” means, without duplication, with respect to any Property, all Rents, Other Receipts, Insurance Proceeds (whether or not Lender elects to treat any such Insurance Proceeds as business or rental interruption Insurance Proceeds pursuant to Section 5.4(d)), Condemnation Proceeds, Net Transfer Proceeds, interest on amounts on deposit in the Collection Account and the Reserve Funds, amounts paid to Borrower pursuant to the terms of the applicable Purchase Agreement, amounts drawn on security deposits that become Collections pursuant to Section 4.1.15, amounts paid by Borrower to the Collection Account pursuant to this Agreement and all other payments received with respect to such Property (except for security deposits) and all “proceeds” (as defined in Section 9-102 of the UCC) of such Property.
“Commission” means the Securities and Exchange Commission.
“Compliance Certificate” means the certificate in the form attached hereto as Exhibit C.
“Component” means individually or collectively, as the context may require, any one of Component A and Component B, each as more particularly set forth in Section 2.1.2.
“Component Outstanding Principal Balance” means, as of any given date, with respect to each Component, the outstanding principal balance of such Component.
“Concessions” means, for any period of determination, the value of concessions (other than free Rent) provided with respect to the Properties by Borrower (or, for the period prior to the Closing Date, by Borrower’s Affiliates that owned the Properties).
“Condemnation” means 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 a Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting a Property or any part thereof.
“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
“Constituent Document” means, (i) with respect to any partnership (whether limited or general), (a) the certificate of partnership (or equivalent filings), (b) the partnership agreement (or equivalent organizational documents) of such partnership and (c) any document setting forth the designation, amount and/or rights, limitations and preferences of any of such partnership’s partnership interests or the holders thereof; (ii) with respect to any limited liability company, (a) the certificate of formation (or the equivalent organizational documents) of such entity, (b) the operating agreement (or the equivalent governing documents) of such entity and (c) any document setting forth the designation, amount and/or rights, limitations and preferences of any of such limited liability company’s membership interests or the holders thereof; and (iii) with respect to any other type of entity, the organizational and governing document for such entity which are equivalent to those described in clauses (i) and (ii) above, as applicable.
“Contest Security” means any security delivered to Lender by Borrower under Section 4.1.3 or Section 4.4.8.
“Control” means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities, by contract or otherwise, and the terms Controlled, Controlling and Common Control shall have correlative meanings.
“Cure Period” means (i) with respect to the failure of any Property to qualify as an Eligible Property (other than with respect to the failure of a Property to comply with the representation in Section 3.2.22) if such failure is reasonably susceptible of cure as determined by Lender, a period of thirty (30) days after the earlier of actual knowledge of such condition by a Responsible Officer of Borrower or the Manager or notice thereof by Lender to Borrower; provided that, if Borrower is diligently pursuing such cure during such thirty (30) day period and such failure is susceptible of cure but cannot reasonably be cured within such thirty (30) day period, then such cure period shall be extended for another sixty (60) days so long as Borrower continues to diligently pursue such cure and, provided further, that if the Obligations have been accelerated pursuant to Section 8.2.1, then the cure period hereunder shall be reduced to zero (0) days and (ii) with respect to the failure of a Property to comply with the representation in Section 3.2.22, zero (0) days.  If any failure of any Property to qualify as an Eligible Property is not reasonably susceptible of cure, then no cure period shall be available.  If any failure of any Property to qualify as an Eligible Property is due to a Voluntary Action, then no cure period shall be available.  
“Debt” means the Outstanding Principal Balance together with all interest accrued and unpaid thereon and all other sums (including the Yield Maintenance Premium, if applicable) due to Lender from time to time in respect of the Loan under the Note, this Agreement, the Mortgage Documents, the Environmental Indemnity or any other Loan Document.
“Debt Service” means, with respect to any particular period of determination, the scheduled interest payments due under the Note for such period.
“Debt Service Coverage Ratio” means, as of any date of determination, a ratio in which:
(i)    the numerator is the Underwritten Net Cash Flow calculated for the twelve (12) month period ending on such date of determination; and
(ii)    the denominator is (x) the sum of (A) the Underwritten Debt Service Amount as of such date of determination and (B) the regular monthly fee of the certificate administrator (deemed to be $6,575 per month) and the trustee (deemed to be $250 per month) under the Servicing Agreement, multiplied by (y) twelve (12).
“Debt Yield” means, as of any date of determination, a fraction, expressed as a percentage, in which:
(i)    the numerator is the Underwritten Net Cash Flow calculated for the twelve (12) month period ending on such date of determination; and 
(ii)    the denominator is the Outstanding Principal Balance as of such date of determination. 
“Default” means 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 constitute an Event of Default.
“Default Rate” means, with respect to each Component and any other Obligations, a rate per annum equal to the lesser of (i) the Maximum Legal Rate and (ii) three percent (3%) above the Interest Rate applicable to such Component.
“Deficiency” means, with respect to any Property File, (i) the failure of one or more Specified Documents contained therein to be fully executed or to match the information on the most recent Properties Schedule required to be delivered by Section 4.3.6 (or, prior to the delivery of the first such Properties Schedule, the Properties Schedule attached hereto as Schedule II.A), (ii) one or more Specified Documents contained therein are mutilated, materially damaged or torn or otherwise physically altered or unreadable or (iii) the absence from a Property File of any Specified Document required to be contained in such Property File.
“Designated HOA Properties” means, with respect to any state, HOA Properties located in such state that (i) were not Applicable HOA Properties on the Closing Date, (ii) become Applicable HOA Properties after the Closing Date and (iii) are designated by Borrower to Lender in writing as Designated HOA Properties.
“Directing Certificateholder” has the meaning ascribed to such term in that certain Trust and Servicing Agreement dated as of the date hereof among IH Asset Receiving Limited Partnership, as depositor, Midland Loan Services, a division of PNC Bank, National Association, as servicer and special servicer, Wells Fargo Bank, National Association, as certificate administrator, Wilmington Trust, National Association, as trustee and Fannie Mae, as guarantor.
“Disqualified Property” means any Property that fails to constitute an Eligible Property (after the lapse of any applicable Cure Period) as determined by Lender in its sole discretion, it being understood that Lender may determine upon written notice to Borrower not less than five (5) Business Days prior to the end of any applicable Cure Period (or, if no Cure Period exists, within ten (10) Business Days after receipt of the notice to be provided by Borrower pursuant to Section 4.3.7) that, even though a Property is not an Eligible Property, such Property shall not constitute a “Disqualified Property” for any purpose under this Agreement (provided that Lender may revoke such determination at any time upon not less than fifteen (15) Business Days’ prior written notice to Borrower).
“DSCR Cash Trap Trigger Test” means a test that is satisfied if the Debt Service Coverage Ratio is greater than or equal to 1.25:1.00.
“DSCR Collateral Event Test” means a test that is satisfied if the Debt Service Coverage Ratio is greater than or equal to 1.35:1.00.
“Eligible Account” means a separate and identifiable account from all other funds held by the holding institution that is an account or accounts (or subaccounts thereof) maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution.  An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument.
“Eligible Institution” means:
(i)    Wells Fargo Bank, National Association, so long as its long term unsecured debt rating shall be at least “A3” from Moody’s and the equivalent by KBRA (if then rated by KBRA);
(ii)    PNC Bank, National Association, so long as its long term deposit or long-term unsecured debt rating shall be at least “A2” from Moody’s and the equivalent by KBRA (if then rated by KBRA) (if the deposits are to be held in the applicable account for more than 30 days) or such institution’s short term deposit or short term unsecured debt rating shall be at least “P-1” from Moody’s and the equivalent by KBRA (if then rated by KBRA) (if the deposits are to be held in the applicable account for 30 days or less); or
(iii)    any other depository institution or trust company insured by the Federal Deposit Insurance Corporation the short term unsecured debt obligations or commercial paper of which are rated at least “A-1” by S&P, “P-1” by Moody’s and F1+ by Fitch, in the case of accounts in which funds are held for thirty (30) days or less, or, in the case of letters of credit or accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated at least “AA” by S&P, “AA” and/or F1+ (for securities) and/or “AAAmmf” (for money market funds), by Fitch  and “Aa2” by Moody’s. 
“Eligible Lease” means, as of any date of determination, a Lease for a Property that satisfies all of the following:
(i)    the Lease reflects customary market standard terms;
(ii)    the Lease is entered into on an arms-length basis without payment support by Borrower or its Affiliates (provided that any incentives offered to Tenants shall not be deemed to constitute such payment support);
(iii)    the Lease had, as of its commencement date, a lease term (i.e., the initial lease term and each renewal term) of at least six (6) months; 
(iv)    the Lease is to a bona fide third-party lessee (except that no more than 25 Leases outstanding at any one time may be made to employees of Existing Sponsor or its Affiliates); 
(v)    the Lease is in compliance with all applicable Legal Requirements in all material respects; and
(vi)    the Lease does not contain any purchase option or lease to own provision unless expressly approved in writing by Lender.     
“Eligible Property” means, as of any date of determination, a Property that is in compliance with each of the Property Representations and each of the Property Covenants.
“Environmental Indemnity” means that certain Environmental Indemnity Agreement dated as of the date hereof executed by Borrower in connection with the Loan for the benefit of Lender.
“Environmental Laws” has the meaning set forth in the Environmental Indemnity.
“Equity Interests” means, with respect to any Person, shares of capital stock, partnership interests, membership interests, beneficial interests or other equity ownership interests in such Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest from such Person.
“Equity Owner” means 2017-1 IH Equity Owner L.P., a Delaware limited partnership.
“Equity Owner GP” means 2017-1 IH Equity Owner G.P. LLC, a Delaware limited liability company.
“Equity Owner Guaranty” means that certain Equity Owner Guaranty, dated as of the date hereof, executed by Equity Owner in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Equity Owner Security Agreement” means that certain Equity Owner Security Agreement, dated as of the date hereof, executed by Equity Owner in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor statute.
“ERISA Affiliate” means any corporation or trade or business that is a member of any group of organizations (i) described in Section 414(b) or (c) of the Code of which another entity is a member or (ii) described in Section 414(m) or (o) of the Code of which another entity is a member, except that this clause (ii) shall apply solely for purposes of potential liability under Section 302(b) of ERISA and Section 412(b) of the Code and the lien created under Section 303(k) of ERISA and Section 430(k) of the Code.
“ERISA Event” means (i) the failure to pay a minimum required contribution or installment to a Plan on or before the due date provided under Section 430 of the Code or Section 303 of ERISA, (ii) the filing of an application with respect to a Plan for a waiver of the minimum funding standard under Section 412(c) of the Code or Section 302(c) of ERISA, (iii) the failure of a Loan Party or any of its ERISA Affiliates to pay a required contribution or installment to a Multiemployer Plan on or before the applicable due date, (iv) any officer of any Loan Party or any of its ERISA Affiliates knows or has reason to know that a Plan is in “at risk” status within the meaning of Section 430(i) of the Code or Section 303(i) of ERISA or (v) the occurrence of a Plan Termination Event.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Lender or required to be withheld or deducted from a payment to a Lender, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (A) imposed as a result of such Lender being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (B) that are Other Connection Taxes, (ii) U.S. federal  withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (A) such Lender acquires such interest in the Loan or (B) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.10, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Lender’s failure to comply with Section 2.10.6 and (iv) any U.S. federal withholding Taxes imposed under FATCA.
“Existing Management Agreement” means that certain Management Agreement, dated as of the date hereof, between Borrower and Existing Manager, pursuant to which Existing Manager is to provide management and other services with respect to the Properties, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Existing Manager” means THR Property Management L.P.
“Existing Parent” means Invitation Homes LP, a Delaware limited partnership.
“Existing Sponsor” means Invitation Homes Operating Partnership LP, a Delaware limited partnership.
“Fannie Mae Release Fee” means a non-refundable fee of $500 payable by Borrower to Lender (for the account of the Directing Certificateholder) upon Borrower’s delivery to Lender of a Request for Release in connection with any Transfer of a Property (other than a Transfer of a Property that is part of a Substitution), regardless of whether, in Lender’s determination, each condition precedent to such Transfer is satisfied; provided that, in the event more than one Property is Transferred pursuant to a single Request for Release, the aggregate of all Fannie Mae Release Fees payable in connection therewith shall be not greater than $25,000.
“Fannie Mae Review Fee” means a non-refundable fee of $30,000 payable by Borrower to Lender (for the account of the Directing Certificateholder) upon Borrower’s delivery to Lender of notice of a proposed Transfer pursuant to Section 7.1(f) or Section 7.1(g), regardless of whether Lender grants or withholds any consent required in connection therewith or whether, in Lender’s determination, each condition precedent to a proposed Transfer is satisfied.  
“Fannie Mae Substitution Fee” means a non-refundable fee of $1,000 payable by Borrower to Lender (for the account of the Directing Certificateholder) upon Borrower’s delivery to Lender of notice of a proposed Substitution of a Substitute Property regardless of whether, in Lender’s determination, each condition precedent to such Substitution is satisfied; provided that, in the event any single Substitution includes more than one Substitute Property, the aggregate of all Fannie Mae Substitution Fees payable in connection therewith shall be not greater than $50,000.
“Fannie Mae Transfer Fee” means a non-refundable fee payable by Borrower to Lender (for the account of the Directing Certificateholder) upon the consummation of any Transfer pursuant to Section 7.1(f) in an amount equal to one percent (1%) of the Outstanding Principal Balance as of the date of such consummation.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any law, regulation, rule, promulgation, guidance notes, practices or official agreement implementing an official government agreement with respect to the foregoing.
“Fee Letter” means that certain fee letter dated as of the date hereof between Borrower and Lender. 
“Fiscal Year” means each twelve (12) month period commencing on January 1 and ending on December 31 during each year of the Term.
“Fitch” means Fitch, Inc.
“Fixture Filing” means, with respect to any jurisdiction in which any Property or Properties are located in which a separate, stand alone fixture filing is required or generally recorded or filed pursuant to the local law or custom (as reasonably determined by Lender), a Uniform Commercial Code financing statement (or other form of financing statement required in the jurisdiction in which the applicable Property or Properties are located) recorded or filed in the real estate records in which the applicable Property or Properties are located.
“Foreign Lender” means a Lender that is not a U.S. Person.
“Foreign Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA that (i) neither is subject to ERISA nor is a governmental plan within the meaning of Section 3(32) of ERISA and that is maintained, or contributed to, by a Loan Party or any of its ERISA Affiliates and (ii) is mandated by a government other than the United States (other than a state within the United States or an instrumentality thereof) for employees of a Loan Party or any of its ERISA Affiliates. 
“GAAP” means 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.
“Government List” means (1) any list maintained by OFAC, (2) any other list of terrorists, terrorist organizations or narcotics traffickers maintained pursuant to any of the Rules and Regulations of OFAC that Lender notified Borrower in writing is now included in “Government Lists”, or (3) any similar lists maintained by the United States Department of State, the United States Department of Commerce or any other Governmental Authority with jurisdiction over the Borrower or pursuant to any Executive Order of the President of the United States of America that Lender notified Borrower in writing is now included in “Government Lists”.
“Governmental Authority” means any court, board, agency, commission, office or authority of any nature whatsoever or any governmental unit (federal, state, commonwealth, county, district, municipal, city or otherwise) whether now or hereafter in existence.
“GPR” means, as of any date of determination, the sum of (i) the annualized in place Rents under bona fide Eligible Leases for the Properties as of such date and (ii) the annualized market rents for Properties that are vacant as of such date.  For purposes of clause (ii), market rents shall be determined by Borrower, or, if reasonably required by Lender, by using RentRange or another nationally-recognized service selected by the Lender in its sole discretion (such nationally recognized rental rate reporting service’s fee to be at Borrower’s sole cost and expense), with such adjustments as Lender may make in its reasonable discretion; provided that Borrower may object to any such determination by RentRange or other nationally recognized rental rate reporting service with any adjustments as Lender shall have made by delivering written notice to Lender within five (5) Business Days of any such determination and, in such event, the market rents so objected to shall be as determined by an independent broker opinion of market rent obtained by Lender at Borrower’s sole cost and expense. 
“GRC” means Green River Capital, LLC.
“Guarantors” means Equity Owner and Borrower GP.
“Hazardous Substance” has the meaning set forth in the Environmental Indemnity.
“HOA” means a homeowners or condominium association, board, corporation or similar entity with authority to create a Lien on a Property as a result of the non-payment of HOA Fees that are payable with respect to such Property.
“HOA Fees” means all homeowner’s and condominium dues, fees, assessments and impositions, and any other charges levied or assessed or imposed against a Property, or any part thereof, by an HOA.
“HOA Policy” has the meaning set forth in Section 5.2.
“HOA Property” means a Property which is subject to an HOA.
“IH Markets” means each of the IH markets set forth on Schedule X comprised of the metropolitan statistical areas (as defined by the United States Office of Management and Budget most recently published) identified for such market on Schedule X.  For the avoidance of doubt, Schedule X sets forth the metropolitan statistical areas identified for each of the IH Markets as of the Closing Date.
“Improvements” means the buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements now or hereafter erected or located on a Property.
“Indebtedness” means, for any Person, without duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded amounts under a loan agreement, letter of credit, or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests, (iv) all indebtedness guaranteed by such Person, directly or indirectly, (v) all obligations under leases that constitute capital leases for which such Person is liable, (vi) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case for which such Person is liable or its assets are liable, whether such Person (or its assets) is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss and (vii) any other contractual obligation for the payment of money which are not settled within thirty (30) days.
“Indemnified Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (ii) to the extent not otherwise described in clause (i), Other Taxes.
“Independent” means, 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 Borrower or in any Affiliate of Borrower, (ii) is not connected with Borrower or any Affiliate of 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 clause (i) or (ii) above.
“Independent Accountant” means (i) a firm of nationally recognized, certified public accountants which is Independent and which is selected by Borrower and reasonably acceptable to Lender or (ii) such other certified public accountant(s) selected by Borrower, which is Independent and reasonably acceptable to Lender.
“Individual Material Adverse Effect” means, in respect of a Property, any event or condition that has a material adverse effect on the value, use, occupation, leasing or marketability of such Property or results in any material liability to, claim against or obligation of Lender or material liability or obligation on the part of any Loan Party.
“Initial BPO Value” means, with respect to any Property, the “as is” value for such Property approved by Lender and set forth in a Broker Price Opinion obtained by Lender with such adjustments made by Lender in its sole discretion or such other “as is” value for such Property determined by Lender in its sole discretion with respect to such Property prior to the Closing Date or, if such Property is a Substitute Property, as of the Substitution Date with respect thereto.
“Insolvency Opinion” means that certain bankruptcy non-consolidation opinion letter dated the date hereof delivered by Richards, Layton & Finger, P.A. in connection with the Loan.
“Interest Rate” means, with respect to each Component, an interest rate per annum equal to (a) with respect to Component A, 4.2285% and (b) with respect to Component B, 4.2285% (or, in each case, when applicable pursuant to this Agreement or any other Loan Document, the applicable Default Rate).
“Invitation Homes” means Invitation Homes Inc., a Maryland corporation.  
“IRS” means the United States Internal Revenue Service.
“KBRA” means Kroll Bond Rating Agency, Inc.
“Lease” means a bona fide written lease, sublease, letting, license, concession or other agreement pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in any Property by or on behalf of Borrower (or, with respect to any Vacant Properties on the Closing Date, prior to such Closing Date, by or on behalf of any Affiliate of Borrower), and (i) every modification, amendment or other agreement relating to such lease, sublease or other agreement entered into in connection with such lease, sublease or other agreement, and (ii) every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the Tenant.
“Legal Requirements” means all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Loan, any Secondary Market Transaction with respect to the Loan, Borrower or a Property or any part thereof or the construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, including, without limitation, the Securities Act, the Exchange Act, Regulation AB, the rules and regulations promulgated pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, zoning and land use laws, the Americans with Disabilities Act of 1990, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any time in force affecting a Property or any part thereof, including any which may (i) require repairs, modifications or alterations in or to a Property or any part thereof, or (ii) in any way limit the use and enjoyment thereof.
“Lien” means any mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, easement, restrictive covenant, preference, assignment, security interest, or any other encumbrance, charge or transfer of, or any agreement to enter into or create any of the foregoing, on or affecting all or any portion of any Collateral or any interest therein, or any direct or indirect interest in Borrower or any Loan Party, including 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 mechanic’s, materialmen’s and other similar liens and encumbrances.
“Loan” means the loan in the original principal amount of Nine Hundred Ninety-Nine Million Nine Hundred Ninety-Nine Thousand Seven Hundred and No/100 Dollars ($999,999,713.00) made by Lender to Borrower pursuant to this Agreement.
“Loan Documents” means, collectively, this Agreement, the Fee Letter, the Note, the Management Agreement, the Sponsor Guaranty, the Parent Guaranty, the Equity Owner Guaranty, the Borrower GP Guaranty, the Environmental Indemnity, each Collateral Document, and all other agreements, instruments and documents delivered pursuant thereto or in connection therewith, as the same may be (and each of the foregoing defined terms shall refer to such documents as they may be) amended, restated, replaced, supplemented or otherwise modified from time to time.
“Loan LTV” means, as of any date of determination, the ratio, expressed as a percentage, of (i) the Outstanding Principal Balance as of such date over (ii) the aggregate Property Values of the Properties as of such date.
“Loan LTV Test” means a test that is satisfied if the Loan LTV is less than or equal to 60%.
“Loan Party” means Borrower, each Guarantor and each Borrower TRS (if any).
“Low Debt Yield Period” shall commence if, based on the applicable Calculation Date Report,
(w)    as of any Calculation Date occurring prior to the fifth anniversary of the Closing Date, the Debt Yield is less than eighty-five percent (85%) of the Closing Date Debt Yield,
(x)     as of any Calculation Date occurring from and after the fifth anniversary of the Closing Date but prior to the sixth anniversary of the Closing Date, the Debt Yield is less than ninety percent (90%) of the Closing Date Debt Yield,
(y)    as of any Calculation Date occurring from and after the sixth anniversary of the Closing Date but prior to the seventh anniversary of the Closing Date, the Debt Yield is less than ninety-five percent (95%) of the Closing Date Debt Yield, and
(z)    as of any Calculation Date occurring from and after the seventh anniversary of the Closing Date, the Debt Yield is less than the Closing Date Debt Yield,
(in each case of the foregoing, a “Low Debt Yield Trigger”), and shall end (i) upon the Properties achieving a Debt Yield of at least the then-applicable Low Debt Yield Trigger for two (2) consecutive Calculation Dates (based on the applicable Calculation Date Reports) or (ii) immediately (without waiting for two (2) consecutive Calculation Dates) upon Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the Debt Yield to be equal to or in excess of the then-applicable Low Debt Yield Trigger on a pro forma basis as of the most recent Calculation Date.  
“Low Debt Yield Cure Prepayment” means any voluntary prepayment made by Borrower to Lender of the principal of the Loan during any Low Debt Yield Period.
“Low DSCR Cure Prepayment” means any voluntary prepayment made by Borrower to Lender of the principal of the Loan during any Low DSCR Period.
“Low DSCR Period” shall commence if, based on the applicable Calculation Date Report, as of any Calculation Date, the DSCR Cash Trap Trigger Test is not satisfied, and shall end if (i) as of any two succeeding consecutive Calculation Dates, the DSCR Cash Trap Trigger Test shall have been satisfied (based on the applicable Calculation Date Reports) or (ii) immediately (without waiting for two (2) consecutive Calculation Dates) upon Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the DSCR Cash Trap Trigger Test to be satisfied on a pro forma basis as of the most recent Calculation Date.  
“Major Contract” means (i) any management agreement relating to the Properties or the Loan Parties, (ii) any agreement between any Loan Party and any Affiliate of any Relevant Party and (iii) any brokerage, leasing, cleaning, maintenance, service or other contract or agreement of any kind (other than Leases) relating to the Properties, in each case involving payment or expense of more than One Million and No/100 Dollars ($1,000,000) during any twelve (12) month period, unless cancelable on thirty (30) days or less notice without requiring payment of termination fees or payments of any kind.
“Management Agreement” means the Existing Management Agreement or a Replacement Management Agreement pursuant to which a Qualified Manager is managing one or more of the Properties in accordance with the terms and provisions of this Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Management Fee Cap” means, with respect to the calendar month ending immediately prior to each Monthly Payment Date during the Term, six percent (6.0%) of gross Rents collected with respect to the Properties for such calendar month.
“Manager” means Existing Manager or, if the context requires, a Qualified Manager who is managing one or more of the Properties in accordance with the terms and provisions of this Agreement or pursuant to a Replacement Management Agreement.
“Material Adverse Effect” means a material adverse effect on (i) the property, business, operations or financial condition of any Loan Party, (ii) the use, operation or value of the Properties, taken as a whole, (iii) the ability of Borrower to repay the principal and interest of the Loan when due or to satisfy any of Borrower’s other obligations under the Loan Documents, or (iv) the enforceability or validity of any Loan Document, the perfection or priority of any Lien created under any Loan Document or the rights, interests and remedies of Lender under any Loan Document.
“Maturity Date” means the Stated Maturity Date, or such earlier date on which the final payment of principal of the Note becomes due and payable as herein or therein provided, whether at the Stated Maturity Date, by declaration of acceleration, or otherwise.
“Maximum Legal Rate” means the maximum nonusurious 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 Note and as provided for herein or the other Loan Documents, under the laws of such Governmental Authority whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan.
“Minimum Disbursement Amount” means One Hundred Thousand and No/100 Dollars ($100,000).
“Monthly Debt Service Payment Amount” means, for each Monthly Payment Date, an amount equal to the interest which is then due on all the Components of the Loan at the Interest Rate in the aggregate for the Interest Period ending on the last day of the calendar month immediately preceding such Monthly Payment Date (subject, with respect to the Monthly Payment Date occurring on the Maturity Date, to the last sentence of Section 2.3.2).
“Monthly Payment Date” means the ninth (9th) day of every calendar month occurring during the Term, commencing with June 9, 2017.
“Moody’s” means Moody’s Investors Service, Inc.
“Mortgage” means a Mortgage (which, with respect to Properties located in the state of Florida, may be amended and restated) or Deed of Trust or Deed to Secure Debt, as applicable, for each Property or for multiple Properties located within the same county or parish, dated as of the Closing Date (or, in connection with a Property which is a Substitute Property, dated as of the Substitution Date), executed and delivered by Borrower, constituting a Lien on the Improvements and such Property or Properties, as applicable, as Collateral for the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Mortgage Documents” means the Mortgages, the Assignments of Leases and Rents and the Fixture Filings.
“Multiemployer Plan” means a “multiemployer plan” within the meaning of Section 414(f) of the Code or Section 3(37) of ERISA to which contributions are required to be made by any Loan Party or any of its ERISA Affiliates or to which any such entity has any liability.
“Net Assets” means, with respect to any Person, the difference between (i) the fair market value of such Person’s assets and (ii) such Person’s liabilities determined in accordance with GAAP.
“Net Proceeds” means (i) the net amount of all insurance proceeds received by Lender pursuant to Section 5.1.1 (a)(i) and (iii) as a result of damage to or destruction of a Property, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Insurance Proceeds”), or (ii) the net amount of an Award, after deduction of Lender’s reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Condemnation Proceeds”), whichever the case may be.
“Net Transfer Proceeds” means, with respect to the Transfer of any Property, the gross sales price for such Property (including any earnest money, down payment or similar deposit included in the total sales price paid by the purchaser), less Transfer Expenses.
“New BPO Date” means (i) the applicable Transfer Date of any Release Property or Special Release Property with respect to which Lender elects to obtain a new Broker Price Opinion and (ii) the applicable Substitution Date of any Replaced Property or Substitute Property. 
“Non-Property Taxes” means all Taxes other than Property Taxes and Other Charges.
“NRSRO” means any credit rating agency that has elected to be treated as a nationally recognized statistical rating organization for purposes of Section 15E of the Exchange Act, without regard to whether or not such credit rating agency has been engaged by Lender or its designees in connection with, or in anticipation of, a Securitization.
“Obligations” means, collectively, Borrower’s obligations for the payment of the Debt and the performance by the Loan Parties of the Other Obligations.
“OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury.
“Officer’s Certificate” means a certificate delivered to Lender by Borrower which is signed by an authorized officer of Borrower or another Loan Party.
“Operating Expenses” means, for any period, without duplication, all expenses actually paid or payable by Borrower (or, for the period prior to the Closing Date, by Borrower’s Affiliates that owned the Properties) during such period in connection with the administration, operation, management, maintenance, repair and use of the Properties, determined on an accrual basis, and, except to the extent otherwise provided in this definition, in accordance with GAAP.  Operating Expenses specifically shall include, without duplication, (i) all operating expenses incurred in such period based on quarterly financial statements delivered to Lender in accordance with Section 4.3.1(a), (ii) cost of utilities, inventories, and fixed asset supplies consumed in the operation of the Properties (iii) management fees in an amount equal to the greater of (A) actual management fees or (B) the Management Fee Cap, (iv) administrative, payroll, security and general expenses for the Properties, (v) costs and fees of Independent professionals (including, without limitation, legal, accounting, consultants and other professional expenses), technical consultants, operational experts (including quality assurance inspectors) or other third parties retained to perform services required or permitted hereunder, (vi) computer processing charges, (vii) operational equipment and other lease payments to the extent constituting operating expenses under GAAP, (viii) Property Taxes, Other Charges and HOA Fees, (ix) insurance premiums, (x) Property maintenance expenses and (xi) all reserves required by Lender hereunder (without duplication).  Notwithstanding the foregoing, Operating Expenses shall not include (A) depreciation or amortization, (B) income taxes or other charges in the nature of income taxes, (C) any expenses (including legal, accounting and other professional fees, expenses and disbursements) incurred in connection with the making of the Loan or the sale, exchange, transfer, financing or refinancing of all or any portion of any Property or in connection with the recovery of Insurance Proceeds or Awards which are applied to prepay the Note, (D) Capital Expenditures, (E) Debt Service, (F) expenses incurred in connection with the acquisition, initial renovation and initial leasing of Properties and other activities undertaken prior to such initial lease that do not constitute recurring operating expenses to be paid by Borrower, including eviction of existing tenants, incentive payments to tenants and other similar expenses, (G) any item of expense which would otherwise be considered within Operating Expenses pursuant to the provisions above but is paid directly by any Tenant under a Lease, (H) any service that is required to be provided by the Manager pursuant to the Management Agreement without compensation or reimbursement (other than the management fee set forth in the Management Agreement), (I) any expenses that relate to a Property from and after the release of such Property in accordance with Section 2.4.3, 2.5, 2.6 or 2.7 hereof, (J) bad debt expense with respect to Rents, (K) the value of any free rent or Concessions provided with respect to the Properties, (L) any loss that is covered by the Policies including any portion of a loss that is subject to a deductible under the Policies or (M) corporate overhead expenses incurred by Borrower’s Affiliates.
“Original Lender” means German American Capital Corporation, a Maryland corporation. 
“Other Charges” means all (i) impositions other than Property Taxes, (ii) charges, liens or fees levied or assessed or imposed against a Property by a Governmental Authority in connection with code violations, and (iii) any other charges levied or assessed or imposed against a Property or any part thereof other than Property Taxes or HOA Fees.
“Other Connection Taxes” means, with respect to any Lender, Taxes imposed as a result of a present or former connection between such Lender and the jurisdiction imposing such Tax (other than connections arising from such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Obligations” means (i) the performance of all obligations of the Loan Parties contained herein; (ii) the performance of each obligation of the Relevant Parties contained in any other Loan Document; and (iii) the performance of each obligation of the Relevant Parties contained in any renewal, extension, amendment, restatement, modification, consolidation, change of, or substitution or replacement for, all or any part of this Agreement, the Note or any other Loan Document.
“Other Receipts” for any period of determination, any actual net cash flow receipts received by Borrower (or, for the period prior to the Closing Date, by Borrower’s Affiliates that owned the Properties) from sources other than Rents, such as fees, payments or other compensation from any Tenant (but excluding any security deposits), with respect to the Properties to the extent they are recurring in nature and properly included as operating income for such period in accordance with GAAP.
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.
“Outstanding Principal Balance” means, as of any date, the aggregate Component Outstanding Principal Balances of the Components of the Loan.
“Parent” means Existing Parent or, following a Permitted Transfer pursuant to Section 7.1(f), the Qualified Transferee that owns not less than 51% of the direct or indirect legal and beneficial interests in Borrower and the other Loan Parties and that Controls (directly or indirectly) Borrower, each other Loan Party and each SPC Party.
“Parent Guaranty” means that certain Parent Guaranty, dated as of the date hereof, executed by the Existing Parent in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001, as the same may be amended from time to time, and corresponding provisions of future laws.
“PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.
“Permitted Investments” means:
(i)    obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency or instrumentality thereof provided such obligations are backed by the full faith and credit of the United States including, without limitation, obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home Administration (certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed participation certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity;
(ii)    federal funds, unsecured certificates of deposit, time deposits, bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, (A) in the case of such investments with maturities of 30 days or less, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated at least “A2” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s), (B) in the case of such investments with maturities of three months or less, but more than 30 days, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated at least “A1” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s), (C) in the case of such investments with maturities of six (6) months or less, but more than three months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated at least “Aa3” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s), and (D) in the case of such investments with maturities of more than six (6) months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated “Aaa” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s); provided, however, that the investments described in this clause must (1) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (2) if rated by S&P, must not have an “r” highlighter affixed to their rating, (3) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (4) such investments must not be subject to liquidation prior to their maturity;
(iii)    fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company, savings and loan association or savings bank, (A) in the case of such investments with maturities of 30 days or less, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated at least “A2” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s), (B) in the case of such investments with maturities of three months or less, but more than 30 days, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated at least “A1” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s), (C) in the case of such investments with maturities of six (6) months or less, but more than three months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated at least “Aa3” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s), and (D) in the case of such investments with maturities of more than six (6) months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated “Aaa” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s); provided, however, that the investments described in this clause must (1) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (2) if rated by S&P, must not have an “r” highlighter affixed to their rating, (3) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (4) such investments must not be subject to liquidation prior to their maturity;
(iv)    debt obligations with maturities of not more than 365 days and at all times rated by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s in its highest long-term unsecured rating category); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity;
(v)    commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365 days (A) in the case of such investments with maturities of 30 days or less, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated at least “A2” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s), (B) in the case of such investments with maturities of three months or less, but more than 30 days, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated at least “A1” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s), (C) in the case of such investments with maturities of six (6) months or less, but more than three months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated at least “Aa3” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s), and (D) in the case of such investments with maturities of more than six (6) months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if there are no Securities then rated by any Rating Agency, by S&P (to the extent rated thereby) and Moody’s), and the long term obligations of which are rated “Aaa” by Moody’s (or, if the Securities are then rated by any Rating Agency, such lower rating for which the Required Parties’ Approval is received with respect to Moody’s); provided, however, that the investments described in this clause must (1) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (2) if rated by S&P, must not have an “r” highlighter affixed to their rating, (3) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (4) such investments must not be subject to liquidation prior to their maturity;
(vi)    units of taxable money market funds, which funds are regulated investment companies and are invested solely in obligations backed by the full faith and credit of the United States, which funds have the highest rating available from each Rating Agency (or, if not rated by all Rating Agencies, if the Securities are then rated by any Rating Agency, rated by at least one Rating Agency and for which the Required Parties’ Approval is received and, if the Securities are not then rated by any Rating Agency, which funds have the highest rating available from Moody’s) for money market funds; and
(vii)    any other security, obligation or investment for which the Required Parties’ Approval has been obtained;
provided, however, that no obligation or security shall be a Permitted Investment if (A) such obligation or security evidences a right to receive only interest payments or (B) the right to receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of one hundred twenty percent (120%) of the yield to maturity at par of such underlying investment and provided, further, that each investment described hereunder must have (x) a predetermined fixed amount of principal due at maturity (that cannot vary or change) and (y) an original maturity of not more than 365 days and a remaining maturity of not more than thirty (30) days.
“Permitted Liens” means, collectively, (i) the Liens and security interests created by the Loan Documents, (ii) all encumbrances and other matters disclosed in the Title Insurance Policies for the Properties and, with respect to any Substitute Property, as Lender has approved in writing in Lender’s reasonable discretion, (iii) Liens, if any, for Non-Property Taxes or Property Taxes imposed by any Governmental Authority not yet due or delinquent, (iv) Liens arising after the Closing Date for Non-Property Taxes, Property Taxes, Other Charges or HOA Fees being contested in accordance with Section 4.1.3 or Section 4.4.8, (v) any workers’, mechanics’ or other similar Liens on a Property which (x) if arising on or prior to the Closing Date are affirmatively covered or insured over by Title Insurance Policies or, (y) if arising after the Closing Date, are bonded or discharged within sixty (60) days after Borrower first receives written notice of such Lien, (vi) all easements, rights-of-way, restrictions and other similar non-monetary encumbrances recorded against and affecting any Property and that would not reasonably be expected to and do not have an Individual Material Adverse Effect on the Property, (vii) such other title and survey exceptions as Lender has approved or may approve in writing in Lender’s reasonable discretion, (viii) the Specified Liens and (ix) rights of Tenants as Tenants only under Leases permitted hereunder.
“Permitted Sponsor Transfer” means (A) the sale of publicly traded securities on a nationally recognized securities exchange or a Public Distribution or (B) a Qualified Public Sale.  For the avoidance of doubt, any transaction that is a Permitted Sponsor Transfer will be deemed not to be a Sponsor Change of Control. 
“Person” means any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association, any other entity, any Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing.
“Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA that is established, maintained or contributed to by any Loan Party or any of its ERISA Affiliates (or as to which such entity has any liability) and that is covered by Title IV of ERISA, other than a Multiemployer Plan.
“Plan Termination Event” means (i) any event described in Section 4043 of ERISA with respect to any Plan; (ii) the withdrawal of any Loan Party or any of its ERISA Affiliates from a Plan during a plan year in which such Loan Party or such ERISA Affiliate was a “substantial employer” as defined in Section 4001(a)(2) of ERISA; (iii) the imposition of an obligation on any Loan Party or any of its ERISA Affiliates under Section 4041 of ERISA to provide affected parties written notice of intent to terminate a Plan in a distress termination described in Section 4041(c) of ERISA; (iv) the institution of proceedings by the PBGC to terminate a Plan or by any similar foreign governmental authority to terminate a Foreign Plan; (v) any event or condition which could reasonably constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (vi) the institution of proceedings by a foreign governmental authority to appoint a trustee to administer any Foreign Plan; or (vii) the partial or complete withdrawal of any Loan Party or any of its ERISA Affiliates from a Multiemployer Plan or Foreign Plan or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.
“Pool Geographic Test” means a test that is satisfied if:
(i)    the Properties are located in at least eight (8) states and at least ten (10) IH Markets;
(ii)     there is no IH Market as to which the portion of Underwritten Net Cash Flow attributable to the Properties located therein is greater than 30% of Underwritten Net Cash Flow; and
(iii)     the portion of Underwritten Net Cash Flow attributable to the Properties located in the Specified IH Markets, collectively, is not greater than 55% of Underwritten Net Cash Flow.
“Prepayment Notice” means a prior written notice to Lender specifying the proposed Business Day on which a prepayment of the Debt is to be made pursuant to Section 2.4.2, which date shall be no earlier than ten (10) days after the date of such Prepayment Notice and no later than ninety (90) days after the date of such Prepayment Notice.  A Prepayment Notice may be revoked in writing by Borrower, or may be modified in writing by Borrower to a new specified Business Day, in each case, on or prior to the proposed prepayment date set forth in such Prepayment Notice; provided that such new Business Day shall be no earlier than such proposed prepayment date.  If revoked (as opposed to modified), any new Prepayment Notice shall comply with the timeframes set forth above.  Borrower shall pay to Lender all out-of-pocket costs and expenses (if any) incurred by Lender in connection with Borrower’s permitted revocation or modification of any Prepayment Notice.
“Previously-Owned Properties” shall mean each of those properties shown on Schedule XVI, which are no longer owned by Borrower as of the date hereof.  None of the Previously-Owned Properties are Properties.
“Previously-Owned Properties Liabilities” shall mean any and all liabilities, losses, damages, costs and expenses of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for Borrower, the Borrower GP, Equity Owner and/or Lender), that are imposed on, incurred by, or asserted against Borrower, the Borrower GP, Equity Owner or Lender in any manner relating to or arising out of the Previously-Owned Properties or the 2014-1 Loan.
“Previously-Owned Properties Transferee” shall mean THR Property Holdco L.P..
“Priority” means that the valid and proper foreclosure of a Lien for HOA Fees will extinguish the Lien of the Mortgage with respect to the relevant HOA Property.
“Properties Schedule” means the data tape of Properties attached hereto as Schedule I.A. as of the Closing Date, as updated on a quarterly basis in the form attached hereto as Schedule I.B. pursuant to Section 4.3.6.
“Property” means, individually, and “Properties” means, collectively, (i) the residential real properties described on the Properties Schedule as of the Closing Date and encumbered by the Mortgages and (ii) any residential real properties that are Substitute Properties; provided that if the Allocated Loan Amount for any Property has been reduced to zero and all interest and other Obligations related thereto that are required to be paid on or prior to the date when the Allocated Loan Amount for such Property is required to be repaid have been repaid in full, and the Lien of the Mortgage Documents related to such Property have been released, then such residential real property shall no longer be a Property hereunder.  The Properties include the Improvements now or hereafter erected or installed thereon and other personal property owned by Borrower located thereon, together with all rights pertaining to such real property, Improvements and personal property.
“Property Account Bank” means the Eligible Institution at which a Property Account is maintained.
“Property Account Control Agreement” means the Deposit Account Control Agreement dated the date hereof among Borrower, Lender, Manager and a Property Account Bank, providing for springing control by Lender, substantially in the form set forth as Exhibit B attached hereto or such other form as may be reasonably acceptable to Lender.
“Property Accounts” means the Rent Deposit Accounts and Borrower’s Operating Account.
“Property Covenants” means those covenants set forth in Section 4.4 and the covenants contained in Section 4 of the Environmental Indemnity.
“Property Cut Off Date” means December 31, 2016.
“Property File” means with respect to each Property:
(i)    The Purchase Agreement, auction receipt or other applicable purchase documentation reasonably satisfactory to Lender;
(ii)    The documentation described in Sections 3.2.3, 3.2.4, 3.2.5, 4.4.3, 4.4.4, and 4.4.5;
(iii)    Evidence reasonably satisfactory to Lender of the insurance policies required by Section 5.1.1 with respect to such Property;
(iv)    The executed Lease and any renewals, amendments or modification of the Lease or any new Lease, each of which shall be delivered to the Property File within ten (10) days after execution thereof (provided, that if such Property is a Vacant Property, such Property will be disclosed in the Property File as a Vacant Property until an Eligible Lease is executed with respect to such Property); and
(v)    The Broker Price Opinion for such Property.
“Property LTV Test” means a test that is satisfied with respect to any Property if the ratio, expressed as a percentage, of (i) the Allocated Loan Amount for such Property over (ii) the Property Value of such Property is less than or equal to 60%.
“Property Representations” means those representations and warranties set forth in Section 3.2 and Section 3 of the Environmental Indemnity.
“Property Taxes” means any real estate and personal property taxes, assessments, water charges, sewer rents, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto now or hereafter levied or assessed or imposed by a Governmental Authority against any Property, any Collateral, any part of either of the foregoing or Borrower.
“Property Value” means, with respect to any Property as of any date of determination, (i) if such date of determination is a New BPO Date for such Property, the “as is” value for such Property approved by Lender as set forth in a Broker Price Opinion obtained by Lender with such adjustments made by Lender in its sole discretion or such other “as is” value determined by Lender in its sole discretion with respect to such Property in connection with the related Collateral Event, and (ii) otherwise, the “as is” value for such Property set forth in the most recent Quarterly Valuation Statement (or, prior to the delivery of the first such Quarterly Valuation Statement, the Initial BPO Value of such Property); provided that, in the case of this clause (ii), unless Lender otherwise agrees in its sole discretion, the Property Value of any Disqualified Property shall be zero for all purposes of this Agreement.
“Public Distribution” means any transaction in which the public sale of securities is not directed, directly or indirectly, by the transferor to any Person whose identity is known by the transferor to be the acquirer of such securities.
“Public Vehicle” means a Person whose securities are listed and traded on a national securities exchange and shall include a majority owned subsidiary of any such Person or any operating partnership through which such Person conducts all or substantially all of its business. 
“Purchase Agreement” means the purchase agreement with respect to the purchase of a Property entered into by Borrower or its Affiliate and a third party seller of a Property who is not an Affiliate of any Loan Party.
“Qualified Manager” means (i) Existing Manager, (ii) any Person that is under common Control with Existing Manager or Existing Sponsor and/or (iii) a reputable Person that has at least two (2) years’ experience in the management of at least two hundred and fifty (250) residential rental properties in each metropolitan statistical area in which the applicable Properties to be managed by such Person are located and is not the subject of a bankruptcy or similar proceeding; provided, that in the case of the foregoing clause (iii), Borrower shall have obtained the Required Parties’ Approval in respect of the management of the Properties by such Person; and provided, further, that in the case of the foregoing clause (ii) and clause (iii), if such Person is an Affiliate of Borrower, Borrower shall have obtained an additional Insolvency Opinion if such an opinion is requested by Lender.
“Qualified Public Sale” means the sale, transfer or conveyance (but not a pledge), in one or a series of related transactions (i) of more than fifty percent (50%) of the direct or indirect legal or beneficial interests in Sponsor or any Sponsor Parent Entity to a Qualified Public Vehicle or (ii) through which Sponsor or any Sponsor Parent Entity becomes, or is merged with or into, a Qualified Public Vehicle.
“Qualified Public Vehicle” means a Public Vehicle in which, after giving effect to the applicable Transfer, no single Person (individually or taken together with Affiliates of such Person) owns more than fifty percent (50%) of the direct or indirect legal or beneficial interests in such Public Vehicle.
“Qualified Title Insurance Company” means each title insurance company listed on Schedule VI and any other title insurance company unless such title insurance company is disqualified by Lender in its sole discretion by notice to Borrower.
“Qualified Transferee” means any Person that (A) has a net worth of not less than Three Hundred Million and No/100 Dollars ($300,000,000) (exclusive of such Person’s direct or indirect interest in the Properties and Borrower), (B) has not been the subject of a voluntary or involuntary (to the extent the same has not been discharged) bankruptcy proceeding or any governmental or regulatory investigation which resulted in a final, nonappealable conviction for criminal activity involving moral turpitude, (C) is (or is under common Control with a Person that is) regularly engaged in the management, ownership or operation of one to four unit residential rental properties, (D) confirms in writing to Lender that the representation and warranty in Section 3.1.26 in respect of such Person is true and accurate, and (E) with respect to the applicable Transfer to such Person, Borrower shall have obtained the Required Parties’ Approval.
“Qualifying Prepayment” means any prepayment of the Loan in an amount greater than or equal to 5% of the Outstanding Principal Balance (prior to giving effect thereto) as of the date of such prepayment.  
“Quarterly HOA Report” has the meaning set forth in Section 4.3.12(a).
“Rating Agency” means, as of any date, each nationally-recognized statistical rating organization (e.g. S&P, Moody’s, Fitch, DBRS, Inc., Morningstar, Inc., Kroll or any successor to any of the foregoing), if any, that has been engaged by Lender or its designees as of such date in connection with, or in anticipation of, a Securitization until such time, if any, where any such nationally-recognized statistical rating organization no longer rates (or anticipates rating) any of the certificates issued in connection with such Securitization (but, for the avoidance of doubt, excluding any unsolicited ratings).
“Records” means all leases, agreements, instruments, documents, books, records and other information (including, without limitation, tapes, disks, punch cards and related property and rights) maintained with respect to Properties or the Loan Parties, other than the Property Files.
“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the releases (Asset Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506-1,631 (Jan. 7, 2005) and Asset-Backed Securities, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (Sept. 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. Each of the parties hereto acknowledge that the Regulation AB provisions herein shall be construed as if the Certificates were publicly registered and reporting were required at all times.
“Related Loan” means a loan to an Affiliate of Borrower or any Guarantor or secured by a Related Property, that is included in a Securitization with the Loan, and any other loan that is cross-collateralized with the Loan.
“Related Property” means a parcel of real property, together with improvements thereon and personal property related thereto, that is “related” within the meaning of the definition of Significant Obligor, to a Property.
“Release Amount” means, for a Property, the following applicable amount together with any other amounts specified in Section 2.4.5:
(i)    in connection with the Transfer of a Property (other than a Designated HOA Property) pursuant to Section 2.5 or any failure of a Property to qualify as an Eligible Property due to the occurrence of a Voluntary Action (such Properties, “Release Premium Properties”), (A) one hundred five percent (105%) of the Allocated Loan Amount for such Property if the sum of the initial Allocated Loan Amounts of all Release Premium Properties and all Special Release Properties, including such Property, is less than $99,999,971.30, (B) one hundred ten percent (110%) of the Allocated Loan Amount for such Property if the sum of the initial Allocated Loan Amounts of all Release Premium Properties and all Special Release Properties, including such Property, is equal to or greater than $99,999,971.30 but less than $149,999,957.95, (C) one hundred fifteen percent (115%) of the Allocated Loan Amount for such Property if the sum of the initial Allocated Loan Amounts of all Release Premium Properties and all Special Release Properties, including such Property, is equal to or greater than $149,999,957.95 but less than $199,999,942.60, and (D) one hundred twenty percent (120%) of the Allocated Loan Amount for such Property if the sum of the initial Allocated Loan Amounts of all Release Premium Properties and all Special Release Properties, including such Property, is equal to or greater than $199,999,942.60; 
(ii)    in connection with any failure of a Property to qualify as an Eligible Property other than due to the occurrence of a Voluntary Action that is not cured within the applicable Cure Period, an amount equal to one hundred percent (100%) of the Allocated Loan Amount for such Property;
(iii)    in connection with any Condemnation or Casualty of any Property for which prepayment of the Release Amount is required pursuant to Section 5.3 or Section 5.4, one hundred percent (100%) of the Allocated Loan Amount for such Property; and
(iv)    in connection with the Transfer of a Designated HOA Property, a percentage of the Allocated Loan Amount for such Property that is equal to the lesser of (A) the percentage that would have been applicable under clause (i) hereof if such Property were not a Designated HOA Property and (B) if the Borrower has obtained Required Parties’ Approval with respect thereto, the percentage that is set forth in such Required Parties’ Approval; provided such percentage shall be at least one hundred percent (100%).
“Relevant Party” means each Loan Party, Equity Owner GP, Parent and Sponsor (and, collectively “Relevant Parties”).
“REMIC Trust” means a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code.
“Renovation Standards” means the maintenance, repairs, improvements and installations that are necessary for a Property to conform to applicable material Legal Requirements and not deviate materially from local rental market standards for the area in which such Property is located.
“Rents” means, with respect to each Property, all rents and rent equivalents and any fees, payments or other compensation from any Tenant (except for security deposits).
“Repayment Date” means the date of a prepayment of the Loan pursuant to the provisions of Section 2.4.
“Replacement Management Agreement” means, collectively, (i) either (A) a management agreement with a Qualified Manager, substantially in the same form and substance as the Existing Management Agreement, (B) a management agreement with a Qualified Manager, which management agreement shall be reasonably acceptable to Lender in form and substance; provided that, with respect to this clause (B), (x) if such management agreement provides for the payment of management fees in excess of those fees provided for under the Existing Management Agreement, then Borrower shall have obtained the Required Parties’ Approval and (y) otherwise, Lender, at its option, may require that Borrower shall have obtained the Required Parties’ Approval with respect to such management agreement, or (C) a management agreement with a Manager approved by Lender in accordance with Section 4.1.13(b)(y) and satisfying the conditions set forth in the proviso to clause (B) above, and (ii) an assignment of management agreement and subordination of management fees substantially in the form of the Assignment of Management Agreement dated as of the date hereof (or such other form as shall be reasonably acceptable to Lender and the Qualified Manager).
“Reportable Event” has the meaning set forth in Section 4043 of ERISA.
“Request for Release” means a request for release of a Property in connection with any Transfer of a Property, substantially in the form attached hereto as Exhibit E-1, E-2, E-3 or E-4, as applicable.
“Required Parties’ Approval” means (i) the written approval of Lender and (ii) in the event that any Securities are then rated by any Rating Agency, a written affirmation from each such Rating Agency that the credit rating of the Securities by such Rating Agency immediately prior to the occurrence of the event with respect to which such affirmation 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, provided that upon receipt of a written acknowledgment or waiver (which may be in electronic form and whether or not specifically identifying the matter or in general, press release form) from a Rating Agency indicating its decision not to review or to waive review of the matter for which such affirmation is sought, the requirement to obtain Rating Agency such affirmation did not exist for such matter at such time) with respect to such Rating Agency.
“Reserve Funds” means, collectively, all funds deposited by Borrower with Lender or Collection Account Bank pursuant to Article 6, including, but not limited to, the Capital Expenditure Funds, the Insurance Funds, the Tax Funds, the HOA Funds, the Casualty and Condemnation Funds, the Cash Collateral Funds, the Special Insurance Reserve Funds and the Eligibility Funds. 
“Reserve Release Date” means any Business Day as requested by Borrower pursuant to a Reserve Release Request; provided that there shall be no more than one Reserve Release Date in any calendar month.
“Reserve Release Request” means any written request by Borrower for a release of Reserves Funds made in accordance with Article 6.
“Responsible Officer” means, as to any Person, the chief executive officer or president or, with respect to financial matters, the chief financial officer or treasurer of such Person; provided, that in the event any such officer is unavailable at any time he or she is required to take any action hereunder, Responsible Officer means any officer authorized to act on such officer’s behalf as demonstrated by a certified resolution.
“Restoration” means the repair and restoration of a Property after a Casualty as nearly as possible to the condition such Property was in immediately prior to such Casualty, with such material alterations as may be approved by Lender, such approval not to be unreasonably withheld, delayed or conditioned.
“Restricted Junior Payment” means, with respect to any Person, (i) any dividend or other distribution of any nature (cash, securities, assets, Indebtedness or otherwise) and any payment, by virtue of redemption, retirement or otherwise, on any class of Equity Interests or subordinate Indebtedness issued by such Person, whether such Equity Interests are now or may hereafter be authorized or outstanding and any distribution in respect of any of the foregoing, whether directly or indirectly, (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interests or subordinate Indebtedness of such Person now or hereafter outstanding, or (iii) any payment of management or similar fees by such Person (other than payment of management fees under any Management Agreement to the extent expressly permitted by this Agreement); provided, any payments made on the Loan (including Component B) shall not be deemed “Restricted Junior Payments.”
“Restricted Pledge Party” means, collectively, Borrower, each Borrower TRS, any Guarantor, and any other direct or indirect equity holder in Borrower, any Borrower TRS or any Guarantor up to, but not including, the first direct or indirect equity holder that has substantial assets other than the Properties and the other Collateral.
“Rule 144” means Rule 144 (or any successor rule of similar effect) promulgated under the Securities Act. 
“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.
“Securities Act” means the Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder, as in effect from time to time. 
“Significant Obligor” shall have the meaning set forth in Item 1101(k) of Regulation AB under the Securities Act.
“Solvent” means, with respect to any Person or any consolidated group, on any date of determination, that on such date (i) the fair saleable value of such Person’s or consolidated group’s assets exceeds its total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities, (ii) the fair saleable value of such Person’s or consolidated group’s assets exceeds its probable liabilities, as applicable, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured, (iii) such Person’s or consolidated group’s assets do not constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted and (iv) such Person or consolidated group 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 it and the amounts to be payable on or in respect of its obligations).
“Special Release” means any Transfer of, and associated release of security interest in and Lien on, Properties pursuant to Section 2.6.
“Special Release Property” means each Property Transferred pursuant to a Special Release.
“Specified Documents” means, with respect to any Property File, each document listed in the definition of “Property File”.
“Specified IH Markets” means the metropolitan statistical areas (as defined by the United States Office of Management and Budget) encompassed within the Phoenix, Atlanta, Tampa and Sacramento IH Markets. For the avoidance of doubt, on the Closing Date, the Specified IH Markets are: Atlanta-Sandy Springs-Roswell, GA Metropolitan Statistical Area; Chico, CA Metropolitan Statistical Area; Gainesville, GA Metropolitan Statistical Area; Lakeland-Winter Haven, FL Metropolitan Statistical Area; Napa, CA Metropolitan Statistical Area; North Port-Sarasota-Bradenton, FL Metropolitan Statistical Area; Phoenix-Mesa-Scottsdale, AZ Metropolitan Statistical Area; Sacramento--Roseville--Arden-Arcade, CA Metropolitan Statistical Area; San Francisco-Oakland-Hayward, CA Metropolitan Statistical Area; Stockton-Lodi, CA Metropolitan Statistical Area; Tampa-St. Petersburg-Clearwater, FL Metropolitan Statistical Area; Vallejo-Fairfield; CA Metropolitan Statistical Area; and Yuba City, CA Metropolitan Statistical Area.

“Specified Liens” means the Liens described on Schedule XII affecting one or more of the Properties as of the Closing Date, provided that all such Liens on the affected Properties are affirmatively covered by Title Insurance Policies. 
“Sponsor” means Existing Sponsor or, following a Permitted Transfer pursuant to Section 7.1(f), the Qualified Transferee that owns not less than 51% of the direct or indirect legal and beneficial interests in Borrower and the other Loan Parties and that Controls (directly or indirectly) Borrower, each other Loan Party and each SPC Party.
“Sponsor Change of Control” means the acquisition after the Closing Date by any Person (individually or taken together with Affiliates of such Person) in one or a series of transactions of fifty percent (50%) or more of the direct legal or beneficial ownership interests in Sponsor, other than as a result of a Permitted Sponsor Transfer. 
“Sponsor Corporate Transaction” means (i) a merger or consolidation or other business combination of Sponsor Parent Entity and/or any of its Affiliates (other than Borrower or any entity between Borrower and Sponsor Parent Entity) with or into any other Person, (ii) the sale of all or substantially all of the direct or indirect assets of Sponsor Parent Entity and/or any of its Affiliates (other than Borrower or any entity between them and Sponsor Parent Entity or the assets of any of the foregoing Persons) to any other Person, (iii) a spin-off, spin-out or other similar transaction, the result of which is consistent with the foregoing clause (i) or (ii) or (iv) any combination of the foregoing clauses (i), (ii) and (iii) in one or more series of steps. 

“Sponsor Financial Covenant” means the requirement that Sponsor maintain Net Assets of not less than One Hundred Fifty Million and No/100 Dollars ($150,000,000) (exclusive of the direct or indirect interest in Borrower held by Sponsor).
“Sponsor Guaranty” means that certain Sponsor Guaranty, dated as of the date hereof, executed by Existing Sponsor in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Sponsor Parent Entity” means any Person that owns, directly or indirectly, fifty percent (50%) or more of the legal and beneficial interests in Sponsor.
“Stated Maturity Date” means June 9, 2027.
“Substitution Date” means the date of the consummation of any Substitution pursuant to Section 2.7.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Tenant” means any Person obligated by contract or otherwise to pay monies (including a percentage of gross income, revenue or profits) under any Lease now or hereafter affecting all or any part of a Property.
“Term” means the entire term of this Agreement, which shall expire upon repayment in full of the Debt.
“Title Insurance Owner’s Policy” means, with respect to each Property, an ALTA owner title insurance policy issued by a Qualified Title Insurance Company in a form reasonably acceptable to Lender (or, if such 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 determined to be reasonably acceptable to Lender) issued with respect to such Property and insuring the legal title to such Property, as applicable, posted to Lender’s online data room pursuant to Section 4.1.14 with electronic or written notification to Lender of such posting.
“Title Insurance Policy” means, with respect to each Property or multiple Properties encumbered by the same Mortgage, an ALTA mortgagee title insurance policy issued by a Qualified Title Insurance Company containing such endorsements as Lender may reasonably require (to the extent available in the state where the Property or the Properties, as applicable, are located) in a form reasonably acceptable to Lender (or, if such Property or the Properties, as applicable, are located in a state which does not permit the issuance of such ALTA policy, such form as shall be permitted in such state and determined to be reasonably acceptable to Lender) issued with respect to such Property or Properties, as applicable, and insuring the Lien of the Mortgage Documents encumbering such Property or Properties (subject to Permitted Liens), as applicable, and posted to Lender’s online data room pursuant to Section 4.1.14 with electronic or written notification to Lender of such posting.
“Transfer Date” means the date upon which a Transfer of a Property is consummated (including, for the avoidance of doubt, the date of the consummation of any Special Release, but excluding any Substitution Date).
“Transfer Expenses” means, with respect to the Transfer of any Property, the reasonable expenses of Borrower incurred in connection therewith not to exceed six percent (6.0%) of all gross amounts realized with respect thereto, for any of the following:  (i) third party real estate commissions, (ii) the closing costs of the purchaser of such Property actually paid by Borrower and (iii) Borrower’s miscellaneous closings costs, including, but not limited to title, escrow and appraisal costs and expenses.
“Trigger Period” shall commence upon the occurrence of (i) an Event of Default, (ii) the commencement of a Low DSCR Period or (iii) the commencement of a Low Debt Yield Period; and shall end if, (A) with respect to a Trigger Period continuing pursuant to clause (i), the Event of Default commencing the Trigger Period has been cured and such cure has been accepted by Lender (and no other Event of Default is then continuing), (B) with respect to a Trigger Period continuing due to clause (ii), the Low DSCR Period has ended pursuant to the terms hereof and (C) with respect to a Trigger Period continuing due to clause (iii), the Low Debt Yield Period has ended pursuant to the terms hereof.  
“Trust Fund Expenses” means (i) any interest payable to the Servicer, or any special servicer, trustee, operating advisor, custodian, or certificate administrator in connection with the Loan or the Properties pursuant to the Servicing Agreement in respect of advances made by any of the foregoing; provided, however, that Borrower shall only be obligated to pay any amounts described in this clause (i) if and to the extent such interest exceeds the sum of the Default Rate interest and late payment charges payable pursuant to Section 2.3.4 in respect of the event giving rise to the related advances; (ii) all special servicing fees, work-out, liquidation fees and other fees payable to any special servicer under the Servicing Agreement (A) after the Loan is transferred to the special servicer as a result of (1) the occurrence of an Event of Default or (2) an acknowledgement by Borrower in writing that the Loan is likely to go into default, or (B) in connection with any Borrower requested or consensual work-out or modification of the Loan; (iii) the regular monthly fee of the certificate administrator (capped at $6,575 per month) and the trustee (capped at $250 per month) under the Servicing Agreement, (iv) the fees and expenses of Midland Loan Services as Servicer as set forth in Schedule IX, (v) the costs and expenses of any Servicer (including costs and expenses of any third party hired by such Servicer) in connection with (A) the determination of market rents for purposes of and in accordance with clause (ii) of the definition of “GPR” and (B) the verification of information set forth in any Quarterly HOA Reports delivered pursuant to Section 4.3.12, as well as the verification and/or preparation of any reports related to HOA compliance required to be performed by the Servicer under the Servicing Agreement and (vi) except for the regular monthly fees payable to the master servicer and any operating advisor, any other cost, fee or expense of the Servicer, the trustee, the operating advisor, Directing Certificateholder and any certificate administrator under the Servicing Agreement (A) after the Loan is transferred to the special servicer as a result of (1) the occurrence of an Event of Default or (2) an acknowledgement by Borrower in writing that the Loan is likely to go into default, (B) the occurrence of an Event of Default under clauses (i), (ii) or (iii) of Section 8.1 or (C) in connection with any Borrower requested or consensual work out or modification of the Loan or any other special waiver or approval requests made by Borrower or any Guarantor during the term of the Loan (in each case including, but not limited to, (1) any costs and expenses in connection with Broker Price Opinions and, where Broker Price Opinions are not sufficient in accordance customary mortgage servicing standards, appraisals of the Properties or the Equity Interests in Borrower (or any updates to Broker Price Opinions or such appraisals) conducted by or on behalf of the Servicer, (2) property inspections conducted by or on behalf of the Servicer, (3) lien searches conducted by or on behalf of the Servicer, (4) any reimbursements to the trustee, the Servicer, the operating advisor, any certificate administrator thereunder and related Persons of each of the foregoing, or the trust fund, pursuant to the Servicing Agreement, (5) any indemnification to Persons entitled thereto under the Servicing Agreement, (6) any litigation expenses arising from an Event of Default and (7) the cost of any Required Parties’ Approval or other consents (including deemed consents and deemed confirmations) and/or opinions of counsel, if any, in each case of this clause (vi)(C)(7), required to be obtained pursuant to the Servicing Agreement in connection with servicing or administering the Loan or the Properties and administration of the trust fund.
“Trustee” means any trustee holding the Loan or any Component in a Securitization.
“U.S. Dollars” refers to lawful money of the United States.
“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.
“UCC” or “Uniform Commercial Code” means the Uniform Commercial Code as in effect in the State (with respect to fixtures), the State of New York or the state in which any of the Cash Management Accounts are located, as the case may be.
“Underwritten Capital Expenditures” means, as of any date of determination, for the twelve (12) month period ending on such date, the product of (i) the number of Properties multiplied by (ii) $750.
“Underwritten Debt Service Amount” means, as of any date of determination for any period, based on the then outstanding principal amount of the Loan and Interest Rate, the level monthly interest and principal payment amount that would be necessary to fully amortize the Loan by the Assumed Amortization Period End Date.  For purposes of this definition, “Assumed Amortization End Date” means, as of any date of determination, (i) from and after the Closing Date until the date of the first Qualifying Prepayment, if any, the thirtieth anniversary of the Closing Date, (ii) from and after the date of the first Qualifying Prepayment, if any, until the next Qualifying Prepayment, if any, the thirtieth anniversary of the date of such first Qualifying Prepayment and (iii) thereafter, the thirtieth anniversary of the date of the most recent Qualifying Prepayment, if any.
“Underwritten Net Cash Flow” means, as of any date of determination, the excess of: (i) for the twelve (12) month period ending on such date, the sum of (A) the lesser of (1) GPR multiplied by 94%, and (2) Actual Rent Collections, and (B) Other Receipts; over (ii) for the twelve (12) month period ending on such date, the sum of (A) Operating Expenses, adjusted to reflect exclusion of amounts representing non-recurring expenses, (B) Underwritten Capital Expenditures and (C) Concessions; provided that Underwritten Net Cash Flow shall not include (a) any Insurance Proceeds (other than business interruption and/or rental loss insurance proceeds and only to the extent allocable to the applicable reporting period), (b) any proceeds resulting from the Transfer of all or any portion of any Property, (c)  any item of income otherwise included in Underwritten Net Cash Flow but paid directly by any Tenant to a Person other than Borrower as an offset or deduction against Rent payable by such Tenant, provided such item of income is for payment of an item of expense (such as payments for utilities paid directly to a utility company) and such expense is otherwise excluded from the definition of Operating Expenses pursuant to clause “(G)” of the definition thereof, (d) security deposits received from Tenants until forfeited or applied, (e) any lease buy-out or surrender payment from any Tenant (including any payment relating to unamortized tenant improvements and/or leasing commissions) and (f) the Underwritten Net Cash Flow of any Property that is a Disqualified Property shall be zero for all purposes of this Agreement. provided, further, except as otherwise provided in Section 2.12.1 with respect to a Substitute Property, that for purposes of any calculation of Debt Yield or DSCR or any other determination as to whether a condition to a Transfer (including a Substitution or Special Release) is satisfied, Underwritten Net Cash Flow shall be as reflected in the most recent Calculation Date Report or (or, prior to the delivery of the first such Calculation Date Report, as used for determining the Closing Date Debt Yield and Closing Date DSCR).
“United States” means the United States of America.
“Vacant Property” means, individually, and “Vacant Properties” means, collectively, the Properties listed on Schedule XI attached hereto which are not leased to or occupied by any Tenant as of the Property Cut Off Date.
“Voluntary Action” means, in respect of any Property, a voluntary action or omission by any Loan Party or an action or omission by any third party authorized by a Loan Party that, in each case, such Loan Party intends to result in (i) an imposition of a Lien (other than a Permitted Lien) on such Property, (ii) a Transfer of such Property or (iii) such Property becoming a Disqualified Property.
“Yield Maintenance End Date” means the Monthly Payment Date occurring in December 2026.
“Yield Maintenance Premium” means, with respect to any Component prepaid, the amount calculated pursuant to the formula set forth on Schedule XVII attached hereto.
Section 3.2    Index of Other Definitions.  The following terms are defined in the Sections, Schedules or Loan Documents as indicated below: 
“Acceptable Blanket Policy” – 5.1.1(c)
“Acceptable LLC” – Schedule IV
“Account Collateral” – 6.9
“Accounts” – 6.1.1
“Act” – Schedule IV
“Agreement” – Introductory Paragraph
“Anti-Money Laundering Laws” – 4.1.16
“Approved Annual Budget” – 6.8.3
“Approved Extraordinary Operating Expense” – 6.8.4
“Approved Initial Budget” – 6.8.3
“Available Cash” – 6.8.1(i)
“Borrower” – Introductory Paragraph
“Borrower’s Operating Account” – 6.1.3
“Calculation Date Metrics” – 2.11.1
“Capital Expenditure Account” – 6.4.1
“Capital Expenditure Funds” – 6.4.1
“Cash Collateral Account” – 6.7.1
“Cash Collateral Floor” – 6.7.2
“Cash Collateral Funds” – 6.7.1
“Cash Management Accounts” – 6.9
“Casualty” – 5.2    
“Casualty and Condemnation Account” – 6.6
“Casualty and Condemnation Funds” – 6.6
“Casualty Consultant” – 5.4(d)(iii)
“Casualty Retainage” – 5.4(d)(iv)
“Cause” – Schedule IV
“Collateral Event Report” – 2.12.1
“Committee” – Schedule IV
“Condemnation Proceeds” – Net Proceeds Definition
“Covered Disclosure Information” – 9.2(b)
“Disclosure Document” – 9.2(a)
“Eligibility Funds” – 6.10.1
“Eligibility Reserve Account” – 6.10.1
“Embargoed Person” – 4.2.16
“Equity Certificate” – 10.28(a)
“ERISA Plan” – 3.1.8(a)
“Event of Default” – 8.1
“Excess Deductible”- 5.1.3
“Exchange Act” – 9.2(a)
“Exchange Act Filing” – 9.1(d)
“Extraordinary Operating Expense” – 6.8.4
“Fully Condemned Property” – 5.3(b)
“Fully Condemned Property Prepayment Amount” – 5.3(b)
“Guarantor’s Permitted Indebtedness” – 4.2.8
“HOA Funds” – 6.2.3
“HOA Subaccount” – 6.2.3
“Indemnified Liabilities” – 4.1.21
“Independent Director” – Schedule IV 
“Independent Manager” – Schedule IV 
“Initial Interest Period” – 2.3.1
“Insurance Account” – 6.3.1
“Insurance Funds” – 6.3.1
“Insurance Premiums” – 5.1.1(b)
“Insurance Proceeds” – Net Proceeds Definition
“Interest Period” – 2.3.2
 “Issuer” – 9.2(b)
“Lender” – Introductory Paragraph
“Lender Group” – 9.2(b)
“Liabilities” – 9.2(b) 
“Live Data Files” – 4.3.13
“Low Debt Yield Trigger” – Low Debt Yield Period Definition 
“Margin Stock” – 3.1.16
“Material Action” – Schedule IV
“Monthly Budgeted Amount” – 6.8.3
“Nationally Recognized Service Company” – Schedule IV
“Net Proceeds Deficiency” – 5.4(d)(vi)
“Note” – 2.1.4
“Notice” – 10.5
“Participant Register” – 10.24
“Patriot Act Offense” – 3.1.26
“Permitted Indebtedness” – 4.2.8
“Permitted Transfers” – 7.1
“Policy” and “Policies” – 5.1.1(b)
“Quarterly HOA Report” – 4.3.12(a) 
“Quarterly Valuation Statement” – 2.11.2
“Register” – 10.24
“Registrar” – 10.24
“Release Premium Properties” – Release Amount Definition
“Release Property” – 2.5
“Rent Deposit Account” – 6.1.1
“Rent Deposit Account Retained Amount” – 6.1.1
“Rent Deposit Bank” – 6.1.1
“Replaced Property” and “Replaced Properties” – 2.7
“Review Waiver” – 10.2(b)
“Secondary Market Transaction” – 9.1(a)
“Securities” – 9.1(a)
“Securitization” – 9.1(a)
“Securities Act” – 9.2(a)
“Security Deposit Account” – 4.1.15(a)
“Servicer” – 10.20
“Servicing Agreement” – 10.20
“Sole Member” – Schedule IV
“SPC Party” – Schedule IV
“Special Insurance Reserve Account” – 6.5.1
“Special Insurance Reserve Funds” – 6.5.1
“Special Member” – Schedule IV
“Special Purpose Bankruptcy Remote Entity” – Schedule IV
“Specified Calculation Date Deliveries” – 2.11
“Subsequent Parent” – 7.1(j) 
“Subsequent Sponsor” – 7.1(h)
“Substitute Mortgage Documents” – 2.7(xiii)
“Substitute Property” and “Substitute Properties” – 2.7
“Substitution” – 2.7
“Tax Account” – 6.2.1
“Tax Funds” – 6.2.1
“Tenant Direction Letter” – 6.1.1
“Transfer” – 4.2.3
“Underwriter Group” – 9.2(b)
“Updated Information” – 9.1(b)(i)
“U.S. Tax Compliance Certificate” – 2.10.6(b)(ii)(C)

Section 3.3    Principles of Construction.  All references to sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified.  Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement or any other Loan Document shall refer to this Agreement or such other Loan Document as a whole and not to any particular provision hereof or thereof.  When used in this Agreement or any other Loan Document, the word “including” shall mean “including but not limited to”.  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.
Section 3.4    Pro Forma Calculations.  With respect to any determination to be made on a “pro forma basis” with respect to any transaction or event or giving “pro forma effect” to any transaction or event as of a specified date, such determination shall be made by adjusting the applicable Calculation Date Metrics set forth in the Calculation Date Report for such specified date based on the assumption that  such transaction had been consummated or such event had occurred on the first day of the period for which such Calculation Date Metrics were determined.
Article 4     
 
THE LOAN
Section 4.1    The Loan.
4.1.6    Agreement to Lend and Borrow.  Subject to and upon the terms and conditions set forth herein, Lender shall make the Loan to Borrower and Borrower shall accept the Loan from Lender on the Closing Date.
4.1.7    Components of the Loan.  For purposes of the computation of the interest accrued on the Loan from time to time and certain other computations set forth herein, the Loan shall be divided into multiple components designated as “Component A” and “Component B”.  The following table sets forth the initial Component Outstanding Principal Balance of each such Component.
	
		
	Component
	Initial Principal Amount

	Component A
	$944,500,000.00

	Component B
	$55,499,713.00

4.1.8    Single Disbursement to Borrower.  Borrower shall 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.
4.1.9    The Note.  The Loan and all of the Components thereof shall be evidenced by that certain Amended and Restated Promissory Note of even date herewith, in the stated principal amount of Nine Hundred Ninety-Nine Million Nine Hundred Ninety-Nine Thousand Seven Hundred Thirteen and No/100 Dollars ($999,999,713.00) executed by Borrower and payable to the order of Lender in evidence of each of the Components of the Loan (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, the “Note”) and shall be repaid in accordance with the terms of this Agreement, the Note and the other Loan Documents.  If the Note is mutilated or defaced and is surrendered to the Borrower, or if there shall be delivered to the Borrower evidence to its reasonable satisfaction of the destruction, loss or theft of the Note, then the Borrower shall execute and deliver, in lieu of the mutilated, defaced, destroyed lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal principal or face amount and bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note; provided that the applicant for a replacement Note shall indemnify Borrower for any liability, obligation, loss or damages the Borrower may incur in connection with any enforcement, collection or attempted enforcement or collection of the destroyed, lost or stolen Note. In the event that, as of the date a replacement Note is requested, the principal amount of any such mutilated, defaced, destroyed, stolen or lost Note shall have become, or will within the next succeeding fifteen (15) days become, due and payable in accordance with its terms, the Borrower may, at its discretion, not authenticate and deliver such a replacement Note. Borrower shall not be required to incur any material cost or expense in procuring any such indemnity or with the preparation, execution, authentication and delivery of any such replacement Note.
4.1.10    Use of Proceeds.  Borrower shall use proceeds of the Loan to (a) repay and discharge any existing indebtedness relating to the Properties, (b) make initial deposits of the Reserve Funds, (c) make distributions to Equity Owner and Borrower GP, (d) pay costs and expenses incurred in connection with the closing of the Loan and the related Securitization, and (e) to the extent any proceeds remain after satisfying clauses (a) through (d) above, for such lawful purpose as Borrower shall designate.
Section 4.2    Interest Rate.
4.2.6    Interest Rate. Each Component of the Loan shall accrue interest throughout the Term at the Interest Rate applicable to such Component.  The total interest accrued under the Loan shall be the sum of the interest accrued on the Component Outstanding Principal Balance of each of the Components.  Borrower shall pay to Lender on each Monthly Payment Date the interest accrued or to be accrued on the Loan for the related Interest Period.
4.2.7    Default Rate.  In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the Component Outstanding Principal Balance of each of the Components and, to the extent not prohibited by applicable law, all other portions of the Debt, shall accrue interest at the Default Rate, calculated from the date such payment was due or, if later, such Default shall have occurred, without regard to any grace or cure periods contained herein.  Interest at the Default Rate shall be paid immediately upon demand, which demand may be made as frequently as Lender shall elect, to the extent not prohibited by applicable law.
4.2.8    Interest Calculation.  With respect to the Initial Interest Period, interest on each Component is equal to the product of (a) the actual number of days elapsed during the Initial Interest Period, (b) the Interest Rate for such Component divided by three hundred sixty (360) and (c) the average daily Outstanding Principal Balance of such Component during the Initial Interest Period. Thereafter, interest on the Loan and other Obligations due on each Monthly Payment Date shall be equal to the aggregate interest due on each Component of the Loan and any other Obligations outstanding with respect to each such Monthly Payment Date.  With respect to each such Monthly Payment Date, interest on each Component and any other Obligations shall be calculated on the basis of twelve (12) thirty (30)-day months so that the interest owing on each Monthly Payment Date for each Component shall be equal to the product of (i) one-twelfth (1/12th), (ii) the Interest Rate for such Component, and (iii) the average daily Outstanding Principal Balance of each such Component during the applicable Interest Period (or, in the case of any other Obligations, the amount of such other Obligations).  The accrual period for calculating interest due on each Monthly Payment Date  shall be the Interest Period which ends on the last day of the calendar month immediately preceding the month in which such Monthly Payment Date occurs.

4.2.9    Usury Savings.  This Agreement and the other Loan Documents are subject to the express condition that at no time shall Borrower be required to pay interest on the Outstanding Principal Balance 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 Outstanding Principal Balance at a rate in excess of the Maximum Legal Rate, the Interest Rate 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 hereunder.  All sums paid or agreed to be paid to 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 from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.
Section 4.3    Loan Payments.
4.3.6    Payments.  Borrower shall pay to Lender (a) on the Closing Date, an amount equal to the sum of (i) interest only on the Outstanding Principal Balance of the Components from the Closing Date up to and including April 30, 2017 (the “Initial Interest Period”), which interest shall be calculated in accordance with the provisions of Section 2.2, (ii) all amounts required in respect of Reserve Funds as set forth in Article 6, and (iii) the regular monthly certificate administrator fee (deemed to be $6,575 per month) and the regular monthly trustee fee (deemed to be $250 per month) under the Servicing Agreement for the month of April 2017 and (b) on the Monthly Payment Date occurring in June 2017 and each Monthly Payment Date thereafter during the Term, an amount equal to the sum of (i) the Monthly Debt Service Payment Amount, which payment shall be applied in accordance with Article 6, (ii) all amounts required in respect of Reserve Funds as set forth in Article 6 and (iii) the regular monthly certificate administrator fee (deemed to be $6,575 per month) and the regular monthly trustee fee (deemed to be $250 per month) under the Servicing Agreement.  

4.3.7    Payments Generally.  After the Initial Interest Period, during the term of the Loan, the interest accrual period for each Monthly Payment Date (each, an “Interest Period”) shall be the calendar month immediately preceding the calendar month in which the related Monthly Payment Date occurs.   For purposes of making payments hereunder, but not for purposes of calculating Interest Periods, if the Monthly Payment Date or a Maturity Date (including the Stated Maturity Date) is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day.  Lender shall have the right from time to time, in its sole discretion, upon not less than ten (10) days prior written notice to Borrower, to change the Monthly Payment Date to a different calendar day and, if requested by Lender, Borrower shall promptly execute an amendment to this Agreement to evidence such change; provided, however, that if Lender shall have elected to change the Monthly Payment Date as aforesaid, the Stated Maturity Date and any other date in the Loan Documents which corresponds with a Monthly Payment Date shall be automatically amended to reflect the Monthly Payment Date as so adjusted.  With respect to payments of principal due on any Component on the Maturity Date, interest shall be payable at the Interest Rate, through and including the day immediately preceding the Maturity Date.
4.3.8    Payment on Maturity Date.  Borrower shall pay to Lender on the Maturity Date the Outstanding Principal Balance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage Documents and the other Loan Documents.
4.3.9    Late Payment Charge.  If any principal, interest or any other sum due under the Loan Documents (other than the Outstanding Principal Balance due and payable on the Maturity Date) is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of four percent (4%) of such unpaid sum or the Maximum Legal Rate times such unpaid sum 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 the Borrower Security Agreement, the Mortgage Documents and the other Loan Documents to the extent permitted by law.
4.3.10    Method and Place of Payment.
(a)    Except as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall be made to Lender not later than 2:00 p.m., New York City time, on the date when due and shall be made in lawful money of the United States of America in immediately available funds at Lender’s office or at such other place as Lender shall from time to time designate, and any funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day.
(b)    Whenever any payment to be made hereunder or under any other Loan Document shall be stated to be due on a day which is not a Business Day, the due date thereof shall be the immediately preceding Business Day.
(c)    All payments required to be made by Borrower hereunder or under the Note or the other Loan Documents shall be made irrespective of, and without deduction for, any setoff, claim or counterclaim and shall be made irrespective of any defense thereto.
Section 4.4    Prepayments.
4.4.6    Prepayments.  Except as otherwise provided herein, Borrower shall not have the right to prepay the Loan in whole or in part prior to the Stated Maturity Date.
4.4.7    Voluntary Prepayments.  Provided that Borrower shall timely deliver to Lender a Prepayment Notice, Borrower may prepay all or any portion of the Outstanding Principal Balance and any other amounts outstanding under the Note, this Agreement, the Mortgage Documents and any of the other Loan Documents, on any Business Day, provided that Borrower shall comply with the provisions of and pay to Lender the amounts set forth in Section 2.4.5, including, if such prepayment is made prior to the Yield Maintenance End Date, any applicable Yield Maintenance Premium.  Each such prepayment shall be in a minimum principal amount equal to One Million and No/100 Dollars ($1,000,000) and in integral multiples of One Hundred Thousand and No/100 Dollars ($100,000) in excess thereof and shall be made and applied in the manner set forth in Section 2.4.5.
4.4.8    Mandatory Prepayments.  
(a)    Disqualified Properties.  If at any time any Property shall become a Disqualified Property, Borrower shall, no later than the close of business on the fifteenth (15th) Business Day following the last day of the applicable Cure Period, if any, give notice thereof to Lender and prepay the Debt in the applicable Release Amount with respect to such Property; provided that, for the avoidance of doubt, such Property shall not be released from the applicable Mortgage Documents and the Collateral located at such Property shall not be released from the security interest and Lien thereon unless and until the satisfaction of the conditions set forth below (or, in the case Borrower elects to conduct a Substitution as contemplated in the last sentence of this Section 2.4.3(a), the conditions set forth in Section 2.7).  No Yield Maintenance Premium shall be owing on any such prepayment (except in connection with a prepayment made prior to the Yield Maintenance End Date for a Property that became a Disqualified Property as a result of a Voluntary Action).  After the prepayment of the Debt by the Release Amount with respect to a Disqualified Property as provided above, Lender shall release the Disqualified Property from the applicable Mortgage Documents and related Lien, provided, that the following conditions precedent to such Transfer are satisfied as determined by Lender in its sole discretion and Borrower is notified in writing of Lender’s determination in accordance with Section 2.12:
(i)    Borrower shall have submitted to Lender, not less than fifteen (15) Business Days prior to the Transfer Date, a Request for Release, together with all attachments thereto and evidence reasonably satisfactory to Lender that the conditions precedent set forth in this Section 2.4.3(a) will be satisfied upon the consummation of such Transfer, and shall pay to Lender the Fannie Mae Release Fee concurrently therewith;
(ii)    Borrower shall have submitted to Lender, not less than fifteen (15) Business Days prior to the Transfer Date, a draft release for the applicable Mortgage Documents (and, in the event the Mortgage and the Assignment of Leases and Rents applicable to the Release Property encumber other Property(ies) in addition to the Release Property, such release shall be a partial release that relates only to the Release Property and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which the Release Property is located and shall contain standard provisions protecting the rights of Lender.  In addition, Borrower shall have provided all other documentation of a ministerial or administrative nature that Lender reasonably requires to be delivered by Borrower in connection with such Transfer;
(iii)    Borrower shall have paid all taxes and all reasonable out-of-pocket costs and expenses incurred by Lender and/or its Servicer in connection with any such Transfer and the current reasonable and customary fee being assessed by Servicer for its own account to effect such Transfer; 
(iv)    Borrower shall furnish or cause to be furnished to Lender in such manner and in such detail as may be requested by Lender such information, documents, records or reports as may be requested by Lender in connection with evaluating whether such Transfer satisfies the conditions set forth in this Section 2.4.3(a);
(v)    the Disqualified Property shall be Transferred to a Person other than Borrower or any other Loan Party; 
(vi)    such Disqualified Property is a separate legal parcel from the property remaining encumbered by Mortgages; and
(vii)    Borrower shall deliver to Lender an Officer’s Certificate certifying that this Section 2.4.3(a) has been complied with in its entirety.
Notwithstanding anything to the contrary contained herein or in any other Loan Document, if the Loan is included in a REMIC Trust and the ratio, expressed as a percentage, of the Outstanding Principal Balance to the value of the remaining Properties (as determined by Lender in its sole discretion using any commercially reasonable method permitted to a REMIC Trust; and which shall exclude the value of any personal property (other than fixtures) or going concern value, if any) exceeds or would exceed one hundred twenty-five percent (125%) immediately after giving effect to the Transfer of the Release Property, no Transfer will be permitted unless the Outstanding Principal Balance is prepaid by an amount not less than the greater of (i) the Release Amount or (ii) the least amount that is a “qualified amount” as that term is defined in IRS Revenue Procedure 2010-30, as the same may be amended, replaced, supplemented or modified from time to time, unless Lender receives an opinion of counsel that, if this paragraph is applicable but not followed or is no longer applicable at the time of such release, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the Transfer of the Release Property.  Further, no Transfer will be permitted unless immediately after such Transfer, the Outstanding Principal Balance will not exceed one hundred percent (100%) of the aggregate fair market value of the remaining Properties (which fair market value is determined for these purposes based on the aggregate Property Values of the remaining Properties).
Notwithstanding the foregoing, in lieu of such prepayment, Borrower may either (1) deposit an amount equal to one hundred percent (100%) of the Allocated Loan Amount for such Disqualified Property in the Eligibility Reserve Account in accordance with and subject to Section 6.10 or (2) substitute a Disqualified Property or a portfolio of Disqualified Properties with a substitute Eligible Property or a portfolio of Eligible Properties in accordance with and subject to Section 2.7, which shall (x) in the cause of clause (1), be completed no later than the due date for the prepayment otherwise required under this Section 2.4.3(a) and (y) in the case of clause (2), be notified by Borrower no later than the due date for the prepayment otherwise required under this Section 2.4.3(a) and completed no later than 45 days after the due date for the prepayment otherwise required under Section 2.4.3(a).
(b)    Transfer.  If at any time any Property is Transferred to any Person (other than for the avoidance of doubt, (i) to a Borrower TRS, (ii) in connection with a Substitution, (iii) a Transfer of a Disqualified Property, (iv) a Transfer of a Property as a result of a Condemnation or Casualty or (v) a Special Release, in which case of the foregoing clauses (i) through (v), Section 4.1.23, Section 2.7, Section 2.4.3(a), Section 2.4.3(c) or Section 2.6, respectively, shall apply), then Borrower shall, no later than the close of business on the day on which such Transfer occurs, give notice thereof to Lender and prepay the Debt in the applicable Release Amount with respect to such Property; provided that, for the avoidance of doubt, such Property shall not be released from the applicable Mortgage Documents and the Collateral located at such Property shall not be released from the security interest and Lien thereon unless and until the satisfaction of the conditions set forth in Section 2.5.  
(c)    Condemnation or Casualty.  If Borrower is required to make any prepayment under Section 5.3 or Section 5.4 as a result of a Condemnation or Casualty, on the next occurring Monthly Payment Date following the date on which Lender actually receives the applicable Net Proceeds, one hundred percent (100%) of such Net Proceeds and all other amounts required to be prepaid pursuant to Section 5.3 or Section 5.4, as applicable, shall be applied to the prepayment of the Debt in accordance with Section 2.4.5(d); provided that, for the avoidance of doubt, such Property shall not be released from the applicable Mortgage Documents and the Collateral located at such Property shall not be released from the security interest and Lien thereon unless and until the satisfaction of the conditions set forth in Section 2.5.  Notwithstanding anything herein to the contrary, no Yield Maintenance Premium shall be due in connection with any prepayment made pursuant to this Section 2.4.3(c).  
(d)    Application of Mandatory Prepayments.  Each prepayment pursuant to this Section 2.4.3 shall be made and applied in the manner set forth in Section 2.4.5.
(e)    Payment from Collection Account.  Lender may collect any prepayment required under this Section 2.4.3 from the Collection Account on the date such prepayment is payable hereunder.
4.4.9    Prepayments After Default.  
(a)    If, during the continuance of an Event of Default, payment of all or any part of the Debt is tendered by Borrower and accepted by Lender or is otherwise recovered by Lender (including through application of any Reserve Funds), such tender or recovery shall be deemed to be a voluntary prepayment by Borrower in violation of the prohibition against prepayment set forth in Section 2.4.1, and Borrower shall pay, as part of the Debt, all of: (i) all accrued interest calculated at the Interest Rate on the amount of principal being prepaid through and including the date of such prepayment and any other interest then due and, if such tender and acceptance is not made on a Monthly Payment Date, interest that would have accrued at the Interest Rate on the amount of principal being prepaid to, but not including, the next Monthly Payment Date and (ii) an amount equal to the applicable Yield Maintenance Premium (if made before the Yield Maintenance End Date).
(b)    Notwithstanding anything contained herein to the contrary, upon the occurrence and during the continuance of any Event of Default, any payment of principal, interest and other amounts payable under the Loan Documents from whatever source may be applied by Lender among the Components and other Obligations as Lender shall determine in its sole and absolute discretion.
4.4.10    Prepayment/Repayment Conditions.
(a)    On the date on which a prepayment, voluntary or mandatory, is made under the Note or as required under this Agreement, which date must be a Business Day, Borrower shall pay to Lender:
(i)    all accrued and unpaid interest calculated at the Interest Rate on the amount of principal being prepaid on the applicable Component or Components through and including the Repayment Date together with, if the Repayment Date is not a Monthly Payment Date, all interest accruing through the end of the Interest Period in which such Repayment Date occurs;
(ii)    the Yield Maintenance Premium applicable thereto (if such prepayment occurs prior to the Yield Maintenance End Date, including recoveries or prepayments following an Event of Default); provided that no Yield Maintenance Premium shall be due in connection with a prepayment under Section 2.4.3(a) (except in connection with a prepayment prior to the Yield Maintenance End Date that arises as a result of a Voluntary Action) or Section 2.4.3(c); and
(iii)    all other sums, then due under the Note, this Agreement and the other Loan Documents.
(b)    [Reserved].
(c)    Borrower shall pay all reasonable costs and expenses of Lender incurred in connection with the repayment or prepayment (including without limitation reasonable attorneys’ fees and expenses and costs and expenses related to the Transfer or Substitution of any Property); provided, for the avoidance of doubt, this provision shall not apply with respect to Taxes.
(d)    Except during an Event of Default, prepayments shall be applied by Lender in the following order of priority: (i) first, to any amounts (other than principal, interest, and Yield Maintenance Premium) then due and payable under the Loan Documents, including any costs and expenses of Lender in connection with such prepayment; (ii) second, interest payable pursuant to Section 2.4.5(a)(i) on the applicable Component or Components being prepaid pursuant to this clause (d) at the Interest Rate; (iii) third, Yield Maintenance Premium, to the extent applicable, on the applicable Component or Components being prepaid pursuant to this clause (d) and (iv) fourth, to principal, applied as set forth in clause (e) below.
(e)    Any prepayments of principal of the Loan made pursuant to this Section 2.4.5 shall be applied to the Loan (i) first, to Component A until the Component Outstanding Principal Balance of Component A is reduced to zero and (ii) second, to Component B until the Component Outstanding Principal Balance of Component B is reduced to zero.
(f)    Prepayments under Section 2.4.2 shall reduce the Allocated Loan Amounts for each Property on a pro rata basis.  Prepayments under Section 2.4.3 shall reduce the Allocated Loan Amount with respect to the applicable Property, until the Allocated Loan Amount and any interest, fees or other Obligations attributable thereto is zero and any excess of such prepayment shall be applied to reduce the Allocated Loan Amounts for the remaining Properties on a pro rata basis.
(g)    Lender shall, upon the written request and at the expense of Borrower, upon payment in full of the Debt in accordance with the terms and provisions of the Loan Documents, release the Liens of the Mortgage Documents and the Collateral Documents and cause the trustees under any of the Mortgages to reconvey the applicable Properties to Borrower and cause Wells Fargo Bank, National Association, as Certificate Administrator (under and as defined in the Servicing Agreement) or any other Certificate Administrator under the Servicing Agreement, to deliver to Borrower (or to such other Person as Borrower may direct in writing) any certificates delivered to it representing an ownership interest in any direct or indirect owner of Borrower under the Collateral Documents.  In connection with the releases of the Liens, Borrower shall submit to Lender, forms of releases of Liens (and related Loan Documents) for execution by Lender.  Such releases shall be the forms appropriate in the jurisdictions in which the Properties are located and contain standard provisions protecting the rights of Lender.  In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such releases, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement.  Borrower shall pay all out-of-pocket costs, taxes and expenses associated with the release of the Liens of the Mortgage Documents, including Lender’s reasonable attorneys’ fees. 
Section 4.5    Transfers of Properties.  Borrower may Transfer any Property (each, a “Release Property”) and Lender shall release the Release Property from the applicable Mortgage Documents and release the security interest and Lien on any Collateral located at such Property; provided that, except in the case of a Transfer and associated release of a Fully-Condemned Property or Property subject to a Casualty or as otherwise consented to by Lender in its sole discretion, (i) there shall be no more than one date in each calendar quarter on which any Transfers and associated releases occur and (ii) no Transfer or associated release shall occur prior to the first anniversary of the Closing Date or after the Yield Maintenance End Date; and provided, further, that, unless otherwise consented to by Lender in its sole discretion, the following conditions precedent to such Transfer are satisfied as determined by Lender in its sole discretion and Borrower is notified in writing of Lender’s determination in accordance with Section 2.12:
(a)    Borrower shall submit to Lender, not less than forty-five (45) days prior to the Transfer Date, a Request for Release, together with all attachments thereto and evidence reasonably satisfactory to Lender that the conditions precedent set forth in this Section 2.5 will be satisfied upon the consummation of such Transfer, and shall pay to Lender the Fannie Mae Release Fee concurrently therewith;
(b)    No Default or Event of Default has occurred and is continuing;
(c)    (i) After giving pro forma effect to the elimination of the Underwritten Net Cash Flow for the Release Property and the repayment of the Loan in the applicable Release Amount, as of the most recent Calculation Date, (x) the DSCR Collateral Event Test is satisfied and (y) the Debt Service Coverage Ratio is not less than the Debt Service Coverage Ratio immediately prior to such Transfer and (ii) after giving effect to such Transfer, (x) the Loan LTV Test is satisfied and (y) the Loan LTV is not greater than the Loan LTV immediately prior to such Transfer, in each case, as determined by Lender in accordance with Section 2.12.1; 
(d)    After giving pro forma effect to the elimination of the Underwritten Net Cash Flow for the Release Property, the Pool Geographic Test is satisfied as of the most recent Calculation Date, as determined by Lender in accordance with Section 2.12.1; provided that, if such Release Property is located in a Specified IH Market, clause (iii) of the Pool Geographic Test shall be deemed inapplicable for satisfaction of this clause (d);
(e)    The Release Property shall be Transferred to a Person other than Borrower, any other Loan Party or, unless such Release Property is a Designated HOA Property, a Fully-Condemned Property or a Property subject to a Casualty, any Affiliate of Borrower or any other Loan Party (other than Borrower or any other Loan Party);
(f)    Except for a release of a Designated HOA Property, a Fully-Condemned Property, or a Property subject to a Casualty, the Release Property shall be Transferred pursuant to a bona fide all-cash sale of the Release Property on arms-length terms and conditions, as determined by Lender in its sole discretion;
(g)    On or prior to the Transfer Date, Borrower shall prepay the Outstanding Principal Balance by an amount equal to the applicable Release Amount for the Release Property and Borrower shall comply with the provisions and pay to Lender the amounts set forth in Section 2.4.5;
(h)    If a Trigger Period is continuing on the Transfer Date, the excess, if any, of (i) the Net Transfer Proceeds for the Release Property over (ii) the applicable Release Amount for the Release Property and any other amounts payable to Lender in connection with such Transfer, shall be deposited into the Cash Collateral Account;
(i)    Borrower shall furnish or cause to be furnished to Lender in such manner and in such detail as may be requested by Lender such information, documents, records or reports as may be requested by Lender in connection with evaluating whether such Transfer satisfies the conditions set forth in this Section 2.5;
(j)    Borrower shall submit to Lender, not less than thirty (30) days prior to the Transfer Date , a draft release for the applicable Mortgage Documents (and, in the event the Mortgage and the Assignment of Leases and Rents applicable to the Release Property encumber other Property(ies) in addition to the Release Property, such release shall be a partial release that relates only to the Release Property and does not affect the Liens and security interests encumbering or on the other Property(ies)), in each case, in form and substance appropriate for the jurisdiction in which the Release Property is located and shall contain standard provisions protecting the rights of Lender.  In addition, Borrower shall provide all other documentation of a ministerial or administrative nature that Lender reasonably requires to be delivered by Borrower in connection with such Transfer;
(k)    Borrower shall have paid all taxes and all reasonable out-of-pocket costs and expenses incurred by Lender and/or its Servicer in connection with any such Transfer and the current reasonable and customary fee being assessed by Servicer for its own account to effect such Transfer; 
(l)    The Release Property is a separate legal parcel from the property remaining encumbered by Mortgages; and
(m)    Borrower shall deliver to Lender an Officer’s Certificate certifying that this Section 2.5 has been complied with in its entirety.
Notwithstanding anything to the contrary contained herein or in any other Loan Document, if the Loan is included in a REMIC Trust and the ratio, expressed as a percentage, of the Outstanding Principal Balance to the value of the remaining Properties (as determined by Lender in its sole discretion using any commercially reasonable method permitted to a REMIC Trust; and which shall exclude the value of any personal property (other than fixtures) or going concern value, if any) exceeds or would exceed one hundred twenty-five percent (125%) immediately after giving effect to the Transfer of the Release Property, no Transfer will be permitted unless the Outstanding Principal Balance is prepaid by an amount not less than the greater of (i) the Release Amount or (ii) the least amount that is a “qualified amount” as that term is defined in IRS Revenue Procedure 2010-30, as the same may be amended, replaced, supplemented or modified from time to time, unless Lender receives an opinion of counsel that, if this paragraph is applicable but not followed or is no longer applicable at the time of such release, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the Transfer of the Release Property.  Further, no Transfer will be permitted unless immediately after such Transfer, the Outstanding Principal Balance will not exceed one hundred percent (100%) of the aggregate fair market value of the remaining Properties (which fair market value is determined for these purposes based on the aggregate Property Values of the remaining Properties).
Notwithstanding anything in the contrary, this Section 2.5 shall not apply to (1) any Transfer and associated release that is part of a Substitution (which shall be governed by Section 2.7), (2) except as otherwise expressly provided in Section 2.6, any Transfer and associated release that is part of a Special Release (which shall be governed by Section 2.6), (3) any Transfer and associated release of a Disqualified Property (which shall be governed by Section 2.4.3(a)) or (4) any Transfer to a Borrower TRS (which shall be governed by Section 4.1.23).
Section 4.6    Special Releases. 
(a)    After the first anniversary of the Closing Date but prior to the fifth anniversary of the Closing Date, not more than two (2) times over the Term, Borrower may Transfer Properties with an aggregate Allocated Loan Amount of up to fifteen percent (15%) of the Outstanding Principal Balance as of the related Transfer Date (which, for the avoidance of doubt, shall be determined after giving effect to the adjustments referred to in clause (b) of this Section 2.6) to any Person that is not a Loan Party and Lender shall release each such Property from the applicable Mortgage Documents and release the security interest and Lien on any Collateral located at such Property; provided that, unless otherwise consented to by Lender in its sole discretion, the following conditions precedent are satisfied as determined by Lender in its sole discretion and notified to Borrower in accordance with Section 2.12:
(i)    (x) After giving pro forma effect to the elimination of the Underwritten Net Cash Flow for the Special Release Properties, as of the most recent Calculation Date, (1) the Debt Service Coverage Ratio is not less than Closing Date DSCR and (2) the Pool Geographic Test is satisfied and (y) after giving effect to such Special Release, (1) the Loan LTV is not greater than the Closing Date Loan LTV and (2) with respect to each Property other than the Specified Release Properties, the Property LTV Test is satisfied, in each case, as determined by Lender in accordance with Section 2.12.1; 
(ii)    The conditions set forth in clauses (a), (b) and (i) through (l) of Section 2.5 shall be satisfied; and
(iii)    Borrower shall deliver to Lender an Officer’s Certificate certifying that this Section 2.6 has been complied with in its entirety.
(b)    Both immediately prior to and immediately following any Special Release, Lender shall adjust the Allocated Loan Amount for each Property such that each such Allocated Loan Amount is equal to the related Property’s ratable portion of the Outstanding Principal Balance based on the Property Values of the Properties as of such date. 
Notwithstanding anything to the contrary contained herein or in any other Loan Document, if the Loan is included in a REMIC Trust and the ratio, expressed as a percentage, of the Outstanding Principal Balance to the value of the remaining Properties (as determined by Lender in its sole discretion using any commercially reasonable method permitted to a REMIC Trust; and which shall exclude the value of any personal property (other than fixtures) or going concern value, if any) exceeds or would exceed one hundred twenty-five percent (125%) immediately after giving effect to the Special Release, no Special Release will be permitted unless the Outstanding Principal Balance is prepaid by an amount not less than the greater of (i) the Release Amount for the Transferred Properties or (ii) the least amount that is a “qualified amount” as that term is defined in IRS Revenue Procedure 2010-30, as the same may be amended, replaced, supplemented or modified from time to time, unless Lender receives an opinion of counsel that, if this paragraph is applicable but not followed or is no longer applicable at the time of such release, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the Special Release.  Further, no Special Release will be permitted unless immediately after such Special Release, the Outstanding Principal Balance will not exceed one hundred percent (100%) of the aggregate fair market value of the remaining Properties (which fair market value is determined for these purposes based on the aggregate Property Values of the remaining Properties).

Section 4.7    Substitutions.
Borrower may substitute any Property or a portfolio of Properties (each, an “Replaced Property” and collectively, the “Replaced Properties”) with a substitute Eligible Property or a portfolio of Eligible Properties (each, a “Substitute Property” and collectively, the “Substitute Properties” and any such substitution, a “Substitution”) and Lender shall release the Replaced Property or portfolio of Replaced Properties from the applicable Mortgage Documents and release the security interest and Lien on any Collateral located at such Property; provided that, in the case of a proposed Substitution, unless otherwise consented to by Lender in its sole discretion, the following conditions are satisfied as determined by Lender in its sole discretion and notified to Borrower in accordance with Section 2.12:
(i)    Borrower shall have submitted to Lender, not less than forty-five (45) days prior to the proposed Substitution Date, notice of the proposed Substitution, and shall pay to Lender the Fannie Mae Substitution Fee concurrently therewith;
(ii)    each Substitute Property is either a detached single-family residential real property or a townhome (so long as townhomes constitute no more than two percent (2%) of the Properties by Property Value), but excluding condominiums, housing cooperatives and manufactured housing; 
(iii)    no Default or Event of Default shall have occurred and be continuing except as related to, and cured by the removal of, the Replaced Property or Replaced Properties being substituted; 
(iv)    Lender shall have obtained a Broker Price Opinion for the Substitute Property (or portfolio of Substitute Properties) being substituted and based on such Broker Price Opinion as adjusted by Lender in its sole discretion and otherwise as determined by Lender in accordance with Section 2.12.1, (1) the Substitute Property (or portfolio of Substitute Properties) being substituted shall have the same or greater Initial BPO Value as the greater of (x) the Initial BPO Value of the Replaced Property (or portfolio of Replaced Properties) being substituted and (y) the Property Value of the Replaced Property (or portfolio of Replaced Properties) being substituted and (2) the Property LTV Test is satisfied with respect to the Substitute Property (or each Substitute Property in a portfolio of Substitute Properties) being substituted;
(v)    (1) after giving pro forma effect to the elimination of the Underwritten Net Cash Flow for the Replaced Property (or portfolio of Replaced Properties) being substituted and inclusion of the Underwritten Net Cash Flow for the Substitute Property (or portfolio of Substitute Properties) being substituted, as of the most recent Calculation Date, (x) the DSCR Collateral Event Test is satisfied and (y) the Debt Service Coverage Ratio is not less than the Debt Service Coverage Ratio immediately prior to such Substitution and (2) after giving effect to the elimination of the Replaced Property (or portfolio of Replaced Properties) and inclusion of the Substitute Property (or portfolio of Substitute Properties) being substituted, (x) the Loan LTV Test is satisfied and (y) the Loan LTV is not greater than the Loan LTV immediately prior to such Substitution, in each case, as determined by Lender in accordance with Section 2.12.1; 
(vi)     if the Substitute Property (or any Substitute Property in a portfolio of Substitute Properties) being substituted is located in a Specified IH Market, after giving pro forma effect to the elimination of the Underwritten Net Cash Flow for the Replaced Property (or portfolio of Replaced Properties) being substituted and inclusion of the Underwritten Net Cash Flow for the Substitute Property (or portfolio of Substitute Properties) being substituted, the Pool Geographic Test is satisfied as of the most recent Calculation Date, as determined by Lender in accordance with Section 2.12.1;
(vii)     each Substitute Property satisfies each of the Property Representations and is in compliance with each of the Property Covenants on the Substitution Date after giving effect to the Substitution, together with any evidence requested by Lender to verify the same;
(viii)    the Eligible Lease for each Substitute Property shall have a remaining contractual term of at least six (6) months (without giving effect to any extension option in such lease); 
(ix)    the in place Rents under the Lease(s) for the Substitute Property (or portfolio of Substitute Properties) being substituted shall be equal to or greater than the greater of (A) the in place Rents under the Lease(s) for the Replaced Property (or portfolio of Replaced Properties) being substituted measured as of the Substitution Date and (B) the in place Rents under the Lease(s) for the Replaced Property (or portfolio of Replaced Properties) being substituted measured as of the Closing Date as determined by Lender in its sole discretion; 
(x)    simultaneously with the Substitution, Borrower shall convey all of Borrower’s right, title and interest in, to and under the Replaced Property (or portfolio of Replaced Properties) being substituted to a Person other than Borrower or a Loan Party or any Person owned directly or indirectly by Borrower or a Loan Party and Borrower shall deliver to Lender a copy of the deed conveying all of Borrower’s right, title and interest in such Replaced Property (or portfolio of Replaced Properties) being substituted;  
(xi)    Borrower shall deliver on or prior to the Substitution Date evidence satisfactory to Lender that each Substitute Property is insured pursuant to Policies meeting the requirements of Article 5; 
(xii)    Borrower shall deliver to Lender the Property File with respect to each Substitute Property and Lender shall have reviewed and determined that such Property File is complete and otherwise satisfies the applicable requirements set forth in the Property Representations; 
(xiii)    Borrower shall have executed and delivered to Lender the Mortgage Documents with respect to each Substitute Property, which shall be in substantially the same form as the Mortgage, Assignment of Leases and Rents and Fixture Filing, if applicable, executed and/or delivered on the Closing Date (or with respect to any such Replaced Property which was previously a Substitute Property, the date such Replaced Property became collateral for the Loan) with such changes as may be necessitated or appropriate (as reasonably determined by Lender) for the jurisdiction in which the Substitute Property is located, and which may, in Lender’s reasonable discretion, be Mortgage Documents with respect to only such Substitute Property (and in the event the Substitute Property is located in the same county or parish in which one or more other Properties (other than the Replaced Property or Replaced Properties being substituted) is located, such Mortgage and Assignment of Leases and Rents may be in the form of an amendment and spreader agreement to the existing Mortgage and Assignment of Leases and Rents covering such Property or Properties located in the same county or parish as the Substitute Property, in each case, in form and substance reasonably acceptable to Lender) (the “Substitute Mortgage Documents”); 
(xiv)    Borrower shall deliver to Lender the following opinions of counsel:  (A) an opinion of counsel admitted to practice under the laws of the state in which the Substitute Property (or portfolio of Substitute Properties) being substituted is located in form and substance reasonably satisfactory to Lender opining as to the enforceability of the Substitute Mortgage Documents with respect to the Substitute Property (or portfolio of Substitute Properties) and (B) an opinion stating that the Substitute Mortgage Documents were duly authorized, executed and delivered by Borrower and otherwise in form and substance reasonably satisfactory to Lender; 
(xv)    Lender shall have received a Title Insurance Policy for each Substitute Property (or, in the event a Substitute Property is located in the same county or parish in which one or more other Properties (other than a Replaced Property being substituted) is located, an endorsement to the existing Title Insurance Policy with respect to such Property or Properties located in the same county or parish as such Substitute Property in form and substance reasonably satisfactory to Lender) insuring the Lien of the Mortgage encumbering such Substitute Property as a valid first lien on such Substitute Property, free and clear of all exceptions other than the Permitted Liens; 
(xvi)    each Substitute Property shall be located in a metropolitan statistical area that contains at least one Property described on the Properties Schedule as of the Closing Date;
(xvii)    no acquisition of a Substitute Property will result in Borrower or any other Loan Party incurring any indebtedness (except as permitted by this Agreement); 
(xviii)    if any Lien, litigation or governmental proceeding is existing or pending or, to the actual knowledge of a Responsible Officer of Manager or a Loan Party, threatened against any Replaced Property being substituted with a Substitute Property or against such Substitute Property which may result in liability for Borrower, Borrower shall have deposited with Lender reserves reasonably satisfactory to Lender as security for the satisfaction of such liability; 
(xix)    Borrower shall submit to Lender, not less than thirty (30) days prior to the Substitution Date, a draft release (and, in the event the Mortgage and the Assignment of Leases and Rents applicable to the Replaced Property or Replaced Properties encumbers other Property(ies) in addition to the Replaced Property or Replaced Properties, such release shall be a partial release that relates only to the Replaced Property or Replaced Properties being substituted and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which such Replaced Property or Replaced Properties are located which contains standard provisions protecting the rights of Lender and any other documentation of a ministerial or administrative nature that Lender reasonably requires to be delivered by Borrower in connection with such Substitution; 
(xx)    Borrower shall furnish or cause to be furnished to Lender in such manner and in such detail as may be requested by Lender such information, documents, records or reports as may be requested by Lender in connection with evaluating whether such Substitution satisfies the conditions set forth in this Section 2.7;
(xxi)    Borrower shall have paid all taxes and all reasonable out-of-pocket costs and expenses incurred by Lender and/or its Servicer in connection with the substitution (including, without limitation, costs and expenses incurred in connection with the release of the Replaced Property (or portfolio of Replaced Properties) being substituted from applicable Mortgage Documents) and, in addition, the current reasonable and customary fee being assessed by Servicer for its own account to effect Substitutions; 
(xxii)    the Replaced Property or Replaced Properties shall constitute separate legal parcels from the property remaining encumbered by Mortgages, and each Substitute Property shall be comprised of one or more separate legal parcels on a stand-alone basis; and  
(i)    Borrower shall deliver to Lender an Officer’s Certificate certifying that this Section 2.7 has been complied with in its entirety. 
Notwithstanding anything to the contrary contained herein or in any other Loan Document, if the Loan is included in a REMIC Trust, no Substitution under this Agreement will be permitted unless (1) either (aa) immediately after such Substitution, the ratio, expressed as a percentage, of the Outstanding Principal Balance to the value of the remaining Properties (as determined by Lender in its sole discretion using any commercially reasonable method permitted to a REMIC Trust; and which shall exclude the value of personal property (other than fixtures) or going concern value, if any) is equal to or less than one hundred twenty-five percent (125%) or (bb) the ratio of the Outstanding Principal Balance to the value of the Properties (including the Substitute Property or Substitute Properties) will not increase as a result of such Substitution, or (2) Lender receives an opinion of counsel that the Securitization will not fail to maintain its status as a REMIC Trust as a result of such Substitution.  Further, no Substitution will be permitted unless immediately after such Substitution, the Outstanding Principal Balance will not exceed one hundred percent (100%) of the aggregate fair market value of the remaining Properties (which fair market value is determined for these purposes based on the aggregate Property Values of the remaining Properties).
Section 4.8    Yield Maintenance Premium. Upon any repayment or prepayment of the Loan (including in connection with an acceleration of the Loan but excluding in connection with any mandatory prepayment pursuant to Section 2.4.3(a) (except where such prepayment arises as a result of a Voluntary Action prior to the Yield Maintenance End Date) or Section 2.4.3(c)) made prior to the Yield Maintenance End Date, Borrower shall pay to Lender on the date of such repayment or prepayment (or acceleration of the Loan) the Yield Maintenance Premium applicable thereto.  All Yield Maintenance Premium payments hereunder shall be deemed to be earned by Lender upon the funding of the Loan.
Section 4.9    [Reserved].  
Section 4.10    Taxes. 
4.10.6    Defined Terms.  For purposes of this Section 2.10, the term “applicable law” includes FATCA.
4.10.7    Payments Free of Taxes.  Any and all payments by or on account of any obligation of Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of Borrower) requires the deduction or withholding of any Tax from any such payment by Borrower, then Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.10) Lender receives an amount equal to the sum it would have received had no such deduction or withholding been made.
4.10.8    Payment of Other Taxes by Borrower.  Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law any Other Taxes.
4.10.9    Indemnification by the Loan Parties.  Borrower shall indemnify Lender, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.10) payable or paid by Lender or required to be withheld or deducted from a payment to Lender and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to Borrower by Lender shall be conclusive absent manifest error.
4.10.10    Evidence of Payments.  As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to this Section 2.10, Borrower shall deliver to Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Lender.
4.10.11    Status of Lender.  
(a)    If Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document then Lender shall deliver to Borrower, at the time or times reasonably requested by Borrower, such properly completed and executed documentation reasonably requested by Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, Lender, if reasonably requested by Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by Borrower as will enable Borrower to determine whether or not Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.10.6(b)(i), (b)(ii) and (b)(iv) below) shall not be required if in Lender’s reasonable judgment such completion, execution or submission would subject Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of Lender.
(b)    Without limiting the generality of the foregoing, 
(i)    If Lender is a U.S. Person it shall deliver to Borrower (in such number of copies as shall be reasonably requested by Borrower) on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower), executed originals of IRS Form W-9 certifying that Lender is exempt from U.S. federal backup withholding tax; 
(ii)    If Lender is a Foreign Lender it shall, to the extent it is legally entitled to do so, deliver to Borrower (in such number of copies as shall be reasonably requested by Borrower) on or prior to the date on which it becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower), whichever of the following is applicable:
(A)    in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN (in the case of an individual) or W-8BEN-E (in the case of an entity) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (in the case of an individual) or W-8BEN-E (in the case of an entity) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(B)    executed originals of IRS Form W-8ECI;
(C)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) or 871(h) of the Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN (in the case of an individual) or W-8BEN-E (in the case of an entity); or
(D)    to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN (in the case of an individual) or W-8BEN-E (in the case of an entity), a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4 on behalf of each such direct and indirect partner;
(iii)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower (in such number of copies as shall be reasonably requested by Borrower) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Borrower to determine the withholding or deduction required to be made; and
(iv)    if a payment made to Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), Lender shall deliver to Borrower at the time or times prescribed by law and at such time or times reasonably requested by Borrower such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrower as may be necessary for Borrower to comply with its obligations under FATCA and to determine that Lender has complied with Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (iv), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Borrower in writing of its legal inability to do so.
4.10.12    Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.10 (including by the payment of additional amounts pursuant to this Section 2.10), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 2.10.7 (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this Section 2.10.7, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 2.10.7 the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This Section 2.10.7 shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
4.10.13    Survival.  Each party’s obligations under this Section 2.10 shall survive any assignment of rights by, or the replacement of, Lender and the repayment, satisfaction or discharge of all obligations under any Loan Document.
Section 4.11    Quarterly Lender Calculations and Valuations.  
2.11.1    Asset Performance Calculations.  Promptly, but in any event within forty-five (45) days after receipt of each of the Properties Schedule and Compliance Certificate required to be delivered by Borrower pursuant to Sections 4.3.6 and 4.3.1(f) with respect to each calendar quarter (collectively, the “Specified Calculation Date Deliveries”), together with the other related Live Data Files required to be delivered pursuant to Section 4.3.13, Lender shall prepare and deliver to Borrower a Calculation Date Report setting forth the following information for and as of, as applicable, the corresponding Calculation Date (collectively, the “Calculation Date Metrics”): (i) the Property Value for each Property, (ii) the aggregate Property Values for the Properties, (iii) the aggregate Underwritten Net Cash Flow for all Properties on a pool level, including each of the components thereof, (iv) the aggregate Underwritten Net Cash Flow for the Properties in each IH Market and in each Specified IH Market, (v) the Debt Service Coverage Ratio on a pool level, (vi) the Debt Yield on a pool level, (vii) the Loan LTV, (viii) the Property LTV for each Property, (ix) the Allocated Loan Amount for each Property and (x) based on the foregoing inputs, as applicable, whether a Low Debt Yield Period or Low DSCR Period is continuing, in each case of the foregoing clauses (i) through (ix), setting forth in comparative form the corresponding Calculation Date Metrics as reported by Borrower.  Lender’s determination of each of the Calculation Date Metrics shall be based on information contained in the Specified Calculation Date Deliveries and Live Data Files; provided that Lender shall perform such procedures and calculations and make such adjustments and modifications as it deems necessary or appropriate to determine the Calculation Date Metrics in accordance with this Agreement, all in its reasonable discretion.  The Calculation Date Metrics as set forth in any Calculation Date Report shall be conclusive and binding on Borrower absent manifest error.  If Borrower believes any such error exists, Borrower shall notify Lender within ten (10) Business Days after delivery of the applicable Calculation Date Report and, to the extent such manifest error is present as confirmed by Lender by written notice to Borrower, such Calculation Date Report shall be revised, such revised version replacing the erroneous version as the definitive Calculation Date Report for such Calculation Date.  Notwithstanding anything to the contrary set forth above, (a) prior to the first date on which the Specified Calculation Date Deliveries are required to be delivered, unless otherwise expressly set forth in the definitions (or component definitions) thereof, each of the Calculation Date Metrics shall be determined based on the information set forth in the Closing Date Properties Schedule, (b) if Borrower fails to deliver the Specified Calculation Date Deliveries as and when required under Section 4.3, the Calculation Date Metrics for the corresponding Calculation Date shall be as determined by Lender in its sole discretion as set forth in a report delivered to Borrower within forty-five (45) days after the date such Specified Calculation Date Deliveries were required to be delivered (which report shall be deemed to constitute the Calculation Date Report with respect to such Calculation Date) and (c) if Lender fails to deliver a Calculation Date Report within the time period required therefor, Borrower shall deliver written notice to Lender stating that Lender’s response is required and Lender shall have an additional ten (10) days from receipt of such notice to deliver such Calculation Date Report, failing which the Calculation Date Report with respect to such Calculation Date shall be deemed to reflect the Calculation Date Metrics as reported by the Borrower in the Specified Calculation Date Deliveries.
4.11.6    Valuations.  Concurrently with delivery of each Calculation Date Report, Lender shall deliver to Borrower a statement (the “Quarterly Valuation Statement”) setting forth Lender’s determination of the Property Value for and the Allocated Loan Amount of each Property.  Lender shall determine the Property Value for each Property based on the Property Value in the immediately preceding Quarterly Valuation Statement for such Property with such adjustments (if any) based on use of the Fannie Mae HPI index or other nationally recognized index as well as any other adjustments Lender deems necessary or appropriate in its reasonable discretion.  Lender shall determine the Allocated Loan Amount for each Property by adjusting the Allocated Loan Amount for such Property as of the related Calculation Date such that such Allocated Loan Amount is equal to such Property’s ratable portion of the Outstanding Principal Balance based on the Property Values of all Properties determined in accordance with the preceding sentence.  The Property Values and Allocated Loan Amounts as set forth in any Quarterly Valuation Statement shall be conclusive and binding on Borrower absent manifest error.  If Borrower believes any such error exists, Borrower shall notify Lender within ten (10) Business Days after delivery of the applicable Quarterly Valuation Statement and, to the extent such manifest error is present as confirmed by Lender by written notice to Borrower, such Quarterly Valuation Statement shall be revised, such revised version replacing the erroneous version as the definitive Quarterly Valuation Statement with respect to such Calculation Date.  If Lender fails to deliver a Quarterly Valuation Statement within the time period required therefor, Borrower shall deliver written notice to Lender stating that Lender’s response is required and Lender shall have an additional ten (10) days from receipt of such notice to deliver such Quarterly Valuation Statement, failing which the Quarterly Valuation Statement with respect to such Calculation Date shall be deemed to be the Quarterly Valuation Statement most recently delivered by Lender.  Notwithstanding the anything in this Section 2.11.2, for purposes of any Calculation Date Report and any Calculation Date Metrics to be set forth therein, the Property Value and the Allocated Loan Amount for any Property (individually as Calculation Date Metrics and to the extent constituting components of any other Calculation Date Metrics) shall be based on the Property Value for such Property in the immediately preceding Quarterly Valuation Statement and Allocated Loan Amount for such Property as of the related Calculation Date, respectively (and not the Property Value and Allocated Loan Amount set forth in the Quarterly Valuation Statement delivered with such Calculation Date Report).
Section 4.12    Collateral Event Procedures.  
2.12.1     Collateral Event Calculations.  Promptly, but in any event within forty-five (45) days after receipt by Lender of any Request for Release pursuant to Section 2.5 or Section 2.6 or any notice of a proposed Substitution pursuant to Section 2.7, Lender shall perform each of the calculations necessary to determine whether the conditions set forth in Section 2.5(c) and (d), Section 2.6(a)(i) or Section 2.7(iv), (v) and (vi), as applicable, are satisfied with respect to the applicable Collateral Event and provide Borrower with a written report which sets forth such calculations (a “Collateral Event Report”).  Except in the case of the Property Value of any Property with respect to which the related Transfer Date or Substitution Date, as applicable, is a New BPO Date or in the case of the Underwritten Net Cash Flow of any Substitute Property, such calculations (including the pro forma effect given to the applicable Collateral Event) shall be based on the Calculation Date Metrics determined by Lender and set forth in the most recent Calculation Date Report (or, in the case of the Property Value or Allocated Loan Amount for any Property with respect to which the related Transfer Date or Substitution Date, as applicable, is not a New BPO Date, as set forth in the most recent Quarterly Valuation Statement).  For any Property as to which the related Transfer Date or Substitution Date, as applicable, will be a New BPO Date, the Property Value of such Property shall be as set forth in clause (i) of the definition thereof.  For any Substitute Property, Underwritten Net Cash Flow (and the components thereof) shall be determined by Lender based on information provided by Borrower; provided that Lender shall perform such procedures and calculations and make such adjustments and modifications as it deems necessary or appropriate to determine the Underwritten Net Cash Flow (and the components thereof) in accordance with this Agreement, all in its sole discretion.  The calculations set forth in the Collateral Event Report shall be conclusive and binding on Borrower absent manifest error.  If Borrower believes any such error exists, Borrower shall notify Lender within three (3) Business Days after delivery of the Collateral Event Report and, to the extent such manifest error is present as confirmed by Lender by written notice to Borrower, the Collateral Event Report shall be revised, such revised version replacing the erroneous version as the definitive Collateral Event Report.
2.12.2    Collateral Event Conditions.  In addition to Lender’s determination of the calculations described in Section 2.12.1 above, Lender shall review each of the conditions required to be satisfied in connection with any Collateral Event and shall determine whether each such condition is satisfied by, among other things, reviewing (or cause to be reviewed) the deliveries to be provided by Borrower pursuant to Section 2.4.3(a), 2.5, 2.6, 2.7 or 4.1.23, as applicable, and shall provide written notice to Borrower prior to the proposed Transfer Date or Substitution Date, as applicable, as to its determination, which shall be conclusive and binding on Borrower.
Article 5     
 
REPRESENTATIONS AND WARRANTIES
Section 5.1    General Representations.  Borrower represents and warrants to Lender as of the Closing Date that, except to the extent (if any) disclosed on Schedule III with reference to a specific subsection of this Section 3.1:
5.1.6    Organization; Special Purpose.  Each Loan Party and each SPC Party has been duly organized and is validly existing with requisite power and authority to own its properties and to transact the businesses in which it is now engaged.  Each Loan Party and each SPC Party is duly qualified to do business and in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, businesses and operations, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect.  Each Loan Party and each SPC Party possesses all 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, except to the extent that failure to do so could not in the aggregate reasonably be expected to have a Material Adverse Effect.  The sole business of Borrower is the acquisition, ownership, maintenance, sale, transfer, refinancing, management, leasing and operation of the Properties; the sole business of Borrower GP is acting as the sole general partner of Borrower, including, providing the Borrower GP Guaranty and the Borrower GP Security Agreement; and the sole business of Equity Owner is acting as the sole limited partner of Borrower and the sole member of Borrower GP, including, providing the Equity Owner Guaranty and the Equity Owner Security Agreement.  Each Loan Party and each SPC Party is a Special Purpose Bankruptcy Remote Entity.
5.1.7    Proceedings; Enforceability.  Each Loan Party has taken all necessary action to authorize the execution, delivery and performance of this Agreement and each of the other Loan Documents to which it is a party.  This Agreement and the other Loan Documents have been duly authorized, executed and delivered by or on behalf of each Loan Party party thereto and constitute legal, valid and binding obligations of each Loan Party party thereto, enforceable against each such Loan Party party thereto in accordance with their respective terms, subject only to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the 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).  The Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense by any Loan Party including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable, and no Loan Party has asserted any right of rescission, set-off, counterclaim or defense with respect thereto.
5.1.8    No Conflicts.  The execution, delivery and performance of this Agreement and the other Loan Documents by each Loan Party party thereto (i) will not contravene such Loan Party’s Constituent Documents, (ii) will not result in any violation of the provisions of any Legal Requirement of any Governmental Authority having jurisdiction over any Loan Party or any of each Loan Party’s properties or assets, (iii) with respect to each Loan Party, will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under the terms of any indenture, mortgage, deed of trust, deed to secure debt, loan agreement, management agreement or other agreement or instrument to which any Loan Party is a party or to, which any of each Loan Party’s property or assets is subject, that would be reasonably expected to have a Material Adverse Effect and (iv) with respect to each Loan Party, except for Liens created under the Loan Documents, result in or require the creation or imposition of any Lien upon or with respect to any of the assets of any Loan Party.  Any consent, approval, authorization, order, registration or qualification of or with any such Governmental Authority required for the execution, delivery and performance by each Loan Party of this Agreement or any other Loan Documents to which it is a party has been obtained and is in full force and effect.
5.1.9    Litigation.  There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other entity now pending or, to the actual knowledge of a Responsible Officer of Manager or any Loan Party, threatened, against or affecting any Loan Party or any SPC Party or Manager, as applicable, which actions, suits or proceedings (i) involve this Agreement, the Mortgage Documents, the Loan Documents or the transactions contemplated thereby or (ii) if adversely determined, would reasonably be expected to have a Material Adverse Effect.  There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other entity that resulted in a judgment against any Loan Party or any SPC Party that has not been paid in full that would otherwise constitute an Event of Default under Section 8.1.
5.1.10    Agreements.  No Loan Party is a party to any agreement or instrument or subject to any restriction which would reasonably be expected to have a Material Adverse Effect.  No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party which default would be expected to have a Material Adverse Effect.  Other than the Loan Documents, no Loan Party has a material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which any Loan Party is a party other than, with respect to Borrower, the Management Agreement.
5.1.11    Consents.  No consent, approval, authorization or order of any court or Governmental Authority is required for the execution, delivery and performance by any Loan Party of, or compliance by any Loan Party with, this Agreement or the other Loan Documents or the consummation of the transactions contemplated hereby and thereby, other than those which have been obtained by the applicable Loan Party.
5.1.12    Solvency.  Each Loan Party and each SPC Party has (a) not entered into the transaction contemplated by this Agreement nor executed any Loan Document with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its obligations under the Loan Documents.  After giving effect to the Loans, each Loan Party and each SPC Party is Solvent.  No petition in bankruptcy has been filed against any Loan Party or any SPC Party in the last seven (7) years, and no Loan Party in the last seven (7) years has made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors.  No Loan Party or SPC Party 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 Person’s assets or property, and to the actual knowledge of any Loan Party, no Person is contemplating the filing of any such petition against any Loan Party or SPC Party.
5.1.13    Employee Benefit Matters.  
(a)    Assuming no portion of the assets used by Lender to fund the Loan constitutes the assets of an ERISA Plan, the assets of each Loan Party do not constitute “plan assets” of (a) any “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) any “plan” (as defined in Section 4975 of the Code) that is subject to Section 4975 of the Code or (c) any employee benefit plan or plan that is not subject to Title I of ERISA or Section 4975 of the Code but is subject to any law, rule or regulation applicable to such Loan Party which is substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code (each of (a), (b) and (c), an “ERISA Plan”) with the result that the transactions contemplated by this Agreement, including, but not limited to, the exercise by Lender of any rights under the Loan Documents will constitute a non-exempt prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code.  No Loan Party or any of its ERISA Affiliates sponsors, maintains or contributes to any Plans or Foreign Plans.  None of Equity Owner GP, any Loan Party or any of their respective Subsidiaries has any employees.
(b)    Each Plan (and each related trust, insurance contract or fund) is in compliance in all materials respects with its terms and will all applicable laws, including without limitation ERISA and the Code.  Each Plan that is intended to be qualified under Section 401(a) of the Code as currently in effect has been determined by the IRS to be so qualified, and each trust related to any such Plan has been determined to be exempt from federal income tax under Section 501(a) of the Code as currently in effect, and no event has taken place which could reasonably be expected to cause the loss of such qualified status and exempt status.  With respect to each Plan of a Loan Party, each Loan Party and all of its ERISA Affiliates have satisfied the minimum funding standard under Section 412(a) of the Code and Section 302(a) of ERISA and paid all required minimum contributions and all required installments on or before the due dates under Section 430(j) of the Code and Section 303(j) of ERISA.  Neither any Loan Party nor any of its ERISA Affiliates has filed, pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, an application for a waiver of the minimum funding standard.  Neither any Loan Party nor any of its ERISA Affiliates has incurred any liability to the PBGC which remains outstanding other than the payment of premiums, and there are no premium payments which have become due which are unpaid.  No Plan is in “at risk” status within the meaning of Section 430(i) of the Code or Section 303(j) of ERISA.  There are no existing, pending or threatened claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Plan to which any Loan Party or any of its ERISA Affiliates has incurred or otherwise has or could have an obligation or any liability.  With respect to each Multiemployer Plan to which any Loan Party or any of its ERISA Affiliates is required to make a contribution, each Loan Party and all of its ERISA Affiliates have satisfied all required contributions and installments on or before the applicable due dates and have not incurred a complete or partial withdrawal under Section 4203 or 4205 of ERISA.  No Plan Termination Event has or is reasonably expected to occur.
(c)    Each Foreign Plan is in compliance in all material respects with all laws, regulations and rules applicable thereto and the respective requirements of the governing documents for such plan.  The aggregate of the liabilities to provide all of the accrued benefits under each Foreign Plan does not exceed the current fair market value of the assets held in the trust or other funding vehicle for such plan.  There are no actions, suits or claims (other than routine claims for benefits) pending or threatened against any Loan Party or any of its ERISA Affiliates with respect to any Foreign Plan. 
5.1.14    Compliance with Legal Requirements.  Each Loan Party is in compliance with all applicable Legal Requirements, except to the extent that any noncompliance would not reasonably be expected to have a Material Adverse Effect.  No Loan Party is in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority, except for any default or violation that would not reasonably be expected to have a Material Adverse Effect.
5.1.15    Perfection Representations.
(a)    The Borrower Security Agreement, the Equity Owner Security Agreement and the Borrower GP Security Agreement create valid and continuing security interests (as defined in the applicable UCC) in the personal property Collateral in favor of Lender, which security interests are prior to all other Liens arising under the UCC, subject to Permitted Liens, and are enforceable as such against creditors of each Loan Party, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 
(b)    All appropriate financing statements have been filed in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to Lender hereunder in the Collateral that may be perfected by filing a financing statement.
(c)    Other than the security interest granted to Lender pursuant to Borrower Security Agreement, the Equity Owner Security Agreement and the Borrower GP Security Agreement and in connection with the 2014-1 Loan (which has been satisfied in full on or prior to the Closing Date), no Loan Party has pledged, assigned, collaterally assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral except to the extent expressly permitted by the terms hereof.  No Loan Party has authorized the filing of and is not aware of any financing statements against any Loan Party that include a description of the Collateral other than any financing statement relating to the security interest granted to Lender hereunder or that has been terminated. 
(d)    No instrument or document that constitutes or evidences any Collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than Lender.
(e)    The grant of the security interest in the Collateral by each Loan Party to Lender, pursuant to Borrower Security Agreement, the Equity Owner Security Agreement and the Borrower GP Security Agreement is in the ordinary course of business for each Loan Party and is not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction.      
(f)    The chief executive office and the location of each Loan Party’s records regarding the Collateral are listed on Schedule VII.  Except as otherwise disclosed to Lender in writing, each Loan Party’s legal name is as set forth in this Agreement, each Loan Party has not changed its name since its formation. Except as otherwise listed on Schedule VII, each Loan Party does not have trade names, fictitious names, assumed names or “doing business as” names and each Loan Party’s federal employer identification number and organizational identification number is set forth on Schedule VII.
(g)    Borrower is a limited partnership, and the jurisdiction in which Borrower is organized is Delaware.  Borrower’s Tax I.D. number is 80-0959941 and Borrower’s Delaware Organizational I.D. number is 5429856. 
5.1.16    Business.  Since its formation, no Loan Party has conducted any business other than entering into and performing its obligations under the Loan Documents to which it is a party and as described on Schedule IV.  Since the date of formation of each Loan Party, no event has occurred which would reasonably be expected to have a Material Adverse Effect.  As of the date hereof, no Loan Party owns or holds, directly or indirectly (a) any capital stock or equity security of, or any equity interest in, any Person other than a Loan Party, except as set forth on Schedule VIII or (b) any debt security or other evidence of indebtedness of any Person, except for Permitted Investments and as otherwise contemplated by the Loan Documents.  Borrower does not have any subsidiaries.  
5.1.17    Management.  The ownership, leasing, management and collection practices used by each Loan Party and Manager with respect to the Properties have been, to the actual knowledge of the Responsible Officers of the Manager and each Loan Party, in compliance with all applicable Legal Requirements, and all necessary licenses, permits and regulatory requirements pertaining thereto have been obtained and remain in full force and effect, except to the extent that failure to obtain would not reasonably be expected to have a Material Adverse Effect.
5.1.18    Financial Information.  All financial data that have been delivered to Lender in connection with the Loan (a) are true, complete and correct in all material respects (or, to the extent that any such financial data was incorrect in any material respect when delivered, the same has been corrected by financial data subsequently delivered to Lender prior to the date hereof), (b) accurately represent the financial condition of the Properties as of the date of such reports, and (c) have been prepared in accordance with GAAP throughout the periods covered, except as disclosed therein.  The foregoing representation shall not apply to any such financial data that constitutes projections, provided that Borrower represents and warrants that such projections were made in good faith and that Borrower has no reason to believe that such projections were materially inaccurate.  Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to have a materially adverse effect on the Properties or the operation thereof, except as referred to or reflected in said financial statements.  Borrower has no liabilities or other obligations that arose or accrued prior to the date hereof that would reasonably be expected to have a Material Adverse Effect.  Borrower has no known contingent liabilities.
5.1.19    Insurance.  Borrower has obtained and delivered to Lender certificates evidencing the Policies required to be maintained under Section 5.1.1.  All such Policies are in full force and effect, with all premiums prepaid thereunder.  No claims have been made that are currently pending, outstanding or otherwise remain unsatisfied under any such Policies that would reasonably be expected to have a Material Adverse Effect.  With respect to any insurance policy, neither Borrower nor, to Borrower’s or Manager’s knowledge, any other Person, has done, by act or omission, anything which would impair the coverage of any of the Policies in any material respect. 
5.1.20    Tax Filings.  Each Loan Party has filed, or caused to be filed, on a timely basis all Tax returns (including, without limitation, all foreign, federal, state, local and other Tax returns) required to be filed by it, is not liable for Non-Property Taxes payable by any other Person and has paid or made adequate provisions for the payment of all Non-Property Taxes (to the extent such Taxes, assessment and other governmental charges exceed One Hundred Thousand and No/100 Dollars ($100,000) in the aggregate) payable by such Loan Party except as permitted by Section 4.1.3 or 4.4.7.  All material recording or other similar taxes required to be paid by any Loan Party 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 have been paid.
5.1.21    Federal Reserve Regulations.  No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (“Margin Stock”) or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by Legal Requirements in any material respects or by the terms and conditions of this Agreement or the other Loan Documents.  None of the Collateral is comprised of Margin Stock and less than twenty-five percent (25%) of the assets of each Loan Party are comprised of Margin Stock.
5.1.22    Organizational Chart.  The organizational chart attached as Schedule II, relating to the Loan Parties and certain Affiliates and other parties, is true, complete and correct on and as of the date hereof.  No Person other than those Persons shown on Schedule II has any ownership interest in, or right of control, directly or indirectly, in Borrower or any other Loan Party.
5.1.23    Bank Holding Company.  Borrower is not a “bank holding company” or a direct or indirect subsidiary of a “bank holding company” as defined in the Bank Holding Company Act of 1956, as amended, and Regulation Y thereunder of the Board of Governors of the Federal Reserve System.
5.1.24    FIRPTA.  No Loan Party is a “foreign person” within the meaning of Section 1445(f)(3) of the Code.
5.1.25    Investment Company Act.  No Loan Party or any Person controlling such Loan Party, including Sponsor, is required to register as an “investment company” under the Investment Company Act of 1940, as amended.
5.1.26    Fiscal Year.  Each fiscal year of Borrower commences on January 1.
5.1.27    Other Debt.  No Loan Party has any Indebtedness other than, with respect to Borrower, Permitted Indebtedness, and with respect to each Guarantor, Guarantor Permitted Indebtedness.  
5.1.28    Contracts.
(a)    Borrower has not entered into, and is not bound by, any Major Contract which continues in existence, except those previously disclosed in writing to Lender.
(b)    Each of the Major Contracts is in full force and effect, there are no material defaults by Borrower thereunder and, to the knowledge of Borrower and Manager, there are no monetary or other material defaults thereunder by any other party thereto.  None of Borrower, Manager, any Affiliate of Borrower or any other Person acting on Borrower’s behalf has given or received any notice of default under any of the Major Contracts that remains uncured or in dispute.
(c)    Borrower has delivered copies of the Major Contracts (including all amendments and supplements thereto) to Lender that are true, correct and complete in all material respects.
(d)    Except for the Manager under the Management Agreement, no Major Contract has as a party an Affiliate of Borrower.  All fees and other compensation for services previously performed under the Management Agreement have been paid in full.
5.1.29    Full and Accurate Disclosure.  All information, reports, financial statements, exhibits and schedules furnished in writing by or on behalf of each Loan Party to Lender in connection with the negotiation, preparation or delivery of this Agreement and the other Loan Documents or included herein or therein or delivered pursuant hereto or thereto (but excluding any projections, forward looking statements, budgets, estimates and general market data as to which each Loan Party only represents and warrants that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the time), when taken as a whole, as of the date furnished, do not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under which they were made, not materially misleading.
5.1.30     Illegal Activity.  None of the Properties has been or will be purchased with proceeds of any illegal activity.
5.1.31    Patriot Act.  
(a)    No Relevant Party nor to Borrower’s knowledge any owner of a direct or indirect ownership or economic interest in any Loan Party or, to Borrower’s knowledge, any Person that has or will have an interest in the transaction contemplated by this Agreement or in the Properties or will participate, in any manner whatsoever, in the Loan: (i) is listed on any Government Lists, (ii) is a person who has been determined by competent authority to be subject to the prohibitions contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC or in any enabling legislation or other Presidential Executive Orders in respect thereof, (iii) has been previously indicted for or convicted of any felony involving a crime or crimes of moral turpitude or for any Patriot Act Offense, (iv) has received notice from the Secretary of State or the Attorney General of the United States or any other department, agency or office of the United States claiming a violation or possible violation of the Patriot Act or is currently otherwise under investigation by any Governmental Authority for alleged criminal activity, (v) has failed to operate under policies, procedures and practices, if any, that are not in compliant with the Patriot Act, such policies, procedures and practices to be available to Lender for Lender’s review and inspection during normal business hours and upon reasonable prior notice or (vi) is owned or controlled by or now acting and or will in the future act for or on behalf of any person listed on any Government List or any other Person who has been determined to be subject to the prohibitions contained in the Patriot Act.  For purposes hereof, the term “Patriot Act Offense” means any violation of the criminal laws of the United States of America or of any of the several states, or that would be a criminal violation if committed within the jurisdiction of the United States of America or any of the several states, relating to terrorism or the laundering of monetary instruments, including any offense under (A) the criminal laws against terrorism; (B) the criminal laws against money laundering, (C) the Bank Secrecy Act, as amended, (D) the Money Laundering Control Act of 1986, as amended, or (E) the Patriot Act.  “Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense.  
(b)    At the time Borrower first entered into a Lease with each Tenant (excluding any Tenant who occupied a Property pursuant to an in-place Lease when such Property was acquired by Borrower’s Affiliate), no such Tenant was listed on either of the Government Lists described in Section 4.1.17.
Section 5.2    Property Representations.  Borrower represents and warrants to Lender with respect to each Property as follows:
5.2.6    Property/Title.  
(a)    Borrower has good and marketable fee simple legal and equitable title to the real property comprising the Property, subject to Permitted Liens.  The Mortgage Documents, when properly recorded and/or filed in the appropriate records, will create (i) a valid, first priority, perfected Lien on Borrower’s interest in the Property, subject only to the Permitted Liens, and (ii) perfected security interests in and to, and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each case subject only to the Permitted Liens.
(b)    All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid under applicable Legal Requirements in connection with the transfer of the Property to Borrower have been paid or are being paid simultaneously herewith.  All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid under applicable Legal Requirements in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Mortgage Documents with respect to such Property, including the Mortgages, have been paid or are being paid simultaneously herewith.  All taxes and governmental assessments due and owing in respect of the Property have been paid, or an escrow of funds in an amount sufficient to cover such payments has been established hereunder or are insured against by the Title Insurance Policy and the Title Insurance Owner’s Policy for such Property.
(c)    The Property is comprised of one (1) or more parcels which constitute separate tax lots and do not constitute a portion of any other tax lot not a part of such Property.  The Property is comprised of one (1) or more separate legal parcels and no portion of any Property constitutes a portion of any legal parcel not a part of such Property.  All Improvements on such Property are within such Property’s boundaries and building restrictions lines and no Improvements on any adjoining property encroach on such Property except for such encroachments that are not reasonably likely to have an Individual Material Adverse Effect.
5.2.7    Adverse Claims.  Borrower’s ownership of the Property is free and clear of any Liens other than Permitted Liens.
5.2.8    Title Insurance Owner’s Policy.  The Property File for the Property includes either (a) a Title Insurance Owner’s Policy insuring fee simple ownership of such Property by Borrower in an amount equal to or greater than the initial Allocated Loan Amount of the Property, issued by a Qualified Title Insurance Company with no title exceptions other than Permitted Liens or (b) a marked or initialed binding commitment that is effective as a Title Insurance Owner’s Policy in respect of such Property in an amount equal to or greater than the initial Allocated Loan Amount of the Property, issued by a Qualified Title Insurance Company with no title exceptions other than Permitted Liens, which commitment shall be accompanied by such other affidavits, transfer declarations and other documents as are necessary for the recordation of the deed for such Property and issuance of such Title Insurance Owner’s Policy.
5.2.9    Deed.  The Property File for such Property includes a deed for such Property conveying the Property to Borrower, with vesting in the actual name of Borrower or 2014-1 IH Borrower L.P., which is the name of the Borrower prior to the name change that occurred as of the date hereof, with a certification from Borrower that such Property’s deed has been recorded or presented to and accepted for recording by the applicable Qualified Title Insurance Company issuing the related Title Insurance Owner’s Policy or binding commitment referred to in Section 3.2.3, with all fees, premiums and deed stamps and other transfer taxes paid.
5.2.10    Mortgage File Required Documents. The Property File for the Property includes (a) either (i) certified or file stamped (in each case by the applicable land registry) original executed Mortgage Documents (which include a reference to the name change of the Borrower) or (ii) a copy of the Mortgage Documents (which include a reference to the name change of the Borrower) in recordable form that have been submitted by the title insurance company for recording in the jurisdiction in which such Property is located (with Lender and Borrower acknowledging that the Mortgage Documents delivered on the Closing Date consist solely of Mortgages (which include Assignments of Leases and Rents and Fixture Filings as a part thereof), and that no separate Assignments of Leases and Rents or Fixture Filings are included as part of the Mortgage Documents delivered at the Closing Date), (b) an opinion of counsel admitted to practice in the state in which such Property is located in form and substance reasonably satisfactory to Lender in respect of the enforceability of such Mortgage Documents and an opinion of counsel in form and substance reasonably satisfactory to Lender stating that the Mortgage Documents were duly authorized, executed and delivered by Borrower and that the execution and delivery of such Mortgage Loan Documents and the performance by Borrower of its obligations thereunder will not cause a breach of, or a default under, any agreement, document or instrument to which Borrower is a party or to which it or such Property is bound, (c) either (x) a Title Insurance Policy insuring the Lien of the Mortgage encumbering such Property, or (y) a marked or initialed binding commitment that is effective as a Title Insurance Policy in respect of such Property, in each case, issued by a Qualified Title Insurance Company with no title exceptions other than Permitted Liens, which commitment shall be accompanied by such other affidavits, transfer declarations and other documents specified in such commitment as necessary for the issuance of such Title Insurance Policy, and (d) evidence that all taxes, fees and other charges payable in connection therewith have been paid in full.  GRC has delivered to the Lender the Closing Date GRC Certificate. 
5.2.11    Property File.  The Property File for such Property has been delivered to Lender and there is no Deficiency with respect to such Property File.
5.2.12    Property Taxes, Other Charges and HOA Fees.  There are no delinquent Property Taxes, Other Charges or HOA Fees outstanding with respect to the Property, other than Property Taxes, Other Charges or HOA Fees that may hereafter exist in accordance with Section 4.4.8.  As of the Closing Date, there are no pending or, to Borrower’s or Manager’s knowledge, proposed, special or other assessments for HOA improvements affecting the Property that would reasonably be expected to have an Individual Material Adverse Effect with respect to the Property.
5.2.13    Compliance with Renovation Standards.  If the Property is a Vacant Property, it was previously subject to an Eligible Lease.  If the Property is then subject to an Eligible Lease, or if the Property is a Vacant Property previously subject to an Eligible Lease, at the commencement of such Eligible Lease, such Property satisfied the Renovation Standards and all renovations thereto were conducted in accordance with applicable Legal Requirements, in all material respects.  
5.2.14    Physical Condition.  The Property is subject to an Eligible Lease or is a Vacant Property previously subject to an Eligible Lease, and at the commencement of such Eligible Lease, such Property was (and to Borrower’s knowledge continues to be) in a good, safe and habitable condition and repair, and free of and clear of any damage or waste that has an Individual Material Adverse Effect on the Property.  All life safety repairs with respect to the Property, if any, identified by Lender and notified to Borrower as to be completed prior to the Closing Date have been so completed.
5.2.15    Brokers.  There is no commission or other compensation payable to any broker or finder in connection with the purchase of the Property by Borrower or its Affiliate that has not been paid or is being contested in good faith by Borrower.
5.2.16    Leasing.  As of the Property Cut Off Date, unless such Property is a Vacant Property, or, in case of any Substitute Property, as of the date such Property becomes a Substitute Property, the Property was leased by Borrower pursuant to an Eligible Lease and each such lease was in full force and effect and was not in default in any material respect.  No Person (other than the Borrower) has any possessory interest in the Property or right to occupy the same except any Tenant under and pursuant to the provisions of the applicable Lease and any Person claiming rights through any such Tenant.  The copy of such Eligible Lease in the Property File is true and complete in all material respects and there are no material oral agreements with respect thereto.  No Rent (or security deposits) has been paid more than one (1) month in advance of its due date.  As of the date hereof, any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower to the relevant Tenant has already been provided to such Tenant.  The leasing of the Property has complied in all material respects with Borrower’s internal leasing guidelines.
5.2.17    Insurance.  The Property is covered by property, casualty, liability, business interruption, windstorm, flood, earthquake and other applicable insurance policies as and to the extent, and in compliance with the applicable requirements of Section 5.1.1 and Neither Borrower or Manager has taken (or omitted to take) any action that would impair or invalidate the coverage provided by any such policies.  As of the date hereof, no claims have been made that are currently pending, outstanding or otherwise remain unsatisfied under any such policies and would reasonably be expected to have an Individual Material Adverse Effect with respect to the Property.
5.2.18    Lawsuits, Etc.  As of the date hereof, there are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other entity pending or to the actual knowledge of Borrower or Manager, threatened against or affecting the Property, which actions, suits or proceedings would reasonably be expected to have an Individual Material Adverse Effect on such Property.
5.2.19    Orders, Injunctions, Etc.  There are no orders, injunctions, decrees or judgments outstanding with respect to the Property that would reasonably be expected to have an Individual Material Adverse Effect on such Property. 
5.2.20    Agreements Relating to the Property.  Borrower is not a party to any agreement or instrument or subject to any restriction of record which would reasonably be expected to have an Individual Material Adverse Effect on such Property.  Borrower has not received notice of a default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which the Property is bound.  Borrower does not have a material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument by which the Property is bound, other than obligations under the Loan Documents.  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 Permitted Lien with respect to the Property.  Neither the Property nor any part thereof are subject to any purchase options, rights of first refusal, rights of first offer or other similar rights in favor of any Tenant or other third parties.
5.2.21    Accuracy of Information Regarding Property.  The Property is not a housing cooperative or manufactured housing.  All material information with respect to the Property included in the Property File and the Properties Schedule is true, complete and accurate in all material respects.  If the Property is located in Nevada, (a) the HOA (if any) affecting such Property is accurately identified on Schedule XIV and (b) the notice address of each such HOA (if any) included in Schedule XIV hereof (as may be updated by Borrower from time to time by written notice to Lender) is true, complete, and accurate in all respects.
5.2.22    Compliance with Legal Requirements.  The Property (including the leasing and intended use thereof) complies with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes and all certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits, required for the legal leasing, use, occupancy, habitability and operation of such Property, except as would not reasonably be expected to have an Individual Material Adverse Effect with respect to the Property. There is no consent, approval, permit, license, order or authorization of, and no filing with or notice to, any court or Governmental Authority related to the operation, use or leasing of the Property that has not been obtained, except as would not reasonably be expected to have an Individual Material Adverse Effect with respect to the Property. There has not been committed by Borrower or by any other Person in occupancy of or involved with the operation, use or leasing of the Property any act or omission affording any Governmental Authority the right of forfeiture as against the Property or any part thereof.
5.2.23    Environmental Laws.  The Property is in material compliance with all Environmental Laws.  No Loan Party nor any Affiliate of any Loan Party has caused or has knowledge of any discharge, spill, uncontrolled loss or seepage of any Hazardous Substance onto any property comprising or adjoining any location of the Property, and no Loan Party nor any Affiliate of any Loan Party nor, to the actual knowledge of Borrower or Manager, any tenant or occupant of all or part of the Property, is now or has been involved in operations at any Property which would reasonably expected to lead to environmental liability for any Loan Party or any Affiliate of a Loan Party or the imposition of a Lien (other than a Permitted Lien) on the Property under any Environmental Law.  There is no condition presently existing and no event has occurred or failed to occur prior to the date hereof, concerning the Property relating to any Hazardous Substance or other hazardous or toxic materials or condition, asbestos, mold or other environmental or similar matters which would reasonably be expected to have an Individual Material Adverse Effect on the Property.    
5.2.24    Utilities and Public Access.  The Property has rights of access to public ways and is served by water, sewer or septic system, and storm drain facilities adequate to service the Property for its intended uses and all public utilities necessary or convenient to the full use and enjoyment of the Property are located either in the public right-of-way abutting the Property (which are connected so as to serve the Property without passing over other property) or in recorded easements serving the Property and such easements are set forth in and insured by the applicable Title Insurance Owner’s Policy and Title Insurance Policy and all roads necessary for the use of the Property for its intended purposes have been completed, except as would not reasonably be expected to have an Individual Material Adverse Effect with respect to the Property.
5.2.25    Eminent Domain.  As of the date hereof, there is no proceeding pending or, to Borrower’s or Manager’s knowledge, threatened, for the total or partial condemnation or taking of the Property by eminent domain or for the relocation of roadways resulting in a failure of access to the Property on public roads.
5.2.26    Flood Zone.  The Property is not located in an area identified by the Federal Emergency Management Agency as a special flood hazard area, or, if so located the flood insurance required pursuant to Section 5.1.1(a) is in full force and effect with respect to the Property.
5.2.27    Specified Liens. The Property will not be subject to any Specified Lien at any time on or after the first anniversary of the Closing Date.
Section 5.3    Survival of Representations.  The representations and warranties set forth in this Article III and elsewhere in this Agreement and the other Loan Documents shall (a) survive until the Debt has been paid in full and (b) be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf.
Article 6     
 
COVENANTS
Section 6.1    Affirmative Covenants.  Borrower shall comply with the following covenants:
6.1.6    Compliance with Laws, Etc.  Borrower shall and shall cause each other Loan Party to do or cause to be done all things necessary to preserve, renew and keep in full force and effect its rights, licenses and permits and to comply with all Legal Requirements applicable to it and the Properties (and the use thereof), including, without limitation, building and zoning ordinances and codes and certificates of occupancy, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect
6.1.7    Preservation of Existence.  Borrower shall and shall cause each other Loan Party and each SPC Party to (a) observe all procedures required by its Constituent Documents and preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its organization, and (b) qualify and remain qualified in good standing (where relevant) as a foreign limited liability company or limited partnership, as applicable, in each other jurisdiction where the nature of its business requires such qualification and to the extent such concept exists in such jurisdiction and where, in the case of clause (b), except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect.
6.1.8    Non-Property Taxes. Borrower shall and shall cause each other Loan Party and each SPC Party to file, cause to be filed or obtain an extension of the time to file, all Tax returns for Non-Property Taxes and reports required by law to be filed by it and to promptly pay or cause to be paid all Non-Property Taxes now or hereafter levied, assessed or imposed on it as the same become due and payable; provided that, after prior notice to Lender, such Loan Party or such SPC Party may contest by appropriate legal proceedings conducted in good faith and with due diligence, the amount or validity of any such Non-Property Taxes and, in such event, may permit the Non-Property Taxes so contested to remain unpaid during any period, including appeals, when a Loan Party or SPC Party is in good faith contesting the same so long as (a) no Event of Default has occurred and remains uncured, (b) such proceeding shall be permitted under and be conducted in accordance with all applicable Legal Requirements, (c) no Property or other Collateral nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (d) the applicable Loan Party or SPC Party has set aside on its books adequate reserves in accordance with GAAP, and the non-payment or non-discharge of such Non-Property Taxes would not reasonably be expected to have a Material Adverse Effect, (e) enforcement of the contested Non-Property Taxes is effectively stayed for the entire duration of such contest and no Lien is imposed on any Property or other Collateral, (f) any Non-Property Taxes determined to be due, together with any interest or penalties thereon, is promptly paid as required after final resolution of such contest, (g) to the extent such Non-Property Taxes (when aggregated with all other Taxes that any Loan Party or SPC Party is then contesting under this Section 4.1.3 or Section 4.4.8 and for which Borrower has not delivered to Lender any Contest Security) exceed One Million and No/100 Dollars ($1,000,000), Borrower shall deliver to Lender either (i) cash, or other security as may be approved by Lender, in an amount sufficient to insure the payment of any such Non-Property Taxes, together with all interest and penalties thereon or (ii) a payment and performance bond in an amount equal to one hundred percent (100%) of the contested amount from a surety acceptable to Lender in its reasonable discretion, (h) failure to pay such Non-Property Taxes will not subject Lender to any civil or criminal liability, (i) such contest shall not affect the ownership, use or occupancy of any Property or other Collateral, and (j) Borrower shall, upon request by Lender, give Lender prompt notice of the status of such proceedings and/or confirmation of the continuing satisfaction of the conditions set forth in clauses (a) through (i) of this Section 4.1.3.  Notwithstanding the foregoing, Borrower shall and shall cause each other Loan Party and each SPC Party to pay any contested Non-Property Taxes (or, if cash or other security has been provided, Lender may pay over any such cash or other security held by Lender to the claimant entitled thereto) if, in Lender’s reasonable judgment, any Property or other Collateral (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of any Collateral Document being primed by any related Lien.
6.1.9    Access to Properties.  Subject to the rights of Tenants, Borrower shall permit agents, representatives and employees of Lender to inspect the Properties or any part thereof at reasonable hours upon reasonable advance notice.
6.1.10    Perform Loan Documents.  Borrower shall and shall cause each other Loan Party to, in a timely manner, observe, perform and satisfy all the terms, provisions, covenants and conditions of the Loan Documents executed and delivered by, or applicable to, the Loan Party, and shall pay when due all costs, fees and expenses of Lender, to the extent required under the Loan Documents executed and delivered by, or applicable to, the Loan Party.
6.1.11    Awards and Insurance Benefits.  Borrower shall cooperate with Lender, in accordance with the relevant provisions of this Agreement, to enable Lender to receive the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with any Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and the payment by the Loan Parties of the reasonable expense of an appraisal on behalf of Lender in case of Casualty or Condemnation affecting any Property or any part thereof) out of such Insurance Proceeds.
6.1.12    Security Interest; Further Assurances.  Borrower shall and shall cause each other Loan Party to take all necessary action to establish and maintain, in favor of Lender a valid and perfected first priority security interest in all Collateral to the full extent contemplated herein, free and clear of any Liens (including the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Lender’s security interest in the Collateral).  Borrower shall and shall cause each other Loan Party to, at the Loan Party’s sole cost and expense execute any and all further documents, financing statements, agreements, affirmations, waivers and instruments, and take all such further actions (including the filing and recording of financing statements) that may be required under any applicable Legal Requirement, or that Lender deems necessary or advisable, in order to grant, preserve, protect and perfect the validity and priority of the security interests created or intended to be created hereby or by the Collateral Documents or the enforceability of any guaranty or other Loan Document.  Such financing statements may describe as the collateral covered thereby “all assets of the debtor, whether now owned or hereafter acquired” or words to that effect.
6.1.13    Keeping of Records and Books of Account.  Borrower shall and shall cause each other Loan Party to maintain and implement administrative and operating procedures (including an ability to recreate records regarding the Properties in the event of the destruction of the originals thereof) and keep and maintain on a calendar year basis, in accordance with the requirements for a Special Purpose Bankruptcy Remote Entity set forth herein, as applicable, GAAP, and, to the extent required under Section 9.1, the requirements of Regulation AB, proper and accurate documents, books, records and other information reasonably necessary for the collection of all Rents and other Collections and payments of its obligations.  Such books and records shall include, without limitation, records adequate to permit the identification of each Property and all items of income and expense in connection with the operation of each Property.  Lender shall have the right from time to time (but, in any event, not more than twice in any calendar year (unless an Event of Default shall have occurred and be continuing, in which case no such restriction shall apply)) during normal business hours upon reasonable notice (which may be given verbally) to Borrower to examine such books, records, accounts, agreements, leases, instruments and other documents and the collection systems of the Loan Parties and Manager at the offices of the Loan Parties or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire.  Borrower shall pay any reasonable out-of-pocket costs and expenses incurred by Lender in any such examination.
6.1.14    Special Purpose Bankruptcy Remote Entity/Separateness.  
(a)    Borrower shall and shall cause each other Loan Party and each SPC Party to be and continue to be a Special Purpose Bankruptcy Remote Entity.
(b)    Borrower shall and shall cause each other Loan Party to comply in all material respects with all of the stated facts and assumptions made with respect to the Loan Parties in each Insolvency Opinion.  Each entity other than a Loan Party with respect to which an assumption is made or a fact stated in an Insolvency Opinion will comply in all material respects with all of the assumptions made and facts stated with respect to it in such Insolvency Opinion.
6.1.15    Location of Records.  Borrower shall and shall cause each other Loan Party to keep its chief place of business and chief executive office and the offices where it keeps the Records at the address(es) referred to on Schedule VII or upon thirty (30) days’ prior written notice to Lender, at any other location in the United States where all actions reasonably requested by Lender to protect and perfect the interests of Lender in the Collateral have been taken and completed.
6.1.16    Business and Operations.  Borrower shall and shall cause each other Loan Party to, directly or through the Manager or subcontractors of the Manager (subject to Section 4.2.1), continue to engage in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, sale, management, leasing and operation of the Properties.  Borrower shall and shall cause each other Loan Party to qualify to do business and will remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, maintenance, management and operation of the Properties, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect. Borrower or a Borrower TRS, as applicable, shall, at all times during the term of the Loan, continue to own or lease all equipment, fixtures and personal property which are necessary to operate the Properties.
6.1.17    Leasing Matters.  Borrower shall (i) observe and perform the obligations imposed upon the lessor under the Leases for its Properties in a commercially reasonable manner; and (ii) enforce the terms, covenants and conditions contained in such Leases upon the part of the Tenant thereunder to be observed or performed in a commercially reasonable manner except in each case to the extent that the failure to do so would not reasonably be expected to have an Individual Material Adverse Effect with respect to a Property. No Rent may be collected under any Lease for the Properties more than one (1) month in advance of its due date.
6.1.18    Property Management.  
(a)    Borrower shall (i) cause Manager to manage the Properties in accordance with the Management Agreement, (ii) diligently perform and observe all of the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed and observed, (iii) promptly notify Lender of any default under the Management Agreement of which it is aware, (iv) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, report and estimate received by it under the Management Agreement, and (v) promptly enforce the performance and observance of all of the covenants required to be performed and observed by Manager under the Management Agreement in a commercially reasonable manner.  If Borrower shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of Borrower to be performed or observed, then, without limiting Lender’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of its Obligations hereunder or under the Management Agreement, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed or observed.  In no event shall the fee payable to Manager for any Interest Period exceed the Management Fee Cap for such Interest Period and in no event shall Borrower pay or become obligated to pay to Manager, any transition or termination costs or expenses, termination fees, or their equivalent in connection with the Transfer of a Property or the termination of the Management Agreement.
(b)    If any one or more of the following events occurs: (i) the occurrence of an Event of Default, (ii) Manager shall be in material default under the Management Agreement beyond any applicable notice and cure period (including as a result of any gross negligence, fraud, willful misconduct or misappropriation of funds), or (iii) Manager shall become insolvent or a debtor in any bankruptcy or insolvency proceeding, then Lender shall have the right to require Borrower to replace the Manager and to enter into a Replacement Management Agreement with (x) a Qualified Manager selected by Borrower that is not an Affiliate of Borrower or (y) another property manager chosen by Borrower and approved by Lender; provided, that such approval shall be conditioned upon the Required Parties’ Approval as to such property manager.  If Borrower fails to select a new Qualified Manager or a replacement Manager that satisfies the conditions described in the foregoing clause (y) and enter into a Replacement Management Agreement with such Person within sixty (60) days of Lender’s demand to replace the Manager, then Lender may choose the replacement property manager provided that such replacement property manager is a Qualified Manager or satisfies the conditions set forth in the foregoing clause (y).
6.1.19    Property Files.  Borrower will deliver to Lender all Property Files in an electronic format reasonably agreed by Lender and Borrower.
6.1.20    Security Deposits.  
(a)    All security deposits of Tenants, whether held in cash or any other form, shall be deposited into one or more Eligible Accounts (each, a “Security Deposit Account”) established and maintained by Borrower at a local bank which shall be an Eligible Institution, held in compliance with all Legal Requirements, and identified on Schedule XIII, as such schedule may be updated from time to time by delivery of written notice by the Borrower to Lender, and shall not be commingled with any other funds of Borrower.  On or before the Closing Date, Borrower shall cause all security deposits of Tenants received by Borrower or Manager on or before the Closing Date to be deposited into a Security Deposit Account.  Borrower shall cause all security deposits of Tenants received by Borrower or Manager after the Closing Date to be deposited into a Security Deposit Account, the Collection Account or a Rent Deposit Account within three (3) Business Days of receipt; provided that if Borrower receives a check or other payment that combines a security deposit of a Tenant together with Rent or other amounts owing by a Tenant, then Borrower shall deposit the combined payment into the Rent Deposit Account or Cash Management Account.  Borrower shall maintain complete and accurate records of all transactions pertaining to security deposits of Tenants and the Security Deposit Accounts, with sufficient detail to identify all security deposits of Tenants separate and apart from other payments received from or by Tenants.  Borrower shall, no less frequently than once each month, transfer into a Security Deposit Account any security deposits of Tenants previously received and deposited into the Collection Account or a Rent Deposit Account.  The security deposits of Tenants shall be disbursed by Borrower in accordance with the terms of the applicable Leases and all Legal Requirements.  In the event the Tenant under any Lease defaults such that the applicable security deposit may be drawn upon on account of such default, the proceeds of such draw shall constitute Collections and Borrower shall immediately deposit the proceeds thereof into a Rent Deposit Account or the Collection Account. Borrower shall pay for all expenses of opening and maintaining the Security Deposit Accounts. So long as the Debt is outstanding, except as otherwise provided in this Section 4.1.15(a), Borrower shall not (and shall not permit Manager or any other Person to) open any other accounts for the deposit of security deposits of Tenants other than the Security Deposit Accounts.
(b)    Any bond or other instrument which Borrower is permitted to hold in lieu of cash security deposits under any applicable Legal Requirements (i) shall be maintained in full force and effect in the full amount of such deposits unless replaced by cash deposits as herein above described, (ii) shall be issued by an institution reasonably satisfactory to Lender, (iii) shall, if permitted pursuant to any Legal Requirements, name Lender as payee or mortgagee thereunder (or at Lender’s option, be fully assignable to Lender), and (iv) shall in all respects comply with any applicable Legal Requirements and otherwise be satisfactory to Lender.  Borrower shall, upon request, provide Lender with evidence reasonably satisfactory to Lender of Borrower’s compliance with the foregoing.  
(c)    (i) Upon Lender’s written request following the occurrence and during the continuance of an Event of Default, Borrower shall deliver (or cause to be delivered) to Lender (or Servicer) or to one or more accounts designated by Lender (or Servicer) the security deposits of Tenants, and (ii) upon a foreclosure of any Property or action in lieu thereof, Borrower shall deliver to Lender (or Servicer) or to an account designated by Lender (or Servicer) the security deposit applicable to the Lease with respect to such Property, except, in each case, to the extent any such security deposits were previously deposited into a Rent Deposit Account or the Collection Account in accordance with Section 4.1.15(a) following a default by the Tenant under the applicable Lease.  Any security deposits delivered to Lender (or Servicer) pursuant to this Section 4.1.15(c) will be held by Lender (or Servicer) for the benefit of the applicable Tenants in accordance with the terms of the Leases and applicable law.
6.1.21    Anti-Money Laundering.  Borrower shall and shall cause each other Relevant Party to comply in all material respects with all applicable anti-money laundering laws and regulations to the extent applicable, including without limitation, the Patriot Act (collectively, the “Anti-Money Laundering Laws”) and shall provide notice to Lender, within two (2) Business Days, of any Anti-Money Laundering Law regulatory notice or action involving any Loan Party. 
6.1.22    OFAC.  
(a)    Borrower shall (i) prior to entering into a Lease with a Tenant, confirm that such Tenant (excluding any Tenant who occupied a Property pursuant to an in-place Lease when such Property was acquired by Borrower’s Affiliate) is not a Person (A) that is listed in the Annex to, or is otherwise subject to the provisions of Presidential Executive Order No. 13224 (Sept. 23, 2001) or (B) whose name appears on OFAC’s most current list of “Specially Designated Nationals and Blocked Persons” (which list may be published from time to time in various mediums including, but not limited to, the OFAC website, http:www.treas.gov/ofac/downloads/t11sdn.pdf) and (ii) not enter into a Lease with a Tenant that is listed on either of the lists described in clause (i) hereof.
(b)    Notwithstanding the foregoing, if a Responsible Officer of a Loan Party or Manager obtains knowledge that a Tenant is on one of the lists described in Section 4.1.17(a) or is indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, it shall promptly provide notice of such determination to Lender.
6.1.23    Cooperate in Legal Proceedings.  Borrower shall cooperate fully with Lender with respect to any proceedings before any court, board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith, permit Lender, at its election, to participate in any such proceedings.
6.1.24    Further Assurances.  Borrower shall and shall cause each other Loan Party to, at Borrower’s sole cost and expense:
(a)    furnish to Lender all instruments, documents, certificates, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished by Borrower pursuant to the terms of the Loan Documents or which are reasonably requested by Lender in connection therewith.
(b)    cure any defects in the execution and delivery of the Loan Documents and execute and deliver, or cause to be executed and delivered, to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to correct any omissions in the Loan Documents, to evidence, preserve and/or protect the Collateral at any time securing or intended to secure the Obligations, as Lender may reasonably require; and
(c)    do and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Lender may reasonably require from time to time.
6.1.25    Costs and Expenses. 
(a)    Except as otherwise expressly set forth herein or in any of the other Loan Documents, Borrower shall pay or, if Borrower fails to pay, reimburse Lender upon receipt of notice from Lender, for all costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with (i) the Relevant Parties’ ongoing performance of and compliance with Borrower’s agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including confirming compliance with environmental and insurance requirements (except to the extent expressly set forth in Section 10.20); (ii) Lender’s ongoing performance of and compliance with all agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date (except to the extent expressly set forth in Section 10.20); (iii) the negotiation, preparation, execution and delivery of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other documents or matters requested by any Relevant Party; (iv) filing and recording of any Loan Documents; (v) title insurance, surveys, inspections, Broker Price Opinions and broker opinions of market rent; (vi) the creation, perfection or protection of Lender’s Liens in the Collateral (including fees and expenses for title and lien searches, intangibles taxes, personal property taxes, mortgage recording taxes, due diligence expenses, travel expenses, accounting firm fees, environmental reports and Lender’s diligence consultant); (vii) 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 any Relevant Party, the Loan Documents, any Property, or any other security given for the Loan; (viii) fees charged by Servicer (except to the extent expressly set forth in Section 10.20), the Directing Certificateholder and, if a Securitization has occurred and any Securities are then rated by any Ratings Agency, such Ratings Agency, in connection with the Loan or any modification thereof; and (ix) enforcing any Obligations of or collecting any payments due from any Relevant Party under this Agreement, the other Loan Documents or with respect to any 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; 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 active gross negligence, illegal acts, fraud or willful misconduct of Lender; provided, further, that this Section 4.1.20 shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim.  
(b)    In addition, in connection with any Required Parties’ Approval, Review Waiver or other Lender or Rating Agency consent, approval or review requested or required hereunder (other than the initial review of the Loan by the Rating Agencies in connection with a Securitization), Borrower shall pay all of the costs and expenses of Lender, Servicer, the Directing Certificateholder and each Rating Agency in connection therewith, and, if applicable, shall pay any fees imposed by Lender, Servicer, the Directing Certificateholder or any Rating Agency in connection therewith.  For the avoidance of doubt, the express inclusion of the fact that any action be taken or item to be provided be at the sole cost and expense of Borrower (or anything to that effect) does not limit the obligations of Borrower under this Section 4.1.20 or otherwise with respect to costs and expenses in any instance where it is not otherwise expressly stated but implied by virtue of this Section 4.1.20.
(c)    Any costs and expenses due and payable by Borrower hereunder which are not paid by Borrower within ten (10) days after demand may be paid from any amounts in the Collection Account, with notice thereof to Borrower.  The obligations and liabilities of Borrower under this Section 4.1.20 shall (i) become part of the Obligations, (ii) be secured by the Loan Documents and (iii) survive the Term and the exercise by Lender of any of its rights or remedies under the Loan Documents. 
(d)    Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document, each reference to costs and expenses due and payable by Borrower to Lender shall be deemed to include costs and expenses due and payable by Borrower to Lender, Servicer and the Directing Certificateholder and, for the avoidance of doubt, the express reference to the costs and expenses of Lender, Servicer and/or the Directing Certificateholder shall not limit the obligations of Borrower under this clause (d) of Section 4.1.20 in any instance where it is not otherwise expressly stated but implied that such costs and expenses are payable by the Borrower to any such Person.
6.1.26    Indemnity.  Borrower shall indemnify, defend and hold harmless Lender from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for Lender in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not Lender shall be designated a party thereto), that may be imposed on, incurred by, or asserted against Lender in any manner relating to or arising out of (a) any breach by any Relevant Party of its Obligations under, or any material misrepresentation by Borrower contained in, this Agreement or the other Loan Documents; and (b) the use or intended use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation to Lender hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of Lender.  To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Lender.
6.1.27    ERISA Matters.  Each Loan Party shall and shall cause each of its ERISA Affiliates to establish, maintain and operate all Plans to comply in all material respects with the provisions of ERISA, the Code and all applicable laws, the regulations and interpretation thereunder and the respective requirements of the governing documents for such Plans.  Each Loan Party shall and shall cause each of its ERISA Affiliates to establish, maintain and operate all Foreign Plans to comply in all material respects with all laws, regulations and rules applicable thereto and the respective requirements of the governing documents for such plans.
6.1.28    Formation of a Borrower TRS.  If Borrower organizes a Borrower TRS then the following covenants shall be applicable: 
(a)    Borrower shall cause such Borrower TRS to execute and deliver to Lender promptly after the formation of such Borrower TRS and, in any event, prior to contributing any Properties or other Collateral to such Borrower TRS: (i) a guaranty substantially in the form of the Equity Owner Guaranty, guaranteeing the Obligations; (ii) a security agreement, substantially in the form of the Borrower Security Agreement, pursuant to which all personal property assets of such Borrower TRS are pledged by such Borrower TRS as security for the Obligations and (iii) such other agreements, instruments, approvals, legal opinions or other documents as are reasonably requested by Lender in order to create, perfect or establish the first priority (subject to Permitted Liens) of any Lien purported to be covered by any such Collateral Documents or otherwise to effect the intent that all property and assets of such Borrower TRS shall become Collateral for the Obligations; provided, that for the avoidance of doubt, the Lien of the Mortgage encumbering any Property contributed to the Borrower TRS shall not be released at such time and no new Mortgage shall be executed with respect to or recorded against any Property contributed to such Borrower TRS by Borrower;
(b)    Borrower shall deliver promptly after the formation of such Borrower TRS and, in any event, prior to contributing any Properties or other Collateral to such Borrower TRS: (i) an updated Exhibit D to the Borrower Security Agreement reflecting the pledge of Borrower’s capital stock in such Borrower TRS as Collateral for the Obligations; (ii) a certificate evidencing all of the capital stock of such Borrower TRS; (iii) undated stock powers or other appropriate instruments of assignment executed in blank with signature guaranteed and (iv) such other agreements, instruments, approvals, legal opinions or other documents as are reasonably requested by Lender in order to create, perfect or establish the first priority of (subject to Permitted Liens) Lender’s Lien in such capital stock or otherwise to effect the intent that such capital stock shall become Collateral for the Obligations; and
(c)    Prior to contributing a Property to such Borrower TRS, Borrower shall (i) cause such Borrower TRS to execute and deliver to Lender an assumption of the Mortgage related to such Property, in form and substance reasonably acceptable to Lender and Borrower, together with appropriate title endorsements and such other agreements, instruments, approvals, legal opinions or other documents as are reasonably requested by Lender in order to create, perfect or establish the first priority (subject to Permitted Liens) of the Lien purported to be covered by any such Mortgage and (ii) deliver to Lender an Officer’s Certificate certifying that this Section 4.1.23 has been complied with in its entirety.
6.1.29    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 2.1.5.
Section 6.2    Negative Covenants.  Borrower shall comply with the following covenants:
6.2.6    Prohibition Against Termination or Modification.  Borrower shall not (a) surrender, terminate, cancel, modify, renew or extend the Management Agreement, provided, that Borrower may, without Lender’s consent, replace Manager so long as the replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement, (b) enter into any other agreement relating to the management or operation of a Property with Manager or any other Person, provided, that Borrower may permit Manager to enter into sub-management agreements with third-party service providers to perform all or any portion of the services by Manager so long as (x) the fees and charges payable under any such sub-management agreements shall be the sole responsibility of Manager, (y) Borrower shall have no liabilities of obligations under any such sub-management agreements, and (z) any such sub-management agreements will be terminable without penalty upon the termination of the Management Agreement, (c) consent to the assignment by the Manager of its interest under the Management Agreement, or (d) waive or release any of its rights and remedies under the Management Agreement, in each case without the express consent of Lender, which consent shall not be unreasonably withheld.  If at any time Lender consents to the appointment of a new property manager or a Qualified Manager is appointed, such new property manager (including a Qualified Manager) shall execute a Replacement Management Agreement.
6.2.7    Liens Against Collateral.  Borrower shall not and shall cause each other Loan Party not to create or suffer to exist any Liens upon or with respect to, any Collateral except for Liens permitted under the Loan Documents (including, without limitation, Permitted Liens).  
6.2.8    Transfers.  Borrower acknowledges that Lender has examined and relied on the experience of Borrower and its Affiliates, and their principals in owning and operating properties such as the Properties in agreeing to make the Loan, and will continue to rely on Borrower’s ownership of the Properties as a means of maintaining the value of the Properties in connection with the repayment of the Debt and the performance of the Other Obligations.  Borrower acknowledges that Lender has a valid interest in maintaining the value of the Properties so as to ensure that, should Borrower default in the repayment of the Debt or the performance of the Other Obligations, Lender can recover the Debt by a sale of the Properties or Borrower’s Equity Interests.  Therefore, without the prior written consent of Lender, but, in each instance, subject to the provisions of Article 7, neither Borrower nor any Loan Party nor any other Person having a direct or indirect ownership or beneficial interest in Borrower or any Loan Party shall sell, convey, mortgage, grant, bargain, encumber, pledge, assign or transfer the Properties or Collateral or any part thereof, or any interest, direct or indirect, in Borrower or any Loan Party, whether voluntarily or involuntarily and whether directly or indirectly, by operation of law or otherwise (a “Transfer”).  A Transfer within the meaning of this Section 4.2.3 shall be deemed to include (a) an installment sales agreement wherein Borrower agrees to sell a Property or any part thereof for a price to be paid in installments; (b) an agreement by Borrower for the leasing of all or a substantial part of the Property for any purpose other than the actual occupancy by a space Tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents; (c) if Borrower, any Guarantor or any general partner, managing member or controlling shareholder of Borrower or any Guarantor is a corporation, the voluntary or involuntary sale, conveyance or transfer of such corporation’s stock (or the stock of any corporation directly or indirectly controlling such corporation by operation of law or otherwise) or the creation or issuance of new stock; (d) if Borrower, any Loan Party, any Guarantor or any general partner, managing member or controlling shareholder of Borrower, any Loan Party, or any Guarantor is a limited or general partnership, joint venture or limited liability company, the change, removal, resignation or addition of a general partner, managing partner, limited partner, joint venturer or member or the transfer of the partnership interest of any general partner, managing partner or limited partner or the transfer of the interest of any joint venturer or member; and (e) any pledge, hypothecation, assignment, transfer or other encumbrance of any direct or indirect ownership interest in Borrower or any Loan Party.
6.2.9    Change in Business.  Borrower shall, and shall cause each Borrower TRS to, not enter into any line of business other than the acquisition, renovation, rehabilitation, ownership, management and operation of the Properties (and any businesses ancillary or related thereto, including the ownership of a Borrower TRS), or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business.  Except as provided in the Loan Documents, Borrower shall cause (a) Equity Owner to not engage in any activity other than acting as the limited partner of Borrower and the sole member of Borrower GP, (b) Borrower GP to not engage in any activity other than acting as the sole general partner of Borrower, (c) Equity Owner GP to not engage in any activity other than acting as the sole general partner of Equity Owner and (d) any Borrower TRS not to engage in any activity other than marketing and sale of Properties or the provision of other services in connection with the acquisition, renovation, rehabilitation ownership, management and operation of the Properties..
6.2.10    Changes to Accounts.  Borrower shall not and shall cause each other Loan Party not to, without the prior written consent of Lender, (a) open or permit to remain open any cash, securities or other account with any bank, custodian or institution other than the Collection Account, the Accounts, the Security Deposit Accounts and Property Accounts that are subject to a Property Account Control Agreement, (b) change or permit to change any account number of the Collection Account, the Accounts or any Property Account, (c) open or permit to remain open any sub-account of the Collection Account (except any Account), the Accounts or any Property Account, (d) permit any funds of Persons other than Borrower or any Borrower TRS to be deposited or held in any of the Collection Account, the Accounts or the Property Accounts or (e) permit any Collections or other proceeds of any Properties to be deposited or held in Borrower’s Operating Account other than cash that is distributed to Borrower pursuant to Section 6.8.1(i).  
6.2.11    Dissolution, Merger, Consolidation, Etc.  Borrower shall not and shall cause each other Loan Party not to (a) engage in any dissolution, liquidation or consolidation or merger with or into any other business entity, (b) engage in any business activity other than the business activity of such Loan Party described on Schedule IV or otherwise herein, (c) transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the properties or assets of any Loan Party except to the extent permitted by the Loan Documents, (d) modify, amend, waive or terminate its Constituent Documents or its qualification and good standing in any jurisdiction or (e) cause or permit any SPC Party to (i) dissolve, wind up or liquidate or take any action, or omit to take an action, as a result of which such SPC Party would be dissolved, wound up or liquidated in whole or in part, or (ii) amend, modify, waive or terminate the Constituent Documents of such SPC Party, in each case, without obtaining the prior written consent of Lender.
6.2.12    ERISA Matters.  None of the Loan Parties or their ERISA Affiliates shall establish or be a party to any employee benefit plan within the meaning of Section 3(2) of ERISA that is a defined benefit pension plan that is subject to Part III of Subchapter D, Chapter 1, Subtitle A of the Code.  
6.2.13    Indebtedness.  Borrower shall not and shall cause any Borrower TRS not to create, incur, assume or suffer to exist any indebtedness other than (a) the Debt and (b) unsecured trade payables incurred in the ordinary course of business relating to the ownership and operation of the Properties, which in the case of such unsecured trade payables (i) are not evidenced by a note, (ii) do not exceed, at any time, a maximum aggregate amount of three percent (3%) of the original principal amount of the Loan and (iii) are paid within sixty (60) days of the date incurred (collectively, “Permitted Indebtedness”).  Borrower shall cause each Guarantor and each other SPC Party not to create, incur, assume or suffer to exist any indebtedness other than indebtedness incurred under the Equity Owner Guaranty, the Borrower GP Guaranty, this Agreement and the other Loan Documents to which Guarantors are a party and unsecured trade payables incurred in the ordinary course of business related to the ownership of (x) with respect to Equity Owner, its limited partnership interest in Borrower and limited liability company interest in Borrower GP, (y) with respect to Borrower GP, its general partnership interest in Borrower and (z) with respect to Equity Owner GP, its general partnership interest in Equity Owner, in each case (A) do not exceed at any one time Ten Thousand and No/100 Dollars ($10,000.00), and (B) are paid within sixty (60) days after the date incurred (collectively, the “Guarantor’s Permitted Indebtedness”).  Nothing contained herein shall be deemed to require Borrower, any Borrower TRS or any Guarantor to pay any unsecured trade payables so long as Borrower, such Borrower TRS or such Guarantor, as applicable, is in good faith at its own expense, and by proper legal proceedings, diligently contesting the validity, amount or application thereof, provided that in each case, at the time of commencement of any such action or proceeding, and during the pendency of such action or proceeding (1) no Event of Default is continuing, (2) no Property nor any material part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost and (3) such contest operates to suspend collection or enforcement, as the case may be, of the contested amount.
6.2.14    Limitation on Transactions with Affiliates.  Borrower shall not and shall cause each other Loan Party and each SPC Party not to enter into, or be a party to any transaction with any Affiliate of the Loan Parties, except for: (a) the Loan Documents and any payments made under the terms of the Loan Documents; (b) capital contributions by (i) Sponsor to Equity Owner and Equity Owner GP or (ii) Equity Owner and Borrower GP to Borrower; (c) Restricted Junior Payments which are in compliance with Section 4.2.12; (d) the Management Agreement; (e) transactions with any Borrower TRS in accordance with the terms of this Agreement, including Section 4.1.23; and (f) to the extent not otherwise prohibited under this Agreement, other transactions upon fair and reasonable terms materially no less favorable to the Loan Parties than would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate.
6.2.15    Loan Documents.  Borrower shall not and shall cause each other Loan Party not to terminate, amend or otherwise modify any Loan Document, or grant or consent to any such termination, amendment, waiver or consent, except in accordance with the terms thereof.
6.2.16    Limitation on Investments.  Borrower shall not and shall cause each other Loan Party and each SPC Party not to make or suffer to exist any loans or advances to, or extend any credit to, purchase any property or asset or make any investment (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except for acquisition of the Properties and related Collateral and Permitted Investments and for creation of a Borrower TRS and contributions of Properties to a Borrower TRS as permitted by Section 4.1.23. 
6.2.17    Restricted Junior Payments.  Borrower shall not and shall cause each other Loan Party and each SPC Party not to make any Restricted Junior Payment; provided, that the Loan Parties may make Restricted Junior Payments so long as (a) no Default or Event of Default shall then exist or would result therefrom, (b) such Restricted Junior Payments have been approved by all necessary action on the part of the Loan Parties or SPC Parties, as applicable, and in compliance with all applicable laws and (c) such Restricted Junior Payments are not paid from cash or permitted investments held (or required to be held) in any Collection Account, Account, Rent Deposit Account or Security Deposit Account.
6.2.18    Limitation on Issuance of Equity Interests.  Borrower shall not and shall cause each other Loan Party and each SPC Party not to issue or sell or enter into any agreement or arrangement for the issuance and sale of any Equity Interests.
6.2.19    Principal Place of Business.  Borrower shall not and shall cause each other Loan Party and each SPC Party not to change its principal place of business from the address set forth on the first page of this Agreement without first giving Lender thirty (30) days prior written notice.
6.2.20    Change of Name, Identity or Structure.  Borrower shall not and shall cause each other Loan Party and each SPC Party not to change its name, identity (including its trade name or names) or change its organizational structure without notifying Lender of such change in writing at least thirty (30) days prior to the effective date of such change and without first obtaining the prior written consent of Lender, such consent not to be unreasonably withheld, conditioned or delayed.  Borrower shall not and shall cause each other Loan Party and each SPC Party not to change its jurisdiction of organization.  Prior to or contemporaneously with the effective date of any such change, Borrower shall deliver to Lender any financing statement or financing statement change required by Lender to establish or maintain the validity, perfection and priority of the security interest granted herein.  At the request of Lender, Borrower shall and shall cause each other Loan Party and each SPC Party to execute a certificate in form satisfactory to Lender listing the trade names under which such Loan Party or SPC Party intends to operate it business, and representing and warranting that such Loan Party or SPC Party does business under no other trade name. Lender acknowledges that prior to or on the Closing date (but prior to the funding of the Loan) Borrower changed its name from “2014-1 IH BORROWER L.P.” to “2017-1 IH BORROWER L.P.”.
6.2.21    No Embargoed Persons.  At all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, Borrower shall ensure that (a) none of the funds or other assets of any Loan Party or any SPC Party shall constitute property of, or shall be beneficially owned, directly or indirectly, by any Person subject to trade restrictions under United States law, including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder, with the result that the investment in Borrower or any Relevant Party, as applicable (whether directly or indirectly), would be prohibited by law (each, an “Embargoed Person”), or the Loan made by Lender would be in violation of law, (b) no Embargoed Person shall have any interest of any nature whatsoever in any Loan Party or SPC Party with the result that the investment in any Loan Party (whether directly or indirectly), would be prohibited by law or the Loan would be in violation of law, and (c) none of the funds of any Loan Party or SPC Party shall be derived from any unlawful activity with the result that the investment in such Loan Party or SPC Party (whether directly or indirectly), would be prohibited by law or the Loan would be in violation of law.
6.2.22    Zoning.  Borrower shall not, and shall cause each Borrower TRS not to, (a) initiate or consent to any zoning reclassification of any portion of any Property or seek any variance under any existing zoning ordinance that would reasonably be expected to have an Individual Material Adverse Effect on such Property or (b) use or knowingly permit the use of any portion of any Property in any manner that results in any Property or the use thereof becoming non‐conforming under any zoning ordinance or any other applicable land use law, rule or regulation, in each case, without the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed.
6.2.23    Special Purpose Bankruptcy Remote Entity.  Borrower shall not and shall cause each other Loan Party and each SPC Party not to directly or indirectly make any change, amendment or modification to its Constituent Documents, or otherwise take any action, which will result in Borrower or any other Loan Party or SPC Party not being a Special Purpose Bankruptcy Remote Entity.
6.2.24    No Joint Assessment.  Borrower shall not and shall cause any Borrower TRS not to suffer, permit or initiate the joint assessment of any Property (a) with any other real property constituting a tax lot separate from such Property, and (b) which constitutes real property with any portion of such 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 such Property.
Section 6.3    Reporting Covenants.  Borrower shall, unless Lender shall otherwise consent in writing, furnish or cause to be furnished to Lender the following reports, notices and other documents:
6.3.6    Financial Reporting.  Borrower shall furnish the following financial reports to Lender:
(a)    As soon as available and in any event within sixty (60) days after the end of each calendar quarter of each year commencing with the quarter ending June 30, 2017, consolidated balance sheets, statements of operations and retained earnings, and statements of cash flows of Borrower, in each case, as at the end of such quarter and for the period commencing at the end of the immediately preceding calendar year and ending with the end of such quarter, setting forth in each case in comparative form the figures for the corresponding date or period of the immediately preceding calendar year (if any), all in reasonable detail and prepared in accordance with GAAP.  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.
(b)    As soon as available, and in any event within 120 days following the end of each calendar year, commencing with the calendar year ending December 31, 2017, audited copies, of a balance sheet, statements of operations and retained earnings, and statement of cash flows of Borrower, in each case, as at the end of such calendar year, setting forth in each case in comparative form the figures for the immediately preceding calendar year (if any), all in reasonable detail and prepared in accordance with GAAP and the inclusion of footnotes to the extent required by GAAP, such audited financial statements to be accompanied by a report and an unqualified opinion, prepared in accordance with generally accepted auditing standards, of an Independent Accountant selected by Borrower that is reasonably acceptable to Lender (which opinion on such consolidated information shall be without (1) any qualification as to the scope of such audit or (2) a “going concern” or like qualification (other than a going concern qualification that relates solely to the near term maturity of the Loans hereunder)).
(c)    Concurrently with the delivery of quarterly financials, and in any event within sixty (60) days after the end of each calendar quarter, commencing with the calendar quarter ending June 30, 2017, (i) a statement for each Property showing (A) rent roll as of the last day of such calendar quarter, (B) expiration date of the related Lease, (C) vacancy status, (D) security deposits maintained, (E) Tenant payment status and (F) known violations of any Legal Requirements; provided that any of the foregoing items may be excluded from such statements if they are included in the Properties Schedule, (ii) an Officer’s Certificate certifying that such operating statement and Property statements are true, correct and complete in all material respects as of their respective dates, and (iii) upon Lender’s request, other information maintained by Borrower in the ordinary course of business that is reasonably necessary and sufficient to fairly represent the financial position, ongoing maintenance and results of operation of the Properties (on a combined basis) during such calendar quarter;
(d)    Simultaneously with the delivery of the financial statements of Borrower required by clauses (a) and (b) above an Officer’s Certificate certifying (i) that such statements fairly represent the financial condition and results of operations of Borrower as of the end of such quarter or calendar year (as applicable) and the results of operations and cash flows of Borrower for such quarter or calendar year (as applicable), in accordance with GAAP applied in a manner consistent with that of the most recent audited financial statements of Borrower furnished to Lender, subject to normal year-end adjustments and the absence of footnotes, (ii) stating that such Responsible Officer has reviewed the provisions of this Agreement and the other Loan Documents and has made or caused to be made under his or her supervision a review of the condition and operations of the Relevant Parties with a view to determining whether the Relevant Parties are in compliance with the provisions the Loan Documents to the extent applicable to them, and that such review has not disclosed, and such Responsible Officer has no knowledge of, the existence of an Event of Default or Default or, if an Event of Default or Default exists, describing the nature and period of existence thereof and the action which the Relevant Parties propose to take or have taken with respect thereto, (iii) that as of the date of each Officer’s Certificate, no litigation exists involving Borrower or any Property or Properties in which the amount involved is Five Hundred Thousand and No/100 Dollars ($500,000) (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, (iv) stating that such Responsible Officer has reviewed the provisions of Schedule IV hereto and has made or caused to be made under his or her supervision a review of the condition and operations of the Loan Parties with a view to determining whether the Loan Parties are in compliance with Section 4.1.9 of this Agreement, and that such review has not disclosed, and such Responsible Officer has no knowledge of, any noncompliance therewith, and (v) stating that, as of the last day of such calendar quarter or calendar year (as applicable), the Net Assets of Sponsor (exclusive of the direct or indirect interest in Borrower held by Sponsor) were not less than $150,000,000.  
(e)    Simultaneously with the delivery of the financial statements required by clauses (a) and (b) above, a reconciliation for the relevant period of net income to Underwritten Net Cash Flow;
(f)    Simultaneously with the delivery of the financial statements required by clause (a) and (b) above, a duly completed Compliance Certificate, with appropriate insertions, containing the data and calculations set forth on Exhibit C; 
(g)    Simultaneously with the delivery of the financial statements required by clause (a) above, a certificate executed by a Responsible Officer of Borrower certifying (i) the current Property Tax assessment amounts and Other Charges and HOA Fees payable in respect of each Property, (ii) the payment of all Property Taxes, Other Charges and HOA Fees prior to the date such Property Taxes, Other Charges or HOA Fees become delinquent, subject to any contest conducted in accordance with Section 4.4.8 and (iii) if an Acceptable Blanket Policy is not in place with respect to all Properties, the monthly cost of the insurance required under Section 5.1.1;
(h)    Simultaneously with the delivery of the financial statements required by clause (a) above, a report setting forth a quarterly summary of any and all Capital Expenditures made at each Property during the prior calendar quarter.
6.3.7    Reporting on Adverse Effects.  Promptly and in no event more than two (2) Business Days after any Responsible Officer of any Loan Party obtains knowledge of any matter or the occurrence of any event concerning any Loan Party which would reasonably be expected to have a Material Adverse Effect, written notice thereof.
6.3.8    Litigation.  Prompt written notice to Lender of any litigation or governmental proceedings pending or to the actual knowledge of a Responsible Officer of any Loan Party or Manager, threatened in writing against any Loan Party, any SPC Party or against Manager with respect to any Property, which would reasonably be expected to have a Material Adverse Effect or an Individual Material Adverse Effect with respect to any Property.
6.3.9    Event of Default.  Promptly after any Responsible Officer of any Loan Party or Manager obtains knowledge of the occurrence of each Event of Default or Default (if such Default is continuing on the date of such notice), a statement of a Responsible Officer of Manager setting forth the details of such Event of Default or Default and the action which such Loan Party is taking or proposes to take with respect thereto.
6.3.10    Other Defaults.  Promptly and in no event more than two (2) Business Days after any Responsible Officer of any Loan Party or Manager obtains actual knowledge of any default by any Loan Party or SPC Party under any agreement other than the Loan Documents to which such Loan Party or SPC Party is a party which would reasonably be expected to have a Material Adverse Effect, the statement of a Responsible Officer of Manager setting forth the details of such default and the action which such Loan Party or SPC Party is taking or proposes to take with respect thereto.
6.3.11    Properties Schedule.  Borrower shall deliver to Lender no later than sixty (60) days after the end of each calendar quarter of each year, commencing with the quarter ending June 30, 2017 (a) an updated Properties Schedule in electronic format containing each of the data fields set forth on Schedule I.B. (including those under the caption “Property Values”), updated to reflect the data as of the last day of such calendar quarter or for such calendar quarter, (b) a calculation of the quarterly turnover rate for the Properties for the prior calendar quarter, which shall be equal to the number of Properties that became vacant during such calendar quarter divided by the daily average number of Properties during such calendar quarter and (c) the information set forth on Schedule I.C. (the “Quarterly Investor Rollup Report”). The foregoing information shall be delivered together with a certificate of a Responsible Officer of Borrower certifying that it is true, correct and complete as of the last day of, or for, the preceding calendar quarter, as applicable. 
6.3.12    Disqualified Properties.  Promptly and in no event more than ten (10) Business Days after any Responsible Officer of Borrower or Manager obtains actual knowledge that any Property fails to comply with the Property Representations or the Property Covenants, written notice thereof and the action that Borrower is taking or proposes to take with respect thereto.
6.3.13    Security Deposits.  
(a)    Borrower shall deliver to Lender no later than sixty (60) days after the end of each calendar quarter of each year, commencing with the quarter ending June 30, 2017, written notice of the aggregate amount of security deposits deposited into the Security Deposit Account during such quarter, which notice shall include (i) the identity of each applicable Security Deposit Account (including, the name and identification number of the applicable Security Deposit Account, the name, address and wiring instructions of the financial institution which maintains the Security Deposit Account, and the name of the Person to contact at such financial institution) and (ii) amount of each security deposit allocable to such Security Deposit Account.
(b)    Within ten (10) Business Days of Lender’s request therefore, a written accounting of all security deposits of Tenants held in connection with the Leases, including the name and identification number of the accounts in which such security deposits are held, the name and address of the financial institutions in which such security deposits are held and the name of the Person to contact at such financial institution, along with any authority or release necessary for Lender to obtain information regarding such accounts directly from such financial institutions. 
6.3.14    ERISA Matters.  
(a)    As soon as reasonably possible, and in any event within thirty (30) days after the occurrence of any ERISA Event, written notice of, and any requested information relating to such ERISA Event.
(b)    As soon as reasonably possible after the occurrence of a Plan Termination Event, written notice of any action that any Loan Party or any of its ERISA Affiliates proposes to take with respect thereto, along with a copy of any notices received from or filed with the PBGC, the IRS or any Multiemployer Plan with respect to such Plan Termination Event, as applicable.
(c)    As soon as reasonably possible, and in any event within thirty (30) days after a Responsible Officer of any Loan Party has actual knowledge of, or with respect to any Plan or Multiemployer Plan to which such Loan Party or any of its ERISA Affiliates makes direct contributions has reason to believe, that any of the events or conditions specified below with respect to any Plan or Multiemployer Plan has occurred or exists, a statement signed by a Responsible Officer of Borrower setting forth details respecting such event or condition and the action, if any, that the applicable Loan Party or any of its ERISA Affiliates proposes to take with respect thereto (and a copy of any report or notice required to be filed with or given to PBGC by any such Loan Party or any of its ERISA Affiliates with respect to such event or condition):
(i)    any Reportable Event with respect to a Plan, as to which the PBGC has not by regulation or otherwise waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event (provided that a failure to meet the minimum funding standard of Section 412 of the Code or Section 302 of ERISA, including the failure to make on or before its due date a required installment under Section 412(m) of the Code or Section 302(e) of ERISA, shall be a Reportable Event regardless of the issuance of any waivers in accordance with Section 412(d) of the Code); and any request for a waiver under Section 412(d) of the Code for any Plan;
(ii)    the distribution under Section 404(c) of ERISA of a notice of intent to terminate any Plan or any action taken by any Loan Party or any of its ERISA Affiliates to terminate any Plan;
(iii)    the institution by the PBGC of proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by Equity Owner GP, any Loan Party or any of their ERISA Affiliates of a notice from a Multiemployer Plan that such action has been taken by PBGC with respect to such Multiemployer Plan;
(iv)    the complete or partial withdrawal from a Multiemployer Plan by any Loan Party or any of its ERISA Affiliates, as applicable, that results in liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by any Loan Party or any of its ERISA Affiliates, as applicable, of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA;
(v)    the institution of a proceeding by a fiduciary of any Multiemployer Plan against any Loan Party or any of its ERISA Affiliates, as applicable, to enforce Section 515 of ERISA; and
(vi)    failure to satisfy Section 436 of the Code.
6.3.15    Audited Invitation Homes Financials.  Borrower shall deliver, or cause to be delivered, within one hundred twenty (120) days following the end of each calendar year, commencing with the calendar year ended December 31, 2017, audited copies of a balance sheet, statements of operations and retained earnings, and statement of cash flows of Invitation Homes and its consolidated subsidiaries, in each case as of the end of such calendar year, setting forth in each case in comparative form the figures for the immediately preceding calendar year (if any), all in reasonable detail and prepared in accordance with GAAP and the inclusion of footnotes to the extent required by GAAP, such audited financial statements to be accompanied by a report, prepared in accordance with generally accepted auditing standards, of an Independent Accountant selected by Invitation Homes (which opinion on such consolidated information shall be without any qualification as to the scope of such audit); provided that, if at any time such financial statements of Invitation Homes and its consolidated subsidiaries would differ from financial statements of Sponsor and its consolidated subsidiaries, Borrower shall be required to provide, in lieu of the foregoing financial statements with Invitation Homes and its consolidated subsidiaries, audited copies of such financial statements of Sponsor and its consolidated subsidiaries, accompanied by a report of an Independent Accountant, in each case, satisfying the foregoing requirements.
6.3.16    Other Reports.  (a)  Borrower shall deliver to Lender, within ten (10) Business Days of the receipt thereof by Borrower, a copy of all material reports prepared by Manager pursuant to the Management Agreement, including, without limitation, the Annual Budget.
(a)    Borrower shall deliver to Lender, within ten (10) Business Days of Lender’s request therefor, copies of any requested Property Tax, Other Charge or insurance bills, statements or invoices received by Borrower or any Loan Party with respect to the Properties.
(b)    Borrower shall, as soon as reasonably practicable after request by Lender furnish or cause to be furnished to Lender in such manner and in such detail as may be reasonably requested by Lender, such additional information, documents, records or reports as may be reasonably requested with respect to the Properties or the conditions or operations, financial or otherwise, of the Relevant Parties.
6.3.17    HOA Reporting.
(a)    The Borrower shall deliver to Lender, within sixty (60) after the end of each calendar quarter of each year, commencing with the quarter ending June 30, 2017, a report (the “Quarterly HOA Report”) containing the following information with respect to each Applicable HOA Property, a data tape of such Applicable HOA Property containing the following data fields: (x) the data fields set forth on the Properties Schedule under the captions “Property ID”, “YardiCode”, “Property Name”, “Address (Street)”, “City”, “County”, “State”, “Closest MSA”, and “Zip Code” and (y) the HOA name and notice address, the frequency with which payments are due to the HOA, the last HOA payment due date, the next HOA payment due date, the amount owed on the last HOA payment due date, the amount paid on the last HOA payment due date, the amount owed on the next HOA payment due date and payments to the HOA for the applicable Fiscal Year, which such Quarterly HOA Report shall be certified by a Responsible Officer of Borrower as true, correct and complete in all material respects.
(b)    On or prior to the Closing Date, Borrower shall have delivered to Lender the Closing Date HOA Opinions and the Closing Date OSN Certificate.  Subject to the remainder of this subsection (b), Borrower shall deliver to Lender, within twenty (20) Business Days after June 30 and December 31 of each year commencing with the period ending December 31, 2017, one or more legal opinions (which may be in the form of a bring-down or date-down opinion with respect to an earlier delivered opinion, including, without limitation, any Closing Date HOA Opinion) from a nationally recognized law firm (or one with prominent standing in the applicable state) specifying with respect to each state in which a Property is located whether such state is an Applicable HOA State (as defined under clause (a) of the definition thereof).  Any opinion required to be delivered pursuant to this Section 4.3.12(b) may be aggregated with any other opinion required to be delivered to Lender (or Servicer on behalf of Lender) so long as all the states in which Properties are located are included in such opinion or opinions and such opinion or opinions specifically reference this Agreement and otherwise meet the requirements of this Section 4.3.12(b).  If, with respect to any state in which a Property is located, (i) Borrower fails to deliver to Lender an opinion pursuant to this Section 4.3.12(b), Lender may in its sole and absolute discretion designate such state an Applicable HOA State by written notice to Borrower or (ii) any opinion delivered to Lender pursuant to this Section 4.3.12(b) shall be unsatisfactory to Lender in its reasonable discretion, Lender may request in writing that Borrower obtain a second opinion from a nationally recognized law firm (or one with prominent standing in the applicable state) and deliver such opinion to Lender within twenty (20) Business Days of such written request and (1) if Borrower fails to deliver such a second opinion to Lender, Lender may in its reasonable discretion designate such state an Applicable HOA State by written notice to Borrower or (2) if any such second opinion delivered to Lender shall be unsatisfactory to Lender in its sole and absolute discretion and Lender believes in good faith that such state is an Applicable HOA State (as defined under clause (a) of the definition thereof), Lender may designate such state an Applicable HOA State by written notice to Borrower.  In addition, if Lender believes in good faith that any provisions for the subordination of Liens for HOA Fees to the Lien of the Mortgages are unenforceable under the laws of an Applicable HOA State or that such Lien for HOA Fees would be entitled to Priority, Lender may redesignate all affected HOA Properties in such Applicable HOA State as Applicable HOA Properties.  On the Closing Date, Lender acknowledges based on the Closing Date HOA Opinions and the Closing Date OSN Certificate that: (i) Nevada, Illinois, Minnesota, Georgia, South Carolina and Washington are the only Applicable HOA States and (ii) the only Applicable HOA Properties in Nevada, Illinois, Minnesota, Georgia, South Carolina and Washington are the Properties listed on Schedule XV.  Notwithstanding the foregoing or anything herein to the contrary, the Lender shall not be permitted to declare a state an Applicable HOA State pursuant to this Section 4.3.12(b), if Lender or its servicer (excluding any special servicer) has received a legal opinion from a nationally recognized law firm (or one with prominent standing in the applicable state or otherwise reasonably acceptable to Lender) that if delivered by Borrower and referencing this Agreement would have resulted in such state not being declared an Applicable HOA State.
(c)    If subsequent to the Closing Date there is consummated a securitization of a single borrower single family residential rental financing similar to the transactions contemplated by this Agreement and such financing contains HOA reporting and/or HOA Opinion delivery requirements and/or HOA Funds reserve requirements that are less burdensome to the borrower thereunder than those required by this Agreement (including Sections 4.3.12, 4.4.11, 6.2.3, and 6.2.4), then subject to receipt by Borrower of the Required Parties’ Approval, Lender at the request of Borrower shall amend this Agreement in a manner consistent with such less burdensome requirements.
6.3.18    Format Of Certain Deliveries.  Borrower shall deliver to Lender in readable form the Properties Schedule, the calculation of the Debt Service Coverage Ratio, the other information required to be delivered under Section 4.3.1(c) and Section 4.3.6 and, promptly upon request from Lender, such other information as may be reasonably requested by Lender for the purposes of verifying such information and calculations (collectively, the “Live Data Files”).  If the Lender determines that any of the Live Data Files are not in readable form, the Lender shall promptly upon discovery thereof notify Borrower and Borrower, upon receipt of such notice, Borrower shall prepare and send replacement files to Lender.  Borrower agrees to reasonably cooperate with Lender’s efforts to load the Live Data File to its internal systems.
6.3.19    Confidential Designation  Borrower shall designate all information delivered pursuant to this Section 4.3 that is not publically available as confidential, proprietary and non-public upon delivery to Lender or any Rating Agency and shall indicate that such information should be treated as subject to the confidentiality policies of such Person applicable to material non-public information and the engagement letter agreements entered into between Sponsor and such Person with respect to the Loan and/or Securitization, as applicable. 

6.3.20    Rating Agency Information.  At any time any Securities are rated by a Rating Agency, Borrower shall provide Lender with such additional information with respect to Borrower and the Properties as requested by each such Rating Agency with the frequency, within the time periods and with the level of detail specified thereby to the extent consistent with the information that is then being provided to such NRSRO or another NRSRO in single borrower single family residential rental financing similar to the transactions contemplated by this Agreement.
Section 6.4    Property Covenants.  Borrower shall comply with the following covenants with respect to each Property:
6.4.6    Ownership of the Property.  Borrower shall take all necessary action to retain title to the Property and the related Collateral irrevocably in Borrower, free and clear of any Liens other than Permitted Liens.  Borrower shall warrant and defend the title to the Property and every part thereof, subject only to Permitted Liens, in each case against the claims of all Persons whomsoever.  
6.4.7    Liens Against the Property. Borrower shall not create, incur, assume or permit to exist any Lien on any direct or indirect interest in any Property, except for the Permitted Liens.
6.4.8    Title Insurance for the Property.  If a Title Insurance Policy or a Title Insurance Owner’s Policy provided in the Property File with respect to the Property initially consists of a marked or initialed binding commitment, then Borrower shall post a copy to the Property File of a fully issued Title Insurance Policy or Title Insurance Owner’s Policy, as applicable, for such Property in the form and with the coverages and endorsements as provided in such marked or initialed binding commitment within one hundred eighty (180) days following the date hereof.
6.4.9    Deeds.  If a deed provided in the Property File with respect to the Property does not initially consist of a certified copy of the original conforming recorded deed from the applicable recording office, then Borrower shall post a copy such a deed to the Property File within three hundred sixty (360) days following the date hereof.
6.4.10    Mortgage Documents.  If any Mortgage Documents provided in the Property File with respect to the Property initially consists of a copy of such Mortgage Documents in recordable form that have been submitted by the title insurance company for recording in the jurisdiction in which the Property is located, then Borrower shall post a copy to the Property File of a certified or file stamped (in each by the applicable land registry) executed original of such Mortgage Documents within one hundred eighty (180) days following the date hereof.
6.4.11    Condition of the Property.  Except if the Property has suffered a Casualty and is in the process of being restored in accordance with Section 5.4, Borrower shall keep and maintain in all material respects the Property in a good, safe and habitable condition and repair and free of and clear of any damage or waste, and from time to time make, or cause to be made, in all material respects, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, that are necessary to comply with the Renovation Standards and applicable Legal Requirements in all material respects.  Not later than twelve (12) months after the Property was first included in the Collateral, Borrower shall have completed all immediate repairs, if any, identified by Lender and notified to Borrower prior to the Property’s inclusion in the Collateral. 
6.4.12    Compliance with Legal Requirements.  The Property (including the leasing and intended use thereof) shall comply in all material respects with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes and all certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits, required for the legal leasing, use, occupancy, habitability and operation of the Property, all such certifications, permits, licenses and approvals shall be maintained in full force and effect, except as would not reasonably be expected to have an Individual Material Adverse Effect on the Property.    Borrower shall obtain and maintain in full force and effect all consents, approvals, orders, certifications, permits, licenses and authorizations of, and make all filings with or notices to, any court or Governmental Authority related to the operation, use or leasing of the Property except where the failure to obtain would not reasonably be expected to have an Individual Material Adverse Effect with respect to the Property.  Borrower shall not and shall not permit any other Loan Party, any Borrower TRS, any Manager or any other Person in occupancy of or involved with the operation, use or leasing of the Property to commit any act or omission affording any Governmental Authority the right of forfeiture as against the Property or any part thereof.
6.4.13    Property Taxes, Other Charges and HOA Fees.  Borrower shall promptly pay or cause to be paid all Property Taxes, Other Charges and HOA Fees now or hereafter levied, assessed or imposed on it as the same become due and payable and shall furnish to Lender evidence of payment of Property Taxes, Other Charges and HOA Fees prior to the date the same shall become delinquent, and shall promptly pay for all utility services provided to the Property as the same become due and payable (other than any such utilities which are, pursuant to the terms of any Lease, required to be paid by the Tenant thereunder directly to the applicable service provider); provided that, after prior written notice to Lender of its intention to contest any such Property Taxes, Other Charges and HOA Fees, such Loan Party may contest by appropriate legal proceedings conducted in good faith and with due diligence, the amount or validity of any such Property Taxes, Other Charges and HOA Fees and, in such event, may permit the Property Taxes, Other Charges and HOA Fees so contested to remain unpaid during any period, including appeals, when a Loan Party is in good faith contesting the same so long as (a) no Event of Default has occurred and remains uncured, (b) such proceeding shall be permitted under and be conducted in accordance with all applicable Legal Requirements, (c) no Property or other Collateral nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (d) the applicable Loan Party has set aside on its books adequate reserves in accordance with GAAP, and the non-payment or non-discharge of such Property Taxes, Other Charges and HOA Fees would not reasonably be expected to have an Individual Material Adverse Effect on the applicable Property, (e) enforcement of the contested Property Taxes, Other Charges and HOA Fees is effectively stayed for the entire duration of such contest and no Lien is imposed on any Property or other Collateral which is reasonably expected to have an Individual Material Adverse Effect, (f) any Property Taxes, Other Charges and HOA Fees determined to be due, together with any interest or penalties thereon, is promptly paid as required after final resolution of such contest, (g) to the extent such Property Taxes, Other Charges and HOA Fees (when aggregated with all other Taxes that any Loan Party is then contesting under this Section 4.4.8 or Section 4.1.3 and for which Borrower has not delivered to Lender any Contest Security) exceed Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000), Borrower shall deliver to Lender either (i) cash, or other security as may be approved by Lender, in an amount sufficient to insure the payment of any such Property Taxes, Other Charges and HOA Fees, together with all interest and penalties thereon or (ii) a payment and performance bond in an amount equal to one hundred percent (100%) of the contested amount from a surety acceptable to Lender in its reasonable discretion, (h) failure to pay such Property Taxes, Other Charges and HOA Fees will not subject Lender to any civil or criminal liability, (i) such contest shall not affect the ownership, use or occupancy of any Property, and (j) Borrower shall, upon request by Lender, give Lender prompt notice of the status of such proceedings and/or confirmation of the continuing satisfaction of the conditions set forth in clauses (a) through (j) of this Section 4.4.8.  Notwithstanding the foregoing, Borrower shall pay any contested Property Taxes, Other Charges and HOA Fees (or, if cash or other security has been provided, Lender may pay over any such cash or other security held by Lender to the claimant entitled thereto) if, in Lender’s reasonable judgment, any Property or other Collateral (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of any Collateral Document being primed by any related Lien.
6.4.14    Compliance with Agreements Relating to the Properties.  Borrower shall not enter into any agreement or instrument or become subject to any restriction which would reasonably be expected to have an Individual Material Adverse Effect on any Property.  Borrower shall not default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which any Property is bound.  Borrower shall not have a material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument by which any Property is bound, other than obligations under the Loan Documents.  Borrower shall not, and shall cause each Borrower TRS not to, default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Permitted Lien with respect to any Property.  No Property nor any part thereof shall be subject to any purchase options, rights of first refusal, rights of first offer or other similar rights in favor of any Tenant or other third parties.
6.4.15    Leasing.  Borrower shall not enter into any Lease (including any renewals or extensions of any existing Lease) for any Property unless such Lease is an Eligible Lease. 
6.4.16    Verification of HOA Payments.  Borrower shall deliver to Lender, within sixty (60) days after the end of each calendar quarter of each year, with respect to each Applicable HOA Property, proof of payment of the paid HOA Fees identified in the corresponding Quarterly HOA Report (whether in the form of cancelled checks, receipts, ACH confirmations, confirmation of electronic payments or other evidence of such payment reasonably satisfactory to Lender) unless such proof of payment has previously been delivered (e.g. quarterly prepayments) as may reflect that as of the end of such calendar quarter no other amounts (except HOA Fees that may be contested in accordance with Section 4.4.8) remain then due and payable by Borrower or that Borrower has prepaid or otherwise has a positive credit balance (whether in the form of invoices, payment coupons, account statements, assessment letters, estoppels, receipts or other evidence reasonably satisfactory to Lender).
Article 7     
 
INSURANCE, CASUALTY AND CONDEMNATION
Section 7.1    Insurance.
7.1.6    Insurance Policies.
(a)    Borrower, at its sole cost and expense, shall obtain and maintain during the entire Term, or cause to be maintained, insurance policies for Borrower and the Properties providing at least the following coverages:
(i)    comprehensive “all risk” or special causes of loss form insurance, as is available in the insurance market as of the Closing Date, including, but not limited to, loss caused by any type of windstorm (including hail) on the Properties (A) in an amount equal to one hundred percent (100%) of the “full replacement cost”, which for purposes of this Agreement shall mean actual replacement value of the Properties, subject to a loss limit equal to Fifty Million and No/100 Dollars ($50,000,000) per occurrence; (B) containing an agreed amount endorsement with respect to the Improvements and personal property at any Property waiving all co-insurance provisions or to be written on a no co-insurance form and (C) providing for no deductible in excess of Twenty-Five Thousand and No/100 Dollars ($25,000) (it being understood that, so long as no Default or Event of Default has occurred and is continuing (1) Borrower may utilize a Five Million and No/100 Dollars ($5,000,000) aggregate deductible stop loss subject to a Twenty-Five Thousand and No/100 Dollars ($25,000) per occurrence deductible and a Twenty-Five Thousand and No/100 Dollars ($25,000) maintenance deductible following the exhaustion of the aggregate, (2) the aggregate stop loss does not contain any losses arising from named windstorm, earthquake or flood, (3) the perils of named windstorm or flood shall be permitted to have a per occurrence deductible of ten percent (10%) of the total insurable value of the Properties subject to a loss (with a minimum deductible of Two Hundred Fifty Thousand and No/100 Dollars ($250,000) per occurrence for any and all locations), (4) the peril of earth movement including but not limited to earthquake shall be permitted to have a per occurrence deductible of ten percent (10%) of the total insurable value of the Properties subject to a loss (with a minimum deductible of Two Hundred Fifty Thousand and No/100 Dollars ($250,000) per occurrence for any and all locations) and (5) the peril of “other wind and hail” shall be permitted to have a per occurrence deductible of ten percent (10%) of the total insurable value of the Properties subject to a loss (with a minimum deductible of Two Hundred Fifty Thousand and No/100 Dollars ($250,000) per occurrence for any and all locations)).  In addition, Borrower shall obtain (x) if any portion of a Property is currently or at any time in the future located in a federally designated “special flood hazard area”, flood hazard insurance in an amount equal to the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended, plus excess amounts as Lender shall require, (y) named storm insurance in an amount equal to or greater than Twenty-Five Million and No/100 Dollars ($25,000,000) in all states other than Florida and One Hundred Sixty Million and No/100 Dollars ($160,000,000) in Florida, provided that such coverage amount shall be increased if a higher coverage amount is indicated (and may be decreased if lower coverage amount is indicated) based upon a storm risk analysis on a 475 year event Probable Maximum Loss (PML) or Scenario Expected Limit (SEL) (such analysis to be secured by the applicable Borrower utilizing a third-party engineering firm qualified to perform such storm risk analysis using the most current RMS software, or its equivalent, to include consideration of storm surge, if applicable and loss amplification, at the expense of the applicable Borrower at least two times per year or more frequently as may reasonably be requested by Lender and shared with Lender presented by the Properties located in areas prone to named storm activity); and (z) earthquake insurance in an amount equal to or greater than Thirty-Five Million and No/100 Dollars ($35,000,000) in all states other than California and Washington and Seventy Million and No/100 Dollars ($70,000,000) in California and Washington, provided that such coverage amount shall be increased if a higher coverage amount is indicated (and may be decreased if lower coverage amount is indicated) based upon a seismic risk analysis on a 475 year event Probable Maximum Loss (PML) or Scenario Expected Limit (SEL) (such analysis to be secured by the applicable Borrower utilizing a third-party engineering firm qualified to perform such seismic risk analysis using the most current RMS software, or its equivalent, to include consideration of loss amplification, at the expense of the applicable Borrower at least two times per year or more frequently as may reasonably be requested by Lender and shared with Lender presented by the Properties located in areas prone to seismic activity); provided that the insurance pursuant to subclauses (x), (y) and (z) hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this Section 5.1.1(a)(i); provided, however, that with respect to any HOA Property for which an HOA Policy is maintained and which sustains a loss covered by the insurance policies described above, subject to the deductibles described above, the all risk comprehensive insurance policies shall (1) cover the “walls-in” improvements and betterments and actual loss of rents sustained with respect to any covered loss at such HOA Property, (2) in the event that the insurance proceeds of the HOA Policy are inadequate to pay for the expected cost of the Restoration of such HOA Property, cover the balance of the expected cost of the Restoration by either (A) covering any special assessments that the HOA levies to fully restore property damaged due to a covered loss or (B) in the event that the HOA cannot or does not complete Restoration of an HOA Property damaged due to a covered loss, paying for the greater of (I) the actual cash value of the HOA Property, inclusive of the “walls-out” portion of the building in which the HOA Property is located or (II) the Allocated Loan Amount of such HOA Property, unless in either case such HOA Property is sold “as-is” before Restoration is completed, in either case minus any proceeds actually received by Borrower from any sale of such HOA Property before Restoration is completed, which sale proceeds shall be treated as Net Proceeds and applied to prepay the Allocated Loan Amount of such HOA Property in accordance with Section 5.4.
(ii)    business income or rental loss insurance, written on an “Actual Loss Sustained Basis” (A) with loss payable to Lender for the benefit of Lenders; (B) covering all risks required to be covered by the insurance provided for in Section 5.1.1(a)(i), (ii), (iv) and (viii); (C) in an amount equal to one hundred percent (100%) of the aggregate projected net income from the operation of the Properties covering a period of at least twelve (12) months; and (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and personal property at a Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of ninety (90) days from the date that the applicable Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period.  The amount of such business income or rental loss insurance shall be determined prior to the Closing Date and at least once each year thereafter based on Borrower’ reasonable estimate of the net income from each Property for the succeeding twelve (12) month period.  All proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied in Lender’s sole discretion to (x) the Obligations or (y) Operating Expenses approved by Lender in its sole discretion; provided, however, that nothing herein contained shall be deemed to relieve Borrower of their obligation to pay the Obligations on the respective dates of payment provided for in this Agreement and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance;
(iii)    at all times during which structural construction, repairs or renovations are being made with respect to any Property, and only if each of the property coverage form and the liability insurance coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance, otherwise known as Owner Contractor’s Protective Liability (or its equivalent), covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy, (B) the insurance provided for in Section 5.1.1(a) written in a so-called builder’s risk completed value form including coverage for all insurable hard and soft costs of construction (x) on a non-reporting basis, (y) against all risks insured against pursuant to Section 5.1.1(a)(i), (iii), (iv) and (viii), (z) including permission to occupy such Property and (C) with an agreed amount endorsement waiving co-insurance provisions;
(iv)    commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about any Property, such insurance (A) to be on the so-called “occurrence” form with a combined limit of not less than One Million and No/100 Dollars ($1,000,000.00) per occurrence; Two Million and No/100 Dollars ($2,000,000.00) in the aggregate “per location” and overall $20,000,000.00 in the aggregate; (B) to continue at not less than the aforesaid limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate and (C) to cover at least the following hazards:  (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for all insured contracts and (5) contractual liability covering the indemnities contained in any Loan Document to the extent the same is available;
(v)    automobile liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence of One Million and No/100 Dollars ($1,000,000.00);
(vi)    if applicable, worker’s compensation subject to the worker’s compensation laws of the applicable state, and employer’s liability in amounts reasonably acceptable to Lender;
(vii)    umbrella and excess liability insurance in an amount not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence and in the aggregate on terms consistent with the commercial general liability insurance policy required under Section 5.1.1(a)(iv), and including employer liability and automobile liability, if required; and
(viii)    upon sixty (60) days’ written notice, such other reasonable insurance, and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for properties similar to the Properties located in or around the region in which Properties are located.
(b)    All insurance provided for in Section 5.1.1(a) shall be obtained under valid and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”) and shall be placed per the requirements of Lender as to form and substance, including insurance companies, amounts, deductibles, loss payees and insureds and evidence that the Properties are specifically covered by such policies.  Certificates of insurance evidencing the Policies shall be delivered to Lender on the Closing Date with respect to the current Policies in place on the Closing Date.  Not less than fifteen (15) days prior to the expiration dates of the Policies theretofore furnished to Lender, certificates of insurance evidencing the Policies (and, upon the written request of Lender, copies of such Policies) accompanied by evidence satisfactory to Lender of payment of the premiums then due thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender.
(c)    Any blanket insurance Policy shall otherwise provide the same protection as would a separate Policy insuring only the Properties in compliance with the provisions of Section 5.1.1(a) (any such blanket policy, an “Acceptable Blanket Policy”).
(d)    All Policies of insurance provided for or contemplated by Section 5.1.1(a), except for the Policy referenced in Section 5.1.1(a)(v), shall name Borrower as the insured and Lender and its successors and/or assigns as mortgagee and loss payee, as its interests may appear, and in the case of property damage, boiler and machinery, windstorm, flood and earthquake insurance, shall contain a so-called New York standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender unless below the threshold for Borrower to handle such claim without Lender intervention as provided in Section 5.2.  Additionally, if Borrower obtains property insurance coverage in addition to or in excess of that required by Section 5.1.1(a)(i), then such insurance policies shall also contain a so-called New York standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender.
(e)    All Policies of insurance provided for in Section 5.1.1(a), except for the Policies referenced in Section 5.1.1(a)(vi), shall contain clauses or endorsements to the effect that:
(i)    no act or negligence of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant, or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned;
(ii)    the Policy shall not be canceled without at least thirty (30) days’ written notice to Lender and any other party named therein as an additional insured (other than in the case of non-payment in which case only ten days prior notice, or the shortest time allowed by applicable Legal Requirement (whichever is longer), will be required) and shall not be materially changed (other than to increase the coverage provided thereby) without such a thirty (30) day notice;
(iii)    Lender shall not be liable for any Insurance Premiums thereon or subject to any assessments thereunder; and
(iv)    the issuers thereof shall give notice to Lender if a Policy has not been renewed ten (10) days prior to its expiration; and
(f)    If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Properties, including the obtaining of such insurance coverage as Lender in its sole discretion deems appropriate and all premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and until paid shall be secured by the Collateral Documents and shall bear interest at the Default Rate.
(g)    In the event of foreclosure of the pledge of the Equity Interests of Borrower pursuant to Borrower Security Agreement the Policies shall remain in full force and effect.  In the event of foreclosure of a Mortgage, or other transfer of title to a Property or Properties in extinguishment in whole or in part of the Debt all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in force concerning such Property or Properties and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or Lender or other transferee in the event of such other transfer of title.
7.1.7    Insurance Company.  All Policies required pursuant to Section 5.1.1 shall (a) be issued by financially sound and responsible insurance companies authorized to do business in the states where the applicable Properties are located and having a rating of “A3” or better by Moody’s or, if Moody’s does not provide a rating of an applicable insurance company, a rating of “A-” or better by S&P or Fitch, provided, however, that if Borrower elects to have its insurance coverage provided by a syndicate of insurers, then, if such syndicate consists of five (5) or more members, (i) at least sixty percent (60%) of the insurance coverage (or seventy-five percent (75%) if such syndicate consists of four (4) or fewer members) and one hundred (100%) of the first layer of such insurance coverage shall be provided by insurance companies having a rating of “A3” or better by Moody’s or, if Moody’s does not provide a rating of an applicable insurance company, a rating of “A-” or better by S&P or Fitch and (ii) the remaining forty percent (40%) of the insurance coverage (or the remaining twenty-five percent (25%) if such syndicate consists of four (4) or fewer members) shall be provided by insurance companies having a rating of “Baa2” by Moody’s or, if Moody’s does not provide a rating of an applicable insurance company, a rating of “BBB” or better by S&P or Fitch; (b) with respect to all property insurance policies, name Lender and its successors and/or assigns as their interest may appear; (c) with respect to all property insurance policies and rental loss and/or business interruption insurance policies, contain a Lender’s Loss Payable Endorsement, or their equivalents, naming Lender as the person to whom all payments made by such insurance company shall be paid; (d) with respect to all liability policies, name Lender and its successors and/or assigns as an additional insured; (e) contain a waiver of subrogation against Lender; (f) contain such provisions as Lender deems reasonably necessary or desirable to protect its interest including endorsements providing that (i) neither Borrower, Lender nor any other party shall be a co-insurer under said Policies, (ii) Lender shall receive at least thirty (30) days prior written notice of any modification, reduction or cancellation, and (iii) 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 Properties, but in no event in excess of an amount reasonably acceptable to Lender; and (g) be satisfactory in form and substance to Lender and shall be approved by Lender as to amounts, form, risk coverage, deductibles, loss payees and insureds.  In addition to the insurance coverages described in Section 5.1.1, Borrower shall obtain such other insurance as may from time to time be reasonably required by Lender in order to protect its interests.  Certified copies of the Policies shall be delivered to Lender at the address below (or to such other address or Person as Lender shall designate from time to time by notice to Borrower) on the date hereof with respect to the current Policies and within fifteen (15) days prior to effective date thereof with respect to all renewal Policies:
Wells Fargo Bank, National Association
2010 Corporate Ridge, Suite 1000 
McLean, Virginia 22102
with a copy to:
Midland Loan Services, a PNC Real Estate Business 
PO Box 25965 
Shawnee Mission, KS 66225-5965

Borrower shall pay the Insurance Premiums annually in advance as the same become due and payable and shall furnish to Lender evidence of the renewal of each of the Policies with receipts for the payment of the Insurance Premiums or other evidence of such payment reasonably satisfactory to Lender (provided, however, that Borrower shall not be required to pay such Insurance Premiums nor furnish such evidence of payment to Lender in the event that the amounts required to pay such Insurance Premiums have been deposited into the Insurance Account pursuant to Section 6.3).  Within thirty (30) days after request by Lender, Borrower shall obtain such increases in the amounts of coverage required hereunder as may be reasonably requested by Lender, taking into consideration changes in the value of money over time, changes in liability laws, changes in prudent customs and practices.
7.1.8    Special Insurance Reserve. Notwithstanding anything in this Section 5.1 to the contrary, Borrower shall be permitted to obtain and maintain insurance policies with deductibles in excess of the amounts specified in this Section 5.1, so long as Borrower shall have deposited into and maintains at all times in the Special Insurance Reserve Account an amount equal to the difference between such higher deductible and the applicable deductible specified in this Section 5.1 (such amount, the “Excess Deductible”).
Section 7.2    Casualty.  If one or more Properties are damaged or destroyed in whole or in part by fire or other casualty (a “Casualty”) and either (i) the aggregate loss amount is or is reasonably expected to exceed $25,000, or (ii) any damaged Property is or is reasonably expected to be rendered uninhabitable for more than thirty (30) days as a result of the Casualty, then (A) the Borrower is required to file proof of loss under the applicable Policy or Policies and (B) the Borrower shall give prompt notice of the Casualty to the Lender.  Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower.  In addition, Lender may participate in any settlement discussions with any insurance companies (and shall approve any final settlement) (x) if an Event of Default is continuing or (y) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are reasonably expected to be equal to or greater than the Casualty Threshold Amount and Borrower shall deliver to Lender all instruments required by Lender to permit such participation.  Any Insurance Proceeds in connection with any Casualty (whether or not Lender elects to settle and adjust the claim or Borrower settles such claim) shall be due and payable solely to Lender and held by Lender in accordance with the terms of this Agreement.  If Borrower or any party other than Lender receives any Insurance Proceeds or Condemnation Proceeds, Borrower shall immediately deliver such proceeds to Lender and shall endorse, and cause all such third parties to endorse, check payable therefor to the order of Lender.  Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to endorse any such check payable to the order of Lender.  Borrower hereby releases Lender from any and all liability with respect to the settlement and adjustment by Lender of any claims in respect of any Casualty.  Solely with respect to any HOA Property for which an HOA provides one or more property insurance policies that covers a Casualty (each an “HOA Policy”), the following additional provisions shall apply: (1) Borrower shall first make, or request the HOA to make, a claim with respect to any such Casualty under such HOA Policy or HOA Policies, (2) to the extent Borrower has any right to participate in any settlement discussions with insurance companies or approve any final settlement under the HOA Policies and the loss is greater than $25,000, Lender shall have the right to participate in any settlement discussions with any such insurance companies and to approve any final settlement to the same extent it has such rights as described above with respect to Borrower’s Policies, (3) to the extent permitted under the HOA Policies, any insurance proceeds of the HOA Policies that relate to such Casualty shall be handled and directed in the same manner as Insurance Proceeds, and (4) in the event that insurance proceeds payable with respect to such Casualty under the HOA Policies are insufficient to pay the expected costs of completing the Restoration, Borrower shall make a claim under its insurance policies maintained in accordance with Section 5.1.1.
Section 7.3    Condemnation.  Borrower shall promptly give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation of all or any portion of a Property and shall deliver to Lender copies of any and all papers served in connection with such proceedings.  Lender may participate in any such proceedings, and Borrower shall from time to time deliver to Lender all instruments requested by it to permit such participation.  Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings which is reasonably expected to involve an Award of an amount greater than the Casualty Threshold Amount.  Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Condemnation Proceeds shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt.  If Borrower or any party other than Lender receives any Condemnation Proceeds, Borrower shall immediately deliver such proceeds to Lender and shall endorse, and cause all such third parties to endorse, a check payable therefore to the order of Lender.  Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note.  Net Proceeds from a Condemnation shall be applied as follows:
(a)    If a partial Condemnation of a Property does not interfere with the use of such Property as a residential rental property, then the Net Proceeds paid by the condemning authority shall be applied to the prepayment of the Debt in accordance with Section 2.4.3(c).  
(b)    If a partial Condemnation of a Property does interfere with the use of such Property as a residential rental property or if there occurs a complete Condemnation of a Property (each, a “Fully Condemned Property”), then (i) if no Event of Default shall have occurred and be continuing and, within thirty (30) days of the date of the occurrence of such Condemnation, Borrower delivers to Lender a written undertaking to substitute the Fully Condemned Property with a Substitute Property in accordance with the requirements of Section 2.7, then (A) if Net Proceeds are paid by the condemning authority directly to Borrower subsequent to such substitution, such Net Proceeds may be retained by Borrower (for the avoidance of doubt, Net Proceeds received by Borrower prior to such substitution shall be immediately paid to Lender as required by Section 5.2), (B) if Net Proceeds are paid by the condemning authority to Lender, such Net Proceeds will be disbursed by Lender to Borrower upon the consummation of such substitution and (C) Borrower shall provide a Substitute Property within ten (10) Business Days of the date of such undertaking in accordance with the requirements of Section 2.7 and (ii) if an Event of Default shall have occurred and be continuing or Borrower fails to deliver such an undertaking to Lender, then (A) Lender may retain any Net Proceeds received by it, (B) Borrower shall immediately deliver to Lender any Net Proceeds paid to Borrower, (C) Net Proceeds shall be applied to the prepayment of the Debt in accordance with Section 2.4.3(c) and (D) Borrower shall prepay the Loan in an amount equal to the positive difference between such Net Proceeds and the Allocated Loan Amount for the Fully Condemned Property, together with all interest and other amounts required to be paid in connection therewith under Section 2.4.5 (collectively, the “Fully Condemned Property Prepayment Amounts”).  Following Borrower’s written request after either (1) the substitution of a Substitute Property for such Fully Condemned Property in accordance with the conditions set forth above or (2) receipt by Lender of the Net Proceeds and payment by Borrower of the Fully Condemned Property Prepayment Amounts, Lender shall release the Fully Condemned Property from the applicable Mortgage Documents and related Lien, provided, that (x) Borrower has delivered to Lender a draft release (and, in the event the Mortgage and the Assignment of Leases and Rents applicable to the Fully Condemned Property encumbers other Property(ies) in addition to the Fully Condemned Property, such release shall be a partial release that relates only to the Fully Condemned Property and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which such Fully Condemned Property is located and shall contain standard provisions protecting the rights of Lender and (y) Borrower shall pay all costs, taxes and expenses associated with such release (including, without limitation, cost to file and record the release and Lender’s reasonable attorneys’ fees).
Section 7.4    Restoration.  The following provisions shall apply in connection with the Restoration of any Property or Properties affected by a Casualty:
(a)    If the Net Proceeds reasonably expected to be received in connection with any single Casualty event is less than the Casualty Threshold Amount, then, (i) if no Event of Default shall have occurred and be continuing and, within sixty (60) days of the date of the occurrence of such Casualty, Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration of the affected Properties in accordance with the terms of this Agreement, then (A) if Net Proceeds are paid by the insurance company directly to Borrower subsequent to delivering such undertaking, such Net Proceeds may be retained by Borrower (for the avoidance of doubt, Net Proceeds received by Borrower prior to delivering such undertaking shall be immediately paid to Lender as required by Section 5.2), (B) if Net Proceeds are paid by the insurance company to Lender, such Net Proceeds will be disbursed by Lender to Borrower and (C) Borrower shall conduct the Restoration of the affected Properties in accordance with the terms of Section 5.4(c) and (ii) if an Event of Default shall have occurred and be continuing or Borrower fails to deliver such an undertaking to Lender, then (A) Lender may retain any Net Proceeds received by it, (B) Borrower shall immediately deliver to Lender any Net Proceeds paid to Borrower as required by Section 5.2, (C) such Net Proceeds shall be applied to the prepayment of the Debt in accordance with Section 2.4.3(c), (D) Borrower shall prepay the Loan in an amount equal to the positive difference between such Net Proceeds and the Allocated Loan Amount for the affected Properties, together with all interest and other amounts required to be paid in connection therewith under Section 2.4.5, and (E) following Borrower’s written request and receipt by Lender of the Net Proceeds and payment by Borrower of the amounts set forth in clause (D) above, Lender shall release the affected Properties from the applicable Mortgage Documents and related Liens, provided, that (x) Borrower has delivered to Lender draft releases (and, in the event any of the Mortgages and the Assignments of Leases and Rents applicable to any of the affected Properties encumber other Property(ies) in addition to the affected Properties, such release shall be a partial release that relates only to the affected Property(ies) and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which such affected Properties are located and shall contain standard provisions protecting the rights of Lender and (y) Borrower shall pay all costs, taxes and expenses associated with such release (including, without limitation, cost to file and record the release and Lender’s reasonable attorneys’ fees).
(b)    If the Net Proceeds reasonably expected to be received in connection with any single Casualty event is greater than the Casualty Threshold Amount, then, (i) if no Event of Default shall have occurred and be continuing and, within sixty (60) days of the date of the occurrence of such Casualty, Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration of the affected Properties in accordance with the terms of this Agreement, then (A) Borrower shall immediately deliver to Lender any Net Proceeds paid to Borrower as required by Section 5.2 and (B) Borrower shall conduct the Restoration of the affected Properties in accordance with the terms of and subject to the conditions of Section 5.4(d) and (ii) if an Event of Default shall have occurred and be continuing or Borrower fails to deliver such an undertaking to Lender, then (A) Lender may retain any Net Proceeds received by it, (B) Borrower shall immediately deliver to Lender any Net Proceeds paid to Borrower as required by Section 5.2, (C) such Net Proceeds shall be applied to the prepayment of the Debt in accordance with Section 2.4.3(c), (D) Borrower shall prepay the Loan in an amount equal to the positive difference between such Net Proceeds and the Allocated Loan Amount for the affected Properties, together with all interest and other amounts required to be paid in connection therewith under Section 2.4.5, and (E) following Borrower’s written request and receipt by Lender of the Net Proceeds and payment by Borrower of the amounts set forth in clause (D) above, Lender shall release the affected Properties from the applicable Mortgage Documents and related Liens, provided, that (x) Borrower has delivered to Lender draft releases (and, in the event any of the Mortgages and the Assignments of Leases and Rents applicable to any of the affected Properties encumber other Property(ies) in addition to the affected Properties, such release shall be a partial release that relates only to the affected Property(ies) and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which such affected Properties are located and shall contain standard provisions protecting the rights of Lender and (y) Borrower shall pay all costs, taxes and expenses associated with such release (including, without limitation, cost to file and record the release and Lender’s reasonable attorneys’ fees).
(c)    If Borrower elects to undertake the Restoration of a Property or Properties pursuant to Section 5.4(a), (i) Borrower shall commence the Restoration as soon as reasonably practicable (but in no event later than ninety (90) days after such Casualty occurs) and shall diligently pursue the same to satisfactory completion; (ii) Borrower shall cause the affected Property and the use thereof after the Restoration to be in compliance with and permitted under all applicable Legal Requirements and such Property, after Restoration, shall be of the same character as prior to such damage or destruction; (iii) the Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance with all applicable Legal Requirements and the Renovation Standards and (iv) Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be reasonably acceptable to Lender.
(d)    If Borrower elects to undertake the Restoration of a Property or Properties pursuant to Section 5.4(b), the following provisions shall apply:
(i)    the Net Proceeds shall be made available to Borrower for Restoration upon the determination of Lender that the following conditions are met: (i) Borrower shall commence the Restoration as soon as reasonably practicable (but in no event later than ninety (90) days after such Casualty occurs) and shall diligently pursue the same to satisfactory completion; (ii) Lender shall be satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note, which will be incurred with respect to the Properties as a result of the occurrence of the Casualty, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Section 5.1.1(a)(ii), if applicable, or (3) by other funds of Borrower; (iii) Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) the date six (6) months prior to the Stated Maturity Date, (2) the earliest date required for such completion under the terms of any Lease, (3) such time as may be required under applicable Legal Requirements or (4) six (6) months prior to the expiration of the insurance coverage referred to in Section 5.1.1(a)(ii); (iv) Borrower shall cause the affected Property and the use thereof after the Restoration to be in compliance with and permitted under all applicable Legal Requirements and such Property, after Restoration, shall be of the same character as prior to such damage or destruction; (v) the Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance with all applicable Legal Requirements and the Renovation Standards; (vi) Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be reasonably acceptable to Lender and (vii) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in Lender’s discretion to cover the cost of the Restoration.
(ii)    The Net Proceeds shall be held by Lender in the Casualty and Condemnation Account and, until disbursed in accordance with the provisions of this Section 5.4(d), shall constitute additional security for the Debt and other obligations under the Loan Documents.  The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration, upon receipt of evidence satisfactory to Lender that (A) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Properties which have been fully bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured to the satisfaction of Lender by the title company issuing the Title Insurance Policy.
(iii)    All plans and specifications required in connection with the Restoration shall be subject to the prior approval of Lender and an independent consulting engineer selected by Lender (the “Casualty Consultant”).  Lender shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration.  The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts under which they have been engaged, shall be subject to the approval of Lender and the Casualty Consultant.  All costs and expenses incurred by Lender in connection with recovering, holding and advancing the Net Proceeds for the Restoration including, without limitation, reasonable attorneys’ fees and disbursements and the Casualty Consultant’s fees and disbursements, shall be paid by Borrower.
(iv)    In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, less the Casualty Retainage.  The term “Casualty Retainage” shall mean, as to each contractor, subcontractor or materialman engaged in the Restoration, an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until the Restoration has been completed.  The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 5.4(d), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration.  The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 5.4(d) and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate Governmental Authorities, and Lender receives evidence satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that Lender will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which (x) the Casualty Consultant certifies to Lender that such contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of such contractor’s, subcontractor’s or materialman’s contract, (y) the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company issuing the Title Insurance Policy, and (z) Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the Lien of the Mortgage and evidence of payment of any premium payable for such endorsement.  If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman.
(v)    Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month.
(vi)    If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the opinion of Lender in consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the Restoration, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”) with Lender (for deposit into the Casualty and Condemnation Account) before any further disbursement of the Net Proceeds shall be made.  The Net Proceeds Deficiency deposited with Lender shall be deposited by Lender into the Casualty and Condemnation Account and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 5.4(d) shall constitute additional security for the Obligations.
(vii)    The excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 5.4(d), and the receipt by Lender of evidence satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred and shall be continuing.
(e)    All reasonable out-of-pocket costs and expenses incurred by Lender in connection with any Restoration including, without limitation, reasonable attorneys’ fees and disbursements, shall be paid by Borrower.
(f)    Notwithstanding anything to the contrary set forth in this Agreement, including the provisions of Section 5.3 or Section 5.4, if the Loan is included in a REMIC Trust and, immediately following a release of any portion of the Lien of a Mortgage following a Casualty or Condemnation of a Property (but taking into account any proposed Restoration of the remaining portion of such Property), the ratio of the unpaid principal balance of the Loan to the value of the remaining Properties is greater than one hundred twenty-five percent (125%) (such value to be determined, in Lender’s sole discretion, by any commercially reasonable method permitted to a REMIC Trust; and which shall exclude the value of personal property (other than fixtures) or going concern value, if any), the Outstanding Principal Balance must be paid down (by application of the Net Proceeds or Award, as applicable, or if such amounts are not sufficient, by Borrower) by a “qualified amount” as that term is defined in the IRS Revenue Procedure 2010-30, as the same may be amended, replaced, supplemented or modified from time to time, unless Lender receives an opinion of counsel that if such amount is not paid, the applicable Securitization will not fail to maintain its status as a REMIC Trust as a result of the related release of such portion of the Lien of such Mortgage.  If and to the extent the preceding sentence applies, only such amount of the net Award or net Insurance Proceeds (as applicable), if any, in excess of the amount required to pay down the principal balance of the Loan may be released for purposes of Restoration or released to Borrower as otherwise expressly provided in Section 5.3 or Section 5.4.
Article 8     
 
CASH MANAGEMENT AND RESERVE FUNDS
Section 8.1    Cash Management Arrangements.  
8.1.6    Rent Deposit Account and Collection Account.  Borrower shall establish and maintain one or more trust accounts for the purpose of collecting Rents (each, a “Rent Deposit Account”) at a local bank selected by Borrower and reasonably approved by Lender which shall be an Eligible Institution (the “Rent Deposit Bank”).  The Rent Deposit Accounts shall be subject to a Property Account Control Agreement and Borrower and Manager shall have access to and may make withdrawals from any Rent Deposit Account for the sole purpose of making refunds of partial payments of Rents to preserve rights of eviction (as provided below) until the occurrence of an Event of Default, after which Lender may exercise sole control and dominion over each Rent Deposit Account and neither Borrower nor Manager shall have the right of withdrawal from or access to the Rent Deposit Accounts; provided that, for the avoidance of doubt, no Property Account Control Agreement shall be required with respect to Security Deposit Accounts.  Borrower shall cause all Rents which are paid to or received by Borrower or Manager to be deposited into a Rent Deposit Account or the Collection Account, provided that all Rents are deposited into the Collection Account within three (3) Business Days after receipt thereof by Borrower or Manager.  Borrower shall (or instruct Manager to) cause all funds on deposit in a Rent Deposit Account to be deposited into the Collection Account every third (3rd) Business Day (or more frequently in Borrower’s discretion), provided, that so long as no Event of Default exists, Borrower may cause Rent Deposit Bank to retain a reasonable amount of funds in the Rent Deposit Accounts (the “Rent Deposit Account Retained Amount”) with respect to anticipated overdrafts, charge-backs and refunds of partial payments of Rents to preserve rights of eviction, provided in no event shall the Rent Deposit Account Retained Amount exceed two and one-half percent (2.5%) of the total Rents deposited into the Rent Deposit Accounts during the immediately prior calendar month.  Borrower shall cause any Rents which are paid to Borrower or Manager via wire or other electronic means to be deposited directly into a Rent Deposit Account or the Collection Account and, without limitation of the foregoing, Borrower shall notify and advise each current and future Tenant to send all payments of Rent pursuant to an instruction letter in the form of Exhibit D attached hereto (a “Tenant Direction Letter”).  Without the consent of Lender, neither Borrower nor Manager shall terminate, amend, revoke or modify any Tenant Direction Letter in any manner whatsoever, or direct or cause any Tenant to pay any amount in any manner other than as provided in the related Tenant Direction Letter.  In the event of any Transfer of any Property, Borrower shall (or shall cause the Manager or the closing title company or escrow agent, as applicable, to) deposit directly into the Collection Account the Net Transfer Proceeds for allocation in accordance with the terms of this Agreement.  In addition, Borrower shall, and shall cause Manager to, deposit any other Collections received by or on behalf of Borrower directly into the Collection Account within three (3) Business Days following receipt thereof.  Without in any way limiting the foregoing, any Rents and other Collections received by Borrower or Manager shall be deemed to be collateral for the Obligations and shall be held in trust for the benefit, and as the property, of Lender, and such amounts shall not be commingled with any other funds or property of Borrower or Manager.  Lender may also establish subaccounts of the Collection Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred to herein as “Accounts”).  The Collection Account and all other Accounts shall be subject to the Blocked Account Control Agreement and shall be under the sole control and dominion of Lender, and Borrower shall have no right of withdrawal therefrom.  Neither Borrower nor Manager shall have the right of withdrawal with respect to the Collection Account or any Accounts except with the prior written consent of Lender, and neither Borrower, Manager, nor any Person claiming on or behalf of or through Borrower or Manager shall have any right or authority to give instructions with respect to the Collection Account or the Accounts. Borrower acknowledges and agrees that Collection Account Bank shall comply with (i) the instructions originated by Lender with respect to the disposition of funds in the Collection Account and the Accounts without the further consent of Borrower or Manager or any other Person and (ii) all “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) and instructions originated by Lender directing the transfer or redemption of any financial asset relating to the Collection Account or any Account without further consent by Borrower or any other Person. The Collection Account and each Account is and shall be treated either as a “securities account”, as such term is defined in Section 8-501(a) of the UCC, or a “deposit account”, as defined in Section 9-102(a)(29) of the UCC.  Borrower shall not further pledge, assign or grant any security interest in the Rent Deposit Accounts or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing statements, except those naming Lender as the secured party, to be filed with respect thereto.  Borrower shall indemnify Lender and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Rent Deposit Accounts and/or the related Property Account Control Agreement (unless arising from the gross negligence or willful misconduct of Lender) or the performance of the obligations for which the Rent Deposit Accounts were established.
8.1.7    Investment of Funds in Collection Account, Accounts, and Rent Deposit Account . Sums on deposit in the Collection Account and the Accounts may be invested in Permitted Investments.  Lender shall have the right to direct Collection Account Bank to invest sums on deposit in the Collection Account and the Accounts in Permitted Investments. The Collection Account shall be assigned the federal tax identification number of Borrower.  Sums on deposit in the Rent Deposit Accounts shall not be invested in Permitted Investments and shall be held solely in cash.  The amount of actual losses sustained on a liquidation of a Permitted Investment in the Collection Account or an Account shall be deposited into the Collection Account or the applicable Account, as applicable, by Borrower no later than one (1) Business Day following such liquidation.  Borrower shall be responsible for payment of any federal, state or local income or other tax applicable to income earned from Permitted Investments.  
8.1.8    Borrower’s Operating Account.  Borrower shall establish and maintain an account (the “Borrower’s Operating Account”) at a local bank selected by Borrower and reasonably approved by Lender which shall be an Eligible Institution.  Borrower may also establish and maintain subaccounts of Borrower’s Operating Account (which may be ledger or book entry accounts and not actual accounts).  Borrower’s Operating Account (and any subaccounts thereof) shall be subject to a Property Account Control Agreement in which Borrower and Manager shall have access to and may make withdrawals from Borrower’s Operating Account until the occurrence of an Event of Default, after which Lender may exercise sole control and dominion over Borrower’s Operating Account (and any subaccounts thereof) and neither Borrower nor Manager shall have the right of withdrawal from or access to Borrower’s Operating Account (and any subaccounts thereof).
8.1.9    General. Borrower shall pay for all expenses of opening and maintaining the Collection Account (and the Accounts) and the Property Accounts. There are no other accounts maintained by Borrower or Manager or any other Person other than the Rent Deposit Accounts and the Collection Account into which Rents or any other Collections shall be deposited.  So long as the Debt is outstanding, Borrower shall not (and shall not permit Manager or any other Person to) open any other account for the deposit of Rents or any other Collections.
Section 8.2    Tax Funds; HOA Funds.
8.2.6    Deposits of Tax Funds.  Borrower shall deposit with Lender (i) on the Closing Date, an amount equal to $3,994,575 and (ii) on each Monthly Payment Date, an amount equal to one-twelfth of the Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, in order to accumulate sufficient funds to pay all such Property Taxes prior to their respective due dates, which amounts shall be transferred into an Account (the “Tax Account”).  Amounts deposited from time to time into the Tax Account pursuant to this Section 6.2.1 are referred to herein as the “Tax Funds”.  If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Monthly Payment Date following Borrower’s receipt of such written notice, the monthly deposits for Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within one (1) Business Day after its receipt of such notice.
8.2.7    Release of Tax Funds.  Provided no Event of Default is continuing, Lender shall apply Tax Funds in the Tax Account to reimburse Borrower for payments of Property Taxes made by Borrower after delivery by Borrower to Lender of evidence of such payment reasonably acceptable to Lender.  If the amount of the Tax Funds shall exceed the amounts due for Property Taxes, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax Funds.  Any Tax Funds remaining in the Tax Account after the Obligations have been paid in full shall be returned to Borrower.  Provided no Default or Event of Default exists, the Tax Funds reserved for any Property will be released upon a permitted sale and release of such Property in accordance with the terms hereof.
6.2.3    Deposits of HOA Funds.  Borrower shall deposit with Lender on the Closing Date, an amount equal to the HOA Fees that Lender estimates will be payable with respect to all Applicable HOA Properties during the next ensuing twelve (12) months (initially, $143,666) which amounts shall be transferred into a subaccount established at the Collection Account Bank to hold such funds (the “HOA Subaccount”).  Amounts deposited from time to time into the HOA Subaccount pursuant to this Section 6.2.3 are referred to herein as the “HOA Funds”.  If at any time Lender reasonably determines that the HOA Funds will not be sufficient to pay the HOA Fees for the Applicable HOA Properties for the next ensuing twelve (12) months, Lender shall notify Borrower of such determination and, within thirty (30) days following Borrower’s receipt of such written notice, Borrower shall deposit with Lender for transfer into the HOA Subaccount an amount that Lender estimates is sufficient to make up the deficiency. 

6.2.4    Release of HOA Funds.  If at any time Lender believes in good faith that HOA Fees due and payable to an HOA for any HOA Property have become delinquent, Lender shall in its sole and absolute discretion apply the HOA Funds to pay such HOA Fees.  If the amount of the HOA Funds shall exceed the HOA Fees that Lender estimates will be payable with respect to all Applicable HOA Properties during the next ensuing twelve (12) months, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the HOA Funds.  Any HOA Funds remaining in the HOA Subaccount after the Obligations have been paid in full shall be returned to Borrower.  Provided no Default or Event of Default exists, the HOA Funds reserved for any Applicable HOA Property shall be released upon a permitted sale and release of such Property in accordance with the terms hereof.

Section 8.3    Insurance Funds.
8.3.6    Deposits of Insurance Funds.  Borrower shall deposit with or on behalf of Lender on each Monthly Payment Date, an amount equal to one-twelfth of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof, in order to accumulate sufficient funds to pay all such Insurance Premiums prior to the expiration of the Policies, which amounts shall be transferred into an Account established at the Collection Account Bank to hold such funds (the “Insurance Account”).  Amounts deposited from time to time into the Insurance Account pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”.  If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies.
8.3.7    Release of Insurance Funds.  Provided no Event of Default is continuing, Lender shall apply Insurance Funds in the Insurance Account to timely pay, or reimburse Borrower for payments of, Insurance Premiums.  If the amount of the Insurance Funds shall exceed the amounts due for Insurance Premiums, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Insurance Funds.  Any Insurance Funds remaining in the Insurance Account after the Obligations have been paid in full shall be returned to Borrower.  Provided no Default or Event of Default exists, the Insurance Funds reserved for any Property will be released upon a permitted sale and release of such Property in accordance with the terms hereof.
8.3.8    Acceptable Blanket Policy.  Notwithstanding anything to the contrary contained in Section 6.3.1, in the event that an Acceptable Blanket Policy is in effect with respect to the Policies required pursuant to Section 5.1.1, deposits into the Insurance Account required for Insurance Premiums pursuant to Section 6.3.1 shall be suspended to the extent that Insurance Premiums relate to such Acceptable Blanket Policy; provided that, in the event Borrower fails to comply with any provision of Section 5.1.1, Lender may, in its sole discretion, require deposits into the Insurance Account for Insurance Premiums pursuant to Section 6.3.1 notwithstanding the existence of an Acceptable Blanket Policy with respect to the Properties until such time (if any) when Lender, in its sole discretion, agrees to again suspend such requirement.  As of the date hereof, an Acceptable Blanket Policy is in effect with respect to the Policies required as of the Closing Date pursuant to Section 5.1.1.
Section 8.4    Capital Expenditure Funds. 
8.4.6    Deposits of Capital Expenditure Funds.  Borrower shall deposit with or on behalf of Lender on each Monthly Payment Date, an amount equal to one-twelfth of the product of (i) $750 multiplied by (ii) the number of Properties to which the Loan is applicable, in order to accumulate sufficient funds, for annual Capital Expenditures, which amounts shall be transferred into an Account (the “Capital Expenditure Account”).  Amounts deposited from time to time into the Capital Expenditure Account pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds”.  So long as no Event of Default has occurred and is continuing, Borrower may request that Lender perform an analysis to determine the adequacy of the Capital Expenditure Funds. Lender may, in its sole discretion, perform such analysis to determine the adequacy of the Capital Expenditure Funds and potentially make such adjustments to the amount required to be funded by Borrower as Lender may reasonably require based on the overall age and condition of the Properties and other relevant metrics with respect to the Properties (excluding, for the avoidance of doubt, general market conditions to the extent not disproportionately affecting the Properties).  If, in its sole discretion, Lender concludes that to the reserves on deposit are adequate to maintain the Properties, Lender may suspend Borrower’s obligation to make additional deposits to the Capital Expenditure Account; provided that, at any time following any such suspension, Lender may reinstate Borrower’s obligation to make the deposits contemplated in the first sentence of this Section 6.4.1.  
8.4.7    Release of Capital Expenditure Funds.  Provided no Event of Default is continuing, Lender shall disburse Capital Expenditure Funds out of the Capital Expenditure Account to reimburse Borrower for Capital Expenditures actually paid for by Borrower, provided that: (i) such disbursement is for Approved Capital Expenditures in an amount equal to or greater than, in the aggregate, Twenty-Five Thousand and No/100 Dollars ($25,000), (ii) the request for disbursement is accompanied by (A) an Officer’s Certificate from Borrower (1) stating that the expenditures to be reimbursed by the requested disbursement are Approved Capital Expenditures, and a description thereof, and aggregates to an amount equal to or greater than Twenty-Five Thousand and No/100 Dollars ($25,000), (2) stating that all Approved Capital Expenditures to be reimbursed by the requested disbursement have been completed (or completed to the extent of the requested disbursement) in a good and workmanlike manner and in accordance with all applicable Legal Requirements and the Renovation Standards and, (3) stating that the Approved Capital Expenditures to be reimbursed from the disbursement in question have not been the subject of a previous disbursement have been paid for by Borrower and (iii) for any individual expenditure greater than Twenty Five Thousand and No/100 Dollars ($25,000), Borrower has delivered to Lender copies of any invoices, bills or statements related to such Approved Capital Expenditures that are requested by Lender.  For the avoidance of doubt, Borrower shall not be entitled to receive a distribution of Capital Expenditure Funds for expenses related to the refurbishment or repair of a Property to the extent that Borrower has been or will be entitled to reimbursement for such expenses from a Tenant’s security deposit.
Section 8.5    Special Insurance Reserve Account.  
8.5.6    Deposit of Special Insurance Reserve Funds.  If pursuant to Section 5.1.3 Borrower elects maintain insurance policies with deductibles in excess of the amounts required by Section 5.1.1, Borrower shall deposit into and maintain in an Account (the “Special Insurance Reserve Account”) an aggregate amount equal to the difference between deductibles in respect of insurance policies maintained by Borrower that are in excess of the levels required  by Section 5.1.1.  Amounts deposited from time to time into the Special Insurance Reserve Account pursuant to this Section 6.5 are referred to herein as the “Special Insurance Reserve Funds”.
8.5.7    Release of Special Insurance Reserve Funds.  Provided no Event of Default is continuing, in the event of a Casualty, Lender shall disburse to Borrower Special Insurance Reserve Funds in the amount of the applicable Excess Deductible within five (5) Business Days of receipt by Lender of written request therefor by Borrower; provided that if Borrower continues to maintain insurance policies with Excess Deductibles, then no disbursement shall be made to the extent such disbursement would result in the Special Insurance Reserve Funds on deposit in the Special Insurance Reserve Account to be less than the aggregate amount of the Excess Deductibles.
Section 8.6    Casualty and Condemnation Account.  Borrower shall pay, or cause to be paid, to Lender all Insurance Proceeds or Awards due to any Casualty or Condemnation in accordance with the provisions of Section 5.2 and Section 5.3, which amounts shall be transferred into an Account (the “Casualty and Condemnation Account”).  Amounts deposited from time to time into the Casualty and Condemnation Account pursuant to this Section 6.6 are referred to herein as the “Casualty and Condemnation Funds”.  All Casualty and Condemnation Funds shall be held, disbursed and/or applied in accordance with the provisions of Section 5.3 or Section 5.4, as applicable.
Section 8.7    Cash Collateral Reserve.  
8.7.6    Cash Collateral Account.  If a Trigger Period shall be continuing, all Available Cash (after payment of the Monthly Budgeted Amount and any Approved Extraordinary Operating Expenses in accordance with Section 6.8.1) shall be paid to Lender, which amounts shall be transferred by Lender into an Account (the “Cash Collateral Account”) to be held by Lender as cash collateral for the Debt.  Amounts on deposit from time to time in the Cash Collateral Account pursuant to this Section 6.7 are referred to as the “Cash Collateral Funds”.  Lender shall have the right, but not the obligation, at any time during the continuance of an Event of Default, in its sole and absolute discretion to apply any and all Cash Collateral Funds then on deposit in the Cash Collateral Account to the Debt, in such order and in such manner as Lender shall elect in its sole and absolute discretion, including to make a Low DSCR Cure Prepayment or Low Debt Yield Cure Prepayment (together with the applicable Yield Maintenance Premium, if any, applicable thereto) or any other amounts due hereunder.
8.7.7    Withdrawal of Cash Collateral Funds. Provided no Default or an Event of Default hereunder is continuing and there is an amount exceeding Five Million Dollars ($5,000,000) on deposit in the Cash Collateral Account (the “Cash Collateral Floor”), Lender shall make disbursements from the Cash Collateral Account of Cash Collateral Funds in excess of the Cash Collateral Floor to pay costs and expenses in connection with the ownership, management and/or operation of the Properties to the extent such amounts are not otherwise paid pursuant to Section 6.8.1 or by Manager pursuant to the Management Agreement for the following items: (i) Operating Expenses including Management Fees (subject to discretionary Operating Expenses being within a five percent (5%) variation of an Approved Annual Budget), (ii) emergency repairs and/or life-safety items (including applicable Capital Expenditures for such purpose), (iii) Capital Expenditures set forth in an Approved Annual Budget (subject to a five percent (5%) variation for Capital Expenditures in such Approved Annual Budget), (iv) legal, audit and accounting costs associated with the Properties or Borrower, excluding legal fees incurred in connection with the enforcement of Borrower’s, rights pursuant to the Loan Documents, (v) payment of Debt Service on the Loan, (vi) voluntary or mandatory prepayment of the Loan (together with any applicable Yield Maintenance Premium), including, without limitation, any Low DSCR Cure Prepayment or Low Debt Yield Cure Prepayment, and (vii) expenses and shortfalls relating to Restoration; provided that no disbursements shall be made from the Cash Collateral Account for any of the Operating Expenses or Capital Expenditures described in the foregoing clauses (i) through (iv) to the extent amounts for such Operating Expenses or Capital Expenditures have been distributed to Borrower from the Collection Account under Section 6.8.1(i)(B), or may be distributed to Borrower from the Tax Account, the Insurance Account or the Capital Expenditure Account, as applicable.
8.7.8    Release of Cash Collateral Funds.  Provided no Trigger Period is continuing as of two (2) consecutive Calculation Dates, Lender shall release Cash Collateral Funds in the Cash Collateral Account to Borrower; provided, that in the event of a Low DSCR Cure Prepayment or Low Debt Yield Cure Prepayment, Lender shall release Cash Collateral Funds in the Cash Collateral Account to Borrower within one (1) Business Day of the date of such Low DSCR Cure Prepayment or Low Debt Yield Cure Prepayment.  
Section 8.8    Property Cash Flow Allocation.
8.8.6    Order of Priority of Funds in Collection Account.  On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, Collections on deposit in the Collection Account on such day shall be applied on such Monthly Payment Date in the following order of priority:
(a)    first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Collection Account by Borrower during the calendar month ending immediately prior to such Monthly Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.8;
(b)    second, to the Tax Account, to make the required payments of Tax Funds as required under Section 6.2;
(c)    third, to the Insurance Account, to make any required payments of Insurance Funds as required under Section 6.3;
(d)    fourth, to Lender, funds sufficient to pay (A) first, the Monthly Debt Service Payment Amount, applied (1) first, to the payment of interest then due and payable on Component A and (2) second, to the payment of interest then due and payable on Component B and (B) then, the regular monthly certificate administrator fee (deemed to be $6,575 per month) and the regular monthly trustee fee (deemed to be $250 per month) under the Servicing Agreement;
(e)    fifth, to the Manager, management fees payable for the calendar month ending immediately prior to such Monthly Payment Date, but not in excess of six percent (6%) of gross Rents collected during such calendar month;
(f)    sixth, to the Capital Expenditure Account, to make the required payments of Capital Expenditure Funds as required under Section 6.4;
(g)    seventh, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(h)    eighth, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Sections 2.4.3 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.5(d); and
(i)    ninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (h) above (the “Available Cash”) either:
(A)    if, as of a Monthly Payment Date, no Low DSCR Period or Low Debt Yield Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(B)    if, as of a Monthly Payment Date, a Low DSCR Period or Low Debt Yield Period is continuing:
(1)    first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2)    second, to Borrower’s Operating Account, payments for Approved Extraordinary Operating Expenses, if any; and
(3)    third, to the Cash Collateral Account to be held or disbursed in accordance with Section 6.7.
8.8.7    Application During Event of Default.  Notwithstanding anything to the contrary contained herein (including this Article 6), upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may apply any Collections then in the possession of Lender, Servicer or the Collection Account Bank (including any Reserve Funds on deposit in the Accounts) or any Property Account Bank to the payment of the Debt in such order, proportion and priority as Lender may determine in its sole and absolute discretion.  Lender’s right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
8.8.8    Annual Budget.  Prior to the date hereof, Borrower has submitted and Lender has approved an Annual Budget for the 2017 calendar year (the “Approved Initial Budget”).  Borrower shall submit to Lender by November 1 of each year the Annual Budget relating to the Properties for the succeeding Fiscal Year.  During the continuance of a Trigger Period, Lender shall have the right to approve each Annual Budget (which approval shall not be unreasonably conditioned, delayed or withheld so long as no Event of Default is continuing).  An Annual Budget approved by Lender during a Trigger Period or any Annual Budget submitted prior to the commencement of a Trigger Period, shall each hereinafter be referred to as an “Approved Annual Budget”.  In the event of a Transfer of any Property the Approved Annual Budget shall be reduced as reasonably determined by Lender in consultation with Borrower in order to reflect the removal of such Property and the Operating Expenses associated therewith; provided that no such reduction shall be made in the event such Transfer is made in connection with a Substitution.  If Lender has the right to approve an Annual Budget pursuant to this Section 6.8.3, neither Borrower nor Manager shall change or modify the Annual Budget that has been approved by Lender without the prior written consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default is continuing).  The “Monthly Budgeted Amount” for each Monthly Payment Date shall mean the monthly amount set forth in the Approved Annual Budget for Operating Expenses and Capital Expenditures for the Interest Period related to such Monthly Payment Date.  If during any Trigger Period, Borrower has submitted an Annual Budget and such Annual Budget has not been approved prior to the commencement of the calendar year to which such budget relates then the previous Approved Annual Budget shall continue to be deemed to be the Approved Annual Budget for that calendar year, except that the line item for Capital Expenditures shall not exceed the Capital Expenditures set forth in the Approved Initial Budget.
8.8.9    Extraordinary Operating Expenses.  During any Low DSCR Period or Low Debt Yield Period, in the event that Borrower incurs or is required to incur an extraordinary operating expense not set forth in the Approved Annual Budget relating to the Properties (each an “Extraordinary Operating Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Operating Expense for Lender’s approval.  Any Extraordinary Operating Expense approved by Lender is referred to herein as an “Approved Extraordinary Operating Expense”.  Any Funds distributed to Borrower for the payment of Approved Extraordinary Operating Expenses pursuant to Section 6.8.1 shall be used by Borrower only to pay for such Approved Extraordinary Operating Expenses or reimburse Borrower for such Approved Extraordinary Operating Expenses, as applicable.
Section 8.9    Security Interest in Reserve Funds.  As security for payment of the Debt and the performance by Borrower of all other terms, conditions and provisions of the Loan Documents, Borrower hereby pledges and assigns to Lender, and grants to Lender a security interest in, all Borrower’s right, title and interest in and to all (collectively, the “Account Collateral”) (i) Collections, (ii) any and all Permitted Investments, (iii) in and to all payments to, cash, checks, drafts, letters of credit, certificates and instruments from time to time held in the Property Accounts, the Collection Account and/or Accounts (collectively, the “Cash Management Accounts”), (iv) all interest, dividends, cash, instruments, investment property and other property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing, and (v) to the extent not covered by clauses (i), (ii), (iii) or (iv) above, all “proceeds” (as defined under the UCC) of any or all of the foregoing.  Borrower hereby grants to Lender a continuing security interest in, and agrees to hold in trust for the benefit of Lender, all Rents and other Collections in its possession prior to the (x) payment of such Collections to Lender or (y) deposit of such Collections into a Rent Deposit Account or Collection Account, as applicable.  Borrower shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in any Cash Management Account, or permit any Lien to attach thereto, or any levy to be made thereon, or any UCC Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto.  This Agreement is, among other things, intended by the parties to be a security agreement for purposes of the UCC.  Upon the occurrence and during the continuance of an Event of Default, Lender may apply any sums in any Cash Management Account in any order and in any manner as Lender shall elect in Lender’s discretion without seeking the appointment of a receiver and without adversely affecting the rights of Lender to foreclose the Lien of any Mortgage Documents, Borrower Security Agreement or exercise its other rights under any other Loan Documents.  Provided no Event of Default exists, all interest which accrues on the funds in the Collection Account or any Account (other than the Tax Account and the Insurance Account) shall accrue for the benefit of Borrower and shall be taxable to Borrower and shall be added to and disbursed in the same manner and under the same conditions as the principal sum on which said interest accrued.  Upon repayment in full of the Debt, all remaining funds in the Collection Account and the Accounts, if any, shall be promptly disbursed to Borrower.
Section 8.10    Eligibility Reserve Account.  
8.10.6    Deposit of Eligibility Funds.  If Borrower shall be required to make a prepayment in respect of any Property pursuant to Section 2.4.3(a) (other than in the case of any Property that constitutes a Disqualified Property due to the occurrence of a Voluntary Action in respect thereof), Borrower shall have an option to deposit into an Account (the “Eligibility Reserve Account”) an amount equal to one hundred percent (100%) of the Allocated Loan Amount for any such Property (“Eligibility Funds”), provided that  Borrower provides Lender with written notice of any such Eligibility Funds and, no later than the due date for the prepayment required under Section 2.4.3(a), delivers such Eligibility Funds with Lender for deposit to the Eligibility Reserve Account.  
8.10.7    Release of Eligibility Funds. Provided no Default or Event of Default exists, Lender shall disburse the Eligibility Funds with respect to a Property to Borrower upon (i) the sale of such Property and payment in full of the applicable Release Amount, (ii) upon such Property becoming an Eligible Property or (iii) upon the substitution of the applicable Disqualified Property with a Substitute Property in accordance with the conditions of Section 2.7.
Section 8.11    Release of Reserve Funds Generally.  Notwithstanding anything to the contrary contained in this Article 6, disbursements of Reserve Funds to Borrower shall only occur on the Reserve Release Date after receipt by Lender of a Reserve Release Request from Borrower not less than five (5) Business Days prior to such date; provided, that if the amount of Reserves to be released to Borrower on any Reserve Release Date is less than the Minimum Disbursement Amount, then such Reserves shall continue to be maintained in the Reserve Accounts until the next Reserve Release Date on which an amount equal to or greater than the Minimum Disbursement Amount is available for disbursement or until the payment in full of the Obligations.
Article 9     
 
PERMITTED TRANSFERS
Section 9.1    Permitted Transfers.  Notwithstanding anything to the contrary contained in Section 4.2.3 but subject to compliance with Section 7.2 and, as applicable, Lender’s determination made pursuant to Section 7.3 that all conditions precedent thereto have been satisfied, the following Transfers (herein, the “Permitted Transfers”) shall be permitted hereunder without Lender’s consent: 
(a)    an Eligible Lease entered into in accordance with the Loan Documents; 
(b)    a Permitted Lien or any other Lien expressly permitted under the terms of the Loan Documents;
(c)    a Transfer of a Property in compliance with Section 2.4.3(a), 2.5, 2.6 or 4.1.23;
(d)    a Substitution in compliance with Section 2.7;
(e)    except to the extent the following results in a Sponsor Change of Control, (i) the Transfer of any direct or indirect legal or beneficial interests in Sponsor or any Sponsor Parent Entity or (ii) a Sponsor Corporate Transaction;
(f)    a Transfer of any direct or indirect interest in Borrower or any other Loan Party (other than any direct interest in Borrower or any other Loan Party which constitutes a portion of the Collateral but including, for the avoidance of doubt, a Transfer that would result in a Sponsor Change of Control); provided that, as determined by Lender in its sole discretion (including with respect to the approval of any Qualified Transferee, Qualified Manager and/or Replacement Management Agreement, as applicable), the following conditions precedent are satisfied:
(i)    Lender shall receive notice of any Transfer described in this Section 7.1(f) not less than thirty (30) days prior to the proposed Transfer Date and Borrower shall pay to Lender the Fannie Mae Review Fee concurrently therewith;
(ii)    after giving effect to such Transfer, a Qualified Transferee (A) shall own not less than fifty-one percent (51%) of the direct or indirect legal and beneficial interests in Borrower and the other Loan Parties and (B) shall continue to Control (directly or indirectly) Borrower, each other Loan Party and each SPC Party;
(iii)    each of Borrower, Equity Owner GP, Equity Owner, Borrower GP and each SPC Party shall each continue to be a Special Purpose Bankruptcy Remote Entity;
(iv)    after giving effect to such Transfer (A) Borrower GP shall remain the sole general partner of Borrower owning not less than one percent (1.0%) of the partnership interest in Borrower, (B) Equity Owner shall remain the sole limited partner of Borrower and the sole member of Borrower GP, (C) Equity Owner GP shall remain the sole general partner of Equity Owner owning not less than one percent (1.0%) of the partnership interest in Equity Owner and (D) Borrower shall remain the sole member of any Borrower TRS;
(v)    the Properties shall continue to be managed by Existing Manager or by a Qualified Manager pursuant to a Replacement Management Agreement;
(vi)    (A) no pledge or other encumbrance of any direct interests in any Restricted Pledge Party (other than pledges securing the Obligations pursuant to the Collateral Documents) shall be permitted, except that a pledge of the direct ownership interests in the most upper-tier Restricted Pledge Party shall be permitted if such pledge directly or indirectly secures indebtedness that is also directly or indirectly secured by substantial assets other than the Collateral, and (B) no Restricted Pledge Party shall issue preferred equity that has the characteristics of mezzanine debt (such as a fixed maturity date, regular payments of interest, a fixed rate of return and rights of the equity holder to demand repayment of its investment); and
(vii)    Borrower shall have paid to Lender the Fannie Mae Transfer Fee.
(g)    a Transfer by Sponsor or one of its Subsidiaries of less than a 50%  indirect interest in Borrower or any other Loan Party (other than any such interest in Borrower or any other Loan Party which constitutes a portion of the Collateral); provided that, as determined by Lender in its sole discretion (including with respect to the approval of any Qualified Manager and/or Replacement Management Agreement, as applicable), the following conditions precedent are satisfied:
(i)    Lender shall receive notice of any Transfer described in this Section 7.1(g) not less than thirty (30) days prior to the proposed Transfer Date and Borrower shall pay to Lender the Fannie Mae Review Fee concurrently therewith;
(ii)    after giving effect to such Transfer and all prior Transfers, Sponsor (A) shall own not less than fifty-one percent (51%) of the direct or indirect legal and beneficial interests in Borrower and the other Loan Parties and (B) shall continue to Control (directly or indirectly) Borrower, each other Loan Party and each SPC Party;
(iii)    each of Borrower, Equity Owner GP, Equity Owner, Borrower GP and each SPC Party shall each continue to be a Special Purpose Bankruptcy Remote Entity;
(iv)    after giving effect to such Transfer (A) Borrower GP shall remain the sole general partner of Borrower owning not less than one percent (1.0%) of the partnership interest in Borrower, (B) Equity Owner shall remain the sole limited partner of Borrower and the sole member of Borrower GP, (C) Equity Owner GP shall remain the sole general partner of Equity Owner owning not less than one percent (1.0%) of the partnership interest in Equity Owner and (D) Borrower shall remain the sole member of any Borrower TRS;
(v)    the Properties shall continue to be managed by Existing Manager or by a Qualified Manager pursuant to a Replacement Management Agreement; and
(vi)    (A) no pledge or other encumbrance of any direct interests in any Restricted Pledge Party (other than pledges securing the Obligations pursuant to the Collateral Documents) shall be permitted, except that a pledge of the direct ownership interests in the most upper-tier Restricted Pledge Party shall be permitted if such pledge directly or indirectly secures indebtedness that is also directly or indirectly secured by substantial assets other than the Collateral, and (B) no Restricted Pledge Party shall issue preferred equity that has the characteristics of mezzanine debt (such as a fixed maturity date, regular payments of interest, a fixed rate of return and rights of the equity holder to demand repayment of its investment).

(h)    Following a Permitted Transfer, if Existing Sponsor or if, immediately prior to such Permitted Transfer, Sponsor is a Qualified Transferee as a result of a prior Permitted Transfer as contemplated in the definition of Sponsor (any such Sponsor, a “Subsequent Sponsor”), such Subsequent Sponsor no longer owns a majority of the direct or indirect interest in Borrower or the Properties, Existing Sponsor or Subsequent Sponsor, as applicable, shall be released from the Sponsor Guaranty or replacement guaranty, as applicable, for all liability accruing after the date of such Transfer; provided, that the Qualified Transferee in respect of such Permitted Transfer shall execute and deliver to Lender a replacement guaranty in substantially the same form and substance as the Sponsor Guaranty covering all liability accruing from and after the date of such Transfer (but not any which may have accrued prior thereto).
(i)    Upon a Qualified Transferee executing a replacement guaranty pursuant to Section 7.1(h), such Qualified Transferee (and not Existing Sponsor or the applicable Subsequent Sponsor, as the case may be) shall be the Sponsor for all purposes of this Agreement and the other Loan Documents.  Without limiting the foregoing, such Qualified Transferee shall be solely responsible for complying with the Sponsor Financial Covenant and the reporting obligations applicable to Existing Sponsor or Subsequent Sponsor, as applicable (and not Existing Sponsor or the applicable Subsequent Sponsor, as the case may be) as are set forth in Section 4.3.1(d)(v) and Section 4.3.10.
(j)    Following a Permitted Transfer, if Existing Parent or if, immediately prior to such Permitted Transfer, Parent is a Qualified Transferee as a result of a prior Permitted Transfer as contemplated in the definition of Parent (any such Parent, a “Subsequent Parent”), such Subsequent Parent no longer owns a majority of the direct or indirect interest in Borrower or the Properties, Existing Parent or Subsequent Parent, as applicable, shall be released from the Parent Guaranty or replacement guaranty, as applicable, for all liability accruing after the date of such Transfer; provided, that the Qualified Transferee in respect of such Permitted Transfer shall execute and deliver to Lender a replacement guaranty in substantially the same form and substance as the Parent Guaranty covering all liability accruing from and after the date of such Transfer (but not any which may have accrued prior thereto).  Upon a Qualified Transferee executing a replacement guaranty pursuant to this Section 7.1(j), such Qualified Transferee (and not Existing Parent or the applicable Subsequent Parent, as the case may be) shall be the Parent for all purposes of this Agreement and the other Loan Documents.  
Section 9.2    Deliverables; Cost and Expenses.
(a)    Borrower shall furnish or cause to be furnished to Lender in such manner and in such detail as may be requested by Lender such information, documents, records or reports as may be requested by Lender in connection with evaluating whether such Transfer satisfies the conditions set forth in Section 7.1, and in any event, shall provide Lender with the following:
(i)    in connection with any proposed Transfers under Section 7.1(f) or Section 7.1(g), copies of all organizational documents and all transaction documents relating to any Transfer, including, any certificates, financial statements and underwriting documentation;
(ii)    in connection with  any proposed Transfers under Section 7.1(f) or Section 7.1(g), involving a Qualified Transferee, additional collateral, guaranties or other credit support to mitigate any risks concerning the proposed Qualified Transferee and any amendments to the Loan Documents to delete or modify any specially negotiated terms or provisions granted for the exclusive benefit of the original Relevant Parties and the amount of any Reserve Funds required to be deposited; 
(iii)    if, in connection with any proposed Transfers under Section 7.1(f) or Section 7.1(g), more than forty-nine percent (49%) of the direct or indirect interest in Borrower, any Loan Party or any SPC Party is owned by any Person and its Affiliates that owned less than forty-nine percent (49%) of the direct or indirect interest in Borrower, any other Loan Party or any SPC Party prior to such Transfer, Borrower shall deliver (or cause to be delivered) to Lender a substantive non-consolidation opinion in form and substance reasonably satisfactory to Lender and satisfactory to each Rating Agency;
(iv)    to the extent a transferee shall own ten percent (10%) or more of the direct or indirect ownership interests in Borrower immediately following such transfer (provided such transferee owned less than ten percent (10%) of the direct or indirect ownership interests in Borrower as of the Closing Date), Borrower shall deliver (and Borrower shall be responsible for any reasonable out of pocket costs and expenses in connection therewith), customary searches reasonably requested by Lender in writing (including credit, judgment, lien, litigation, bankruptcy, criminal and watch list) reasonably acceptable to Lender with respect to such transferee.
(b)    Borrower shall pay all costs and expenses of Lender in connection with any Transfer, whether or not such Transfer is deemed to be a Permitted Transfer, including, without limitation, all fees and expenses of Lender’s counsel, whether internal or outside, and the cost of any required counsel opinions related to REMIC or other securitization or tax issues and any Rating Agency fees.
Section 9.3    Lender Determination  Lender shall review each of the conditions required to be satisfied in connection with any proposed Transfers under Section 7.1(f) or Section 7.1(g) and shall determine whether each such condition is satisfied by, among other things, reviewing the deliveries to be provided by Borrower pursuant to Section 7.2.  Lender shall provide written notice to Borrower prior to the proposed date of consummation of such Transfer as to its determination, which shall be conclusive and binding on Borrower.
Article 10     
 
DEFAULTS
Section 10.1    Events of Default.  Each of the following events shall constitute an event of default hereunder (an “Event of Default”):
(i)    if (A) the Obligations are not paid in full on the Maturity Date, (B) any regularly scheduled monthly payment of interest or principal due under the Note is not paid in full on the applicable Monthly Payment Date, (C) any prepayment of principal due under this Agreement or the Note is not paid when due or (D) the Yield Maintenance Premium is not paid when due, 
(ii)    if any deposit to the Reserve Funds is not made on the required deposit date therefor;
(iii)    if any other amount payable pursuant to this Agreement, the Note or any other Loan Document (other than as set forth in the foregoing clauses (i) and (ii)) is not paid in full when due and payable in accordance with the provisions of the applicable Loan Document, with such failure continuing for ten (10) Business Days after Lender delivers written notice thereof to Borrower;
(iv)    if the Policies are not (A) delivered to Lender within five (5) days of Lender’s written request and (B) kept in full force and effect, each in accordance with the terms and conditions hereof;
(v)    a Transfer other than a Permitted Transfer occurs without the prior written consent of Lender; provided that for purposes of this clause (v), the term “Transfer” shall not include any Lease or Lien on a Property;
(vi)    if any certification, representation or warranty made by a Relevant Party herein or any other Loan Document, other than a Property Representation, 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 and adverse respect as of the date such representation or warranty was made; provided, however, if any untrue certification, representation or warranty made after the Closing Date is susceptible of being cured, Borrower shall have the right to cure such certification, representation or warranty within thirty (30) days after receipt of notice from Lender;
(vii)    if any Relevant Party shall make an assignment for the benefit of creditors;
(viii)    if a receiver, liquidator or trustee shall be appointed for any Relevant Party or any SPC Party or if Borrower, any Relevant Party or any SPC Party 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, any Relevant Party or any SPC Party, or if any proceeding for the dissolution or liquidation of Borrower, any Relevant Party or any SPC Party shall be instituted, or if Borrower is substantively consolidated with any other Person; provided, however, if such appointment, adjudication, petition, proceeding or consolidation was involuntary and not consented to by such Relevant Party, upon the same not being discharged, stayed or dismissed within sixty (60) days following its filing;
(ix)    if any Loan Party 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;
(x)    if any of the assumptions contained in the Insolvency Opinion, or in any other non-consolidation opinion delivered to Lender in connection with the Loan, or in any other non-consolidation opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect;
(xi)    a breach of the covenants set forth in Sections 4.1.1, 4.1.2, 4.1.3, 4.1.9, 4.1.24, 4.2.1, 4.2.2, 4.2.3, 4.2.4, 4.2.5, 4.2.7, 4.2.8, 4.2.9, 4.2.13 or 4.2.18;
(xii)    if with respect to any Disqualified Property, Borrower fails to within the time periods specified in Section 2.4.3(a) either:  (A) pay the Release Amount in respect thereof, (B) substitute such Disqualified Property with a Substitute Property in accordance with Section 2.7 or (C) or deposit an amount equal to one hundred percent (100%) of the Allocated Loan Amount for the Disqualified Property in the Eligibility Reserve Account in accordance with Section 2.4.3(a) and such failure continues for more than five (5) Business Days after written notice thereof from Lender to Borrower;
(xiii)    if, without Lender’s prior written consent, (i) any Management Agreement is terminated (unless simultaneously therewith, Borrower and a new Qualified Manager enter into a Replacement Management Agreement in accordance with Section 4.2.1), or (ii) there is a default by Borrower under any Management Agreement beyond any applicable notice or grace period that permits such Manager to terminate or cancel the applicable Management Agreement (unless, within thirty (30) days after the expiration of such notice or grace period, Borrower and a new Qualified Manager enter into a Replacement Management Agreement in accordance with Section 4.2.1);
(xiv)    if any Loan Party or any Person owning a direct or indirect ownership interest in any Loan Party shall be convicted of a Patriot Act Offense by a court of competent jurisdiction;
(xv)    any material failure on the part of any Borrower to duly observe or perform any of its covenants set forth in Section 4.1.17 or the representation and warranty in Section 3.1.26 shall fail to be correct in respect of a Tenant of any Property and, in each case, Borrower fails to notify Lender within five (5) Business Days of Borrower or Manager obtaining knowledge that such Tenant is on any of the lists described in those sections and promptly take such steps as may be required by OFAC with respect to such Tenant;
(xvi)    if there shall be a default under any of the other Loan Documents beyond any applicable cure periods contained in such Loan Documents, whether as to any Relevant Party or the Properties, or if any other such event shall occur or condition shall exist, if the effect of such event or condition is to accelerate the maturity of any portion of the Obligations or to permit Lender to accelerate the maturity of all or any portion of the Obligations; 
(xvii)    [Reserved];
(xviii)    if any Loan Document or any Lien granted thereunder by any Relevant Party shall (except in accordance with its terms or pursuant to Lender’s written consent), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the parties thereto or (y) any Relevant Party or any other party shall disaffirm or contest, in writing, in any manner such effectiveness, validity, binding nature or enforceability (other than as a result of the occurrence of the payment in full of the Obligations);
(xix)    one or more final judgments for the payment of Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000) or more rendered against any Loan Party, and such amount is not covered by insurance or indemnity or not discharged, paid or stayed within sixty (60) days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished;
(xx)    failure to comply with the Sponsor Financial Covenant; or
(xxi)    if any Relevant Party shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement or any other Loan Document not specified in subsections (i) to (xx) above, and such Default shall continue for ten (10) days after notice to Borrower from Lender, in the case of any such Default which can be cured by the payment of a sum of money, or for thirty (30) days after notice to Borrower from Lender in the case of any other such Default; provided, however, that if such non-monetary Default is susceptible of cure but cannot reasonably be cured within such 30-day period, and provided further that Borrower shall have commenced to cure such Default within such 30-day period shall and thereafter diligently and expeditiously proceed to cure the same, such 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.
Section 10.2    Remedies.
10.2.6    Acceleration.  Upon the occurrence of an Event of Default (other than an Event of Default described in clauses (vii), (viii) or (ix) of Section 8.1) and at any time thereafter, Lender may, 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, without notice or demand (and Borrower hereby expressly waives any such notice or demand), that Lender deems advisable to protect and enforce its rights against any Relevant Party and in and to the Properties, including declaring the Obligations to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against the Relevant Parties, including all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vii), (viii) or (ix) of Section 8.1, the Obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable in full, without notice or demand, and the Loan Parties hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding.
10.2.7    Remedies Cumulative.  
(a)    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 each Relevant Party under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, a Relevant Party 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 Obligations 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 Collateral.  The rights, powers and remedies of Lender under this Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against a Relevant Party 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 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 or contract or as set forth herein or in the other Loan Documents or by equity.  Without limiting the generality of the foregoing, 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 Properties and the other Collateral and each Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Obligations or the Obligations have been paid in full including, without limitation, any liquidation fees, workout fees, special servicing fees and interest payable on advances made by the Servicer with respect to delinquent debt service payments or expenses of curing Borrower’s or any Loan Party’s defaults under the Loan Documents or other similar fees payable to Servicer or any special servicer in connection therewith.  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 a Relevant Party shall not be construed to be a waiver of any subsequent Default or Event of Default by such Relevant Party or to impair any remedy, right or power consequent thereon.
(b)    With respect to Borrower, the other Loan Parties and the Collateral, nothing contained herein or in any other Loan Document shall be construed as requiring Lender to resort to any Property or other portion of the Collateral for the satisfaction of any of the Debt in preference or priority to any other portion of the Collateral, and Lender may seek satisfaction out of all of the Collateral or any part thereof, in its absolute discretion in respect of the Debt.  During the continuance of an Event of Default, Lender shall have the right from time to time to partially foreclose any Mortgage or the Lien of any of the other Collateral Documents in any manner and for any amounts secured by the Collateral Documents then due and payable as determined by Lender in its sole discretion, including 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 and interest, Lender may foreclose one or more of the Mortgages or other Collateral Documents to recover such delinquent payments, or (ii) in the event Lender elects to accelerate less than the entire Outstanding Principal Balance, Lender may foreclose one or more of the Mortgages or other Collateral Documents to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by the Mortgages and the other Collateral Documents as Lender may elect.  Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Mortgages and the other Collateral Documents to secure payment of the sums secured by the Collateral Documents and not previously recovered.
10.2.8    Severance.  
(a)    During the continuance of an Event of Default, Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, Collateral Documents and other security documents in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder.  The Loan Parties shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender.  The Loan Parties hereby absolutely and irrevocably appoint Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) days after notice has been given to a Loan Party by Lender of Lender’s intent to exercise its rights under such power.
(b)    During the continuance of an Event of Default, any amounts recovered from the Collateral may be applied by Lender toward the payment of any interest and/or principal of the Loan and/or any other amounts due under the Loan Documents, in such order, priority and proportions as Lender in its sole discretion shall determine.
(c)    As used in this Section 8.2, a “foreclosure” shall include, without limitation, any sale by power of sale.
10.2.9    Lender’s Right to Perform.  If any Loan Party fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations (and to the extent permitted under applicable laws, secured by the Mortgages and the other Collateral Documents) and shall bear interest thereafter at the Default Rate.  Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure.
Article 11     
 
SECURITIZATION
Section 11.1    Securitization.
(a)    Lender shall have the right (i) to sell or otherwise transfer the Loan or any portion thereof as a whole loan, (ii) to sell participation interests in the Loan, or (iii) to securitize the Loan or any portion thereof in a single asset securitization or a pooled loan securitization.  (The transactions referred to in clauses (i), (ii) and (iii) are each hereinafter referred to as a “Secondary Market Transaction” and the transactions referred to in clause (iii) shall hereinafter be referred to as a “Securitization”.  Any certificates, notes or other securities issued in connection with a Secondary Market Transaction are hereinafter referred to as “Securities”).  At Lender’s election, each note and/or component comprising the Loan may be subject to one or more Secondary Market Transactions.
(b)    If requested by Lender, the Loan Parties shall use reasonable efforts to provide information in the possession or control of Borrower or its Affiliates, attorneys, accountants or other agents or which may be reasonably required by Lender in order to satisfy the market standards to which Lender customarily adheres or which may be required in the marketplace, by prospective investors, the Rating Agencies, applicable Legal Requirements and/or otherwise in the marketplace in connection with any Secondary Market Transactions, including to:
(i)    (A) provide updated financial and other information with respect to the Properties, the business operated at the Properties, Borrower, Sponsor and the Manager, including, without limitation, the information set forth on Exhibit C attached hereto, and (B) provide updated budgets and other information (to extent required by investors or Rating Agencies) relating to the Properties (the “Updated Information”) which were obtained in connection with the origination of the Loan;
(ii)    provide (A) an updated Insolvency Opinion, and (B) updated opinions of Borrower’s and Guarantors’ New York and Delaware counsel, substantially the same as those delivered as of the Closing Date, which opinions shall be addressed, for purposes or reliance thereon, to each Person acquiring any interest in the Loan in connection with any Secondary Market Transaction (including, without limitation, any “B Note” purchasers), or otherwise reasonably satisfactory to Lender and the Rating Agencies;
(iii)    (A) confirm that as of the closing date of any Secondary Market Transaction, the representations and warranties as set forth in the Loan Documents are true, complete and correct in all material respects as of the closing date of the Secondary Market Transaction (except to the extent that any such representations and warranties are and can only be made as of a specific date and the facts and circumstances upon which such representation and warranty is based are specific solely to a certain date in which case confirmation as to truth, completeness and correctness shall be provided as of such specific date or to the extent such representations are no longer true and correct as a result of subsequent events in which case Borrower shall provide an updated representation or warranty) and (B) make such additional representations and warranties as the Rating Agencies may customarily require; and
(iv)    execute amendments to the Loan Documents and the Loan Parties’ organizational documents requested by Lender; provided, however, that Borrower shall not be required to modify or amend any Loan Document if such modification or amendment would (A) cause the initial weighted average of the interest rates for all Components in the aggregate immediately after the effective date of such modification to exceed the weighted average interest rate of the original Components in the aggregate immediately prior to such modification, (B) cause the outstanding principal balance of all Components in the aggregate immediately after the effective date of such modification to exceed the outstanding principal balance of all Components in the aggregate immediately prior to such modification, (C) require Borrower to make or remake any representations or warranties, (D) require principal amortization of the Loan (other than repayment in full on the Maturity Date), (E) change any Stated Maturity Date or (F) otherwise increase the obligations or reduce the rights of Borrower or any Guarantor under the Loan Documents.
(c)    If, at the time a Disclosure Document is being prepared for a Securitization, Lender reasonably determines that Borrower alone or Borrower and one or more Affiliates of Borrower (including any guarantor or other Person that is directly or indirectly committed by contract or otherwise to make payments on all or a part of the Loan) collectively, or the Properties alone or the Properties and Related Properties collectively, will be a Significant Obligor, Borrower shall furnish to Lender upon request the following financial information:
(i)    if Lender reasonably determines that the principal amount of the Loan together with any Related Loans, as of the cut-off date for such Securitization, may equal or exceed ten percent (10%) (but less than twenty percent (20%)) of the aggregate principal amount of all mortgage loans included or expected to be included in the Securitization, net operating income for the Properties and the Related Properties for the most recent Fiscal Year and interim period as required under Item 1112(b)(1) of Regulation AB (or, if the Loan is not treated as a non-recourse loan under Instruction 3 for Item 1101(k) of Regulation AB, selected financial data meeting the requirements and covering the time periods specified in Item 301 of Regulation S-K and Item 1112(b)(1) of Regulation AB), or
(ii)    if Lender reasonably determines that the principal amount of the Loan together with any Related Loans, as of the cut-off date for such Securitization, may equal or exceed twenty percent (20%) of the aggregate principal amount of all mortgage loans included or expected to be included in the Securitization, the financial statements required under Item 1112(b)(2) of Regulation AB (which includes, but may not be limited to, a balance sheet with respect to the entity that Lender determines to be a Significant Obligor for the two most recent Fiscal Years and applicable interim periods, meeting the requirements of Rule 3-01 of Regulation S-X, and statements of income and statements of cash flows with respect to the Properties for the three most recent Fiscal Years and applicable interim periods, meeting the requirements of Rule 3-02 of Regulation S-X (or if Lender determines that the Properties is the Significant Obligor and the Properties (other than properties that are hotels, nursing homes, or other properties that would be deemed to constitute a business and not real estate under Regulation S-X or other legal requirements) was acquired from an unaffiliated third party and the other conditions set forth in Rule 3-14 of Regulation S-X have been met, the financial statements required by Rule 3-14 of Regulation S-X)).
(d)    Further, if requested by Lender, Borrower shall, promptly upon Lender’s request, furnish to Lender financial data or financial statements meeting the requirements of Item 1112(b)(1) or (2) of Regulation AB, as specified by Lender, for any Tenant of the Properties if, in connection with a Securitization, Lender reasonably determines there to be, as of the cutoff date for such Securitization, a concentration with respect to such Tenant or group of Affiliated Tenants within all of the mortgage loans included or expected to be included in the Securitization such that such Tenant or group of Affiliated Tenants would constitute a Significant Obligor. Borrower shall furnish to Lender, in connection with the preparation of the Disclosure Documents and on an ongoing basis, financial data and/or financial statements with respect to such Tenants meeting the requirements of Item 1112(b)(1) or (2) of Regulation AB, as specified by Lender, but only for so long as such entity or entities are a Significant Obligor and either (x) filings pursuant to the Exchange Act in connection with or relating to the Securitization (an “Exchange Act Filing”) are required to be made under applicable Legal Requirements or (y) comparable information is required to otherwise be “available” to holders of the Securities under Regulation AB or applicable Legal Requirements.
(e)    If Lender determines that Borrower alone or Borrower and one or more Affiliates of Borrower collectively, or the Properties alone or the Properties and Related Properties collectively, are a Significant Obligor, then Borrower shall furnish to Lender, on an ongoing basis, selected financial data or financial statements meeting the requirements of Item 1112(b)(1) or (2) of Regulation AB, as specified by Lender, but only for so long as such entity or entities are a Significant Obligor and either (x) Exchange Act Filings are required to be made under applicable Legal Requirements or (y) comparable information is required to otherwise be “available” to holders of the Securities under Regulation AB or applicable Legal Requirements.
(f)    If reasonably requested by Lender, Borrower shall provide Lender, within a reasonable period of time following Lender’s request therefor, with any other or additional financial statements, or financial, statistical or operating information, as Lender shall reasonably determine to be required pursuant to Regulation S-K or Regulation S-X, as applicable, Regulation AB, or any amendment, modification or replacement thereto or other Legal Requirements relating to a Securitization or as shall otherwise be reasonably requested by Lender.
Section 11.2    Securitization Indemnification. 
(a)    Borrower understands that information provided to Lender by Borrower, any other Relevant Party and their respective agents, counsel and representatives may be included in preliminary and final disclosure documents in connection with any Secondary Market Transaction, including a Securitization, including an offering circular, a prospectus, prospectus supplement, private placement memorandum or other offering document (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”), and may be made available to investors or prospective investors in the Securities, investment banking firms, NRSROs, accounting firms, law firms and other third-party advisory and service providers relating to any Secondary Market Transaction, including a Securitization.  Borrower also understands that the findings and conclusions of any third-party due diligence report obtained by Lender, Issuer or the Securitization placement agent or underwriter may be made publicly available if required, and in the manner prescribed, by Section 15E(s)(4)(A) of the Exchange Act and any rules promulgated thereunder.
(b)    Borrower hereby agrees to indemnify Lender (and for purposes of this Section 9.2, Lender shall include the initial lender, its successors and assigns, and their respective officers and directors) and each Person who controls Lender within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Lender Group”), the issuer of the Securities (the “Issuer” and for purposes of this Section 9.2, Issuer shall include its officers, director and each Person who controls the Issuer within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and any placement agent or underwriter with respect to the Securitization, each of their respective officers and directors and each Person who controls the placement agent or underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Underwriter Group”) for any losses, claims, damages or liabilities (collectively, the “Liabilities”) to which Lender, Lender Group, the Issuer or the Underwriter Group may become subject insofar as the Liabilities arise out of, or are based upon, (A) any untrue statement or alleged untrue statement of any material fact contained in the Covered Disclosure Information (defined below), (B) the omission or alleged omission to state in the Covered Disclosure Information a material fact required to be stated in such information or necessary in order to make the statements in such information, in light of the circumstances under which they were made, not misleading, or (C) a breach of the representations and warranties made by any Loan Party in Section 3.1.24 of this Agreement (Full and Accurate Disclosure).  For purposes of the foregoing, the “Covered Disclosure Information” shall mean the information provided by or on behalf of Borrower relating to Borrower, Guarantors, Manager, Sponsor, the Properties and the Loan which is contained in the sections of the Disclosure Documents entitled as follows, or comparable sections thereto: “Summary of the Offering Circular,” “Risk Factors,” “Description of the Relevant Parties and the Manager,” “Description of the Properties”, “Description of the Management Agreement and the Assignment and Subordination of Management Agreement,” “Description of the Loan,” and “Certain Legal Aspects of the Loan”, which Disclosure Documents shall be delivered for review and comment by Borrower not less than five (5) Business Days prior to the date upon which Borrower is otherwise required to confirm such Disclosure Documents.  Borrower also agrees to reimburse Lender, Lender Group, the Issuer and/or the Underwriter Group for any legal or other expenses reasonably incurred by Lender, Lender Group, the Issuer and/or the Underwriter Group in connection with investigating or defending the Liabilities. This indemnification provision will be in addition to any liability which Borrower may otherwise have.
(c)    In connection with any Exchange Act Filing or other reports containing comparable information that is required to be made “available” to holders of the Securities under Regulation AB or applicable Legal Requirements, Borrower agrees to (i) indemnify Lender, Lender Group, the Issuer and the Underwriter Group for Liabilities to which Lender, Lender Group, the Issuer and/or the Underwriter Group may become subject insofar as the Liabilities arise out of, or are based upon any untrue statement or alleged untrue statement of any material fact in the Covered Disclosure Information, or the omission or alleged omission to state in the Covered Disclosure Information a material fact required to be stated therein or necessary in order to make the statements in the Covered Disclosure Information, in light of the circumstances under which they were made, not misleading, and (ii) reimburse Lender, Lender Group, the Issuer and/or the Underwriter Group for any legal or other expenses reasonably incurred by Lender, Lender Group, the Issuer and/or the Underwriter Group in connection with defending or investigating the Liabilities.
(d)    Promptly after receipt by an indemnified party under this Section 9.2 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 9.2, 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 under Section 9.2(b) or (c) 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 satisfactory to such indemnified party.  After notice from the indemnifying party to such indemnified party pursuant to the immediately preceding sentence of this Section 9.2(d), such indemnifying party shall pay for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there are any legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, the 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 at the cost of the indemnifying party.  The indemnifying party shall not be liable for the expenses of more than one separate counsel unless an indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the indemnifying party.  Without the prior written consent of Lender (which consent shall not be unreasonably withheld or delayed), no indemnifying party shall settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not any indemnified party is an actual or potential party to such claim, action, suit or proceeding) unless the indemnifying party shall have given Lender reasonable prior written notice thereof and shall have obtained an unconditional release of each indemnified party hereunder from all liability arising out of such claim, action, suit or proceedings, and such settlement requires no statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of the indemnified party.
(e)    In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in Section 9.2(b) or (c) is for any reason held to be unenforceable as to an indemnified party in respect of any Liabilities (or action in respect thereof) referred to therein which would otherwise be indemnifiable under Section 9.2(b) or (c), the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Liabilities (or action in respect thereof); 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 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 Issuer’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; and (iii) any other equitable considerations appropriate in the circumstances.  Lender and Borrower hereby agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation.
(f)    The liabilities and obligations of both Borrower and Lender under this Section 9.2 shall survive the termination of this Agreement and the satisfaction and discharge of the Debt.
Section 11.3    Severance.
11.3.6    Severance Documentation.  Lender, without in any way limiting Lender’s other rights hereunder, in its sole and absolute discretion, shall have the right, at any time (whether prior to or after any sale, participation or other Secondary Market Transaction with respect to all or any portion of the Loan), to require Borrower (at Lender’s expense) to execute and deliver “component” notes (including certificating existing uncertificated “component” notes) and/or modify the Loan or the existing “component note” structure in order to create one or more senior and subordinate notes (i.e., an A/B or A/B/C structure) and/or one or more additional components of the Note or Notes), or make any other change to the Loan, the Note or Components including but not limited to:  reducing the number of Components of the Note or Notes, revising the interest rate for each Component, reallocating the principal balances of the Notes and/or the Components, increasing or decreasing the monthly debt service payments for each Component or eliminating the Component structure and/or the multiple note structure of the Loan (including the elimination of the related allocations of principal and interest payments); provided that (A) the outstanding principal balance of all Components in the aggregate immediately after the effective date of such modification equals the outstanding principal balance immediately prior to such modification, (B) the initial weighted average of the interest rates for all Components in the aggregate immediately after the effective date of such modification equals the weighted average interest rate of the original Components immediately prior to such modification, (C) no principal amortization of the Loan (or any Components thereof) shall be required (other than repayment in full on the Maturity Date), (D) there shall be no change to any Stated Maturity Date and (E) Borrower and Guarantors shall not be required to amend any Loan Documents that would otherwise increase the obligations or reduce the rights of Borrower or Guarantors under the Loan Documents.  At Lender’s election, each note comprising the Loan may be subject to one or more Secondary Market Transactions.  Lender shall have the right to modify the Note and/or Notes and any Components in accordance with this Section 9.3 and, provided that such modification shall comply with the terms of this Section 9.3, it shall become immediately effective. 
11.3.7    Cooperation; Execution; Delivery.  Borrower shall reasonably cooperate with all reasonable requests of Lender in connection with this Section 9.3.  If requested by Lender, Borrower shall promptly execute and deliver such documents as shall be required by Lender and any Rating Agency in connection with any modification pursuant to this Section 9.3, all in form and substance satisfactory to Lender and satisfactory to any applicable Rating Agency.  It shall be an Event of Default under this Agreement, the Note, and the other Loan Documents if Borrower fails to comply with any of the terms, covenants or conditions of this Section 9.3 after expiration of ten (10) Business Days after notice thereof.
Article 12     
 
MISCELLANEOUS
Section 12.1    Survival; Successors and Assigns.  This Agreement and all covenants, 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 Note, and shall continue in full force and effect so long as all or any of the Obligations are 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 legal representatives, successors and assigns of such party.  All covenants, promises and agreements in this Agreement, by or on behalf of Borrower and the other Loan Parties, shall inure to the benefit of the legal representatives, successors and assigns of Lender.
Section 12.2    Lender’s Discretion; Rating Agency Review Waiver.  
(a)    Whenever pursuant to this Agreement Lender exercises any right given to it to approve or disapprove any matter, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove such matter or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole and absolute discretion of Lender and shall be final and conclusive.  For the avoidance of doubt, the express inclusion of Lender’s right to approve or disapprove any matter, or any arrangement or term is to be satisfactory to Lender, and/or any of the foregoing being subject to the sole discretion (or anything to that effect) does not prohibit the Lender from exercising such right or such discretion in any instance where it is not otherwise expressly stated but implied by virtue of this Section 10.2(a). 
(b)    Whenever, pursuant to this Agreement or any other Loan Documents, the affirmation described in clause (ii) of the definition of “Required Parties’ Approval” is required, in the event that any applicable Rating Agency “declines review”, “waives review” or otherwise indicates to Lender’s or Servicer’s satisfaction that no such affirmation will or needs to be issued with respect to the matter in question (each, a “Review Waiver”), then the requirement to obtain an affirmation from such Rating Agency shall not apply with respect to such matter.  It is expressly agreed and understood, however, that receipt of a Review Waiver (i) from any one Rating Agency shall not be binding or apply with respect to any other Rating Agency and (ii) with respect to one matter shall not apply or be deemed to apply to any subsequent matter for which the Required Parties’ Approval is required.
Section 12.3    Governing Law.
(a)    THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY LENDER AND ACCEPTED BY BORROWER, GUARANTORS AND EACH OTHER RELEVANT PARTY IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE NOTE DELIVERED PURSUANT HERETO WERE DISBURSED FROM 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 (PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, PROVIDED HOWEVER, THAT WITH RESPECT TO THE CREATION, PERFECTION, PRIORITY AND ENFORCEMENT OF ANY LIENS ON “PROPERTY” AS DEFINED HEREIN AND THE DETERMINATION OF DEFICIENCY JUDGMENTS WITH RESPECT THERETO, THE LAWS OF THE STATE WHERE SUCH “PROPERTY” IS LOCATED SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER, GUARANTORS AND EACH OTHER RELEVANT PARTY HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE.
(b)    ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER, BORROWER, GUARANTORS OR ANY RELEVANT PARTY 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 AND EACH GUARANTOR WAIVE 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 BORROWER AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.  BORROWER AGREES THAT SERVICE OF PROCESS UPON BORROWER AT THE ADDRESS FOR BORROWER SET FORTH HEREIN 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, AND EACH GUARANTOR AGREES THAT SERVICE OF PROCESS UPON SUCH GUARANTOR AT THE ADDRESS FOR SUCH GUARANTOR SET FORTH HEREIN AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.  BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGE IN THE ADDRESS FOR BORROWER SET FORTH HEREIN, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT OF BORROWER WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE AN AUTHORIZED AGENT IF BORROWER CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK.  EACH GUARANTOR (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGE IN THE ADDRESS FOR SUCH GUARANTOR SET FORTH HEREIN, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT OF SUCH GUARANTOR WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE AN AUTHORIZED AGENT IF SUCH GUARANTOR CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK  NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST BORROWER IN ANY OTHER JURISDICTION.
Section 12.4    Modification, Waiver in Writing.  No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement or of any other Loan Document, nor consent to any departure by any Loan Party therefrom, shall in any event be effective unless the same shall be in a writing signed by the party or parties 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.  In addition, Lender shall not waive the requirement that the Closing Date GRC Certificate and the Closing Date OSN Certificate be delivered on or prior to the making of the Loan.  Except as otherwise expressly provided herein, no notice to, or demand on, any Loan Party shall entitle any Loan Party to any other or future notice or demand in the same, similar or other circumstances.  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 any other Loan Document, 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 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 or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount.  Lender shall have the right to waive or reduce any time periods that Lender is entitled to under the Loan Documents in its sole and absolute discretion.
Section 12.5    Notices.  All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”) required, permitted or desired to be given hereunder shall be in writing and shall be sent by facsimile (with answer back acknowledged) or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier, addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the provisions of this Section 10.5.  Any Notice shall be deemed to have been received: (a) three (3) days after the date such Notice is mailed, (b) on the date of sending by facsimile if sent during business hours on a Business Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each case addressed to the parties as follows:
		
	If to Lender:
	Wells Fargo Bank, National Association

2010 Corporate Ridge, Suite 1000
McLean, Virginia 22102
Attention: Servicing Department
Telecopy No.: 866-359-6885

		
	with a copy to:
	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 300
Overland Park, KS 66210
Attention:  Executive Vice President – Division Head
Facsimile No. (913) 253-9001

		
	with a copy to:
	Andrascik & Tita LLC

1425 Locust Street, Suite 26B
Philadelphia, PA 19102
Attention:  Stephanie M. Tita
Email:  Stephanie@kanlegal.com

		
	If to a Loan Party:
	[INSERT NAME OF LOAN PARTY] 
c/o Invitation Homes

1717 Main Street, Suite 2000
Dallas, TX 75201
Attention:  General Counsel 
Facsimile No. (972) 892-0382

		
	With a copy to:
	[INSERT NAME OF LOAN PARTY] 
c/o Invitation Homes

1717 Main Street, Suite 2000
Dallas, TX 75201
Attention:  Chief Financial Officer 
Facsimile No. (972) 892-0382

Any party may change the address to which any such Notice is to be delivered by furnishing ten (10) days written notice of such change to the other parties in accordance with the provisions of this Section 10.5.  Notices shall be deemed to have been given on the date as set forth above, even if there is an inability to actually deliver any such Notice because of a changed address of which no Notice was given, or there is a rejection or refusal to accept any Notice offered for delivery.  Notice for any party may be given by its respective counsel.  Additionally, Notice from Lender may also be given by Servicer and Lender hereby acknowledges and agrees that Borrower shall be entitled to rely on any Notice given by Servicer as if it had been sent by Lender.  
Notwithstanding anything to the contrary set forth in this Agreement, so long as the Directing Certificateholder is Fannie Mae, any Notice required to be delivered to Lender hereunder or under any other Loan Document shall be also delivered to the asset manager of the Directing Certificateholder addressed as follows (or to such other address as Directing Certificateholder provided by the Directing Certificateholder with ten (10) days prior written notice to each party to this Agreement in accordance with the provisions of this Section 10.5):
Wells Fargo Bank, National Association
5080 Spectrum Drive
Addison, TX  75001
MAC Code:  T9000-041
Attn:  Denise Wall
Email: IH20171@wellsfargo.com

Section 12.6    Waiver of Trial by Jury.  BORROWER AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.  THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND LENDER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.  EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.
Section 12.7    Headings, Schedules and Exhibits.  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.  The Schedules and Exhibits annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof.
Section 12.8    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.
Section 12.9    Preferences.  Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the Obligations of Borrower hereunder.  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.
Section 12.10    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 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.  Except as specifically and expressly provided for in the Loan Documents, Guarantors and Sponsor shall not be entitled to any notices of any nature whatsoever from Lender under this Agreement or the other Loan Documents, and each Guarantor 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 such Guarantor.
Section 12.11    Remedies of Borrower.  In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where, by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, neither Lender nor its agents shall be liable for any monetary damages and Borrower’s sole remedy shall be limited to commencing an action seeking injunctive relief or declaratory judgment.  Any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment.
Section 12.12    Offsets, Counterclaims and Defenses.  Any assignee of Lender’s interest in and to this Agreement 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.
Section 12.13    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 any Property other than that of beneficiary or lender.
(b)    The Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in any Loan Document shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to enforce the performance or observance of any of the obligations contained therein.
Section 12.14    Publicity.  All news releases, publicity or advertising by Borrower or any of its Affiliates through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender (with respect to the Loan and the Securitization of the Loan only), the Affiliate of Lender that acts as the issuer with respect to a Securitization or any of their other Affiliates (in each case, with respect to the Loan and the Securitization of the Loan only) (a) shall be prohibited prior to the final Securitization of the Loan and (b) after the final Securitization of the Loan, shall be subject to the prior written approval of Lender.   Lender shall have the right to publicly describe the Loan in general terms advertising and public communications of all kinds, including press releases, direct mail, newspapers, magazines, journals, e-mail, or internet advertising or communications.  Notwithstanding the foregoing, Borrower’s approval shall not be required for the publication by Lender of notice of the Loan and the Securitization of the Loan by means of a customary tombstone advertisement, which, for the avoidance of doubt, may include the amount of the Loan, the amount of securities sold, the number of Properties as of the Closing Date, the settlement date and the parties involved in the transactions contemplated hereby and the Securitization.
Section 12.15    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 or partners, as applicable, and others with interests in Borrower, and of the Collateral, and shall not 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 Collateral for the collection of the Obligations without any prior or different resort for collection, or of the right of Lender to the payment of the Obligations out of the net proceeds of the Collateral in preference to every other claimant whatsoever.
Section 12.16    Certain Waivers.  Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents or otherwise to offset any obligations to make the payments required by the Loan Documents.  No failure by Lender to perform any of its obligations hereunder shall be a valid defense to, or result in any offset against, any payments which Borrower is obligated to make under any of the Loan Documents.  Without limiting any of the other provisions contained herein, Borrower hereby unconditionally and irrevocably waives, to the maximum extent not prohibited by applicable law, any rights it may have to claim or recover against Lender in any legal action or proceeding any special, exemplary, punitive or consequential damages.  
Section 12.17    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, except to the extent any Collateral Document states that any Obligations are not secured by such Collateral Document, in which case such delineated exclusion shall control over any statement to the contrary herein.  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 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.
Section 12.18    Brokers and Financial Advisors.  Borrower hereby represents that neither Borrower or any other Loan Party has dealt with any financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement.  Borrower shall indemnify, defend and hold Lender harmless from and against any and all claims, liabilities, losses, costs and expenses of any kind (including Lender’s attorneys’ fees and expenses) in any way relating to or arising out of a claim by any Person that such Person acted on behalf of Borrower, any Loan Party or Lender in connection with the transactions contemplated herein.  The provisions of this Section 10.18 shall survive the expiration and termination of this Agreement and the payment of the Obligations.
Section 12.19    Prior Agreements.  This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto and their respective affiliates in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, including any confidentiality agreements or any similar agreements between or among any such parties, whether oral or written, are superseded by the terms of this Agreement and the other Loan Documents.   
Section 12.20    Servicer.  At the option of Lender, the Loan may be serviced by a servicer or special servicer (the “Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to the Servicer pursuant to the trust and servicing agreement or pooling and servicing agreement (the “Servicing Agreement”) governing the Securitization.  Borrower shall not be responsible for any set-up fees or any other initial costs relating to or arising under the Servicing Agreement.  Borrower shall not be responsible for payment of the monthly master servicing fee due to the Servicer under the Servicing Agreement.  Notwithstanding the foregoing, Borrower shall pay all Trust Fund Expenses.  For the avoidance of doubt, this Section 10.20 shall not be deemed to limit Borrower’s obligations under Section 4.1.20.
Section 12.21    Joint and Several Liability.  If more than one Person has executed this Agreement as “Borrower,” the representations, covenants, warranties and obligations of all such Persons hereunder shall be joint and several.
Section 12.22    Creation of Security Interest.  Notwithstanding any other provision set forth in this Agreement, the Note, the Mortgage Documents or any of the other Loan Documents, Lender may at any time create a security interest in all or any portion of its rights under this Agreement, the Note, the Mortgage Documents and any other Loan Document (including the advances owing to it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System.
Section 12.23    Assignments and Participations.  In addition to the right to securitize the Loan under Section 9.1, to sever the interests in the Loan into “component” notes under Section 9.3 and any other rights of Lender hereunder, the Loan, the Note, the Loan Documents and/or Lender’s rights, title, obligations and interests therein may be sold, assigned, participated or otherwise transferred by Lender and any of its successors and assigns to any Person at any time in its sole and absolute discretion, in whole or in part, whether by operation of law (pursuant to a merger or other successor in interest) or otherwise without notice to or consent from Borrower or any other Person.  Upon such assignment, all references to Lender in this Agreement and in any Loan Document shall be deemed to refer to such assignee or successor in interest and such assignee or successor in interest shall thereafter stand in the place of Lender in all respects (subject to the requirements and limitations therein, including the requirements under Section 2.10.6).  Borrower agrees that each beneficial owner of the Securities or component notes issued pursuant to Sections 9.1 and 9.3 shall be entitled to the benefits of Section 2.10 (subject to the requirements and limitations therein, including the requirements under Section 2.10.6).  Each participant shall be entitled to the benefits of Section 2.10 (subject to the requirements and limitations therein, including the requirements under Section 2.10.6, it being understood that the documentation required under Section 2.10.6 shall be delivered to the participating Lender) to the same extent as if it were a Lender and had acquired its interest by assignment; provided that such participant shall not be entitled to receive any greater payment pursuant to Section 2.10 than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the participant acquired the applicable participation.  The Borrower may not assign or transfer any of its rights or obligations under this Agreement or any other Loan Document.
Section 12.24    Register and Participant Register. Lender or its designee (the “Registrar”), as a non-fiduciary agent of Borrower, shall maintain a record that identifies each owner (including successors and assignees) of an interest in the Loan, any Securities or any component notes, including the name and address of the owner, and each owner’s rights to principal and stated interest (the “Register”), and shall record all transfers of an interest in the Loan, any Securities or any component notes, including each assignment, in the Register.  Transfers of interests in the Loan (including assignments), any Securities or any component notes shall be subject to the applicable conditions set forth in the Loan Documents with respect thereto and the Registrar will update the Register to reflect the transfer.  The Register shall be available for inspection by Borrower, at any reasonable time and from time to time upon reasonable prior notice.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.   Furthermore, each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts and stated interest of each participant’s interest in the Loan or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant’s interest) except to the extent that such disclosure is necessary to establish that such Loan or other obligation is in registered form under Section 5f.103-1(c) of the U.S. Department of Treasury regulations. The entries in the Register and Participant Register shall be conclusive absent manifest error.  Borrower, Lender and any of its successors and assigns, and the Registrar shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement and the participating Lender shall treat each Person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this Agreement.  Failure to make any such recordation, or any error in such recordation, however, shall not affect Borrower’s obligations in respect of the Loan.
Section 12.25    Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 
Section 12.26    Set-Off.  In addition to any rights and remedies of Lender provided by this Agreement and by law, Lender shall have the right in its sole discretion, without prior notice to Borrower, any such notice being expressly waived by Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Lender or any Affiliate thereof to or for the credit or the account of Borrower; provided however, Lender may only exercise such right during the continuance of an Event of Default.  Lender agrees promptly to notify Borrower after any such set-off and application made by Lender; provided that the failure to give such notice shall not affect the validity of such set-off and application.
Section 12.27    Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets.
(a)    Borrower acknowledge that Lender has made the Loan to Borrower upon, among other things, the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Property taken separately.  Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under each of the other Mortgages which secure the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; (iii) each Mortgage shall constitute security for the Note as if a single blanket lien were placed on all of the Properties as security for the Note; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.
(b)    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 partners or members and of the Properties, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Mortgages, 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 Properties for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Properties in preference to every other claimant whatsoever.  In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgages, any equitable right otherwise available to Borrower which would require the separate sale of the Properties or require Lender to exhaust its remedies against any Property or any combination of the Properties before proceeding against any other Property or combination of Properties; and further in the event of such foreclosure Borrower does hereby expressly consents to and authorizes, at the option of Lender, the foreclosure and sale either separately or together of any combination of the Properties
Section 12.28    Certificated Interests.
(a)    If any ownership interest in an Equity Interest is represented by a certificate  (each, an “Equity Certificate”) that has been pledged and delivered to Lender and such Equity Certificate is lost, stolen or destroyed, then, upon the written request of Lender to the applicable Loan Party, such Loan Party shall issue to Lender a new Equity Certificate in place of the Equity Certificate that was lost, stolen or destroyed, provided such Lender: (i) makes proof by written, notarized affidavit, in form and substance reasonably satisfactory to the applicable Loan Party that such previously issued Equity Certificate has been lost, stolen or destroyed and has not been assigned, endorsed, transferred or hypothecated, (ii) delivers a written indemnity (in form and substance and from an indemnitor reasonably satisfactory to the applicable Loan Party) to the extent required by any title company proposing to provide title insurance with respect to such Equity Certificate and (iii) requests the issuance of a new Equity Certificate before the Loan party has notice that such previously issued Equity Certificate has been acquired by a purchaser for value in good faith and without notice of an adverse claim.
(b)    Upon repayment in full of the Loan, in the event Lender fails to return to a Loan Party an Equity Certificate previously delivered by such Loan Party to Lender in connection with the Loan, Lender shall deliver to the applicable Loan Party, within ten (10) days of such Loan Party’s demand, (i) a written, notarized affidavit, in form and substance reasonably satisfactory to the applicable Loan Party that such previously issued Equity Certificate has been lost, stolen or destroyed and has not been assigned, endorsed, transferred or hypothecated and (ii) a written indemnity (in form and substance and from an indemnitor reasonably satisfactory to the applicable Loan Party) to the extent required by any title company proposing to provide title insurance with respect to such Equity Certificate.
Section 12.29    Exculpation of Lender. Lender neither undertakes nor assumes any responsibility or duty to Borrower or any other party to select, review, inspect, examine, supervise, pass judgment upon or inform Borrower or any third party of (a) the existence, quality, adequacy or suitability of Broker Price Opinions of the Properties or other Collateral, (b) any environmental report, or (c) any other matters or items, including property inspections that are contemplated in the Loan Documents. Any such selection, review, inspection, examination and the like, and any other due diligence conducted by Lender, is solely for the purpose of protecting Lender’s rights under the Loan Documents, and shall not render Lender liable to Borrower or any third party for the existence, sufficiency, accuracy, completeness or legality thereof.
Section 12.30    No Fiduciary Duty.
(a)    Borrower acknowledges that, in connection with this Agreement, the other Loan Documents and the Transaction, Lender has relied upon and assumed the accuracy and completeness of all of the financial, legal, regulatory, accounting, tax and other information provided to, discussed with or reviewed by Lender for such purposes, and Lender does not assume any liability therefor or responsibility for the accuracy, completeness or independent verification thereof.  Lender, its affiliates and their respective equityholders and employees (for purposes of this Section, the “Lending Parties”) have no obligation to conduct any independent evaluation or appraisal of the assets or liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of Sponsor, Borrower or any other Person or any of their respective affiliates or to advise or opine on any related solvency or viability issues.
(b)    It is understood and agreed that (i) the Lending Parties shall act under this Agreement and the other Loan Documents as an independent contractor, (ii) the Transaction is an arm’s-length commercial transaction between the Lending Parties, on the one hand, and Borrower, on the other, (iii) each Lending Party is acting solely as principal and not as the agent or fiduciary of Borrower, Sponsor or their respective affiliates, stockholders, employees or creditors or any other Person and (iv) nothing in this Agreement, the other Loan Documents, the Transaction or otherwise shall be deemed to create (A) a fiduciary duty (or other implied duty) on the party of any Lending Party to Sponsor, Borrower, any of their respective affiliates, stockholders, employees or creditors, or any other Person or (B) a fiduciary or agency relationship between Sponsor, Borrower or any of their respective affiliates, stockholders, employees or creditors, on the one hand, and the Lending Parties, on the other.  Borrower agrees that neither it nor Sponsor nor any of their respective affiliates shall make, and hereby waives, any claim against the Lending Parties based on an assertion that any Lending Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to Borrower, Sponsor or their respective affiliates, stockholders, employees or creditors.  Nothing in this Agreement or the other Loan Documents is intended to confer upon any other Person (including affiliates, stockholders, employees or creditors of Borrower and Sponsor) any rights or remedies by reason of any fiduciary or similar duty.  
(c)    Borrower acknowledges that it has been advised that the Lending Parties are a full service financial services firm engaged, either directly or through affiliates in various activities, including securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals.  In the ordinary course of these activities, the Lending Parties may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including loans) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and/or instruments.  Such investment and other activities may involve securities and instruments of affiliates of Borrower, including Sponsor, as well as of other Persons that may (i) be involved in transactions arising from or relating to the Transaction, (ii) be customers or competitors of Borrower, Sponsor and/or their respective affiliates, or (iii) have other relationships with Borrower, Sponsor and/or their respective affiliates.  In addition, the Lending Parties may provide investment banking, underwriting and financial advisory services to such other Persons.  The Lending Parties may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of affiliates of Borrower, including Sponsor, or such other Persons.  The Transaction may have a direct or indirect impact on the investments, securities or instruments referred to in this Section 10.30(c).  Although the Lending Parties in the course of such other activities and relationships may acquire information about the Transaction or other Persons that may be the subject of the Transaction, the Lending Parties shall have no obligation to disclose such information, or the fact that the Lending Parties are in possession of such information, to Borrower, Sponsor or any of their respective affiliates or to use such information on behalf of Borrower, Sponsor or any of their respective affiliates.
(d)    Borrower acknowledges and agrees that Borrower has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to this Agreement, the other Loan Documents, the Transaction and the process leading thereto. 
Section 12.31    Arizona Provision.  Anything to the contrary herein or elsewhere notwithstanding, in no event shall Borrower have any liability or other obligation under or with respect to the Sponsor Guaranty, the Equity Owner Guaranty or the Borrower GP Guaranty.  The following Arizona provision does not limit the express choice of New York law as set forth in Section 10.3 of this Agreement and the other Loan Documents.  If and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, Arizona law is held to govern this Agreement, any Mortgage Document encumbering a Property located in Arizona or any other Loan Document:
(a)    Waiver of Surety Defenses.  Each Loan Party hereby expressly waives, to the extent permitted by law, any and all defenses and discharges available to a surety, guarantor or accommodation co-obligor, including, without limitation, the benefits of Arizona Revised Statutes Sections 12-1641 through 12-1646 and Rule 17(f) of the Arizona Rules of Civil Procedure, and, to the extent permitted by law, the benefits, if any, of Arizona Revised Statutes Section 33-814, in each case as amended, and any successor statutes or rules, or any similar statute. 
(b)    Anything to the contrary herein or elsewhere notwithstanding, the Equity Owner Guaranty and the Sponsor Guaranty and all obligations arising under any of them are not and shall not be secured in any manner whatsoever, including by any Mortgage or by any lien encumbering any Property; provided, however, that any environmental indemnity provisions set forth in this Agreement or any Environmental Indemnity shall be so secured, except as to the obligations of Sponsor and the Equity Owner and subject to the rights of Lender to proceed on an unsecured basis thereunder pursuant to applicable law.
Section 12.32    California Provision.  Anything to the contrary herein or elsewhere notwithstanding, in no event shall Borrower have any liability or other obligation under or with respect to, the Sponsor Guaranty, the Parent Guaranty, the Equity Owner Guaranty, the Equity GP Owner Security Agreement or the Borrower GP Guaranty or the Borrower GP Security Agreement.  The following California provisions do not limit the express choice of New York law as set forth in Section 10.3 of this Agreement and the other Loan Documents.  If and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, California law is held to govern this Agreement, any Mortgage Document encumbering a Property located in California or any other Loan Document:
(a)    Waiver of Offset.  Notwithstanding anything contained herein to the contrary, no portion of any of the Obligations shall be or be deemed to be offset or compensated by all or any part of any claim, cause of action, counterclaim, or cross-claim, whether liquidated or unliquidated, that Borrower may have or claim to have against any other Relevant Party.  Borrower hereby waives, to the fullest extent permitted by applicable law, the benefits of California Code of Civil Procedure Section 431.70. 
(b)    Insurance Notice.     Lender hereby notifies Borrower of the provisions of Section 2955.5(a) of the California Civil Code, which reads as follows:
“No lender shall require a borrower, as a condition of receiving or maintaining a loan secured by real property, to provide hazard insurance coverage against risks to the improvements on that real property in an amount exceeding the replacement value of the improvements on the property.”

This disclosure is being made by Lender to Borrower pursuant to Section 2955.5(b) of the California Civil Code. Borrower hereby acknowledges receipt of this disclosure and acknowledges that this disclosure has been made by Lender before execution of the Note.

(c)    Environmental Provisions.  The provisions contained in  Section 3.2.18 of this Agreement are intended by the parties to constitute “environmental provisions” as defined in California Code of Civil Procedure Section 736, and Lender shall have all rights and remedies provided in such section.
(d)    Access to Properties.  Lender’s rights under Section 4.1.4 of this Agreement shall be deemed to include, without limitation, its rights under California Civil Code Section 2929.5, as such provisions may be amended from time to time.
Section 12.33    Florida Provision. The following Florida provision does not limit the express choice of New York law as set forth in Section 10.3 of this Agreement and the other Loan Documents.  If and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, Florida law is held to govern this Agreement, any Mortgage Document encumbering a Property located in Florida or any other Loan Document:
(a)    Interest on Judgments. The parties acknowledge and agree that the Default Rate provided for herein shall also be the rate of interest payable on any judgments entered in favor of Lender in connection with the loan evidenced hereby.
Section 12.34    Georgia Provision. The following Georgia provision does not limit the express choice of New York law as set forth in Section 10.3 of this Agreement and the other Loan Documents.  If and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, Georgia law is held to govern this Agreement, any Mortgage Document encumbering a Property located in Georgia or any other Loan Document:
(a)    Attorney’s Fees.  Notwithstanding anything contained in this Agreement or any other Loan Document, in any instance where Borrower or any other Relevant Party is required to reimburse Lender for any legal fees or expenses incurred by Lender or Servicer, (i) “reasonable attorneys’ fees,” “reasonable counsel’s fees,” “attorneys’ fees” and other words of similar import, are not, and shall not be statutory attorneys’ fees under O.C.G.A. § 13-1-11, (ii) if, under any circumstances a Relevant Party is required to pay any or all of Lender’s or Servicer’s attorneys’ fees and expenses, howsoever described or referenced, such Relevant Party shall be responsible only for reasonable legal fees and out of pocket expenses actually incurred by Lender or Servicer at customary hourly rates actually charged to Lender or Servicer for the work done, and (iii) no Relevant Party shall be liable under any circumstances for additional attorneys’ fees or expenses, howsoever described or referenced, under O.C.G.A. § 13-1-11.
Section 12.35    Minnesota Provisions. The following Minnesota provisions do not limit the express choice of New York law as set forth in Section 10.3 of this Agreement and the other Loan Documents.  If and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, Minnesota law is held to govern this Agreement, any Mortgage Document encumbering a Property located in Minnesota or any other Loan Document:
(a)    Anything to the contrary herein or elsewhere notwithstanding, in no event shall Borrower have any liability or other obligation under or with respect to the Sponsor Guaranty or the Equity Owner Guaranty or any guaranty executed and delivered by a Borrower TRS in accordance with Section 4.1.23 and neither such guaranties nor the Environmental Indemnity shall be deemed to be secured by any Mortgage encumbering any Property in Minnesota.
(b)    The phrase “attorneys’ fees”, when used herein or in the other Loan Documents shall include any and all attorneys’, paralegals’ and law clerks’ fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels incurred or paid by Lender in protecting its interest in the Property, or any part thereof and enforcing its rights hereunder.
(c)    IT IS EXPRESSLY AGREED AND UNDERSTOOD BY BORROWER THAT THIS AGREEMENT INCLUDES INDEMNIFICATION PROVISIONS WHICH, IN CERTAIN CIRCUMSTANCES, INCLUDE AN INDEMNIFICATION BY BORROWER OF AN INDEMNIFIED PERSON FROM CLAIMS OR LOSSES ARISING AS A RESULT OF SUCH INDEMNIFIED PERSON’S SOLE NEGLIGENCE.
(d)    THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, ARE THE FINAL EXPRESSION OF THE AGREEMENT BETWEEN THE LENDER AND THE BORROWER AND MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR OR CONTEMPORANEOUS ORAL AGREEMENT BETWEEN LENDER AND BORROWER.  THE PARTIES HEREBY ACKNOWLEDGE AND AFFIRM THAT NO UNWRITTEN ORAL CREDIT AGREEMENT BETWEEN THE PARTIES EXISTS.

Section 12.36    Nevada Provisions. The following Nevada provisions do not limit the express choice of New York law as set forth in Section 10.3 of this Agreement and the other Loan Documents.  If and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, Nevada law is held to govern this Agreement, any Mortgage Document encumbering a Property located in Nevada or any other Loan Document:
(a)    Waiver of Offset.  Notwithstanding anything contained herein to the contrary, no portion of any of the Obligations shall be or be deemed to be offset or compensated by all or any part of any claim, cause of action, counterclaim, or cross-claim, whether liquidated or unliquidated, that Borrower may have or claim to have against any other Loan Party.
(b)    Waiver of Prepayment.  Borrower hereby expressly (i) waives, to the extent permitted by law, any right it may have to prepay any Loan in whole or in part, without penalty, upon acceleration of the Maturity Date; and (ii) agrees that if a prepayment of any or all of any Loan is made, Borrower shall be obligated to pay, concurrently therewith, any fees applicable thereto.  By initialing this provision in the space provided below, the Loan Parties hereby declare that Lender’s agreement to make the subject Loan at the Interest Rate and for the term set forth herein constitutes adequate consideration, given individual weight by the undersigned, for this waiver and agreement.
(c)    BORROWER’S INITIALS AS TO SECTION 10.36(b):  ___________

Section 12.37    North Carolina Provision. The following North Carolina provision does not limit the express choice of New York law as set forth in Section 10.3 of this Agreement and the other Loan Documents.  If and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, North Carolina law is held to govern this Agreement, any Mortgage Document encumbering a Property located in North Carolina or any other Loan Document:
(a)    Notwithstanding anything contained in this Agreement or any other Loan Document, in any instance where Borrower or any other Relevant Party is required to reimburse Lender for any legal fees or expenses incurred by Lender or Servicer, (i) “reasonable attorneys’ fees,” “reasonable counsel’s fees,” “attorneys’ fees” and other words of similar import, are not, and shall not be statutory attorneys’ fees under NCGS § 6.21.2, (ii) if, under any circumstances a Relevant Party is required to pay any or all of Lender’s or Servicer’s attorneys’ fees and expenses, howsoever described or referenced, such Relevant Party shall be responsible only for reasonable legal fees and out of pocket expenses actually incurred by Lender or Servicer at customary hourly rates actually charged to Lender or Servicer for the work done, and (iii) no Relevant Party shall be liable under any circumstances for additional attorneys’ fees or expenses, howsoever described or referenced, under NCGS § 6.21.2.

Section 12.38    South Carolina Provisions. The following South Carolina provisions do not limit the express choice of New York law as set forth in Section 10.3 of this Agreement and the other Loan Documents.  If and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, South Carolina law is held to govern this Agreement, any Mortgage Document encumbering a Property located in South Carolina or any other Loan Document:
(a)    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty (30) days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE PROPERTY.
(b)    THE UNDERSIGNED ACKNOWLEDGES AND AFFIRMS THAT IT RECEIVED WRITTEN NOTIFICATION BEFORE THE TRANSACTION THAT A WAIVER OF APPRAISAL RIGHTS WAS REQUIRED IN ACCORDANCE WITH THE PROVISIONS OF S.C. CODE ANN. SECTION 29-3-680.
BORROWER:
________________________________________

Section 12.39    Washington Provisions. The following Washington provisions do not limit the express choice of New York law as set forth in Section 10.3 of this Agreement and the other Loan Documents.  If and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, Washington law is held to govern this Agreement, any Mortgage Document encumbering a Property located in Washington or any other Loan Document:
(a)    NOTICE REGARDING ORAL COMMITMENTS:  ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, MODIFY LOAN TERMS OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW.
(b)    Notwithstanding anything herein to the contrary, Borrower hereby agrees, to the fullest extent permitted by law that Lender may determine to proceed against any collateral securing any of the Obligations by way of judicial or non-judicial foreclosure or any other lawful remedy for the enforcement of its rights, and the obligations of Borrower under this Agreement shall survive Lender’s exercise of any such right or remedy.  Borrower understands that Lender’s exercise of its rights and remedies including a non-judicial foreclosure of a deed of trust encumbering Property in Washington State could impair, eliminate or destroy subrogation, reimbursement, contribution, indemnification and other rights Borrower may have against others for amounts paid by such them under the Loan Documents.  Nevertheless, Borrower hereby waives and relinquishes any claim or defense based upon the loss of any such rights, election of remedies, discharge and satisfaction of the Obligations and, to the fullest extent permitted by Washington State law following a non-judicial foreclosure of any deed of trust encumbering Property in Washington State, any other claim or defense which may arise under applicable Washington State law.
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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.
LENDER:
WELLS FARGO BANK, NATIONAL ASSOCIATION

		
	By:
	/s/ Christian Adrian    

Name: Christian Adrian
Title:   Managing Director

BORROWER:

2017-1 IH BORROWER L.P.,  
a Delaware limited partnership

By: 2017-1 IH Borrower G.P. LLC, 
a Delaware limited liability company 
its General Partner

		
	By:
	/s/ Jonathan Olsen    

Name: Jonathan Olsen 
Title: Senior Vice President and Managing Director  

ACTIVE 219581617v.25

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