Document:

Exhibit

Exhibit 10.10

**Confidential portions have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission (the “Commission”)**

MSBNA Loan No.  18-55416
Citi Loan No.  12144

	
		
	 
	 

LOAN AGREEMENT

Between

HIGGINS PROPERTIES LLC, MASTERS PROPERTIES LLC, ROBIN 1 PROPERTIES LLC, TANAKA PROPERTIES LLC, ILPT TSM PROPERTIES LLC, Z&A PROPERTIES LLC, LTMAC PROPERTIES LLC, ILPT ORVILLE PROPERTIES LLC, RFRI PROPERTIES LLC, and TEDCAL PROPERTIES LLC, 
collectively, as Borrower,

and

MORGAN STANLEY BANK, N.A.

CITI REAL ESTATE FUNDING INC.,

UBS AG, BY AND THROUGH ITS BRANCH OFFICE AT 1285 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK and

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION 
collectively, as Lender

Dated as of January 29, 2019

	
		
	 
	 

TABLE OF CONTENTS

	
				
	 
	 
	Page

	 
	 
	 

	ARTICLE I.
	DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	1

	 
	 
	 

	Section 1.1
	Definitions
	1

	Section 1.2
	Principles of Construction
	29

	 
	 
	 

	ARTICLE II.
	THE LOAN
	29

	 
	 
	 

	Section 2.1
	The Loan
	29

	Section 2.2
	Interest Rate
	31

	Section 2.3
	Loan Payments
	32

	Section 2.4
	Prepayments
	33

	Section 2.5
	Defeasance
	35

	 
	 
	 

	ARTICLE III.
	REPRESENTATIONS AND WARRANTIES
	37

	 
	 
	 

	Section 3.1
	Borrower Representations
	37

	Section 3.2
	Survival of Representations
	58

	 
	 
	 

	ARTICLE IV.
	BORROWER COVENANTS
	58

	 
	 
	 

	Section 4.1
	Borrower Affirmative Covenants
	58

	Section 4.2
	Borrower Negative Covenants
	68

	 
	 
	 

	ARTICLE V.
	INSURANCE, CASUALTY AND CONDEMNATION
	71

	 
	 
	 

	Section 5.1
	Insurance
	71

	Section 5.2
	Casualty and Condemnation
	77

	Section 5.3
	Delivery of Net Proceeds
	79

	 
	 
	 

	ARTICLE VI.
	RESERVE FUNDS
	83

	 
	 
	 

	Section 6.1
	Reserved
	83

	Section 6.2
	Tax Funds
	83

	Section 6.3
	Insurance Funds
	83

	Section 6.4
	Reserved
	84

	Section 6.5
	Reserved
	84

	Section 6.6
	Lease Termination Funds
	84

	Section 6.7
	Cash Trap Funds
	86

	Section 6.8
	Application of Reserve Funds
	88

	Section 6.9
	Security Interest in Reserve Funds and Interest on Reserve Funds
	88

i

	
				
	Section 6.10
	Letters of Credit
	89

	Section 6.11
	Provisions Regarding Letters of Credit
	90

	 
	 
	 

	ARTICLE VII.
	PROPERTY MANAGEMENT
	91

	 
	 
	 

	Section 7.1
	The Property Management Agreement
	91

	Section 7.2
	Prohibition Against Termination or Modification of the Property Management Agreement
	91

	Section 7.3
	Replacement of Manager
	92

	 
	 
	 

	ARTICLE VIII.
	PERMITTED TRANSFERS
	92

	 
	 
	 

	Section 8.1
	Permitted Transfer of the Collective Properties
	92

	Section 8.2
	Permitted Transfers of Equity Interests
	93

	 
	 
	 

	ARTICLE IX.
	SALE AND SECURITIZATION OF LOAN
	96

	 
	 
	 

	Section 9.1
	Sale of Loan and Securitization
	96

	Section 9.2
	Securitization Indemnification
	98

	Section 9.3
	Servicing and Trust Expenses
	101

	Section 9.4
	Loan Bifurcation
	101

	 
	 
	 

	ARTICLE X.
	DEFAULTS
	102

	 
	 
	 

	Section 10.1
	Event of Default
	102

	Section 10.2
	Remedies
	104

	Section 10.3
	Right to Cure Defaults
	106

	Section 10.4
	Remedies Cumulative
	106

	 
	 
	 

	ARTICLE XI.
	MISCELLANEOUS
	106

	 
	 
	 

	Section 11.1
	Successors and Assigns
	106

	Section 11.2
	Lender’s Discretion
	106

	Section 11.3
	Governing Law
	107

	Section 11.4
	Modification, Waiver in Writing
	108

	Section 11.5
	Delay Not a Waiver
	108

	Section 11.6
	Notices
	109

	Section 11.7
	Trial by Jury
	110

	Section 11.8
	Headings
	110

	Section 11.9
	Severability
	110

	Section 11.10
	Preferences
	110

	Section 11.11
	Waiver of Notice
	111

	Section 11.12
	Remedies of Borrower
	111

	Section 11.13
	Expenses; General Indemnity; Mortgage Tax Indemnity; ERISA Indemnity; CFIUS Indemnity
	111

	Section 11.14
	Schedules Incorporated
	114

ii

	
					
	Section 11.15
	Offsets, Counterclaims and Defenses
	114

	Section 11.16
	No Joint Venture or Partnership; No Third Party Beneficiaries
	114

	Section 11.17
	Publicity
	115

	Section 11.18
	Waiver of Marshalling of Assets
	115

	Section 11.19
	Waiver of Offsets/Defenses/Counterclaims
	115

	Section 11.20
	Conflict; Construction of Documents; Reliance
	115

	Section 11.21
	Brokers and Financial Advisors
	116

	Section 11.22
	Exculpation
	116

	Section 11.23
	Prior Agreements
	118

	Section 11.24
	Contributions and Waivers
	119

	Section 11.25
	Joint and Several Liability
	122

	Section 11.26
	Creation of Security Interest
	122

	Section 11.27
	Assignments and Participations
	123

	Section 11.28
	Co-Lenders
	124

	Section 11.29
	Set-Off
	125

	 
	 
	 

	SCHEDULES
	 
	 

	 
	 
	 

	Schedule I
	—
	Rent Roll
	 

	Schedule II
	—
	Organizational Chart
	 

	Schedule III
	—
	Leased Fee Leases
	 

	Schedule 3.1.1
	—
	Organizational ID Numbers and Tax Identification Numbers
	 

	Schedule 3.1.4
	—
	Litigation
	 

	Schedule 3.1.9
	—
	Legal Requirements
	 

	Schedule 3.1.14
	—
	Assessments
	 

	Schedule 3.1.46
	—
	Owned Improvements
	 

iii

LOAN AGREEMENT

THIS LOAN AGREEMENT, dated as of January 29, 2019 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this “Agreement”), is between MORGAN STANLEY BANK, N.A., a national banking association, having an office at 1585 Broadway, New York, New York 10036 (together with its successors and assigns, “MSBNA”), CITI REAL ESTATE FUNDING INC., a New York corporation, having an office at 390 Greenwich Street, 7th Floor, New York, New York 10013 (together with its successors and assigns, “Citi”), UBS AG, BY AND THROUGH ITS BRANCH OFFICE AT 1285 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK (together with its successors and assigns, “UBS”) and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York, New York 10179 (together with its successors and/or assigns, “JPM” and, together with MSBNA, Citi and UBS, “Lender”), and HIGGINS PROPERTIES LLC, MASTERS PROPERTIES LLC, ROBIN 1 PROPERTIES LLC, TANAKA PROPERTIES LLC, ILPT TSM PROPERTIES LLC, Z&A PROPERTIES LLC, LTMAC PROPERTIES LLC, ILPT ORVILLE PROPERTIES LLC, RFRI PROPERTIES LLC, and TEDCAL PROPERTIES LLC, each a Delaware limited liability company, having an address at Two Newton Place, 255 Washington Street Suite 300, Newton, MA 02458 (individually or collectively as the context may require, and together with their respective permitted successors and permitted assigns, “Borrower”).

All capitalized terms used herein shall have the respective meanings set forth in Article I 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 conditions and terms 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 I.

DEFINITIONS; PRINCIPLES OF CONSTRUCTION

Section 1.1    Definitions.  For all purposes of this Agreement, except as otherwise expressly provided:

“Acceptable Person” shall mean a Person that (a) has never been convicted of a felony, (b) has never been convicted for a violation of Prescribed Laws and are not Embargoed

1

Persons, (c) has not, within the past seven (7) years, been the subject of a proceeding under the Bankruptcy Code except any involuntary proceedings that have been discharged and (d) has no outstanding judgments which would have a material adverse effect on such Person’s ability to perform its obligations, if any, under the Loan Documents.

“Act” shall have the meaning set forth in Section 3.1.24(cc).

“Affiliate” shall mean, (i) as to any Person, any other Person that, directly or indirectly, owns more than ten percent (10%) of such Person or is in Control of, is Controlled by or is under common Control with such Person or is a director or officer of such Person or of an Affiliate of such Person, (ii) with respect to clause (f) of the definition of “Qualified Buyer,” a Person who is under common Control with Sponsor, and (iii) with respect to Section 8.2(a), a Person who is under common Control with Sponsor or managed by The RMR Group LLC or any successor by merger, consolidation or otherwise.

“Affiliated Manager” shall mean The RMR Group LLC and any other managing agent of any Property that is an Affiliate of Borrower, Guarantor or any SPE Party (if any).

“ALTA” shall mean American Land Title Association, or any successor thereto.

“Alteration Threshold” shall mean $20,000,000.00.

“Annual Budget” shall mean the operating and capital budget for the Collective Properties setting forth Borrower’s good faith estimate of Operating Income, Operating Expenses, and Capital Expenditures for the Collective Properties for the applicable Fiscal Year.

“Applicable Contribution” shall have the meaning set forth in Section 11.24 hereof.

“Approved Annual Budget” shall have the meaning set forth in Section 4.1.6(e).

“Approved Independent Manager/Director Provider” shall mean each of CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company and Lord Securities Corporation, any of their respective Affiliates or, if none of those companies is then providing professional independent directors and managers on commercially reasonable terms, another nationally- recognized company reasonably approved by Lender, in each case that is not an Affiliate of the Borrower Parties and that provides professional independent directors and other corporate services in the ordinary course of its business.

“Assignment and Subordination of Management Agreement” shall mean that certain Assignment and Subordination of Management Agreement, dated the date hereof, among Borrower, Manager and Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

“Award” shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect of all or any part of any Property to which Borrower

2

is entitled, or has any right, title or interest in, under the applicable provisions of the applicable Leases.

“Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy”, as 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.

“Bankruptcy Event” shall mean with respect to any Person (a) such Person filing a voluntary petition under the Bankruptcy Code, or any other Federal, state, local or foreign bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under the Bankruptcy Code, or any other Federal, state, local or foreign bankruptcy or insolvency law, or soliciting or causing to be solicited petitioning creditors for any involuntary petition against such Person; (c) such Person filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code, or any other Federal, state, local or foreign bankruptcy or insolvency law; (d) such Person consenting to or acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for such Person or any portion of its property; (e) such Person making an assignment for the benefit of creditors, or admitting, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due; or (f) there is substantive consolidation of such Person with any other Person in connection with any federal or state bankruptcy proceeding.

“Basic Carrying Costs” shall mean the sum of the following costs associated with the Collective Properties for the relevant Fiscal Year or payment period: (a) Taxes and (b) Insurance Premiums.

“Benefit Amount” shall have the meaning set forth in Section 11.24 hereof.

“BI/Rent Loss Proceeds” shall have the meaning set forth in Section 5.2.3.

“Borrower” shall have the meaning set forth in the introductory paragraph of this Agreement.

“Borrower Party” shall mean Borrower, Sponsor, or any director, officer, employee, beneficiary, shareholder (other than in a publicly-traded entity), partner, member, trustee or agent of Borrower (acting at the direction of Borrower, Sponsor or any Affiliate of Borrower) or any Affiliate of Borrower or Sponsor.

“Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday on which national banks are not open for general business in (a) the State of New York, (b) the state where the corporate trust office of the Trustee is located, or (c) the state where the servicing offices of the Servicer are located.

“Business Income/Rent Loss Insurance” shall have the meaning set forth in Section 5.1.1.

3

“Capital Expenditures” for any period shall mean amounts expended for replacements and alterations to any Property by Borrower which are required to be capitalized according to GAAP.

“Capital Expenditures Work” shall mean any labor performed or materials installed in connection with any Capital Expenditure or as may be required under the Property Management Agreement.

“Cash Management Account” shall mean the “Deposit Account” as defined in the Cash Management Agreement.

“Cash Management Agreement” shall mean that certain Cash Management Agreement of even date herewith among Lender, Borrower, Manager and Cash Management Bank.

“Cash Management Bank” shall mean Wells Fargo Bank, N.A. or any successor permitted pursuant to the terms and provisions of the Cash Management Agreement.

“Cash Management Sweep Period” shall mean a period commencing:

(a)    from and after the occurrence of any Event of Default, and continuing until such time as such Event of Default has been cured in accordance with the terms and provisions of this Agreement or otherwise to Lender’s satisfaction (provided that no Cash Management Sweep Period remains in effect pursuant to clauses (b) or (c) below);

(b)    upon the occurrence of a Debt Yield Event and continuing until such time as (i) the Debt Yield is at least six and three-quarters percent (6.75%) for two (2) consecutive calendar quarters (provided that no Cash Management Sweep Period remains in effect pursuant to clause (a) above or clause (c) below) or (ii) Borrower has delivered to Lender a Letter of Credit in accordance with the terms of this Agreement in a face amount such that, if applied to reduce the principal balance of the Debt, would result in a Debt Yield of at least six and three-quarters percent (6.75%); or

(c)    upon the occurrence of a Partial Debt Yield Event and continuing until such time as (i) the Debt Yield is at least seven and one-quarter percent (7.25%) for two (2) consecutive calendar quarters (provided that no Cash Management Sweep Period remains in effect pursuant to clauses (a) or (b) above) or (ii) Borrower has delivered to Lender a Letter of Credit in accordance with the terms of this Agreement in a face amount such that, if applied to reduce the principal balance of the Debt, would result in a Debt Yield of at least seven and one-quarter percent (7.25%).

“Cash Trap Funds” shall have the meaning set forth in Section 6.7.1.

“Casualty” shall mean the occurrence of any casualty, damage or injury, by fire or otherwise, to any Property or any part thereof.

“Casualty Consultant” shall have the meaning set forth in Section 5.3.2(c).

4

“Casualty Retainage” shall have the meaning set forth in Section 5.3.2(d).

“Central Bank Pledge” shall have the meaning set forth in Section 11.26.

“CFIUS” shall mean (a) the Committee on Foreign Investment in the United States first established pursuant to Executive Order 11858 of May 7, 1975, and (b) any replacement or successor thereto, including, without limitation, pursuant to FIRRMA.

“CFIUS Approval” shall mean (a) written confirmation provided by CFIUS that each of the transactions described in Section 3.1.43 (collectively, the “Subject Transaction”) is not a Covered Transaction under the DPA, (b) written confirmation provided by CFIUS that it has completed its review or, if applicable, investigation of the matter in question under the DPA, and determined that there are no unresolved national security concerns with respect to the Subject Transaction or (c) CFIUS shall have sent a report to the President of the United States requesting the President’s decision under the DPA, and the President shall have announced a decision not to take any action to suspend, prohibit or place any limitations on the Subject Transaction.

“CFIUS Review” shall have the meaning set forth in Section 4.1.1(d) hereof.

“Citi” shall have the meaning set forth in the preamble to this Agreement.

“Closing Date” shall mean the date of this Agreement.

“Code” shall mean 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.

“Collective Properties” shall mean, collectively, all of the Properties of all of the Borrowers.

“Co-Lender” shall mean each of MSBNA, Citi, UBS and JPM.

“Componentization Notice” shall have the meaning set forth in Section 2.1.5 hereof.

“Component A Notes” shall mean, collectively, each of Note A-1, Note A-2, Note A-3, Note A-4 and Note A-9.

“Component B Notes” shall mean, collectively, each of Note A-5, Note A-6, Note A-7, Note A-8, Note A-10 and Note A-11.

“Condemnation” shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of any Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting such Property or any part thereof.

5

“Condemnation Payment” shall have the meaning set forth in Section 2.4.2(b).

“Contribution” shall have the meaning set forth in Section 11.24 hereof.

“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the day-to-day management and policies or activities of a Person, with respect to which the determination is to be made, whether through ownership of voting securities, by contract or otherwise (subject to certain major approval rights).

“Constituent Members” shall have the meaning set forth in Section 3.1.24(ee).

“Conveyance Fee” shall mean, as applicable, the Initial Conveyance Fee and the Subsequent Conveyance Fee.

“Covered Disclosure Information” shall have the meaning set forth in Section 9.2(b).

“Covered Rating Agency Information” shall have the meaning set forth in Section 9.2(f).

“Covered Transaction” shall have the meaning set forth in the DPA.

“DACA” shall mean that certain Deposit Account Control Agreement, dated as of the date hereof, by and among Borrower, Lender and DACA Bank.

“DACA Bank” shall mean First Hawaiian Bank or any successor pursuant to the terms and provisions of the DACA.

“Debt” shall mean the outstanding principal amount of the Loan together with all interest accrued and unpaid thereon and all other sums (including the Yield Maintenance Premium, if any) due to Lender in respect of the Loan under the Note, this Agreement, the Mortgage, the Environmental Indemnity and any other Loan Document, including, without limitation, reasonable costs, fees and expenses (including reasonable attorneys’ fees) payable to Lender to the extent specifically provided under the terms of the Loan Documents.

“Debt Service” shall mean, with respect to any particular period of time, scheduled interest payments under the Note.

“Debt Yield” shall mean, as of the last day of the most recently completed calendar quarter, the quotient (expressed as a percentage) obtained by dividing (a) Net Operating Income as of such date by (b) the outstanding principal amount of the Loan.

“Debt Yield Event” shall mean that, as of the last day of any calendar quarter, the Debt Yield is less than six and three-quarters percent (6.75%) for two (2) consecutive calendar quarters.

6

“Default” shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default.

“Default Rate” shall mean, with respect to each Note Component of the Loan, a rate per annum equal to the lesser of (a) the Maximum Legal Rate or (b) three percent (3%) above the Interest Rate applicable to such Note Component.

“Defeasance Collateral” shall mean U.S. Obligations, which provide payments (a) on or prior to, but as close as possible to, the Monthly Payment Dates and other scheduled payment dates, if any, under the Note after the Defeasance Date and up to and including the Open Prepayment Date, and (b) in amounts equal to or greater than the Scheduled Defeasance Payments relating to such Monthly Payment Dates and other scheduled payment dates.

“Defeasance Collateral Account” shall have the meaning set forth in Section 2.5.2.

“Defeasance Date” shall have the meaning set forth in Section 2.5.1(a)(i).

“Defeasance Event” shall have the meaning set forth in Section 2.5.1(a).

“Deposit Account” shall mean the account established pursuant to the DACA.

“Disclosure Document” shall mean, collectively, any written materials used or provided to any prospective investors and/or the Rating Agencies in connection with any public offering or private placement in connection with a Securitization (including, without limitation, a prospectus, prospectus supplement, private placement memorandum, offering memorandum, offering circular, term sheet, road show presentation materials or other offering documents, marketing materials or information provided to prospective investors), in each case in preliminary or final form and including any amendments, supplements, exhibits, annexes and other attachments thereto.

“Dominion” shall mean DBRS, Inc.

“DPA” shall mean the Defense Production Act of 1950, 50 U.S.C. § 4565, as amended by the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”), H.R. 5515-538 (as the same may have been or may hereafter be amended, restated, supplemented or otherwise modified), all laws and regulations related thereto and all mandates, requirements, powers and similar requirements imposed or exercised thereunder (including, without limitation, any of the foregoing implemented by and/or otherwise relating to CFIUS), as the foregoing may be amended from time to time, any successor statute or statutes and all rules and regulations from time to time promulgated in connection with the foregoing.

“Eligible Account” shall mean a separate and identifiable account from all other funds held by the holding institution that is either (a) an account or accounts (or subaccounts thereof) maintained with the corporate trust department of a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account or accounts (or subaccounts thereof) maintained with the corporate trust

7

department of a federal or state-chartered depository institution or trust company acting in its fiduciary capacity that has a Moody’s rating of at least “A1” and which, in the case of a state- chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal and state authority.  An Eligible Account shall not be evidenced by a certificate of deposit, passbook or other instrument.

“Eligible Institution” shall mean either (a) a depository institution or trust company the deposits of which are 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 “F-1+” 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 and 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 Fitch and S&P and “Aa3” by Moody’s), or (b) Wells Fargo Bank, N.A. (“Wells”), provided that the rating by S&P and the other Rating Agencies for Wells’ short term unsecured debt obligations or commercial paper and long term unsecured debt obligations does not decrease below such ratings in effect as of the Closing Date.

“Embargoed Person” shall have the meaning set forth in Section 3.1.40.

“Employee Benefit Plan” shall mean any employee benefit plan as defined in Section 3(3) of ERISA, including, without limitation, any employee welfare benefit plan (as defined in Section 3(1) of ERISA), any employee pension benefit plan (as defined in Section 3(2) of ERISA), and any plan which is both an employee welfare benefit plan and an employee pension benefit plan, and in respect of which the Borrower, Guarantor or any of their respective ERISA Affiliates is (or, if such Employee Benefit Plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 305 of ERISA.

“Environmental Indemnity” shall mean that certain Environmental Indemnity Agreement dated as of the date hereof executed by Borrower and Guarantor in connection with the Loan for the benefit of Lender.

“Environmental Policy” shall have the meaning set forth in Section 5.1.1(a).

“Equipment” shall have the meaning set forth in the granting clause of each Mortgage.

“ERISA” shall have the meaning set forth in Section 4.2.11.

“ERISA Affiliate” shall mean any Person that for purposes of Title IV of ERISA is a member of the Borrower’s or Guarantor’s “controlled group”, or under common control with the Borrower or Guarantor, within the meaning of Section 414 of the Code.

“Event of Default” shall have the meaning set forth in Section 10.1.

“Excess Cash Flow” shall have the meaning ascribed to such term in the Cash Management Agreement.

8

“Exchange Act” shall have the meaning set forth in Section 9.2(a).

“Exchange Act Filing” shall have the meaning set forth in Section 9.1(c).

“Exculpated Parties” shall have the meaning set forth in Section 11.22.

“Extraordinary Expense” shall have the meaning set forth in Section 4.1.6(e).

“FIRRMA” shall have the meaning set forth in the definition of “DPA”.

“Fiscal Year” shall mean each twelve (12) month period commencing on January 1 and ending on December 31 during the term of the Loan.

“Fitch” shall mean Fitch, Inc.

“Fixtures” shall have the meaning set forth in the granting clause of each Mortgage.

“Flood Insurance Acts” shall have the meaning set forth in Section 5.1(a).

“Funding Borrower” shall have the meaning set forth in Section 11.24 hereof.

“GAAP” shall mean 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.

“Governmental Authority” shall mean any court, board, agency, commission, office or authority of any nature whatsoever or any governmental unit (federal, state, county, district, municipal, city, foreign or otherwise) whether now or hereafter in existence.

“Ground Tenant” shall mean any Tenant under a Leased Fee Lease.

“Guarantor” shall mean (a) Sponsor or  (b) to the extent a substitute or replacement guarantor is provided pursuant to Section 8.1 or Section 8.2 hereof, such substitute or replacement guarantor.

“Guaranty” shall mean that certain Guaranty of Recourse Obligations dated as of the date hereof from Guarantor for the benefit of Lender.

“Improvements” shall have the meaning set forth in the granting clause of each Mortgage, provided that for the purposes of the representations, warranties and covenants of Borrower set forth in the Loan Documents, “Improvements” shall be deemed to only include the Owned Improvements unless otherwise expressly specified herein.

“Indebtedness” shall mean, for any Person, without duplication: (a) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or

9

for the deferred purchase price of property for which such Person or its assets is liable, (b) 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, (c) 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, (d) all indebtedness guaranteed by such Person, directly or indirectly, (e) all obligations under leases that constitute capital leases for which such Person is liable, (f) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss, (g) obligations secured by any Liens, whether or not the obligations have been assumed (other than the Permitted Encumbrances) and (h) any property-assessed clean energy loans or similar indebtedness (without regard to the name given to such indebtedness), including, without limitation, if such loans or indebtedness are made or otherwise provided by any Governmental Authority and/or secured or repaid (directly or indirectly) by any taxes or similar assessments (a “PACE Transaction”).

“Indemnifying Person” shall mean each of Borrower and Guarantor.

“Independent Manager/Director” shall have the meaning set forth in Section 3.1.24(dd).

“Initial Conveyance Fee” shall mean, in respect of the earlier to occur of (x) the initial assumption of the Loan pursuant to Section 8.1, and (y) the initial transfer pursuant to Section 8.2(b), a fee equal to $400,000.00.

“Insurance Funds” shall have the meaning set forth in Section 6.3.1.

“Insurance Premiums” shall mean the premiums due under the Policies.

“Interest Bearing Account” shall mean an account held by Lender or the Servicer on its behalf where the funds on deposit therein are invested in Permitted Investments and all interest or income earned thereon shall be added to the principal balance of such account.

“Interest Period” shall mean (a) for the first interest period hereunder, the period commencing on the Closing Date and ending on (and including) the sixth (6th) day of the following calendar month and (b) for each interest period thereafter commencing February 7, 2019, the period commencing on the seventh (7th) day of each calendar month and ending on (and including) the sixth (6th) day of the following calendar month.  Each Interest Period as set forth in clause (b) shall be a full month and shall not be shortened by reason of any payment of the Loan prior to the expiration of such Interest Period.

“Interest Rate” shall mean (a) with respect to Note Component A-1, 4.31%, (ii) with respect to Note Component A-2, 4.31%, (iii) with respect to Note Component A-3, 4.31%, (iv) with respect to Note Component A-4, 4.31%, and (v) with respect to Note Component B, 4.31%.

“Investment Grade Rating” shall mean a long-term unsecured debt rating of at least “BBB-” by Fitch and S&P and “Baa3” by Moody’s; provided that for purposes of

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determining Net Operating Income if one or more of the foregoing Rating Agencies assigns such a rating to a Tenant but the other(s) have not rated the applicable Tenant, then the relevant Tenant shall be deemed to have an Investment Grade Rating.

“JPM” shall have the meaning set forth in the preamble to this Agreement.

“KBRA” shall mean Kroll Bond Rating Agency, Inc.

“Knowledge” shall mean, and shall be limited to, the actual knowledge of the President & Chief Executive Officer and the Chief Financial Officer & Treasurer of each Borrower as of the Closing Date of a fact or matter at such time of determination after conducting such due diligence as each of them, as senior executives of experienced investors in commercial properties and/or operators of commercial properties similar to the Collective Properties, as applicable, have reasonably deemed appropriate in connection with the acquisition and ownership of the Collective Properties and the borrowing of the Loan.  To the extent any such phrases are used in any representation or certification being made after the Closing Date, any individuals that shall have succeeded to the current positions of the President & Chief Executive Officer and the Chief Financial Officer & Treasurer of each Borrower with respect to the Collective Properties at such time shall be deemed to be the appropriate “knowledge parties” hereunder.  “Know” and “Known” shall have correlative meanings.

“Lease” shall mean any lease, sublease or subsublease, letting, license, concession or other agreement (whether written or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in any Property, and every modification, amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto.

“Lease Termination Fee” shall have the meaning set forth in Section 6.6.1.

“Lease Termination Funds” shall have the meaning set forth in Section 6.6.1.

“Lease Termination Reserve Account” shall have the meaning set forth in Section 6.6.1.

“Leased Fee Leases” shall mean each of those leases set forth on Schedule III attached hereto.

“Leasing Commissions” shall mean the leasing commissions required to be paid by Borrower to (i) any third-party leasing agent pursuant to a leasing agreement entered into in accordance with the terms and provisions hereof or approved by Lender as of the Closing Date) for procuring Leases with respect to any Property, or (ii) if applicable, Manager pursuant to the terms and provisions of the Property Management Agreement.

“Legal Requirements” shall mean all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and

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injunctions of Governmental Authorities affecting Borrower or any 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 Americans with Disabilities Act of 1990, and all permits, licenses and authorizations and regulations of any Governmental Authority 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 such Property or any part thereof, including, without limitation, any which may (a) require repairs, modifications or alterations in or to such Property or any part thereof, or (b) in any way limit the use and enjoyment thereof.

“Lender” shall have the meaning set forth in the introductory paragraph of this Agreement.

“Lender Indemnitee” shall have the meaning set forth in Section 11.13(b).

“Letter of Credit” shall mean an irrevocable, unconditional, transferable, clean sight draft letter of credit acceptable to Lender and satisfying Rating Agency Criteria (either an evergreen letter of credit or one which does not expire until at least thirty (30) Business Days after the Maturity Date) in favor of Lender and entitling Lender to draw thereon in New York, New York, issued by a domestic Eligible Institution or the U.S. agency or branch of a foreign Eligible Institution.  If at any time the bank issuing any such Letter of Credit shall cease to be an Eligible Institution, then to the extent Borrower fails to deliver to Lender a replacement Letter of Credit within ten (10) Business Days thereafter, Lender shall have the right to immediately draw down the same in full and hold the proceeds of such draw in accordance with the applicable provisions hereof.

“Liabilities” shall have the meaning set forth in Section 9.2(b).

“Licenses” shall have the meaning set forth in Section 3.1.18.

“Lien” shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, PACE Transaction or any other encumbrance, charge or transfer of, or any agreement to enter into or create any of the foregoing, on or affecting any Property or any portion thereof or any interest in Borrower, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances.

“Liquidity” shall have the meaning set forth in the Guaranty.

“LLC Agreement” shall have the meaning set forth in Section 3.1.24(cc).

“Loan” shall mean the loan in the original principal amount of Six Hundred Fifty Million and No/100 Dollars ($650,000,000.00) made by Lender to Borrower pursuant to this Agreement.

“Loan Bifurcation” shall have the meaning set forth in Section 9.4.

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“Loan Documents” shall mean, collectively, this Agreement, the Note, the Mortgage, the Cash Management Agreement, the DACA, the Environmental Indemnity, the Guaranty, the Assignment and Subordination of Management Agreement (if entered into in accordance with this Agreement), the Post-Closing Agreement and any other document pertaining to any Property as well as all other documents now or hereafter executed and/or delivered in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

“Lockout Expiration Date” shall mean the earlier to occur of (a) the date that is thirty-six (36) months after the Closing Date and (b) the date that is twenty-four (24) months from the “startup day” (within the meaning of Section 860G(a)(9) of the Code) of the REMIC Trust established in connection with the last Securitization of the last portion of the Loan.

“Losses” shall mean liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of counsel related thereto).

“Major Lease” shall mean (a) any Lease which, individually or when aggregated with any other Lease with the same Tenant or any Affiliate of such Tenant, assuming the exercise of all fixed expansion rights and other preferential rights to lease additional space at any Property (as distinguished from right of first offer rights) accounts for or is reasonably expected to account for ten percent (10%) or more of the total Net Operating Income of the Collective Properties, (b) any Lease which contains any purchase option, offer, right of first refusal or other similar entitlement to acquire all or any portion of any Property (which such rights shall be deemed to be exclusive of any rights under any Lease to extend the term thereof or to lease additional space at such Property), (c) any Lease entered, or to be entered, into during the continuance of an Event of Default, (d) any Lease with an Affiliate of Borrower which, when aggregated with any other Leases with Affiliates of the Borrower at the Property on the whole, exceeds 5,000 square feet, or (e) any instrument guaranteeing or providing credit support for any Lease meeting the requirements of clauses (a) - (d) above.

“Manager” shall mean The RMR Group LLC, a Maryland limited liability company or, if the context requires, a Qualified Manager managing the Property in accordance with the terms and provisions of this Agreement.

“Material Adverse Effect” shall mean a material adverse effect on (a) the Collective Properties as a whole, (b) the business, profits, management, operations or condition (financial or otherwise) of the Borrowers, taken as a whole, Guarantor or the Collective Properties as a whole, (c) the enforceability, validity, perfection or priority of the lien of the Mortgage or the other Loan Documents, or (d) the ability of the Borrowers, taken as a whole, to perform its obligations under this Agreement, the Note or the other Loan Documents, as each may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms and provisions hereof.

“Material Agreements” shall mean any contract and agreement relating to the ownership, management, development, use, leasing, maintenance, repair or improvement of the Collective Properties, other than the Property Management Agreement, and the Leases, as to

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which (a) there is an obligation of Borrower to pay more than $1,000,000 per annum and such contract or agreement is not cancelable on thirty (30) days or less notice without cause and without requiring the payment of termination fees or payments of any kind, (b)(i) there is an obligation of Borrower to pay more than $250,000 per annum and such contract or agreement is not cancelable on thirty (30) days or less notice without cause and without requiring the payment of termination fees or payments of any kind and (ii) there is an obligation of Borrower to pay more than $2,500,000 per annum, in the aggregate, under all contracts and agreements that are not cancelable on thirty (30) days or less notice without cause and without requiring the payment of termination fees or payments of any kind, or (c) a Borrower Party (other than Borrower) is a counterparty thereto.

“Material Credit Action” shall mean to file any insolvency, or reorganization case or proceeding, to institute proceedings to have Borrower or an SPE Party be adjudicated bankrupt or insolvent, to institute proceedings under any applicable insolvency law, to seek any relief under any law relating to relief from debts or the protection of debtors, to consent to the filing or institution of bankruptcy or insolvency proceedings against Borrower or an SPE Party to file a petition seeking, or consent to, reorganization or relief with respect to Borrower or an SPE Party under any applicable federal or state law relating to bankruptcy or insolvency, to seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian, or any similar official of or for Borrower or an SPE Party or a substantial part of its property, to make any assignment for the benefit of creditors of Borrower or an SPE Party.

“Maturity Date” shall mean February 7, 2029, or such other date on which the final payment of principal of the Note becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise.

“Maximum Legal Rate” shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan.

“Member” shall have the meaning set forth in Section 3.1.24(cc).

“Minimum Disbursement Amount” shall mean $100,000.

“Minimum Experience” shall mean that such Person (a) has at least ten (10) years’ experience in the ownership or management of properties with similar size, scope, class, use and value as the Collective Properties and (b) has, for at least ten (10) years prior to its acquisition of an interest in the Collective Properties, owned, operated or managed at least ten (10) properties similar in size, scope, class, use and value as the Collective Properties which comprise in the aggregate at least 2,000,000 leasable square feet.

“Monthly Payment Amount” shall mean, on each Payment Date, the amount of interest which accrues on the Loan for the Interest Period immediately preceding the applicable Monthly Payment Date.

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“Monthly Payment Date” shall mean the seventh (7th) day of every calendar month occurring during the term of the Loan or if such date is not a Business Day, the immediately preceding Business Day.

“Moody’s” shall mean Moody’s Investors Service, Inc.

“Morgan Stanley” shall mean MSBNA and its Affiliates.

“Morgan Stanley Group” shall have the meaning set forth in Section 9.2(b).

“Morningstar” shall mean Morningstar Credit Ratings, LLC.

“Mortgage” shall mean, individually or collectively, as the context may require, each of those certain first priority Mortgages, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated the date hereof, executed and delivered by Borrower to or for the benefit of Lender as security for the Loan and encumbering each Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

“MSBNA” shall have the meaning set forth in the preamble to this Agreement.

“Multiemployer Plan” shall mean a multiemployer plan, as defined in Section 3(37) or Section 4001(a)(3) of ERISA, as applicable, in respect of which the Borrower, Guarantor or any ERISA Affiliate could have any obligation or liability, contingent or otherwise.

“Multiple Employer Plan” shall mean a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower, Guarantor or any ERISA Affiliate and at least one Person other than the Borrower, Guarantor and the ERISA Affiliates or (b) was so maintained and in respect of which the Borrower, Guarantor or any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated.

“Net Operating Income” shall mean (a) (i) annualized Operating Income of the Collective Properties based on in-place base Rents in connection with executed Leases with Tenants based on the most recent rent roll (provided, in each case, there is no termination rights on the part of Tenant under such Lease prior to rent commencement other than in connection with a Casualty, Condemnation or landlord default), but excluding Rents relating to (A) any Tenant that is in bankruptcy and has not assumed its Lease, (B) any Tenant that has less than one hundred eighty (180) days remaining under its Lease and has not extended or renewed their Lease by written notice to Borrower, (C) any Tenant that has failed to extend or renew in accordance with an option in its Lease for which the notice period has expired, (D) any Tenants that are sixty (60) or more days delinquent in the payment of base rent or (E) any Tenant that has an Investment Grade Rating that has more than nine (9) months of free rent remaining under its Lease or any Tenant that does not have an Investment Grade Rating that has more than six (6) months of free rent remaining under its Lease, plus (ii) projected expense reimbursements under executed Leases for the succeeding twelve (12) month period based on the terms of such Leases (to the extent such amounts are recurring in nature and properly included as Operating Income), plus (iii) actual amounts received by Borrower from the ownership and operation of the Collective Properties to the extent such amounts are recurring in nature and properly included as

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Operating Income during such period, less (b) budgeted Operating Expenses of the Collective Properties for the succeeding twelve (12) month period. Lender shall reasonably confirm Borrower’s calculation of Net Operating Income based upon information provided to Lender by Borrower pursuant to Section 4.1.6.

“Net Proceeds” shall mean: (a) the net amount of all insurance proceeds payable as a result of a Casualty to any Property, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees), if any, in collecting such insurance proceeds or (b) the net amount of the Award, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees), if any, in collecting such Award.

“Net Proceeds Deficiency” shall have the meaning set forth in Section 5.3.2(f).

“Net Worth” shall have the meaning set forth in the Guaranty.

“New Non-Consolidation Opinion” shall mean a bankruptcy substantive non-consolidation opinion, provided by outside counsel, meeting Rating Agency Criteria and otherwise reasonably acceptable to Lender (with it being acknowledged that Sullivan & Worcester LLP is an acceptable issuer of such opinion).

“Non-Consolidation Opinion” shall mean that certain bankruptcy non-consolidation opinion letter dated the Closing Date delivered by Sullivan & Worcester LLP in connection with the Loan.

“Note” shall mean, collectively, Note A-1, Note A-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7, Note A-8, Note A-9, Note A-10, and Note A-11.

“Note A-1” shall mean that certain Promissory Note A-1, dated the date hereof, in the stated principal amount of One Hundred Sixty-Two Million Five Hundred Thousand and No/100 Dollars ($162,500,000.00), executed by Borrower and payable to the order of MSBNA in evidence of the Loan, as the same may hereafter be amended, supplemented, restated, severed, increased, extended or consolidated from time to time.

“Note A-2” shall mean that certain Promissory Note A-2, dated the date hereof, in the stated principal amount of Sixty-Five Million and No/100 Dollars ($65,000,000.00), executed by Borrower and payable to the order of Citi in evidence of the Loan, as the same may hereafter be amended, supplemented, restated, severed, increased, extended or consolidated from time to time.

“Note A-3” shall mean that certain Promissory Note A-3, dated the date hereof, in the stated principal amount of Thirty-Five Million and No/100 Dollars ($35,000,000.00), executed by Borrower and payable to the order of UBS in evidence of the Loan, as the same may hereafter be amended, supplemented, restated, severed, increased, extended or consolidated from time to time.

“Note A-4” shall mean that certain Promissory Note A-4, dated the date hereof, in the stated principal amount of Thirty-Two Million Five Hundred Thousand and No/100 Dollars ($32,500,000.00), executed by Borrower and payable to the order of JPM in evidence of the

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Loan, as the same may hereafter be amended, supplemented, restated, severed, increased, extended or consolidated from time to time.

“Note A-5” shall mean that certain Promissory Note A-5, dated the date hereof, in the stated principal amount of One Hundred Sixty-Two Million Five Hundred Thousand and No/100 Dollars ($162,500,000.00), executed by Borrower and payable to the order of MSBNA in evidence of the Loan, as the same may hereafter be amended, supplemented, restated, severed, increased, extended or consolidated from time to time.

“Note A-6” shall mean that certain Promissory Note A-6, dated the date hereof, in the stated principal amount of Sixty-Five Million and No/100 Dollars ($65,000,000.00), executed by Borrower and payable to the order of Citi in evidence of the Loan, as the same may hereafter be amended, supplemented, restated, severed, increased, extended or consolidated from time to time.

“Note A-7” shall mean that certain Promissory Note A-7, dated the date hereof, in the stated principal amount of Thirty-Five Million and No/100 Dollars ($35,000,000.00), executed by Borrower and payable to the order of UBS in evidence of the Loan, as the same may hereafter be amended, supplemented, restated, severed, increased, extended or consolidated from time to time.

“Note A-8” shall mean that certain Promissory Note A-8, dated the date hereof, in the stated principal amount of Thirty-Two Million Five Hundred Thousand and No/100 Dollars ($32,500,000.00), executed by Borrower and payable to the order of JPM in evidence of the Loan, as the same may hereafter be amended, supplemented, restated, severed, increased, extended or consolidated from time to time.

“Note A-9” shall mean that certain Promissory Note A-9, dated the date hereof, in the stated principal amount of Thirty Million and No/100 Dollars ($30,000,000.00), executed by Borrower and payable to the order of UBS in evidence of the Loan, as the same may hereafter be amended, supplemented, restated, severed, increased, extended or consolidated from time to time.

“Note A-10” shall mean that certain Promissory Note A-10, dated the date hereof, in the stated principal amount of Twenty Million and No/100 Dollars ($20,000,000.00), executed by Borrower and payable to the order of UBS in evidence of the Loan, as the same may hereafter be amended, supplemented, restated, severed, increased, extended or consolidated from time to time.

“Note A-11” shall mean that certain Promissory Note A-11, dated the date hereof, in the stated principal amount of Ten Million and No/100 Dollars ($10,000,000.00), executed by Borrower and payable to the order of UBS in evidence of the Loan, as the same may hereafter be amended, supplemented, restated, severed, increased, extended or consolidated from time to time.

“Note Component” shall mean, individually, any one of Note Component A-1, Note Component A-2, Note Component A-3, Note Component A-4 and Note Component B and

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“Note Components” shall mean, collectively, Note Component A-1, Note Component A-2, Note Component A-3, Note Component A-4 and Note Component B.

“Note Component A” shall mean, individually or collectively as the context may require, Note Component A-1, Note Component A-2, Note Component A-3, and Note Component A-4.

“Note Component A-1” shall mean the component of the Loan designated as “Note Component A-1” in Section 2.1.5 hereof.

“Note Component A-2” shall mean the component of the Loan designated as “Note Component A-2” in Section 2.1.5 hereof.

“Note Component A-3” shall mean the component of the Loan designated as “Note Component A-3” in Section 2.1.5 hereof.

“Note Component A-4” shall mean the component of the Loan designated as “Note Component A-4” in Section 2.1.5 hereof.

“Note Component B” shall mean the component of the Loan designated as “Note Component B” in Section 2.1.5 hereof.

“Notice” shall have the meaning set forth in Section 11.6.

“Obligations” shall mean Borrower’s obligation to pay the Debt and perform its obligations under the Note, this Agreement and the other Loan Documents.

“OFAC” shall have the meaning set forth in Section 3.1.40.

“Officer’s Certificate” shall mean a certificate delivered to Lender by Borrower which is signed by an authorized officer of Borrower (or an authorized officer of Borrower’s general partner or managing member, if applicable).

“Open Prepayment Date” shall mean August 7, 2028.

“Operating Expenses” shall mean all expenses, computed in accordance with GAAP, or other sound and prudent accounting principles reasonably approved by Lender, of whatever kind and from whatever source, relating to the ownership, operation, repair, maintenance and management of the Collective Properties that are incurred on a regular monthly or other periodic basis, including, without limitation (and without duplication), Taxes, Insurance Premiums, management fees (whether or not actually paid) equal to the greater of actual management fees and three percent (3.0%) of Operating Income of the Collective Properties, costs attributable to the ordinary operation, repair and maintenance of the systems for heating, ventilation and air conditioning, advertising expenses, license fees, utilities, payroll and related taxes, computer processing charges, operating equipment or other lease payments, ground lease payments, bond assessments and other similar costs, in each instance, actually paid for by or for Borrower.  Operating Expenses shall not include Debt Service, required amortization, Capital Expenditures, Tenant Improvement costs, Tenant Improvement Allowances, Leasing

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Commissions, or other expenses which are paid from Reserve Funds or other escrows required by the Loan Documents, any payment or expense for which Borrower was or is to be reimbursed from proceeds of the Loan or insurance or by any third party, federal, state or local income taxes, any non-cash charges such as depreciation and amortization, and any item of expense otherwise includable in Operating Expenses which is paid directly by any Tenant except real estate taxes paid directly to any taxing authority by any Tenant.  Lender shall reasonably confirm Borrower’s calculation of Operating Expenses based upon information provided to Lender by Borrower pursuant to Section 4.1.6.

“Operating Income” shall mean all revenue derived from the ownership and operation of the Collective Properties from whatever source, including, without limitation, rental income reflected in a current rent roll for all Tenants paying rent pursuant to Leases which are in full force and effect (whether denominated as basic rent, additional rent, escalation payments, electrical payments or otherwise), common area maintenance, real estate tax recoveries, utility recoveries, other miscellaneous expense recoveries, other required pass-throughs, business interruption, rent loss or other similar insurance proceeds and other miscellaneous income.  Operating Income shall not include: (a) insurance proceeds (other than proceeds of rent loss, business interruption or other similar insurance allocable to the applicable period), (b) condemnation proceeds (other than condemnation proceeds arising from a temporary taking or the use and occupancy of all or part of any Property allocable to the applicable period), (c) proceeds of any financing, sale, exchange or transfer of any Property or any part thereof or interest therein, (d) capital contributions or loans to Borrower or an Affiliate of Borrower, (e) any item of income otherwise includable in Operating Income but paid directly by any Tenant to a Person other than Borrower, (f) any other extraordinary, non-recurring revenues, (g) payments paid by or on behalf of any Tenant under a Lease which is the subject of any proceeding or action relating to its bankruptcy, reorganization or other arrangement pursuant to the Bankruptcy Code or any similar federal or state law or which has been adjudicated a bankrupt or insolvent unless such Lease has been affirmed by the trustee in such proceeding or action pursuant to a final, non-appealable order of a court of competent jurisdiction, (h) payments paid by or on behalf of any Tenant under a Lease if the demised premises thereunder has been vacated, (i) payments paid by or on behalf of any Tenant under a Lease in whole or partial consideration for the termination of any Lease, (j) sales tax rebates from any Governmental Authority, (k) sales, use and occupancy taxes on receipts required to be accounted for by Borrower to any Governmental Authority, (l) refunds and uncollectible accounts, (m) interest income from any source other than the Reserve Funds required pursuant to this Agreement or the other Loan Documents, (n) unforfeited security deposits, utility and other similar deposits, or (o) any disbursements to Borrower from the Reserve Funds.  Lender shall reasonably confirm Borrower’s calculation of Operating Income based upon information provided to Lender by Borrower pursuant to Section 4.1.6.

“Organizational Documents” shall mean each of those certain Amended and Restated Limited Liability Company Agreements of each Borrower, dated as of the date hereof, and entered into by Sponsor.

“Other Charges” shall mean all ground rents, maintenance charges, impositions other than Taxes, and any other charges, including, without limitation, vault charges and license

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fees for the use of vaults, chutes and similar areas adjoining any Property, now or hereafter levied or assessed or imposed against any Property or any part thereof.

“Owned Improvements” shall have the meaning set forth in Section 3.1.46 hereof.

“PACE Transaction” shall have the meaning ascribed to such term in the definition of “Indebtedness”.

“Partial Debt Yield Event” shall mean that, as of the last day of any calendar quarter, the Debt Yield is less than seven and one-quarter percent (7.25%) for two (2) consecutive calendar quarters and a Debt Yield Event does not otherwise exist.

“Participant” shall mean any Person that has purchased a participation in the Loan pursuant to Section 11.27.

“Patriot Act” shall have the meaning set forth in Section 3.1.41(a).

“Pension Plan” shall mean any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to Title IV of ERISA or Sections 412 and 430 of the Code or Section 302 of ERISA.

“Permitted Encumbrances” shall mean, collectively, (a) the Liens and security interests created by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Insurance Policy, (c) Liens, if any, for Taxes imposed by any Governmental Authority not yet due or delinquent (but excluding any Lien securing any PACE Transaction or similar indebtedness with respect to Borrower and/or the Property, including, without limitation, if such loans or indebtedness made or otherwise provided by any Governmental Authority and/or secured or repaid (directly or indirectly) by any taxes or similar assessments), (d) all Leases, and (e) such other title and survey exceptions as Lender has approved or may approve in writing in Lender’s sole discretion.

“Permitted Equipment Leases” shall mean equipment leases or other similar instruments entered into with respect to the Equipment and/or the Personal Property provided, that, in each case, such equipment leases or similar instruments (a) are entered into on commercially reasonable terms and conditions in the ordinary course of Borrower’s business and (b) relate to Equipment and/or Personal Property which is (i) used in connection with the operation and maintenance of any Property in the ordinary course of Borrower’s business and (ii) readily replaceable without material interference or interruption to the operation of such Property.

“Permitted Investments” shall mean one of the following elected in writing by Lender: (i) direct obligations of the United States of America, or any agency thereof, or obligations fully guaranteed as to payment of principal and interest by the United States of America, or any agency thereof, provided such obligations are backed by the full faith and credit of the United States of America, and provided, however, that any such investment must have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change; (ii) deposit accounts with an FDIC-insured bank or trust company organized under the laws of the United States of America or any state thereof; (iii) short term certificates of deposits which are

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time deposits and rated (1) A-1 or better by Standard & Poor’s Ratings Group or P-1 or better by Moody’s Investors Services, Inc. and (2) A and F1 or better by Fitch for securities maturing not more than 30 days from the date of acquisition thereof and AA- and F1+ by Fitch for securities maturing more than 30 days from the date of acquisition thereof, (3) in each case under (1) and (2) maturing not more than ninety (90) days from the date of acquisition thereof, and (4) are negotiable and have a ready secondary market in which such investment can be disposed of; and (iv) shares of a money market fund that is subject to regulation under the Investment Company Act of 1940 and complies with the requirements of Rule 2a-7 thereunder.

“Permitted Transfer” shall mean a transfer of any Property or the Collective Properties permitted in accordance with Section 8.1 and/or any equity interest transfer permitted in accordance with Section 8.2.

“Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association, any other entity, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing.

“Personal Property” shall have the meaning set forth in the granting clause of each Mortgage.

“Pfandbrief Pledge” shall have the meaning set forth in Section 11.26.

“Policy” or “Policies” shall have the meaning specified in Section 5.1.1(b).

“Prepayment Date” shall mean the date on which the Loan is prepaid in accordance with the terms hereof.

“Prescribed Laws” shall mean, collectively, (a) the Patriot Act, (b) Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, (c) the International Emergency Economic Power Act, 50 U.S.C. §1701 et seq., (d) OFAC and (e) all other Legal Requirements and Executive Orders relating to economic sanctions, money laundering, bank secrecy and terrorism.

“Primary Account Borrower” shall mean Higgins Properties LLC.

“Prohibited Entity” shall mean (i) a tenancy in common or any tenant in common (ii) a Delaware Statutory Trusts or (iii) a crowdfunded or crowdsourced entity or platform, any entity funded, in whole or in part, pursuant to Title III of the JOBS Act or any other entity which has direct or indirect investors with required minimum investments of less than $100,000.

“Property” shall mean any parcel of real property (or “Unit” under Hawaii Revised Statutes Chapter 514B), the Improvements thereon (or common interest in the Improvements in the case of “Units” under Hawaii Revised Statutes Chapter 514B) and all personal property owned by applicable Borrower and encumbered by the applicable Mortgage, together with all rights pertaining to such property and such Improvements, all as more particularly described in the Granting Clauses of the Mortgage.

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“Property Management Agreement” shall mean that certain Property Management Agreement, dated as of the date hereof, entered into by and between Borrower and Manager, pursuant to which Manager is to provide management and other services with respect to the Collective Properties or any replacement management agreement entered into in accordance with the Loan Documents.

“Provided Information” shall mean any and all financial and other information, including, without limitation, operating statements and rent rolls, furnished to Lender at any time which is prepared by, or on behalf of, Borrower, Guarantor and/or Manager other than any information prepared by any member of the Underwriter Group which was not based on information provided by, or on behalf of, Borrower, Guarantor and/or Manager and any third- party reports commissioned by Lender.

“Qualified Buyer” shall mean any of the following entities:

(a)    a pension fund, pension trust or pension account, a government entity or plan, a sovereign fund, an investment fund or an institution or fund substantially similar to any of the of the foregoing that immediately prior to such transfer owns, directly or indirectly, total real estate assets of at least $1,000,000,000;

(b)    a pension fund advisor or similar fiduciary who (i) immediately prior to such transfer, controls, directly or indirectly, at least $1,000,000,000 of real estate assets and (ii) is acting on behalf of one or more pension funds that, in the aggregate, satisfy the requirements of clause (a) of this definition;

(c)    an insurance company which is subject to supervision by the insurance commissioner, or a similar official or agency, of a state or territory of the United States (including the District of Columbia) (i) with a net worth, determined as of a date no more than six (6) months prior to the date of the transfer of at least $500,000,000 and (ii) who, immediately prior to such transfer, controls, directly or indirectly, real estate assets of at least $1,000,000,000;

(d)    a corporation organized under the banking laws of the United States or any state or territory of the United States (including the District of Columbia) (i) with a combined capital and surplus of at least $500,000,000 and (ii) who, immediately prior to such transfer, controls, directly or indirectly, real estate assets of at least $1,000,000,000;

(e)    any Person (i) who owns or operates commercial real estate properties of similar or higher quality as the Property totaling not less than 1,500,000 square feet (exclusive of the Collective Properties), (ii) who has a net worth, determined as of a date no more than six (6) months prior to the date of such transfer, of at least $500,000,000 and (iii) who, immediately prior to such transfer, controls, directly or indirectly, real estate assets of at least $1,000,000,000 (exclusive of the Collective Properties);

(f)    any real estate investment trust or other investment vehicle which (i) is a publicly traded entity listed on the NASDAQ or another nationally recognized stock exchange, (ii) is managed and/or Controlled by The RMR Group LLC or its Affiliate, and (iii) who, immediately prior to such transfer, has a market capitalization equal to or in

22

excess $400,000,000 and shall include any operating partnership through which such Person conducts all or substantially all of its business;

(g)    any Person in which more than fifty percent (50%) of the ownership interests are owned directly or indirectly by any of the entities listed in subsections (a) through (f) of this definition of “Qualified Buyer”, or any combination of more than one such entity, and which is controlled directly or indirectly by such entity or entities;

(h)    any Person in which more than twenty percent (20%) of the ownership interests are owned directly or indirectly by any of the entities listed in subsections (a) or (b) of this definition of “Qualified Buyer”, or any combination of both such entities, and which is controlled directly or indirectly by such entity or entities; or

(i)    any other entity reasonably acceptable to Lender (which, after a Securitization of any portion of the Loan, may be conditioned upon Lender’s receipt of a Rating Agency Confirmation in connection with such transferee).

Notwithstanding the foregoing, no Person shall be deemed to be a Qualified Buyer unless such Person has the Minimum Experience.

“Qualified Manager” shall mean, to the extent not subject to a Bankruptcy Event and to the extent not previously removed by Borrower or Lender pursuant to the Loan Documents, (a) The RMR Group LLC, a Maryland limited liability company; or (b) a reputable and experienced management organization (which may be an Affiliate of Borrower), approved by Lender in its reasonable discretion, which management organization shall possess experience in managing properties similar in size, scope, use and value as the Collective Properties and shall not be subject to a Bankruptcy Event, (c) a reputable and experienced real estate management organization that (i) has, for at least the last five (5) years’ prior to its engagement as property manager, experience managing at least ten (10) similar commercial properties which comprise in the aggregate at least two million (2,000,000) leasable square feet (exclusive of the Collective Properties), and (ii) is not subject to a Bankruptcy Event, (d) CBRE, (e) Colliers, (f) Cushman & Wakefield, (g) DTZ, (h) Jones Lang LaSalle, (i) Kidder Mathews, (j) Lincoln Properties, or (k) Transwestern, provided, that, in the case of the foregoing subclause (b) and subclause (c), if such Person is an Affiliate of Borrower, a New Non-Consolidation Opinion shall be required to be delivered to Lender as a condition to such Person qualifying as a Qualified Manager.

“Radius” shall have the meaning set forth in Section 5.1.1(c).

“Ratable Share” or “ratably” shall mean, with respect to any Lender, its share of the Loan based on the proportion of the outstanding principal of the Loan advanced by such Lender to the total outstanding principal amount of the Loan.

“Rating Agency” shall mean, prior to a Securitization, each of Dominion, Fitch, S&P, Moody’s, KBRA, Morningstar and any other nationally-recognized statistical rating agency designated by Lender (and any successor to any of the foregoing), and following a Securitization, the rating agencies that actually rate the bonds in the Securitization transaction.

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“Rating Agency Confirmation” shall mean a written affirmation from each of the Rating Agencies that the credit rating of the Securities by such Rating Agency immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion.  In the event that any Rating Agency, in writing, waives, declines or refuses to review or otherwise engage any request for Rating Agency Confirmation hereunder or requires an indemnification from Lender, Servicer or any other Person as a condition to considering the request for a Rating Agency Confirmation, then (a) in the case of a request for a Rating Agency Confirmation in connection with a Defeasance Event, such Rating Agency Confirmation requirement shall be deemed to have been satisfied or (b) other than with respect to a Defeasance Event, such action that would otherwise require a Rating Agency Confirmation shall instead require the consent of Lender in lieu of a Rating Agency Confirmation from such Rating Agency.  In the event that no portion of the Loan is subject to a Securitization, any action that would otherwise require a Rating Agency Confirmation shall require the consent of the Lender, which consent shall not be unreasonably withheld or delayed.

“Rating Agency Criteria” shall mean the then-current criteria utilized by one or more of the Rating Agencies in connection with the Securitization of loans that are similar to the Loan, including, without limitation, in size, relative cash flow, relative leverage (of the mortgage loan and total debt), asset type and geographic location.

“Recognized Exchange” shall have the meaning set forth in Section 8.2(e).

“Registration Statement” shall have the meaning set forth in Section 9.2(b).

“Regulation AB” shall mean Subpart 229-1100 Asset Backed Securities (Regulation AB), 17 C.F.R. Sections 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 United States Securities and Exchange Commission (the “Commission”) or by the staff of the Commission from time to time.

“Reimbursement Contribution” shall have the meaning set forth in Section 11.24 hereof.

“Related Loan(s)” shall mean a loan made to an Affiliate of Borrower or secured by a Related Property that is included in a Securitization with the Loan.

“Related Property(ies)” shall mean, with respect to any Property, each Property that is “related”, within the meaning of the definition of Significant Obligor, to such Property.

“REMIC Trust” shall mean a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code that holds the Note.

“Rents” shall mean all rents, moneys payable as damages or in lieu of rent (including any disbursements from Reserve Funds representing amounts payable during a Tenant’s free rent period), rent equivalents, royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits

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(including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or employees from any and all sources arising from or attributable to any Property.

“Required Repairs” shall have the meaning set forth in Section 4.1.19.

“Required Repair Deadline” shall have the meaning set forth in Section 4.1.19.

“Reserve Funds” shall mean, collectively, the Insurance Funds, the Tax Funds, the Lease Termination Funds and the Cash Trap Funds.

“Restoration” shall have the meaning set forth in Section 5.2.1.

“Restoration Threshold” shall mean $20,000,000.00.

“Restricted Party” shall mean Borrower, each SPE Party (if any) or any direct or indirect legal or beneficial owner of any of the foregoing (other than Sponsor or any successor by merger, consolidation or otherwise of Sponsor, and shareholders in Sponsor so long as Sponsor or any successor by merger, consolidation or otherwise of Sponsor is a publicly traded entity).

“S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

“Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, mortgage, grant, bargain, encumbrance, pledge, assignment, grant of any options with respect to, or any other transfer or disposition (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) of a legal or beneficial interest.

“Scheduled Defeasance Payments” shall mean scheduled payments of interest and principal under the Note for all Monthly Payment Dates occurring after the Defeasance Date and up to and including the Open Prepayment Date (including the outstanding principal balance on the Note as of the Open Prepayment Date and assuming that the same is repaid in full on the Open Prepayment Date).

“Secondary Market Transaction” shall have the meaning set forth in Section 9.1(a).

“Securities” shall have the meaning set forth in Section 9.1(a).

“Securities Act” shall have the meaning set forth in Section 9.2(a).

“Securitization” shall have the meaning set forth in Section 9.1(a).

“Security Agreement” shall mean a security agreement in form and substance that would be satisfactory to a prudent lender originating commercial loans for securitization similar

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to the Loan pursuant to which Borrower grants Lender a perfected, first priority security interest in the Defeasance Collateral Account and the Defeasance Collateral.

“Servicer” shall have the meaning set forth in Section 9.3.

“Servicing Agreement” shall have the meaning set forth in Section 9.3.

“Severed Loan Documents” shall have the meaning set forth in Section 10.2(c).

“Significant Obligor” shall have the meaning set forth in Item 1101(k) of Regulation AB.

“Single Member Delaware LLC” shall mean a single member limited liability company formed under Delaware law which (a) has and shall have either two natural persons or one entity that is not a member of the company, that has signed its limited liability company agreement and that, under the terms of such limited liability company agreement becomes a member of the company immediately prior to the withdrawal or dissolution of the last remaining member of the company, (b) complies with the terms and provisions of Section 3.1.24(cc) hereof, and (c) otherwise meets the Rating Agency Criteria.

“SPE Party” shall mean, if Borrower is a limited partnership or a limited liability company (other than a Single Member Delaware LLC), each general partner or managing member of Borrower (as of the date hereof, Borrower is a Single Member Delaware LLC and there are no SPE Parties).

“Sponsor” shall mean Industrial Logistics Properties Trust, a Maryland real estate investment trust.

“Sponsor’s Credit Agreement”  shall mean that certain Credit Agreement dated as of December 29, 2017, among Sponsor, as borrower, certain financial institutions, as lenders, and Citibank, N.A., as Administrative Agent and Collateral Agent, as amended, modified and supplemented from time to time.

“Special Member” shall have the meaning set forth in Section 3.1.24(cc)(i).

“State” shall mean the State or Commonwealth in which the Property or any part thereof is located.

“Subsequent Conveyance Fee” shall mean, in respect of any assumption of the Loan pursuant to Section 8.1 or transfer pursuant to Section 8.2(b), in each case following the earlier to occur of (x) the initial assumption of the Loan pursuant to Section 8.1, and (y) the initial transfer pursuant to Section 8.2(b), a fee equal to $750,000.00.

“Successor Borrower” shall have the meaning set forth in Section 2.5.3.

“Survey” shall mean, with respect to any Property, a survey of such Property prepared by a surveyor licensed in the State and reasonably satisfactory to Lender and the

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company or companies issuing the Title Insurance Policy, and containing a certification of such surveyor reasonably satisfactory to Lender.

“Tax Funds” shall have the meaning set forth in Section 6.2.1.

“Taxes” shall mean all real estate and personal property taxes, payments in lieu of taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed or imposed against any Property or part thereof, together with all interest and penalties thereon.  In no event shall any PACE Transaction be considered Taxes for purposes of this Agreement.

“Tenant” shall mean 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 any Property.

“Tenant Improvement Allowance” shall mean the amount required to be paid by Borrower to a Tenant under a Lease on account of or in lieu of work performed by such Tenant in the applicable space demised under such Lease.

“Tenant Improvements” shall mean the improvements and/or other work affecting any space at any Property required to be constructed and paid for by Borrower pursuant to applicable Leases for such space.

“Tenant Owned Improvements” shall have the meaning set forth in Section 3.1.46 hereof.

“Termination Space” shall have the meaning set forth in Section 6.6.1.

“Terrorism Insurance” shall have the meaning set forth in Section 5.1.1(xi).

“Title Insurance Policy” shall mean, individually or collectively, as the context may require, the ALTA mortgagee title insurance policies in the form reasonably acceptable to Lender issued with respect to each Property and insuring the lien of each Mortgage.

“Traded Security” shall have the meaning set forth in Section 8.2(e).

“Transferee” shall have the meaning set forth in Section 8.1(a).

“TRIPRA” shall have the meaning set forth in Section 5.1.1(xi).

“Trustee” shall mean any trustee holding the Loan in a Securitization.

“Trust Fund Expenses” shall mean all actual fees and out-of-pocket costs and expenses of (a) Lender, (b) any Servicer (other than monthly master servicing fees), (c) any special servicer in connection with a Securitization of the Loan (a “Special Servicer”), (d) any trustee in connection with a Securitization (a “Trustee”), (e) any other party to the pooling and servicing agreement, including, without limitation, the trust and operating advisors, and (f) any certificate administrator in connection with a Securitization but in each case only to the extent resulting from a reasonably foreseeable Event of Default, any Event of Default or Lender’s

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receipt of a written notice from Borrower or its Affiliate that an Event of Default is imminently likely to occur (including, without limitation, interest on advances made by the Servicer or the trustee during the continuance of an Event of Default, any enforcement, modification or restructuring expenses and any liquidation fees (not to exceed one-half percent (0.5%) of any liquidation proceeds), workout fees (not to exceed one-half percent (0.5%) of each collection of interest and principal collections of the Loan so long as the Loan is a “corrected” mortgage loan), special servicing fees or any other similar fees in an amount not to exceed one-quarter percent (0.25%) of the amount of the Loan during any period when the Loan becomes a specially serviced loan as a result of an Event of Default, a reasonably foreseeable default or Borrower’s requesting that the Loan be placed into special servicing, any Special Servicer, any Trustee or any other party to the pooling and servicing agreement with respect to delinquent debt service payments or expenses of curing any Default and any expenses paid by any Servicer, any Special Servicer, any Trustee or any other party to the pooling and servicing agreement in respect of the protection and preservation of any Property (including, without limitation, the payment of Taxes and Insurance Premiums)) and the actual and reasonable costs of all property inspections, appraisals, property condition reports and environmental assessments in connection with such Property that any Servicer, any Special Servicer, any Trustee or any other party to the pooling and servicing agreement shall obtain in connection with a request by Borrower, after an Event of Default or upon written notice from Borrower or its Affiliate that an Event of Default is imminently likely to occur.

“UBS” shall have the meaning set forth in the preamble to this Agreement.

“UCC” or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in the State.

“Underwriter Group” shall have the meaning set forth in Section 9.2(b).

“Updated Information” shall have the meaning set forth in Section 9.1(b)(i).

“U.S. Obligations” shall mean non-redeemable securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner that are (a) obligations or securities not subject to prepayment, call or early redemption which are direct obligations of, or obligations fully guaranteed as to timely payment by, the United States of America or of any agency or instrumentality of the United States of America, the obligations of which are backed by the full faith and credit of the United States of America, which qualify under § 1.860G-2(a)(8) of the Treasury Regulations, (b) other non-callable “government securities” as defined in Treasury Regulations Section 1.860G-2(a)(8)(ii), as amended, for which a Rating Agency Confirmation shall have been received or (c) other non-callable instruments, which if a Securitization has occurred, the REMIC Trust formed pursuant to such Securitization will not fail to maintain its status as a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code and for which a Rating Agency Confirmation shall have been received.  Any obligations or instruments pursuant to clause (b) above and, provided same shall not constitute a “significant modification” for REMIC purposes, clause (c) above, shall be subject to Lender’s reasonable approval.

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“Yield Maintenance Premium” shall mean an amount equal to the greater of: (a) one percent (1.0%) of the outstanding principal amount of the Loan or (b) the present value as of the Prepayment Date of the Calculated Payments from the Prepayment Date through the Open Prepayment Date determined by discounting such payments at the Discount Rate.  As used in this definition, the term “Prepayment Date” shall mean the date on which prepayment is made.  As used in this definition, the term “Calculated Payments” shall mean the monthly payments of interest only which would be due based on the principal amount of the Loan being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (i) the Interest Rate and (ii) the Yield Maintenance Treasury Rate.  As used in this definition, the term “Discount Rate” shall mean the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually.  As used in this definition, the term “Yield Maintenance Treasury Rate” shall mean the yield calculated by Lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date.  In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Yield Maintenance Treasury Rate.  In no event, however, shall Lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.

Section 1.2    Principles of Construction. All references to sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified.  Any reference in this Agreement or in any other Loan Document to any Loan Document shall be deemed to include references to such documents as the same may hereafter be amended, modified, supplemented, extended, replaced and/or restated from time to time (and, in the case of any note or other instrument, to any instrument issued in substitution therefor).  Unless otherwise specified, the words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined.

ARTICLE II.

THE LOAN

Section 2.1    The Loan.

2.1.1    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.  The Primary Account Borrower will open an account with Lender solely for purposes of funding the proceeds of the Loan through a single account, and Primary Account Borrower shall receive the proceeds of the Loan from Lender for the benefit of, and on behalf of, all Borrowers.

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2.1.2    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 re-borrowed.

2.1.3    The Note.  The Loan shall be evidenced by Note A-1, Note A-2, Note A-3, and Note A-4, each executed by Borrower and payable to the order of the applicable Lender in evidence of the Loan, and shall be repaid in accordance with the terms of this Agreement and the Note.

2.1.4    Use of Proceeds.  Borrower shall use proceeds of the Loan to (a) pay all past due Basic Carrying Costs, if any, in respect of the Collective Properties, (b) fund the Reserve Funds, (c) pay costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, (d) fund any working capital requirements of the Collective Properties and (e) retain the balance, if any, for such purposes as Borrower shall determine, including, but not limited to, distributions to direct or indirect owners of Borrower.

2.1.5    Loan Components.  For the purpose of computing interest payable from time to time on the principal amount of the Loan and certain other computations set forth herein, the principal balance of the Loan shall be divided into Note Component A-1, Note Component A-2, Note Component A-3, Note Component A-4 and Note Component B with the following principal balances:

	
					
	Note Component
	 
	Principal Balance
	 

	Note Component A-1
	 
	$
	322,000,000
	 

	Note Component A-2
	 
	$
	1,000,000
	 

	Note Component A-3
	 
	$
	1,000,000
	 

	Note Component A-4
	 
	$
	1,000,000
	 

	Note Component B
	 
	$
	325,000,000
	 

Each Component A Note will represent a pro rata portion of each Note Component A in accordance with the outstanding principal balance of each Component A Note.  Each Component B Note will represent a pro rata portion of Note Component B in accordance with the outstanding principal balance of each Component B Note. Borrower shall be treated as the obligor with respect to each of the Note Components and acknowledges that each Note Component may be individually beneficially owned by a separate Person.  The Note Components need not be represented by separate physical Notes, but if requested by Lender, each Note Component shall be represented by a separate physical Note, in which case Borrower shall execute and return to Lender each such Note, in the same form as the Note executed and delivered on the Closing Date, promptly following Borrower’s receipt of an execution copy thereof. Provided no Event of Default is then continuing, voluntary and involuntary

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prepayments and defeasances of principal on the Loan shall be applied (a) among Note Component A and Note Component B on a pro rata and pari passu basis and (b) to Note Component A as follows: (i) first, to the reduction of the outstanding principal balance of Note Component A-1, until reduced to zero, (ii) second, to the reduction of the outstanding principal balance of Note Component A-2, until reduced to zero, (iii) third, to the reduction of the outstanding principal balance of Note Component A-3, until reduced to zero, and (iv) fourth, to the reduction of the outstanding principal balance of Note Component A-4, until reduced to zero.

Upon written notice from Lender to Borrower (a “Componentization  Notice”), the Note Components may be reallocated and the Interest Rates applicable to each Note Component may be adjusted, or the principal balance may be re-allocated between the Note Component A Note and Note Component B, provided that the sum of the principal balances of all Note Components shall equal the then-current outstanding principal balance of the Loan, the principal balances of the Note Components shall equal the then-current outstanding principal balance of the Loan, and the weighted average of the component interest rates, weighted on the basis of their respective principal balances, shall equal the Interest Rate (as calculated based on the weighted average of the Interest Rates applicable to the Note Components as weighted on the basis of the respective principal balances of the Note Components).

Section 2.2    Interest Rate.

2.2.1    Interest Rate.  Interest on the outstanding principal balance of each Note Component shall accrue from (and including) the Closing Date up to but excluding the Maturity Date at the Interest Rate applicable to the Note Component.

2.2.2    Default Rate.  In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal balance of the Note Components and, to the extent permitted by law, overdue interest in respect of the Loan, shall accrue interest on each Note Component at the Default Rate applicable to such Note Component, calculated from the date the related Default occurred (without regard to any grace or cure periods contained herein).  In no event shall the foregoing be construed to nullify any grace and/or cure periods applicable to a determination of the existence of an Event of Default.

2.2.3    Interest Calculation.  Interest on the outstanding principal balance of the Note Components shall be calculated by multiplying (a) the actual number of days elapsed in the Interest Period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year (that is, the Interest Rate or the Default Rate, as then applicable to the Note Component, expressed as an annual rate divided by 360) by (c) the outstanding principal balance.  The accrual period for calculating interest due on each Monthly Payment Date shall be the Interest Period ending immediately prior to such Monthly Payment Date.

2.2.4    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 principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate.  If by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate,

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the Interest Rate or the Default Rate applicable to the Note Component, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due 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 2.3    Loan Payments.

2.3.1    Payment Before Maturity Date.  Borrower shall make a payment to Lender of interest only on the Closing Date for the initial Interest Period.  On the Monthly Payment Date occurring in March, 2019 and on each Monthly Payment Date thereafter to and including the Maturity Date (unless the Loan is repaid in full prior thereto), Borrower shall make a payment to Lender equal to the Monthly Payment Amount.  With respect to each payment of the Monthly Payment Amount pursuant to this Section 2.3.1, such payments shall be applied pro rata and pari passu amongst Note Component A and Note Component B.  With respect to payments received on the Note Component A pursuant to this Section 2.3.1, such payments will be applied: (a) first, to the payment of interest due and payable on Note Component A-1; (ii) second, to the payment of interest due and payable on Note Component A-2, (iii) third, to the payment of interest due and payable on Note Component A-3, and (iv) fourth, to the payment of interest due and payable on Note Component A-4.

2.3.2    Payment on Maturity Date.  Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents.

2.3.3    Late Payment Charge.  If any principal, interest or any other sum due under the Loan Documents, other than the payment of principal due on the Maturity Date, is not paid by Borrower on or before the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of five percent (5%) of such unpaid sum or the maximum amount permitted by applicable law 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 Mortgage and the other Loan Documents.

2.3.4    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 such other place designated in writing by Lender to Borrower), 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.

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(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 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.

(d)    All payments of interest and principal under the Loan shall be applied to the Notes on a pro rata basis, but which payments shall be applied among the Note Components of the Component A Notes on a sequential basis as set forth herein.

Section 2.4    Prepayments.

2.4.1    Voluntary Prepayments.  Except as otherwise provided herein, Borrower shall not have the right to prepay the Loan in whole or in part.  After the Lockout Expiration Date, Borrower may, upon not less than fifteen (15) Business Days’ prior written notice to Lender (or such shorter period of time as may be permitted by Lender in its sole discretion), prepay the Debt in whole (but not in part) on any Business Day together with payment of the Yield Maintenance Premium; provided, however, no Yield Maintenance Premium or other prepayment fee shall be due in connection with any such prepayment made on or after the Open Prepayment Date.  Any prepayment received by Lender on a date other than a Monthly Payment Date shall include interest which would have accrued thereon to the next Monthly Payment Date and such amounts (i.e., principal and interest prepaid by Borrower) shall be applied to the Loan on the next Monthly Payment Date.

2.4.2    Mandatory Prepayments.  (a)  On each date on which Lender actually receives a distribution of Net Proceeds, if Lender is not required to make such Net Proceeds available to Borrower for a Restoration, Lender may apply such Net Proceeds to prepay the outstanding principal balance of the Note, and, after the indefeasible satisfaction of the Debt in full, to Borrower.  Any prepayment received by Lender pursuant to this Section 2.4.2 on a date other than a Monthly Payment Date shall be held by Lender in an interest-bearing account for the benefit of Borrower as collateral security for the Loan and shall be applied by Lender on the next Monthly Payment Date.  Notwithstanding anything contained in Section 2.4.2 hereof to the contrary, in the event Lender uses Net Proceeds to prepay a portion of the principal balance of the Loan and any accrued and unpaid interest thereon, Borrower shall be permitted to prepay the entire amount of the Loan outstanding after the application of such Net Proceeds on the next Monthly Payment Date.  Other than during the continuance of an Event of Default, no Yield Maintenance Premium or other prepayment fee shall be due in connection with any prepayment made pursuant to this Section 2.4.2(a).

(b)    Notwithstanding the provisions of Sections 5.2 and 5.3, if the Loan is included in a REMIC Trust and, immediately following a release of any portion of the Lien of the Mortgage following a Condemnation (but taking into account any proposed Restoration on the remaining Property), the ratio of the unpaid principal balance of the Loan to the value of the remaining Collective Properties (for purposes of the REMIC provisions, counting only real property and excluding any personal property or going concern value) is greater than one

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hundred twenty-five percent (125%) (such value to be determined by Lender based upon a new or updated appraisal of the Collective Properties ordered by Lender, in form and substance reasonably acceptable to Lender, and prepared by an appraiser reasonably acceptable to Lender, the cost of which shall be paid by Borrower), the principal balance of the Loan must be paid down (the “Condemnation Payment”) by Borrower by an amount equal to the least of the following amounts: (i) the Net Proceeds paid in connection with such Condemnation, provided that for purposes of this clause (i), the Net Proceeds shall be calculated based upon any compensation paid by any Governmental Authority in connection with a Condemnation in respect of all or any part of any Property regardless of whether or not Borrower has any right, title or interest in that condemnation award, (ii) the fair market value of the released portion of the Collective Properties at the time of the release, or (iii) an amount such that the loan-to-value ratio of the Loan (as so determined by Lender) does not increase after the release, unless Borrower delivers to Lender an opinion of counsel that if such amount is not paid, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the related release.  No Yield Maintenance Premium shall be due in connection with any prepayment made pursuant to this Section 2.4.2(b).

2.4.3    Prepayments After Default.  Other than with respect to any application of Net Proceeds or a Condemnation Payment, if concurrently with or during the occurrence of an Event of Default, payment of all or any part of the principal of the Loan is tendered by Borrower, a purchaser at foreclosure or any other Person, such tender shall be deemed an attempt to circumvent the restrictions against prepayment set forth in Section 2.4.1 and Lender shall be owed and Borrower, such purchaser at foreclosure or other Person shall pay the Yield Maintenance Premium to the extent such Yield Maintenance Premium would otherwise be due and payable, in addition to the outstanding principal balance, all accrued and unpaid interest through the end of the Interest Period during which such payment is made and other amounts payable under the Loan Documents.

2.4.4    Application of Prepayments to Components.  Any mandatory prepayment of the principal of the Loan made pursuant to Section 2.4.2 hereof and any other voluntary prepayments of principal of the Loan made pursuant to Section 2.4.1 shall be applied between Note Component A and Note Component B on a pro rata and pari passu basis. Any mandatory prepayment of the principal of the Loan made pursuant to Section 2.4.2 hereof and any other voluntary prepayments of principal of the Loan made pursuant to Section 2.4.1  or otherwise when no Event of Default exists which is applied to Note Component A shall be applied by Lender to the Note Components as follows: (a) first, to the reduction of the outstanding principal balance of Note Component A-1, until reduced to zero; (b) second, to the reduction of the outstanding principal balance of Note Component A-2, until reduced to zero; (c) third, to the reduction of the outstanding principal balance of Note Component A-3, until reduced to zero; and (d) fourth, to the reduction of the outstanding principal balance of Note Component A-4, until reduced to zero.  During the continuance of any Event of Default, any payment of principal of the Component A Notes from whatever source may be applied by Lender to the Note A Components in Lender’s sole discretion.

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Section 2.5    Defeasance.

2.5.1    Conditions to Defeasance.  (a)  Provided no Event of Default shall then be continuing, Borrower shall have the right at any time after the Lockout Expiration Date and prior to the Open Prepayment Date to voluntarily defease the entire Loan and obtain an assignment or release of the lien of the Mortgage by providing Lender with the Defeasance Collateral (hereinafter, a “Defeasance Event”), subject to the satisfaction of the following conditions precedent:

(i)    Borrower shall provide Lender not less than thirty (30) days’ notice (or such shorter period of time if permitted by Lender in its sole discretion), specifying a Business Day on which the Defeasance Event is to occur (the “Defeasance Date”);

(ii)    Borrower shall pay to Lender (A) all accrued and unpaid payments of principal and interest due on the Loan to and including the Defeasance Date and (B) all other sums, then due under the Note, this Agreement, the Mortgage and the other Loan Documents;

(iii)    Borrower shall deposit the Defeasance Collateral into the Defeasance Collateral Account and otherwise comply with the provisions of Section 2.5.2 hereof;

(iv)    Borrower shall execute and deliver to Lender a Security Agreement in respect of the Defeasance Collateral Account and the Defeasance Collateral;

(v)    Borrower shall deliver to Lender an opinion of counsel for Borrower that is standard in commercial lending transactions and subject only to customary qualifications, assumptions and exceptions opining, among other things, that (A) Lender has a legal and valid perfected first priority security interest in the Defeasance Collateral Account and the Defeasance Collateral, (B) if a Securitization has occurred, the REMIC Trust formed pursuant to such Securitization will not fail to maintain its status as a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code as a result of a Defeasance Event pursuant to this Section 2.5, (C) the Defeasance Event will not result in a deemed exchange for purposes of the Code and will not adversely affect the status of the Note as indebtedness for federal income tax purposes, (D) delivery of the Defeasance Collateral and the grant of a security interest therein to Lender shall not constitute an avoidable preference under Section 547 of the Bankruptcy Code or applicable state law and (E) if required by the Rating Agencies, a New Non-Consolidation Opinion acceptable to the Rating Agencies with respect to the Successor Borrower;

(vi)    Borrower shall deliver an Officer’s Certificate certifying that the requirements set forth in this Section 2.5 have been satisfied;

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(vii)    Borrower shall deliver a certificate of a public accounting firm acceptable to Lender certifying that the Defeasance Collateral will generate monthly amounts equal to or greater than the Scheduled Defeasance Payments;

(viii)    each Rating Agency rating the Securities shall have delivered a Rating Agency Confirmation as to the proposed Defeasance Event;

(ix)    Borrower shall deliver such other customary certificates, opinions, documents and instruments as Lender may reasonably request; and

(x)    Borrower shall pay all (A) reasonable, third-party out-of-pocket costs and expenses of Lender actually incurred in connection with the Defeasance Event, including Lender’s reasonable third-party out-of-pocket attorneys’ fees and expenses and (B) any Rating Agency fees and expenses.

(b)    If Borrower has elected to defease the Note and the requirements of this Section 2.5 have been satisfied, the Collective Properties shall be released from the lien of the Mortgage and the other Loan Documents.  Defeasance Collateral pledged pursuant to the Security Agreement shall be the sole source of collateral securing the Note.  In connection with the release of the Lien, Borrower shall submit to Lender, not less than fifteen (15) days prior to the Defeasance Date (or such shorter time as is acceptable to Lender in its sole discretion), a release of Lien (and related Loan Documents) for execution by Lender.  Such release shall be in a form appropriate in the jurisdiction in which the Collective Properties are located and that contains standard provisions protecting the rights of the releasing lender.  In addition, Borrower shall provide all other documentation that a prudent lender originating mortgage loans for securitization similar to the Loan would reasonably require to be delivered by Borrower in connection with such release, 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 costs, taxes and expenses associated with the release of the lien of the Mortgage, including Lender’s reasonable, third party, out-of-pocket attorneys’ fees.  Except as set forth in Section 2.4, this Section 2.5 or any other specific provisions in any of the Loan Documents to the contrary, no repayment, prepayment or defeasance of all or any portion of the Note shall cause, give rise to a right to require, or otherwise result in, the release of the lien of the Mortgage on the Collective Properties.

2.5.2    Defeasance Collateral Account.  On or before the date on which Borrower delivers the Defeasance Collateral, Borrower shall open at any Eligible Institution, selected by Borrower, the defeasance collateral account (the “Defeasance Collateral Account”) which shall at all times be an Eligible Account.  The Defeasance Collateral Account shall contain only (a) Defeasance Collateral, and (b) cash from interest and principal paid on the Defeasance Collateral.  All cash from interest and principal payments paid on the Defeasance Collateral shall be paid over to Lender on each Monthly Payment Date in an amount equal to the interest which shall have accrued on the outstanding principal balance of the Loan and applied first to accrued and unpaid interest and then to principal.  Any cash from interest and principal paid on the Defeasance Collateral not needed to pay the Scheduled Defeasance Payments shall be retained in the Defeasance Collateral Account as additional collateral for the Loan.  Borrower shall cause

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the Eligible Institution at which the Defeasance Collateral is deposited to enter into an agreement with Borrower and Lender, reasonably satisfactory to Lender, pursuant to which such Eligible Institution shall agree to hold and distribute the Defeasance Collateral in accordance with this Agreement.  Borrower or Successor Borrower, as applicable, shall be the owner of the Defeasance Collateral Account.  Borrower shall prepay all cost and expenses associated with opening and maintaining the Defeasance Collateral Account.  Lender shall not in any way be liable by reason of any insufficiency in the Defeasance Collateral Account.

2.5.3    Successor Borrower.  In connection with a Defeasance Event under this Section 2.5, Borrower shall transfer and assign all obligations, rights and duties under and to the Note and the Security Agreement, together with the Defeasance Collateral, to a newly-created successor entity, which entity shall be a single purpose, bankruptcy remote entity with two (2) Independent Managers/Directors and which entity shall be designated or established by Borrower (the “Successor Borrower”).  Borrower shall have the right to purchase, or cause to be purchased on behalf of Borrower, the Defeasance Collateral.  Such Successor Borrower shall assume the obligations under the Note and the Security Agreement and Borrower shall be relieved of its obligations under the Loan Documents (other than those obligations which by their express terms survive a repayment, defeasance or other satisfaction of the Loan and/or a transfer of the Collective Properties in connection with Lender’s exercise of its remedies under the Loan Documents).  Borrower shall pay a minimum of $1,000 to any such Successor Borrower as consideration for assuming the obligations under the Note and the Security Agreement.  Borrower shall pay all reasonable third-party out-of-pocket costs and expenses actually incurred by Lender in connection with establishing the Successor Borrower, including Lender’s reasonable third-party out-of-pocket attorney’s fees and expenses actually incurred in connection therewith.

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

Section 3.1    Borrower Representations. Each Borrower represents and warrants that, as of the date hereof:

3.1.1    Organization.  (a)  Each Borrower and each SPE Party (if any) is duly formed, organized, validly existing and in good standing with full power and authority to own its assets and conduct its business, and is duly qualified and in good standing in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification.  Each Borrower has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan Documents by it, and has the power and authority to execute, deliver and perform under this Agreement, the other Loan Documents and all the transactions contemplated hereby.

(b)    Each Borrower’s exact legal name is correctly set forth in the first paragraph of this Agreement.  Each Borrower is an organization of the type specified in the first paragraph of this Agreement.  Each Borrower is incorporated or organized under the laws of the state specified in the first paragraph of this Agreement.  Each Borrower’s principal place of business and chief executive office, and the place where such Borrower keeps its books and

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records, including recorded data of any kind or nature, regardless of the medium of recording, including software, writings, plans, specifications and schematics, has been for the preceding four (4) months (or, if less than four (4) months, the entire period of the existence of the applicable Borrower) and will continue to be the address of such Borrower set forth in the first paragraph of this Agreement (unless such Borrower notifies Lender in writing at least thirty (30) days prior to the date of such change).  Each Borrower’s organizational identification number assigned by the state of its incorporation or organization is set forth on Schedule 3.1.1 attached hereto.  Each Borrower’s federal tax identification number is set forth on Schedule 3.1.1 attached hereto.  No Borrower is subject to back-up withholding taxes.

3.1.2    Proceedings.  This Agreement and the other Loan Documents have been duly authorized, executed and delivered by each Borrower and constitute a legal, valid and binding obligation of such Borrower, enforceable against such Borrower in accordance with their respective terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

3.1.3    No Conflicts.  The execution and delivery of this Agreement and the other Loan Documents by each Borrower and the performance of its obligations hereunder and thereunder will not conflict with any provision of any law or regulation to which such Borrower is subject, or conflict with, result in a breach of, or constitute a default under, any of the terms, conditions or provisions of any of such Borrower’s organizational documents or any agreement or instrument to which such Borrower is a party or by which it is bound, or any order or decree applicable to such Borrower, or result in the creation or imposition of any lien on any of Borrower’s assets or property (other than pursuant to the Loan Documents).

3.1.4    Litigation.  Except as disclosed on Schedule 3.1.4 attached hereto, there is no action, suit, proceeding or investigation pending or, to Borrower’s Knowledge, threatened in writing against any Borrower or any Property in any court or by or before any other Governmental Authority which would have, or is reasonably likely to have, a Material Adverse Effect.  There is no action, suit, proceeding or investigation pending or, to Borrower’s Knowledge, threatened in writing against Guarantor, any Property or any Restricted Party, in any court or by or before any other Governmental Authority, which would have or is reasonably likely to have, a Material Adverse Effect.

3.1.5    Agreements.  Except as disclosed in the Title Insurance Policy, no Borrower is a party to any agreement or instrument or subject to any restriction which would have, or is reasonably likely to have, a Material Adverse Effect.  No Borrower is in default with respect to any order or decree of any court or any order, regulation or demand of any Governmental Authority, which default would have, or is reasonably likely to have, a Material Adverse Effect.  No Borrower is in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Permitted Encumbrance or any other agreement or instrument to which it is a party or by which it or such Borrower’s Property is bound that would have, or is reasonably likely to have, a Material Adverse Effect.  No Borrower has any material financial obligation (contingent or otherwise) under any indenture, mortgage, deed of trust, loan agreement or other agreement or

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instrument to which such Borrower is a party or by which such Borrower or its Property is otherwise bound, other than (a) obligations incurred in the ordinary course of the operation of the Collective Properties (including, without limitation, obligations under Leases and with respect to title matters) and (b) obligations under the Loan Documents.

3.1.6    Consents.  No consent, approval, authorization or order of any court or Governmental Authority is required for the execution, delivery and performance by any Borrower of, or compliance by any Borrower with, this Agreement or the other Loan Documents or the consummation of the transactions contemplated hereby, other than those which have been obtained by such Borrower.

3.1.7    Title.  Each Borrower has good, marketable and insurable fee simple title to the real property comprising part of the Collective Properties owned by such Borrower and good title to the balance of the Collective Properties owned by it, in each case, free and clear of all Liens whatsoever except the Permitted Encumbrances.  Each Mortgage, when properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, the DACA and the Cash Management Agreement, will create (a) a valid, first priority, perfected lien on real property comprising part of the Collective Properties owned by such Borrower, subject only to Permitted Encumbrances and (b) perfected security interests in and to, and perfected collateral assignments of, all personalty (including the Leases) owned by such Borrower, all in accordance with the terms thereof, in each case subject only to any Permitted Encumbrances.  To Borrower’s Knowledge, there are no mechanics’, materialman’s or other similar liens or claims which have been filed for work, labor or materials affecting any of the Collective Properties which are or may be liens prior to, or equal or coordinate with, the lien of the related Mortgage.  None of the Permitted Encumbrances, individually or in the aggregate, materially interfere with the benefits of the security intended to be provided by the Mortgage and this Agreement, or impair such Borrower’s ability to pay its obligations in a timely manner.

3.1.8    ERISA Matters; No Plan Assets.  (a)  As of the date hereof and throughout the term of the Loan (i) No Borrower is, nor will any Borrower be an “employee benefit plan”, as defined in Section 3(3) of ERISA, subject to Title I of ERISA, (ii) none of the assets of any Borrower constitutes or will constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, (iii) No Borrower is, nor will any Borrower be a “governmental plan” within the meaning of Section 3(32) of ERISA, and (iv) no transactions by or with a Borrower are and will be subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans.

(b)    Each Borrower, the Guarantor and each of their respective ERISA Affiliates has not in the past six (6) years maintained or contributed or had any obligation to contribute, to any Employee Benefit Plan and, as of the date hereof and throughout the term of the Loan, does not and will not maintain, contribute or be obligated to contribute to any Employee Benefit Plan.

3.1.9    Compliance.  To Borrower’s Knowledge, except as disclosed on Schedule 3.1.9 attached hereto, each Borrower and each Property and the use thereof comply

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with all applicable Legal Requirements, including, without limitation, parking, building, zoning and land use laws, ordinances, regulations, and codes except as neither would  not have, nor could not reasonably be expected to have, a Material Adverse Effect.  No Borrower has received any written notice that it is in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority that remains uncorrected, the violation of which neither would have, nor could reasonably be expected to have, a Material Adverse Effect.  No Borrower has committed any act which may give any Governmental Authority the right to cause such Borrower to forfeit any Property owned by such Borrower or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents.  To Borrower’s Knowledge, in the event that all or any part of the Improvements are destroyed or damaged, said Improvements can be legally reconstructed to their condition prior to such damage or destruction, and thereafter exist for the same use without violating any zoning or other ordinances applicable thereto and without the necessity of obtaining any variances or special permits.

3.1.10    Financial Information.  All financial data (including, without limitation, the statements of cash flow and income and operating expense that have been delivered to Lender in respect of the Collective Properties and the Borrowers (a) are true, complete and correct in all material respects, (b) accurately represent the financial condition of the Collective Properties and the Borrowers as of the date of such reports and (c) have been prepared in accordance with GAAP throughout the periods covered, except as disclosed therein.  No Borrower has 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 such Borrower that is required to be set forth in such financial statements, except as referred to or reflected in said financial statements.  Since the date of the financial statements described above and through the date hereof, there has been no material adverse change in the financial condition, operations or business of the Borrowers or the Collective Properties from that set forth in said financial statements.

3.1.11    Condemnation.  Except as disclosed in the Title Insurance Policy, no Condemnation or other proceeding has been commenced or, to Borrower’s Knowledge, has been threatened in writing with respect to all or any portion of any Property or for the relocation of roadways providing access to any Property.

3.1.12    Utilities and Public Access.  To Borrower’s Knowledge, each individual Property (a) has rights of access to public ways and is served by water, sewer, sanitary sewer and storm drain facilities adequate to service such Property for its intended uses, and (b) has, or is served by, parking to the extent required to comply with all Leases and all Legal Requirements.

3.1.13    Separate Lots.  Except as set forth in the Survey, each Property is comprised of one (1) or more parcels (or “Units” under Hawaii Revised Statutes Chapter 514B) which constitute separate tax lots (or separate tax parcel IDs in the case of “Units” under Hawaii Revised Statues Chapter 514B) and do not constitute a portion of any other tax lot not a part of such Property.

3.1.14    Assessments.  To Borrower’s Knowledge, except as set forth on Schedule 3.1.14 attached hereto, there are no pending or proposed special or other assessments

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for public improvements or otherwise affecting any Property, nor are there any contemplated improvements to any Property that may result in such special or other assessments.

3.1.15    Enforceability.  The Loan Documents are not subject to any right of rescission, set off, counterclaim or defense by any Borrower, 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 (except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law)), and no Borrower has asserted any right of rescission, set off, counterclaim or defense with respect thereto.

3.1.16    Mortgage.  Each Mortgage creates a valid assignment of, or a valid security interest in, certain rights under the Leases, subject only to a license granted to related Borrower to exercise certain rights and to perform certain obligations of the lessor under the Leases, including the right to operate such Property.  No Person other than Lender has any interest in or assignment of the Leases or any portion of the Rents due and payable or to become due and payable thereunder.

3.1.17    Insurance.  Borrower has obtained and has delivered to Lender original or certified copies of all of the Policies or ACORD certificates, with all premiums prepaid thereunder, reflecting the insurance coverages, amounts and other requirements set forth in this Agreement.  There are no claims currently outstanding that have been made under any of the Policies and that would have a Material Adverse Effect, and to Borrower’s Knowledge, no Person, including any Borrower, has done, by act or omission, anything which would impair the coverage of any of the Policies.

3.1.18    Licenses.  All certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits required of the applicable Borrower by any Governmental Authority for the legal use, occupancy and operation of the Property in the manner in which the Property owned by such Borrower is currently being used, occupied and operated by Borrower (“Licenses”) have been obtained and are in full force and effect, except where the failure to obtain such License neither would have nor would be reasonably expected to have a Material Adverse Effect.

3.1.19    Flood Zone.  Except as set forth on any Survey, none of the Improvements on the Collective Properties are 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) hereof is in full force and effect with respect to such Property.

3.1.20    Physical Condition.  Except as may be disclosed in the property condition report obtained by Lender in connection with the Loan or otherwise disclosed to Lender in writing (including, without limitation, any matter disclosed in any estoppel received by Lender), (a) (i) to Borrower’s Knowledge, each Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition,

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order and repair in all material respects and (ii) to Borrower’s Knowledge, but without any duty of inquiry, each of the Tenant Owned Improvements at any applicable Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; (b) to Borrower’s Knowledge, there exists no structural or other material defects or damages in such Property, whether latent or otherwise, and Borrower has not received written notice from any insurance company or bonding company of any defects or inadequacies in the related Property, or any part thereof, which would cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.

3.1.21    Boundaries.  Except as set forth on the Survey, all of the Improvements which were included in determining the appraised value of each Property lie wholly within the boundaries and building restriction lines of such Property, and no improvements on adjoining properties encroach upon the related Property, and no easements or other encumbrances affecting such Property encroach upon any of the Improvements.  Except as set forth on the Survey, to Borrower’s Knowledge, but without any duty of inquiry, all of the Tenant Owned Improvements which were included in determining the appraised value of each Property lie wholly within the boundaries and building restriction lines of such Property, and no easements or other encumbrances affecting such Property encroach upon any of the Tenant Owned Improvements.

3.1.22    Leases.  Borrower represents and warrants to Lender with respect to the Leases that, except as disclosed in any Tenant estoppel certificate addressed and delivered to Lender prior to the Closing Date or otherwise disclosed to Lender in writing: (a) the rent roll attached hereto as Schedule I is true, complete and correct, no Property is subject to any Leases other than the Leases described in Schedule I, and no Person has any possessory interest in any Property or right to occupy the same except under and pursuant to the provisions of the Leases; (b)(i) the Leases identified on Schedule I are in full force and effect, (ii) there are no monetary defaults or, to Borrower’s Knowledge, material non-monetaery defaults thereunder by any applicable Tenant, (iii) there are no defaults thereunder by Borrower, as landlord, and, Borrower’s Knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, would constitute a default by Borrower, as landlord, thereunder, and (iv) to Borrower’s Knowledge, no Tenant is subject to an action under any state or federal bankruptcy, insolvency, or similar laws or regulations, (c) the copies of the Leases delivered to Lender are true and complete, and there are no oral agreements with respect thereto, (d) no Rent (other than security deposits) has been paid more than one (1) month in advance of its due date, (e) all work to be performed by Borrower under each Lease to which such Borrower is a party has been performed as required and has been accepted by the applicable Tenant, (f) any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by the applicable Borrower to any Tenant has already been received by such Tenant, (g) all security deposits are being held in accordance with Legal Requirements, (h) all Tenants at the Property are paying full rent under their Leases; (i) no Tenant under any Lease (or any sublease) is an Affiliate of Borrower, (j) no Tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of the leased premises or the Improvements of which the leased premises are a part, (k) intentionally omitted, and (l) no Person other than the

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applicable Borrower and the applicable Tenant have any right, title or interest in and to the Leases and Rents except the rights and Liens granted to Lender pursuant to the Loan Documents.

3.1.23    Filing and Recording Taxes.  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 Loan Documents, including, without limitation, each Mortgage, have been paid or are being paid simultaneously herewith.  All taxes and governmental assessments due and owing in respect of each Property as of the date hereof 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 related Title Insurance Policy.

3.1.24    Single Purpose.  Each Borrower hereby represents and warrants that from the date of the formation of Borrower and each SPE Party (if any) through and including the Closing Date that none of the Borrower and any SPE Party has taken any of the actions prohibited (or failed to take any actions required to be taken) pursuant to the terms and provisions of this Section 3.1.24.  Borrower hereby represents and warrants to, and covenants with, Lender that since its formation, at all times thereafter and until such time as the Debt shall be paid in full:

(a)    No Borrower has owned, owns or will own any asset or property other than (i) the Property owned by such Borrower, and (ii) incidental personal property necessary for the ownership or operation of the Property owned by such Borrower.

(b)    No Borrower has or will engage in any business other than the acquisition, ownership, holding, leasing, financing, management, operation, development and improvement of the Property owned by such Borrower and each Borrower has and will conduct and operate its business as presently conducted and operated.

(c)    Except for capital contributions or capital distributions permitted under the terms and conditions of its organizational documents and properly reflected on its books and records, and except as contemplated by the Loan Documents with respect to co-borrowers under the Loan Documents, no Borrower has or will enter into any contract or agreement with any Affiliate of Borrower, any constituent party of Borrower or any Affiliate of any constituent party, except in the ordinary course of business and upon terms and conditions that are commercially reasonable and substantially similar to those that would be available on an arms-length basis with unaffiliated third parties; provided, however, that the Lender has reviewed and approved the Property Management Agreement.

(d)    No Borrower has incurred any Indebtedness that is still outstanding or will incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (i) the Debt, (ii) trade and/or operational indebtedness incurred in the ordinary course of business with trade and/or operational creditors, provided such indebtedness is (A) unsecured, (B) not evidenced by a note, (C) on commercially reasonable terms and conditions, and (D) due not more than sixty (60) days past the date incurred and paid on or prior to such date, (iii) reimbursements to Affiliates for shared overhead expenses as contemplated by Section 3.1.24(t), and (iv) Permitted Equipment Leases; provided however, the aggregate amount

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of the indebtedness described in clauses (ii), (iii) and (iv) shall not exceed at any time three percent (3.0%) of the amount of the Debt;

(e)    No Borrower has made or will make any loans or advances to any third party (including any Affiliate or constituent party), and has not and shall not acquire obligations or securities of its Affiliates.

(f)    Each Borrower has been, is and will intend to remain solvent and each Borrower has paid and, except as contemplated by the Loan Documents with respect to co-borrowers under the Loan, will pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets as the same shall become due; provided, that, in each such case, there exists and, if applicable, is made available to Borrower by Lender pursuant to the Cash Management Agreement, sufficient cash flow from the Collective Properties to do so and that the foregoing shall not require any partners, members or other owners of Borrower to make any capital contributions or to lend funds to Borrower or arrange for any such capital contribution or loan by any other Person.

(g)    Each Borrower has done or caused to be done and will do or cause to be done all things necessary to observe organizational formalities and preserve its separate existence, and no Borrower has, will, nor will any Borrower permit any SPE Party to amend, modify or otherwise change the partnership certificate, partnership agreement, articles of incorporation and bylaws, operating agreement, trust or other organizational documents of Borrower or such SPE Party without the prior consent of Lender in any manner that (i) violates the single purpose covenants set forth in this Section 3.1.24, or (ii) amends, modifies or otherwise changes any provision thereof that (A) by its terms cannot be modified at any time when the Loan is outstanding, (B) by its terms cannot be modified without Lender’s consent, or (C) is otherwise prohibited from being amended or modified pursuant to this Agreement or the other Loan Documents.

(h)    Each Borrower has maintained and will maintain all of its books, records, financial statements and bank accounts separate from those of its Affiliates and any constituent party (except as provided in the following two (2) sentences).  No Borrower’s assets have or will be listed as assets on the financial statement of any other Person; provided, however, that Borrower’s assets may be included in a consolidated financial statement of its Affiliates provided that (i) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of Borrower and such Affiliates and to indicate that Borrower’s assets and credit are not available to satisfy the debts and other obligations of such Affiliates or any other Person and (ii) such assets shall be listed on Borrower’s own separate balance sheet.  Each Borrower has filed and will file its own tax returns separate from those of any other Person except to the extent the Borrower is treated as a “disregarded entity” for tax purposes and is not required to file tax returns under applicable law.

(i)    Each Borrower has been and will be, and at all times has and will hold itself out to the public as, a legal entity separate and distinct from any other entity (including any Affiliate of Borrower or any constituent party of Borrower), has and shall correct any Known misunderstanding regarding its status as a separate entity, has and shall conduct business solely in its own name, has not and shall not identify itself or any of its Affiliates as a division or part of

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any Person and has and shall maintain and utilize separate invoices and checks bearing its own name, except in each case for business conducted on behalf of Borrower by Manager pursuant to the terms and provisions of the Property Management Agreement, which Borrower represents is on commercially-reasonable and arms’ length terms, so long as Manager holds itself out as an agent or representative of Borrower.

(j)    Each Borrower has maintained and will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations (provided that there exists sufficient cash flow from the Collective Properties to do so and provided, further, that the foregoing shall not require any partners, members or other owners of Borrower to make any capital contributions or to lend funds or loans to Borrower or arrange for any such capital contribution or loan by any other Person) and shall not intentionally make any distribution which shall cause it to have less than adequate capital.

(k)    Neither any Borrower nor any constituent party has or will seek or effect the liquidation, dissolution, winding up, division into two (2) or more limited liability companies or other legal entities, liquidation, consolidation or merger, in whole or in part, of a Borrower or a sale or transfer of all or substantially all of such Borrower’s assets.

(l)    Except as contemplated by the Loan Documents with respect to co-borrowers under the Loan, no Borrower has and nor will any Borrower commingle the funds and other assets of such Borrower with those of any Affiliate or constituent party or any other Person, and has and will hold all of its assets solely in its own name.

(m)    Each Borrower has and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any Affiliate or constituent party or any other Person.

(n)    No Borrower has and no Borrower will guarantee or become obligated for the debts of any other Person and has not and will not hold itself out to be responsible for or have its credit available to satisfy the debts or obligations of any other Person, except for (i) any co-borrowers pursuant to this Agreement and (ii) guarantees of borrowings and other extensions of credit to Sponsor under Sponsor’s Credit Agreement, which guarantees were released prior to the date hereof.

(o)    Each Borrower shall conduct its business so that the assumptions made with respect to such Borrower in the Non-Consolidation Opinion and any New Non-Consolidation Opinion shall be true and correct in all material respects.  In connection with the foregoing, each Borrower hereby covenants and agrees that it will comply in all material respects with or cause the compliance in all material respects with, (i) all of the facts and assumptions (whether regarding such Borrower or any other Person) set forth in the Non-Consolidation Opinion, and any New Non-Consolidation Opinion, (ii) all the representations, warranties and covenants in this Section 3.1.24, and (iii) all the organizational documents of Borrower and any SPE Party.

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(p)    No Borrower has permitted, and no Borrower will permit any Affiliate or constituent party independent access to its bank accounts, except for customary access by the Manager acting as agent of Borrower in accordance with the Property Management Agreement.

(q)    Each Borrower has paid and, except as contemplated by the Loan Documents with respect to co-borrowers under the Loan, shall pay from its own funds its own liabilities and expenses, including all Property-related expenses and the salaries of its own employees (if any) from its own funds (provided there exists and, if applicable, is made available to Borrower by Lender pursuant to the Cash Management Agreement, sufficient cash flow from the Collective Properties to do so and that the foregoing shall not require any partners, members or other owners of Borrower to make any capital contributions or to lend funds to Borrower or arrange for any such capital contribution or loan by any other Person), with it being understood that nothing in this Section 3.1.24(q) shall limit the right of Borrower to share overhead expenses with Affiliates in compliance with Section 3.1.24(t) and provided further that the foregoing shall not require Borrower’s direct or indirect legal or beneficial owners to make any capital contributions or to lend funds to Borrower or arrange for any such capital contribution or loan by any other party.

(r)    Each Borrower has compensated and, except as contemplated by the Loan Documents with respect to co-borrowers under the Loan, shall compensate each of its consultants and agents from its funds for services provided to it and has paid and shall pay from and to the extent of its own assets all obligations of any kind incurred.

(s)    No Borrower will, without the unanimous consent of all of its directors or members (including all Independent Managers/Directors), take any Material Credit Action.

(t)    Each Borrower has allocated and will allocate fairly and reasonably any overhead expenses that are shared with any Affiliate, including shared office space and for services performed by any employee of an Affiliate.

(u)    No Borrower has pledged and no Borrower will pledge its assets to secure the obligations of any other Person (except as contemplated by the Loan Documents with respect to co-borrowers under the Loan).

(v)    No Borrower will have any obligation to indemnify its officers, directors, members or partners, as the case may be, unless such obligation is fully subordinated to the Debt and will not constitute a claim against it if cash flow in excess of the amount required to pay the Debt is insufficient to pay such obligation.

(w)    No Borrower (i) has, does, or will have any of its obligations guaranteed by any Affiliate, other than with respect to the Guaranty and the Environmental Indemnity, and (ii) does or will permit any Affiliate (other than (x) the Guarantor under the Guaranty and Environmental Indemnity and (y) except as contemplated by the Loan Documents with respect to co-borrowers under the Loan) to hold such Affiliate’s credit out as available to pay the debts of Borrower.

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(x)    No Borrower has bought or held and no Borrower shall buy or hold evidence of indebtedness issued by any other Person other than Permitted Investments made in accordance with the terms and provisions of this Agreement and the other Loan Documents.

(y)    No Borrower shall form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) or own any equity interest in any other entity, other than Permitted Investments made in accordance with the terms and provisions of this Agreement and the other Loan Documents.

(z)    Each Borrower and each SPE Party shall be organized under Delaware law.

(aa)    (i) If a Borrower shall have its own board of directors/managers, such Borrower shall cause its board of directors /managers to meet at least annually or act pursuant to written consent and keep minutes of such meetings and actions and observe all other Delaware limited liability company formalities, and (ii) each Borrower shall cause the directors, officers, agents and other representatives of such Borrower to act at all times with respect to such Borrower consistently and in furtherance of the foregoing and in the best interests of such Borrower.

(bb)    If a Borrower is a limited partnership or a limited liability company other than a Single Member Delaware LLC, each SPE Party shall comply with the terms and provisions of this Section 3.1.24.  Each SPE Party shall either be (i) a Single Member Delaware LLC in accordance with the terms and provisions of clause (cc) below or (ii) a corporation (A) whose sole asset is its interest in such Borrower, (B) which has not been and shall not be permitted to engage in any business or activity other than owning an interest in such Borrower, (C) which has not been and shall not be permitted to incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation) except being liable for the obligations of Borrower as general partner thereof, and (D) which has and will at all times own at least a one-half of one percent (0.5%) (or if Borrower is a Delaware entity, a one-tenth of one percent (0.1%)) direct equity ownership interest in Borrower.  Each SPE Party will at all times comply, and will cause such Borrower to comply, with each of the representations, warranties, and covenants contained in this Section 3.1.24 (to the extent applicable) as if such representation, warranty or covenant was made directly by such SPE Party.  Upon the withdrawal or the disassociation of an SPE Party from a Borrower, to the extent permitted pursuant to the terms and provisions of this Agreement, the affected Borrower shall immediately appoint a new SPE Party whose articles of incorporation or organization are substantially similar to those of such SPE Party and deliver a New Non- Consolidation Opinion to Lender with respect to the new SPE Party and its equity owners.

(cc)    In the event a Borrower or an SPE Party is a Single Member Delaware LLC, its limited liability company agreement (the “LLC Agreement”) shall provide that:

(i)    upon the occurrence of any event that causes the last remaining member (“Member”) of such Borrower or the SPE Party, as applicable, to cease to be the member of such Borrower or the SPE Party, as applicable, (other than (A) upon an assignment by Member of all of its limited liability company interest in such Borrower or

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the SPE Party, as applicable, and the admission of the transferee in accordance with the Loan Documents and the LLC Agreement, or (B) the resignation of Member and the admission of an additional member of such Borrower or the SPE Party, as applicable, in accordance with the terms of the Loan Documents and the LLC Agreement), any person acting as Independent Manager/Director of such Borrower or the SPE Party, as applicable, shall, without any action of any other Person and simultaneously with the Member ceasing to be the member of such Borrower or the SPE Party, as applicable, automatically be admitted to such Borrower or the SPE Party, as applicable, as a member with a zero percent (0%) economic interest (“Special Member”) and shall continue the existence of such Borrower or the SPE Party, as applicable, without dissolution;

(ii)    Special Member may not resign from a Borrower or the SPE Party, as applicable, or transfer its rights as Special Member unless (A) a successor Special Member has been admitted to such Borrower or the SPE Party, as applicable, as a Special Member in accordance with requirements of Delaware, as applicable, and (B) after giving effect to such resignation or transfer, there remains at least two (2) Independent Managers/Directors of such Borrower or the SPE Party, as applicable, in accordance with Section 3.1.24(dd) below;

(iii)    Special Member shall automatically cease to be a member of a Borrower or the SPE Party, as applicable, upon the admission to such Borrower or the SPE Party, as applicable, of the first substitute member;

(iv)    Special Member shall be a member of a Borrower or the SPE Party, as applicable, that has no interest in the profits, losses and capital of such Borrower or the SPE Party, as applicable, and has no right to receive any distributions of the assets of such Borrower or the SPE Party, as applicable;

(v)    pursuant to the applicable provisions of the limited liability company act of the State of Delaware (the “Act”), Special Member shall not be required to make any capital contributions to the related Borrower or the SPE Party, as applicable, and shall not receive a limited liability company interest in such Borrower or the SPE Party, as applicable;

(vi)    Special Member, in its capacity as Special Member, may not bind the related Borrower or the SPE Party, as applicable;

(vii)    except as required by any mandatory provision of the Act, Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the related Borrower or the SPE Party, as applicable, including, without limitation, the merger, consolidation, division into two (2) or more limited liability companies or other legal entities or conversion of such Borrower or the SPE Party, as applicable; provided, however, such prohibition shall not limit the obligations of Special Member, in its capacity as Independent Manager/Director, to vote on such matters required by the Loan Documents or the LLC Agreement;

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(viii)    upon the occurrence of any event that causes the Member to cease to be a member of the related Borrower or the SPE Party, as applicable, to the fullest extent permitted by law, the personal representative of Member shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of Member in such Borrower or the SPE Party (as applicable) agree in writing (A) to continue such Borrower or the SPE Party (as applicable) and (B) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of such Borrower or the SPE Party (as applicable) effective as of the occurrence of the event that terminated the continued membership of Member in such Borrower or the SPE Party, as applicable;

(ix)    any action initiated by or brought against Member or Special Member in connection with any Bankruptcy Event shall not cause Member or Special Member to cease to be a member of the related Borrower or the SPE Party, as applicable, and upon the occurrence of such an event, the business of such Borrower or the SPE Party (as applicable) shall continue without dissolution; and

(x)    each of Member and Special Member waives any right it might have to agree in writing to dissolve the related Borrower or the SPE Party, as applicable, upon the occurrence of any action initiated by or brought against Member or Special Member in connection with any Bankruptcy Event, or the occurrence of an event that causes Member or Special Member to cease to be a member of such Borrower or the SPE Party, as applicable.

In order to implement the admission to Borrower or an SPE Party, as applicable, of Special Member, Special Member shall execute a counterpart to the LLC Agreement.  Prior to its admission to the related Borrower or the SPE Party, as applicable, as Special Member, Special Member shall not be a member of such Borrower or the SPE Party, as applicable, but Special Member may serve as an Independent Manager/Director of the related Borrower or the SPE Party, as applicable.

(dd)    The organizational documents of Borrower (to the extent Borrower is a corporation or a Single Member Delaware LLC) or each SPE Party (if Borrower is a limited partnership or a limited liability company other than a Single Member Delaware LLC) shall provide that at all times there shall be at least two (2) duly appointed independent managers or directors of such entity (each, an “Independent Manager/Director”) who shall (i) not have been at the time of each such individual’s initial appointment, and has never been, and shall not be at any time while serving as Independent Manager/Director, any of the following: (A) a member, partner, equityholder, manager, director, officer or employee of such Borrower or any of its or the SPE Party’s, as applicable, equityholders or Affiliates (other than serving as an Independent Manager/Director of (x) Borrower or (y) an Affiliate of Borrower that does not own a direct or indirect ownership interest in Borrower or the SPE Party (if any) and that is required by a creditor to be a single purpose bankruptcy remote entity, provided that such Independent Manager/Director is employed by a company that routinely provides professional Independent Managers/Directors or managers in the ordinary course of its business), (B) a customer, creditor, supplier or service provider (including provider of professional services) to, or any other Person who derives any of its purchases or revenues from its activities with, Borrower or any of its

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equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional Independent Managers/Directors and other corporate services to Borrower or any of its Affiliates in the ordinary course of its business), (C) a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier, customer or service provider, or (D) a Person that controls (whether directly, indirectly or otherwise) any of (A), (B) or (C) above, (ii) be employed by, in good standing with and engaged by Borrower in connection with, in each case, an Approved Independent Manager/Director Provider, and (iii) have had at least three (3) years prior experience as an Independent Manager/Director employed and in good standing with an Approved Independent Manager/Director Provider.  A natural person who otherwise satisfies the foregoing definition and satisfies clause (A) by reason of being the Independent Manager/Director of a “special purpose entity” affiliated with Borrower that does not own a direct or indirect ownership interest in Borrower or SPE Party (if any) shall be qualified to serve as an Independent Manager/Director of the Borrower, provided that the fees that such individual earns from serving as an Independent Manager/Director of affiliates of Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income for that year.  For purposes of this paragraph, a “special purpose entity” is an entity whose organizational documents contain restrictions on its activities and impose requirements intended to preserve such entity’s separateness that are substantially similar to those contained in the definition of Special Purpose Entity of this Agreement.

(ee)    The organizational documents of Borrower (to the extent Borrower is a corporation or a Single Member Delaware LLC) or each SPE Party (if Borrower is a limited partnership or a limited liability company other than a Single Member Delaware LLC) shall further provide that:

(i)    the board of directors or managers of Borrower or the SPE Party, as applicable, and the constituent members of such entities (the “Constituent Members”) shall not take any Material Credit Action without the unanimous vote of the entire board of directors or managers, as applicable, and the Constituent Members including the two (2) Independent Managers/Directors appointed in accordance with the terms and provisions of Section 3.1.24(dd);

(ii)    any resignation, removal or replacement of an Independent Manager/Director shall not be effective without five (5) Business Days prior written notice to Lender accompanied by evidence that a replacement Independent Manager/Director satisfying the applicable terms and conditions hereof and of the applicable organizational documents shall have replaced such outgoing Independent Manager/Director;

(iii)    to the fullest extent permitted by applicable law, including Section 18-1101(c) of the Act, and notwithstanding any duty otherwise existing at law or in equity, each Independent Manager/Director shall consider only the interests of Borrower and the SPE Party, if applicable (including Borrower’s and any such SPE Party’s creditors), in acting or otherwise voting on a Material Credit Action or any other matters provided for herein, and the organizational documents of Borrower and any SPE Party (which such fiduciary duties to the Constituent Members and Borrower’s and any such SPE Party’s respective creditors, in each case, shall be deemed to apply solely to the

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extent of their respective economic interests in Borrower or any SPE Party, as applicable) exclusive of (x) all other interests (including, without limitation, all other interests of the Constituent Members), (y) the interests of other affiliates of the Constituent Members, Borrower and any SPE Party and (z) the interests of any group of affiliates of which the Constituent Members, Borrower or any SPE Party is a part));

(iv)    other than as provided in subsection (iii) above, the Independent Managers/Directors shall not have any fiduciary duties to any Constituent Members, any directors of Borrower, any SPE Party or any other Person;

(v)    the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing under applicable law; and

(vi)    to the fullest extent permitted by applicable law, including Section 18-1101(e) of the Act, an Independent Manager/Director shall not be liable to Borrower, any SPE Party, any Constituent Member or any other Person for breach of contract or breach of duties (including fiduciary duties), unless such Independent Manager/Director acted in bad faith or engaged in willful misconduct.

(ff)    Any assignment of limited liability company or limited partnership interests in Borrower, and the admission of the assignee as a member or partner of Borrower, were accomplished in accordance with, and were permitted by, the limited liability company agreement or limited partnership agreement of Borrower as in effect at such time.

(gg)    prior to the filing of each Certificate of Conversion with the Secretary of State of the State of Delaware with respect to a Borrower, each conversion thereunder was approved in the manner provided for (i) by the document, instrument, agreement or other writing, as the case may be, governing the internal affairs of the applicable Company and the conduct of its business or (ii) by applicable non-Delaware law, as appropriate, and each prior limited liability agreement of a Borrower was approved by the same authorization required to approve such conversion.

(hh)    The organizational documents of Borrower and each SPE Party (if any) shall provide an express acknowledgment that Lender is an intended third-party beneficiary of the “special purpose” provisions of such organizational documents.

(ii)    Each amendment and restatement (if any) of each organizational document of Borrower has been accomplished in accordance with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time.

(jj)    The Organizational Documents for each Borrower shall provide that except for duties to such Borrower as set forth in the Organizational Documents (including duties to the member and Borrower’s creditors solely to the extent of their respective economic interests in Borrower, but excluding (i) all other interests of the member, (ii) the interests of other Affiliates of Borrower, and (iii) the interests of any group of Affiliates of which Borrower is a part), the Independent Managers/Directors shall not have any fiduciary duties to the member, any officer or any other Person bound by the Borrower’s Organizational Documents; provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and

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fair dealing.  The Organizational Documents for Borrower shall provide that to the fullest extent permitted by law, including Section 18-1101(e) of the Delaware Limited Liability Company Act, an Independent Manager/Director shall not be liable to Borrower, the member or any other Person bound by the Borrower’s Organizational Documents for breach of contract or breach of duties (including fiduciary duties), unless the Independent Manager/Director acted in bad faith or engaged in willful misconduct.  The Organizational Documents for Borrower shall at all times provide that all right, power and authority of the Independent Managers/Directors shall be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in the Borrower’s Organizational Documents.  The Organizational Documents for Borrower shall provide that notwithstanding any other provision of the Borrower’s Organizational Documents to the contrary, each Independent Manager/Director, in its capacity as an Independent Manager/Director, may only act, vote or otherwise participate in those matters referred to in Section 9(j)(iii) of the Borrower’s Organizational Documents or as otherwise specifically required by the applicable Organizational Documents, and such Independent Manager/Director’s act, vote or other participation shall not be required for the validity of any action taken by the board of directors of Borrower unless, pursuant to the provisions of Section 9(j)(iii) of the operating agreement or as otherwise specifically provided in the applicable Organizational Documents, such action would be invalid in the absence of the affirmative vote or consent of such Independent Manager/Director.

(kk)    Each Borrower’s conversion to a Delaware limited liability company was in accordance with the Delaware Limited Liability Company Act and other applicable law.

3.1.25    Tax Filings.  To the extent required, each Borrower has timely filed (or has obtained effective extensions for filing) all federal, state and local tax returns required to be filed and have paid or made adequate provision for the payment of all federal, state and local taxes, charges and assessments payable by such Borrower.  Borrower believes that its tax returns (if any) properly reflect the income and taxes of Borrower for the periods covered thereby, subject only to reasonable adjustments required by the Internal Revenue Service or other applicable tax authority upon audit.

3.1.26    Solvency.  No Borrower has entered into the transaction or any Loan Document with the actual intent to hinder, delay, or defraud any creditor.  Each Borrower received reasonably equivalent value in exchange for its obligations under the Loan Documents.  Giving effect to the Loan, the fair saleable value of Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities.  The fair saleable value of Borrower’s assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured.  Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted.  Borrower does not intend to, and does not believe that it will, incur Indebtedness and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of obligations of Borrower).  No petition in bankruptcy has been filed against any Borrower or any Constituent Member of any Borrower,

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and no Borrower nor any Constituent Member of Borrower has ever made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors.

3.1.27    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 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 or by the terms and conditions of this Agreement or the other Loan Documents.

3.1.28    Organizational Chart.  The organizational chart attached as Schedule II hereto, relating to each Borrower and certain Affiliates and other parties, is true, complete and correct on and as of the date hereof.

3.1.29    Bank Holding Company.  No Borrower is 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.

3.1.30    Investment Company Act.  Borrower is not (1) an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended; or (2) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money.

3.1.31    No Bankruptcy Filing.  Borrower is not contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of its assets or property, and Borrower does not have any Knowledge of any Person contemplating the filing of any such petition against Borrower.

3.1.32    Full and Accurate Disclosure.  No information contained in this Agreement, the other Loan Documents, or any written statement furnished by or on behalf of any Borrower pursuant to the terms of this Agreement contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained herein or therein not misleading in light of the circumstances under which they were made.  There is no fact or circumstance presently Known to Borrower (other than information of a general economic nature) which has not been disclosed to Lender which is reasonably likely to have a Material Adverse Effect.

3.1.33    Foreign Person.  Borrower is not a “foreign person” within the meaning of Section 1445(f)(3) of the Code.

3.1.34    No Change in Facts or Circumstances; Disclosure.  There has been no material adverse change in any condition, fact, circumstance or event that would make the financial statements, rent rolls, reports, certificates or other documents submitted in connection with the Loan inaccurate, incomplete or otherwise misleading in any material respect or that otherwise has, or is reasonably likely to have, a Material Adverse Effect.

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3.1.35    Property Management Agreement.  The Property Management Agreement is in full force and effect and (a) to Borrower’s Knowledge, there is no default by Manager thereunder and no event has occurred that, with the passage of time and/or the giving of notices would constitute a default by Manager thereunder and (b) there is no default by Borrower thereunder and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default by Borrower thereunder.

3.1.36    Intentionally Omitted.

3.1.37    Perfection of Accounts.

(a)    This Agreement, together with the other Loan Documents, create a valid and continuing security interest (as defined in the Uniform Commercial Code of the State of New York) in the Deposit Account and the other Accounts (as defined in the Cash Management Agreement) in favor of Lender, which security interest is prior to all other Liens (except as provided in the DACA), and is enforceable as such against creditors of and purchasers from Borrower.  Other than in connection with the Loan Documents, Borrower has not sold or otherwise conveyed the Accounts.

(b)    The Deposit Account and the other Accounts (as defined in the Cash Management Agreement) constitute “deposit accounts” or “securities accounts” within the meaning of the Uniform Commercial Code of the State of New York.

3.1.38    Material Agreements.  With respect to each Material Agreement, Borrower hereby represents that (except, in each case, as disclosed to Lender in writing) (a) each Material Agreement is, to Borrower’s Knowledge, in full force and effect and has not been amended, restated, replaced or otherwise modified by Borrower, and to Borrower’s Knowledge, has not been amended, restated, replaced or otherwise modified by any other party (b) no Borrower has received any written notice of any uncured defaults under any Material Agreement by any party thereto and, to Borrower’s Knowledge, no event has occurred which, but for the passage of time, the giving of notice, or both, would constitute a material default under any Material Agreement, (c) to Borrower’s Knowledge, all payments and other sums due and payable by the related Borrower under the Material Agreements have been paid in full, and (d) no party to any Material Agreement has commenced any action to which Borrower is a party, and no Borrower has either given or received any notice, for the purpose of terminating any Material Agreement.

3.1.39    Illegal Activity/Forfeiture.  (a)  No portion of any individual Property has been or will be purchased, improved, equipped or furnished with proceeds of any illegal activity and to the Borrower’s Knowledge, there are no illegal activities at any Property.

(b)    There has not been committed by any Borrower or to Borrower’s Knowledge, any other person in occupancy of or involved with the operation or use of the applicable Property, nor has Borrower permitted any other person in occupancy of or involved with the operation or use of the applicable Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against such Property or any part thereof or any monies paid in performance of Borrower’s obligations under

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this Agreement, the Note, the Mortgage, or the other Loan Documents.  No Borrower shall commit, nor shall Borrower permit any other person in occupancy of or involved with the operation or use of the applicable Property to commit, any act or omission affording such right of forfeiture.

3.1.40    Embargoed Person.  As of the date hereof and at all times throughout the term of the Loan, including after giving effect to any transfers of interests permitted pursuant to the Loan Documents, (a) none of the funds or other assets of any Borrower, Sponsor or Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or country which is a sanctioned person, entity or country or is otherwise subject to any trade restrictions under U.S. law (including, without limitation, Cuba, Iran, North Korea, Syria and Crimea), 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 (including regulations administered by the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury and the Specially Designated Nationals List maintained by OFAC) with the result that the investment in such Borrower, Sponsor and/or Guarantor, as applicable (whether directly or indirectly), is prohibited by Legal Requirements or the Loan made by Lender is in violation of Legal Requirements (“Embargoed Person”); (b) unless expressly waived in writing by Lender, no Embargoed Person has any interest of any nature whatsoever in any Borrower, Sponsor or Guarantor, as applicable, with the result that the investment in any Borrower, Sponsor and/or Guarantor, as applicable (whether directly or indirectly), is prohibited by Legal Requirements or the Loan is in violation of Legal Requirements; and (c) none of the funds of Borrower, Sponsor or Guarantor, as applicable, have been derived from any unlawful activity with the result that the investment in Borrower, Sponsor and/or Guarantor, as applicable (whether directly or indirectly), is prohibited by Legal Requirements or the Loan is in violation of Legal Requirements.  Borrower covenants and agrees that in the event Borrower receives any notice that any Borrower, Sponsor or Guarantor (or any of their respective beneficial owners, affiliates or participants) or any Person that has an interest in any Property is designated as an Embargoed Person, Borrower shall promptly notify Lender in writing.  The representations and warranties set forth in this Section 3.1.40 shall not apply to any shareholders or owners of stock or equity interest (directly or indirectly) in any Person which is publicly traded on a Recognized Exchange.  At Lender’s option, it shall be an Event of Default hereunder if any Borrower, Guarantor or Sponsor is designated as an Embargoed Person.

3.1.41    Patriot Act.  (a)  All capitalized words and phrases and all defined terms used in the USA Patriot Act of 2001, 107 Public Law 56 (October 26, 2001) and in other statutes and all orders, rules and regulations of the United States government and its various executive departments, agencies and offices related to the subject matter of the Patriot Act (collectively referred to in this Section only as the “Patriot Act”) are incorporated into this Section.  Borrower hereby represents and warrants that each Borrower, Sponsor and Guarantor and each and every Person affiliated with each Borrower, Sponsor and/or Guarantor or that to Borrower’s Knowledge has an economic interest in a Borrower, or, to Borrower’s Knowledge, that has or will have an interest in the transaction contemplated by this Agreement or in any Property or will participate, in any manner whatsoever, in the Loan (excluding any Lender Indemnitee or any other assignee or participant of Lender not affiliated with Borrower or Guarantor), is: (i) in full compliance with all applicable requirements of the Patriot Act and any regulations issued

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thereunder; (ii) operated under policies, procedures and practices, if applicable, that are in compliance with the Patriot Act and available to Lender for their review and inspection during normal business hours and upon reasonable prior notice; (iii) not in receipt of any 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; (iv) not a person who has been determined by competent authority to have violated any of the prohibitions contained in the Patriot Act; and (v) not owned or controlled by or now acting and or will in the future act for or on behalf of any person who has been determined to have violated the prohibitions contained in the Patriot Act.  Borrower covenants and agrees that in the event Borrower receives any notice that any Borrower, Sponsor or Guarantor (or any of their respective beneficial owners, affiliates or participants) or any Person that has an interest in the Property is indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, Borrower shall promptly notify Lender.  At Lenders’ option, it shall be an Event of Default hereunder if any Borrower, Guarantor, Sponsor or any other party to the Loan (excluding any Lender Indemnitee or any other assignee or participant of Lender not affiliated with Borrower or Guarantor) is indicted, arraigned or custodially detained on charges involving money laundering or predicate crimes to money laundering. The representations and warranties set forth in this Section 3.1.41 shall not apply to any shareholders or owners of stock or equity interest (directly or indirectly) in any Person which is publicly traded on a Recognized Exchange.

(b)    The Patriot Act requires all financial institutions to obtain, verify and record certain information that identifies individuals or business entities which open an “account” with such financial institution.  Consequently, Lender may from time-to-time request, and Borrower shall provide to Lender, Borrower’s name, address, tax identification number and/or such other identification information as shall be necessary for Lender to comply with federal law.  An “account” for this purpose may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit account, a loan or other extension of credit and/or other financial services product.

3.1.42    Prohibited Entities.  No Borrower nor any holder of a direct or indirect beneficial interest in Borrower (exclusive of any direct or indirect owner of Sponsor, or any successor by merger, consolidation or otherwise of Sponsor, so long as Sponsor or any such successor by merger, consolidation or otherwise of Sponsor is a publicly traded entity) is a Prohibited Entity.

3.1.43    CFIUS.  Either (a) each of the Leased Fee Leases and Borrower’s acquisition of each Property owned by it was not a Covered Transaction when entered into or acquired, or (b) Borrower has previously obtained CFIUS Approval with respect to each of the Leased Fee Leases and Borrower’s acquisition of such Property.

3.1.44    Recycled Entity Representations.  Each Borrower hereby represents that such Borrower:

(a)    from the date of its formation to the date hereof (i) is and always has been duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do business and (ii) has never owned any real

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property other than the Property of such Borrower and personal property necessary or incidental to its ownership or leasing of such Property and has never engaged in any business other than the ownership and leasing of such Property;

(b)    has no outstanding judgments or liens of any nature against it except for tax liens not yet due;

(c)    is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Agreement, has received all permits necessary for it to own and lease such Property;

(d)    is not currently involved in any dispute with any taxing authority;

(e)    has paid all taxes which it owes;

(f)    except as otherwise disclosed in this Agreement, is not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that is still pending; and  is not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that resulted in a judgment against it that has not been paid in full;

(g)    has provided Lender with complete financial statements that reflect a fair and accurate view of the Collective Properties on a combined basis;

(h)    has no material contingent or actual obligations not related to such Property; and

(i)    each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time.

3.1.45    Knowledge Parties. The President & Chief Executive Officer and the Chief Financial Officer & Treasurer of each Borrower are the officers of Borrower who are appropriately positioned to provide knowledge of the representations and warranties set forth herein.

3.1.46    Tenant Owned Improvements.  Borrower hereby represents and warrants to Lender that the improvements on the parcels of real property identified on Schedule 3.1.46 hereof are the only improvements in which Borrower has any right, title and interest as of the date hereof (excluding in any event the Tenant Owned Improvements) (the “Owned Improvements”; any improvements located at where the applicable Lease permits the applicable Tenant to remove or demolish such improvements, regardless of whether title to such improvement vests in Borrower at the end of the Lease term shall be referred to as a “Tenant Owned Improvement”).  Borrower acknowledges that, in the event that Borrower acquires any right, title or interest (or any reversionary interest has reverted back to Borrower) in a Tenant Owned Improvement after the Closing Date, such Tenant Owned Improvement shall thereafter be considered an “Owned Improvement” for the purposes of any covenants set forth in the Loan Documents and any forward-looking representation or representation made by Borrower with

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respect to Improvements after the date that the Borrower acquires a right, title or interest in such Tenant Owned Improvement.

Section 3.2    Survival of Representations. The representations and warranties set forth in Section 3.1 are made as of the Closing Date (or as of another date specifically set forth herein) and shall survive for so long as any amount remains payable to Lender under this Agreement or any of the other Loan Documents.

ARTICLE IV.

BORROWER COVENANTS

Section 4.1    Borrower Affirmative Covenants. From and after the Closing Date until the indefeasible repayment or defeasance in full of the Debt, each Borrower hereby covenants and agrees with Lender that:

4.1.1    Existence; Compliance with Legal Requirements.

(a)    Each Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits, trade names, and franchises, and comply in all material respects with all Legal Requirements applicable to it and each Property which it owns, including, without limitation, Prescribed Laws.  Each Borrower shall continue to comply with the Patriot Act and OFAC, including without limitation, the provisions of Sections 3.1.40 and 3.1.41, throughout the term of the Loan.

(b)    Anti-Corruption.  Neither any Borrower, any SPE Party, Sponsor, or Guarantor, nor any director, officer, or employee of the aforementioned, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any person to secure any improper business advantage for any Borrower; and neither Borrower, SPE Party, nor Guarantor have conducted their business in a manner which is not in compliance with all applicable anti-bribery and anti-corruption laws.

(c)    CFIUS.  During the term of the Loan, each Borrower shall (and shall cause the holders of direct and/or indirect, legal and/or beneficial interests in such Borrower to) (a) within five (5) days of receipt of the same, notify Lender and provide Lender with a copy of, any inquiry received from CFIUS or any other Governmental Authority related to each of the Leased Fee Leases and/or Borrower’s acquisition of any Property, (b) make any filing requested by CFIUS related to the Leased Fee Leases and/or Borrower’s acquisition of any Property, (c) cooperate with, and fully respond to any inquiries received from CFIUS or any Governmental Authority related to CFIUS’s review and/or investigation (the “CFIUS Review”) related to the Leased Fee Leases and/or Borrower’s acquisition of any Property, in each case within the time permitted by CFIUS or such Governmental Authority, as applicable, and (d) subject to the terms and conditions hereof (including without limitation, Section 4.2.1 hereof), take any mitigation

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measures requested by CFIUS and/or any Governmental Authority in connection with the CFIUS Review.

4.1.2    Taxes and Other Charges.  Each Borrower shall pay all Taxes and Other Charges now or hereafter levied or assessed or imposed against its Property or any part thereof as the same become due and payable; provided, however, with respect to Taxes and Other Charges that are due more than sixty (60) days after the Closing Date, Borrower’s obligation to directly pay Taxes shall be suspended during a Cash Management Sweep Period for so long as Borrower complies with the terms and provisions of Section 6.2 hereof.  Upon Lender’s request, Borrower shall furnish to Lender receipts for the payment of the Taxes and the Other Charges prior to the date the same shall become delinquent; provided, however, that Borrower is not required to furnish such receipts for payment of Taxes in the event that such Taxes have been paid by Lender pursuant to Section 6.2 hereof.  No Borrower shall permit or suffer, and each Borrower shall promptly discharge, any lien or charge against any of the Collective Properties.  After prior notice to Lender, a Borrower, at its own expense, may contest by appropriate legal proceeding, conducted in good faith and with due diligence, the amount or validity of any Taxes or Other Charges, provided that (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 statutes, laws and ordinances; (c) neither the applicable Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost; (d) the applicable Borrower shall promptly upon final determination thereof pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (e) such proceeding shall suspend the collection of Taxes or Other Charges from the affected Property; and (f) Borrower shall either (i) furnish such security as may be required in the proceeding, or (ii) deposit with Lender cash, or other security as may be reasonably required by Lender, in an amount equal to one hundred ten percent (110%) of the contested amount, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon.  Lender may pay over any such cash or other security held by Lender to the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established. To the extent a Tenant is contesting Taxes or Other Charges in accordance with the terms of its Lease and the Tenant otherwise satisfies any of the foregoing requirements set forth in clauses (a) through (f) above, Lender shall not separately require that the Borrower satisfy such requirements provided that Lender is in receipt of reasonable evidence to verify the Tenant’s compliance with this Section 4.1.2.  The foregoing shall also not be deemed to limit or otherwise prohibit a Tenant from otherwise exercising any separate rights of contest which may be granted to it pursuant to the terms of its Lease.

4.1.3    Litigation.  Borrower shall give prompt notice to Lender of any material litigation (other than ordinary course “slip and fall” litigation that is covered by insurance) or material governmental proceedings pending or threatened in writing against any Property, any Borrower or any SPE Party.  Borrower shall give prompt notice to Lender of any litigation or governmental proceedings pending or threatened in writing against Guarantor that has or could reasonably be expected to have a Material Adverse Effect.

4.1.4    Access to Property.  Subject to the rights of Tenants under applicable Leases, Borrower shall permit agents, representatives and employees of Lender to inspect each Property or any part thereof at reasonable hours upon reasonable advance notice.  Lender shall

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use commercially reasonable efforts to avoid interference with the ongoing business operations of Tenants during any inspection of the related Property.

4.1.5    Further Assurances; Supplemental Mortgage Affidavits.  Borrower shall, at Borrower’s sole cost and expense:

(a)    execute and deliver to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect the collateral at any time securing or intended to secure the obligations of Borrower under the Loan Documents, as Lender may reasonably require; and

(b)    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 shall reasonably require from time to time.

4.1.6    Financial Reporting.  (a)  Each Borrower shall keep and maintain or will cause to be kept and maintained proper and accurate accounting books and records, in accordance with GAAP (or such other accounting basis selected by Borrower and reasonably acceptable to Lender), reflecting the financial affairs of each Borrower.  Following the occurrence and during the continuation of an Event of Default, Lender shall have the right from time to time during normal business hours upon reasonable notice to Borrower to examine such books and records at the office of such Borrower or other Person maintaining such books and records and to make such copies or extracts thereof as Lender shall desire.  After the occurrence and during the continuance of an Event of Default, Borrower shall pay any reasonable out-of-pocket costs and expenses incurred by Lender to examine Borrower’s such books and records.

(b)    Borrower shall furnish Lender annually, prior to the date that is one hundred and twenty (120) days after the end of the calendar year, a complete copy of Borrower’s annual financial statements audited by Baker Newman Noyes, Ernst & Young, Deloitte, RSM McGladrey, PwC, or another firm of certificated public accountants reasonably acceptable to Lender prepared in accordance with GAAP (or such other accounting basis selected by Borrower and reasonably acceptable to Lender) covering the Collective Properties on a combined basis, including statements of income and expense and cash flow and a balance sheet.  Such annual financial statements shall be accompanied by a certificate executed by a duly authorized officer of Borrower (or its general partner or managing member, as applicable) certifying that such annual financial statement presents fairly the combined financial condition and the results of operations of the Borrowers and the Collective Properties.  Together with Borrower’s annual financial statements, Borrower shall furnish to Lender an annual summary of any and all Capital Expenditures made at the Collective Properties during the prior twelve (12) month period and the Net Operating Income as of the end of such calendar year.

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(c)    Borrower will furnish Lender, prior to the date that is forty-five (45) days after the end of each of the first three calendar quarters of each year, the following items:

(i)    on a combined basis for the Collective Properties, a current balance sheet and quarterly and year to date statements of income and expense and cash flow prepared for such quarter;

(ii)    an Officer’s Certificate from a duly authorized officer of Borrower (or its general partner or managing member, as applicable) certifying: (A) that such statements referred to in clause (i) above are true, correct, accurate and complete and fairly present the combined financial condition and the results of the operations of Borrowers and the Collective Properties in accordance with GAAP as applicable, and (B) a calculation reflecting the Debt Yield; and

(iii)    a current rent roll for the Collective Properties.

(d)    Prior to the earlier of (x) Securitization of the Loan in its entirety, (y) the sale, transfer or assignment of the Loan in its entirety (other than transfers of the Loan to Affiliates of Lender for purposes of the Securitization), or (z) the date which is two (2) years from the Closing Date, and upon written request of Lender, Borrower will furnish Lender on or before the forty-fifth (45th) day after the end of each calendar month, the following items:

(i)    on a combined basis for the Collective Properties, a current balance sheet and monthly and year-to-date statements of income and expense and cash flow prepared for such month with respect to the Collective Properties, and for the corresponding month of the previous year, and a statement of revenues and expenses for the year-to-date;

(ii)    an Officer’s Certificate certifying: (A) that such statements referred to in clause (i) above are true, correct, accurate and complete and fairly present the combined financial condition and results of the operations of Borrowers and the Collective Properties in accordance with GAAP as applicable; and (B) that as of the date of such Officer’s Certificate, no Default or Event of Default exists under this Agreement or any other Loan Document or, if so, specifying the nature and status of each such Default and the action then being taken by Borrower or proposed to be taken to remedy such Default;

(iii)    the current Net Operating Income as of the end of such calendar month; and

(iv)    a current rent roll for the Collective Properties.

(e)    On or before the date which is thirty (30) days prior to the commencement of each Fiscal Year, Borrower shall submit to Lender an Annual Budget in form similar to that delivered to Lender prior to the Closing Date or such other form reasonably approved by Lender.  Each Annual Budget submitted to Lender during any period which is not a Cash Management Sweep Period shall be for informational purposes only and Lender shall not have the right to approve same.  During the continuance of a Cash Management Sweep Period, each such Annual

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Budget submitted for such Fiscal Year and any Annual Budget then in effect shall be subject to Lender’s approval, which approval shall not be unreasonably withheld or delayed (each such Annual Budget, an “Approved Annual Budget”).  In the event that Lender has the right to approve the same and Lender objects to a proposed Annual Budget submitted by Borrower, Lender shall use good faith efforts to advise Borrower of such objections within ten (10) Business Days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections), and Borrower shall promptly revise such Annual Budget and resubmit the same to Lender.  Provided an Event of Default shall not have occurred and be continuing, so long as Borrower sends a written request containing a legend in bold letters stating that Lender’s failure to respond within the initial ten (10) Business Day period and then again within the additional seven (7) Business Day period following Lender’s receipt of a second notice in accordance with Section 4.1.6(e) of this Agreement shall result in Lender’s deemed approval, Lender fails to respond to such initial notice within such ten (10) Business Day period following receipt thereof and then Borrower sends a second written request containing a legend in bold letters stating that Lender’s failure to respond within an additional seven (7) Business Days shall be deemed approval, Lender shall be deemed to have approved such Annual Budget if Lender fails to respond to such second written request before the expiration of such seven (7) Business Day period.  In the event Lender shall advise Borrower of any objections to such revised Annual Budget within the time period required hereunder, Borrower shall promptly revise the same in accordance with the process described in this subsection until the Lender approves the Annual Budget.  Until such time that Lender approves or is deemed to have approved a proposed Annual Budget, the most recently Approved Annual Budget shall apply; provided that, such Approved Annual Budget shall be adjusted to reflect actual increases in Taxes, Insurance Premiums, the cost of utilities and such other Property-related costs which by their nature Borrower cannot control, as well as increases for capital costs for Leases approved by Lender.  In the event that during the continuance of a Cash Management Sweep Period resulting from the occurrence of a Partial Debt Yield Event or Debt Yield Event (but excluding in all cases if a Cash Management Sweep Period exists as a result of an Event of Default), Borrower requests disbursement of funds in the Cash Trap Account (as defined in the Cash Management Agreement) to pay an extraordinary operating expense or capital expense incurred by Borrower which is not set forth in the Approved Annual Budget (including any Tenant Improvements or Leasing Commissions for Leases entered into in accordance with this Agreement, each an “Extraordinary Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Expense for Lender’s approval (such approval not to be unreasonably withheld or delayed).

(f)    Borrower shall furnish to Lender, within five (5) Business Days after written request (or as soon thereafter as may be reasonably possible), such further detailed information with respect to the operation of the Collective Properties and the financial affairs of Borrower as may be reasonably requested by Lender, including, without limitation, a comparison of the budgeted income and expenses and the actual income and expenses for a quarter and year to date for the Collective Properties, together with a reasonably detailed explanation of any variances of more than five percent (5%) between budgeted and actual amounts for such period and year to date.

(g)    For purposes of this Section 4.1.6, Borrower shall be permitted to furnish any of the required deliverables or reports to Lender (or its servicer) by uploading such

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documents to a website or datasite controlled by Lender (or its servicer) to the extent such service is available.

4.1.7    Title to the Collective Properties.  Borrower will warrant and defend the validity and priority of the Lien of each Mortgage on the related Property against the claims of all Persons whomsoever, subject only to Permitted Encumbrances.

4.1.8    Estoppel Statement.  (a)  After written request by Lender (which request, provided an Event of Default shall not have occurred and be continuing, shall not be made more than twice during any given calendar year), Borrower shall within ten (10) Business Days furnish Lender with a statement, duly acknowledged and certified, stating (i) the unpaid principal amount of the Note, (ii) the Interest Rate of the Note, (iii) the date installments of interest and/or principal were last paid, (iv) any offsets or defenses to the payment of the Debt, if any, and (v) that this Agreement and the other Loan Documents have not been modified or if modified, giving particulars of such modification.

(b)    After written request by Borrower, provided no Event of Default exists, Lender shall within ten (10) Business Days furnish Borrower with a statement, duly acknowledged and certified, stating (i) the unpaid principal amount of the Note, (ii) the Interest Rate of the Note, (iii) the date installments of interest and/or principal were last paid, (iv) whether or not Lender has sent any notice of default under the Loan Documents which remains uncured in the opinion of Lender, and (v) that this Agreement and the other Loan Documents have not been modified or if modified, giving particulars of such modification.

(c)    Borrower shall use commercially reasonable efforts (not involving, for the avoidance of doubt, the expenditure of monies or any concession or agreement) to such Tenant to obtain and deliver to Lender (but excluding out-of-pocket expenses that may be incurred in the ordinary course of business in obtaining such estoppel), upon request, an estoppel certificate from each Tenant under any Lease; provided that such certificate may be in the form required under such Lease; provided, further, that Borrower shall not be required to request or deliver such certificates more frequently than one (1) time in any twelve (12) month period (other than in connection with an Event of Default or a Securitization) or less frequently to the extent provided in the applicable Lease.  Failure to deliver an estoppel certificate pursuant to this Section 4.1.8(c) shall not constitute a Default or Event of Default under this Agreement so long as Borrower has used commercially reasonable efforts in order obtain such estoppel certificate.

4.1.9    Leases.  (a)  All Leases, amendments and modifications to Leases and all renewals of Leases executed after the date hereof (except, as to any amendment, modification or renewal of any existing Lease executed after the date hereof, to the extent otherwise provided in such Lease as a unilateral right of the related Tenant without the consent of the Borrower, as landlord) shall (i) provide for market rental rates in the local market, (ii) be on commercially reasonable terms, (iii) provide that such Lease is subordinate to the applicable Mortgage and that the lessee will attorn to the mortgagee and any purchaser at a foreclosure sale, (iv) be written substantially in accordance with the standard form of Lease which shall have been approved by Lender (subject to any commercially reasonable changes made in the course of negotiations with the applicable Tenant) and (v) not contain any option to purchase, any right of first refusal to purchase, any right to terminate (except in the event of the destruction or condemnation of a

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substantial portion of the related Property).  All Major Leases and all renewals, amendments, modifications, extensions, assignments and subleases thereof executed after the date hereof shall be subject to Lender’s prior approval, which approval shall not be unreasonably withheld or delayed, provided, however, Lender’s consent shall not be required for (A) any extensions, assignments or subleases to the extent the Tenant may unilaterally exercise such right under its Lease without the consent of Borrower or (B) any extension, renewal or amendment to a Major Lease to the extent that the net effective rent payable under such Major Lease is not reduced and the length of the term of such Major Lease is not decreased.

(b)    Borrower (i) shall observe and perform the obligations imposed upon the lessor under the Leases in a commercially reasonable manner; (ii) shall enforce the terms, covenants and conditions contained in the Leases upon the part of the lessee thereunder to be observed or performed in a commercially reasonable manner; provided, however, that, except in connection with a default by the Tenant thereunder, Borrower shall not terminate or accept a surrender of a Major Lease without Lender’s prior approval, which approval shall not be unreasonably withheld; provided, further, that, Borrower shall not waive (whether pursuant to a termination, settlement or surrender agreement or otherwise) any material right or claims of Borrower arising due to such default by the Tenant without Lender’s prior approval, which approval shall not be unreasonably withheld; (iii) shall not collect any of the Rents more than one (1) month in advance (other than security deposits); (iv) shall not execute any assignment of lessor’s interest in the Leases or the Rents (except as contemplated by the Loan Documents); (v) shall not alter, modify or change any Major Lease so as to decrease the amount of or payment date for rent, change the expiration date, grant any option for additional space, grant any option for an additional term, materially reduce the obligations of the lessee or increase the obligations of lessor, in each case, in a manner materially adverse to Borrower and/or Lender, except to the extent a Lease permits such an alteration or amendment by the Tenant without the consent of the Borrower as landlord; (vi) shall hold all security deposits under all Leases in accordance with Legal Requirements; and (vii) shall not permit or consent to any assignment of any Major Lease without Lender’s prior written reasonable approval (other than assignments expressly permitted under any Major Lease pursuant to a unilateral right of the Tenant thereunder not requiring the consent of Borrower).  Borrower shall furnish Lender with executed copies of all Leases and amendments thereto promptly following execution thereof.

(c)    Notwithstanding anything to the contrary in Section 4.1.9(a), provided an Event of Default shall not have occurred and be continuing, whenever Lender’s approval or consent is required pursuant to the provisions of Sections 4.1.9(a) or (b) (including, without limitation, any assignment of a Lease or a sublease of space demised pursuant to a Lease), Lender shall use good faith efforts to respond within ten (10) Business Days after Lender’s receipt of Borrower’s written request for such approval or consent together with all information reasonably required by Lender to make its determination.  Lender’s request for additional information shall be deemed a response hereunder.  If Lender fails to respond to such request within ten (10) Business Days, and Borrower sends a second written request containing a legend in bold letters stating that Lender’s failure to respond within an additional five (5) Business Days shall be deemed consent or approval, Lender shall be deemed to have approved or consented to the matter for which Lender’s consent or approval was sought if Lender fails to respond to such second written request before the expiration of such five (5) Business Day period.

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(d)    Within ten (10) Business Days after written request by Borrower, Lender shall deliver a subordination, non-disturbance and attornment agreement on Lender’s form (with such modifications thereto requested by the Tenant and as may be reasonably acceptable to Lender) to any Tenants under any Lease, provided Borrower shall reimburse Lender any actual, reasonable out-of-pocket third-party expenses incurred by Lender in connection with the same.

(e)    Borrower shall give Lender prompt written notice (containing a reasonably detailed description) in the event of: (i) the cancellation or termination of a Major Lease in violation of the terms and provisions of such Major Lease (or Borrower’s receipt of written notice from a Tenant under a Major Lease of its intent to cancel or terminate such Major Lease prior to the scheduled expiration date in violation of the terms and provisions of such Major Lease) and/or (ii) a default under a Major Lease beyond all applicable notice and cure periods.

(f)    During a Cash Management Sweep Period, Borrower shall notify Lender in writing, within five (5) Business Days following receipt thereof, of Borrower’s receipt of any Lease Termination Fee paid by any Tenant under any Lease, and Borrower further covenants and agrees that Borrower shall deposit such Lease Termination Fee with Lender subject to and in accordance with Section 6.6 hereof.  If a Cash Management Sweep Period is not in effect, then Borrower shall deposit such any Lease Termination Fees into the Deposit Account to be applied in the same manner as proceeds of Business Income/Rent Loss Insurance.

4.1.10    Alterations.  Lender’s prior approval shall be required in connection with any alterations to any Improvements (except Tenant Improvements under any Lease in effect as of the Closing Date or any Lease approved or deemed approved by Lender and except for any alterations Tenant has the right to make under its Lease without Borrower’s consent or where such consent may not be withheld unreasonably or under any lesser standard (in which case the lesser standard applicable to the Borrower’s consent under such Tenant’s Lease shall be deemed to be applicable to the Lender) notwithstanding any provision in this Section 4.1.10 to the contrary), (a) that would reasonably be expected to have a Material Adverse Effect, in which case, Lender’s approval, may be granted or withheld in Lender’s sole discretion, (b) the cost of which (including any related alteration, improvement or replacement), together with all other ongoing alterations, is reasonably anticipated to exceed the Alteration Threshold, in which case, Lender’s approval, may be granted or withheld in Lender’s reasonable discretion, or (c) that are structural in nature, in which case, Lender’s approval, may be granted or withheld in Lender’s reasonable discretion.  If the total unpaid amounts incurred and reasonably anticipated to be incurred with respect to such alterations to the Improvements shall at any time exceed the Alteration Threshold, Borrower shall promptly deliver to Lender as security for the payment of such amounts, and as additional security for Borrower’s obligations under the Loan Documents, any of the following:  (i) cash, (ii) Letters of Credit, or (iii) a guaranty (in form reasonably acceptable to Lender) from Sponsor (so long as Sponsor has an Investment Grade Rating at such time) or from another Person acceptable to Lender in its sole discretion; provided, however, the right to provide Lender with a guaranty hereunder is conditioned upon Borrower delivering to Lender a New Non- Consolidation Opinion in connection therewith, as well as such other legal opinions as may be reasonably requested by Lender in connection with the guaranty.  Such security shall be in an amount equal to the excess of the total unpaid amounts incurred and to be incurred with respect to such alterations to the Improvements (other than such amounts to be

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paid or reimbursed by Tenants under the Leases) over the Alteration Threshold.  Upon completion of any alteration permitted hereunder, the Property shall continue to comply with all Legal Requirements and Permitted Encumbrances.

4.1.11    Intentionally Omitted.

4.1.12    Material Agreements.  Except as otherwise expressly provided in this Agreement, each Borrower shall (a) promptly perform and/or observe all of the material covenants and agreements required to be performed and observed by it under each Material Agreement to which it is a party, and do all things necessary to preserve and to keep unimpaired its material rights thereunder, (b) promptly notify Lender in writing of the giving of any written notice of any default by any party under any Material Agreement of which it is aware, (c) promptly enforce the performance and observance of all of the material covenants and agreements required to be performed and/or observed by the other party under each Material Agreement to which it is a party in a commercially reasonable manner, and (d) not amend, modify, or terminate a Material Agreement in any material respect nor enter into a new Material Agreement without the consent of Lender, which shall not be unreasonably withheld, conditioned, or delayed.

4.1.13    Performance by Borrower.  Each Borrower shall in a timely manner observe, perform and fulfill each and every covenant, term and provision of each Loan Document executed and delivered by such Borrower, and shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification of any Loan Document executed and delivered by such Borrower without the prior consent of Lender.

4.1.14    Costs of Enforcement/Remedying Defaults.  In the event (a) that the Mortgage is foreclosed in whole or in part or the Note or any other Loan Document is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any Lien or mortgage prior to or subsequent to the Mortgage, (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower or Guarantor or an assignment by Borrower or Guarantor for the benefit of its creditors, or (d) Lender shall remedy or attempt to remedy any Event of Default hereunder, Borrower shall be chargeable with and agrees to pay all reasonable costs incurred by Lender as a result thereof, including costs of collection and defense (including reasonable attorneys’, experts’, consultants’ and witnesses’ fees and disbursements) in connection therewith and in connection with any appellate proceeding or post-judgment action involved therein, which shall be due and payable on demand, together with interest thereon from the date incurred by Lender at the Default Rate, and together with all required service or use taxes.

4.1.15    Business and Operations.  Each Borrower will continue to engage in the business currently conducted by it as and to the extent reasonably required for the ownership and leasing of the Collective Properties owned by such Borrower.  Each Borrower will 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 and leasing of the Collective Properties owned by such Borrower. Each Borrower shall at all times cause the related Property to be used for industrial and/or warehouse purposes and ancillary uses.

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4.1.16    Intentionally Omitted.

4.1.17    Maintenance of Property.  Each Borrower shall cause any Property owned by such Borrower to be maintained in good and safe working order and repair, reasonable wear and tear excepted, and in keeping with the condition and repair of properties of a similar use, value, age, nature and construction.  No Borrower shall use, maintain or operate any Property in any manner that constitutes a public or private nuisance or that makes void, voidable, or cancelable, or increases the premium of, any insurance then in force with respect thereto.  Each Borrower shall from time to time make, or cause to be made, all reasonably necessary and desirable repairs, renewals, replacements, betterments and improvements to any Property owned by such Borrower.  No Borrower shall make any change in the use of any Property owned by such Borrower that would materially increase the risk of fire or other hazard arising out of the operation of such Property, or do or permit to be done thereon anything that may in any way impair the value of such Property in any material respect or the impair the Lien of the related Mortgage.  No Borrower shall, without the prior written consent of Lender, permit any drilling or exploration for or extraction, removal, or production of any minerals from the surface or the subsurface of any Property, regardless of the depth thereof or the method of mining or extraction thereof.  Notwithstanding anything to the contrary contained herein, Borrower’s obligation to otherwise comply with this Section 4.1.17 shall be limited to exercising commercially reasonable efforts to enforce its rights under the related Leased Fee Lease (including, without limitation, any rights to cure the Tenant’s failure to maintain the related Property) to the extent that the Leased Fee Lease for such Property is in full force in effect and the applicable Ground Tenant is responsible for maintaining such Property under the terms of the related Leased Fee Lease.

4.1.18    Environmental Policy.  Borrower shall maintain in full force and effect at all times during the term of the Loan the Environmental Policy.

4.1.19    Required Repairs.  Borrower shall perform all of the repairs described in that certain letter by Borrower to Lender dated of even date herewith (such repairs hereinafter referred to as “Required Repairs”) (a) in compliance in all material respects with all applicable Legal Requirements, (b) in a lien-free, good and workmanlike manner and (c) prior to the twelve-month anniversary of the Closing Date (the “Required Repair Deadline”).  It shall constitute an Event of Default if Borrower does not complete each Required Repair by the Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same.

4.1.20    Zoning Reports.  Borrower shall use commercially reasonable efforts to deliver final zoning reports for each of the Properties to the extent not furnished to Lender prior to the date hereof.  To the extent that any such zoning report delivered on or after the date hereof identifies any open violations or non-conformities at the related Property with respect to any Owned Improvements which are not the responsibility of any Tenant pursuant to its Lease, Borrower shall use commercially reasonable efforts to remedy such violation or non-conformity to the extent Borrower, in the exercise of its reasonable business judgment determines necessary

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or appropriate. If such violation or non-conformity is the responsibility of the Tenant under the related Lease, Borrower’s obligations shall be limited to notifying such Tenant of such violation or non-conformity and Borrower shall take such additional actions with respect thereto as Borrower determines appropriate in the exercise of its business judgment.

Section 4.2    Borrower Negative Covenants. From and after the Closing Date until the indefeasible repayment or defeasance of the Debt in full, each Borrower hereby covenants and agrees with Lender that:

4.2.1    Due on Sale and Encumbrance; Transfers of Interests.  (a)  Except as provided in Article VIII hereof, without the prior written consent of Lender, neither Borrower nor any other Person having a direct or indirect ownership or beneficial interest in Borrower shall sell, convey, mortgage, grant, bargain, encumber, pledge, divide into two (2) or more limited liability companies or other legal entities, assign or transfer any interest, direct or indirect, in a Restricted Party, any Property or any part thereof, whether voluntarily or involuntarily (collectively, “Prohibited Transfer”).

(b)    A Prohibited Transfer shall include, but not be limited to, (i) an installment sales agreement wherein any Borrower agrees to sell any Property or any part thereof for a price to be paid in installments; (ii) an agreement by any Borrower leasing all or a substantial part of any Property for other than actual occupancy by a Tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, such Borrower’s right, title and interest in and to any Leases or any Rents; (iii) if a Restricted Party is a corporation, any merger, consolidation, division into two (2) or more legal entities or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock in one or a series of transactions; (iv) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation, any division into two (2) or more legal entities or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general or limited partner or any profits or proceeds relating to such partnership interests (provided, that, for the avoidance of doubt, pledges of Borrower distributions by indirect owners of Borrower shall not be prohibited hereby, provided such distributions are not made by Borrower during the continuance of a Cash Management Sweep Period) or the creation or issuance of new limited partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation, any division into two (2) or more legal entities or the change, removal, resignation or addition of a managing member or non-member manager (or if no managing member, any member) or the Sale or Pledge of the membership interest of any member or any profits or proceeds relating to such membership interest (provided, that, for the avoidance of doubt, pledges of Borrower distributions by indirect owners of Borrower shall not be prohibited hereby, provided such distributions are not made by Borrower during the continuance of a Cash Management Sweep Period); (vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation, any division into two (2) or more legal entities or the Sale or Pledge of the legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests; (vii) the removal or the resignation of Manager (including, without limitation, an Affiliated Manager) other than in accordance with Section 7.3; and (viii) any action for partition of any Property (or any portion thereof or interest therein) or any similar action instituted or prosecuted by Borrower or by any other person or entity, pursuant to any contractual agreement or other instrument or under applicable law (including, without limitation, common law).

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4.2.2    Liens.  No Borrower shall create, incur, assume or suffer to exist any Lien on any portion of any Property except for Permitted Encumbrances; provided, however, after prior written notice to Lender, a Borrower, at its own expense, may contest by appropriate legal proceedings, promptly initiated and conducted in good faith and with due diligence, the amount or validity, in whole or in part, of any mechanic’s or materialman’s liens, provided that (a) no Event of Default has occurred and is continuing, (b) such proceeding shall suspend the collection of the mechanic’s or materialman’s liens from the related Borrower and from its Property or such Borrower shall have paid all of the mechanic’s or materialman’s liens under protest, (c) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which such Borrower is subject and shall not constitute a default thereunder, (d) neither the related Property nor any part thereof or interest therein will be in reasonable danger of being sold, forfeited, terminated, cancelled or lost, and (e) either (i) such lien shall be fully bonded, provided that Lender shall have approved such bond as to the form and issuer of same, in its reasonable discretion, or (ii) Borrower shall have deposited with Lender cash or other security as may be approved by Lender (it being understood that a guaranty (in form reasonably acceptable to Lender) from Sponsor (so long as Sponsor has an Investment Grade Rating at such time) or from another Person acceptable to Lender in its sole discretion shall be approved by Lender; provided, however, the right to provide Lender with a guaranty hereunder is conditioned upon Borrower delivering to Lender a New Non-Consolidation Opinion in connection therewith, as well as such other legal opinions as may be reasonably requested by Lender in connection with the guaranty) in an amount equal to one hundred ten percent (110%) of the amount of the Lien amount being contested in accordance with this Section 4.2.2 to insure the payment of the amounts relating to any such Lien, together with all interest and penalties thereon as determined by Lender in its reasonable discretion.  Lender may pay over any such cash or other security held by Lender to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the entitlement of such claimant is established.  To the extent a Tenant is contesting a Lien in accordance with the terms of its Lease and the Tenant otherwise satisfies any of the foregoing requirements set forth in clauses (a) through (e) above, Lender shall not separately require that the Borrower satisfy such requirements provided that Lender is in receipt of reasonable evidence to verify the Tenant’s compliance with this Section 4.2.2.  The foregoing shall also not be deemed to limit or otherwise prohibit a Tenant from otherwise exercising any separate rights of contest which may be granted to it pursuant to the terms of its Lease.

4.2.3    Dissolution.  No Borrower shall (a) engage in any dissolution, liquidation or consolidation or merger with or into any other business entity or division into two (2) or more limited liability companies or other legal entities, (b) engage in any business activity not related to the ownership and operation of the Property owned by it, (c) transfer, lease or sell, in one transaction or any combination of transactions, all or substantially all of the property or assets of such Borrower except to the extent expressly permitted by the Loan Documents, or (d) cause, permit or suffer any SPE Party to (i) dissolve, wind up or liquidate or take any action, or omit to take an action, as a result of which such SPE Party would be dissolved, wound up or liquidated in whole or in part, or (ii) amend, modify, waive or terminate the organizational documents of such SPE Party, in each case without obtaining the prior consent of Lender.

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4.2.4    Change in Business.  No Borrower shall enter into any line of business other than the ownership and operation of the Property owned by it and personal property related thereto.

4.2.5    Debt Cancellation.  No Borrower shall cancel or otherwise forgive or release any material claim or debt (other than termination or amendment of Leases in accordance herewith or in accordance with the terms of the Leases) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business.

4.2.6    Distributions.  Each Borrower agrees that there shall be no distributions to any of its direct owners until each Borrower satisfies all of its then current due and payable obligations hereunder and under the other Loan Documents, in each case, to the extent then due and payable, including without limitation, Borrower’s obligation to pay Debt Service, to deposit into Reserve Funds, and to pay maintenance costs, Tenant Improvement costs, Leasing Commissions, Capital Expenditures costs and Operating Expenses.

4.2.7    Zoning.  No Borrower shall initiate or consent to any zoning reclassification of any portion of any Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of a Property in any manner that could result in such use becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, without the prior consent of Lender.

4.2.8    No Indebtedness.  No Borrower shall have any Indebtedness other than that which is permitted pursuant to Section 3.1.24(d) of this Agreement.

4.2.9    No Joint Assessment.  No Borrower shall suffer, permit or initiate the joint assessment of any Property (a) with any other real property constituting a tax lot separate from the related Property, and (b) with any portion of the applicable 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 Property.

4.2.10    Principal Place of Business.  No Borrower shall (a) change its principal place of business or name from the address and name set forth in the introductory paragraph hereof without, in each instance, (i) without first giving Lender thirty (30) days’ prior notice and (ii) taking all action required by Lender for the purpose of perfecting or protecting the Lien and security interest of Lender created pursuant to this Agreement and the other Loan Documents or (b) except as may be permitted in connection with a Permitted Transfer, change its organizational structure (including, without limitation, dividing into two (2) or more limited liability companies or other legal entities), type of entity, or jurisdiction of organization or incorporation without (i) obtaining the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed, and (ii) taking all action reasonably required by Lender for the purpose of perfecting or protecting the Lien and security interest of Lender created pursuant to this Agreement and the other Loan Documents.  At the request of Lender, each Borrower shall execute a certificate in form reasonably satisfactory to Lender listing the trade names under which such Borrower intends to operate the related Property, and representing and warranting that Borrower does business under no other trade name with respect to such Property.

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4.2.11    ERISA.  (a)  No Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

(b)    Borrower shall deliver to Lender such certifications or other evidence from time to time throughout the term of the Loan, as requested by Lender in its sole discretion, that (i) no Borrower is or maintains an Employee Benefit Plan which is subject to Title I of ERISA, or a “governmental plan” within the meaning of Section 3(32) of ERISA; (ii) no Borrower is subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans; and (iii) one or more of the following circumstances is true:

(A)    Equity interests in each Borrower are publicly offered securities, within the meaning of 29 C.F.R. §2510.3-101(b)(2);

(B)    Less than twenty-five percent (25%) of each outstanding class of equity interests in each Borrower is held by “benefit plan investors” within the meaning of 29 C.F.R. §2510.3-101(f)(2) as modified by Section 3(42) of ERISA;

(C)    Each Borrower qualifies as an “operating company” or a “real estate operating company” within the meaning of 29 C.F.R. §2510.3-101(c) or (e); or

(D)    The assets of each Borrower are not otherwise “plan assets” of one or more “employee benefit plans” (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, within the meaning of 29 C.F.R. §2510.3-101.

4.2.12    Environmental Policy.  Prior to the payment in full of the Debt, Borrower shall not terminate the Environmental Policy or enter into or otherwise permit any modification or amendment (including any endorsement), supplement or replacement thereof or thereto without the prior written consent of Lender.

ARTICLE V.

INSURANCE, CASUALTY AND CONDEMNATION

Section 5.1    Insurance.

5.1.1    Insurance Policies.  (a)  Each Borrower shall obtain and maintain, or cause to be maintained, insurance for related Borrower and the Collective Properties providing at least the following coverages:

(i)    comprehensive “all risk” or “special form” insurance including, but not limited to, loss caused by any type of windstorm, tsunami, or hail on the Improvements and the Personal Property at the Property, in each case (A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost”, which for purposes

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of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) written on a no-coinsurance form containing an agreed amount endorsement with respect to the Improvements and Personal Property at the Property; (C) providing for no deductible in excess of $100,000 for all such insurance coverage except as otherwise provided herein and except for the perils of earthquake and windstorm, which shall not exceed five percent (5%) of total insurable value of the Property per loss; and (D) containing an “Ordinance or Law Coverage” or “Enforcement” endorsement if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses, including loss to the undamaged portion of the building, demolition costs and increased costs of construction in such amount as may be acceptable to Lender.  In addition, Borrower shall obtain: (y) if any portion of the Improvements or Personal Property is currently or at any time in the future located in a federally designated special flood hazard area (“SFHA”), flood hazard insurance, for all such Improvements and/or Personal Property located in the SFHA in an amount equal to (1) the maximum amount of building and/or contents insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994, the Flood Insurance Reform Act of 2004, or the Biggert-Waters Flood Insurance Reform Act of 2012, as each may be amended (the “Flood Insurance Acts”), plus, (2) such greater amount as Lender shall require, in each case with deductibles acceptable to Lender; and (z) earthquake insurance in amounts and in form and substance satisfactory to Lender in the event the Property is located in an area with a high degree of seismic activity, provided that the insurance pursuant to clauses (y) and (z) hereof shall be on terms consistent with the comprehensive all-risk insurance policy required under this subsection (i).

(ii)    commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the so-called “occurrence” form with a combined limit, excluding umbrella coverage, of not less than $2,000,000.00 per location in aggregate and $1,000,000.00 per occurrence with a deductible or self-insured retention not to exceed $250,000; (B) to continue at not less than the aforesaid limit until required to be changed by Lender 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) contractual liability for all insured contracts; and (5) contractual liability covering the indemnities contained in Article 8 of the Mortgage to the extent the same is available;

(iii)    business income/rent loss insurance covering the Properties and, for the avoidance of doubt, including the Properties subject to Leased Fee Leases with Owned Improvements or Tenant-Owned Improvements,  (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in subsection (i) above and subsections (vi) and (xi) below for a period commencing at the time of loss for such length of time as it takes to repair or replace with the exercise of due diligence and dispatch and for at least twenty-four (24) months; (C) containing an extended period of indemnity endorsement which provides that after the physical loss to the Tenant Owned Improvements or Owned Improvements has been repaired, the continued loss of

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income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that the 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; and (D) in an amount equal to one hundred percent (100%) of the projected gross income (less non-continuing expenses) from the Property for a period of twenty-four (24) months.  The amount of such business income/rent loss insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross income (less non-continuing expenses) from the Property for the succeeding twenty-four (24) month period.  All proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to the obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance (“Business Income/Rent Loss Insurance”);

(iv)    at all times during which structural construction, repairs or alterations are being made with respect to the Property, and only if the current property and liability coverage forms do not otherwise apply, (A) commercial general liability and umbrella liability insurance covering claims related to the construction, repairs or alterations being made which are not covered by or under the terms or provisions of the commercial general liability insurance and umbrella insurance policies required herein in this Section 5.1.1; and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk completed value form in amounts acceptable to Lender (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i) above, (3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving co-insurance provisions;

(v)    workers’ compensation, with respect to any employees of Borrower, subject to the statutory limits of the State, and employer’s liability insurance with a limit of at least $1,000,000.00 per accident and per disease per employee, and $1,000,000.00 for disease aggregate in respect of any work or operations on or about the Property, or in connection with the Property, its operation (if applicable) or any Capital Expenditures Work;

(vi)    comprehensive boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Lender on terms consistent with the commercial property insurance policy required under subsection (i) above;

(vii)    umbrella liability insurance in addition to primary coverage in an amount not less than $100,000,000.00 per occurrence on terms consistent with the commercial general liability insurance policy required under subsection (ii) above and (viii) below;

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(viii)    motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence, including umbrella coverage, of $1,000,000.00, if applicable;

(ix)    so-called “dramshop” insurance or other liability insurance required in connection with the sale of alcoholic beverages, if applicable;

(x)    insurance against employee dishonesty, with respect to any employees of Borrower, in an amount acceptable to Lender, if applicable;

(xi)    the insurance required under Section 5.1.1(a)(i)-(iii) and (vii) above shall cover perils of terrorism and acts of terrorism and Borrower shall maintain insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Section 5.1.1(a)(i)-(iii) and (vii) above at all times during the term of the Loan.  If “acts of terrorism” or other similar acts or events or “fire following” such acts or events are hereafter excluded from Borrower’s comprehensive all risk insurance policy or policies required under Sections 5.1.1(a)(i) and 5.1.1(a)(iii) above, Borrower shall obtain an endorsement to such policy or policies, or a separate policy from an insurance provider which satisfies the requirements of Section 5.1.2, insuring against all such excluded acts or events and “fire following” such acts or events (“Terrorism Insurance”) in an amount not less than the sum of one hundred percent (100%) of the “Full Replacement Cost” and the business income/rent loss insurance required in Section 5.1.1(a)(iii) above; provided that such endorsement or policy shall be in form and substance reasonably satisfactory to Lender.  Notwithstanding the foregoing, for so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”) is in effect (including any extensions thereof or if another federal governmental program is in effect relating to “acts of terrorism” which provides substantially similar protections as TRIPRA), Lender shall accept terrorism insurance which insures against “covered acts” as defined by TRIPRA (or such other program) as full compliance with this Section 5.1.1(a)(xi) as it relates to the risks that are required to be covered hereunder but only in the event that TRIPRA (or such other program) continues to cover both domestic and foreign acts of terrorism;

(xii)    such insurance as may be required of Borrower pursuant to the terms of the applicable Leased Fee Lease;

(xiii)    that certain Enviro Covered Location Insurance Policy from the Beazley Group and approved by Lender as of the Closing Date (the “Environmental Policy”), which Environmental Policy shall be renewed at, or prior to, its expiration  (unless such renewal is otherwise waived by Lender) for a term of no less than three (3) years beyond the Maturity Date of the Loan;

(xiv)    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

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against for property similar to the Collective Properties located in or around the region in which the Property is 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, to the extent not specified above, shall be subject to the reasonable approval of Lender as to deductibles, insurance companies, amounts, loss payees and insureds.  Prior to the expiration dates of the Policies theretofore furnished to Lender, certificates of insurance evidencing the Policies, shall be delivered by Borrower to Lender.  Borrower shall pay all Insurance Premiums in full as they become due and payable.  Complete copies of the Policies shall be provided to Lender upon request.

(c)    Any insurance coverage required pursuant to this Section 5.1.1 may be met utilizing blanket insurance Policies, provided any blanket insurance Policies shall be subject to Lender approval and shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance with the provisions of this Section 5.1.1 and provided further that, if such blanket policy covers locations within a one thousand foot radius of the Property (the “Radius”), the limits of any such policy shall be adequate to maintain the coverage required in Section 5.1.1 for the Property plus each other location within the Radius that is covered by such blanket policy calculated on a total insured value basis.  Notwithstanding anything to the contrary contained herein, Borrower shall notify Lender of any material changes to the blanket policy, including changes to the limits under the policy as of Closing Date or an aggregation of the insured values covered under the blanket policy, including the reduction of earthquake, flood, tsunami or wind/named storm limits or the addition of locations that are subject to the perils of earthquake, flood, tsunami or wind/named storm, and such changes shall be subject Lender’s approval.

(d)    All Policies of insurance provided for or contemplated by Section 5.1.1(a) shall name Borrower as a named insured and with respect to liability policies, except for the Policies referenced in Sections 5.1.1(a)(v) and (viii) of this Agreement, shall name Lender and its successors and/or assigns as the additional insured, as its interests may appear, and in the case of property policies, including but not limited to all risk/special form, boiler and machinery, flood, earthquake and terrorism insurance, shall contain a standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender.  Borrower shall not procure or permit any of its constituent entities to procure any other insurance coverage which would be on the same level of payment as the Policies or would adversely impact in any way the ability of Lender or Borrower to collect any proceeds under any of the Policies.

(e)    All Policies of insurance provided for in Section 5.1.1(a) shall:

(i)    with respect to the Policies of property insurance, contain clauses or endorsements to the effect that (1) 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 would otherwise result in a forfeiture of the insurance or any part thereof, or foreclosure or similar action, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned and (2) the Policies shall

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not be cancelled without at least thirty (30) days’ written notice to Lender, except ten (10) days’ notice for non-payment of premium;

(ii)    with respect to the Policies of liability insurance, if obtainable by Borrower using commercially reasonable efforts, contain clauses or endorsements to the effect that (1) the Policy shall not be canceled or materially changed (other than to increase the coverage provided thereby) without at least thirty (30) days’ written notice to Lender.  If issuer will not or cannot provide the notices required herein in this clause (ii), Borrower shall be obligated to provide such notice;

(iii)    contain a waiver of subrogation; and

(iv)    not contain any clauses that would make Lender liable for any Insurance Premiums thereon or subject to any assessments thereunder.

(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, with notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including, without limitation, the obtaining of such insurance coverage as Lender in its reasonable 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 Mortgage and shall bear interest at the Default Rate.

(g)    In the event of foreclosure of the Mortgage or other transfer of title to the Property in extinguishment in whole or in part of the Debt, all right, title and interest of Borrower in and to the Policies then in force concerning the Property and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure, Lender or other transferee in the event of such other transfer of title.

(h)    Ground Tenant Obligations.  Borrower shall be obligated to maintain property insurance as required in Sections 5.1(a)(i), (iv)(B), (vi), (xi) and (xiii) consistent with the requirements of this Section 5.1 (the “Applicable Property Sections”) and solely for the benefit of Borrower and Lender on the Tenant Owned Improvements located on any Property subject to a Leased Fee Lease; provided however, that, to the extent no material default shall exist under the applicable Leased Fee Lease beyond any applicable notice and cure period, such property insurance maintained by the Borrower on the Tenant Owned Improvements required pursuant to the Applicable Property Sections may be provided with a loss limit of $150,000,000 per occurrence (and subject to other sublimits for flood and earthquake as noted in this Section 5.1 as may be approved by Lender) and, provided, further, that Borrower shall not be obligated to provide the flood hazard coverage available under the Flood Insurance Acts as required in Section 5.1(a)(y)(1) for Tenant Owned Improvements.

5.1.2    Insurance Company.  The Policies shall be issued by financially sound and responsible insurance companies authorized to do business in the State and each having a financial strength rating of (1) “A” or better by S&P and “A2” or better by Moody’s, to the extent Moody’s rates the Securities and rates the insurance companies, and “A” or better by

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Fitch, to the extent Fitch rates the Securities and rates the insurance companies, (provided, however for multi-layered policies, (A) if four (4) or fewer insurance companies issue the Policies for the Collective Properties, then at least seventy-five percent (75%) of the required coverage shall be provided by insurance companies with a rating of “A” or better by S&P and “A2” or better by Moody’s, to the extent Moody’s rates the Securities and rates the insurance companies, and “A” or better by Fitch, to the extent Fitch rates the Securities and rates the insurance companies, with no remaining carrier below “BBB” by S&P and “Baa2” or better by Moody’s, to the extent Moody’s rates the Securities and rates the insurance companies, and “BBB” or better by Fitch, to the extent Fitch rates the Securities and rates the insurance companies, or (B) if five (5) or more insurance companies issue the Policies for the Collective Properties, then at least sixty percent (60%) of the required coverage shall be provided by insurance companies with a rating of “A” or better by S&P and “A2” or better by Moody’s, to the extent Moody’s rates the Securities and rates the insurance companies, and “A” or better by Fitch, to the extent Fitch rates the Securities and rates the insurance companies, with no remaining carrier below “BBB” by S&P and “Baa2” or better by Moody’s, to the extent Moody’s rates the Securities and rates the insurance companies, and “BBB” or better by Fitch, to the extent Fitch rates the Securities and rates the insurance companies, and (2) a rating of A:VIII or better in the current Best’s Insurance Reports.  Notwithstanding the foregoing, Borrower may continue to use Hamilton Re, Ltd. (Bermuda), rated “A- XIV” with AM Best, in its current position and participation amounts within the syndicate of the property program, provided that (x) the rating of Hamilton Re, Ltd. (Bermuda) is not withdrawn or downgraded below the date hereof and (y) at renewal of the current policy term on June 30, 2019, Borrower shall replace Hamilton Re, Ltd. (Bermuda) with insurance companies meeting the rating requirements set forth hereinabove.

Section 5.2    Casualty and Condemnation.

5.2.1    Casualty.  If any Property shall sustain a Casualty, Borrower shall give prompt notice of such Casualty to Lender and Borrower shall promptly commence and diligently prosecute to completion the repair and restoration of the affected Property as nearly as possible to the condition the affected Property was in immediately prior to such Casualty (a “Restoration”) and otherwise in accordance with Section 5.3, it being understood, however, that Borrower shall not be obligated to restore the affected Property to the precise condition of the affected Property prior to such Casualty provided the affected Property is restored, to the extent practicable, to be of at least equal value and of substantially the same character as prior to the Casualty.  Borrower shall pay all costs of such Restoration whether or not such costs are covered by insurance.  Lender may, but shall not be obligated to, make proof of loss if not made promptly by Borrower.  In the event of a Casualty where the loss does not exceed the Restoration Threshold as reasonably determined by Lender, Borrower may settle and adjust such claim; provided that (a) no Event of Default has occurred and is continuing and (b) such adjustment is carried out in a commercially reasonable and timely manner.  In the event of a Casualty where the loss exceeds the Restoration Threshold as reasonably determined by Lender or if an Event of Default then exists, Borrower may settle and adjust such claim only with the consent of Lender (which consent shall not be unreasonably withheld or delayed) and Lender shall have the opportunity to participate, at Borrower’s cost, in any such adjustments.  To the extent that any of the provisions of this Section 5.2.1 conflict with the terms of any Leased Fee Lease, such provisions shall not apply with respect to any Casualty.  Notwithstanding any Casualty,

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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.

5.2.2    Condemnation.  Borrower shall give Lender prompt notice of any actual or threatened Condemnation by any Governmental Authority of all or any part of any Property and shall deliver to Lender a copy of any and all papers served in connection with such proceedings.  Provided no Event of Default has occurred and is continuing and in the event of a Condemnation where the value of the taking does not exceed the Restoration Threshold as reasonably determined by Lender, Borrower may settle and compromise such Condemnation; provided that the same is effected in a commercially reasonable and timely manner.  In the event a Condemnation where the value of the taking exceeds the Restoration Threshold, in Lender’s reasonable determination, or if an Event of Default then exists, Borrower may settle and compromise the Condemnation only with the consent of Lender (which consent shall not be unreasonably withheld or delayed) and Lender shall have the opportunity to participate, at Borrower’s cost, in any litigation and settlement discussions in respect thereof and Borrower shall from time to time deliver to Lender all instruments requested by Lender 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.  Notwithstanding any Condemnation, 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.  Lender shall not be limited to the interest paid on the Award by any Governmental Authority but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note.  If any Property or any portion thereof is taken by any Governmental Authority, Borrower shall promptly commence and diligently prosecute the Restoration of the affected Property and otherwise comply with the provisions of Section 5.3.  To the extent that any of the provisions of this Section 5.2.2 conflict with the terms of any Leased Fee Lease, such provisions shall not apply with respect to any Condemnation. If any Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt.

5.2.3    Application of Business Interruption Insurance Proceeds.  Notwithstanding the last sentence of Section 5.1.1(a)(iii) and provided no Event of Default exists hereunder, proceeds received by Lender on account of the Business Income/Rent Loss Insurance (“BI/Rent Loss Proceeds”) with respect to any Casualty shall be deposited by Lender directly into the Deposit Account but (a) only to the extent the BI/Rent Loss Proceeds reflects a replacement for (i) lost Rents that would have been due under Leases existing on the date of such Casualty, and/or (ii) lost Rents under Leases that had not yet been executed and delivered at the time of such Casualty which Borrower has proven to the insurance company would have been due under such Leases (and then only to the extent such BI/Rent Loss Proceeds disbursed by the insurance company reflect a replacement for such past due Rents) and (b) only to the extent necessary to fully pay debt service under the Loan, make the required monthly Reserve Fund deposits and pay Operating Expenses approved by Lender for the applicable Monthly Payment Date.  In no event shall Lender make a lump sum disbursement of BI/Rent Loss Proceeds for a period in excess of one (1) month.  All Net Proceeds other than BI/Rent Loss Proceeds shall be held by Lender and disbursed in accordance with Section 5.3 hereof.

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Section 5.3    Delivery of Net Proceeds.

5.3.1    Minor Casualty or Condemnation.  Notwithstanding anything to the contrary contained herein, if a Casualty or Condemnation has occurred to any Property, then the Net Proceeds will be disbursed by Lender to Borrower if the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the Restoration of the affected Property shall be less than the Restoration Threshold, and provided the conditions set forth in Sections 5.3.2(a)(i) through (ix) below have been met.  If any Net Proceeds are received by Borrower and may be held by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Lender and shall be segregated from other funds of Borrower to be used to pay for the cost of Restoration in accordance with the terms hereof.  To the extent that any of the provisions of this Section 5.3.1 conflict with the terms of any Leased Fee Lease, such provisions shall not apply with respect to any Casualty or Condemnation.

5.3.2    Major Casualty or Condemnation.  (a)  If a Casualty or Condemnation has occurred to any Property and the Net Proceeds are equal to or greater than the Restoration Threshold or the costs of completing the Restoration of the affected Property is equal to or greater than the Restoration Threshold then the Lender shall make the Net Proceeds available for the Restoration of the applicable Property, provided that each of the following conditions are met:

(i)    no Event of Default shall have occurred and be continuing;

(ii)    (A) in the event the Net Proceeds are insurance proceeds, less than thirty percent (30%) of each of the (i) fair market value of the affected Property as reasonably determined by Lender and (ii) rentable area of the affected Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (B) in the event the Net Proceeds are an Award, less than ten percent (10%) of each of the (i) fair market value of the affected Property as reasonably determined by Lender and (ii) rentable area of the affected Property has been taken, and such land is located along the perimeter or periphery of the affected Property, and no portion of the Improvements is the subject of the Condemnation;

(iii)    All Major Leases at the affected Property shall remain in full force and effect during and after the completion of the Restoration without abatement of rent beyond the time required for Restoration, notwithstanding the occurrence of such Casualty or Condemnation;

(iv)    Borrower shall commence the Restoration as soon as reasonably practicable (but in no event later than ninety (90) days after the date upon which Net Proceeds are made available to Borrower) and shall diligently pursue the same to satisfactory completion;

(v)    Lender shall be reasonably satisfied that any operating deficits and all payments of principal and interest under the Note will be paid during the period required for Restoration from (A) the Net Proceeds, (B) the proceeds of the insurance

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coverage required to be maintained by Borrower under the Loan Documents or otherwise maintained by Borrower, and/or (C) other funds of Borrower;

(vi)    Lender shall be reasonably satisfied that the Restoration will be completed on or before the earliest to occur of (A) the date six (6) months prior to the Maturity Date, (B) the earliest date required for such completion under the terms of any Major Lease at the affected Property, (C) such time as may be required under applicable Legal Requirements in order to repair and restore the affected Property to the condition it was in immediately prior to such Casualty or to as nearly as possible the condition it was in immediately prior to such Condemnation, as applicable or (D) the expiration of the Business Income/Rent Loss Insurance;

(vii)    the affected Property and the use thereof after the Restoration will be in compliance with and permitted under all applicable Legal Requirements and any Major Lease at the affected Property;

(viii)    the Restoration shall be done and substantially completed by Borrower in an expeditious and diligent fashion and in compliance in all material respects with all applicable Legal Requirements and the requirements of any Major Lease; and

(ix)    such Casualty or Condemnation, as applicable, does not result in the loss of access to the affected Property or the related Improvements.

(b)    With respect to a Casualty or Condemnation where the Net Proceeds in connection therewith are equal to or greater than the Restoration Threshold applicable to the affected Property or the cost of completing the Restoration is equal to or greater than the Restoration Threshold applicable to the affected Property, such Net Proceeds shall be paid directly to Lender and held by Lender in an interest-bearing account and, until disbursed in accordance with the provisions of this Section 5.3.2, shall constitute additional security for the Debt.  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 reasonably satisfactory to Lender that (A) all requirements set forth in Section 5.3.2(a) have been satisfied, (B) 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 (C) 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 such Property arising out of the Restoration which have not either been fully bonded to the reasonable satisfaction of Lender and discharged of record or in the alternative fully insured to the reasonable satisfaction of Lender by the title company issuing the applicable Title Insurance Policy.

(c)    All plans and specifications required in connection with the Restoration shall be subject to prior approval of Lender and an independent architect selected by Lender (the “Casualty Consultant”), which approval shall not be unreasonably withheld, conditioned or delayed by Lender and the Casualty Consultant.  The plans and specifications shall require that the Restoration be completed in a first-class workmanlike manner at least equivalent to the quality and character of the original work in the Improvements (provided, however, that in the

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case of a partial Condemnation, the Restoration shall be done to the extent reasonably practicable after taking into account the consequences of such partial Condemnation), so that upon completion thereof, the affected Property shall be at least equal in value and general utility to such Property prior to the damage or destruction; it being understood, however, that Borrower shall not be obligated to restore the affected Property to the precise condition of such Property prior to such Casualty provided such Property is restored, to the extent practicable, to be of at least equal value and of substantially the same character as prior to the Casualty.  Borrower shall restore all Improvements such that when they are fully restored and/or repaired, such Improvements and their contemplated use fully comply with all applicable material Legal Requirements, the Permitted Encumbrances and the requirements of any Major Lease at the applicable Property.  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 approval of Lender and the Casualty Consultant, which approval shall not be unreasonably withheld, conditioned or delayed by 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.

(d)    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 fifty percent (50%) completed, such fifty percent (50%) completion to be certified by the Casualty Consultant, it being understood that upon such fifty percent (50%) completion of such Restoration, such Casualty Retainage will be reduced to an amount equal to five percent (5%) of the costs actually incurred for work in place as part of such Restoration.  The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 5.3.2(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 5.3.2(d) and that all approvals necessary for the re-occupancy and use of the affected 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 the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, 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 related Title Insurance Policy, and Lender receives an endorsement to the related Title Insurance Policy insuring the continued priority of the lien of the applicable Mortgage and evidence of payment of any premium payable for such endorsement.  If required by Lender, the release of any such

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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.

(e)    Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month.

(f)    If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable 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 either (i) deposit the deficiency (the “Net Proceeds Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made or (ii) provide Lender with (A) cash or (B) Letters of Credit.  The Net Proceeds Deficiency deposited with Lender shall be held by Lender 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 5.3.2 shall constitute additional security for the Debt.

(g)    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 5.3.2, 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 Cash Management Sweep Period shall be continuing under any of the Loan Documents; provided, however, the amount of such excess returned to Borrower in the case of a Condemnation shall not exceed the amount of Net Proceeds Deficiency deposited by Borrower with the balance being applied to the Debt in the manner provided for in Subsection 5.3.2(h).  In the event a Cash Management Sweep Period exists at the time Restoration is completed and the Net Proceeds Deficiency is held by Lender as Cash Trap Funds, such amounts shall be disbursed to Borrower at such time a Cash Management Sweep Period no longer exists.

(h)    Subject to Section 2.4.2, all Net Proceeds not required (i) to be made available for the Restoration or (ii) to be returned to Borrower as excess Net Proceeds pursuant to Section 5.3.2(g) may be applied by Lender toward the payment of the Debt, whether or not then due and payable, in such order, priority and proportions as Lender in its sole discretion shall deem proper or, at the discretion of the Lender, may be paid, in whole or in part, to Borrower for such purposes as Lender shall designate.  Upon payment in full of the Debt, any remaining Net Proceeds shall be paid to Borrower.

(i)    To the extent that any of the provisions of this Section 5.3.2 conflict with the terms of any Leased Fee Lease, such provisions shall not apply with respect to any Restoration.

5.3.3    REMIC Required Pay Down.  Notwithstanding anything contained herein to the contrary, Borrower shall make the Condemnation Payment as and when required pursuant to this Agreement.

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ARTICLE VI.

RESERVE FUNDS

Section 6.1    Reserved.

Section 6.2    Tax Funds.

6.2.1    Deposits of Tax Funds.  Borrower shall deposit with Lender or Servicer on behalf of Lender (or cause to be deposited with Lender or Servicer pursuant to the Cash Management Agreement), on each Monthly Payment Date during the continuance of a Cash Management Sweep Period, an amount equal to one-twelfth of the Taxes that Lender estimates will be payable during the next ensuing twelve (12) months in order to accumulate sufficient funds to pay all such Taxes at least ten (10) days prior to their respective due dates.  Amounts deposited 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 Taxes, Lender shall notify Borrower of such determination and the monthly deposits for 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 Taxes; provided that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Taxes are due, Borrower will deposit such amount within one (1) Business Day after its receipt of such notice.  The Tax Funds shall be held in the Tax Reserve Account (as defined in the Cash Management Agreement), which shall be an Interest Bearing Account.

6.2.2    Release of Tax Funds.  Provided no Event of Default is continuing, Lender shall apply the Tax Funds to payments of Taxes.  In making any payment relating to Taxes, Lender may do so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof.  If the amount of the Tax Funds shall exceed the amounts due for 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 after the Debt has been paid in full shall be returned to Borrower.

Section 6.3    Insurance Funds.

6.3.1    Deposits of Insurance Funds.  Borrower shall deposit with Lender or Servicer on behalf of Lender (or cause to be deposited with Lender or Servicer pursuant to the Cash Management Agreement), on each Monthly Payment Date during the continuance of a Cash Management Sweep Period, an amount equal to one-twelfth of the Insurance Premiums (excluding premiums under policies described in Section 5.1.1(h)) 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 at least thirty (30) days prior to the expiration of the Policies.  Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”.  The Insurance Funds shall be held in the Insurance Reserve Account (as defined in the Cash Management Agreement), which shall be an Interest Bearing Account.  If at any time Lender reasonably determines that the Insurance Funds will not

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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.  Notwithstanding the foregoing, provided no Event of Default is continuing, Lender agrees that upon delivery to Lender by Borrower of evidence satisfactory to Lender that the Policies of insurance required to be maintained by Borrower pursuant to Section 5.1.1 are maintained pursuant to blanket insurance Policies covering the Collective Properties and other properties and which blanket insurance Policies otherwise comply with the requirements of Section 5.1.1 and the Insurance Premiums payable in connection therewith have been prepaid for not less than one year in advance (or, for the period of coverage under the Policies as to which certificates are delivered at closing, such period, if less than one year), then Borrower’s obligation to make monthly deposits of the Insurance Funds pursuant to this Section 6.3.1 shall be suspended.  Upon request of Lender, Borrower shall provide evidence satisfactory to Lender that the Insurance Premiums payable in connection with such blanket insurance Policies are paid as soon as appropriate evidence is reasonably available.

6.3.2    Release of Insurance Funds.  Provided no Event of Default is continuing, Lender shall apply the Insurance Funds, if any, to payment of Insurance Premiums.  In making any payment relating to Insurance Premiums, Lender may do so according to any bill, statement or estimate procured from the insurer or its agent, without inquiry into the accuracy of such bill, statement or estimate.  If the amount of the Insurance Funds shall exceed the amounts due for Insurance Premiums, Lender shall return any excess to Borrower or credit such excess against future deposits to be made to Insurance Funds.  Any Insurance Funds remaining after the Debt has been indefeasibly repaid or defeased in full shall be returned to Borrower.

Section 6.4    Reserved.

Section 6.5    Reserved.

Section 6.6    Lease Termination Funds.

6.6.1    Deposits of Lease Termination Funds.  Subject to Section 4.1.9(e), in the event that Borrower receives a fee, payment or other compensation from any Tenant relating to or in exchange for the termination of such Tenant’s Lease with respect to any Improvements and which fee is in excess of $500,000 (a “Lease Termination Fee”), Borrower shall immediately deposit such Lease Termination Fee with Lender or Servicer on behalf of Lender to be utilized for Tenant Improvements costs, Tenant Improvement Allowances and Leasing Commissions that may be incurred with respect to the space at the applicable Property relating to such Lease Termination Fee (a “Termination Space”).  Amounts deposited pursuant to this Section 6.6.1 are referred to herein as the “Lease Termination Funds”.  The Lease Termination Funds shall be held in an Interest Bearing Account (the “Lease Termination Reserve Account”).

6.6.2    Release of Lease Termination Funds.  Within ten (10) days after Lender’s receipt of a written request from Borrower, and provided that on the date such request is received by Lender and on the date such disbursement is to be made no Event of Default shall be continuing, Lender shall disburse to Borrower the Lease Termination Funds upon satisfaction by Borrower of each of the following conditions, as applicable:

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(a)    Releases for Tenant Improvements.  For each disbursement request relating to Tenant Improvements, as applicable: (i) Borrower’s request shall specify the Tenant Improvement costs for which such disbursement is requested; (ii) Lender shall have received and, to the extent required hereby, approved (or have been deemed to have approved) the Lease in respect of which Borrower is obligated to complete the Tenant Improvements for which such disbursement is requested; (iii) Lender shall have received a certificate from Borrower (A) certifying that all Tenant Improvements at the applicable Property to be funded by the requested disbursement have been completed or are in the process of being performed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations (provided if any Reserve Funds are disbursed in connection with an invoice for work that shall not have been completed prior to the disbursement, then Borrower shall not be entitled to any additional disbursements of Reserve Funds until such time as the work described in such invoice shall have been completed), (B) identifying each Person that supplied materials or labor in connection with the Tenant Improvements to be funded by the requested disbursement, and (C) certifying that each such Person has been paid in full, or upon such disbursement will be paid in full, with respect to the Tenant Improvements to be funded by the requested disbursement for all amounts then invoiced by and due and owing to such Person, and, at Lender’s option if the cost of any individual Tenant Improvement exceeds $250,000.00, such certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender; (iv) at Lender’s option, if such disbursement of Lease Termination Funds is in excess of $250,000.00, Lender shall have received a title search for the applicable Property indicating that such Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and (v) Lender shall have received such other evidence as Lender shall reasonably request that the Tenant Improvements at such Property to be funded by the requested disbursement have been completed and are paid for or will be paid for upon such disbursement to Borrower.

(b)    Release for Tenant Improvement Allowances and Leasing Commissions.  For each disbursement request relating to Tenant Improvement Allowances or Leasing Commissions, as applicable: (i) Borrower’s request shall specify the Tenant Improvement Allowances or Leasing Commissions for which such disbursement is requested; (ii) Lender shall have received and, to the extent required hereby, approved (or have been deemed to have approved) the Lease in respect of which Borrower is obligated to pay the Tenant Improvement Allowances or Leasing Commissions for which such disbursement is requested; (iii) in the case of Tenant Improvement Allowances, Borrower shall certify to Lender that all conditions under the applicable Lease(s) for the release of the Tenant Improvement Allowances to be funded by the requested disbursement have been satisfied and shall provide to Lender copies of the documentation (if any) provided by the applicable Tenant pursuant to its Lease in support of its request for payment of such Tenant Improvement Allowances; and (iv) in the case of Leasing Commissions, Borrower shall certify to Lender that all conditions to the payment of the Leasing Commissions to be funded by the requested disbursement have been satisfied and shall provide to Lender copies of invoices and bills for such Leasing Commissions.

(c)    Lender shall not be required to disburse Lease Termination Funds more frequently than once each calendar month, nor in an amount less than the Minimum Disbursement Amount except for the final disbursement of such Lease Termination Funds.

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(d)    Notwithstanding the foregoing, upon receipt by Lender of a tenant estoppel certificate and/or other evidence reasonably acceptable to Lender that, with respect to any new replacement Lease entered into in accordance with this Agreement for the entire premises of any Termination Space with an initial term of at least five (5) years, all Tenant Improvements required to be completed by Borrower pursuant to such replacement Lease, if any, have been completed and all Tenant Improvement Allowances and Leasing Commissions required to be paid by Borrower with respect to such replacement Lease, if any, have been paid, and no Event of Default or Cash Management Sweep Period then exists, Lender shall disburse to Borrower all Lease Termination Funds on deposit with respect to such Termination Space.

Section 6.7    Cash Trap Funds.

6.7.1    Deposits into the Cash Trap.  Upon the occurrence and during the continuance of a Cash Management Sweep Period, Borrower shall deposit, or cause to be deposited with Lender pursuant to the Cash Management Agreement, in each case to be held as additional collateral for the Loan, (a) with respect to a Cash Management Sweep Period caused by a Partial Debt Yield Event only, fifty percent (50%) of the Excess Cash Flow and (b) with respect to any other Cash Management Sweep Period (including one that exists for multiple reasons, including the occurrence of a Partial Debt Yield Event), one hundred percent (100%) of the Excess Cash Flow.  Amounts deposited pursuant to this Section 6.7.1 are referred to herein as the “Cash Trap Funds”.  The Cash Trap Funds shall be held in the Cash Trap Account (as defined in the Cash Management Agreement), which shall be an Interest Bearing Account.

6.7.2    Release of Cash Trap Funds.

(a)    During a Cash Management Sweep Period, provided no Event of Default is then continuing, Lender shall apply any available Cash Trap Funds to (i) pay any shortfalls in Debt Service, (ii) to make any required monthly deposit into the Tax Funds to the extent required by Section 6.2 hereof and to the extent amounts on deposit in the Cash Management Account are insufficient to do so, and (iii) to make any required monthly deposit into the Insurance Funds to the extent required by Section 6.3 hereof and to the extent amounts on deposit in the Cash Management Account are insufficient to do so.  Provided no Event of Default has occurred and is continuing, Lender shall disburse the Cash Trap Funds to Borrower upon its written request for (w) Tenant Improvements costs, Tenant Improvement Allowances and Leasing Commissions in accordance with Section 6.6.2, (x) for Capital Expenditures for such month set forth on the Approved Annual Budget in accordance with Section 6.7.2(d) below, (y) for management fees in an amount not to exceed 3.0% of Operating Income for the Collective Properties, and (z) to the extent required by applicable law for any direct or indirect owner of Borrower, REIT distributions in the minimum amount necessary to preserve such direct or indirect owner of Borrower’s REIT status but in no event in excess of $100,000.00 per annum.

(b)    Provided a Cash Management Sweep Period shall no longer be in effect, all funds on deposit as Cash Trap Funds shall be promptly disbursed to Borrower.

(c)    Any Cash Trap Funds remaining after the Debt has been paid in full shall be promptly returned to Borrower.

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(d)    Disbursements of Cash Trap Funds for Capital Expenditures.

(i)    Lender shall disburse to Borrower the Cash Trap Funds for Capital Expenditures for the Collective Properties upon satisfaction by Borrower of each of the following conditions:  (A) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Capital Expenditures to be paid, (B) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall be continuing, (C) Lender shall have received a certificate from Borrower (1) stating that the items to be funded by the requested disbursement are Capital Expenditures, (2) stating that all Capital Expenditures to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with the Capital Expenditures, (3) identifying each Person that supplied materials or labor in connection with the Capital Expenditures to be funded by the requested disbursement, and (4) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, (D) at Lender’s option, if the disbursement of Cash Trap Funds is in excess of $250,000, (1) a title search for the applicable Property indicating that such Property is free from all Liens not previously approved by Lender, and/or (2) a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the applicable Capital Expenditures, and (E) Lender shall have received such other evidence as Lender shall reasonably request that the Capital Expenditures at such Property to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower.  Lender shall not be required to disburse Cash Trap Funds more frequently than once each calendar month, nor in an amount less than the Minimum Disbursement Amount.

(ii)    Nothing in this Section 6.7.2 shall (A) make Lender responsible for making or completing the Capital Expenditures; (B) require Lender to expend funds in addition to the Cash Trap Funds to complete any Capital Expenditures; (C) obligate Lender to proceed with the Capital Expenditures; or (D) obligate Lender to demand from Borrower additional sums to complete any Capital Expenditures.

(iii)    Borrower shall permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s engineer, architect, or inspector) or third parties to enter onto the applicable Property during normal business hours (subject to the rights of Tenants under their Leases and upon reasonable advance written notice) to inspect the progress of any Capital Expenditures and all materials being used in connection therewith and to examine all plans and shop drawings relating to such Capital Expenditures.  Borrower shall cause all contractors and subcontractors to cooperate with Lender or Lender’s representatives or such other Persons described above in connection with inspections described in this Section 6.7.2(d)(iii).

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(iv)    If a disbursement of Cash Trap Funds with respect to any single Property will exceed $1,000,000, Lender may require an inspection of the applicable Property at Borrower’s expense prior to making such a disbursement of Cash Trap Funds in order to verify completion of the Capital Expenditures for which reimbursement is sought.  Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender and may require a certificate of completion by an independent qualified professional architect acceptable to Lender prior to the disbursement of Cash Trap Funds.  Borrower shall pay the expense of the inspection as required hereunder, whether such inspection is conducted by Lender or by an independent qualified professional architect.

(v)    In addition to any insurance required under the Loan Documents, Borrower shall provide or cause to be provided workmen’s compensation insurance, builder’s risk, and public liability insurance and other insurance to the extent required under applicable law in connection with Capital Expenditures.  All such policies shall be in form and amount reasonably satisfactory to Lender.

Section 6.8    Application of Reserve Funds. Notwithstanding anything to the contrary contained in this Agreement, provided an Event of Default shall not have occurred and be continuing, any payment required to be made under this Agreement or under any other Loan Document by Lender out of the Reserve Funds shall be deemed to have been timely made so long as sufficient funds were then available therefor and Borrower shall have satisfied each of the conditions contained herein for the release of the same.  During the continuance of an Event of Default, Lender, at its option, may withdraw the Reserve Funds and apply the Reserve Funds to the items for which the Reserve Funds were established or to payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion.  Lender’s right to withdraw and apply the Reserve Funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.

Section 6.9    Security Interest in Reserve Funds and Interest on Reserve Funds.

6.9.1    Grant of Security Interest.  Borrower shall be the owner of the Reserve Funds.  Borrower hereby pledges, assigns and grants a security interest to Lender, as security for payment of the Debt and the performance of all other terms, conditions and covenants of the Loan Documents on Borrower’s part to be paid and performed, in all of Borrower’s right, title and interest in and to the Reserve Funds.  The Reserve Funds shall be under the sole dominion and control of Lender.

6.9.2    Interest on Reserve Funds.  Interest accrued, if any, on the Reserve Funds shall become part of the applicable Reserve Fund and shall be disbursed in accordance with the disbursement procedures contained herein applicable to such Reserve Fund.  Cash Trap Funds shall be invested in Permitted Investments.

6.9.3    Income Taxes.  Borrower shall report on its federal, state and local income tax returns all interest or income accrued on the Reserve Funds.

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6.9.4    Prohibition Against Further Encumbrance.  Borrower shall not, without the prior consent of Lender, further pledge, assign or grant any security interest in the Reserve Funds 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.

6.9.5    Reserve Fund Indemnification.  Borrower shall indemnify Lender and hold Lender harmless from and against any and all Losses arising from or in any way connected with the Reserve Funds, the sums deposited therein or the performance of the obligations for which the Reserve Funds were established, except to the extent arising from the fraud, gross negligence or willful misconduct of Lender, its agents or employees.  Borrower shall assign to Lender all rights and claims Borrower may have against all Persons supplying labor, materials or other services which are to be paid from or secured by the Reserve Funds; provided, however, that Lender may not pursue any such right or claim unless an Event of Default has occurred and remains uncured.

6.9.6    Reserve Fund Fees and Expenses.  Borrower acknowledges and agrees that it solely shall be, and shall at all times remain, liable to Lender or Servicer for all actual, out- of-pocket fees, charges, costs and expenses in connection with the Reserve Funds, this Agreement and the enforcement hereof, including, without limitation, any monthly or annual fees or charges as may be assessed by Cash Management Bank in connection with maintaining the Reserve Funds and the reasonable fees and expenses of legal counsel to Lender and Servicer as needed to enforce, protect or preserve the rights and remedies of Lender and/or Servicer under this Agreement.

Section 6.10    Letters of Credit.

6.10.1    Delivery of Letters of Credit.  (a)  During the Cash Management Sweep Period resulting solely from the occurrence of a Debt Yield Event or a Partial Debt Yield Event, Borrower may avoid, or terminate, such Cash Management Sweep Period and obtain a release of the Cash Trap Funds, as applicable, upon Borrower’s delivery to Lender of a Letter of Credit in accordance with the provisions of this Section 6.10 in an amount necessary to end or avoid a Debt Yield Event or Partial Debt Yield Event, as applicable.

(b)    Borrower shall give Lender no less than thirty (30) days’ notice of Borrower’s election to deliver a Letter of Credit and Borrower shall pay to Lender all of Lender’s reasonable out-of-pocket costs and expenses in connection therewith.  Borrower shall not be entitled to draw from any such Letter of Credit.  No party other than Lender shall be entitled to draw on any such Letter of Credit.  Upon thirty (30) days’ notice to Lender, Borrower may replace a Letter of Credit with a cash deposit to the Cash Trap Account (as defined in the Cash Management Agreement) if a Letter of Credit has been outstanding for more than six (6) months.

(c)    The applicant under each Letter of Credit shall be required, until such time as the Debt has been paid in full, to waive, release and abrogate any and all rights it may have under any agreement, at law, in equity or otherwise (including, without limitation, any law subrogating the applicant to the rights of Lender), to assert any claim against or seek

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contribution, indemnification or any other form of reimbursement from Borrower or any other Person liable for payment of the amounts which the Letter of Credit is intended to cover for any draw made on any such Letter of Credit or otherwise.

(d)    In the event Borrower delivers to Lender a Letter of Credit after the Closing Date (i) which is, together with all other Letters of Credit then outstanding, equal to or greater than ten percent (10%) of the outstanding principal balance of the Loan, Borrower shall deliver to Agent a New Non-Consolidation Opinion or a “no effect letter” with respect to the Non-Consolidation Opinion, (ii) Borrower shall have no reimbursement obligations with respect to such Letter of Credit, and (iii) such Letter of Credit shall be a contribution to the Borrower and shall be accompanied by the execution and delivery of a contribution agreement approved by Lender, such approval not to be unreasonably withheld, conditioned or delayed.

Section 6.11    Provisions Regarding Letters of Credit.

6.11.1    Security for Debt.  Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt.  Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Debt in such order, proportion or priority as Lender may determine.  Any such application to the Debt shall be subject to the Yield Maintenance Premium to the extent such application occurs prior to the occurrence of the Open Prepayment Date.  On the Maturity Date, any such Letter of Credit may be applied to reduce the Debt.

6.11.2    Additional Rights of Lender.  In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit:  (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution.  Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in clauses (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit.

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ARTICLE VII.

PROPERTY MANAGEMENT

Section 7.1    The Property Management Agreement. Borrower shall (i) cause Manager to manage the Collective Properties in accordance with the Property Management Agreement, (ii) diligently perform and observe all of the material terms, covenants and conditions of the Property Management Agreement on the part of Borrower to be performed and observed, (iii) promptly notify Lender of any notice to Borrower of any default by Borrower in the performance or observance of any of the terms, covenants or conditions of the Property Management Agreement on the part of Borrower to be performed and observed, and (iv) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by Manager under the Property Management Agreement.  If Borrower shall default in the performance or observance of any material term, covenant or condition of the Property 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 Property 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 Property Management Agreement on the part of Borrower to be performed or observed.  Following the occurrence and during the continuance of an Event of Default, Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Property Management Agreement without the prior written consent of Lender, which consent may be granted, conditioned or withheld in Lender’s sole discretion.

Section 7.2    Prohibition Against Termination or Modification of the Property Management Agreement. Borrower shall not surrender, terminate, cancel, modify, renew or extend the Property Management Agreement, or enter into any other agreement relating to the management or operation of the Collective Properties with Manager or any other Person, or consent to the assignment by the Manager of its interest under the Property Management Agreement, or waive or release any of its rights and remedies under the Property Management Agreement, in each case without the express consent of Lender, which consent shall not be unreasonably withheld or delayed; provided, however, that, as long as no Event of Default has occurred and is continuing, Borrower shall have the right, without Lender’s prior written consent, to replace the Manager with a Qualified Manager provided that (a) Borrower enters into a replacement Property Management Agreement with such Qualified Manager for the Collective Properties that is on an arms’-length basis and under which the fees payable thereunder shall not exceed three percent (3.0%) of Operating Income for the Collective Properties, (b) if such Qualified Manager is an Affiliate of Borrower, Borrower delivers a New Non-Consolidation Opinion in accordance with Rating Agency Criteria and reasonably acceptable to Lender, with respect to such Affiliated Manager, and (c) such Qualified Manager and Borrower shall execute a subordination of Property Management Agreement in substantially the same form as the Assignment and Subordination of Management Agreement or otherwise reasonably acceptable to Lender.

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Section 7.3    Replacement of Manager. Lender shall have the right to (x) require Borrower to replace the Manager with a Person which is not an Affiliate of, but is chosen by, Borrower and approved by Lender (such approval not to be unreasonably withheld, conditioned or delayed) upon the occurrence of any one or more of the following events: (a) if Manager shall be insolvent or a debtor in a bankruptcy proceeding, (b) if Manager shall be in material default under the Property Management Agreement beyond any applicable notice and cure period or (c) if at any time the Manager has engaged in gross negligence, fraud or willful misconduct, and (y) replace the Manager with a Person reasonably satisfactory to Lender upon the occurrence and during the continuance of an Event of Default.

ARTICLE VIII.

PERMITTED TRANSFERS

Section 8.1    Permitted Transfer of the Collective Properties. Notwithstanding the restrictions contained in Section 4.2.1 hereof, Article 6 of the Mortgage or any other provision of the Loan Documents, not more than two (2) sales or conveyances (but not a deed of trust, mortgage, lien or other encumbrance) by Borrower of the Collective Properties (a “Property Sale”) and the two (2) related assumptions of the Loan are permitted following the earlier of (1) the date which is two (2) years from the Closing Date and (2) ninety (90) days following the final Securitization of the Loan, provided that each of the following conditions have been satisfied:

(a)    the Person to whom the Collective Properties are sold or conveyed (the “Transferee”) satisfies the requirements of Section 3.1.24 hereof and the organizational documents of the Transferee shall satisfy Rating Agency Criteria as determined by Lender;

(b)    the Transferee is an Acceptable Person Controlled by, and at least twenty percent (20%) owned by, a Qualified Buyer;

(c)    immediately prior to such sale or conveyance, no Event of Default shall have occurred and be continuing and no Default or Event of Default shall exist as a result of such sale or conveyance;

(d)    following the sale or conveyance, the Collective Properties shall be managed by a Qualified Manager in accordance with this Agreement;

(e)    Lender has received a New Non-Consolidation Opinion which may be relied upon by Lender and the Rating Agencies with respect to the sale or conveyance, which New Non-Consolidation Opinion shall be reasonably acceptable to a prudent lender acting reasonably and, after a Securitization, the Rating Agencies;

(f)    the Transferee shall execute an assumption of all of the obligations of Borrower under the Loan Agreement, the Mortgage and the other Loan Documents arising from and after such assumption and shall deliver or cause to be delivered such documents, organizational documents, satisfactory search results, legal opinions and title insurance endorsements as may be reasonably requested by Lender;

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(g)    the proposed transfer will not result in a violation of any of the covenants contained herein relating to compliance with ERISA, the Patriot Act and the Executive Order, and Borrower shall deliver or cause the proposed Transferee to deliver to Lender such documentation and/or evidence of compliance as Lender shall reasonably request which may include search results;

(h)    Borrower shall pay Lender the applicable Conveyance Fee;

(i)    Borrower shall give written notice to Lender of the proposed sale or conveyance not later than thirty (30) days prior thereto, which notice shall set forth the name of the proposed Transferee, identify the owners of such direct and indirect interests in the proposed Transferee sufficient to establish satisfaction of the conditions set forth in clause (b) above, and set forth the date the sale or conveyance is expected to be effective;

(j)    a substitute guarantor acceptable to Lender shall have assumed the Guaranty and Environmental Indemnity executed by Guarantor or executed a replacement guaranty satisfactory to Lender after which the existing Guarantor shall be released from the Guaranty with respect to any liability first accruing from and after the date thereof and such replacement guarantor shall be required to maintain a Net Worth of not less than $250,000,000 and Liquidity of not less than $15,000,000 during the term of the Loan (and Lender shall have received any legal opinions of counsel reasonably required to Lender in connection therewith);

(k)    such transfer shall not trigger any right of first refusal, option to purchase or default under any Lease that has not expired or been waived prior to the consummation of transfer and assumption of the Loan, or any default under the Property Management Agreement which has not been waived in writing by Manager; and

(l)    The proposed transfer shall not constitute a Covered Transaction or, if the proposed Property Sale is a Covered Transaction, then CFIUS Approval shall be obtained with respect to the proposed transfer;

(m)    Borrower shall pay any and all reasonable out-of-pocket costs incurred in connection with such transfer and assumption of the Loan (including, without limitation, Lender’s counsel fees and disbursements and all recording fees, title insurance premiums and mortgage and intangible taxes and the fees and expenses of the Rating Agencies incurred in connection with clause (e) above).

Notwithstanding anything to the contrary contained herein, in no event shall any Transferee (or any holder of a direct or indirect beneficial interest in any Transferee other than shareholders in a publicly traded entity which owns a direct or indirect beneficial interest in such Transferee) be a Prohibited Entity and any transfer or purported transfer of any interest in the Property which would result in Borrower (or any holder of a direct or indirect beneficial interest in Borrower other than shareholders in a publicly traded entity which owns a direct or indirect beneficial interest in Borrower) being a Prohibited Entity is hereby prohibited and shall be void ab initio.

Section 8.2    Permitted Transfers of Equity Interests. Notwithstanding the restrictions contained in Section 4.2.1 hereof, in Article 6 of the Mortgage or in any other

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provision of the Loan Documents, the following transfers (but in no event pledges) shall be permitted without Lender’s consent:

(a)    transfers of a direct or indirect beneficial interest in Borrower or any Restricted Party, provided after giving effect to each and every such transfer, (i) Sponsor, any Affiliate of Sponsor (or any successor by merger, consolidation or otherwise of Sponsor or any Affiliate of Sponsor) shall own, in the aggregate, at least twenty percent (20%) of the direct or indirect equity ownership interest in Borrower and each SPE Party; and (ii) Borrower is Controlled by Sponsor or an Affiliate of Sponsor (or any successor by merger, consolidation or otherwise of Sponsor or an Affiliate of Sponsor);

(b)    transfers of a direct or indirect beneficial interest in Borrower or any Restricted Party, provided after giving effect to such transfers, (i) a Qualified Buyer shall own, in the aggregate, at least twenty percent (20%) of the direct or indirect equity ownership interest in Borrower and each SPE Party; and (ii) Borrower is Controlled by such Qualified Buyer;

(c)    transfers by devise or descent or by operation of law upon the death of a natural person;

(d)    transfers of direct or indirect interests in Borrower for estate planning purposes to the spouse, any lineal descendant, sibling or parent of such transferor, (including any of the foregoing by adoption), or to a trust for the benefit of any one or more of such Persons; or

(e)    the sale, transfer or issuance of shares of common stock or other beneficial ownership interests in Sponsor or in any Person holding a direct or indirect interest in Borrower that is a publicly traded entity, (a “Traded Security”), provided such Traded Security is listed on the New York Stock Exchange or another nationally recognized stock exchange (a “Recognized Exchange”) prior to the time of such sale, transfer or issuance, or any merger or consolidation of Sponsor or any such other Person that is a publicly traded entity.

provided: (i) with respect to the transfer listed in clause (a), no Event of Default shall have occurred and be continuing, (ii) with respect to the transfer listed in clause (b), (A) no Event of Default shall have occurred and be continuing, (B) Borrower shall pay Lender the applicable Conveyance Fee; provided, however, in no event shall a Conveyance Fee ever be due or payable in connection with a sale of Sponsor or a sale of all or substantially all of Sponsor’s assets or a transfer to or merger into a Qualified Buyer described under paragraph (f) of the definition of “Qualified Buyer,” and (C) to the extent the Sponsor no longer Controls, or owns a beneficial interest in, the Borrower, a substitute guarantor acceptable to Lender shall have assumed the Guaranty and Environmental Indemnity executed by Guarantor or executed a replacement guaranty satisfactory to Lender after which the existing Guarantor shall be released from the Guaranty with respect to any liability first accruing from and after the date thereof and such replacement guarantor shall be required to maintain a Net Worth of not less than $250,000,000 and Liquidity of not less than $15,000,000 during the term of the Loan (and Lender shall have received any legal opinions of counsel reasonably required to Lender in connection therewith), (iii) with respect to the transfers listed in clauses (a) and (b), Lender shall receive not less than thirty (30) days’ prior written notice of such transfer, (iv) in the case of the transfer of any direct equity ownership interests in Borrower or in any SPE Party, such transfers shall be conditioned

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upon continued compliance by Borrower and any SPE Party with the provisions of Section 3.1.24 hereof, (v) such transfers shall be conditioned upon Borrower’s ability to, after giving effect to the equity transfer in question, (A) remake the representations contained herein relating to the DPA and CFIUS, ERISA matters and the Patriot Act, OFAC and matters concerning Embargoed Persons (and, upon Lender’s request, Borrower shall deliver to Lender (x) an Officer’s Certificate containing such updated representations effective as of the date of the consummation of the applicable equity transfer, and (y) lien, bankruptcy, Patriot Act and litigation searches acceptable to Lender for any entity or individual owning, directly or indirectly, ten percent (10%) or more of the interests in Borrower as a result of such transfer), (B) certify to Lender that each Person owning directly or indirectly ten percent (10%) of the interests in the Borrower as a result of such transfer is an Acceptable Person, and (C) comply with the covenants contained herein relating to the DPA and CFIUS, ERISA matters and Prescribed Laws, it being agreed that if such transfer will trigger Lender’s right to request searches and certifications, Borrower shall deliver prior notice of such transfer to Lender and such transfer shall not be deemed permitted hereunder until such search results and certifications are received and approved by Lender, (vi) prior to any transfer which, after giving effect to such transfer, results in more than forty-nine (49%) of the direct or indirect interests in Borrower being transferred to a Person not owning at least forty-nine (49%) of the direct or indirect interests in Borrower prior to such transfer, Borrower shall deliver to Lender a New Non-Consolidation Opinion with respect to the proposed transfer, which New Non-Consolidation Opinion shall be reasonably acceptable to Lender and, if required by Lender, the Rating Agencies, and (vii) such transfer shall not trigger any right of first refusal, option to purchase or default under any Lease that has not expired or been waived prior to the consummation of transfer, or any default under the Property Management Agreement which has not been waived in writing by Manager prior to the consummation of such transfer.  Borrower shall pay all reasonable third-party out-of-pocket costs and expenses of Lender incurred in connection with Lender’s review of any transfer or proposed transfer, including, without limitation, attorneys’ fees and expenses whether or not such transfer is actually consummated.  In connection with any transfer consummated in accordance with the terms of this Section 8.2, the organizational documents of any Person that owns a direct or indirect interest in Borrower may be amended to reflect such transfer so long as any such amendment does not violate the terms and provisions of Section 3.1.24 hereof.  Notwithstanding anything to the contrary contained herein, in no event shall any transferee of any interest in Borrower (or any holder of a direct or indirect beneficial interest in any such transferee other than shareholders in a publicly traded entity which owns a direct or indirect beneficial interest in such transferee) be a Prohibited Entity and any transfer or purported transfer of any interest in Borrower which would result in Borrower (or any holder of a direct or indirect beneficial interest in Borrower other than shareholders in a publicly traded entity which owns a direct or indirect beneficial interest in Borrower) being a Prohibited Entity is hereby prohibited and shall be void ab initio.

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ARTICLE IX.

SALE AND SECURITIZATION OF LOAN

Section 9.1    Sale of Loan and 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 transaction referred to in clauses (i), (ii) and (iii) shall hereinafter be referred to collectively as “Secondary Market Transactions” 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 Securitization are hereinafter referred to as “Securities.”)

(b)    If requested by Lender, Borrower shall assist Lender, at Lender’s expense, in satisfying the market standards to which Lender customarily adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with any Secondary Market Transactions, including, without limitation, to:

(i)    (A) provide updated financial and other information with respect to any Property, the business operated at such Property by Borrower, Borrower, Guarantor, Sponsor, and the Manager, (B) provide updated budgets relating to Collective Properties and (C) provide updated appraisals, market studies, environmental reviews (Phase I’s and, if appropriate, Phase II’s), property condition reports and other due diligence investigations of such Property (the “Updated Information”), together, if customary, with appropriate and reasonable verification of the Updated Information through letters of auditors or opinions of counsel reasonably acceptable to Lender and acceptable to the Rating Agencies;

(ii)    provide opinions of counsel, which may be relied upon by Lender, the Rating Agencies and their respective counsel, agents and representatives, as to non-consolidation, matters of Delaware and federal bankruptcy law relating to single-member limited liability companies and true sale or any other opinion customary in Secondary Market Transactions or required by the Rating Agencies with respect to any Property and Borrower and Affiliates, which counsel and opinions shall be reasonably satisfactory in form and substance to Lender and the Rating Agencies;

(iii)    provide updated, as of the closing date of the Secondary Market Transaction, representations and warranties made in the Loan Documents; and

(iv)    execute such amendments to the Loan Documents and Borrower or any SPE Party’s organizational documents as may be reasonably requested by Lender or requested by the Rating Agencies or otherwise to effect the Securitization provided the same do not increase the obligations or decrease the rights of Borrower, Guarantor or any SPE Party, other than to a de minimis extent.

(c)    If, at the time one or more Disclosure Documents are being prepared for a Securitization, Lender expects that Borrower alone or Borrower and one or more Affiliates of

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Borrower collectively, or the Collective Properties alone or the Collective Properties and Related Properties collectively, will be a Significant Obligor, Borrower shall furnish to Lender upon request (i) the selected financial data or, if applicable, net operating income, required under Item 1112(b)(1) of Regulation AB, if Lender expects that the principal amount of the Loan together with any Related Loans as of the cut-off date for such Securitization may, or if the principal amount of the Loan together with any Related Loans as of the cut-off date for such Securitization and at any time during which the Loan and any Related Loans are included in a Securitization does, 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, as applicable, in the Securitization or (ii) the financial statements required under Item 1112(b)(2) of Regulation AB, if Lender expects that the principal amount of the Loan together with any Related Loans as of the cut-off date for such Securitization may, or if the principal amount of the Loan together with any Related Loans as of the cut-off date for such Securitization and at any time during which the Loan and any Related Loans are included in a Securitization does, equal or exceed twenty percent (20%) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in the Securitization.  Notwithstanding anything in Section 4.1.6 above to the contrary, such financial data or financial statements shall be furnished to Lender (A) within ten (10) Business Days after notice from Lender in connection with the preparation of Disclosure Documents for the Securitization, (B) not later than thirty (30) days after the end of each fiscal quarter of Borrower and (C) not later than sixty (60) days after the end of each fiscal year of Borrower; provided, however, that Borrower shall not be obligated to furnish financial data or financial statements pursuant to clauses (B) or (C) of this sentence with respect to any period for which a filing pursuant to the Exchange Act in connection with or relating to the Securitization (an “Exchange Act Filing”) is not required.  If requested by Lender, Borrower shall furnish to Lender financial data and/or financial statements for any tenant of any Property if available to Borrower and, in connection with a Securitization, Lender expects there to be, with respect to such tenant or group of affiliated tenants, a concentration within all of the mortgage loans included or expected to be included, as applicable, in the Securitization such that such tenant or group of affiliated tenants would constitute a Significant Obligor.

(d)    All financial data and financial statements provided by Borrower hereunder pursuant to Section 9.1(c) and (d) hereof shall be prepared in accordance with GAAP, and shall meet the requirements of Regulation AB and other applicable legal requirements.  All financial statements referred to in Section 9.1(c) above shall be audited by independent accountants of Borrower acceptable to Lender in accordance with Regulation AB and all other applicable legal requirements, shall be accompanied by the manually executed report of the independent accountants thereon, which report shall meet the requirements of Regulation AB and all other applicable legal requirements, and shall be further accompanied by a manually executed written consent of the independent accountants, in form and substance acceptable to Lender, to the inclusion of such financial statements in any Disclosure Document and any Exchange Act Filing and to the use of the name of such independent accountants and the reference to such independent accountants as “experts” in any Disclosure Document and Exchange Act Filing, all of which shall be provided at the same time as the related financial statements are required to be provided.  All financial data and financial statements (audited or unaudited) provided by Borrower under Section 9.1(c) hereof shall be accompanied by an Officer’s Certificate which shall state that such financial statements meet the requirements set forth in the first sentence of this Section 9.1(d).

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(e)    If requested by Lender, Borrower shall provide Lender, promptly upon request, with any other or additional financial statements, or financial, statistical or operating information, as Lender shall reasonably determine to be required pursuant to Regulation AB or any amendment, modification or replacement thereto or other legal requirements in connection with any Disclosure Document or any Exchange Act Filing or as shall otherwise be reasonably requested by Lender.

(f)    In the event Lender reasonably determines, in connection with a Securitization, that the financial data and financial statements required in order to comply with Regulation AB or any amendment, modification or replacement thereto or other legal requirements are other than as provided herein, then notwithstanding the provisions of Section 9.1(c) and (d) hereof, Lender may request, and Borrower shall promptly provide, such other financial statements as Lender determines to be necessary or appropriate for such compliance.  Notwithstanding anything to the contrary contained herein, to the extent that the timeframes for compliance with such on-going financial reporting and similar provisions in this Section 9.1 are shorter than the timeframes allowed for comparable reporting obligations under Section 4.1.6 hereof, the timeframes under this Section 9.1 shall control.

(g)    Lender shall pay Borrower’s reasonable out-of-pocket third-party costs incurred in connection with the transactions and obligations contemplated by this Section 9.1.

Section 9.2    Securitization Indemnification.

(a)    Borrower understands that certain of the Provided Information may be included in Disclosure Documents in connection with the Securitization 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 Exchange Act of 1934, as amended (the “Exchange Act”), and provided or made available to investors or prospective investors in the Securities, the Rating Agencies, and service providers relating to the Securitization.  In the event any portion of the Disclosure Document relating to Borrower, Guarantor, Affiliated Manager or any Property is required to be revised prior to the sale of all Securities, Borrower will cooperate with the holder of the Note in updating the Disclosure Document by providing all current information relating to Borrower, Guarantor, Affiliated Manager and any Property necessary to keep the Disclosure Document accurate and complete in all material respects.

(b)    The Indemnifying Persons agree to provide, in connection with the Securitization, an indemnification agreement (A) certifying that (i) the Borrower has examined the Disclosure Documents the sections entitled “Risk Factors,” “Special Considerations,” “Description of the Mortgage Loans and Mortgaged Properties,” “The Manager,” “The Borrower” and “Certain Legal Aspects of the Mortgage Loan,” and such other sections as reasonably requested by Lender (in each case, to the extent such information relates to or includes any Provided Information or any information regarding any Property, Borrower, Manager and/or Guarantor) and (ii) such sections and such other information in the Disclosure Documents (to the extent such information relates to or includes any Provided Information or any information regarding any Property, Borrower, Manager, and/or Guarantor ) (collectively with the Provided Information, the “Covered Disclosure Information”) does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the

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statements made, in the light of the circumstances under which they were made, not misleading, (B) indemnifying Lender (and for purposes of this Section 9.2, Lender hereunder shall include its officers and directors), the Affiliate of Morgan Stanley that has filed the registration statement relating to the Securitization (the “Registration Statement”), each of its directors, each of its officers who have signed the Registration Statement and each Person that controls the Affiliate within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Morgan Stanley Group”), and Morgan Stanley, and any other placement agent or underwriter with respect to the Securitization, each of their respective directors and each Person who controls Morgan Stanley or any other placement agent or underwriter within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act (collectively, the “Underwriter Group”) for any losses, claims, damages or liabilities (including without limitation legal fees and expenses for enforcement of these obligations) (collectively, the “Liabilities”) to which Lender, the Morgan Stanley Group or the Underwriter Group may become subject insofar as the Liabilities arise out of or are based upon any untrue statement of any material fact contained in the Covered Disclosure Information or arise out of or are based upon the omission to state therein a material fact required to be stated in the Covered Disclosure Information 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 (C) agreeing to reimburse Lender, the Morgan Stanley Group and/or the Underwriter Group for any legal or other expenses reasonably incurred by Lender, the Morgan Stanley Group and the Underwriter Group in connection with investigating or defending the Liabilities; provided, however, that Borrower will be liable in any such case under clauses (B) or (C) above only to the extent that any such loss claim, damage or liability arises out of or is based upon any such untrue statement or omission made therein in reliance upon and in conformity with information furnished to Lender by or on behalf of Borrower in connection with Provided Information.  The indemnification provided in clauses (B) and (C) above shall be effective whether or not the indemnification agreement described above is provided to Borrower or Guarantor; provided, however, such indemnity shall be limited to the Provided Information and shall only be effective to the extent that Lender accurately states the Provided Information in the applicable Disclosure Document.  Notwithstanding the foregoing, Borrower shall have no liability under this Section 9.2(b) unless Lender provides Borrower with all Disclosure Documents and provides Borrower with a reasonable opportunity to review the same, and Borrower shall have no liability for any misstatement or omission to the extent Lender fails to revise the Disclosure Documents in accordance with comments from Borrower.  The aforesaid indemnity agreement will be in addition to any liability which Borrower may otherwise have.

(c)    In connection with Exchange Act Filings, Borrower shall (i) indemnify Lender, the Morgan Stanley Group and the Underwriter Group for Liabilities to which Lender, the Morgan Stanley Group or the Underwriter Group may become subject insofar as the Liabilities arise out of or are based upon any untrue statement of any material fact in the Covered Disclosure Information or upon the omission or alleged omission to state in the Disclosure Document a material fact required to be stated in the Disclosure Document in order to make the statements in the Disclosure Document related to Covered Disclosure Information, in light of the circumstances under which they were made, not misleading and (ii) reimburse Lender, the Morgan Stanley Group or the Underwriter Group for any legal or other expenses reasonably incurred by Lender, the Morgan Stanley Group or the Underwriter Group in connection with defending or investigating the Liabilities.

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(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 hereunder except to the extent that failure to notify causes prejudice to the indemnifying party.  In the event that any action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, jointly with any other indemnifying party, to participate therein and, to the extent that it (or they) may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party.  After notice from the indemnifying party to such indemnified party under this Section 9.2, such indemnified 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 another 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) hereof is for any reason held to be unenforceable as to an indemnified party in respect of any losses, claims, damages or liabilities (or action in respect thereof) referred to therein which would otherwise be indemnifiable under Section 9.2(b) or (c) hereof, the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages or 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) Morgan Stanley’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)    Borrower shall indemnify Lender and its officers, directors, partners, employees, representatives, agents and Affiliates against any Losses to which Lender or its officers, directors, partners, employees, representatives, agents and Affiliates, may become subject in connection with any indemnification to the Rating Agencies in connection with

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issuing, monitoring or maintaining the Securities insofar as the Losses arise out of or are based upon any untrue statement of any material fact in any information provided by or on behalf of Borrower to the Rating Agencies (the “Covered Rating Agency Information”) or arise out of or are based upon the omission to state a material fact in the Covered Rating Agency Information required to be stated therein or necessary in order to make the statements in Covered Rating Agency Information, in light of the circumstances under which they were made, not misleading.  Information provided to the Rating Agencies by any member of the Underwriter Group and not provided to Borrower for review shall not be considered Covered Rating Agency Information.

(g)    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.

(h)    The Indemnifying Persons agree that the indemnification, contribution and reimbursement obligations set forth in this Section 9.2 shall apply whether or not any Indemnified Person is a formal party to any lawsuits, claims or other proceedings.  The Indemnifying Persons further agree that the Indemnified Persons are intended third party beneficiaries under this Section 9.2.

(i)    Notwithstanding anything to the contrary contained herein, Borrower shall have no obligation to act as depositor with respect to the Loan or an issuer or registrant with respect to the Securities issued in any Securitization.

Section 9.3    Servicing and Trust Expenses. At the option of Lender, the Loan may be serviced by a servicer/trustee (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 a servicing agreement (the “Servicing Agreement”) between Lender and Servicer.  Borrower shall not be responsible for any set-up fees or any other costs relating to or arising under the Servicing Agreement, including the monthly servicing fee due to the Servicer under the Servicing Agreement; provided, however, following a Securitization, Borrower shall be responsible for the payment of all Trust Fund Expenses and shall reimburse Lender, Servicer, Special Servicer, Trustee or other applicable party upon written demand for the same.

Section 9.4    Loan Bifurcation. Upon Lender’s request, Borrower shall execute such amendments to the Loan Documents and Borrower’s organizational documents as may be reasonably requested by Lender in connection with a bifurcation of the Loan into two or more components and/or separate notes and/or creating a senior/subordinate note structure and/or a mortgage/mezzanine loan structure (any of the foregoing, a “Loan Bifurcation”); provided, however, that Borrower shall not be required to modify or amend any Loan Document if such modification or amendment would (a) change the weighted average of the Interest Rate among such components or notes except in connection with (i) a prepayment pursuant to the terms and provisions of Section 2.4.2 or (ii) an Event of Default), (b) change the aggregate principal balance of the Loan, the stated maturity or the amortization of principal as set forth herein or in the Note, (c) modify or amend the exculpation provisions contained in Section 11.22 hereof, (d) increase, except to a de minimis extent, Borrower’s obligations under the Loan Documents, or (e) decrease, except to a de minimis extent, Borrower’s rights under the Loan Documents.

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ARTICLE X.

DEFAULTS

Section 10.1    Event of Default.

(a)    Each of the following events shall constitute an event of default hereunder (an “Event of Default”):

(i)    if (A) the payment due on the Maturity Date is not paid when due, (B) any monthly installment of principal and/or interest due under the Note or any amount required to be deposited into the Reserve Funds is not paid when due, or (C) any other portion of the Debt is not paid when due within five (5) Business Days following notice to Borrower that the same is due and payable;

(ii)    if any of the Taxes or Other Charges are not paid when due (unless, with respect to Taxes, sufficient Tax Funds are on deposit with Lender pursuant to Section 6.2.1 hereof and Lender’s access to such funds has not been restricted);

(iii)    if the Policies are not kept in full force and effect;

(iv)    if Borrower breaches or permits or suffers a breach of Section 4.2.1 hereof, or Article 6 of the Mortgage;

(v)    if any representation or warranty made by any Borrower herein or in any other Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material respect as of the date the representation or warranty was made and such misrepresentation is not cured within thirty (30) days after the earlier of Borrower’s actual Knowledge of the same or notice from Lender;

(vi)    if any Borrower, any SPE Party or Guarantor shall make an assignment for the benefit of creditors;

(vii)    if a receiver, liquidator or trustee shall be appointed for any Borrower, any SPE Party or Guarantor or if any Borrower, any SPE Party or Guarantor 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, any Borrower, any SPE Party or Guarantor, or if any proceeding for the dissolution or liquidation of any Borrower, any SPE Party or Guarantor shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by any Borrower, any SPE Party or Guarantor, upon the same not being discharged, stayed or dismissed within ninety (90) days;

(viii)    subject to Borrower’s or the applicable Tenant’s rights to contest such Lien expressly set forth in this Agreement, if any Property becomes subject to any mechanic’s, materialman’s or other Lien other than a Lien for local real estate taxes and

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assessments not then due and payable and the Lien shall remain undischarged of record (by payment, bonding or otherwise) for a period of thirty (30) days;

(ix)    if Borrower assigns 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 factual assumptions contained in the Non-Consolidation Opinion (other than those relating to Lender), or in any New 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, were not true and correct in any material respect as of the date of such Non-Consolidation Opinion or New Non-Consolidation Opinion, as applicable; provided, that no Event of Default shall be deemed to have occurred (A) if such untruth was inadvertent or immaterial, (B) if such untruth is curable, Borrower shall promptly commence to cures same within ten (10) days of notice from Lender and (C) if reasonably requested by Lender, within fifteen (15) days of request by Lender, Borrower delivers to Lender a New Non-Consolidation Opinion to the effect that such breach shall not in any material respect impair, negate or amend the opinions rendered in the Non-Consolidation Opinion or the New Non-Consolidation Opinion most recently delivered to Lender, which opinion shall be acceptable to Lender in its reasonable discretion;

(xi)    any Borrower or any SPE Party (if any) breaches any representation, warranty or covenant contained in Section 3.1.24 hereof; provided, that such breach shall not constitute an Event of Default if (A) such breach was inadvertent or immaterial, (B) if such breach is curable, Borrower shall promptly commence to cure such breach within ten (10) days of notice from Lender, (C) such breach is cured within ten (10) days, as the same may be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such default, and (D) if requested by Lender, within fifteen (15) days of request by Lender, Borrower delivers to Lender a New Non-Consolidation Opinion to the effect that such breach shall not in any material respect impair, negate or amend the opinions rendered in the Non-Consolidation Opinion or the New Non-Consolidation Opinion most recently delivered to Lender, which opinion shall be acceptable to Lender in its reasonable discretion;

(xii)    if any Borrower, Guarantor or Sponsor fails to comply with the covenants contained in Sections 3.1.40, 3.1.41, 3.1.43 and 4.1.1;

(xiii)    if any Borrower breaches any of the negative covenants contained in Section 4.2.11;

(xiv)    if Guarantor breaches in any material respect any covenant, warranty or representation contained in the Guaranty;

(xv)    if any Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement not specified in clauses (i) to (xiv) above, for ten (10) days after notice to Borrower from Lender, in the case of any Default

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which can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other Default; provided, however, that if such non-monetary Default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and provided further that Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed ninety (90) days or in the case of a Default attributable to any act or omission of a Tenant in violation of the applicable Lease, such longer period as may be reasonably necessary for Borrower to enforce such Tenant’s obligations under such Lease with reasonable diligence so long as the Borrower continues to diligently pursue the same; or

(xvi)    if there shall be default or breach under any of the other Loan Documents beyond any applicable notice and/or cure periods contained in such Loan Documents, whether as to any Borrower, Guarantor or any Property, 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 Debt or to permit Lender to accelerate the maturity of all or any portion of the Debt.

(b)    Upon the occurrence of an Event of Default (other than an Event of Default described in clauses (vi) or (vii) above with respect to the Borrower and/or SPE Party only) 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, that Lender deems advisable to protect and enforce its rights against Borrower and in and to any Property, including, without limitation, declaring the Debt 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 Borrower and any Property, including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vi) or (vii) above with respect to Borrower and/or SPE Party only, the Debt and all other obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding.

Section 10.2    Remedies.

(a)    Upon the occurrence of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Debt 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 any Property.  Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or

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otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan Documents.  Without limiting the generality of the foregoing, if an Event of Default is continuing (i) Lender is not 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 any Property and each Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in full.

(b)    With respect to Borrower and the Properties, nothing contained herein or in any other Loan Document shall be construed as requiring Lender to resort to any Property or collateral for the satisfaction of any of the Debt in preference or priority to any other Property or collateral, and Lender may seek satisfaction out of all of the Properties or any other collateral or any part thereof, in its absolute discretion in respect of the Debt. Lender shall have the right from time to time to partially foreclose each of the Mortgages in any manner and for any amounts secured by the Mortgages then due and payable as determined by Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose the Mortgage to recover such delinquent payments, or (ii) in the event Lender elects to accelerate less than the entire outstanding principal balance of the Loan, Lender may foreclose one or more of the Mortgages to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by the Mortgage as Lender may elect.  Notwithstanding one or more partial foreclosures, the Properties shall remain subject to the Mortgages to secure payment of sums secured by the Mortgages and not previously recovered.

(c)    Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder.  Borrower 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.  Borrower hereby absolutely and irrevocably appoints 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 Borrower by Lender of Lender’s intent to exercise its rights under such power.  Except during the continuance of an Event of Default or as may be required pursuant to Article IX hereof, Borrower shall not be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents and the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing Date.

(d)    Any amounts recovered from any Property or any other collateral for the Loan after an Event of Default may be applied by Lender toward the payment of any interest

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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.

Section 10.3    Right to Cure Defaults. Lender may, but without any obligation to do so and without notice to or demand on Borrower (except as otherwise expressly provided in the Loan Documents and/or required by applicable Legal Requirements) and without releasing Borrower from any obligation hereunder or being deemed to have cured any Event of Default hereunder, make, do or perform any obligation of Borrower hereunder in such manner and to such extent as Lender may deem necessary.  Lender is authorized to enter upon any Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in any Property for such purposes, and the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law), with interest as provided in this Section 10.3, shall constitute a portion of the Debt and shall be due and payable to Lender upon demand.  All such costs and expenses incurred by Lender in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any action or proceeding shall bear interest at the Default Rate, for the period after such cost or expense was incurred until the date of payment to Lender.  All such costs and expenses incurred by Lender together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by the liens, claims and security interests provided to Lender under the Loan Documents and shall be immediately due and payable upon demand by Lender therefor.

Section 10.4    Remedies Cumulative. 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 Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise.  Lender’s rights, powers and remedies may be pursued singly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion.  No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient.  A waiver of one Default or Event of Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon.

ARTICLE XI.

MISCELLANEOUS

Section 11.1    Successors and Assigns. All covenants, promises and agreements in this Agreement, by or on behalf of Borrower and Lender, as applicable, shall inure to the benefit of the respective legal representatives, successors and assigns of Lender and Borrower, as applicable.

Section 11.2    Lender’s Discretion. Whenever pursuant to this Agreement Lender exercises any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided in the absence of an Event of Default) be in the sole discretion of

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Lender and shall be final and conclusive.  Whenever pursuant to this Agreement Lender’s right to approve or disapprove is to be reasonably exercised, or any arrangement or term is to be reasonably satisfactory to Lender, absent a continuing Event of Default, Lender’s approval shall not be unreasonably withheld, condition or delayed.

Section 11.3    Governing Law.

(a)    THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN 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, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, PRIORITY AND ENFORCEMENT OF THE LIEN AND SECURITY INTEREST CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS (OTHER THAN WITH RESPECT TO LIENS AND SECURITY INTERESTS IN PROPERTY WHOSE PERFECTION AND PRIORITY IS COVERED BY ARTICLE 9 OF THE UCC (INCLUDING, WITHOUT LIMITATION, THE ACCOUNTS) WHICH SHALL BE GOVERNED BY THE LAW OF THE JURISDICTION APPLICABLE THERETO IN ACCORDANCE WITH SECTIONS 9-301 THROUGH 9-307 OF THE UCC AS IN EFFECT IN THE STATE OF NEW YORK) SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER.  TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW EXCEPT AS SPECIFICALLY SET FORTH ABOVE.

(b)    ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS

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AGREEMENT MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.  BORROWER DOES HEREBY DESIGNATE AND APPOINT:

CORPORATION SERVICE COMPANY 
1180 AVENUE OF THE AMERICAS, SUITE 210 
NEW YORK, NY 10036-8401

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER, IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.  BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.

Section 11.4    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 Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given.  Except as otherwise expressly provided herein, no notice to, or demand on Borrower, shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances.

Section 11.5    Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under 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

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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 11.6    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 sent by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or 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 11.6.  Any Notice shall be deemed to have been received: (a) three (3) days after the date such Notice is so mailed, (b) on the date of delivery by hand if delivered during business hours on a Business Day (otherwise on the next Business Day), and (c) on the next Business Day if sent by an overnight commercial courier, in each case addressed to the parties as follows:

		
	If to Lender:
	Morgan Stanley Bank, N.A. 
1585 Broadway, 25th Floor 
New York, New York 10036 
Attention: George Kok

		
	and:
	Citi Real Estate Funding Inc. 
390 Greenwich Street, 7th Floor 
New York, New York 10013 
Attention: Ana Rosu Marmann

		
	and:
	JPMorgan Chase Bank, National Association  
383 Madison Ave. 
New York, New York 10179 
Attention:  Thomas Nicholas Cassino

		
	and:
	UBS AG 
1285 Avenue of the Americas, 11th Floor 
New York, New York 10019 
Attention:  Transaction Management - Henry Chung

		
	with a copy to:
	Cadwalader, Wickersham & Taft LLP 
227 West Trade Street, Suite 2400 
Charlotte, North Carolina 28202 
Attention: Holly M. Chamberlain, Esq.

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	If to Borrower:
	c/o Industrial Logistics Properties Trust  
Two Newton Place 
255 Washington Street, Suite 300 
Newton, Massachusetts 02458 
Attention: Richard W. Siedel, Jr.

		
	with a copy to:
	Industrial Logistics Properties Trust  
Two Newton Place 
255 Washington Street, Suite 300 
Newton, Massachusetts 02458 
Attention: Jennifer B. Clark, Esq.

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 11.6.  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.

Section 11.7    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 11.8    Headings. The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

Section 11.9    Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

Section 11.10    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

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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 11.11    Waiver of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to 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.

Section 11.12    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, Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment.  The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment.

Section 11.13    Expenses; General Indemnity; Mortgage Tax Indemnity; ERISA Indemnity; CFIUS Indemnity.

(a)    Borrower shall pay or, if Borrower fails to pay, reimburse Lender upon receipt of notice from Lender, for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with (i) the ongoing performance of and compliance with agreements and covenants of Borrower and Guarantor contained in this Agreement and the other Loan Documents, including, without limitation, confirming compliance with environmental and insurance requirements (but excluding monthly servicing fees due to the Servicer under the Servicing Agreement); (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 (but excluding monthly servicing fees due to the Servicer under the Servicing Agreement); (iii) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other documents or matters requested by Borrower; (iv) the filing and recording fees and expenses, title insurance and reasonable fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred, in creating and perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan Documents; (v) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation or otherwise, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, any

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Property, or any other security given for the Loan; and (vi) enforcing any obligations of or collecting any payments due from Borrower and Guarantor under this Agreement, the other Loan Documents or with respect to any Property; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender.  Any costs due and payable to Lender may be paid to Lender pursuant to the Cash Management Agreement.

(b)    Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless Lender Indemnitees (defined below) from and against any and all Losses (including, without limitation, the reasonable fees and disbursements of counsel for the Lender Indemnitees in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not the Lender Indemnitees shall be designated a party thereto), that may be imposed upon, incurred by, or asserted against any Lender Indemnitees and directly or indirectly arising out of or in any way relating to or arising out of any one or more of the following: (i) any breach by Borrower of its obligations under, or any material misrepresentation by Borrower contained in, this Agreement or the other Loan Documents, (ii) the use or intended use of the proceeds of the Loan; (iii) ownership of the Loan, the Mortgage, any Property or any interest therein or receipt of any Rents; (iv) any amendment to, or restructuring of, the Debt, the Note, this Agreement, the Mortgage, or any other Loan Documents; (v) any and all lawful action that may be taken by Lender in connection with the enforcement of the provisions of this Agreement, the Mortgage, the Note or any of the other Loan Documents, whether or not suit is filed in connection with same, or in connection with Borrower, any guarantor or any indemnitor and/or any partner, joint venturer or shareholder thereof becoming a party to a voluntary or involuntary federal or state bankruptcy, insolvency or similar proceeding; (vi) any accident, injury to or death of persons or loss of or damage to property occurring in, on or about any Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (vii) any use, nonuse or condition in, on or about any Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (viii) any failure on the part of Borrower to perform or be in compliance with any of the terms of the Mortgage, the Note, this Agreement or the other Loan Documents; (ix) performance of any labor or services or the furnishing of any materials or other property in respect of any Property or any part thereof; (x) the failure of any person to file timely with the Internal Revenue Service an accurate Form 1099- B, Statement for Recipients of Proceeds from Real Estate, Broker and Barter Exchange Transactions, which may be required in connection with the Mortgage, or to supply a copy thereof in a timely fashion to the recipient of the proceeds of the Loan; (xi) any failure of any Property to be in compliance with any Legal Requirements; (xii) the enforcement by any Lender Indemnitee of the provisions of this Section 11.13; (xiii) any and all claims and demands whatsoever which may be asserted against Lender by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained in any Lease; (xiv) the payment of any commission, charge or brokerage fee to anyone claiming through Borrower which may be payable in connection with the funding of the Loan; or (xv) any misrepresentation made by Borrower in this Agreement, the Mortgage or any other Loan Document; provided, however, that Borrower shall not have any obligation to the Lender Indemnitees hereunder to the extent that such Losses arise from the gross negligence, illegal acts, fraud or willful misconduct of the Lender Indemnitees.  To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable

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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 Losses incurred by the Lender Indemnitees.  Any amounts payable to Lender by reason of the application of this Section 11.13 shall become immediately due and payable and shall bear interest at the Default Rate from the date loss or damage is sustained by Lender until paid.

For purposes of this Section 11.13, the term “Lender Indemnitees” shall mean Lender and any Person who is or will have been involved in the origination of the Loan, any Person who is or will have been involved in the servicing of the Loan, any Person in whose name the encumbrance created by the Mortgage is or will have been recorded, persons and entities who may hold or acquire or will have held a full or partial interest in the Loan (including, but not limited to, investors or prospective investors in the Securities, as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing (including but not limited to any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan, whether during the term of the Loan or as a part of or following a foreclosure of the Loan and including, but not limited to, any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s assets and business).

(c)    Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless each Lender Indemnitee from and against any and all Losses imposed upon or incurred by or asserted against any Lender Indemnitee and directly or indirectly arising out of or in any way relating to (i) any tax on the making and/or recording of the Mortgage, the Note or any of the other Loan Documents, or (ii) any transfer taxes incurred in connection with the exercise of remedies hereunder or under the Mortgage by Lender or its designee and any subsequent transfer of any Property by Lender or its designee.

(d)    Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless each Lender Indemnitee from and against any and all Losses (including, without limitation, reasonable attorneys’ fees and costs incurred in the investigation, defense, and settlement of Losses incurred in correcting any prohibited transaction or in the sale of a prohibited loan, and in obtaining any individual prohibited transaction exemption under ERISA that may be required, in Lender’s sole discretion) that Lender may incur, directly or indirectly, as a result of a default under Sections 3.1.8 and/or 4.2.11 of this Agreement.

(e)    Upon written request by any Lender Indemnitee, Borrower shall defend such Lender Indemnitee (if requested by any Lender Indemnitee, in the name of the Lender Indemnitee) by attorneys and other professionals reasonably approved by the Lender Indemnitee.  Notwithstanding the foregoing, if the defendants in any such claim or proceeding include both Borrower and any Lender Indemnitee and Borrower and such Lender Indemnitee shall have reasonably concluded that there are any legal defenses available to it and/or other Lender Indemnitees that are different from or additional to those available to Borrower, such Lender Indemnitee 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 Lender Indemnitee, provided that no compromise or settlement shall be entered without Borrower’s consent, which

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consent shall not be unreasonably withheld.  Upon demand, Borrower shall pay or, in the sole and absolute discretion of the Lender Indemnitee, reimburse, the Lender Indemnitees for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith.

(f)    Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and hold harmless each Lender Indemnitee from and against any and all Losses (including, without limitation, reasonable attorneys’ fees and costs incurred in the investigation, defense, and settlement of Losses) that any Lender Indemnitee may incur, directly or indirectly, as a result of (i) any of the Leased Fee Leases and/or Borrower’s acquisition of any Property being a Covered Transaction or otherwise arising under the DPA and/or (ii) a default under Sections 3.1.43 and/or 4.1.1(c) hereof.

(g)    The indemnification obligations of Borrower under this Section 11.13 shall survive the repayment of the Debt for two (2) years.

Section 11.14    Schedules Incorporated. The Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof.

Section 11.15    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 11.16    No Joint Venture or Partnership; No Third Party Beneficiaries.

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

(b)    This Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein.  All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such

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conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable to do so.

Section 11.17    Publicity. All news releases, publicity or advertising by Borrower or 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, MSBNA, Citi, JPM, UBS or any of their Affiliates shall be subject to the prior reasonable approval of Lender; provided, however, Lender’s consent shall not be required in connection with any filings required to be made by Borrower or its Affiliates to the SEC.  All news releases, publicity or advertising by Lender or 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, Borrower, Sponsor or any of their Affiliates shall be subject to the prior reasonable approval of Borrower; provided, however, Borrower’s consent shall not be required in connection with (i) customary “tombstone” advertisements or (ii) in connection with any exercise of remedies by Lender during the continuance of an Event of Default, provided, further, that in no event shall the foregoing restrict any disclosures which are necessary or desirable, as reasonably determined by Lender, in connection with a Securitization.

Section 11.18    Waiver of Marshalling of Assets. To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s members or partners and others with interests in Borrower, and of any Property, 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 any Property 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 any Property in preference to every other claimant whatsoever.

Section 11.19    Waiver of Offsets/Defenses/Counterclaims. 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.

Section 11.20    Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control.  The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same.  Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender.  Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity

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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 11.21    Brokers and Financial Advisors. Borrower hereby represents that it has dealt with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement other than Eastdil Secured (“Broker”).  Borrower shall pay Broker in full in connection with the closing of the Loan.  Borrower shall indemnify, defend and hold Lender Indemnitees harmless from and against any and all claims, liabilities, costs and expenses of any kind (including Lender Indemnitee’s attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that such Person acted on behalf of Borrower or Lender in connection with the transactions contemplated herein.  The provisions of this Section 11.21 shall survive the expiration and termination of this Agreement and the payment of the Debt.

Section 11.22    Exculpation. Subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower to perform and observe the obligations contained in the Note, this Agreement, the Mortgage or the other Loan Documents by any action or proceeding wherein a money judgment or any deficiency judgment or other judgment establishing personal liability shall be sought against Borrower or any principal, director, officer, employee, beneficiary, shareholder, partner, member, trustee, agent, or affiliate of Borrower (but specifically excluding Guarantor) or any legal representatives, successors or assigns of any of the foregoing (collectively, the “Exculpated Parties”), except that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Note, this Agreement, the Mortgage and the other Loan Documents, or in any Property, the Rents, or any other collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s interest in the Collective Properties, in the Rents and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Mortgage and the other Loan Documents, shall not sue for, seek or demand any deficiency judgment against Borrower or any of the Exculpated Parties, in any such action or proceeding under or by reason of or under or in connection with the Note, this Agreement, the Mortgage or the other Loan Documents.  The provisions of this Section shall not, however, (a) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (b) impair the right of Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Mortgage; (c) affect the validity or enforceability of any indemnity, guaranty, or similar instrument made in connection with the Loan or any of the rights and remedies of Lender thereunder; (d) impair the right of Lender to obtain the appointment of a receiver; (e) impair the enforcement of the Mortgage; (f) impair the right of Lender to enforce the provisions of the Guaranty or the Environmental Indemnity; (g) constitute a prohibition against Lender to seek a deficiency judgment against Borrower in order to fully realize on any security given by Borrower in connection with the Loan or to commence any other appropriate action or proceeding in order for Lender to exercise its remedies against such security; or (h) constitute a waiver of the right of Lender to enforce the liability and obligation of Borrower, by money judgment or otherwise, to

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the extent of any actual Losses incurred by Lender (including out-of-pocket attorneys’ fees and costs reasonably incurred) arising out of or in connection with the following:

(i)    fraud or intentional material misrepresentation by Borrower, Guarantor or any Borrower Party in connection with the Loan;

(ii)    the willful misconduct of Borrower, Guarantor or any Borrower Party in connection with the Loan;

(iii)    the breach of any representation, warranty, covenant or indemnification provision in the Environmental Indemnity or in any other Loan Document concerning environmental laws, hazardous substances and asbestos and any indemnification of Lender with respect thereto in any such document;

(iv)    material physical waste to any Property caused by intentional acts or intentional omissions of Borrower, Guarantor or any Borrower Party, other than waste (or alleged waste) to such Property resulting from (A) the insufficiency of cash flow from the Collective Properties as a whole to prevent such waste and such insufficiency is not a result of misappropriation of Rents by any Borrower Party or (B) Lender’s failure to make cash flow received by Lender available to Borrower in order to prevent such waste;

(v)    the removal of any portion of any Property by Borrower, Guarantor or any other Borrower Party in violation of this Agreement and the other Loan Documents other than in the ordinary course of business;

(vi)    Borrower fails to obtain Lender’s prior written consent to any subordinate financing or voluntary Lien encumbering any Property or to the incurrence of unsecured indebtedness or indemnification obligations by Borrower and, in each case, not otherwise expressly permitted by the Loan Documents;

(vii)    the misappropriation or conversion by Borrower, or any Borrower Parties of (A) any insurance proceeds paid by reason of any loss, damage or destruction to any Property, (B) any Awards or other amounts received in connection with the Condemnation of all or a portion of any Property or (C) any Rents;

(viii)    any security deposits, advance deposits or any other deposits collected with respect to any Property which are not delivered to Lender upon a foreclosure of such Property or action in lieu thereof, except to the extent any such security deposits, advance deposits or other deposits were applied in accordance with the terms and conditions of any of the Leases;

(ix)    the breach of any representation, warranty or covenant of Borrower with respect to itself, or any SPE Party, and such breach is cited as a material factor in the substantive consolidation of Borrower with any other Person (other than a co-borrower under the Loan) in connection with any federal or state bankruptcy proceeding;

(x)    any litigation or other legal proceeding related to the Debt filed by Borrower, Guarantor, any Borrower Party or any Affiliate thereof in bad faith with the

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sole intention (as finally determined by a court of competent jurisdiction pursuant to a non-appealable judgment) of delaying, opposing, impeding, obstructing, hindering, enjoining or otherwise interfering with the efforts of Lender to exercise any rights and remedies available to Lender as provided herein and in the other Loan Documents upon an Event of Default;

(xi)    Borrower effects a Transfer in violation of the provisions of Section 4.2.1 or Article VIII hereof; and/or

(xii)    the non-compliance or non-conformity of any Property with applicable zoning law (which includes, for the avoidance of doubt, the lack of a valid certificate of occupancy for the occupancy or use of such Property as currently operated and any building, use, zoning, or fire code violations) disclosed in any zoning report delivered to Lender on or prior to the date hereof, or disclosed in any zoning report delivered to Lender subsequent to the date hereof in accordance with Section 4.1.20, which Losses shall also include (A) any cost or expense incurred by Lender in remedying such non-compliance or non-conformity and (B) any lost rents during (1) the period of remediation (including re-tenanting, if applicable) by Lender or (2) any period in which the applicable regulatory authority prevents the operation of such Property until the remediation or cure (including re-tenanting, if applicable) of the related non-compliance or non-conformity.

Notwithstanding anything to the contrary in this Agreement, the Note or any of the Loan Documents, (A) Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral shall continue to secure all of the Debt owing to Lender in accordance with the Loan Documents, and (B) the Debt shall be fully recourse to Borrower in the event that: (1) intentionally omitted; (2) Borrower or any SPE Party or any Affiliate of any of them files, or joins in the filing of, a voluntary petition against Borrower or any SPE Party under the Bankruptcy code or any other Federal or state bankruptcy or insolvency law; (3) any Borrower Party or any Affiliate, officer, director, or representative thereof files, or joins in the filing of, an involuntary petition against Borrower or any SPE Party under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or solicits or causes to be solicited, or otherwise colludes with, petitioning creditors for any involuntary petition against Borrower or any SPE Party from any Person; (4) Borrower or any SPE Party fails to oppose any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law unless there is no good faith defense to such involuntary petition; (5) any Borrower Party or any Affiliate, officer, director, or representative thereof consents to or acquiesces in writing or joins in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or any SPE Party or any portion of the Collective Properties (other than at the request of Lender); and/or (6) Borrower or any SPE Party makes an assignment for the benefit of creditors (other than in favor of Lender).

Section 11.23    Prior Agreements. This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties,

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whether oral or written, are superseded by the terms of this Agreement and the other Loan Documents.

Section 11.24    Contributions and Waivers.

(a)    As a result of the transactions contemplated by this Agreement, each Borrower will benefit, directly and indirectly, from each Borrower’s obligation to pay the Debt and perform its Obligations and in consideration therefore each Borrower desires to enter into an allocation and contribution agreement among themselves as set forth in this Section 11.24 to allocate such benefits among themselves and to provide a fair and equitable agreement to make contributions among each of the Borrowers in the event any payment is made by any individual Borrower hereunder to Lender (such payment being referred to herein as a “Contribution,” and for purposes of this Section 11.24, includes any exercise of recourse by Lender against any collateral of a Borrower and application of proceeds of such collateral in satisfaction of such Borrower’s obligations, to Lender under the Loan Documents).

(b)    Each Borrower shall be liable hereunder with respect to the Obligations only for such total maximum amount (if any) that would not render its Obligations hereunder or under any of the Loan Documents subject to avoidance under Section 548 of the Bankruptcy Code or any comparable provisions of any State law.

(c)    In order to provide for a fair and equitable contribution among Borrowers in the event that any Contribution is made by an individual Borrower (a “Funding Borrower”), such Funding Borrower shall be entitled to a reimbursement Contribution (“Reimbursement Contribution”) from all other Borrowers for all payments, damages and expenses incurred by that Funding Borrower in discharging any of the Obligations, in the manner and to the extent set forth in this Section 11.24.

(d)    For purposes hereof, the “Benefit Amount” of any individual Borrower as of any date of determination shall be the net value of the benefits to such Borrower and its Affiliates from extensions of credit made by Lenders to (i) such Borrower and (ii) to the other Borrowers hereunder and the Loan Documents to the extent such other Borrowers have guaranteed or mortgaged their Property to secure the Obligations of such Borrower to Lender.

(e)    Each Borrower shall be liable to a Funding Borrower in an amount equal to the greater of (i) the (A) ratio of the Benefit Amount of such Borrower to the total amount of the Obligations, multiplied by (B) the amount of Obligations paid by such Funding Borrower, or (ii) ninety-five percent (95%) of the excess of the fair saleable value of the property of such Borrower over the total liabilities of such Borrower (including the maximum amount reasonably expected to become due in respect of contingent liabilities) determined as of the date on which the payment made by a Funding Borrower is deemed made for purposes hereof (giving effect to all payments made by other Funding Borrowers as of such date in a manner to maximize the amount of such Contributions).

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(f)    In the event that at any time there exists more than one Funding Borrower with respect to any Contribution (in any such case, the “Applicable Contribution”), then Reimbursement Contributions from other Borrowers pursuant hereto shall be allocated among such Funding Borrowers in proportion to the total amount of the Contribution made for or on account of the other Borrowers by each such Funding Borrower pursuant to the Applicable Contribution. In the event that at any time any Borrower pays an amount hereunder in excess of the amount calculated pursuant to this Section 11.24 above, that Borrower shall be deemed to be a Funding Borrower to the extent of such excess and shall be entitled to a Reimbursement Contribution from the other Borrowers in accordance with the provisions of this Section 11.24.

(g)    Each Borrower acknowledges that the right to Reimbursement Contribution hereunder shall constitute an asset in favor of Borrower to which such Reimbursement Contribution is owing.

(h)    No Reimbursement Contribution payments payable by a Borrower pursuant to the terms of this Section 11.24 shall be paid until all amounts then due and payable by all of Borrowers to Lender, pursuant to the terms of the Loan Documents, are paid in full. Nothing contained in this Section 11.24 shall limit or affect in any way the Obligations of any Borrower to Lender under the Note or any other Loan Documents.

(i)    To the extent permitted by applicable law, each Borrower waives:

(A)    any right to require Lender to proceed against any other Borrower or any other person or to proceed against or exhaust any security held by Lender at any time or to pursue any other remedy in Lender’s power before proceeding against Borrower;

(B)    the defense of the statute of limitations in any action against any other Borrower or for the collection of any indebtedness or the performance of any obligation under the Loan;

(C)    any defense based upon any legal disability or other defense of any other Borrower, any guarantor of any other person or by reason of the cessation or limitation of the liability of any other Borrower or any guarantor from any cause other than full payment of all sums payable under the Note, this Agreement and any of the other Loan Documents;

(D)    any defense based upon any lack of authority of the officers, directors, partners or agents acting or purporting to act on behalf of any other Borrower or any principal of any other Borrower or any defect in the formation of any other Borrower or any principal of any other Borrower;

(E)    any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal;

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(F)    any defense based upon any failure by Lender to obtain collateral for the indebtedness or failure by Lender to perfect a lien on any collateral;

(G)    presentment, demand, protest and notice of any kind;

(H)    any defense based upon any failure of Lender to give notice of sale or other disposition of any collateral to any other Borrower or to any other person or entity or any defect in any notice that may be given in connection with any sale or disposition of any collateral;

(I)    any defense based upon any failure of Lender to comply with applicable Legal Requirements in connection with the sale or other disposition of any collateral, including, without limitation, any failure of Lender to conduct a commercially reasonable sale or other disposition of any collateral;

(J)    any defense based upon any election by Lender, in any bankruptcy proceeding, of the application or non-application of Section 1111(b)(2) of the Bankruptcy Code or any successor statute;

(K)    any defense based upon any use of cash collateral under Section 363 of the Bankruptcy Code;

(L)    any defense based upon any agreement or stipulation entered into by Lender with respect to the provision of adequate protection in any bankruptcy proceeding;

(M)    any defense based upon any borrowing or any grant of a security interest under Section 364 of the Bankruptcy Code;

(N)    any defense based upon the avoidance of any security interest in favor of Lender for any reason;

(O)    any defense based upon any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, liquidation or dissolution proceeding, including any discharge of, or bar or stay against collecting, all or any of the obligations evidenced by the Note or owing under any of the Loan Documents; and

(P)    any defense or benefit based upon Borrower’s, or any other party’s, resignation of the portion of any obligation secured by the applicable Mortgage to be satisfied by any payment from any other Borrower or any such party.

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(j)    To the extent permitted by applicable law, each Borrower waives:

(A)    all rights and defenses arising out of an election of remedies by Lender even though the election of remedies, such as non-judicial foreclosure with respect to security for the Loan or any other amounts owing under the Loan Documents, has destroyed Borrower’s rights of subrogation and reimbursement against any other Borrower;

(B)    all rights and defenses that Borrower may have because any of Debt is secured by real property. This means, among other things: (I) Lender may collect from Borrower without first foreclosing on any real or personal property collateral pledged by any other Borrower, (II) if Lender forecloses on any real property collateral pledged by any other Borrower, (y) the amount of the Debt may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, (z) Lender may collect from Borrower even if any other Borrower, by foreclosing on the real property collateral, has destroyed any right Borrower may have to collect from any other Borrower. This is an unconditional and irrevocable waiver of any rights and defenses Borrower may have because any of the Debt is secured by real property; and

(C)    any claim or other right which Borrower now has or hereafter acquires against any other Borrower or any other person that arises from the existence or performance of any obligations under the Note, this Agreement, the Mortgages or the other Loan Documents, including, without limitation, any of the following: (I) any right of subrogation, reimbursement, exoneration, contribution, or indemnification; or (II) any right to participate in any claim or remedy of Lender against any other Borrower or any collateral security therefor, whether or not such claim, remedy or right arises in equity or under contract, statute or common law.

Section 11.25    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 11.26    Creation of Security Interest. Notwithstanding any other provision set forth in this Agreement, the Note, the Mortgage 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 and any other Loan Document (including, without limitation, the advances owing to it) in favor of (i) any Federal Reserve Bank, any Federal Home Loan Bank or the central reserve bank or similar authority of any other country to secure any obligation of Lender to such bank or similar authority (a “Central Bank Pledge”) or (ii) the trustee, administrator or receiver (or their respective nominees, collateral agents or collateral trustees) of a mortgage pool securing covered mortgage bonds issued by a German mortgage bank, or any other Person permitted to issue covered mortgage bonds, under German Pfandbrief legislation, as

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such legislation may be amended and in effect from time to time, on any substitute or successor legislation (a “Pfandbrief Pledge”).  In the event that the interest of Lender that is assigned in connection with a Central Bank Pledge is foreclosed upon and transferred to the pledge thereof, Lender shall have no further liability hereunder with respect to the interest that was the subject of such transfer and the assignee shall be Lender with respect to such interest.  Lender shall not be required to notify Borrower of any Central Bank Pledge or Pfandbrief Pledge.  Borrower agrees to execute, within fifteen (15) Business Days after request therefor is made by Lender, any documents or any amendments, amendments and restatements, and/or modifications to any Loan Documents and/or additional documents (including, without limitation, amended, amended and restated, modified and/or additional promissory notes) and/or estoppel certificates reasonably requested by Lender in order to make the Loan Documents eligible under German Pfandbrief legislation; provided, however, that Borrower shall not be required to enter into any such documents and amendments which would increase Borrower’s affirmative obligations or decrease Borrower’s rights under the Loan Documents or adversely affect the economic or other material terms of the Loan other than to a de minimis extent.

Section 11.27    Assignments and Participations.  (a)  Without limiting Lender’s rights pursuant to Section 9.1, the Lender may assign to one or more Persons all or a portion of its rights and obligations under this Agreement.

(b)    Lender may sell participations to one or more Persons in or to all or a portion of its rights and obligations under this Agreement; provided, however, that (i) Lender’s obligations under this Agreement shall remain unchanged, (ii) Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) Lender shall remain the holder of any Note for all purposes of this Agreement and (iv) Borrower shall continue to deal solely and directly with Lender in connection with Lender’s rights and obligations under and in respect of this Agreement and the other Loan Documents and (v) in no event may any Lender sell a participation in the Loan to Borrower, Guarantor or an Affiliate of Borrower or Guarantor.  Any such purported sale by Lender of a participation in the Loan to Borrower, Guarantor or an Affiliate of Borrower or Guarantor in violation of subclause (v) of the immediately preceding sentence shall be void ab initio.

(c)    Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 11.27, disclose to the assignee or Participant or proposed assignee or participant, as the case may be, any information relating to Borrower or any of its Affiliates or to any aspect of the Loan that has been furnished to the Lender by or on behalf of Borrower or any of its Affiliates.

(d)    Subject to acceptance and recording thereof pursuant to paragraph (e) of this Section 11.27, upon such assignment the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such assignment, have the rights and obligations of Lender under this Agreement.  Any assignment or transfer by Lender of rights or obligations under this Agreement that does not comply with this Section 11.27 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 clause (b) of this Section 11.27.

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(e)    In connection with any Secondary Market Transaction, including, without limitation, any assignment or participation pursuant to this Section 11.27, at the request of Lender, Borrower shall (i) appoint, as its agent, a registrar and transfer agent (the “Register”) reasonably acceptable to Lender which shall maintain, subject to such reasonable regulations as it shall provide, such books and records as are necessary for the registration and transfer of the Note in a manner that shall cause the Note to be considered to be in registered form for purposes of Section 163(f) of the Code, and (ii) otherwise cooperate with Lender in order to cause the Note to be in registered form pursuant to Section 163(f) of the Code.  The option to convert the Note into registered form once exercised may not be revoked.  Any agreement setting out the rights and obligation of the Register shall be subject to the reasonable approval of Lender.  Borrower may revoke the appointment of any particular person as Register, effective upon the effectiveness of the appointment of a replacement Register, reasonably acceptable to Lender.  The Register shall not be entitled to any fee from Borrower or Lender or any other lender in respect of transfers of the Note and other Loan Documents.

(f)    Borrower authorizes each Lender to disclose to any Assignee or Participant of such Lender, any prospective assignee or participant of a Lender’s interest in the Loan, any Affiliate of such Lender, any derivative counterparty or any Rating Agency any and all financial or other information in such Lender’s possession concerning Borrower and its Affiliates which has been delivered to such Lender by or on behalf of Borrower pursuant to this Agreement or which has been delivered to such Lender by or on behalf of Borrower in connection with such Lender’s credit evaluation of Borrower and its Affiliates prior to becoming a party to this Agreement.

(g)    Borrower agrees upon Lender’s written request and at the sole cost and expense of Lender, that (i) Borrower shall execute and deliver to Lender any amendment and/or other document that may be reasonably necessary to effectuate such an assignment but in no event shall Borrower be required to sign any documents which would either (y) increase, except to a de minimis extent, its obligations or (z) decrease, except to a de minimis extent, its rights, under the Loan Documents and (ii) after the effective date under such Assignment and Acceptance, upon the request by Lender, Borrower shall execute and deliver to such Lender one or more substitute notes of Borrower evidencing such Lender’s Ratable Share of the Loan, with appropriate insertions as to payee and principal amount; each such substitute note shall be dated as of the date hereof.

Section 11.28    Co-Lenders.

(a)    Borrower hereby acknowledges and agrees that notwithstanding the fact that the Loan may be serviced by Servicer, prior to a Securitization of the Loan, all requests for approval and consents hereunder and in every instance in which Lender’s consent or approval is required, Borrower shall be required to obtain the consent and approval of each Co- Lender and all copies of documents, reports, requests and other delivery obligations of Borrower required hereunder shall be delivered by Borrower to each Co-Lender.

(b)    Following the Closing Date (i) the liabilities of Lender shall be several and not joint, (ii) no Co-Lender shall be responsible for the obligations of any other Co- Lender, and (iii) each Co-Lender shall be liable to Borrower only for their respective Ratable Share of the

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Loan.  Notwithstanding anything to the contrary herein, all indemnities by Borrower and obligations for costs, expenses, damages or advances set forth herein shall run to and benefit each Co-Lender in accordance with its Ratable Share.

(c)    Each Co-Lender agrees that it has, independently and without reliance on any other Co-Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis of Borrower, Guarantor and their respective Affiliates and decision to enter into this Agreement and that it will, independently and without reliance upon any other Co-Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement or under any other Loan Document.

(d)    Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, at all times prior to a Securitization of any portion of the Loan, Borrower shall only be required to engage with a single servicer, which servicer shall be the only entity with whom Borrower shall be required to request approvals in connection with the Loan and who will provide a single response from Lender upon which Borrower shall be entitled to rely.  On or before the Closing Date, Lender agrees to identify and provide to Borrower contact information for the initial servicer of the Loan.

(e)    Each of the Co-Lenders hereby appoint the Note A-1 holder as the approved agent for the benefit of Lenders solely in respect of the right to receive grants by Borrower or any other Borrower Party of an interest in any property of such Person as collateral security for the Loan and exercise such rights granted to the Note A-1 holder in connection therewith.

Section 11.29    Set-Off. In addition to any rights and remedies of Lender provided by this Agreement and by law, the Lender shall have the right, 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.  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.

[NO FURTHER TEXT ON THIS PAGE]

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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.

	
			
	 
	BORROWER:

	 
	 

	 
	 

	 
	HIGGINS PROPERTIES LLC

	 
	MASTERS PROPERTIES LLC

	 
	ROBIN 1 PROPERTIES LLC

	 
	TANAKA PROPERTIES LLC

	 
	ILPT TSM PROPERTIES LLC

	 
	Z&A PROPERTIES LLC

	 
	LTMAC PROPERTIES LLC

	 
	ILPT ORVILLE PROPERTIES LLC

	 
	RFRI PROPERTIES LLC

	 
	TEDCAL PROPERTIES LLC

	 
	each a Delaware limited liability company

	 
	 
	 

	 
	 
	 

	 
	By:
	     /s/ Richard W. Siedel, Jr.

	 
	Name:
	Richard W. Siedel, Jr.

	 
	Title:
	Chief Financial Officer and Treasurer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

	
				
	 
	LENDER:

	 
	 

	 
	MORGAN STANLEY BANK, N.A., a national banking association

	 
	 
	 

	 
	 
	 

	 
	By:
	        /s/ Kristin Sansone

	 
	 
	Name:
	Kristin Sansone

	 
	 
	Title:
	Authorized Signatory

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

	
				
	 
	CITI REAL ESTATE FUNDING INC., a New York corporation

	 
	 
	 

	 
	 
	 

	 
	By:
	      /s/ Harry Kramer

	 
	 
	Name:
	Harry Kramer

	 
	 
	Title:
	Vice President

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

	
				
	 
	UBS AG

	 
	 
	 

	 
	 
	 

	 
	By:
	               /s/ Michael Mills

	 
	 
	Name:
	Michael Mills

	 
	 
	Title:
	Associate Director

	 
	 
	 

	 
	 
	 

	 
	By:
	               /s/ Racquel A.C. Small

	 
	 
	Name:
	Racquel A.C. Small

	 
	 
	Title:
	Executive Director

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

	
			
	 
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America

	 
	 
	 

	 
	 
	 

	 
	By:
	        /s/ Simon B. Burce

	 
	 
	Name: Simon B. Burce

	 
	 
	Title: Vice President

Schedule I

Rent Roll

(see attached)

	
																								
	Tenant Name
	 
	Tenant Address
	 
	RSF
	 
	Lease 
Commencement 
Date
	 
	Lease 
Expiration 
Date
	 
	Rent 
Commencement 
Date
	 
	Start Date
	 
	End Date
	 
	Annual 
Amount
	 
	PSF
	 
	Pymt Freq
	 
	SqFt
	 

	[See * for this column]
	 
	238 Sand Island Access Road
	 
	60,000
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	[See * for this column]
	[See * for this column]

	 
	[See * for this column]
	 
	[See * for this column]

	 
	60,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2815 Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2250 Pahounui Drive and 180 Sand Island Access Road
	 
	142,455
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75,627
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75,627
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75,627
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75,627
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75,627
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75,627
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75,627
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75,627
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75,627
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75,627
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	75,627
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	66,828
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	66,828
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	66,828
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	66,828
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	66,828
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	66,828
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	66,828
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	66,828
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	66,828
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	66,828
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	66,828
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	158 Sand Island Access Road
	 
	100,500
	 
	 
	 
	 
	 
	 
	 
	 
	 
	100,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	100,500
	 

	* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
																								
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]

	 
	[See * for this column]
	[See * for this column]

	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]

	 
	[See * for this column]
	 
	100,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	100,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	100,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	100,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	100,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	100,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	100,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	100,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	100,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2135 Auiki Street
	 
	33,328
	 
	 
	 
	 
	 
	 
	 
	 
	33,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2849 Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2906 Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	2020 Auiki Street
	 
	46,705
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	46,705
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
																									
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	[See * for this column]

	 
	[See * for this column]
	 
	46,705
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	46,705
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	46,705
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2635 Waiwai Loop
	 
	44,959
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	44,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	803 Ahua Street
	 
	73,013
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	733 Mapunapuna Street
	 
	64,894
	 
	 
	 
	 
	 
	 
	 
	 
	64,894
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	64,894
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	64,894
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	64,894
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	64,894
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	64,894
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2344 Pahounui Drive
	 
	146,430
	 
	 
	 
	 
	 
	 
	 
	 
	146,430
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,430
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,430
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,430
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
																									
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	146,430
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,430
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,430
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,430
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,430
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,430
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2838 Kilihau Street
	 
	83,189
	 
	 
	 
	 
	 
	 
	 
	 
	 
	83,189
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	83,189
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	889 Ahua Street
	 
	49,452
	 
	 
	 
	 
	 
	 
	 
	 
	 
	49,452
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	49,452
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	49,452
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	49,452
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	49,452
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	49,452
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	49,452
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	918 Ahua Street
	 
	72,072
	 
	 
	 
	 
	 
	 
	 
	 
	 
	72,072
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	72,072
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	72,072
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	72,072
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1150 Kikowaena Street
	 
	45,753
	 
	 
	 
	 
	 
	 
	 
	 
	 
	45,753
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	45,753
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2969 Mapunapuna Industrial
	 
	79,999
	 
	 
	 
	 
	 
	 
	 
	 
	 
	79,999
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2810 Paa Street
	 
	52,185
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,185
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,185
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1050 Kikowaena Place
	 
	42,790
	 
	 
	 
	 
	 
	 
	 
	 
	 
	42,790
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	846 and 848 Ala Lilikoi Street
	 
	333,887
	 
	 
	 
	 
	 
	 
	 
	 
	 
	333,887
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	333,887
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
																												
	[See * for this column]

	 
	 
	 
	 
	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]
	 
	333,887
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2855 Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	645 Ahua Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	855 Ahua Street
	 
	35,200
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2915 Kaihikapu Street
	 
	105,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2122 Kaliawa Street
	 
	33,468
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,468
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,468
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,468
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	852 Mapunapuna Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	949 Mapunapuna Street
	 
	236,914
	 
	 
	 
	 
	 
	 
	 
	 
	 
	236,914
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
																												
	[See * for this column]
	 
	2855/2865 Pukuloa Street
	 
	79,200
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	79,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2879 Mokumoa Street
	 
	34,755
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,755
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	675 Mapunapuna Street
	 
	30,063
	 
	 
	 
	 
	 
	 
	 
	 
	 
	30,063
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	30,063
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	120 Mokauea Street
	 
	38,322
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,322
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,322
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,322
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,322
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	113 Puuhale Road, 2140 Kaliawa Street, 165 Sand Island Access Road
	 
	112,117
	 
	 
	 
	 
	 
	 
	 
	 
	 
	112,117
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	112,117
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	112,117
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	112,117
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	112,117
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	112,117
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	112,117
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	112,117
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	112,117
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	112,117
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	112,117
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1000 Mapunapuna Street
	 
	41,833
	 
	 
	 
	 
	 
	 
	 
	 
	 
	41,833
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	41,833
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	41,833
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	41,833
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	94-240 Pupuole Street
	 
	43,529
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
																																
	[See * for this column]

	 
	 
	 
	 
	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	43,529
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	659 Puuloa Road
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	667 Puuloa Road
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	679 Puuloa Road
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	689 Puuloa Road
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2103 Kaliawa Street
	 
	78,730
	 
	 
	 
	 
	 
	 
	 
	 
	 
	78,730
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	78,730
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	78,730
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	78,730
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	78,730
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	78,730
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	78,730
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	78,730
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	78,730
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	78,730
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	78,730
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2847 Awaawaloa Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																																
	[See * for this column]

	 
	 
	 
	 
	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	[See * for this column]

	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2850 Mokumoa Street
	 
	39,544
	 
	 
	 
	 
	 
	 
	 
	 
	 
	39,544
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2819 Mokumoa Street -A
	 
	35,384
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,384
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,384
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,384
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2819 Mokumoa Street - B
	 
	35,279
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,279
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,279
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,279
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	704 Mapunapuna Street
	 
	59,315
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																										
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
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	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	59,315
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2827 Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2868 Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2308 Pahounui Drive
	 
	64,896
	 
	 
	 
	 
	 
	 
	 
	 
	 
	64,896
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	64,896
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2861 Mokumoa Street
	 
	70,035
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,035
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,035
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,035
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,035
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,035
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2839 Mokumoa Street
	 
	35,174
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,174
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,174
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,174
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,174
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,174
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1931 Kahai Street
	 
	96,287
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																										
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	[See * for this column]
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	[See * for this column]
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	[See * for this column]
	 
	[See * for this column]
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	96,287
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	850 Ahua Street
	 
	47,879
	 
	 
	 
	 
	 
	 
	 
	 
	 
	47,879
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2850 Paa Street
	 
	298,384
	 
	 
	 
	 
	 
	 
	 
	 
	 
	298,384
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	298,384
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	298,384
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	298,384
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	207/215 Puuhale Road,
	 
	81,631
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																																						
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
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	[See * for this column]
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	81,631
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	692 Mapunapuna Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2965 Mokumoa street
	 
	41,586
	 
	 
	 
	 
	 
	 
	 
	 
	 
	41,586
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	125B Puuhale Road
	 
	48,933
	 
	 
	 
	 
	 
	 
	 
	 
	 
	48,933
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	48,933
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2814 Kilihau Street
	 
	37,413
	 
	 
	 
	 
	 
	 
	 
	 
	 
	37,413
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	37,413
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	37,413
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	759 Puuloa Road
	 
	34,313
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,313
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,313
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,313
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2806 Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																																						
	[See * for this column]
	 
	2804 Kilihau Street
	 
	34,494
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	34,494
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,494
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,494
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2828 Paa Street
	 
	187,264
	 
	 
	 
	 
	 
	 
	 
	 
	 
	187,264
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	187,264
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	187,264
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	187,264
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	187,264
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	187,264
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	187,264
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2264 Pahounui Drive
	 
	33,103
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,103
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,103
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,103
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,103
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,103
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,103
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,103
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,103
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,103
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,103
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,103
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2276 Pahounui Drive
	 
	32,841
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,841
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,841
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,841
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,841
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,841
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,841
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,841
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,841
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,841
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,841
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,841
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	761 Ahua Street
	 
	73,013
	 
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																												
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	73,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	120 Sand Island Access Road
	 
	52,819
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,819
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1001 Ahua Street
	 
	337,734
	 
	 
	 
	 
	 
	 
	 
	 
	 
	337,734
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	337,734
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	337,734
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1024 Kikowaena Place
	 
	39,831
	 
	 
	 
	 
	 
	 
	 
	 
	 
	39,831
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	702 Ahua Street
	 
	34,657
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,657
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,657
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,657
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	179 Sand Island Access Road
	 
	62,464
	 
	 
	 
	 
	 
	 
	 
	 
	 
	62,464
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	62,464
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	62,464
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	62,464
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	62,464
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	62,464
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	62,464
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	62,464
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	62,464
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	62,464
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2858 Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	659 Ahua Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	148 Mokauea Street
	 
	85,790
	 
	 
	 
	 
	 
	 
	 
	 
	 
	85,790
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	85,790
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	85,790
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																												
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	85,790
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	85,790
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	85,790
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	85,790
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	85,790
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	85,790
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2864 Mokumoa Street
	 
	39,600
	 
	 
	 
	 
	 
	 
	 
	 
	 
	39,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	39,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	39,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	39,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	39,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2869 Mokumoa Street
	 
	34,860
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,860
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,860
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,860
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2857 Awaawaloa Street
	 
	40,011
	 
	 
	 
	 
	 
	 
	 
	 
	 
	40,011
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	40,011
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	770 Mapunapuna Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																									
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	697 Ahua Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2812 Awaawaloa Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2127 Auiki Street
	 
	56,900
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	151 Puuhale Road
	 
	38,294
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,294
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																									
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	38,294
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2829 Awaawaloa Street
	 
	70,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	204 Sand Island Access Road
	 
	33,078
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,078
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,078
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	33,079
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2879 Paa Street
	 
	31,316
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,316
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,316
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,316
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,316
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,316
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,316
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,316
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,316
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1122 Mapunapuna
	 
	105,506
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,506
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,506
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,506
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2846-A and 2850 Awaawaloa Street
	 
	69,753
	 
	 
	 
	 
	 
	 
	 
	 
	 
	69,753
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2970 Mokumoa Street
	 
	35,021
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,021
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,021
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,021
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2809 Kaihikapu Street
	 
	35,698
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,698
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	80 Sand Island Access Road
	 
	190,836
	 
	 
	 
	 
	 
	 
	 
	 
	 
	190,836
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	819 Ahua Street
	 
	105,013
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																														
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	105,013
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	660 Ahua Street
	 
	34,657
	 
	 
	 
	 
	 
	 
	 
	 
	34,657
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1038 Kikowaena Place
	 
	47,417
	 
	 
	 
	 
	 
	 
	 
	 
	47,417
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	228 Mohonua Place
	 
	36,522
	 
	 
	 
	 
	 
	 
	 
	 
	36,522
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	36,522
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	36,522
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	36,522
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1062 Kikowaena Place
	 
	30,959
	 
	 
	 
	 
	 
	 
	 
	 
	30,959
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	830 Mapunanpuna Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	812 Mapunapuna Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	709 Ahua Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																														
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1027 Kikowaena Street
	 
	102,443
	 
	 
	 
	 
	 
	 
	 
	 
	 
	102,443
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2831 Awaawaloa Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	212 Mohonua Place
	 
	46,221
	 
	 
	 
	 
	 
	 
	 
	 
	 
	46,221
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	46,221
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	46,221
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	46,221
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2816 / 2836 Awaawaloa Street
	 
	70,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	673 Ahua Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	669 Ahua Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																									
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2864 Awaawaloa Street
	 
	35,247
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,247
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,247
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	865 Ahua Street
	 
	35,933
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,933
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1330 and 1360 Pali Highway
	 
	146,446
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																									
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	146,446
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2886 Paa Street
	 
	60,023
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																									
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,023
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2810 Pukoloa Street
	 
	418,502
	 
	 
	 
	 
	 
	 
	 
	 
	 
	418,502
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	418,502
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2829/2841 Pukoloa Street
	 
	79,200
	 
	 
	 
	 
	 
	 
	 
	 
	 
	79,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2819 Pukoloa Street
	 
	39,600
	 
	 
	 
	 
	 
	 
	 
	 
	 
	39,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	719 Ahua Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	808 Ahua Street
	 
	56,690
	 
	 
	 
	 
	 
	 
	 
	 
	 
	56,690
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	960 Mapunapuna
	 
	36,501
	 
	 
	 
	 
	 
	 
	 
	 
	 
	36,501
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	950 Mapunapuna Street
	 
	32,551
	 
	 
	 
	 
	 
	 
	 
	 
	 
	32,551
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	930 Mapunapuna Street
	 
	68,992
	 
	 
	 
	 
	 
	 
	 
	 
	 
	68,992
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2831 Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	218 Mohonua Place
	 
	34,096
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,096
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,096
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,096
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,096
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,096
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,096
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,096
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,096
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,096
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,096
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,096
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																									
	[See * for this column]
	 
	2960 Mokumoa Street
	 
	38,377
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	38,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2826 Kaihikapu Street
	 
	70,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	70,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	685 Ahua Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2844 Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2928 B Kaihikapu Street
	 
	37,852
	 
	 
	 
	 
	 
	 
	 
	 
	 
	37,852
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2928 A Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2889 Mokumoa Street
	 
	34,651
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,651
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,651
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,651
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2908 Kaihikapu Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																								
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	789 Mapunapuna Street
	 
	46,559
	 
	 
	 
	 
	 
	 
	 
	 
	 
	46,559
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2833 Pa’a Street
	 
	60,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	60,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2927 Mokumoa Street
	 
	34,546
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,546
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,546
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	34,546
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	855 Mapunapuna Street
	 
	63,436
	 
	 
	 
	 
	 
	 
	 
	 
	 
	63,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	63,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	63,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	231B Sand Island Access Road
	 
	38,752
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	38,752
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	220 Puuhale Road
	 
	65,942
	 
	 
	 
	 
	 
	 
	 
	 
	 
	65,942
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	65,942
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	65,942
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	65,942
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																								
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	65,942
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	65,942
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	65,942
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	65,942
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	65,942
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	65,942
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	65,942
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	65,942
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	150 Puuhale Road
	 
	123,037
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	123,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	766 Mapunapuna Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2830/2840 Mokumoa Street
	 
	79,256
	 
	 
	 
	 
	 
	 
	 
	 
	 
	79,256
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1030 Mapunapuna Street
	 
	122,281
	 
	 
	 
	 
	 
	 
	 
	 
	 
	122,281
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	122,281
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	122,281
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	729 Ahua Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	739 Ahua Street
	 
	35,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2019 Kahai Street
	 
	26,954
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,954
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,954
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																								
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	26,954
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,954
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,954
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,954
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,954
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,954
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,954
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,954
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,954
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	197 Sand Island Access Road
	 
	31,178
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,178
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	125 A Puuhale Road
	 
	31,006
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,006
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	31,006
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2106 Kaliawa Street and 140 Puuhale Road
	 
	52,250
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	52,250
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																								
	[See * for this column]
	 
	1052 Ahua Street
	 
	30,000
	 
	[See * for this column]
	[See * for this column]
	[See * for this column]
	[See * for this column]

	[See * for this column]

	[See * for this column]
	[See * for this column]

	[See * for this column]
	30,000
	 

	 
	 
	 
	 
	 
	30,000
	 

	 
	 
	 
	 
	 
	 
	 

	 
	2001 Kahai Street
	 
	26,741
	 
	26,741
	 

	 
	 
	 
	 
	 
	26,741
	 

	 
	 
	 
	 
	 
	26,741
	 

	 
	 
	 
	 
	 
	26,741
	 

	 
	 
	 
	 
	 
	26,741
	 

	 
	 
	 
	 
	 
	 
	 

	 
	822 Mapunapuna Street
	 
	35,000
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 

	 
	2839 Kilihau Street
	 
	11,680
	 
	11,680
	 

	 
	 
	 
	 
	 
	11,680
	 

	 
	 
	 
	 
	 
	11,680
	 

	 
	 
	 
	 
	 
	11,680
	 

	 
	 
	 
	 
	 
	 
	 

	 
	944 Ahua Street
	 
	26,596
	 
	26,596
	 

	 
	 
	 
	 
	 
	 
	 

	 
	842 Mapunapuna Street
	 
	35,000
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	35,000
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																								
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	35,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	142 Mokauea Street
	 
	26,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2760 Kam Highway
	 
	28,615
	 
	 
	 
	 
	 
	 
	 
	 
	 
	28,615
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	28,615
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1926 Auiki Street
	 
	19,028
	 
	 
	 
	 
	 
	 
	 
	 
	 
	19,028
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	19,028
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1055 Ahua Street
	 
	26,531
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,531
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	26,531
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	970 Ahua Street
	 
	15,037
	 
	 
	 
	 
	 
	 
	 
	 
	 
	15,037
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1024 Mapunapuna Street
	 
	25,895
	 
	 
	 
	 
	 
	 
	 
	 
	 
	25,895
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	25,895
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	25,895
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1926 Auiki Street
	 
	23,225
	 
	 
	 
	 
	 
	 
	 
	 
	 
	23,225
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	23,225
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	1045 Mapunapuna Street
	 
	14,902
	 
	 
	 
	 
	 
	 
	 
	 
	 
	14,902
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	14,902
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	14,902
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	609 Ahua Street
	 
	14,840
	 
	 
	 
	 
	 
	 
	 
	 
	 
	14,840
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	14,840
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	14,840
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																								
	[See * for this column]
	 
	960 Ahua Street
	 
	14,476
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	[See * for this column]
	[See * for this column]
	14,476
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2833 Kilihau Street
	 
	11,680
	 
	 
	 
	 
	 
	 
	11,680
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,680
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,680
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2829 Kilihau Street
	 
	11,680
	 
	 
	 
	 
	 
	 
	11,680
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,680
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,680
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2808 Kilihau Street
	 
	12,620
	 
	 
	 
	 
	 
	 
	12,620
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	12,620
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	12,620
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2875 Paa Street
	 
	23,154
	 
	 
	 
	 
	 
	 
	23,154
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	23,154
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2139 Kaliawa Street
	 
	21,657
	 
	 
	 
	 
	 
	 
	21,657
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	21,657
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	21,657
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	905 Ahua Street
	 
	21,195
	 
	 
	 
	 
	 
	 
	21,195
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	525 North King Street
	 
	20,934
	 
	 
	 
	 
	 
	 
	20,934
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,934
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,934
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,934
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,934
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,934
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,934
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,934
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,934
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,934
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2815 & 2821 Kilihau Street
	 
	23,360
	 
	 
	 
	 
	 
	 
	23,360
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	23,360
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	23,360
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																								
	[See * for this column]
	 
	2144 Auiki Street and 111 Sand Island Access Road
	 
	11,600
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	11,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	106 Puuhale Road
	 
	5,184
	 
	 
	 
	 
	 
	 
	 
	 
	 
	5,184
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	5,184
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	5,184
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	5,184
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	5,184
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2110 Auiki Street
	 
	20,436
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	20,436
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	214 Sand Island Access Road
	 
	4,500
	 
	 
	 
	 
	 
	 
	 
	 
	 
	4,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	4,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	4,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	120 Sand Island Access Road
	 
	2,489
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,489
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,489
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	120 Sand Island Access Road
	 
	3,612
	 
	 
	 
	 
	 
	 
	 
	 
	 
	3,612
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	3,612
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	3,612
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	3,612
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	231 Sand Island Access Road
	 
	18,921
	 
	 
	 
	 
	 
	 
	 
	 
	 
	18,921
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	18,921
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	18,921
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	18,921
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																								
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	18,921
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	18,921
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	18,921
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	18,921
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	18,921
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	18,921
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	18,921
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	18,921
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	1,400
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,400
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,400
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,400
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,400
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,400
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,400
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,400
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	1,200
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	1,200
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	1,200
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,200
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	1,020
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,020
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,020
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	1,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,000
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																								
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	1,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	900
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	2,990
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,990
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,990
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,990
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	4,400
	 
	 
	 
	 
	 
	 
	 
	 
	 
	4,400
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	4,400
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	4,400
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	1,920
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,920
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,920
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	4,300
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,300
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,300
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	3,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	3,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	33 S. Vineyard Boulevard
	 
	11,570
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,570
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,570
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,570
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,570
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,570
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,570
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,570
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,570
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,570
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,570
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	120B Mokauea St
	 
	11,537
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,537
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,537
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,537
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	11,537
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	609-B Ahua Street
	 
	9,600
	 
	 
	 
	 
	 
	 
	 
	 
	 
	9,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	9,600
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
																								
	[See * for this column]
	 
	120 Mokauea Street
	 
	9,497
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	[See * for this column]
	[See * for this column]
	9,497
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2144 Auiki Street
	 
	1,800
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2144 Auiki Street
	 
	1,800
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	2,480
	 
	 
	 
	 
	 
	 
	2,480
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,480
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,480
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2144 Auiki Street
	 
	1,800
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	3,300
	 
	 
	 
	 
	 
	 
	3,300
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	3,300
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	3,300
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	3,300
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	2,000
	 
	 
	 
	 
	 
	 
	2,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	2,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	120 Sand Island Access Road
	 
	1,742
	 
	 
	 
	 
	 
	 
	1,742
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,742
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

	
																								
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	1,742
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	1,000
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,000
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	106 Puuhale Road
	 
	1,733
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,733
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,733
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,733
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	120 Sand Island Access Road
	 
	8,328
	 
	 
	 
	 
	 
	 
	 
	 
	 
	8,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	8,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	8,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	8,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	8,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	8,328
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	106 Puuhale Road
	 
	1,728
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,728
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,728
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,728
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	120 Mokauea Street
	 
	7,086
	 
	 
	 
	 
	 
	 
	 
	 
	 
	7,086
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	7,086
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	7,086
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	7,086
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	111 Sand Island Access Road
	 
	900
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2144 Auiki Street
	 
	1,650
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,650
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,650
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,650
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,650
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,650
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
																								
	[See * for this column]
	 
	111 Sand Island Access Road
	 
	900
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	[See * for this column]
	 
	[See * for this column]

	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	900
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	106 Puuhale
	 
	5,578
	 
	 
	 
	 
	 
	 
	 
	5,578
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	120 Sand Island Access Road
	 
	1,500
	 
	 
	 
	 
	 
	 
	 
	1,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,500
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	120 Sand Island Access Road
	 
	470
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	619 Mapunapuna Street
	 
	55,377
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
																									
	[See * for this column]
	 
	 
	 
	 
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	[See * for this column]
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	55,377
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	214 Sand Island Access Road
	 
	15,300
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	15,300
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	15,300
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	15,300
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	15,300
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	214 Sand Island Access Road
	 
	1,800
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,800
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2144 Auiki St
	 
	—
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2144 Auiki Street
	 
	1,650
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,650
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,650
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1,650
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2144 Auiki St
	 
	600
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	2144 Auiki St
	 
	900
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Total SF
	 
	9,591,512
	

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	

* [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
	 

Schedule II

Organizational Chart

Schedule III

Leased Fee Leases

All of the leases noted on the Rent Roll attached as Schedule I, except for leases at the following properties:

1926 Auiki Street, Honolulu, HI 96819

142 Mokauea Street, Honolulu, HI 96819

2144 Auiki Street, Honolulu, HI 96819

106 Puuhale Road, Honolulu, HI 96819

120 Mokauea Street, Honolulu, HI 96819

120B Mokauea Street, Honolulu, HI 96819

214 Sand Island Access Road, Honolulu, HI 96819

120 Sand Island Access Road, Honolulu, HI 96819

Schedule 3.1.1

	
					
	Borrower
	 
	Organizational ID Number
	 
	Tax ID Number

	Higgins Properties LLC
	 
	7190304
	 
	20-0434626

	ILPT Orville Properties LLC
	 
	7190328
	 
	20-0434591

	ILPT TSM Properties LLC
	 
	7190321
	 
	20-0434472

	LTMAC Properties LLC
	 
	7190332
	 
	20-0434504

	Masters Properties LLC
	 
	7190302
	 
	20-0434656

	RFRI Properties LLC
	 
	7190311
	 
	20-0434707

	Robin 1 Properties LLC
	 
	7190330
	 
	20-0434730

	Tanaka Properties LLC
	 
	7190382
	 
	20-0434568

	TedCal Properties LLC
	 
	7190367
	 
	20-0434683

	Z&A Properties LLC
	 
	7190374
	 
	20-0434539

Schedule 3.1.4

Litigation

None.

Schedule  3.1.9

Legal Requirements

None, except as disclosed in the (i) Phase I Environmental Site Assessments prepared by EBI Consulting and Zoning Compliance Reports for the Properties and Improvements prepared by Commercial Due Diligence Services provided to Lender on the Eastdil Secured website and (ii) the property condition reports prepared by Lender.

Schedule 3.1.14

Assessments

None.

Schedule 3.1.46

Owned Improvements

1926 Auiki Street, Honolulu, HI 96819

142 Mokauea Street, Honolulu, HI 96819

2144 Auiki Street, Honolulu, HI 96819

106 Puuhale Road, Honolulu, HI 96819

120 Mokauea Street, Honolulu, HI 96819

120B Mokauea Street, Honolulu, HI 96819

214 Sand Island Access Road, Honolulu, HI 96819

120 Sand Island Access Road, Honolulu, HI 96819

1052 Ahua Street, Honolulu, HI 96819Exhibit

    

Occidental Petroleum Corporation Savings Plan
Amended and Restated  
Effective as of January 1, 2018

    

Contents

Article 1. Introduction1
1.1 Restatement of Plan1
1.2 Purpose and Applicability of the Plan1
1.3 Structure of the Plan2
Article 2. Definitions and Construction3
2.1 Definitions3
2.2 Gender and Number22
2.3 Headings22
2.4 Requirement to Be in “Written Form”22
2.5 Severability23
2.6 Applicable Law23
Article 3. Participation, Service and Vesting24
3.1 Date of Participation24
3.2 Duration24
3.3 Transfers24
3.4 Service24
3.5 Vesting25
3.6 Forfeiture of Contingent Interests27
Article 4. Active Participant Contributions28
		
	‐Tax Contributions
	28

		
	‐Up Contributions
	29

4.3 Election Procedures29
4.4 Salary Reduction30
4.5 Deposit and Crediting of Deferrals and Contributions30
4.6 Eligible Automatic Enrollment Arrangement31
Article 5. Employer Contributions32
5.1 Employees Eligible for Matching Contributions32
5.2 Amount of Matching Contributions32
5.3 Depositing and Crediting Matching Contributions33
Article 6. Benefit Limitations34

        

    

6.1 Elective Deferral Limit34
6.2 Discrimination Limits on Pretax Deferrals and Roth Contributions35
6.3 Corrective Measures if ADP Test Failed37
		
	‐Tax Contributions, and Adjustment Contributions
	41

6.5 Corrective Measures if ACP Test Failed42
6.6 Limitation on Annual Additions45
6.7 Limitation on Pay Taken Into Account48
6.8 Deductibility Limitation49
Article 7. Benefit Distributions50
7.1 Distributions Generally50
		
	‐Service Withdrawals
	50

7.3 Benefits Upon Separation from Service52
7.4 Payment Rules53
7.5 Death Benefits57
7.6 Required Minimum Distributions58
7.7 Mandatory Tax Withholding and Direct Rollovers62
7.8 In-Plan Roth Rollovers64
7.9 Hurricane Harvey Relief65
Article 8. Participant Loans67
8.1 Availability of Loans67
8.2 Amount of Loan67
8.3 Procedures for Loans67
Article 9. Investment Elections68
9.1 Investment of Contributions68
9.2 Transfers of Existing Balances69
9.3 Transfer of Assets70
9.4 Reserved70
9.5 Matching Account Diversification Rights After August 1, 200470
Article 10. Participant Accounts and Records of the Plan72
10.1 Accounts and Records72
10.2 Account Value72
10.3 Investment Funds72
10.4 Unit Value of Investment Funds72
10.5 Calculation of Unit Value73
10.6 Valuation Adjustments73
10.7 Debiting of Accounts upon Distribution, Withdrawal, Loan or Charge73
10.8 Unit Value upon Transfer of Investment Funds73
10.9 Oxy Stock Fund Valuation73

        

    

10.10 Value of Accounts74
10.11 Cost Account74
10.12 Rollover and Roth Rollover Contributions75
10.13 Merger of the THUMS Long Beach Company Savings and Investment Plan77
Article 11. Financing78
11.1 Trust Fund78
11.2 Oxy Stock Fund78
11.3 Forfeitures82
		
	‐Reversion
	82

11.5 Direct Transfer of Assets from Plans of Acquired Entities83
11.6 Pension Expense Reimbursement Account (“PERA”)83
Article 12. Administration84
12.1 The Administrative Committee84
12.2 Chairperson, Secretary, and Employment of Specialists84
12.3 Compensation and Expenses84
12.4 Manner of Action84
12.5 Subcommittees85
12.6 Other Agents85
12.7 Records85
12.8 Rules85
12.9 Administrative Committee’s Powers and Duties85
12.10 Investment Responsibilities86
12.11 Administrative Committee’s Decisions Conclusive87
12.12 Indemnity87
12.13 Fiduciaries89
12.14 Notice of Address90
12.15 Data90
12.16 Benefit Claims Procedures90
12.17 Member’s Own Participation93
Article 13. Amendment and Termination94
13.1 Amendment and Termination94
13.2 Distribution on Termination94
13.3 Successors94
13.4 Plan Merger or Transfer94
Article 14. Participating Affiliates96
14.1 Adoption of the Plan96
14.2 Conditions of Participation96
14.3 Termination of Participation96
14.4 Consequences of the Termination of an Employer97

        

    

Article 15. Top‐Heavy Provisions    99
		
	‐Heavy Provisions
	99

15.2 Definitions Applicable to this Article99
		
	‐Heavy Ratio
	100

15.4 Required Minimum Allocations101
15.5 Required Minimum Vesting101
15.6 Employees Covered by Collective Bargaining Agreement102
Article 16. Miscellaneous Provisions103
16.1 No Enlargement of Employment Rights103
16.2 No Examination or Accounting103
16.3 Investment Risk103
		
	‐Alienation
	103

16.5 Incompetency105
16.6 Records Conclusive105
16.7 Counterparts105
16.8 Service of Legal Process105
16.9 Uncashed or Unclaimed Benefits106
16.10 Qualified Military Service106

Article 1. Introduction

1.1     Restatement of Plan
Effective as of January 1, 2018, Occidental Petroleum Corporation (“Company”) hereby amends and restates the Occidental Petroleum Corporation Savings Plan (“Plan”) to make amendments and changes as reflected herein. The provisions of this restatement shall be effective as of January 1, 2018, except as follows or as otherwise specifically provided in this document: (a) effective June 30, 2018, the qualified default investment alternative under the Plan will be the applicable Vanguard Target Retirement Fund; (b) after-tax contributions will no longer be accepted as rollover contributions; (c) Qualified Domestic Relations Order review fees paid by Participants will no longer be deposited in the PERA; (d) effective September 28, 2018, Oxy Midstream Operating Company, LLC and Centurion Pipeline GP, Inc, will no longer be Employers under the Plan, (e) effective June 30, 2018, the Investment Funds available under the Plan will be updated as provided on Appendix B, (f) effective September 28, 2018, special vesting provisions are implemented for “Continuing Employees” in connection with certain transactions noted in Appendix D; (g) effective March 28, 2018, the matching rate for members of the Teamsters Union, Affiliated with International Brotherhood of Teamsters, Local 795 will be increased to 85%, (h) effective June 1, 2018, the matching rate for members of the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, Local 620 will be increased to 95%, (i) Participants suspended from making contributions under the Plan’s in-service withdrawal provisions will be eligible to receive Matching Contributions on any Annual Bonus, and (j) additional administrative updates and clarifications. Where a particular provision of this restatement has an effective date earlier than January 1, 2018, the relevant provision of this restatement shall supersede the corresponding provision of the prior version of the Plan as of the earlier effective date. Where a particular provision of this restatement has an effective date later than January 1, 2018, the relevant provision of the prior version of the Plan shall continue to apply prior to such effective date.

1.2     Purpose and Applicability of the Plan
This Plan is intended to encourage and assist Eligible Employees in adopting a regular program of savings to provide additional security for their retirement. Except as otherwise provided herein, the provisions of this Plan restatement are applicable only to Eligible Employees on or after January 1, 2018. Unless otherwise explicitly provided in this Plan restatement, the Plan provisions in effect prior to this restatement shall continue to govern the terms and conditions of the Plan prior to January 1, 2018.
Notwithstanding any contrary Plan provision, if any modification of ERISA or the Code (or regulations or rulings thereunder) requires that a conforming Plan amendment be adopted as of a stated effective date in order for the Plan to continue to be a qualified plan, this Plan shall be operated in accordance with such requirements until the date when a conforming Plan amendment is adopted.

1.3     Structure of the Plan
The Plan is intended to qualify as a stock bonus plan under Code section 401(a) that includes a qualified cash or deferred arrangement under Code section 401(k)(2). 
Effective June 1, 2002, to enable the deduction on dividends paid on certain employer securities as permitted by Code section 404(k), the Matching Accounts, or portions thereof, invested in the Oxy Stock Fund under the Plan, at any point in time and in the aggregate, are intended to qualify, and are hereby designated, as an employee stock ownership plan (“ESOP”), within the meaning of Code section 4975(e)(7). Effective July 19, 2007, to expand the availability of the deduction on dividends paid on employer securities as permitted by Code section 404(k), the ESOP is expanded to include the Oxy Stock Fund and the portions of Matching Accounts not invested in the Oxy Stock Fund shall cease to constitute part of the ESOP. On or before July 18, 2007, the Matching Accounts, or portions thereof, invested in the Oxy Stock Fund under the Plan, at any point in time, taken together, and effective on or after July 19, 2007, all assets invested in the Oxy Stock Fund at any point in time, regardless of funding source, constitute an “eligible individual account plan,” as defined in ERISA section 407(d)(3), which explicitly provides for the acquisition and holding of and investment primarily in shares of Oxy Stock which constitute “qualifying employer securities,” as described in Code section 4975(e)(8), and “employer securities,” as defined in Code section 409(l).
The Company intends that the Plan and the ESOP together shall constitute a single plan under ERISA and the Code. Accordingly, the provisions set forth in the other sections of the Plan shall apply to the ESOP in the same manner as those provisions apply to the remaining portions of the Plan, except to the extent that those provisions are by their terms inapplicable to the ESOP, or to the extent that they are inconsistent with the specific provisions set forth herein. Except as set forth in specific provisions herein that are related to the ESOP, including but not limited to Plan section 9.5, the designation of any portion of the Plan constituting part of the ESOP shall not affect any Beneficiary designations or any other applicable agreements, elections or consents that Participants, Spouses, Alternate Payees or Beneficiaries validly executed under the terms of the Plan before June 1, 2002, the effective date of the ESOP; and such designations, agreements, elections, and consents shall apply under the ESOP in the same manner as they apply under the Plan.

Article 2.     Definitions and Construction

2.1     Definitions
Whenever used in the Plan, the following terms shall have the respective meanings set forth below, unless otherwise expressly provided; and when the defined meaning is intended, the term is capitalized.
		
	(a)
	“Account” means the separate recordkeeping account maintained for each Participant which represents his or her total proportionate interest in the Trust Fund and which consists of the sum of following:

		
	(1)
	After‐Tax Account;

		
	(2)
	In-Plan Roth Rollover Account;

		
	(3)
	Matching Account;

		
	(4)
	Pretax Account;  

		
	(5)
	Rollover Account; 

		
	(6)
	Roth Account; and

		
	(7)
	Roth Rollover Account.

The term “Account” shall also include any separate account established on behalf of an Alternate Payee pursuant to a Qualified Domestic Relations Order or a Beneficiary following the Participant’s death.
		
	(b)
	“Accounting Date” means any day on which trading occurs on the New York Stock Exchange.

		
	(c)
	“ACP Test” means the average contribution percentage test performed in accordance with Plan section 6.4.

		
	(d)
	“Active Participant” means any Eligible Employee who:

		
	(1)
	Has met the requirements to become a Participant as set forth in Article 3,

		
	(2)
	Continues to be employed as an Eligible Employee, and 

		
	(3)
	Has not become an Inactive Participant or Former Participant.

		
	(e)
	“Actual Deferral Percentage” means, for each group of Participants for any period, the average of the ratios (calculated separately for each Participant in each group) of Pretax Deferrals and/or Roth Contributions taken into account under the rules of this paragraph made on behalf of the Participant for the Plan Year to that Participant’s Testing Compensation earned while a Participant for the Plan Year. Such ratios and the Actual Deferral Percentage for each group shall be calculated to the nearest one‐hundredth of 1 percent of a Participant’s Testing Compensation. If Pretax Deferrals or Roth Contributions cannot be taken into account under the ADP Test because they do not meet the following rules, then such amount must satisfy the nondiscrimination requirements of Code section 401(a)(4) for the Plan Year for which they are made. The following rules shall apply in determining the Average Deferral Percentages:

		
	(1)
	Pretax Deferrals and Roth Contributions shall be taken into account for the Plan Year in determining a Participant’s Actual Deferral Percentage only if all of the following requirements are met:

		
	(A)
	The Pretax Deferral and/or Roth Contribution is allocated as of a date in the Plan Year and the allocation is not contingent on the Participant’s participation in the Plan or performance of services for an Employer after the allocation date.

		
	(B)
	The Pretax Deferral and/or Roth Contribution is contributed to the Trust Fund no more than 12 months after the last day of the Plan Year.

		
	(C)
	The Pretax Deferral and/or Roth Contribution is made on account of the Participant’s election to reduce Earnings that would otherwise be paid within that Plan Year. Notwithstanding the foregoing, to the extent elected by the Administrative Committee on an uniform basis, Pretax Deferrals and/or Roth Contributions may be taken into account for the Plan Year if they are attributable to services performed during the Plan Year and, but for the Participant’s election to reduce Earnings, would have been received by the Participant after the last day of the Plan Year but within 21⁄2 months after the last day of the Plan Year. If the Administrative Committee makes this election for a Plan Year, then the Pretax Deferrals and/or Roth Contributions shall be taken into account only in the ADP Test (or the ACP Test) for that Plan Year and shall not be taken into account in the ADP Test (or the ACP Test) for any other Plan Year.

		
	(2)
	If any Highly Compensated Employee is a participant under two or more qualified cash or deferred arrangements of the Company or any Affiliate (including this Plan), all such cash or deferred arrangements shall be treated as one such arrangement for purposes of determining the Actual Deferral Percentage of the Highly Compensated Employee, except as provided in Treasury Regulations section 1.401(k)‐2(a)(3)(ii).

		
	(3)
	Pretax Deferrals and/or Roth Contributions of Highly Compensated Employees for the Plan Year shall include Excess Deferrals, whether or not such Excess Deferrals are distributed under Plan section 6.1.

		
	(4)
	Pretax Deferrals and/or Roth Contributions taken into account under the ACP Test of Plan section 6.4 for the Plan Year shall not be taken into account under the ADP Test of this Plan section for the same or any other Plan Year.

		
	(5)
	Pretax Deferrals and/or Roth Contributions made pursuant to Code section 414(u) shall not be taken into account for purposes of the ADP Test (or the ACP Test) for the Plan Year in which they are made or in any other Plan Year.

		
	(f)
	“ADP Test” means the actual deferral percentage test performed in accordance with Plan section 6.2.

		
	(g)
	“Adjustment Contributions” means Pretax Deferrals and/or Roth Contributions which are recharacterized as After‐Tax Contributions in order to comply with nondiscrimination tests of Code sections 401(k) and 401(m), as described in Plan sections 6.2 and 6.4. To the extent required by Treasury Regulations section 1.401(m)‐2(b)(3), Adjustment Contributions after recharacterization shall be treated as:

		
	(1)
	After‐Tax Contributions for purposes of Code sections 72, 401(a)(4), and 401(m); and 

		
	(2)
	Pretax Deferrals and/or Roth Contributions for purposes of Code sections 401(a) (other than Code sections 401(a)(4), 401(k), and 401(m)), 404, 409, 411, 415, 416, and 417.

		
	(h)
	“Administrative Committee” means the committee appointed by the Board to administer the Plan in accordance with the applicable provisions of Article 12 of this Plan.

		
	(i)
	“Affiliate” means:

		
	(1)
	Any business entity while it is controlled by or under common control with the Company within the meaning of Code sections 414 and 1563, or

		
	(2)
	Any member of an affiliated service group, within the meaning of Code section 414(m), of which the Company or any Affiliate is a member; and

		
	(3)
	Any entity which, pursuant to Code section 414(o) and related Treasury Regulations, must be aggregated with the Company or any Affiliate for plan qualification purposes.

For purposes of paragraph (1), the determination of control shall be made without reference to paragraphs (a)(4) and (e)(3)(C) of Code section 1563. For the purposes of applying the limitations of Plan sections 2.1(nnn) and 6.6, the phrase “more than 50 percent” shall be substituted for the phrase “at least 80 percent” each place it appears in Code section 1563(a)(1).
		
	(j)
	“After‐Tax Account” means the recordkeeping account which evidences the value of After‐Tax Contributions and any Adjustment Contributions, including related investment gains and losses of the Trust Fund.

		
	(k)
	“After‐Tax Contributions” means the voluntary contributions made by a Participant to the Plan on an after‐tax basis, as described in Plan section 4.1.

		
	(l)
	“Alternate Payee” means, with respect to a Participant, any Spouse, former Spouse, child, or other dependent of that Participant, who is an alternate payee, within the meaning of Code section 414(p)(8), and who is recognized by a Qualified Domestic Relations Order as having the right to receive all or a portion of the benefits payable under the Plan with respect to the Participant.

		
	(m)
	“Annual Addition” means the sum of the amounts described in Plan section 6.6(b).

		
	(n)
	“Annual Bonus” means up to the first $100,000 of bonus paid from an Employer to an Active Participant, who is not a “named executive officer,” as that term is defined in Regulations S‐K under the Securities Exchange Act of 1934 (17 CFR §229.402(a)(3)), during the Plan Year under a regular annual incentive compensation plan, such as the Company’s Variable Compensation Program or Incentive Compensation Program (but excluding without limitation a special individual or group bonus, a project bonus, and any other special bonus).

		
	(o)
	“Average Contribution Percentage” means, for each group of Participants for any period, the average of the ratios (calculated separately for each Participant in each group) of the sum of Matching Contributions, After‐Tax Contributions, and Adjustment Contributions made on behalf of the Participant for the Plan Year to that Participant’s Testing Compensation earned while a Participant for the Plan Year. Such ratios and Average Contribution Percentage for each group shall be calculated to the nearest one‐hundredth of 1 percent of an Eligible Employee’s Testing Compensation. If Matching Contributions, After‐Tax Contributions or Adjustment Contributions cannot be taken into account under the ACP Test because they do not meet the following rules, then such amount must satisfy the nondiscrimination requirements of Code section 401(a)(4) for the Plan Year for which they are made. The following rules shall apply in determining the Average Contribution Percentages:

		
	(1)
	After‐Tax Contributions shall be taken into account in determining a Participant’s Average Contribution Percentage for the Plan Year that the After‐Tax Contributions are transferred to the Trust Fund. For this purpose, an After‐Tax Contribution is treated as transferred to the Trust Fund at the time it would have been paid to the Participant if it is transferred to the Trust Fund within a reasonable time after the amount is withheld from the Participant’s Earnings.

		
	(2)
	Adjustment Contributions are taken into account in determining a Participant’s Average Contribution Percentage for the Plan Year in which the Adjustment Contributions are includible in the gross income of the Participant.

		
	(3)
	Matching Contributions are taken into account in determining a Participant’s Average Contribution Percentage for the Plan Year only if all of the following are met:

		
	(A)
	The Matching Contribution is made on account of the Participant’s Pretax Deferrals, Roth Contributions or After‐Tax Contributions for the Plan Year.

		
	(B)
	The Matching Contribution is allocated to the Participant’s Matching Account as of a date within the Plan Year.

		
	(C)
	The Matching Contribution is transferred to the Trust Fund no more than 12 months after the last day of the Plan Year.

		
	(4)
	Any Matching Contributions that are forfeited because the Pretax Deferrals, Roth Contributions or After‐Tax Contributions to which they relate are determined to be an Excess Deferral, an Excess Contribution, or an Excess Aggregate Contribution for the Plan Year are not taken into account in determining a Participant’s Average Contribution Percentage for the Plan Year.

		
	(5)
	If any Highly Compensated Employee is a participant under two or more Qualified Plans of the Company or any Affiliate (including this Plan) that provide for matching contributions or after‐tax contributions, all such contributions made by or on behalf of the Highly Compensated Employee under such Qualified Plans during the 12‐month period that coincides with the Plan Year shall be taken into account in determining the Average Contribution Percentage of the Highly Compensated Employee, except as provided in Treasury Regulations section 1.401(m)‐2(a)(3)(ii).

		
	(6)
	Matching Contributions and After‐Tax Contributions made pursuant to Code section 414(u) shall not be taken into account for purposes of the ACP Test for the Plan Year in which they are made or in any other Plan Year.

		
	(7)
	Subject to the conditions prescribed and to the extent permitted by Treasury Regulations section 1.401(m)‐2(a)(6)(ii), the Administrative Committee may elect to take into account Pretax Deferrals and Roth Contributions in computing Average Contribution Percentages.

		
	(p)
	“Base Pay” means the base salary and wages earned by an Active Participant from an Employer for services rendered, including amounts of Pretax Deferrals, Roth Contributions and amounts contributed pursuant to the Pretax Spending Program.

		
	(1)
	Base Pay does not include:

		
	(A)
	Bonuses, incentives, overtime, shift differential, and overseas differentials;

		
	(B)
	Reimbursement for expenses or allowances, including automobile allowances and moving allowances;

		
	(C)
	Any amount contributed by the Employer (other than Pretax Deferrals, Roth Contributions and amounts contributed pursuant to the Pretax Spending Program) to any pension plan or plan of deferred compensation;

		
	(D)
	Any amount contributed by an Employer (in addition to Pretax Deferrals, Roth Contributions and Catch‐Up Contributions) to this Plan; 

		
	(E)
	Any amount paid by an Employer for other fringe benefits, such as health and hospitalization, and group life insurance benefits, or perquisites; and

		
	(F)
	Allowances paid during furlough and, for purposes of paragraph (2)(F) below, such furloughs shall not be treated as paid leaves of absence.

		
	(2)
	Base Pay is determined in accordance with the following rules:

		
	(A)
	For Active Participants compensated by salary, Base Pay means the actual base salary of record paid to the Active Participant (subject to the exclusions listed above).

		
	(B)
	For Active Participants compensated based on mileage driven (primarily truck drivers), Base Pay means the number of miles driven multiplied by the applicable mileage pay rate (subject to the exclusions listed above), plus the Active Participant’s scheduled number of hours worked in the pay period multiplied by the Active Participant’s base hourly rate (subject to the exclusions listed above).

		
	(C)
	For Active Participants compensated at an hourly rate, Base Pay means the base hourly rate (subject to the exclusions listed above) multiplied by the number of regularly scheduled hours worked in a pay period. If the Active Participant’s regularly scheduled work week is more than 40 hours, Compensation shall include an additional amount equal to the base hourly rate (subject to the exclusions listed above) times one half the number of regularly scheduled hours worked in excess of 40 in the work week.

		
	(D)
	For Active Participants compensated on an eight, ten, twelve, or some other assigned hour Shift Basis and whose annual Base Pay is pre‐determined under the Company’s payroll recordkeeping, Base Pay for each pay period shall be the Active Participant’s pre-determined annual Base Pay (subject to the exclusions listed above) divided by the number of pay periods applicable to the Active Participant during the Plan Year. For the purpose of this subsection, the term “Shift Basis” means any arrangement whereby Active Participants work the assigned hour daily shifts which may result in alternating work weeks of more and less than 40 hours per week.

		
	(E)
	Base Pay includes vacation pay received in periodic payments and annual vacation payments made to Employees paid by commission, but does not include single sum vacation payments to active or terminating Employees.

		
	(F)
	Base Pay includes base salary or wages received during paid leaves of absence and periodic notice pay, but, effective July 1, 2006, Base Pay does not include single sum notice pay payments or any severance pay payments.

		
	(G)
	Base Pay does not include long‐term disability payments or payments made to any Participant pursuant to the Occidental Chemical Corporation Weekly Sickness and Accident Plan unless:

		
	(i)
	Such payments are made to the Participant through the payroll accounting department of the Company or an Affiliate, and

		
	(ii)
	The Participant is ineligible for participation in the Retirement Plan.

		
	(H)
	Base Pay includes any payment to a Participant who does not currently perform services for an Employer by reason of qualified military service (within the meaning of Code section 414(u)(1)) to the extent that the payment does not exceed the amount that the Participant would have received if the Participant continued to perform services for the Employer rather than entering qualified military service.

		
	(q)
	“Beneficiary” means the person or persons (who may be named contingently or successively) designated by a Participant, an Alternate Payee, or a Beneficiary of a deceased Participant or a deceased Alternate Payee to receive his or her Account in the event of death.

If no Beneficiary is designated at the time of the Participant’s or Alternate Payee’s death, or at the time of death of the Beneficiary of a deceased Participant or Alternate Payee, or if no person so designated shall survive the Participant, Alternate Payee, or Beneficiary of a deceased Participant or Alternate Payee, the Beneficiary shall be the deceased person’s Spouse, or if the deceased individual has no surviving Spouse, his or her surviving children equally, or if there are no surviving children, his or her surviving parents equally, or if only one parent is living, his or her living parent, or if no parent is living, his or her surviving siblings equally, or if only one sibling is living, his or her surviving sibling, or if no sibling is living, his or her estate.
The designation by a married Participant of someone other than the Participant’s Spouse as a Beneficiary shall be invalid unless:
		
	(1)
	The Spouse consents in writing to the designation of any specific non‐Spouse Beneficiary which may not be changed without the Spouse’s consent (unless the Spouse’s consent expressly permits the Participant to change Beneficiary designations without further consent by the Spouse);

		
	(2)
	The consent acknowledges the effect of such designation; and 

		
	(3)
	The consent is notarized.

No spousal consent shall be required if it is established to the satisfaction of the Plan representative that such consent cannot be obtained because there is no Spouse or because the Spouse cannot be located.
Notwithstanding the foregoing, where an Employee becomes a Participant through merger of his or her account from another plan into this Plan, “Beneficiary” means the person or persons so designated under such other plan until a new Beneficiary designation is effected as described above by such Employee.
		
	(r)
	“Board” means the Board of Directors of the Company.

		
	(s)
	“Catch‐Up Contributions” means the contributions made by the Employer, on or after June 30, 2002, on behalf of an Active Participant, who will have attained age 50 before the last day of the Plan Year, on a pretax and/or Roth basis as elected by the Participant pursuant to Plan section 4.2. Catch‐Up Contributions for the Plan Year may not exceed the limit in effect for such Plan Year under Code section 414(v)(2)(B)(i), as adjusted pursuant to Code section 414(v)(2)(C).

		
	(t)
	“Code” means the Internal Revenue Code of 1986, as amended. Each Code reference in this Plan shall be deemed to include reference to any comparable or succeeding statutory provision which supplements or replaces such Code reference.

		
	(u)
	“Company” means Occidental Petroleum Corporation.

		
	(v)
	“Covered Employee” means a Plan Participant who is covered under the Plan’s eligible automatic contribution arrangement.  A Covered Employee will include all Eligible Employees hired on or after August 5, 2016, excluding interns and temporary employees.

		
	(w)
	“Disability” means the disability of:

		
	(1)
	Any Active Participant who is determined to be disabled under section 423 of Title 42 of the U. S. Code and who receives disability insurance benefits thereunder; or

		
	(2)
	Any Active Participant who is a participant in the Occidental Petroleum Corporation Long‐Term Disability Plan or, prior to March 1, 2002, the OxyVinyls, LP Long‐Term Disability Plan and who is determined to be disabled therein under the definition of “disability” applicable to the period beginning 24 months after the commencement of disability and who receives benefits thereunder. 

An Active Participant shall be considered to have incurred the Disability as of the time of the commencement of the disability benefits as described above while the Active Participant was an Employee.
A Former Participant shall be considered to have incurred the Disability and retroactively vest upon receipt of more than 18 months of benefits under the Occidental Petroleum Corporation Long-Term Disability Plan.
A Participant who claims to have incurred the Disability as a result of being determined to be disabled under section 423 of Title 42 of the U.S. Code must give written notice thereof to the Administrative Committee and submit, at the expense of the Participant, to the Administrative Committee such evidence of Disability as the Administrative Committee may require. Failure by a Participant to comply with the foregoing requirements shall be deemed conclusive evidence that such Participant has not incurred the asserted Disability. All rules with respect to the determination of Disability shall be uniformly and consistently applied to all Participants in similar circumstances.
		
	(x)
	“Earnings” means the sum of Base Pay and Annual Bonus paid to an Active Participant by an Employer during the Plan Year. Effective for Plan Years beginning after 2001, the annual Earnings of each Participant taken into account in determining allocations for any Plan Year shall not exceed $200,000, as adjusted for cost‐of‐living increases in accordance with Code section 401(a)(17)(B).

		
	(y)
	“Eligible Dividends” means, as further described in Plan section 11.2:

		
	(1)
	Between June 1, 2002 and July 18, 2007, dividends paid on Oxy Stock held in the Oxy Stock Fund attributable to the Participant’s Matching Account constituting the ESOP portion of the Plan; and 

		
	(2)
	On or after July 19, 2007, dividends paid on Oxy Stock held in the Oxy Stock Fund constituting the ESOP portion of the Plan.

		
	(3)
	Eligible Dividends paid on Oxy Stock held in the Oxy Stock Fund attributable the Participant’s Matching Account shall be reflected in the Participant’s Matching Account.  Eligible Dividends paid on Oxy Stock held in the Oxy Stock Fund attributable to other than the Participant’s Matching Account shall be reflected for recordkeeping purposes in the After-Tax Account, Pretax Account, Rollover Account, Roth Account or Roth Rollover Account from which the Eligible Dividend is derived.

		
	(z)
	“Eligible Employee” means any Employee who is employed by an Employer, unless excluded under one or more of the following categories of Employees:

		
	(1)
	Represented Employees where retirement benefits were the subject of good faith bargaining between the Employer and the union, unless the collective bargaining agreement covering the Represented Employees expressly provides participation in the Plan. Represented Employees covered by collective bargaining agreements providing for their participation in the Plan became Eligible Employees as of the dates noted in Appendix A.

		
	(2)
	Employees who are nonresident aliens who receive no earned income from the Employer which constitutes U.S.‐source income under Code section 861(a)(3), unless the Administrative Committee expressly makes the Plan available to such an Employee.

		
	(3)
	Leased Employees.

		
	(4)
	Employees of Occidental Oil and Gas Corporation who immediately before January 1, 2008 were eligible employees under the THUMS Long Beach Company Savings and Investment Plan (as defined in that plan) and who thus continue to participate under that plan. Notwithstanding the previous sentence, effective July 1, 2008, Employees of Occidental Oil and Gas Corporation who immediately before July 1, 2008 were eligible employees under the THUMS Long Beach Company Savings and Investment Plan (as defined in that plan) shall be Eligible Employees under this Plan.

		
	(aa)
	“Employee” means any person employed by the Company or an Affiliate.

Notwithstanding any other provision of this subsection, no individual shall be an Employee if such individual is not classified as a common‐law employee in the employment records of the Company or an Affiliate, without regard to whether the individual is subsequently determined to have been a common‐law employee of the Company or an Affiliate. The persons excluded by this paragraph from being Employees are to be interpreted broadly to include and to have at all times included individuals engaged by the Company or an Affiliate to perform services for such entity in a relationship that the entity characterizes as other than an employment relationship, such as where the Company or the Affiliate engages the individual to perform services as an independent contractor or leases the individual’s services from a third party. The exclusion of the individual from being an Employee shall apply even if a determination is subsequently made by the Internal Revenue Service, another governmental agency, a court or other tribunal, after the individual is engaged to perform such services, that the individual is an Employee of the Company or Affiliate for purposes of pertinent Code sections or for any other purpose.
		
	(bb)
	“Employer” means the Company and any Affiliate which is designated, in accordance Article 14, by the Board or, if authorized by the Board, the Administrative Committee and which adopts the Plan. Affiliates which are not corporations are not eligible to be Employers under the Plan.

		
	(cc)
	“ESOP” means, as further described in Plan section 1.3:

		
	(1)
	Between June 1, 2002 and July 18, 2007, the portion of the Plan comprised of the Matching Accounts, or portions thereof, invested in the Oxy Stock Fund under the Plan, at any point in time and in the aggregate, and 

		
	(2)
	On or after July 19, 2007, the Oxy Stock Fund, at any point in time and in the aggregate.

		
	(dd)
	“Excess Aggregate Contribution” means the amount contributed by or on behalf of a Highly Compensated Employee in excess of the ACP Test limit, as specified in Plan section 6.5.

		
	(ee)
	“Excess Contribution” means the amount deferred by a Highly Compensated Employee in excess of the ADP Test limit, as specified in Plan section 6.3.

		
	(ff)
	“Excess Deferral” means the amount deferred by a Participant on a pretax or Roth basis in excess of the dollar limit specified in Plan section 6.1.

		
	(gg)
	“ERISA” means the Employee Retirement Income Security Act of 1974, as from time to time amended. Each ERISA reference in this Plan shall be deemed to include reference to any comparable or succeeding statutory provision which supplements or replaces such ERISA reference.

		
	(hh)
	“Former Participant” means an Active Participant or Inactive Participant who has had a Separation from Service, but whose Account has not been fully distributed.

		
	(ii)
	“Highly Compensated Employee” means an Employee described in Code section 414(q) and includes any Employee who:

		
	(1)
	Was a 5-percent owner (as defined in Code section 416(i)(1)(B)(i)) at any time during the Plan Year or the preceding Plan Year; or

		
	(2)
	For the preceding Plan Year, received Section 415 Compensation in excess of $80,000 (as adjusted by reference to Code section 414(q)(1)).

Employees who are nonresident aliens and who receive no U.S.‐source income shall not be counted as Employees when identifying Highly Compensated Employees. In determining Highly Compensated Employees, the Administrative Committee may make any of the elections permitted under Code section 414(q), IRS Notice 97‐45 and any future guidance provided by the Internal Revenue Service.
A Former Participant shall be treated as a former Highly Compensated Employee if the Participant was a Highly Compensated Employee in a separation year, as defined in Treasury Regulations section 1.414(q)–1T, Q&A 5, or after the date on which the participant attained age 55.
		
	(jj)
	“Inactive Participant” means an Employee who was an active Participant but who is transferred to and is in a position of employment where he is no longer an Eligible Employee, as described in Plan section 3.3(b).

		
	(kk)
	“In-Plan Roth Rollover Account” means the recordkeeping account which evidences the value of In-Plan Roth Rollover Contributions, including gains and losses of the Trust Fund.

		
	(ll)
	“In-Plan Roth Rollover Contributions” means the eligible contributions made at the direction of the Employee in accordance with Code Section 402A(c)(4) and Plan section 7.8.

		
	(mm)
	“Investment Committee” means the committee appointed by the Board to administer the investments of the Plan.

		
	(nn)
	“Investment Fund” means funds that have been approved by the Investment Committee for investment in the Trust Fund and includes the Oxy Stock Fund. The Investment Committee may, from time to time in its discretion and in exercise of its fiduciary responsibilities, select different funds, add to the set of available funds, close funds to new investment, or remove one or more funds (except the Oxy Stock Fund). The current set of Investment Funds shall be maintained and documented in Appendix B.

		
	(oo)
	“Leased Employee” means any person within the meaning of Code section 414(n)(2) who is not reported on the payroll records of the Company or any Affiliate as a common law employee and who provides services to the Company or an Affiliate, but only if the services are provided under an agreement between the Company or Affiliate and a leasing organization, the person has performed services for the Company and Affiliates on a substantially full time basis for a period of at least one year, and the services are performed under the primary direction or control of the Company or Affiliate that is the service recipient.

Contributions or benefits provided to a Leased Employee by the leasing organization which are attributable to services performed for the Company and Affiliates will be treated as provided by the Company or Affiliate. If a Leased Employee subsequently becomes an Eligible Employee, Service as a Leased Employee will be credited under the Plan to the extent required by Code section 414(n).
Notwithstanding the foregoing, an individual will not be a Leased Employee for a Plan Year for nondiscrimination testing or for any other purpose, if either paragraph (1) or (2) is applicable to that individual for that Plan Year.
		
	(1)
	The individual is covered by a money purchase pension plan meeting the requirements of Code Section 414(n)(5)(B) and Leased Employees, determined without regard to the limitation in this paragraph, do not constitute more than 20% of all Nonhighly Compensated Employees of the Company and all Affiliates.

		
	(2)
	All requirements of this paragraph are satisfied for that Plan Year and each previous Plan Year with respect to which Code Section 414(n) was effective with respect to the Company or any Affiliate.

		
	(A)
	The Qualified Plans of the Company and all Affiliates exclude Leased Employees from participation and no such Qualified Plan is top-heavy (within the meaning of Code Section 416); 

		
	(B)
	The number of leased persons, providing services to the Company and all Affiliates during the Plan Year, is less than 5% of the number of Employees (excluding such leased persons and Highly Compensated Employees) covered by any Qualified Plan maintained by the Company or any Affiliate at any time during such Plan Year. An individual is a leased person for this purpose if all of the following requirements are satisfied:

		
	(i)
	During the Plan Year, the individual performs any services for the Company or any Affiliate, other than as an Employee, and the requirements of Code section 414(n)(2)(A) (relating to performing services pursuant to an agreement with the Company or any Affiliate) and Code section 414(n)(2)(C) (relating to performing services under the primary direction or control of the Company or any Affiliate) are satisfied.

		
	(ii)
	During the Plan Year, the individual is credited with at least 1,500 hours of service, including service performed as an Employee and in any other capacity. For purposes of this subparagraph, “hours of service” has the same meaning as the term “hour of service” provided by Department of Labor Regulations section 2530.200b‐2. If one of the equivalencies set forth in Department of Labor Regulations section 2530.200b‐3 is used, such equivalency shall be used on a reasonable and consistent basis and the 1,500‐hour requirement must be adjusted accordingly. With respect to determining whether an individual has satisfied the 1,500‐hour requirement, reasonable approximations may be made.

		
	(iii)
	The individual either:

		
	(I)
	Is not covered under a Qualified Plan as an Employee at any time during the Plan Year; or 

		
	(II)
	Performs at least 501 hours of service (reasonably adjusted if one of the equivalencies set forth in Department of Labor Regulations section 2530.200b–3 is used) for the Company or any Affiliate other than as an Employee.

		
	(C)
	The Administrative Committee has not been notified by the leased person and provided satisfactory evidence by the leased person that he or she is a Leased Employee.

		
	(pp)
	“Nonhighly Compensated Employee” means an Employee who is not a Highly Compensated Employee.

		
	(qq)
	“Nonrepresented Employees” means any Employee who is not a Represented Employee.

		
	(rr)
	“Matching Account” means the recordkeeping account which evidences the value of Matching Contributions and the value of Eligible Dividends paid on Oxy Stock held in the Participant’s Matching Account, including related investment gains and losses of the Trust Fund.  

		
	(ss)
	“Matching Contributions” means the contributions made by the Employer pursuant to Plan section 5.2 on account of Pretax Deferrals, Roth Contributions or After‐Tax Contributions made on behalf of or by the Participant.

		
	(tt)
	“MidCon Corp. ESOP” means the MidCon Corp. Employee Stock Ownership Plan as effective November 20, 1996.

		
	(uu)
	“Oxy Stock” means the common stock of Occidental Petroleum Corporation, which is the class of stock having the greatest voting power and dividend rights. Oxy Stock is readily tradable on established securities market within the meaning of Treasury Regulation section 1.401(a)(35)-1(f)(5) for purposes of Code sections 401(a)(22), 401(a)(28)(C), 409(h)(1)(B), 409(l) and 1042(c)(1)(A).

		
	(vv)
	“Oxy Stock Fund” means the Investment Fund that is invested primarily in Oxy Stock and such short‐term interest‐bearing securities as the Investment Committee or the Trustee considers advisable. 

		
	(ww)
	“Participant” means an Active Participant, Inactive Participant, or a Former Participant, as applicable.

		
	(xx)
	“Plan Year” means the calendar year.

		
	(yy)
	“Pretax Account” means the recordkeeping account which evidences the value of Pretax Deferrals, including related investment gains and losses of the Trust Fund.

		
	(zz)
	“Pretax Deferrals” means the contributions made by the Employer on behalf of the Participant on a pretax basis as elected by the Participant pursuant to Plan section 4.1.

		
	([[)
	“Pretax Spending Program” means the Occidental Petroleum Corporation Flexible Spending Accounts Plan.

		
	(aaa)
	“Qualified Domestic Relations Order” means a qualified domestic relations order, within the meaning of Code section 414(p), which creates or recognizes the existence of an Alternate Payee’s right to, or assigns to an Alternate Payee the right to, receive all or a portion of the benefits payable to a Participant.

		
	(bbb)
	“Qualified Plan” means a plan, other than this Plan, which is qualified under Code section 401(a).

		
	(ccc)
	“Represented Employee” means any Employee, whose employment is subject to a collective bargaining agreement.

		
	(ddd)
	“Retirement Plan” means the Occidental Petroleum Corporation Retirement Plan.

		
	(eee)
	“Rollover Account” means the recordkeeping account which evidences the value of Rollover Contributions, including related investment gains and losses of the Trust Fund.

		
	(fff)
	“Rollover Contributions” means the eligible contributions made at the direction of the Employee pursuant to Plan section 10.12; provided, however, that the Plan does not accept rollovers attributable to after-tax contributions.

		
	(ggg)
	“Roth Account” means the recordkeeping account which evidences the value of Roth Contributions, including related investment gains and losses of the Trust Fund, but excluding any forfeitures.

		
	(hhh)
	“Roth Contributions” means the contributions made by the Employer on behalf of the Participant on an after-tax basis as elected by the Participant pursuant to Plan section 4.1.  A Participant’s Roth Contributions will be separately accounted for, as will gains and losses attributable thereto, in a separate account.  Roth Contributions are not considered After-Tax Contributions for Plan purposes.

		
	(iii)
	“Roth Rollover Account” means the recordkeeping account which evidences the value of Roth Rollover Contributions, including related investment gains and losses of the Trust Fund.

		
	(jjj)
	“Roth Rollover Contributions” means an eligible rollover contribution of any payment or distribution from another Roth rollover account of the Employee.  A Participant’s Roth Rollover Contributions will be maintained in a separate account which includes any earnings properly allocable to such contributions and that will have separate recordkeeping.

		
	(kkk)
	“Separation from Service” means any termination of the employment relationship between an Employee and the Company and all Affiliates. A Separation from Service shall be deemed to occur upon the earlier of:

		
	(1)
	The date upon which the Employee quits, is discharged, is laid off, incurs a Disability, or dies; or

		
	(2)
	The first anniversary of the first day of a period in which the Employee is (and remains) absent from the Service for any reason (such as vacation, sickness, or approved leave of absence) not enumerated in paragraph (1), provided that if an Employee is granted a leave of absence but fails to return to employment at the end of the leave period, Separation from Service will be deemed to have occurred upon the date the Employee was originally granted a leave of absence.

		
	(3)
	Notwithstanding paragraph (2), the Separation from Service date of an Employee who is absent from Service beyond the first anniversary of the first day of absence by reason of a maternity or paternity leave is the second anniversary of the first day of such absence. The period between the first and second anniversaries of the first day of absence from work is neither a period of Service nor a period of severance. For purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence:

		
	(A)
	By reason of the pregnancy of the individual;

		
	(B)
	By reason of the birth of a child of the individual;

		
	(C)
	By reason of the placement of a child with the individual in connection with the adoption of such child by such individual; or 

		
	(D)
	For purposes of caring for such child for a period beginning immediately following such birth or placement.

Effective for distributions after December 31, 2001, a transaction constituting a severance of employment, within the meaning of Code section 401(k)(2)(B)(i)(I), with respect to an Employee shall also be deemed to be a Separation from Service.
An Employee of an Employer who transfers to an Affiliate that is not an Employer shall not be treated as having a Separation from Service. Moreover, an Employee’s date of quit or discharge shall not be deemed to occur until any periodic notice payments, short‐term disability payments, or weekly sickness and accident payments cease. 
An Employee who is on leave of absence in order to serve the Armed Forces of the United States shall not have a Separation from Service unless the Employee fails to report for work at the end of such leave and prior to expiration of the period in which the Employee has reemployment rights under law. The absence of any Employee who fails to return to work within the allotted time shall be subject to the provisions of paragraph (2).
		
	(lll)
	“Service” means the periods of employment credited using the elapsed time method described to an Employee under Plan section 3.4.

		
	(mmm)
	“Section 415 Compensation” means, with respect to a Participant for the period specified, the total cash and non‐cash remuneration paid to a Participant by the Employer or an Affiliate, determined as follows:

		
	(1)
	Section 415 Compensation includes all amounts described in Treasury Regulations section 1.415–2(d)(2), including:

		
	(A)
	All wages; bonuses; other amounts received (without regard to whether the amount is paid in cash) for personal services actually rendered in the course of employment with the Company or any Affiliate, to the extent that the amounts are includible in gross income for federal income tax purposes and for which the Company or Affiliate is required to furnish to the Participant a written statement under Code sections 6041(d), 6051(a)(3), and 6052;

		
	(B)
	Amounts paid or reimbursed by the Company or Affiliate for moving expenses incurred by the Participant, but only to the extent that at the time of the payment it is reasonable to believe that these amounts are not deductible by the Participant under Code section 217; and 

		
	(C)
	The value of a nonqualified stock option granted to the Participant by the Company or Affiliate, but only to the extent that the value of the option is includible in the gross income of the Participant, for federal income tax purposes, for the taxable year in which granted.

		
	(2)
	In addition, Section 415 Compensation includes all of the following:

		
	(A)
	The Participant’s Pretax Deferrals, Roth Contributions and Catch‐Up Contributions for the Plan Year;

		
	(B)
	Elective contributions that are excluded from the Participant’s gross income under a Code section 125 cafeteria plan maintained by the Participant’s Employer, such as the Pretax Spending Program; and

		
	(C)
	Any elective deferral, as defined in Code section 402(g)(3), made under a plan maintained by the Company or any Affiliate, and any amount which is contributed to or deferred by the Company or any Affiliate at the election of the Participant and which is not includible in the gross income of the Participant by reason of Code sections 125, 132(f)(4), 408(k), or 457.

		
	(D)
	Effective July 1, 2006, Section 415 Compensation includes remuneration paid by the later of 21⁄2 months after an Employee’s Separation from Service or the end of the Plan Year that includes the date of the Employee’s Separation from Service with the Company or an Affiliate, if: 

		
	(i)
	The payment is regular compensation for services during the Employee’s regular working hours, or compensation for services outside the employee’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, and, absent a Separation from Service, the payments would have been paid to the Employee while the Employee continued in employment with the Company or an Affiliate;

		
	(ii)
	The payment is for unused accrued bona fide sick, vacation or other leave that the Employee would have been able to use if there had not been a Separation from Service;

		
	(iii)
	The payment is to an individual who does not currently perform services for the Company or any Affiliate by reason of qualified military service (within the meaning of Code section 414(u)(1)) to the extent the payment does not exceed the amount the individual would have received if the individual had continued to perform services for the Company or an Affiliate rather than entering qualified military service; or

		
	(iv)
	Compensation paid to a Participant who is permanently and totally disabled (as defined in Code section 22(e)(3)), provided that salary continuation applies to all Participants who are permanently and totally disabled for a fixed or determinable period.

Any payment not described above shall not be considered Section 415 Compensation if paid after a Separation from Service, even if paid by the later of 21⁄2 months after the Separation from Service or the end of the Plan Year that includes the Separation from Service. Back pay shall be treated as Section 415 Compensation for the Plan Year to which the back pay relates to the extent the back pay represents wages and compensation that would otherwise be included under this definition.
		
	(3)
	However, Section 415 Compensation excludes all amounts described in Treasury Regulations section 1.415–2(d)(3), including the following amounts:

		
	(A)
	Any contributions made by the Company or any Affiliate to a plan of deferred compensation to the extent that, before the application of the limitations of Code section 415 to that plan, the contributions are not includible in the gross income of the employee for the taxable year in which contributed;

		
	(B)
	Distributions from a plan of deferred compensation, regardless of whether such amounts are includible in the gross income of the employee when distributed; provided, however, that distributions from and any amounts received by the Participant pursuant to an unfunded nonqualified plan are included in Section 415 Compensation in the year the amounts are includible in the gross income of the Participant;

		
	(C)
	Amounts realized from the exercise of a nonqualified stock option, or when restricted stock or property held by the Participant either becomes freely transferable or is no longer subject to a substantial risk of forfeiture; 

		
	(D)
	Amounts realized from the exercise of an incentive stock option, as defined in Code section 422, or the sale, exchange, or other disposition (including a disqualifying disposition) of stock acquired through the exercise of an incentive stock option;

		
	(E)
	Amounts realized from the sale, exchange, or other disposition of stock acquired under an employee stock purchase plan, as defined in Code section 423; and

		
	(F)
	Other amounts which receive special tax benefits, such as premiums for group‐term life insurance, but only to the extent that the premiums are not includible in the gross income of the employee for federal income tax purposes.

		
	(nnn)
	“Supplemental Plan Participant” means a Participant in this Plan who is or was also a participant in the Occidental Petroleum Corporation Supplemental Retirement Plan, effective through December 31, 2004, or the Occidental Petroleum Corporation Supplemental Retirement Plan II, effective as of January 1, 2005, as determined under Appendix G to this Plan.

		
	(ooo)
	“Spouse” means the individual of the opposite sex and, effective as of June 26, 2013, also includes an individual of the same sex, to whom a Participant is married, where the marriage was valid at the time the marriage ceremony was performed, in a state or foreign jurisdiction (the “Jurisdiction”) having legal authority to sanction such marriage, provided that such marriage has not subsequently been legally dissolved. For purposes of the Plan, such a marriage shall be treated as valid even if the couple is domiciled in a Jurisdiction that does not recognize the validity of the marriage. Notwithstanding the foregoing, for the period beginning June 26, 2013 and ending September 15, 2013, the Plan may be administered to recognize only those marriages between members of the same sex where the couple was domiciled in a Jurisdiction where the validity of the marriage was recognized during such period. For purposes of the Plan, the term “marriage” does not include a registered domestic partnership, civil union or other similar formal relationship recognized under the laws of a Jurisdiction but which is not recognized as a marriage under that Jurisdiction, even if state law provides that persons in these relationships have the same rights, protections, and benefits, under state law, as married persons.

		
	(ppp)
	“Testing Compensation” means, for purposes of the ADP Test and ACP Test, compensation within the meaning of Code section 414(s)(1), except that the Administrative Committee may elect not to include in such compensation any amount which is contributed by the Employer pursuant to a salary reduction agreement and which is not includible in gross income of the Employee under Code section 125, 132(f)(4), 402(e)(3), 402(h), or 403(b).

		
	(qqq)
	“Total Excess Aggregate Contributions” means the total amount of Excess Aggregate Contributions to be corrected to satisfy the ACP Test for the Plan Year as determined under Plan section 6.5(b).

		
	(rrr)
	“Total Excess Contributions” means the total amount of Excess Contributions to be corrected to satisfy the ADP Test for the Plan Year as determined under Plan section 6.3(b).

		
	(sss)
	“Treasury Regulations” means the regulations promulgated by the United States Department of the Treasury under the Code.

		
	(ttt)
	“Trust Agreement” means any agreement in the nature of a trust established to form a part of the Plan to receive, hold, invest, and dispose of the Trust Fund.

		
	(uuu)
	“Trust Fund” means the assets of every kind and description held under any Trust Agreement forming a part of the Plan.

		
	(vvv)
	“Trustee” means any person selected by the Company to act as Trustee under any Trust Agreement at any time of reference.

		
	(www)
	“Unit” means the unit of measure into which each Investment Fund is divided for purposes of ascertaining the share of each such fund attributable to each Participant, Beneficiary and Alternate Payee.

2.2     Gender and Number
Except as otherwise indicated by the context, any masculine or feminine terminology shall also include the opposite gender, and the definition of any term in the singular or plural shall also include the opposite number.

2.3     Headings
The headings of this Plan are inserted for convenience or reference only, and they are not to be used in the construction of the Plan.

2.4     Requirement to Be in “Written Form”
Various notices provided by the Company, the Administrative Committee, or the Investment Committee and various elections made by a Participant, Spouses, Alternate Payees and Beneficiaries are required to be in written form. Notwithstanding anything to the contrary in this Plan, any notices and elections related to the Plan may be conveyed through an electronic system or any other system approved by the Administrative Committee unless otherwise provided under applicable law or regulatory guidance. Any such notices, forms, and elections provided or made through an electronic medium shall comply with the provisions of Treasury Regulations section 1.401(a)-21.

2.5     Severability
If a provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included in the Plan.

2.6     Applicable Law
To the extent not preempted by ERISA or other federal law, the Plan and all rights hereunder shall be governed, construed, and administered in accordance with the laws of the State of Texas with the exception that any Trust Agreement shall be construed and enforced in all respects under and by the laws of the state in which the Trustee thereunder is located.

Article 3.     Participation, Service and Vesting

3.1     Date of Participation
Each Employee shall become an Active Participant as of the first day of the month in which the Employee becomes an Eligible Employee. Notwithstanding the foregoing, each Employee who becomes an Eligible Employee pursuant to a purchase or other agreement approved by the Board shall become an Active Participant as of the date, if any, specified in such agreement.  If a Covered Employee is notified that he or she is eligible to participate in the Plan on or after August 5, 2016 and does not make an affirmative election not to participate in the Plan or return an alternate election pursuant to Section 4.1, Pretax Deferrals will automatically begin being made on such Covered Employee’s behalf as described in Section 4.6.  A Covered Employee who desires to make an alternate election pursuant to Section 4.1 must do so in the manner prescribed by the Administrative Committee.

3.2     Duration
An Eligible Employee who becomes an Active Participant shall remain an Active Participant for as long as he remains an Eligible Employee or is entitled to receive any contributions or benefits hereunder.

3.3     Transfers
		
	(a)
	Transfers to Eligible Employee Status. An Employee who transfers to employment as an Eligible Employee shall become an Active Participant on the first day of the month in which such transfer takes place.

		
	(b)
	Transfers from Eligible Employee Status. A Participant who transfers to employment status where he or she no longer is an Eligible Employee shall become an Inactive Participant. 

		
	(1)
	An Inactive Participant is not eligible to make or receive Pretax Deferrals, Roth Contributions, Catch‐Up Contributions, After‐Tax Contributions (including Adjustment Contributions) or Matching Contribution on Earnings paid after the date of transfer to an ineligible status.

		
	(2)
	An Inactive Participant shall continue to accrue Service under this Plan. Upon Separation from Service, the Participant’s vested interest shall be based on total Service with the Company and all Affiliates.

		
	(3)
	An Inactive Participant remains eligible to receive in‐service withdrawals, subject to the terms of Plan section 7.2, plan loans, subject to the terms of Article 8, and to transfer eligible amounts to his or her Rollover Account or Roth Rollover Account, subject to the terms of Plan section 10.12.

3.4     Service
Service is used to determine a Participant’s vested percentage in his or her Matching Account.
		
	(a)
	General Rules. An Employee shall be credited with Service on an elapsed time basis for the period during which the employment relationship exists between the Employee and the Company or any Affiliate, the length of which shall be determined, in completed years and months, during the following periods of time:

		
	(1)
	Credit shall be given to an Employee for the period of time beginning on the first day of the month in which the individual first becomes an Employee and ending on the last day of the month in which occurs the Employee’s Separation from Service.

		
	(2)
	Credit shall be given to an Employee for each period beginning upon the date the individual has a Separation from Service and ending upon the first day of the month in which the individual first becomes an Employee thereafter but only if the Employee is reemployed within 12 months of the date of such Separation from Service.

		
	(3)
	Credit shall be given to an Employee after a Separation from Service for any period beginning on the first day of the month in which the Employee first becomes an Employee after rehire and ending on the last day of the month the Employee has a Separation from Service thereafter. 

		
	(4)
	Whenever the total number of years of Service of an Employee must be ascertained under this Plan, all noncontinuous periods of Service which are credited to such Employee shall be aggregated, regardless of the length or any period of Service and regardless of the length of any period between a Separation from Service and rehire. For purposes of aggregating such years of Service, the completed years and months credited to an Employee during any period of Service shall be added to the number of completed years and months credited to the Employee during any other period of noncontinuous Service. This Plan does not disregard periods of Service, even though permitted to do so under Code section 411(a)(6).

		
	(5)
	Service by any Leased Employee shall be credited under this section should the Leased Employee ever become an Eligible Employee under this Plan.

		
	(b)
	Special Rules. For purposes of determining an Employee’s Service under this Plan, the special Service counting rules set forth in Appendix C shall apply to increase, but not decrease, the Service of any Employee.

3.5     Vesting
		
	(a)
	Employee Accounts. A Participant’s interest in his or her Pretax Account, Roth Account, After‐Tax Account, Rollover Account, Roth Rollover Account and In-Plan Roth Rollover Account shall be fully vested at all times.

		
	(b)
	Matching Account. A Participant’s interest in his or her Matching Account shall become vested in accordance with this section, if not vested earlier under the special vesting rules of subsection (c).

		
	(1)
	Unless vested earlier under the provisions of this section, a Participant shall vest in his or her Matching Account based on the Participant’s completed years of Service. 

		
	(A)
	Effective January 1, 2007, a Participant who is first employed by a Company or any Affiliate after 2006, shall have no nonforfeitable right to his or her Matching Account until the Participant completes three years of Service and shall be 100 percent vested in his or her Matching Account when the Participant is credited with three or more years of Service. 

		
	(B)
	Effective January 1, 2007, a Participant who was first employed by the Company or any Affiliate before 2007, shall have the nonforfeitable percentage of his Matching Account determined based on the following table:

	
			
	Years of Service
	Percentage Vested

	Less than 1
	0
	%

	1
	20
	%

	2
	40
	%

	3
	100
	%

		
	(C)
	Effective January 1, 2015, an Active Participant, irrespective of when he or she was first employed by the Company or an Affiliate, shall be 100 percent vested in his or her Matching Account.

		
	(2)
	Furthermore, a Participant shall become fully vested in his or her Matching Account to the extent required under Code section 411(d)(3) and Plan section 13.2 upon a complete termination of the Plan, a partial termination of the Plan affecting the Participant, or upon a complete discontinuance of contributions to the Plan.

		
	(c)
	Special Vesting Rules. 

		
	(1)
	Notwithstanding the foregoing, a Participant described in Appendix D shall vest in his or her Matching Account under the provisions of that Appendix D, rather than subsection (b). 

		
	(2)
	A Participant shall at all times be fully vested in any Eligible Dividends with respect to which the Participant is offered a dividend pass‐through deduction to the extent required under Plan section 11.2(d)(3). These amounts will be held in either:

		
	(A)
	The Participant’s Matching Account, or 

		
	(B)
	The Participant’s Pretax Account, Roth Account, After-Tax Account, Rollover Account, Roth Rollover Account and In-Plan Roth Rollover Account, in which the Participant is always fully vested, based on the account from which the Eligible Dividend is derived.

		
	(3)
	With respect to any frozen contributions under this Plan or any Qualified Plan that is merged into this Plan, if such contributions resume under this Plan or any Qualified Plan into which this Plan is merged, then for purposes of determining the Participant’s nonforfeitable right to such contributions, a Participant shall receive credit for Service incurred both prior to and subsequent to the date such contributions were frozen.

		
	(d)
	Vesting and Benefit Payments. Being vested does not mean that a Participant is entitled to immediate distribution benefits. Benefits under the Plan shall be paid only in accordance with Article 7.

3.6     Forfeiture of Contingent Interests
Any portion of a Participant’s Account that is not vested under the provisions of Plan section 3.5 shall be forfeited upon the first to occur of the following forfeitable events: 
		
	(a)
	The Participant elects, in accordance with Plan section 7.3, to commence or receive a distribution of the value of the Participant’s vested Account on account of a Separation from Service. For this purpose, if the percentage vested in the table under Plan section 3.5(b)) is zero, the Participant will be deemed to have elected such a distribution and the nonvested portion of the Account will be immediately forfeited.

		
	(b)
	The Participant incurs five consecutive breaks in service. For this purpose, a break in service is a period of 12 months in which the Participant is absent from Service, except that if the absence is due to a maternity or paternity reason described in Plan section 2.1(lll)(3), the period between the first and second anniversaries of such absence shall be neither a period of Service nor a period of severance.

If the Participant who has forfeited his nonvested Account resumes employment as an Eligible Employee, then the cash value (determined at the time of forfeiture) of the amount forfeited shall be restored to the Participant’s Account. No buyback shall be required and the reinstatement will occur regardless of the length of the Participant’s absence from Service.

Article 4.     Active Participant Contributions

4.1     Pretax Deferrals, Roth Contributions and After‐Tax Contributions
		
	(a)
	Covered Employees will be automatically enrolled in the Plan as described in Plan section 4.6 below.

		
	(b)
	Except as otherwise provided in this Plan, each Active Participant may elect to contribute as After‐Tax Contributions or to have the Employer contribute on the Participant’s behalf as Pretax Deferrals and Roth Contributions an amount of the Participant’s Base Pay which together is from 1 percent to the contribution percentage limit specified for the Active Participant in Appendix E for the Plan Year. The Administrative Committee may adjust the contribution percentage limit specified in Appendix E at the beginning of each Plan Year without the need of a formal Plan amendment, provided that any such limitations shall be communicated to eligible Participants in advance of the pay periods to which such limitations will apply. The percentage elected of Pretax Deferrals, Roth Contributions and/or After‐Tax Contributions may be in increments of a tenth of a percent.  

The Participant’s elected Pretax Deferral, Roth Contribution and After-Tax Contribution percentages shall apply, but not in excess of an aggregate of 5 percent, to the Active Participant’s Annual Bonus. The Annual Bonus shall be counted for this purpose in the Plan Year it is paid even if it is received for services performed in a prior Plan Year.  Effective January 1, 2017, unless the Participant affirmatively elects otherwise, with respect to any Participant hired prior to August 5, 2016, the election in effect as of August 5, 2016 will apply to any Annual Bonus paid in the 2017 Plan Year and any subsequent plan year until the Participant affirmatively elects otherwise.  Effective August 8, 2016, any Participant subject to automatic enrollment pursuant to Section 4.6, must make a separate election to make Pretax Deferrals, Roth Contributions and After-Tax Contributions from Participant’s Annual Bonus.
		
	(c)
	Notwithstanding anything in this Plan to the contrary, no Participant shall be permitted to have elective deferrals made under this Plan, or any other Qualified Plan maintained by the Company or Affiliates during any taxable year, in excess of the dollar limitation contained in Code section 402(g)(1) in effect for such taxable year, except to the extent permitted under Code section 414(v).

		
	(d)
	No benefits other than Matching Contributions shall be conditioned on a Participant’s election to make After‐Tax Contributions or have Pretax Deferrals and Roth Contributions made on the Participant’s behalf under this Plan. Any portion of a contribution that is not designated as a Pretax Deferral, Roth Contribution or Catch‐Up Contribution shall be designated as an After‐Tax Contribution.

		
	(e)
	The Participant’s election made under this section shall be made in accordance with the rules set forth in this Article and such other rules of nondiscriminatory application as the Administrative Committee may prescribe for the proper administration of the Plan.

4.2     Catch‐Up Contributions
Each Active Participant who will have attained age 50 before the close of the Plan Year shall be eligible to make Catch‐Up Contributions in accordance with and subject to the limitations of Code section 414(v) for pay periods ending after July 1, 2002.  Each Participant must elect whether such Catch-Up Contributions will be in the form of Pretax Deferrals or Roth Contributions.
		
	(a)
	Catch‐Up Contributions shall not be taken into account for purposes of the provisions of Plan sections 6.1 and 6.6, implementing the required limitations of Code sections 402(g) and 415, respectively. 

		
	(b)
	The Plan shall not be treated as failing to satisfy the provisions of the Plan sections 6.2, 6.4, or Article 15, implementing the requirements of Code section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416, as applicable, by reason of the making of Catch‐Up Contributions.

		
	(c)
	Elections to make Catch‐Up Contributions shall be made separately from the Active Participant’s election of Pretax Deferrals or Roth Contributions under Plan section 4.1, shall not be subject to the contribution percentage limit on Pretax Deferrals and Roth Contributions specified in Plan section 4.1, and shall be made in accordance with uniform procedures established by the Administrative Committee. Such election procedures will require the eligible Active Participant to elect Catch‐Up Contributions as a fixed dollar amount per pay period.

		
	(d)
	Under no circumstances will Catch‐Up Contributions elected under this Plan section entitle the Participant to Matching Contribution, even if it is later determined that the contribution is not a Catch‐Up Contribution because it is less than an applicable limit.

		
	(e)
	For purposes of recordkeeping and communications with Participants, Catch‐Up Contributions, Pretax Deferrals and Roth Contributions may be aggregated and reported as held in the Participant’s Pretax Account or Roth Account, as applicable, without changing the character of any Catch‐Up Contributions as such for purposes of Code section 414(v).

4.3     Election Procedures
		
	(a)
	Each Active Participant shall be permitted to make the elections described in Plan section 4.1 and, if eligible, Plan section 4.2 in the manner prescribed by the Administrative Committee. If a Participant has elected to begin, stop, increase, or decrease Pretax Deferrals, Roth Contributions, After‐Tax Contributions or, if eligible, Catch‐Up Contributions, the Active Participant may file a new election in the manner prescribed by the Administrative Committee to change Pretax Deferrals, Roth Contributions, After‐Tax Contributions or, if eligible, Catch‐Up Contributions at any time and such election shall become effective on the first pay period following the date on which the election is properly received. The election shall remain in effect until changed by the Active Participant or until he or she ceases to be an Active Participant or goes on an unpaid leave of absence.

		
	(b)
	If an Active Participant becomes an Inactive Participant or Former Participant, or goes on unpaid leave of absence, any Pretax Deferrals, Roth Contributions, After‐Tax Contributions and Catch‐Up Contributions for the Participant shall cease. If the individual again becomes an Active Participant or returns from an unpaid leave of absence, he or she may make a new election under this section.

		
	(c)
	All elections shall apply to Earnings paid in the first available payroll period following the date the election is processed and shall be irrevocable for such period. In addition, except for occasional, bona fide administrative considerations, Pretax Deferrals, Roth Contributions and Catch‐Up Contributions made pursuant to such elections cannot precede the earlier of the performance of services relating to the Pretax Deferrals, Roth Contributions or Catch‐Up Contributions and the date when the Earnings subject to the election would be currently available to the Participant in the absence of an election to defer.

4.4     Salary Reduction
Each Active Participant who makes a Pretax Deferral or Roth Contribution election described in Plan section 4.1 or, if eligible, a Catch‐Up Contribution election described in Plan section 4.2 shall, by the act of making such election or elections, have his or her Earnings reduced by an equivalent amount for so long as the election remains in effect.

4.5     Deposit and Crediting of Deferrals and Contributions
Pretax Deferrals, Roth Contributions, After‐Tax Contributions, and Catch‐Up Contributions shall be transferred to the Trust Fund as soon as reasonably practicable after the payroll payment date at which a corresponding amount would have been paid to the Participant in the absence of the election of such contributions. Pretax Deferrals shall be allocated to the Participant’s Pretax Account; Roth Contributions shall be allocated to the Participant’s Roth Account; Catch‐Up Contributions shall be allocated to the Participant’s Pretax Account and/or Roth Account, as applicable, and After‐Tax Contributions shall be allocated to the Participant’s After‐Tax Contribution Account as of the payroll payment date on which the corresponding amount would have been paid in absence of the elections under Plan section 4.1 and, if applicable, Plan section 4.2, but shall share in any investment gains and losses only after they are received by the Trust Fund.

4.6     Eligible Automatic Enrollment Arrangement
		
	(a)
	Effective Date.  For Covered Employees hired on or after August 5, 2016, the following automatic enrollment procedures will apply.

		
	(b)
	Default Percentage.  A Covered Employee will have a reasonable opportunity after receipt of the automatic enrollment notice to make an alternate election.  If a Covered Employee fails to make an alternate election, Pretax Deferrals will automatically begin being made on such Covered Employee’s behalf, in an amount equal to 5% of his or her Base Pay (i.e., the “Default Percentage”) on the Covered Employee’s date of hire.    

		
	(c)
	Alternate Election.  In the event a Covered Employee does not desire to have Pretax Deferrals made on his or her behalf at the Default Percentage, the Covered Employee may elect a different amount up to the contribution percentage limit specified for the Active Participant in Appendix E for the Plan Year or elect to not participate in the Plan.  Any alternate election is to be made in accordance with the election procedures set forth in Section 4.3 above.

		
	(d)
	Withdrawal.  No later than 30 days after default Pretax Deferrals are first withheld from a Covered Employee’s Base Pay, the Covered Employee may request a distribution of his or her default Pretax Deferrals.  The amount to be distributed from the Plan upon the Covered Employee’s request is equal to the amount of default Pretax Deferrals made through the earlier of (a) the pay date for the second payroll period that begins after the Covered Employee’s withdrawal request and (b) the first pay date that occurs 30 days after the Eligible Employee’s request, plus attributable earnings through the date of distribution.  Unless the Covered Employee affirmatively elects otherwise, any withdrawal request will be treated as an affirmative election to cease default Pretax Deferrals made on the Covered Employee’s behalf.  Default Pretax Deferrals distributed pursuant to this Section 4.6(d) are not counted towards the Code Section 402(g) limit. Matching Contributions that might otherwise be allocated to a Covered Employee’s Account on behalf of default Pretax Deferrals will not be allocated to the extent the Covered Employee withdraws such default Pretax Deferrals pursuant to this Section 4.6(d) and any Matching Contributions already made on account of such default Pretax Deferrals that are later withdrawn pursuant to this Section 4.6(d) will be forfeited and subject to allocation as a forfeiture.

Article 5.     Employer Contributions

5.1     Employees Eligible for Matching Contributions
Subject to the other provisions of this Plan, the Employer shall contribute Matching Contributions to this Plan only for a Participant who was an Active Participant during the pay period for which the corresponding Pretax Deferrals and/or Roth Contributions (including amounts recharacterized as Adjustment Contributions) or After‐Tax Contributions were made. Notwithstanding any Plan provision to the contrary, any Matching Contribution (including any investment gain attributable thereto), which relates to an Excess Deferral under Plan section 6.1, Excess Contribution under Plan section 6.3 (unless recharacterized as Adjustment Contributions) or Excess Aggregate Contribution under Plan section 6.5 shall be forfeited and shall not be treated as a Matching Contribution with respect to the Participant for the Plan Year. 

5.2     Amount of Matching Contributions
Matching Contributions shall be made on behalf of an Active Participant for each payroll period for which Pretax Deferrals, Roth Contributions or After-Tax Contributions were made with respect to the Participant for the Plan Year. Matching Contributions may also be made on behalf of eligible Participants, as the Employer or Administrative Committee deems necessary or appropriate for administrative purposes, at such other times, but not later than 12 months after the end of the Plan Year. The amount of Matching Contributions allocated to the Participant’s Matching Contributions Account shall be equal to the matching percent shown in the table in Appendix F, based on the employment classification of the Participant on the last day of the payroll period, multiplied by the Pretax Deferrals (including an Adjustment Contribution), Roth Contribution (including an Adjustment Contribution) or After-Tax Contribution made with respect to the Participant on the Participant’s first 5 percent of Base Pay and Annual Bonus for the pay period. With respect to United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, Local 12773 represented employees, the amount of Matching Contributions allocated to the Participant’s Matching Contributions Account shall be equal to the matching percent shown in the table in Appendix F, based on the employment classification of the Participant on the last day of the payroll period, multiplied by the Pretax Deferrals (including an Adjustment Contribution), Roth Contributions (including an Adjustment Contribution) or After-Tax Contribution made with respect to the Participant on the Participant’s first 4 percent of Base Pay and Annual Bonus for the pay period. Effective February 29, 2016, the Matching Contributions allocated with respect to United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, Local 12773 represented employees will be the same as for other Active Participants.  Effective January 1, 2016, the Matching Contributions allocated with respect to United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, Local 2154-03 represented employees will be the same as for other Active Participants. The Administrative Committee may limit the amount of Matching Contributions made on behalf of a Participant to the extent that the Administrative Committee determines necessary to comply with the limits of Article 6.

5.3     Depositing and Crediting Matching Contributions
The Company shall make such contributions to the Trust Fund as are required by this Plan, subject to the right of the Company to discontinue the Plan. The Company shall contribute an amount which, when added to forfeitures under Plan section 11.3, is sufficient to provide the Matching Contribution allocations required by Plan section 5.2.
Matching Contributions shall be transferred to the Trust Fund as soon as reasonably practicable after the payroll payment date at which the corresponding Pretax Deferrals, Roth Contributions or After‐Tax Contributions would have been paid to the Participant in the absence of the election of such contributions. Matching Contributions shall be allocated to the Participant’s Matching Account as of the payroll payment date on which the corresponding amount would have been paid in absence of the Participant’s election, but shall share in any investment gains and losses only after they are received by the Trust Fund.

Article 6.     Benefit Limitations

6.1     Elective Deferral Limit
		
	(a)
	Dollar Limit. For any calendar year, the sum of the following items shall not exceed the elective deferral dollar limit of Code section 402(g)(1), as adjusted pursuant to Code section 402(g)(4):

		
	(1)
	All Pretax Deferrals and Roth Contributions (but not Catch‐Up Contributions) made on behalf of an Active Participant for that calendar year; and

		
	(2)
	Any other pretax or Roth contributions made for the calendar year to any Qualified Plan maintained by the Company or any Affiliate which are elective deferrals as defined in Code section 402(g)(3), but not including any such elective deferrals that are catch‐up contributions under Code section 414(v).

Any amount deferred in excess of the dollar limit stated in this subsection is referred to as an Excess Deferral.
		
	(b)
	Calendar Year as Participant’s Taxable Year. A Pretax Deferral and Roth Contribution made on behalf of an Active Participant shall be treated as made for a calendar year, for purposes of Plan section 6.1(a)(1) if it is made on account of the Active Participant’s election to reduce Compensation that would otherwise be payable within that calendar year.

		
	(c)
	Preventing Excess Deferrals. If before the end of a calendar year, the Administrative Committee determines (or the Active Participant notifies his or her Employer that he or she has determined) that Pretax Deferrals and/or Roth Contributions to be made on behalf of an Active Participant for that calendar year would exceed the limits of this section or Code section 402(g), then the Administrative Committee shall take one or both of the following steps, to the extent necessary, to avoid exceeding the limits of this section or Code section 402(g):

		
	(1)
	Permit an Active Participant to submit a revised election under Plan section 4.1; or

		
	(2)
	Reduce Pretax Deferrals and/or Roth Contributions that otherwise would be made, pursuant to the Participant’s current election, for the rest of the calendar year (and adjust the corresponding reductions in Earnings) so that the limits are not exceeded.

		
	(d)
	Correcting Excess Deferrals. If Excess Deferrals have been made on the Participant’s behalf in excess of the limits of Code section 402(g), then the Excess Deferrals shall be corrected as follows:

		
	(1)
	The Participant must notify the Administrative Committee, by such other means as the Administrative Committee shall prescribe, no later than March 1, immediately following the close of a calendar year, stating that the sum of the items described in subsection 6.1(a) are in excess of the limits of Code section 402(g). The notice provided by the Participant shall state the portion of such excess amount that has been allocated to this Plan as an Excess Deferral. The amount of the Excess Deferral allocated to this Plan shall not exceed the total amount of the Pretax Deferrals and/or Roth Contributions (excluding Catch‐Up Contributions) made on behalf of the Participant for that calendar year. The Administrative Committee may require the Participant to certify to the amount of the Excess Deferral and to provide substantiating evidence satisfactory to the Administrative Committee.

		
	(2)
	If the Active Participant does not provide the notice described in paragraph (1) by the following March 1, but it is determined that Pretax Deferrals and/or Roth Contributions (excluding Catch‐Up Contributions) made on behalf of an Active Participant for a calendar year inadvertently exceed the limits of subsection (a), then the Excess Deferral for the calendar year shall be distributed in accordance with this subsection.

		
	(3)
	The Administrative Committee shall direct the Trustee to distribute, by April 15 following the close of the calendar year, the Excess Deferral for that calendar year allocated (or deemed allocated) to the Plan by the Participant.  Any Excess Deferrals shall be treated as consisting first of any Pretax Deferrals made by the Participant for such Plan Year, as applicable, and second any Roth Contributions which the Participant made for the Plan Year, as applicable, except as otherwise elected by the Participant.  The distributed Excess Deferral shall be withdrawn from the Investment Funds in which the Pretax Account and/or Roth Account, as applicable, is then invested on a pro rata basis. The Trustee shall also distribute the net income attributable to the Excess Deferrals, as determined by the Administrative Committee in accordance with one of the methods permitted under Treasury Regulations section 1.402(g)–1(e)(5) disregarding, effective January 1, 2007, any provision of prior regulations relating to the distribution of gap period earnings. Corrective distributions under this subsection shall be coordinated with distributions of Excess Contributions under Plan section 6.3 in accordance with Treasury Regulations sections 1.401(k)–1(f)(5) and 1.402(g)–1(e)(6). Any Matching Contributions that have been made with respect to Excess Deferrals that are distributed to a Highly Compensated Employee, in accordance with this subsection, shall be forfeited, as soon as is practicable after corrective distributions are made. Such Matching Contributions shall be forfeited, whether or not the Participant would otherwise have a vested interest in those Matching Contributions, pursuant to Plan section 3.5.

6.2     Discrimination Limits on Pretax Deferrals and Roth Contributions
As of the last day of each Plan Year, the Administrative Committee shall require testing of Pretax Deferrals and Roth Contributions made for the Plan Year to assure that the Actual Deferral Percentage (ADP) for the Plan Year of Participants who are Highly Compensated Employees does not exceed the ADP Test limits specified in this Plan section.
		
	(a)
	Aggregation, Disaggregation and Restructuring. The rules of this section shall be administered so as to comply with the mandatory disaggregation requirements of Treasury Regulations section 1.410(b)‐7(c) and, if the Administrative Committee chooses, the permissive aggregation rules of Treasury Regulations section 1.410(b)‐7(d), provided that any aggregated plans shall use the same testing method under Treasury Regulations section 1.401(k)‐2(a)(2)(ii) (i.e., current year or prior year testing method) as is used by the Plan for the Plan Year. Notwithstanding the foregoing, effective January 1, 2004, the mandatory disaggregation rules relating to the ESOP and non‐ESOP portions of the Plan shall not apply.

		
	(1)
	To the extent required by the mandatory disaggregation rules, Represented Employees and Nonrepresented Employees shall be treated as comprising separate plans for purposes of applying the ADP Test. Notwithstanding the foregoing, the Administrative Committee may treat two or more separate collective bargaining units as a single collective bargaining unit for purposes of applying the ADP Test, provided that the combinations of units are determined on a basis that is reasonable and reasonably consistent from Plan Year to Plan Year.

		
	(2)
	If, after application of the mandatory disaggregation rules, this Plan is permissively aggregated with one or more other plans that include qualified cash or deferred arrangements for purposes of Code section 401(a)(4) or 410(b), then the cash or deferred arrangements of this Plan and such other plans shall be treated as one arrangement for purposes of this Plan section.

		
	(3)
	In determining whether the restrictions of this Plan section are met, the Administrative Committee may exclude from the ADP Test all Eligible Employees who are not Highly Compensated Employees and who have not met the minimum age and service requirements of Code section 410(a)(1)(A), if the Administrative Committee elects to apply Code section 410(b)(4)(B). Alternatively, the Administrative Committee may apply the ADP Test separately to all Eligible Employees who have not met the minimum age and service requirements of Code section 410(a)(1)(A).

		
	(b)
	ADP Test. The Actual Deferral Percentage for the Plan Year of Participants who are Highly Compensated Employees shall not exceed the greater of:

		
	(1)
	The product of 1.25 and the Actual Deferral Percentage for the current Plan Year for the Eligible Employees who are not Highly Compensated Employees for the current Plan Year; or

		
	(2)
	The lesser of:

		
	(A)
	The product of two and the Actual Deferral Percentage for the current Plan Year for the Eligible Employees who are not Highly Compensated Employees for the current Plan Year, or

		
	(B)
	The Actual Deferral Percentage for the current Plan Year for the Eligible Employees who are not Highly Compensated Employees for the current Plan Year plus two percentage points.

By an amendment to the Plan, the Administrative Committee may elect to apply paragraphs (1) and (2) by using the Actual Deferral Percentage of Employees who are not Highly Compensated Employees for the prior Plan Year only if the current year testing method has been used for at least the last five Plan Years. If the Plan is aggregated with any other Qualified Plan, the Actual Deferral Percentage of Employees who are not Highly Compensated Employees for the prior Plan Year may be used only if the Plan is amended to so provide and each Qualified Plan that is aggregated with this Plan used the current year method for at least the last five years (or, if shorter, the period that such other Qualified Plan was in existence, including years in which the Qualified Plan was a portion of another Qualified Plan).
		
	(c)
	The restrictions of this section shall be based on the Participant’s actual Testing Compensation while an Active Participant and total Pretax Deferrals and Roth Contributions allocated to the Participant’s Account for the Plan Year. The Administrative Committee is authorized to restrict the Pretax Deferrals and Roth Contributions of Highly Compensated Employees in a uniform manner if it determines, based on advance testing done during the Plan Year, that such restriction is necessary or appropriate to assure final Plan Year compliance with restrictions of this section.

6.3     Corrective Measures if ADP Test Failed
If, at the end of the Plan Year, the Administrative Committee determines that the Actual Deferral Percentage of Highly Compensated Employees exceeds the maximum permitted for the Plan Year under the ADP Test, then the Administrative Committee shall take the corrective steps described in this Plan section so that the requirements of Plan section 6.2 are met for the Plan Year. Pretax Deferrals and Roth Contributions, along with any other elective deferrals made to other qualified cash or deferred arrangements that are included in the Actual Deferral Percentage of a Highly Compensated Employee, exceeding the ADP Test limits are referred to as Excess Contributions.
		
	(a)
	Correction Methods. To the extent permitted under Treasury Regulations section 1.401(k)‐2(b)(3) and this Plan section, the Administrative Committee shall first recharacterize Excess Contributions, along with allocable investment gains and losses, as Adjustment Contributions. To the extent Excess Contributions remain for the Plan Year, the Administrative Committee shall next distribute the Excess Contributions, along with allocable investment gains and losses, pursuant to Treasury Regulations section 1.401(k)‐2(b)(2) and this Plan section. Regardless of whether recharacterized or distributed, all corrections of Excess Contributions shall be made in accordance with Treasury Regulations section 1.401(k)‐2(b)(4) and this Plan section.

		
	(b)
	Determining Total Excess Contributions. The amount of Excess Contributions attributable to each Highly Compensated Employees is the amount by which Pretax Deferrals and Roth Contributions, along with any other elective deferrals made to other qualified cash or deferred arrangements that are included in the Actual Deferral Percentage of a Highly Compensated Employee, must be reduced so that the Actual Deferral Percentage for that Highly Compensated Employee is reduced to the maximum permissible Actual Deferral Percentage for Highly Compensated Employees. The maximum permissible Actual Deferral Percentage for Highly Compensated Employees is determined by reducing the Actual Deferral Percentage for the Highly Compensated Employee with the highest Actual Deferral Percentage for the Plan Year to the Actual Deferral Percentage for the Highly Compensated Employee with the next highest Actual Deferral Percentage. If a lesser reduction would enable the ADP Test to be satisfied, only the lesser reduction is used to determine the maximum permissible Actual Deferral Percentage. This procedure is repeated until the ADP Test would be satisfied. The total amount of Excess Contributions to be corrected is equal to the sum of the dollar amounts computed under this subsection for each Highly Compensated Employee and is to be referred to as the Total Excess Contributions.

		
	(c)
	Apportionment of Total Excess Contributions. Total Excess Contributions for the Plan Year shall be apportioned among Highly Compensated Employees as provided in this subsection.

		
	(1)
	Pretax Deferrals and/or Roth Contributions allocated to the Highly Compensated Employee with the highest dollar amount of Pretax Deferrals and/or Roth Contributions taken into account under the ADP Test for the Plan Year, including any other elective deferrals made to other qualified cash or deferred arrangements that are included in the Actual Deferral Percentage of a Highly Compensated Employee, shall be reduced by the amount required to cause that Highly Compensated Employee’s remaining amount of Pretax Deferrals and/or Roth Contributions for the Plan Year to be equal to the dollar amount of Pretax Deferrals and/or Roth Contributions for the Highly Compensated Employee with the next highest dollar amount. This amount shall be allocated as the Excess Contribution for the Highly Compensated Employee, unless a smaller reduction, when added to the total dollar amount already allocated as Excess Contributions for other Highly Compensated Employees pursuant to this procedure equals the Total Excess Contributions for the Plan Year.  Excess Contributions shall be treated as consisting first of any Pretax Deferrals made by the Participant for such Plan Year, as applicable, and second any Roth Contributions which the Participant made for the Plan Year, as applicable, except as otherwise elected by the Participant.   

		
	(2)
	If a Highly Compensated Employee’s Excess Contributions include elective deferrals made to other qualified cash or deferred arrangements that are included in the Actual Deferral Percentage of a Highly Compensated Employee, then the Excess Contribution of that to the Highly Compensated Employee shall not exceed the Pretax Deferrals and/or Roth Contributions made under this Plan for the Plan Year. Any portion of the Total Excess Contributions which is apportioned to a Highly Compensated Employee pursuant to this subsection, but which cannot be corrected because of the preceding sentence, shall be apportioned to the Highly Compensated Employee with the next lowest total dollar amount of Pretax Deferrals and/or Roth Contributions and that Highly Compensated Employee’s Excess Contributions shall be reduced by an amount which includes the amount not corrected for the other Highly Compensated Employee.

		
	(3)
	If the total amount corrected under this subsection is less than the Total Excess Contributions for the Plan Year, the procedure in this paragraph shall be repeated until the total amount corrected is equal to the Total Excess Contributions for the Plan Year.

		
	(4)
	The investment gains and losses allocable to the Excess Contributions are equal to the sum of allocable investment gains and losses for the Plan Year and allocable gains and losses after the Plan Year for which the distribution is made. The allocable investment gain or loss attributable to the Excess Contributions may be determined in accordance with any of the methods permitted under Treasury Regulations section 1.401(k)‐2(b)(2)(iv), disregarding any provisions relating to the distribution of gap period earnings, and may be determined up to seven days before the date of the correction.

		
	(5)
	Excess Contributions of the Highly Compensated Employee with respect to which Matching Contributions were not made shall be corrected to the extent necessary under this Plan section before Excess Contributions of that Highly Compensated Employee with respect to which Matching Contributions were made.

		
	(6)
	The requirements of this Plan section shall be deemed to have been satisfied if the total dollar amount corrected equals the Total Excess Contributions with allocable investment gains and losses, even if:

		
	(A)
	The ADP Test would not satisfy the requirements of Plan section 6.2, if the test were rerun including in the test only Pretax Deferrals and/or Roth Contributions that were not corrected under this subsection; or

		
	(B)
	The amount corrected with respect to each Highly Compensated Employee is different from the amount computed for purposes of calculating the Total Excess Contributions amount.

		
	(d)
	Rules Applicable to Adjustment Contributions. Excess Contributions shall not be treated as corrected even if recharacterized under this subsection (d), unless the requirements of this subsection are met.

		
	(1)
	Excess Contributions that are recharacterized as Adjustment Contributions must be reported to the Internal Revenue Service and the Highly Compensated Employee as included in gross income of the Highly Compensated Employees to the same extent they would have been included in gross income if distributed.

		
	(2)
	Excess Contributions must be recharacterized as Adjustment Contributions no later than 21⁄2 months after the close of the Plan Year. For this purpose, recharacterization will be deemed to have occurred on the date on which the last Highly Compensated Employee is notified that his or her Pretax Deferrals and/or Roth Contributions are being recharacterized as Adjustment Contributions.

		
	(3)
	Excess Contributions may be recharacterized as Adjustment Contributions for a Plan Year only if the Plan allows After‐Tax Contributions for that Plan Year and such Adjustment Contributions are included in the ACP Test for the Plan Year.

		
	(4)
	Investment gains and losses allocable to Excess Contributions shall be allocated to the corresponding Adjustment Contributions after recharacterization.

		
	(e)
	Rules Applicable to Distributions. Excess Contributions shall not be treated as corrected even if distributed under this subsection (e), unless the requirements of this subsection are met.

		
	(1)
	Excess Contributions and allocable investment gains and losses must be distributed to the Highly Compensated Employee to whom it has been allocated within 12 months after the close of the Plan Year for which the Excess Contribution arose. 

		
	(2)
	The distributed Excess Contributions and allocable investment gains and losses shall be taken from the Investment Funds in which the Pretax Account and/or Roth Account is then invested on a pro rata basis.

		
	(3)
	Any Matching Contributions that have been made with respect to Excess Contributions that are distributed to a Highly Compensated Employee shall be forfeited, as soon as is practicable after corrective distributions are made. Such Matching Contributions shall be forfeited, whether or not the Participant would otherwise have a vested interest in those Matching Contributions, pursuant to Plan section 3.5.

		
	(4)
	If the Highly Compensated Employee received a full distribution of his or her Account before Excess Contributions and allocable investment gains and losses are distributed to the Highly Compensated Employee, then the prior distribution shall be reported for taxation purposes as first a correction of Excess Contributions and allocable investment gains and losses to the extent required under this Plan section.

		
	(5)
	A distribution of Excess Contributions and allocable investment gains and losses shall in no event be treated as satisfying a required minimum distribution for purposes of Code section 401(a)(9) and Plan section 7.6.

		
	(6)
	The distribution required by this Plan section may be made notwithstanding any other Plan provision.

6.4     Discrimination Limits on Matching Contributions, After‐Tax Contributions, and Adjustment Contributions
As of the last day of each Plan Year, the Administrative Committee shall require testing of Matching Contributions, After‐Tax Contributions, and Adjustment Contributions made for the Plan Year for Participants, who were not Represented Employees for the period for which the contributions were made, to assure that the Average Contribution Percentage for the Plan Year of such Participants who are Highly Compensated Employees does not exceed the limits specified in the ACP Test. The rules of this section shall not apply at all to Matching Contributions, After‐Tax Contributions, and Adjustment Contributions made for the Plan Year for Participants who are Represented Employees for the period for which the contributions are made.
		
	(a)
	Aggregation, Disaggregation and Restructuring. The rules of this section shall be administered so as to comply with the mandatory disaggregation requirements of Treasury Regulations section 1.410(b)‐7(c) and, if the Administrative Committee chooses, the permissive aggregation rules of Treasury Regulations section 1.410(b)‐7(d), provided that any aggregated plans shall use the same testing method under Treasury Regulations section 1.401(k)‐2(a)(2)(ii) (i.e., current year or prior year testing method) as is used by the Plan for the Plan Year. Notwithstanding the foregoing, effective January 1, 2004, the mandatory disaggregation rules relating to the ESOP and non‐ESOP portions of the Plan shall not apply.

		
	(1)
	If, after application of the mandatory disaggregation rules, in the preceding paragraph, this Plan is permissively aggregated with one or more other plans that include matching or after‐tax contributions subject to contribution testing under Code section 401(m) for purposes of Code section 401(a)(4) or 410(b), then this Plan and such other plans shall be treated as one arrangement for purposes of this Plan section. 

		
	(2)
	In determining whether the restrictions of this Plan section are met, the Administrative Committee may exclude from the ACP Test all Eligible Employees who are not Highly Compensated Employees and who have not met the minimum age and service requirements of Code section 410(a)(1)(A), if the Administrative Committee elects to apply Code section 410(b)(4)(B). Alternatively, the Administrative Committee may apply the ACP Test separately to all Eligible Employees who have not met the minimum age and service requirements of Code section 410(a)(1)(A).

		
	(b)
	ACP Test. The Average Contribution Percentage for the Plan Year of Participants who are Highly Compensated Employees shall not exceed the greater of:

		
	(1)
	The product of 1.25 and the Average Contribution Percentage for the current Plan Year for the Eligible Employees who are not Highly Compensated Employees for the current Plan Year; or

		
	(2)
	The lesser of:

		
	(A)
	The product of two and the Average Contribution Percentage for the current Plan Year for the Eligible Employees who are not Highly Compensated Employees for the current Plan Year, or

		
	(B)
	The Average Contribution Percentage for the current Plan Year for the Eligible Employees who are not Highly Compensated Employees for the current Plan Year plus two percentage points.

By an amendment to the Plan, the Administrative Committee may elect to apply paragraphs (1) and (2) by using the Average Contribution Percentage of Employees who are not Highly Compensated Employees for the preceding Plan Year rather than the current Plan Year except that such election may not be changed unless permitted by the Internal Revenue Service.
		
	(c)
	The restrictions of this section shall be based on the Participant’s actual Testing Compensation while an Active Participant and total Matching Contributions, After‐Tax Contributions and Adjustment Contributions allocated to the Participant’s Account for the Plan Year. The Administrative Committee is authorized to restrict the After‐Tax Contributions of Highly Compensated Employees in a uniform manner if it determines, based on advance testing done during the Plan Year, that such restriction is necessary or appropriate to assure final Plan Year compliance with restrictions of this section.

6.5     Corrective Measures if ACP Test Failed
If, at the end of the Plan Year, the Administrative Committee determines that the Average Contribution Percentage of Highly Compensated Employees exceeds the maximum permitted for the Plan Year under the ACP Test, then the Administrative Committee shall take the corrective steps described in this Plan section so that the requirements of Plan section 6.4 are met for the Plan Year. Matching Contributions, After‐Tax Contributions, and Adjustment Contributions, along with any other matching contributions and after‐tax contributions (including any recharacterized elective deferrals) made to other Qualified Plans that are included the Actual Deferral Percentage of a Highly Compensated Employee, exceeding the ACP Test limits are referred to as Excess Aggregate Contributions.
		
	(a)
	Correction Method. The Administrative Committee shall distribute or forfeit Excess Aggregate Contributions, along with allocable investment gains and losses, pursuant to Treasury Regulations section 1.401(m)‐2(b)(2) and this Plan section.

		
	(b)
	Determining Total Excess Aggregate Contributions. The amount of Excess Aggregate Contributions attributable to each Highly Compensated Employee is the amount by which Matching Contributions, After‐Tax Contributions and Adjustment Contributions, along with any other matching contributions and after‐tax contributions (including any recharacterized elective deferrals) made to other Qualified Plans that are included the Average Contribution Percentage of a Highly Compensated Employee, must be reduced so that the Average Contribution Percentage for that Highly Compensated Employee is reduced to the maximum permissible Average Contribution Percentage for Highly Compensated Employees. The maximum permissible Average Contribution Percentage for Highly Compensated Employees is determined by reducing the Average Contribution Percentage for the Highly Compensated Employee with the highest Average Contribution Percentage for the Plan Year to the Average Contribution Percentage for the Highly Compensated Employee with the next highest Average Contribution Percentage. If a lesser reduction would enable the ACP Test to be satisfied, only the lesser reduction is used to determine the maximum permissible Average Contribution Percentage. This procedure is repeated until the ACP Test would be satisfied. The total amount of Excess Aggregate Contributions to be corrected is equal to the sum of the dollar amounts computed under this subsection for each Highly Compensated Employee and is be referred to as the Total Excess Aggregate Contributions.

		
	(c)
	Apportionment of Total Excess Aggregate Contributions. Total Excess Aggregate Contributions for the Plan Year shall be apportioned as provided in this subsection.

		
	(1)
	Excess Aggregate Contributions allocated to the Highly Compensated Employee with the highest dollar amount of Matching Contributions, After‐Tax Contributions and Adjustment Contributions taken into account under the ACP Test for the Plan Year shall be reduced by the amount required to cause that Highly Compensated Employee’s remaining amount of Matching Contributions, After‐Tax Contributions and Adjustment Contributions for the Plan Year to be equal to the dollar amount of Matching Contributions, After‐Tax Contributions and Adjustment Contributions for the Highly Compensated Employee with the next highest dollar amount. This amount shall be allocated as the Excess Aggregate Contribution for the Highly Compensated Employee, unless a smaller reduction, when added to the total dollar amount already allocated as Excess Aggregate Contributions for other Highly Compensated Employees pursuant to this procedure equals the Total Excess Aggregate Contributions for the Plan Year. 

		
	(2)
	If a Highly Compensated Employee’s Excess Aggregate Contributions include matching contributions and after‐tax contributions (including any recharacterized elective deferrals) made to other Qualified Plans that are included the Average Contribution Percentage of a Highly Compensated Employee, then the Excess Aggregate Contribution of that to the Highly Compensated Employee shall not exceed the Matching Contributions, After‐Tax Contributions and Adjustment Contributions made under this Plan for the Plan Year. Any portion of the Total Excess Aggregate Contributions which is apportioned to a Highly Compensated Employee pursuant to this subsection, but which cannot be corrected because of the preceding sentence, shall be apportioned to the Highly Compensated Employee with the next lowest total dollar amount of Pretax Deferrals and/or Roth Contributions and that Highly Compensated Employee’s Excess Aggregate Contributions shall be reduced by an amount which includes the amount not corrected for the other Highly Compensated Employee.

		
	(3)
	If the total amount corrected under this subsection is less than the Total Excess Aggregate Contributions for the Plan Year, the procedure in this paragraph shall be repeated until the total amount corrected is equal to the Total Excess Aggregate Contributions for the Plan Year.

		
	(4)
	The investment gains and losses allocable to the Excess Aggregate Contributions are equal only to the sum of allocable investment gains and losses for the Plan Year for which the distribution is made. The allocable investment gain or loss attributable to the Excess Aggregate Contributions may be determined in accordance with any of the methods permitted under Treasury Regulations section 1.401(m)–2(b)(2)(iv), disregarding any provisions relating to the distribution of gap period earnings, and may be determined up to seven days before the date of the correction.

		
	(d)
	Distribution or Forfeiture. Excess Aggregate Contributions shall not be treated as corrected even if distributed under this subsection, unless the requirements of this subsection are met.

		
	(1)
	Excess Aggregate Contributions and allocable investment gains and losses must be distributed to the Highly Compensated Employee to whom it has been allocated within 12 months after the close of the Plan Year for which the Excess Aggregate Contribution arose.

		
	(2)
	Excess Aggregate Contributions and allocable investment gains and losses shall be distributed or, to the extent attributable to Matching Contributions in which the Highly Compensated Employee is not fully vested as of the end of the Plan Year, forfeited in the following order:

		
	(A)
	After‐Tax Contributions and allocable investment gains and losses on which Matching Contributions were not made;

		
	(B)
	Adjustment Contributions and allocable investment gains and losses on which Matching Contributions were not made;

		
	(C)
	After‐Tax Contributions and allocable investment gains and losses along with the corresponding Matching Contributions and allocable investment gains and losses; and

		
	(D)
	Adjustment Contributions and allocable investment gains and losses along with the corresponding Matching Contributions and allocable investment gains and losses.

		
	(3)
	The distributed Excess Aggregate Contributions and allocable investment gains and losses shall be taken from the Investment Funds in which the subaccount is then invested on a pro rata basis.

		
	(4)
	If the Highly Compensated Employee received a full distribution of his or her Account before Excess Aggregate Contributions and allocable investment gains and losses is distributed to the Highly Compensated Employee, then the prior distribution shall be reported for taxation purposes as first a correction of Excess Aggregate Contributions and allocable investment gains and losses to the extent required under this Plan section.

		
	(5)
	A distribution of Excess Aggregate Contributions and allocable investment gains and losses shall in no event be treated as satisfying a required minimum distribution for purposes of Code section 401(a)(9) and Plan section 7.6.

		
	(6)
	The distribution required by this Plan section may be made notwithstanding any other Plan provision.

6.6     Limitation on Annual Additions
		
	(a)
	General Rule. Notwithstanding anything to the contrary contained in this Plan, the total Annual Additions under this Plan and any other defined contribution plan, as defined in Code section 414(i), maintained by the Company or any Affiliate, allocated to a Participant’s Account for any Plan Year, which shall be the limitation year for purposes of Code section 415, shall not exceed the lesser of:

		
	(1)
	$40,000, as adjusted for increases in the cost‐of‐living under Code section 415(d) for Plan Years beginning after 2002; or

		
	(2)
	100 percent of the Participant’s Section 415 Compensation for the limitation year.

		
	(b)
	“Annual Addition” Defined. The term “Annual Addition,” with respect to any Participant for a Plan Year, shall mean the aggregate of:

		
	(1)
	The amount of Employer contributions (including Matching Contributions and Pretax Deferrals and Roth Contributions other than Catch‐Up Contributions) allocated to the Participant’s Account under this Plan and any other Employer contributions (other than Catch‐Up Contributions under Code Section 414(v)) allocated under any other defined contribution plan, as defined in Code section 414(i), maintained by the Company or any Affiliate for the Plan Year;

		
	(2)
	The amount of a Participant’s After‐Tax Contributions (including Adjustment Contributions, but excluding Rollover and Roth Rollover Contributions) allocated to the Participant’s Account under this Plan and any other Employee contributions allocated under any other defined contribution plan maintained by the Company or any Affiliate for the Plan Year;

		
	(3)
	Forfeitures allocated to the Participant’s Account under this Plan or any other defined contribution plan maintained by the Company or any Affiliate for the Plan Year; and 

		
	(4)
	For the purpose of Plan section 6.6(a)(1) only, the amount of Employer contributions, if any, allocated to an account described in Code section 419A(d)(1) or an account described in Code section 415(l)(2).

For purposes of this subsection and to comply with the requirements of Code section 415(h), the term “Affiliate” includes, in addition to Affiliates defined in Plan section 2.1(i), any entity that would be an Affiliate under that definition if the phrase “more than 50 percent” were substituted for the phrase “at least 80 percent” each place it appears in Code 1563(a)(1).
		
	(c)
	Additional Rules. In applying the limits of subsection (a), the following rules shall apply:

		
	(1)
	Excess Deferrals shall not be included as an Annual Addition if they are distributed in a corrective distribution under the provisions of that section. However, any Excess Deferrals that are not distributed in a corrective distribution under Plan section 6.1 shall be included as an Annual Addition, even if they are in excess of the Code section 402(g)(1) limit.

		
	(2)
	Pretax Deferrals and Roth Contributions in excess of the ADP Test limits of Plan section 6.2 shall be included as an Annual Addition, even if they are correctively distributed or re‐characterized as Adjustment Contributions under Plan section 6.3.

		
	(3)
	Matching Contributions and After‐Tax Contributions (including any Adjustment Contributions) in excess of the ACP Test limits of Plan section 6.4 shall be included as an Annual Addition, even if they are correctively forfeited or distributed under Plan section 6.5. Matching Contributions relating to distributions of Excess Deferrals under Plan section 6.1(d) are forfeited and shall not be included as an Annual Addition.

		
	(4)
	If a short limitation year is created because of an amendment or other action changing the limitation year (or Plan Year) to a different 12‐consecutive‐month period, the dollar limitation of Plan section 6.6(a)(1) to be applied for that short limitation year shall be multiplied by a fraction, the numerator of which is the number of months in the short limitation year and the denominator of which is 12.

		
	(5)
	The Annual Additions of a Participant who is also a Supplemental Plan Participant for the Plan Year shall be determined under this paragraph if doing so results in a larger amount of Annual Additions for that Participant for the Plan Year. Annual Additions under this paragraph shall be determined by assuming that, for the Plan Year, the Participant contributed the contribution percentage limit in effect for the Participant as determined under Appendix E and received the maximum allocation of Matching Contribution under Plan section 5.2.

		
	(d)
	 Disposition of Excess Annual Additions

		
	(1)
	Not a Supplemental Plan Participant. If the Participant is not also a Supplemental Plan Participant for the Plan Year, then the Participant’s Annual Additions shall be reduced under this Plan, if such reduction is required for purposes of reducing allocations on a combined basis, to the limits of subsection (a) and Code section 415(c), as follows:

		
	(A)
	First, by distributing After‐Tax Contributions (including any Adjustment Contributions) made for the Plan Year to the Participant, to the extent necessary; and 

		
	(B)
	Next, by distributing Pretax Deferrals and/or Roth Contributions made for the Plan Year to the Participant, to the extent necessary; and 

		
	(C)
	Then, forfeiting Matching Contributions made for the Plan Year, to the extent necessary; and

		
	(D)
	Finally, reducing any remaining excess Annual Additions under the terms of such other defined contribution plans maintained by the Company or any Affiliate as specified in those plans. 

		
	(2)
	Supplemental Plan Participant. If the Participant is also a Supplemental Plan Participant for the Plan Year, then the Participant’s Annual Additions shall first be reduced under the terms of the Retirement Plan for the Plan Year by reducing the allocations made under the Retirement Plan to the extent necessary to assure compliance with the limits of subsection (a) and Code section 415(c). Only after reductions under the Retirement Plan have been made shall reductions of Annual Additions be made under the terms of this Plan and such other defined contribution plans maintained by the Company or any Affiliate, if such a reduction is required for purposes of reducing allocations on a combined basis, to the limit of subsection (a) and Code section 415(c), as follows:

		
	(A)
	First, by distributing After‐Tax Contributions (including any Adjustment Contributions) made for the Plan Year to the Participant, to the extent necessary; and 

		
	(B)
	Next, by distributing Pretax Deferrals and/or Roth Contributions made for the Plan Year to the Participant, to the extent necessary; and 

		
	(C)
	Then, forfeiting Matching Contributions made for the Plan Year, to the extent necessary; and

		
	(D)
	Finally, reducing any remaining excess Annual Additions under the terms of such other defined contribution plans (other than the Retirement Plan) maintained by the Company or any Affiliate as specified in those plans.

		
	(e)
	Adjustment of Allocations. If an allocation to the Account of a Participant would exceed the limit of subsection (a) due to a reasonable mistake in estimating a Participant’s Section 415 Compensation or due to forfeitures or a reasonable error in the estimation of salary deferrals, then any amount which cannot be allocated shall be held in a suspense account and shall be allocated to the Account of such Participant in the next following Plan Year. The suspense account shall not share in investment gains or losses of the Trust Fund. Effective for Plan Years beginning after July 1, 2007, this subsection shall no longer apply because this correction methodology is no longer permitted under the final Treasury Regulations under Code section 415.

6.7     Limitation on Pay Taken Into Account
		
	(a)
	In determining the amount of Pretax Deferrals and Roth Contributions that may be made on behalf of a Participant for a Plan Year, the total amount of Earnings to which the percentage reduction, elected by the Participant, is applied shall not be limited. Notwithstanding the foregoing, however, the total annual amount of Pretax Deferrals and Roth Contributions made for a Plan Year on behalf of the Participant shall not exceed the product of the maximum deferral percentage allowed under the Plan for the Plan Year multiplied by the compensation limit in effect for the Plan Year under Code section 401(a)(17).

		
	(b)
	In determining the amount of After‐Tax Contributions that may be made on behalf of a Participant for a Plan Year, the total amount of Earnings to which the percentage reduction, elected by the Participant, is applied shall not be limited. Notwithstanding the foregoing, however, the total annual amount of After‐Tax Contributions made for a Plan Year on behalf of the Participant shall not exceed the product of the maximum contribution percentage allowed under the Plan for the Plan Year multiplied by the compensation limit in effect for the Plan Year under Code section 401(a)(17).

		
	(c)
	In determining the amount of Matching Contributions that may be made on behalf of a Participant for a Plan Year, the total amount of Earnings to which the Matching Contribution is applied shall not be limited. Notwithstanding the foregoing, however, the total annual amount of Matching Contributions made for a Plan Year on behalf of an Active Participant shall not exceed the product of the matching percentage determined under Appendix F multiplied by the maximum amount of Earnings for which Matching Contributions are determined multiplied by the compensation limit in effect for the Plan Year under Code section 401(a)(17).

6.8     Deductibility Limitation
Notwithstanding any provision of the Plan to the contrary, the dollar amount of Employer contributions to this Plan are conditioned on their deductibility under Code section 404 and, thus, shall always be limited to the amount deductible under Code section 404 for the taxable year for which such contributions are paid to the Trust Fund.

Article 7.     Benefit Distributions

7.1     Distributions Generally
Distribution of a Participant’s vested Account may begin pursuant to Plan section 7.2, relating to in‐service withdrawals, Plan section 7.3, relating to benefit payments on account of a Separation from Service, and Plan section 7.5, relating to death benefit distributions, as applicable under the terms of this Article, but not later than the date provided in Plan section 7.6, relating to required minimum distributions.
Notwithstanding the foregoing, a Participant’s Pretax Account and Roth Account may not be distributed earlier than upon one of the following events:
		
	(a)
	The Participant’s retirement, death, Disability, or Separation from Service;

		
	(b)
	The termination of the Plan without the establishment of another defined contribution plan (other than an employee stock ownership plan within the meaning of Code section 4975(e)(7)), provided that distributions made under this paragraph may be made only in the form of a single lump sum that complies with Code section 401(k)(10)(B); or 

		
	(c)
	The Participant’s attainment of age 591⁄2 or, if the Plan is amended to so provide, a financial hardship of the Participant.

7.2     In‐Service Withdrawals
		
	(a)
	An Active Participant or Inactive Participant may withdraw, prior to his or her Separation from Service, in the following order, any amount, up to 100 percent of the sum of the Participant’s:

		
	(1)
	After‐Tax Account, if any;

		
	(2)
	Rollover Account, if any; 

		
	(3)
	Pretax Account, but only if the Participant has attained age 591⁄2; and then

		
	(4)
	Matching Account, but only if the Participant has completed at least three years of Service.

		
	(b)
	An Active Participant or Inactive Participant also may withdraw, prior to his or her Separation from Service, any amount, up to 100 percent of the sum of the Participant’s, without regard to Section 7.2(e) below:

		
	(1)
	Roth Account, but only if the Participant has attained age 591⁄2;

		
	(2)
	Roth Rollover Account; or

		
	(3)
	In-Plan Roth Rollover Account, but only if the Participant has attained age 591⁄2.

		
	(c)
	No withdrawal may be requested in any processing period in which a plan loan, as described in Article 8, is being processed. Furthermore, no withdrawal request may be processed more often than once in any six‐month period beginning with the date that the Participant’s most recent withdrawal request was processed.  Effective August 8, 2016, there will be no restriction on the timing of withdrawal requests or the coordination of withdrawal requests with the processing of loan or other requests under the Plan.

		
	(d)
	Application for a withdrawal shall be made on such forms as the Administrative Committee prescribes and shall be effective as of the end of the processing period in which such application is received and approved by the Administrative Committee. The Administrative Committee shall direct the Trustee, in such cases, to pay the Participant or Inactive Participant the withdrawal amount in a single sum.

		
	(e)
	Withdrawals shall be paid first out of the net cumulative pre‐1987 contributions from the After‐Tax Account. Withdrawals shall then be paid out of the net cumulative post‐1986 contributions, together with earnings thereon, on a pro rata basis, from the After‐Tax Account. Additional amounts shall be withdrawn, if needed, from earnings on pre‐1987 contributions from the After‐Tax Account, then from the Rollover Account, if any, then from the Pretax Account, if permissible, and then from the Matching Account, to the extent permissible. The amount withdrawn shall be taken from such Investment Funds in which the subaccount is invested on a pro rata basis.

		
	(f)
	A withdrawal from a Participant’s Account balances invested in Oxy Stock shall be in the form of full shares of Oxy Stock and cash representing any fractional share, except that cash shall be paid in lieu of full shares of Oxy Stock if the Participant specified in the written request for withdrawal that the withdrawal be in the form of cash. A withdrawal from Account balances invested in assets other than Oxy Stock shall be paid in cash. Notwithstanding the foregoing, a withdrawal consisting of pre‐1987 contributions from the After‐Tax Account only shall be in the form of cash.

(g)    
		
	(1)
	Except as provided below, if a Participant withdraws any amount from the Matching Account, the Participant (other than a Participant who has attained age 591⁄2 at the time the withdrawal is requested and who withdraws the entire balance in his or her Account) shall not be permitted to make any Pretax Deferrals, Catch-Up Contributions, Roth Contributions, After‐Tax Contributions, or receive Matching Contributions for a period of six calendar months after the withdrawal is processed (except that such Participant will still be eligible to receive Matching Contributions on any Annual Bonus).  Effective for withdrawals requested after August 8, 2016, if a Participant is suspended from making any Pretax Deferrals, Roth Contributions, Catch-Up Contributions, and/or After‐Tax Contributions in accordance with the sentence above, such contributions will be automatically reinstated upon expiration of the six-month suspension period at the Default Percentage, as applicable, or if the Participant was not subject to automatic enrollment or had opted out of automatic enrollment at the percentage in place prior to the suspension.  Effective January 1, 2017, unless the Participant affirmatively elects otherwise, with respect to any Participant hired prior to August 5, 2016, upon re-instatement, the election in effect as of August 5, 2016 will apply to any Annual Bonus paid in the 2017 Plan Year and any subsequent plan year until the Participant affirmatively elects otherwise.  Effective August 8, 2016, any Participant subject to automatic enrollment pursuant to Section 4.6, must make a separate election to make Pretax Deferrals, Roth Contributions and After-Tax Contributions from Participant’s Annual Bonus.

		
	(2)
	The preceding subsection shall be inapplicable in the case of a withdrawal effected by a creditor of a Participant pursuant to any insolvency proceeding initiated under federal or state law or pursuant to any tax levy. 

		
	(3)
	In addition, notwithstanding the foregoing and effective January 1, 2013, a Participant who has attained age 591⁄2 and who withdraws less than the entire balance in his or her Account, shall not be suspended from making Pretax Deferrals, Roth Contributions, Catch‐Up Contributions, After‐Tax Contributions, or receiving Matching Contributions, but pursuant to subsection (b) shall not be permitted to make another withdrawal for six months beginning with the date that the Participant’s most recent withdrawal request was processed.  Effective August 5, 2016, a Participant who has attained age 591⁄2 and who withdraws less than the entire balance in his or her Account will no longer be subject to the one withdrawal per six-month period limitation.

7.3     Benefits Upon Separation from Service
		
	(a)
	Every Participant who incurs a Separation from Service for any reason other than death may elect to receive a distribution of the vested portion of his or her Account, in a payment form specified by Plan section 7.4. The failure of a Participant to elect a distribution of benefits upon his or her Separation from Service shall be deemed to be an election by the Participant to defer the commencement of benefits.

		
	(b)
	Unless the Participant chooses to defer the commencement of benefits, either affirmatively or by failing to make a distribution election, and subject to Plan section 7.6, distribution of benefits to a Participant who incurs a Separation from Service shall begin no later than the 60th day after the close of the Plan Year in which occurs the later of:

		
	(1)
	The Participant’s Separation from Service; or 

		
	(2)
	The Participant’s 65th birthday.

If for any reason the amount which is required to be paid cannot be ascertained on the date payment would be due hereunder, payment or payments shall be made not later than 60 days after the earliest date on which the amount of such payment is ascertained.

7.4     Payment Rules
		
	(a)
	General Rules. All distributions from this Plan shall be valued as provided in Article 10 and paid in cash or Oxy Stock as provided in this Plan section. The automatic form of benefit payment to a Participant who has incurred a Separation from Service and elected a distribution of his or her vested Account is a single lump sum. 

		
	(b)
	Election Procedures. All Participant elections to commence benefits shall be made during an election period of not more than 90 days and, except as provided below, not less than 30 days ending on the day prior to the date as of which his benefits are scheduled to commence in accordance with the benefit payment election procedures prescribed by the Administrative Committee. Such procedures shall require the following: 

		
	(1)
	An election form shall be provided to the Participant in non‐technical language which will contain a general description of the distribution options.

		
	(2)
	A Participant may revoke an election of any benefit form described in this section and choose again to take any available benefit form at any time and any number of times within the above election period. 

		
	(3)
	A Participant, after having received the written description described in this subsection, may reject the automatic form of benefit and elect a different option under subsection (c), even though the written description was provided less than 30 days prior to the Participant’s benefit commencement date, so long as the conditions contained in Treasury Regulations section 1.417(e)‐1T(b)(3)(ii) have been met. If the Participant makes an untimely request for additional information, the Administrative Committee, at its discretion, may grant such request, but the granting of such request shall not result in the extension of the election period.

		
	(c)
	Optional Payment Forms. A Participant who has incurred a Separation from Service for any reason other than death may elect to have his or her vested Account distributed to the Participant under one of the following distribution options, in lieu of the automatic lump sum, as selected by the Participant in the manner prescribed and approved by the Administrative Committee:

		
	(1)
	Partial Cash Distribution. A request for a specified dollar portion of the Participant’s vested Account. A Participant may request one partial cash distribution in any six‐month period. If the Participant receives a partial cash distribution, the Participant must wait until the next processing period before he or she may request a subsequent lump sum payment or total distribution. Effective August 8, 2016, there will be no timing limitation for partial cash distributions.  A Participant may elect a partial cash distribution under one of the following options; Investment Fund balances will automatically be depleted on a pro rata basis in the following account depletion sequence:

		
	(A)
	Option 1.

		
	(i)
	After‐Tax Account; 

		
	(ii)
	Rollover Account; and

		
	(iii)
	Pretax Account; 

		
	(B)
	Option 2

		
	(i)
	Matching Account;

		
	(ii)
	Roth Rollover Account;

		
	(iii)
	In-Plan Roth Rollover Account; and

		
	(iv)
	Roth Account.

		
	(C)
	Or under both (A) and (B) above.  

Remaining balances in each account will continue to participate in Investment Fund earnings until valued for distributions as provided in Article 10.
		
	(2)
	Special Distribution. The portion of Participant’s vested Account, which is an Eligible Rollover Distribution (as determined under Plan section 7.7(b)(4)) and which is invested in Investment Funds other than the Oxy Stock Fund, is distributed as a Direct Rollover (within the meaning of Plan section 7.7(b)(1)), as directed by the Participant.  The Oxy Stock Fund balance from the Participant’s vested Account is distributed to the Participant as shares of Oxy Stock along with a cash distribution of any remaining portion of the Participant’s vested Account.

		
	(3)
	Total Deferral. Defers distribution of the Participant’s vested Account, but not beyond the end of the year in which the Participant attains age 701⁄2. Subject to Plan section 7.6, the Participant may revoke his or her deferral election at any time by submitting another distribution request.

		
	(d)
	Reserved.

		
	(e)
	Payment Medium. The provisions of this subsection are intended to comply with the stock distribution requirements of Code sections 409(h) and 409(o) applicable to the portion of this Plan constituting an employee stock ownership plan, as required by Code section 4975(e)(7). Notwithstanding any Plan provision to the contrary, the Administrative Committee shall take steps to ensure that this section is interpreted and administered so as to comply with such requirements. In the event of any conflict, the rules of the Code and Treasury Regulations shall control.

		
	(1)
	General Rule. In the case of a Participant, Beneficiary or Alternate Payee receiving a distribution in the form of single lump sum payment, the value of the vested Account attributable to investments other than Oxy Stock shall be paid in cash and the value of the vested Account attributable to Oxy Stock shall be distributed in full shares of Oxy Stock plus cash representing the value of any fractional share, except as provided in Section 7.4(h)(3) for mandatory cashout distributions and Section 7.6(a) for required minimum distributions. 

		
	(2)
	Alternative Elections.

		
	(A)
	By written notice to the Administrative Committee, the Participant, Beneficiary or Alternate Payee may elect to receive cash in lieu of and equal to the value of the Oxy Stock that would otherwise be distributed under the general rule. 

		
	(B)
	By written notice to the Administrative Committee, a Participant, Beneficiary or Alternate Payee may elect to receive all or a portion of the vested Account in the form of whole shares of Oxy Stock, plus cash for any fractional share. Any such election shall be implemented in accordance with procedures established by the Administrative Committee by transferring the investment of such Account or portion thereof, as applicable, (including without limitation amounts transferred from the MidCon Corp. ESOP) as soon as practicable to the Oxy Stock Fund and distributing such amounts as soon as practicable thereafter.

		
	(3)
	Put Option.

		
	(A)
	Oxy Stock is readily tradable on established securities market within the meaning of Treasury Regulation section 1.401(a)(35)-1(f)(5). Thus, the provisions of this paragraph (3) shall apply only in the event and to the extent that as of the date of distribution of Oxy Stock, the Oxy Stock is not readily tradable on established securities market or is subject to a trading limitation. 

		
	(B)
	If Oxy Stock is not readily tradable on established securities market or is subject to a trading limitation when distributed, the distributee shall have the option to sell (the “put option”) such Oxy Stock, in whole or in part, to the Company. The put option shall be granted in accordance with Code section 409(h) and all applicable Treasury Regulations. Specifically, the put option shall provide that for a period of at least 60 days following the date of distribution of the Oxy Stock and, if not exercised within such period of 60 days, during the first 60 days in the following Plan Year, the distributee shall have the right to have the Company purchase such shares at their fair market value, determined in accordance with Treasury Regulations section 54.4975-11(d)(5), as of the Valuation Date coincident with or immediately preceding the date of exercise of such put option. The put option may be exercised by notifying the Employer in writing that the option is being exercised. 

		
	(C)
	Once the put option is exercised, the fair market value of such shares shall be paid in a lump sum as soon as practicable. Notwithstanding the foregoing, the Company reserves the right to adopt a different payment schedule at any time, but such payment schedule shall not be longer than in annual installments over a period of five years, with interest on the deferred balance at a reasonable rate as determined by the Administrative Committee; provided that any purchase of stock having a value of $1,000 or less shall be paid for in a lump sum.

		
	(D)
	The provisions of this paragraph (3) shall continue to apply to Oxy Stock if the Oxy Stock Fund ceases to be an employee stock ownership plan within the meaning of Code section 4975(e)(7).

		
	(E)
	Notwithstanding the foregoing, this paragraph (3) need not apply to that portion of an Account which the Participant has elected to invest under the diversification provisions of Plan section 9.5.

		
	(f)
	Payments to Alternate Payees. To the extent permitted by the terms of a Qualified Domestic Relations Order, amounts assigned to an Alternate Payee may be paid as soon as possible in a lump sum, notwithstanding the age, employment status, or other factors affecting the ability of the Participant to make a withdrawal or otherwise to receive a distribution of amounts allocated to the Participant’s Account, provided that the total amount assigned to an Alternate Payee does not exceed $5,000 at the time the amount is distributed or, if the amount assigned does exceed $5,000, the Alternate Payee consents in writing to the distribution. Only if required under the Qualified Domestic Relations Order, an Alternate Payee’s Account may be distributed under one of the optional payment forms specified in subsection (c), if elected by the Alternate Payee in accordance with procedures established by the Administrative Committee. Notwithstanding the foregoing, the Alternate Payee shall be paid in no event no later than the dates specified in Plan section 7.6 (relating to required minimum distributions).

		
	(g)
	Special Rules for Former Laurel Plan Accounts.

		
	(1)
	In the case of a Participant for whom a direct plan‐to‐plan transfer was made to this Plan from the Laurel Industries Inc. Incentive Savings Plan (the “Laurel Plan”), distribution may be made, at the election of the Participant, in any form described in section 6.5(b)(2) of the Laurel Plan as in effect on December 31, 1996, provided that the amount subject to such election shall not exceed the amount of the Participant’s Account attributable to such transfer.

		
	(2)
	In the case of a Beneficiary of a Participant for whom a direct plan‐to‐plan transfer was made to this Plan from the Laurel Industries Inc. Incentive Savings Plan (the “Laurel Plan”), distribution may be made, at the election of the Beneficiary, in any form described in section 6.6(g)(1)(ii) of the Laurel Plan as in effect on December 31, 1996, provided that the amount subject to such election shall not exceed the amount of the Beneficiary’s Account attributable to such transfer.

		
	(h)
	Mandatory Cashout Distribution.  Notwithstanding the election procedures set forth above in Plan section 7.4(b):

		
	(1)
	Distribution Less Than or Equal to $1,000.  Effective October 1, 2015, if the vested Account of a terminated Participant is equal to or less than $1,000 when the amount thereof is first determined, the entire amount shall be distributed in a lump sum as promptly as possible.  

		
	(2)
	Distribution Less Than or Equal to $5,000.  Effective as of August 8, 2016, if the vested Account of a terminated Participant is less than or equal to $5,000 when the amount thereof is first determined, and the Participant fails to elect to have his or her benefits paid directly or in the form of a Direct Rollover (within the meaning of Plan section 7.7(b)(1)) to an Eligible Retirement Plan (within the meaning of Plan section 7.7(b)(3)), the entire account shall be distributed as an automatic rollover to an individual retirement account designated by the Administrative Committee.  The Participant will be notified in writing regarding the identity of the individual retirement account trustee or issuer and that his distribution may be transferred without cost or penalty to another individual retirement account.

		
	(3)
	Distribution to Beneficiaries, Alternate Payees or Participants Over Age 62.  Notwithstanding Section 7.4(h)(2) above, any distribution that is less than or equal to $5,000 and payable to a Beneficiary, Alternate Payee or Participant who is over age 62 will be distributed in a lump sum as promptly as possible and will not be distributed as an automatic rollover to an individual retirement account.

		
	(4)
	Form of Distribution.  All mandatory cashout distributions will be made in cash and there will be no requirement to issue any shares of Oxy Stock.     

7.5     Death Benefits
		
	(a)
	Participant’s Death After Benefit Commencement. If the Participant dies after distribution of his or her vested Account has commenced, the remaining portion of such benefit, if any, will continue to be distributed at least as rapidly as under the method of distribution in effect prior to the Participant’s death. 

		
	(b)
	Participant’s Death Before Benefit Commencement. Upon the death of a Participant before benefit payments begin, the balance of the deceased Participant’s Account shall be distributed to the Participant’s Beneficiary as soon as practicable after the Participant’s death. Notwithstanding the foregoing, a Beneficiary who is the Participant’s Spouse may elect, before any benefit payments begin, in accordance with procedures established by the Administrative Committee, to defer receipt of payment of the deceased Participant’s Account, until the year in which the Participant would have attained age 701⁄2 in accordance with Plan section 7.6(c)(2).

		
	(1)
	If the Participant’s Beneficiary is a trust or estate, the distribution shall be paid in a single lump sum payment.

		
	(2)
	If the Beneficiary is other than the Participant’s Spouse and unless the Beneficiary elects otherwise, the distribution shall be paid in a single lump sum.

		
	(3)
	If the Beneficiary is the Participant’s Spouse, then in addition to the payment form described in paragraph (2), the Spouse may elect, in accordance with procedures established by the Administrative Committee, to have the distribution paid in the form of a partial cash distribution, as described in Plan section 7.4(c)(1).

		
	(c)
	Death of Alternate Payee or Beneficiary. If an Alternate Payee or a Beneficiary of a deceased Participant or Alternate Payee dies prior to distribution of the separate Account established on behalf of the Alternate Payee or Beneficiary, the balance of the deceased individual’s Account shall be distributed to his or her Beneficiary as soon as practicable after his death. Such distribution shall be made in the form of a lump sum payment.

7.6     Required Minimum Distributions
This section applies for purposes of determining required minimum distributions for distribution Plan Years beginning on or after January 1, 2003. In other words, this section provides the latest time for distributions to be made or commenced. Other Plan provisions may specify earlier dates for distributions and such provisions shall govern to the extent they are consistent with this section. This section, however, takes precedence over any inconsistent Plan provision. All distributions required under this section shall be determined and made in accordance with Code section 401(a)(9) and the Treasury Regulations thereunder, including the minimum distribution incidental benefit requirements, which are incorporated herein by this reference. For purposes of this Plan section, the required minimum distribution amount shall be determined based on the Account balance as of the last Accounting Date in the Plan Year immediately preceding the Distribution Calendar Year, increased by contributions made and allocated as of dates in the Plan Year after the last Accounting Date, if any, and reduced by distributions made in the Plan Year after the last Accounting Date, if any. The Account balance for the Plan Year immediately preceding the Distribution Calendar Year includes any amounts rolled over or transferred to the Plan in the Plan Year.
		
	(a)
	Form of Distribution. Unless the Participant’s Account is distributed in a single sum on or before the Required Beginning Date, as of the first Distribution Calendar Year, distributions will be made in accordance with subsections (b) and (c).  All required minimum distributions will be made in cash, and there will be no requirement to issue any shares of Oxy Stock.   

		
	(b)
	Required Minimum Distributions During Participant’s Lifetime. The Participant’s entire Account will be distributed, or begin to be distributed, to the Participant no later than the Participant’s Required Beginning Date. During the Participant’s lifetime, the minimum amount that will be distributed for each Distribution Calendar Year is the amount determined under the default rule of paragraph (1) or, if the Participant satisfies the conditions in a timely manner, under the alternative rule of (2):

		
	(1)
	Default Rule. The quotient obtained by dividing the Participant’s Account balance by the distribution period in the Uniform Lifetime Table set forth in Treasury Regulations section 1.401(a)(9)‐9, using the Participant’s age as of the Participant’s birthday in each Distribution Calendar Year. 

		
	(2)
	Alternative Rule. If the Participant’s sole Beneficiary for the Distribution Calendar Year is the Participant’s Spouse, the quotient obtained by dividing the Participant’s Account balance by the number in the Joint and Last Survivor Table set forth in Treasury Regulations section 1.401(a)(9)‐9, using the Participant’s and Spouse’s attained ages as of the Participant’s and Spouse’s birthdays in the Distribution Calendar Year. For this alternative rule to apply, the Participant must request its application and provide such proof of marriage and the Spouse’s age, at such time and in such manner as the Administrative Committee may reasonably require, in advance of the Distribution Calendar Year.

Required minimum distributions will be determined under this subsection beginning with the first Distribution Calendar Year and redetermined for each subsequent Distribution Calendar Year up to and including the Distribution Calendar Year that includes the Participant’s date of death.

		
	(c)
	Required Minimum Distributions After Participant’s Death.

		
	(1)
	Death of Participant On or After Date Distributions Begin.

		
	(A)
	Participant Survived by One Beneficiary. If the Participant dies on or after the date distributions begin and there is a sole Beneficiary, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s Account balance by the remaining Life Expectancy, determined as follows:

		
	(i)
	If the Participant is not married or the sole Beneficiary is not the Participant’s surviving Spouse, the remaining Life Expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.

		
	(ii)
	If the Participant’s surviving Spouse is the Participant’s sole Beneficiary, the remaining Life Expectancy of the surviving Spouse is calculated for each Distribution Calendar Year after the year of the Participant’s death using the surviving Spouse’s age as of the Spouse’s birthday in that year. For the Distribution Calendar Year after the year of the surviving Spouse’s death, any remaining payment shall be made in a single sum to the Spouse’s estate.

		
	(B)
	Participant Survived by More Than One Beneficiary. If the Participant dies on or after the date distributions begin and there is more than one Beneficiary as of September 30 of the year after the year of the Participant’s death, the Participant’s remaining Account shall be paid in a single sum as required by Plan section 7.5. 

		
	(C)
	No Beneficiary Survives the Participant. If there is no Beneficiary as of September 30 of the year after the year of the Participant’s death, the Participant’s remaining Account will be paid in a single sum to the Participant’s estate no later than the Distribution Calendar Year after the Participant’s death. 

		
	(2)
	Death of Participant Before Date Distributions Begin. If the Participant dies before distributions begin, the Participant’s Account balance will be distributed, or begin to be distributed no later than provided in this paragraph. The minimum amount that will be distributed or begin to be distributed for each Distribution Calendar Year after the year of the Participant’s death is the amount determined in paragraph (1) above. 

		
	(A)
	If the Participant’s surviving Spouse is the Participant’s sole Beneficiary, then distributions to the surviving Spouse will begin no later than:

		
	(i)
	December 31 of the calendar year immediately following the calendar year in which the Participant died; or

		
	(ii)
	December 31 of the calendar year in which the Participant would have attained age 701⁄2, if later.

		
	(B)
	If the Participant’s surviving Spouse is the Participant’s sole Beneficiary and the surviving Spouse dies after the Participant but before distributions to the surviving Spouse begin, this subsection, other than subparagraph (A) immediately above, will apply as if the surviving Spouse were the Participant.

If the Participant’s surviving Spouse is not the Participant’s sole Beneficiary, then distributions to the Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died.
		
	(C)
	If there is no Beneficiary as of September 30 of the year following the year of the Participant’s death, the Participant’s Account balance will be distributed to the Participant’s estate no later than by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

		
	(d)
	Special Definitions. In addition to the terms defined in Plan section 2.1 or elsewhere in this Plan, whenever used in this Plan section, the following terms shall have the respective meanings set forth below, unless expressly provided otherwise. When the defined meaning is intended, the term is capitalized.

		
	(1)
	“Distribution Calendar Year” means a calendar year for which a minimum distribution is required. For distributions beginning before the Participant’s death, the first Distribution Calendar Year is the later of (A) the calendar year during which the Participant attains age 70 1⁄2, if the Participant is a “5‐percent owner,” as defined in Code section 416, or has incurred a Separation from Service or (B) December 31 of the calendar year in which the Participant has a Separation from Service. For distributions beginning after the Participant’s death, the first Distribution Calendar Year is the calendar year in which distributions are required to begin. The required minimum distribution for the Participant’s first Distribution Calendar Year will be made on or before the Participant’s Required Beginning Date.

		
	(2)
	“Life Expectancy” means the life expectancy determined under the Single Life Table in Treasury Regulations section 1.401(a)(9)‐9.

		
	(3)
	“Required Beginning Date” means the later of:

		
	(A)
	The December 31 of the calendar year in which the Participant attains age 701⁄2, if the Participant is a “5‐percent owner,” as defined in Code section 416, or has incurred a Separation from Service, and 

		
	(B)
	In all other cases, the December 31 of the calendar year in which the Participant has a Separation from Service.

		
	(C)
	Effective August 8, 2016, “Required Beginning Date” means the later of:

		
	(i)
	The April 1 of the calendar year following the calendar year in which the Participant attains age 701⁄2, if the Participant is a “5‐percent owner,” as defined in Code section 416, or has incurred a Separation from Service, and 

		
	(ii)
	In all other cases, the April 1 of the calendar year following the calendar year in which the Participant has a Separation from Service.

Notwithstanding any provision of this Plan section to the contrary and consistent with Code section 401(a)(9)(H), no minimum distribution shall be required under this Plan section for the 2009 calendar year. The Required Beginning Date for any individual shall be determined without regard to the preceding sentence for purposes of applying this Plan section to required minimum distributions for any calendar year after 2009. Moreover, the fifth anniversary of the Participant’s death under Plan section 7.6(c)(2)(C) shall be determined by disregarding calendar year 2009. A Direct Rollover will be offered only for distributions that would be Eligible Rollover Distributions without regard to Code section 401(a)(9)(H), as these terms are defined in Plan section 7.7(b).

7.7     Mandatory Tax Withholding and Direct Rollovers
		
	(a)
	General Rule. Notwithstanding any Plan provision to the contrary, all withdrawals and other distributions under this Plan shall comply with the requirements of this section, Code section 401(a)(31), the Treasury Regulations thereunder, and related regulatory rules. Under this section, a Distributee entitled to a current withdrawal or distribution from the Plan may elect, at the time and in the manner prescribed by the Administrative Committee, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan. In prescribing the manner of making elections with respect to Eligible Rollover Distributions, the Administrative Committee may provide for a uniform, nondiscriminatory application of any restrictions permitted under applicable sections of the Code, Treasury Regulations, and related regulatory rules, including a requirement that a Distributee may not elect to make a Direct Rollover from a single Eligible Rollover Distribution to more than one Eligible Retirement Plan.

		
	(b)
	Special Definitions. In addition to the terms defined in Plan section 2.1 or elsewhere in this Plan, whenever used in this Plan section, the following terms shall have the respective meanings set forth below, unless expressly provided otherwise. When the defined meaning is intended, the term is capitalized.

		
	(1)
	“Direct Rollover” means an Eligible Rollover Distribution that is paid directly to an Eligible Retirement Plan at the direction and for the benefit of the Distributee.

		
	(2)
	“Distributee” means a Participant, a Participant’s surviving Spouse or a Participant’s Spouse who is the Alternate Payee.

Effective for distributions made after December 31, 2009 on behalf of a deceased Participant to a Beneficiary who is neither the Participant’s surviving Spouse or the Participant’s former Spouse and Alternate Payee, the non-spouse Beneficiary shall be a Distributee and the distribution will be treated as an Eligible Rollover Distribution if the following requirements are met. The distribution must made on behalf of the non-spouse Beneficiary in a direct transfer to an individual retirement account, described in Code section 408(a), or an individual retirement annuity, described in Code section 408(b) that is treated as an inherited individual retirement account or annuity for purposes of Code section 408(d)(3)(C). In addition, Code section 401(a)(9)(B), other than clause (iv) thereof relating to required minimum distributions to the Beneficiary, shall apply to the inherited individual retirement account or annuity.
		
	(3)
	“Eligible Retirement Plan” is an individual retirement account described in Code section 408(a), an individual retirement annuity described in Code section 408(b) (other than an endowment contract), an annuity plan described in Code section 403(a), a qualified trust described in Code section 401(a) that accepts the Distributee’s Eligible Rollover Distribution, an annuity contract described in Code section 403(b); an eligible deferred compensation plan under Code section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan; and a Roth IRA described in Code Section 408A(b).

		
	(4)
	“Eligible Rollover Distribution” means any distribution of all or any portion of the balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not include:

		
	(A)
	Any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Distributee and the Distributee’s designated Beneficiary, or for a specified period of ten years or more;

		
	(B)
	Any distribution to the extent the distribution is required under Code section 401(a)(9) and related Treasury Regulations; 

		
	(C)
	Any loan that is treated as a deemed distribution pursuant to Code section 72(p); 

		
	(D)
	Any dividends paid on employer securities and passed through to the Participant, Alternate Payee or Beneficiary, as described in Code section 404(k); 

		
	(E)
	A distribution that is a permissible withdrawal from an eligible automatic contribution arrangement within the meaning of section 414(w); and

		
	(F)
	The portion of any distribution shall not fail to be an Eligible Rollover Distribution merely because such portion consists of After-Tax Contributions, which are not includable in gross income, if such portion is transferred to an individual retirement account or annuity described in Code section 408(a) or (b), to a qualified plan described in Code section 401(a) or 403(a), or to an annuity contract described in Code section 403(b) that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includable in gross income and the portion of such distribution which is not so includable. The portion of any distribution from a designated Roth account under the Plan shall not fail to be an Eligible Rollover Distribution if such portion is transferred to another Roth account under an applicable retirement plan described in Code Section 402A(e)(1) or a Roth IRA described in Code Section 408A.

Determinations of what constitutes an Eligible Rollover Distribution shall at all times be made in accordance with the current rules under Code section 402(c), which shall be controlling for this purpose.
		
	(G)
	“Conversion” means a Direct Rollover of an Eligible Rollover Distribution from the Plan to the Roth IRA, within the meaning of Code section 408A. The amount rolled over is included in the gross income of the Distributee to the same extent that such amount would have been included in gross income if not rolled over. A Conversion is not subject to mandatory income tax withholding under Code section 3405. A Distributee may elect a Conversion of an Eligible Rollover Distribution made on or after January 1, 2008. 

7.8     In-Plan Roth Rollovers
		
	(a)
	Participant Eligibility.  A Participant may elect to roll over a distribution to an In-Plan Roth Rollover Account in accordance with the provisions of this Section 7.8.  A Participant may elect to rollover amounts held in the accounts described below in Section 7.8(b) without regard to whether the Participant satisfies the requirements for distribution in accordance with this Article VII.  In-Plan Roth Rollover Contributions shall be subject to the same Plan rules as Roth Contributions. The Plan Administrator will maintain such records as are necessary for the proper reporting of In-Plan Roth Rollover Contributions and will administer the In-Plan Roth Rollover Account in accordance with Code Section 402A and the regulations promulgated thereunder.

		
	(b)
	Permitted Sources.  The following contributions are permitted for roll over to the In-Plan Roth Rollover Account: 

		
	(1)
	After-Tax Account,

		
	(2)
	Matching Account, 

		
	(3)
	Pretax Account,  

		
	(4)
	Rollover Account, and

		
	(5)
	SIP Accounts noted in Appendix H.1.

		
	(c)
	Participant’s Spouse.  Solely for the purposes of determining eligibility for an In-Plan Roth Rollover Contribution, the Plan will treat a Participant’s surviving Spouse, former Spouse or Alternate Payee Spouse as a Participant.  A non-spouse beneficiary may not make an In-Plan Roth Rollover Contribution to the Plan.

		
	(d)
	Form of Rollover.  An In-Plan Roth Rollover Contribution must be made by the Participant in the form of a direct rollover.  An In-Plan Roth Rollover Contribution may not include Plan loans. 

		
	(e)
	Distributions.  The distribution provisions in Section 7.1 will apply to In-Plan Roth Rollover Contributions.

		
	(f)
	Treatment of In-Plan Roth Rollover Contributions.  Notwithstanding any other provision of the Plan to the contrary, an In-Plan Roth Rollover Contribution is not a Rollover or Roth Rollover Contribution for purposes of the Plan.  Except for amounts withheld pursuant to a voluntary withholding election, an In-Plan Roth Rollover Contribution will not be treated as a distribution for purposes of sections 72(p), 401(a)(11), or 411(d)(6)(B)(ii) of the Code.  Amounts in a Participant’s In-Plan Roth Rollover Account may only be withdrawn by a Participant when the Participant is eligible for a distribution from the Plan under Article VII.

7.9     Hurricane Harvey Relief
		
	(a)
	Hardship Withdrawal. A Participant who qualifies as a Hurricane Harvey Individual (as defined in Section 7.9(b)(i) below) may elect to withdraw amounts as follows on or after August 23, 2017 and before January 31, 2018 if he or she can demonstrate the existence of a financial hardship, as defined below:

		
	(1)
	Withdrawal Sources.  A Hurricane Harvey hardship withdrawal under this Section 7.9 will be made from the Participant’s Pretax Account and Roth Account, excluding the portion attributable to any income or pledged as security for a loan, and in all cases not in excess of the amount of the financial hardship.

		
	(2)
	Financial Hardship.  A “financial hardship” is the existence of an immediate and heavy financial need which cannot reasonably be met by other resources available to the Hurricane Harvey Individual. A distribution hereunder is automatically treated as being made on account of an immediate and heavy financial need if it is for any Hurricane Harvey-related hardship (which may include expenses for food, shelter and clothing).

		
	(3)
	Deferral Suspension.  A Participant’s Pretax Deferrals, Roth Contributions, Catch-Up Contributions and After-Tax Contributions will not be subject to a six-month suspension when taking a distribution under this Section 7.9.

		
	(4)
	Documentation.  Application shall be made on such forms and under such requirements as the Administrative Committee (or its delegee) prescribes.  Requirements for supporting documentation will be waived at the time of the request for a hardship withdrawal if documentation is unavailable; however, the Participant will be asked to provide supporting documentation as soon as feasible.  

		
	(5)
	Distribution.  Once the Administrative Committee (or is delegee) has approved the Participant’s request for a withdrawal, the amount to be withdrawn will be based on the vested amounts in the Participant’s Account eligible for withdrawal as set forth in Section 7.9(a)(1) above in a lump sum. 

		
	(b)
	Definitions.  

		
	(1)
	“Hurricane Harvey Individual” means a Participant whose principal residence; parent, grandparent, child or grandchild’s principal residence; place of employment; or parent, grandparent, child or grandchild’s place of employment was located in the Hurricane Harvey Disaster Area.  The Committee will accept the Participant’s representation that she or he constitutes a Hurricane Harvey Individual, unless the Administrative Committee (or its delegee) has actual knowledge to the contrary.  

		
	(2)
	“Hurricane Harvey Disaster Area” means an area with respect to which a major disaster has been declared by the President of the United States before September 21, 2017, under section 401 of The Robert T. Stafford Disaster Relief and Emergency Assistance Act, Public Law 93-288, as amended (codified at 42 U.S.C §§ 5121-5207) by reason of Hurricane Harvey.  

Article 8.    Participant Loans

8.1     Availability of Loans
The Administrative Committee, in accordance with the following, may make loans to Participants who are Active Participants or Inactive Participants (referred to for purposes of this Section as “Participants”) from the vested portion of the Participant’s Account.  Loans shall (a) be made available on a reasonably equivalent basis, (b) not be made available to Highly Compensated Employees in an amount equal to a greater percentage of their vested Account balance or the percent made available to other loan applicants, (c) bear a reasonable rate of interest, and (d) be adequately secured by the Participant’s vested Account balance. 

8.2     Amount of Loan 
No loan (when added to the outstanding balance of all other loans made by the Plan to the Participant) shall exceed the lesser of:
		
	(a)
	Fifty percent of the Participant’s vested Account, or

		
	(b)
	Fifty thousand dollars, reduced by the highest outstanding balance of his or her loans from the Plan during the one year period ending on the date the loan is made over the outstanding balance of all of his or her Plan loans on the date on which such loan was made.

For the purpose of this limitation, all loans from all plans of the Employer are aggregated.  

8.3     Procedures for Loans
The Administrative Committee shall promulgate written loan procedures which shall form part of the Plan which may include, but need not be limited to, the following information:
		
	(a)
	The identity of the persons or positions authorized to administer the loan program.

(b)    The procedure for applying for loans.
(c)    The basis on which loans will be approved or denied.
(d)    The limitations, if any, on the types and amount of loans offered.
(e)    The procedure under the program for determining a reasonable rate of interest.
(f)    The types of collateral which may secure a Participant’s loan.
		
	(g)
	The events constituting default and the steps that will be taken to preserve Plan assets in the event of such default.

In the event of any conflict between the loan procedures and the provisions of this section, the loan procedures shall control.

Article 9.     Investment Elections

9.1     Investment of Contributions
All Pretax Deferrals, Roth Contributions, After‐Tax Contributions, Adjustment Contributions, Catch‐Up Contributions, Rollover Contributions, Roth Rollover Contributions, In-Plan Roth Rollover Contributions and loan repayments (both principal and interest) made by and on behalf of a Participant each Plan Year and amounts merged into the Plan shall be invested as the Participant shall designate in the Investment Funds then available in increments of 1 percent of the aggregate amount of such contributions. Participants may invest up to 30% of future Pretax Deferrals, Roth Contributions, Catch-Up Contributions, In-Plan Roth Rollover Contributions and After-Tax Contributions in the Oxy Stock Fund, but no new Rollover Contributions or Roth Rollover Contributions may be invested in the Oxy Stock Fund.  Notwithstanding any provision to the contrary, a Participant may not transfer any investment into the Oxy Stock Fund if the amount a Participant holds under the Oxy Stock Fund exceeds 30% of the Participant’s total Plan balance.
Each Participant may make the designation described above by making an election in accordance with procedures established by the Administrative Committee upon becoming a Participant and may change such election at any time by making another election in accordance with procedures established by the Administrative Committee. Any such election shall take effect as of the first available pay period after the election was received by the Administrative Committee. 
The selection of any Investment Fund is the sole and exclusive responsibility of each Participant, and it is intended that the selection of an Investment Fund by each Participant be within the parameters of section 404(c) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the regulations thereunder.  Neither the Employer, Administrative Committee, Investment Committee nor any of the directors, officers, agents or Employees of the Employer are empowered to or shall be permitted to advise a Participant as to the manner in which his Accounts shall be invested or changed. No liability whatsoever shall be imposed upon the Employer, the Trustees, any Committee member, or any director, officer, agent or Employee of the Employer for any loss resulting to a Participant’s account because of any sale or investment directed by a Participant under this section or because of the Participant’s failure to take any action regarding an investment acquired pursuant to such elective investment.
In the event that a Participant fails, or continues to fail, to designate the Investment Fund in which Pretax Deferrals, Roth Contributions, After‐Tax Contributions, Adjustment Contributions, Catch‐Up Contributions, Rollover Contributions, Roth Rollover Contributions, In-Plan Roth Rollover Contributions, loan repayments, or amounts merged into the Plan that are to be invested, such amounts shall be invested in the Diversified Balance Fund.  Effective June 30, 2018, such amounts will be invested in the Vanguard Target Retirement Fund closest to the Participant’s retirement age.
Any amount previously defaulted into an Investment Fund due to a Participant’s failure to designate an Investment Fund shall not be re-designated or transferred, unless the Participant otherwise transfers such amount in accordance with Plan section 9.2(a). The Diversified Balance Fund is the Plan’s qualified default investment alternative, as this term is defined in Department of Labor Regulations section 2550.404c‐5(e).  Effective June 30, 2018, the Vanguard Target Retirement Fund is the Plan’s qualified investment alternative, as this term is defined in Department of Labor Regulations section 2550.404c‐5(e).
Matching Contributions made on behalf of a Participant shall be invested in the Oxy Stock Fund.

9.2     Transfers of Existing Balances
		
	(a)
	General Rules. Subject to any investment limitation or restriction imposed by the Investment Fund and except as provided in Plan section 9.5, each Participant, including Inactive Participants and Former Participants, as well as each Alternate Payee or spousal Beneficiary with an Account under the Plan may elect to transfer, in accordance with procedures established by the Administrative Committee, amounts invested in any Investment Fund to one or more Investment Funds then available in increments of 1 percent of the amount being transferred. If the election is received by the Administrative Committee by 4 p.m. (Central Time) on an Accounting Date, the transfer will be processed on that Accounting Date. Each election made under this Plan section shall be effective as of the first Accounting Date after the date in which notice thereof is received by the Administrative Committee. If the election is received by the Administrative Committee after 4 p.m. (Central Time) or on a date other than an Accounting Date, the transfer will be processed on the next Accounting Date. The Administrative Committee may impose such Investment Fund transfer fees as it deems reasonable and appropriate to defray the administrative expenses of the Plan. Any transfer of existing balances made under this Plan section does not affect the investment of future contributions, including loan repayments and amounts merged into this Plan, which will be invested as provided under Plan section 9.1 and the last investment election of the Participant filed thereunder.

		
	(b)
	Oxy Stock Fund Transfers.  A vested Participant may not transfer any investment into the Oxy Stock Fund if the amount a Participant holds under the Oxy Stock Fund exceeds 30% of the Participant’s total Plan balance.

		
	(c)
	Qualified Plan Transfers. Nothing contained in this Plan section shall be construed as preventing a Participant, including Inactive Participants and Former Participants, from having amounts allocated to his or her Account in any Investment Fund transferred to one or more other Investment Funds for the purpose of facilitating an asset transfer to the trustee of a Qualified Plan sponsored by a purchaser or the subsidiary of a purchaser as a result of a transaction involving the sale by the Company or an Affiliate of either all or substantially all of the outstanding common stock of an Affiliate or all or substantially all of the assets of a facility, under circumstances where the Participant or Inactive Participant is employed by the Affiliate or at the facility that is the subject of the sale.

9.3     Transfer of Assets
The Administrative Committee shall direct the Trustee to transfer monies or other property between Investment Funds as soon as is practicable after each Accounting Date to the extent required to carry out the aggregate contribution and transfer transactions as of such Accounting Date after the necessary entries have been made in the Accounts and offsetting transfer elections have been reconciled, in accordance with uniform rules established by the Administrative Committee.

9.4     Reserved 

9.5     Matching Account Diversification Rights After August 1, 2004
This section is effective August 2, 2004 and shall apply notwithstanding any contrary provision of this Plan.
		
	(a)
	Diversification Elections After August 1, 2004. A Qualified Participant shall have the right to transfer to other available Investment Funds, in accordance with Plan section 9.2, up to 100 percent of the current market value of the number of Units in the Oxy Stock Fund credited to his Matching Account.

		
	(b)
	No Reinvestment. For the period from July 1, 2006 through March 30, 2007, the number of Units in a Qualified Participant’s Matching Account that have been transferred out of the Oxy Stock Fund as described in subsection (a) above may not be reinvested the Oxy Stock Fund.

		
	(c)
	Election Procedures. Elections to transfer amounts from the Oxy Stock Fund among available Investment Funds shall be made pursuant to procedures established by the Administrative Committee. Each election made under this section shall be effective as of the first Accounting Date after the date on which the Administrative Committee properly receives the election.

		
	(d)
	Authority. The Investment Committee shall have the authority to take any actions as may be appropriate or necessary to ensure the proper operation of the Plan and investment in the Oxy Stock Fund consistent with the provisions of this section.

		
	(e)
	Qualified Participant. For purposes of this section, a “Qualified Participant” means:

		
	(1)
	Effective August 2, 2004, a Participant, who has completed at least 10 years of Service under the Plan and has attained age 55;

		
	(2)
	Effective January 1, 2005, a Participant, who has completed at least 10 years of Service under the Plan and has attained age 50;

		
	(3)
	Effective March 1, 2005, a Participant, who has completed at least 5 years of Service under the Plan and has attained age 50;

		
	(4)
	Effective July 1, 2006, a Participant, who has completed at least 5 years of Service under the Plan; and

		
	(5)
	Effective January 1, 2007, a Participant, who has completed at least 3 years of Service under the Plan.

		
	(6)
	Effective January 1, 2015, any Active Participant, regardless of the individual’s years of Service under the Plan.

Until July 1, 2006, the Service requirement described in paragraphs (1) through (4) must be met on or before a Participant incurs a Separation from Service. As of July 1, 2006, a Qualified Participant includes a Former Participant who has incurred a Separation from Service but only with respect to the portion of the vested portion of the Participant’s Matching Account as of his Separation from Service.

Article 10.     Participant Accounts and Records of the Plan

10.1     Accounts and Records
The Participant’s Pretax Account, Roth Account, Matching Account, After‐Tax Account, Rollover Account, Roth Rollover Account and In-Plan Roth Rollover Account shall be assigned a subaccount for each Investment Fund in which the Account is invested. Each such subaccount shall be maintained and valued separately from all other subaccounts. The Administrative Committee shall maintain records relative to a Participant’s Accounts so that there may be determined as of any Accounting Date the current market value of his Accounts in the Trust Fund.
Each Participant, Alternate Payee and Beneficiary with an Account shall be advised from time to time, at least once each Plan Year, as to the value of his or her Account and the portions thereof attributable to his or her Matching Account and the sum of his or her Pretax Account, Roth Account, Matching Account, After‐Tax Account, Rollover Account, Roth Rollover Account and In-Plan Roth Rollover Account and to the various Investment Funds.

10.2     Account Value
As of any given date for which determination of the value of an Account is required, such value shall equal the sum of the value of Pretax Account, Roth Account, Matching Account, After‐Tax Account, Rollover Account, Roth Rollover Account and In-Plan Roth Rollover Account as of the preceding Accounting Date plus any additional contributions withheld or paid and less the amount of any withdrawals from such Account after the Accounting Date and prior to the date of determination.

10.3     Investment Funds
The Trust Fund shall consist of the Investment Funds, and each Account invested in an Investment Fund shall have an undivided proportionate interest in that Investment Fund. The Investment Committee shall have the right to determine the number of Investment Funds to be maintained by the Plan, and to increase or decrease that number from time to time as it deems appropriate. The Investment Committee shall establish additional Investment Funds or eliminate existing Investment Funds. In so doing, the Investment Committee shall implement and carry out investment objectives and policies which it shall establish and maintain.

10.4     Unit Value of Investment Funds
As of each Accounting Date, the Trustee shall determine the fair market value of the assets of each Investment Fund, and shall notify the Administrative Committee of the value so determined. Assets for which there is a readily ascertainable market shall be valued by the Trustee at their fair market value, determined by the last known public sale on the Accounting Date as of which the market value is determined. In the absence of a sale on the Accounting Date, the fair market value of such assets, as well as other assets for which there is no readily ascertainable fair market value, shall be determined by the Trustee in such consistent manner as the Trustee shall consider appropriate.

10.5     Calculation of Unit Value
The Trustee shall divide the aggregate value of the assets of each Investment Fund, as so determined, by the total number of outstanding Units in such Investment Fund on the Accounting Date. The result obtained shall be the new value of each Unit, or “Unit value,” as of the Accounting Date. The Unit value for all Investment Funds shall be ten dollars on the first Accounting Date in 1999.

10.6     Valuation Adjustments
As of each Accounting Date, after the Units in each Investment Fund have been revalued, the Administrative Committee shall adjust the balances in the Accounts in the respective Investment Funds of the Trust Fund, upward or downward, in proportion to the Account balance in the Investment Fund as of the previous Accounting Date. As a result, the sum of such Account balances will equal the net value of each Investment Fund of the Trust Fund as of that Accounting Date. The subaccounts shall then, when appropriate, be credited with additional Units by dividing the dollar amount of contributions, fund transfers, loan repayments, and dividends paid with respect to Oxy Stock to be allocated to each subaccount on that Accounting Date by the newly calculated value of a Unit in the Investment Fund.

10.7     Debiting of Accounts upon Distribution, Withdrawal, Loan or Charge
Any Units distributed or withdrawn from an Account (including any Units debited as a result of an Investment Fund transfer fee or redemption fee imposed pursuant to Plan section 9.2) shall be charged to the respective subaccounts in each Investment Fund as of the date the benefit or charge is payable. The amount distributable or chargeable to the Account shall be equal to the number of Units distributed or charged from the Account multiplied by the Unit value determined as of the Accounting Date immediately preceding the date as of which the distribution or charge is payable.

10.8     Unit Value upon Transfer of Investment Funds
Participants, Alternate Payees and Beneficiaries electing to transfer from one Investment Fund to another under Plan section 9.2 shall, as of the Accounting Date of the transfer, have their Accounts in the Investment Fund from which the transfer is made charged and their Accounts in the Investment Fund to which the transfer is made credited, based upon the applicable Investment Fund Unit values in effect as of the Accounting Date.

10.9     Oxy Stock Fund Valuation
The balance of each Matching Account and, separately, any other portion of the Account invested in the Oxy Stock Fund shall be maintained in full and fractional Units.
All Oxy Stock acquired by the Oxy Stock Fund, including, but not by way of limitation, Oxy Stock contributed directly by the Employer or purchased with the contributions, Oxy Stock purchased with cash dividends paid in respect of Oxy Stock, Oxy Stock acquired from stock dividends and stock splits, and Oxy Stock purchased with the proceeds of the sale or exchange of warrants, rights or dividends in kind distributed in respect of Oxy Stock, shall be allocated to the Accounts based on the portion of the Account invested in the Oxy Stock Fund as of the Accounting Date in which the Oxy Stock is acquired.
For the purpose of valuing an Account in connection with any withdrawal or loan under the provisions of the Plan or for the purpose of any distribution in kind or partly in kind, shares of Oxy Stock shall be valued as of the Accounting Date of the withdrawal, loan, or distribution based on the closing quotation on the New York Stock Exchange on the Accounting Date in which such withdrawal, loan, or distribution is made; provided, however, that if shares of Oxy Stock are sold in connection with such a withdrawal, loan, or distribution, the shares sold shall be valued at the net proceeds received from such sale. If the closing price of such Oxy Stock shall not be so quoted or if so quoted shall not be available to the Administrative Committee, a composite index price or other price which shall be generally accepted for the establishment of fair market value shall be used for the purpose of so valuing the Account.
For the purpose of valuing an Account in connection with any transfer under the provisions of the Plan, shares of Oxy Stock shall be valued as of the effective date of the transfer based on the closing quotation on the New York Stock Exchange on the Accounting Date in which such transfer is made; provided, however, that if shares of Oxy Stock are sold in connection with such transfer, the shares sold shall be valued at the net proceeds received from such sale. If the closing price of such Oxy Stock shall not be so quoted or if so quoted shall not be available to the Administrative Committee, a composite index price or other price which shall be generally accepted for the establishment of fair market value shall be used for the purpose of so valuing the Account.

10.10     Value of Accounts
The value of the balance of any Account as of any Accounting Date shall equal:
		
	(a)
	The number of Units credited to the Account as of that date, including Units credited on that date pursuant to Plan section 10.6, multiplied by the Unit value determined as of the Accounting Date, plus

		
	(b)
	Any uninvested cash in the Account.

10.11     Cost Account
The Trustee shall maintain records so that the cost or “basis” (for tax purposes) of the Oxy Stock allocated to an Account may be determined as of any Accounting Date. Whenever shares of Oxy Stock are distributed from the Account, such shares shall be assigned a cost equal to the average cost of all shares allocated at the same time in accordance with rules and procedures adopted for the purpose by the Administrative Committee.

10.12     Rollover and Roth Rollover Contributions
		
	(a)
	Subject to the Administrative Committee’s approval and in accordance with uniform and nondiscriminatory procedures adopted by the Administrative Committee, Active or Inactive Participants may contribute, under the conditions specified in this Plan section, to this Plan any of the amounts specified as Rollover Contributions or Roth Rollover Contributions. Rollover Contributions will be held in the Participant’s Rollover Account.  Roth Rollover Contributions will be held in the Participant’s Roth Rollover Account.

		
	(b)
	The amount must have been received by or on behalf of the Participant as an eligible rollover distribution, as defined in Code section 402(c)(4). 

		
	(1)
	In the case of direct rollovers, the distribution must be received directly from:

		
	(A)
	A Qualified Plan;

		
	(B)
	A qualified plan described in Code section 403(a);

		
	(C)
	An annuity contract described in Code section 403(b);  

		
	(D)
	An eligible plan under Code Section 457(b) which is maintained by a state, a political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state; or

		
	(E)
	A Roth IRA described in Code Section 408A(b). 

		
	(2)
	In the case of a rollover by the Participant, as opposed to a direct rollover, the Participant must have received the distribution no more than 60 days (unless the 60‐day rollover deadline has been waived by the Internal Revenue Service pursuant to Code section 402(c)(3), or the Participant makes a written certification to the Plan that satisfies Section 3.02 of Revenue Procedure 2016-47) earlier from:

		
	(A)
	A plan described in paragraph (1), except that any Roth amounts must be received as a direct rollover, or 

		
	(B)
	An individual retirement account or annuity described in Code section 408(a) or 408(b) that only includes amounts contributed to such account or annuity that had been rollover contributions from a plan described in paragraph (1).

		
	(3)
	On a uniform and nondiscriminatory basis, the Administrative Committee or the Company may permit direct rollovers of promissory notes in connection with a loan under a Qualified Plan pursuant to Treasury Regulations section 1.401(a)(31)–1, Q&A–16. The Administrative Committee may establish such reasonable procedures as it deems necessary to facilitate the direct rollover of the promissory notes and to ensure that after the rollover, each loan under the Plan complies with Code section 72(p), ERISA section 408(b)(1), and the regulations thereunder. By way of illustration and not limitation, the Administrative Committee may reamortize directly rolled over loans to accommodate repayment of the loans in conjunction with the payroll schedules of an Employer so as to comply with the maximum permitted term of the loan, or may require a Participant to execute such modification to an existing loan that is rolled over, as the Administrative Committee deems, in its sole discretion, necessary to comply with Code section 72(p), ERISA section 408(b)(1), or the regulations thereunder.

		
	(c)
	Before accepting an amount as a Rollover or Roth Rollover Contribution, the Administrative Committee may require such information and documents it deems necessary or appropriate to establish that the contribution will satisfy the requirements of this Plan section and that receipt of the contribution will not adversely affect the qualified status of this Plan. To the extent deemed necessary or appropriate by the Administrative Committee, such information may include copies of one or more of the following: IRS Form 1099, a distribution statement, the distribution check, certifications from the Participant, and statements from the administrator of the transferor plan that such plan had received a favorable determination letter from the Internal Revenue Service. 

		
	(d)
	Rollover and Roth Rollover Contributions, other than a promissory note evidencing a Participant loan that is rolled over, shall be invested in such Investment Funds as the Participant shall select, in accordance with such rules as are provided in Article 9, or in accordance with other procedures approved by the Administrative Committee. Rollover and Roth Rollover Contributions to this Plan will not be accepted unless the Participant has made an affirmative investment election with respect to his or her Rollover or Roth Rollover Account under Article 9. Notwithstanding the foregoing, in no event shall Rollover or Roth Rollover Contributions be invested in the Oxy Stock Fund.

		
	(e)
	If a Rollover or Roth Rollover Contribution is made to this Plan and the Administrative Committee later determines that the contribution did not satisfy the requirements of this Plan section, then the Rollover or Roth Rollover Contribution, plus any earnings attributable to the Rollover or Roth Rollover Contribution, shall be distributed to the Participant, within a reasonable time after the Administrative Committee’s determination. The Administrative Committee may use any reasonable method to determine the amount of earnings attributable to the Rollover or Roth Rollover Contribution.

		
	(f)
	The balance in a Participant’s Rollover or Roth Rollover Account shall be distributed at the same time and in the same manner as other amounts in the Participant’s Account. Any questions concerning entitlement to a distribution of a Rollover or Roth Rollover Account shall be resolved by adding the term “and Rollover or Roth Rollover Account” in each place where the term “Account” appears in Article 7.

10.13     Merger of the THUMS Long Beach Company Savings and Investment Plan
Effective as of October 31, 2011, the THUMS Long Beach Company Savings and Investment Plan is merged with and into this Plan. The entire interest of each individual, who was a participant in the THUMS Long Beach Company Savings and Investment Plan on October 28, 2011, shall be transferred to this Plan and Appendix H shall control the treatment of such interest as stated therein.

Article 11.     Financing

11.1     Trust Fund
The Company shall maintain a trust to finance the benefits under the Plan, by entering into one or more Trust Agreements or insurance contracts approved by the Company, or by causing insurance contracts to be held under a Trust Agreement. Any Trust Agreement is designated as and shall constitute a part of this Plan, and all rights which may accrue to any person under this Plan shall be subject to all the terms and provisions of such Trust Agreement. A Trustee shall be appointed by the Board and shall have such powers as provided in the Trust Agreement. The Company may modify any Trust Agreement or insurance contract from time to time to accomplish the purposes of the Plan and may replace any insurance company or appoint a successor Trustee or Trustees. By entering into such Trust Agreements or insurance contracts, the Company shall vest in the Trustee, or in one or more investment managers (as defined under ERISA) appointed under the terms of the Trust Agreement from time to time by action of the Investment Committee, responsibility for the management and control of the Trust Fund. In the event the Investment Committee appoints any such investment manager, the Trustee shall not be liable for the acts or omissions of the investment manager or have any responsibility to invest or otherwise manage any portion of the Trust Fund subject to the management and control of the investment manager. The Investment Committee from time to time shall establish a funding policy which is consistent with the objectives of the Plan and shall communicate it to the Trustee and each investment manager so that they may coordinate investment policies with such funding policy.

11.2     Oxy Stock Fund
		
	(a)
	General Rules. The Oxy Stock Fund shall consist of shares of Oxy Stock and cash or cash equivalents that are held pending investment in Oxy Stock. Investment in such shares shall be made from time to time by a direct issue of Oxy Stock from the Company or by purchase from securities dealers or by private purchase at such prices and in such amounts as the Trustee may determine in its absolute and complete discretion. However, no private purchase of such shares shall be made at a total cost greater than the total cost (including brokers’ fees and other expenses of purchase) of purchasing such shares at the then prevailing price of such shares on the open market, such prevailing price to be determined by the Trustee as nearly as practicable based on the most recent public trading prices for the Oxy Stock. The Trustee may match purchases and sales to satisfy investment elections, withdrawals, loans and distributions of Participants.

The Trustee in its discretion may limit the daily volume of its purchases or sales of Oxy Stock to safeguard interest of Participants or comply with legal or exchange requirements. If the Trustee limits daily volume then the purchase prices or sale proceeds, as the case may be, during the period of volume limitations, shall be averaged, and the average per share price or sale proceeds shall be used in determining the cost or proceeds to be applied in satisfaction of any order of a Participant which requires the Trustee to purchase or sell Oxy Stock during such period.
All Oxy Stock purchased by the Trustee shall be registered in the name of the Trustee or its nominee, and legal title to such Oxy Stock shall remain in the Trustee until the Participant shall become entitled to distribution thereof pursuant to this Plan.
The Trustee in its own discretion may invest funds awaiting investment in Oxy Stock in short‐term obligations, including obligations of the United States of America or any agency or instrumentality thereof, trust and participation certificates, beneficial interests in any trust, and such other short‐term obligations as the Trustee deems to be appropriate for such interim investment purposes.
In the event any option, right or warrant is received by the Trustee on Oxy Stock, the Trustee shall sell the same at public or private sale and at such price and upon such other terms as it may determine, unless the Investment Committee shall determine that such option, right or warrant should be exercised, in which case the Trustee shall exercise the same upon such terms and conditions as the Investment Committee may prescribe.
		
	(b)
	Election Restrictions for Officers. Investment elections of Company officers shall be limited, if necessary, so that the beneficial interest in the Oxy Stock held by the Trust Fund for their Accounts shall not exceed, in the aggregate, 20 percent of the total value of all securities and other assets held by the Trust Fund in all Investment Funds. For purposes of this section, the term “officers” shall have the same meaning as set forth in Regulations section 240.3‐b‐2 promulgated pursuant to section 3(b) of the Securities Exchange Act of 1934.

		
	(c)
	Voting Rights. Before each annual or special meeting of the shareholders of the Company, and at such other times when shareholder action is required, the Company or Trustee (as determined under the applicable Trust Agreement) shall send to each Participant, Beneficiary and Alternate Payee who has an investment in Oxy Stock through the Oxy Stock Fund, the proxy or consent solicitation materials that are sent to the Company’s shareholders of record. Each such Participant, Beneficiary and Alternate Payee shall have the right to instruct the Trustee confidentially as to the method of voting the shares of Oxy Stock allocated to the Account (through investment in the Oxy Stock Fund) as of the record date for determining the shares that are entitled to vote at the meeting of shareholders or that are entitled to give or withhold consent to corporate action. The Trustee in accordance with the instructions received from the Participant, Beneficiary, or Alternate Payee shall vote such full and fractional shares of Oxy Stock. The Administrative Committee shall instruct the Trustee as to the method of voting shares of Oxy Stock for which timely voting instructions are not received from Participants, Beneficiaries or Alternate Payees. The Trustee shall not vote shares of Oxy Stock for which it does not receive voting instructions from Participants, Beneficiaries, Alternate Payees or the Administrative Committee. The Company shall ensure that the requisite voting forms, together with all information distributed to shareholders regarding the exercise of voting rights, are furnished to the Trustee and by the Trustee to such Participants, Beneficiaries and Alternate Payees within a reasonable time before such voting rights are to be exercised with respect to Oxy Stock held in the Oxy Stock Fund.

		
	(d)
	Distribution or Reinvestment of Cash Dividends. In accordance with procedures set forth in this subsection, as implemented by the Administrative Committee, each Participant who is a Participant in the ESOP portion of this Plan may make the dividend pass‐through election described in this subsection with respect to dividends paid on or after June 1, 2002 on Oxy Stock held in the Oxy Stock Fund attributable to the Participant’s Matching Account and with respect to dividends paid on or after July 19, 2007 on all Oxy Stock held in the Oxy Stock Fund. The dividends on which the dividend pass‐through election may be made are referred to as Eligible Dividends. Cash dividends that are not Eligible Dividends and cash proceeds from any other distribution received on Oxy Stock shall be invested in Oxy Stock.

		
	(1)
	Pass‐Through Election. With respect to Eligible Dividends, the Participant may elect between:

		
	(A)
	Either:

		
	(i)
	The cash payment of Eligible Dividends directly to the Participant; except,  effective August 8, 2016, if the amount of Eligible Dividends is less than $10.00,  then the Eligible Dividends will be reinvested pursuant to Subsection (B) below; or

		
	(ii)
	If permitted by the Administrative Committee, the payment of Eligible Dividends to the Participant’s Matching Account, Pretax Account, Roth Account, After-Tax Account, Rollover Account, Roth Rollover Account and In-Plan Roth Rollover Account (based on the subaccount from which the Eligible Dividend is derived) followed by the distribution of Eligible Dividends in cash to the Participant not later than 90 days after the close of the Plan Year in which the Eligible Dividends were paid by the Company; and

		
	(B)
	The payment of Eligible Dividends to the Participant’s Matching Account, Pretax Account, Roth Account, After-Tax Account, Rollover Account, Roth Rollover Account and In-Plan Roth Rollover Account (based on the subaccount from which the Eligible Dividend is derived) and reinvestment in Oxy Stock through the Oxy Stock Fund.

If the Participant does not make an affirmative election, he shall be deemed to have elected the reinvestment of Eligible Dividends pursuant to subparagraph (B). Any earnings on Eligible Dividends shall not be distributed pursuant to subparagraph (A)(ii), but any losses on such Eligible Dividends shall reduce the amount that can be distributed to the Participant under such provision. The Participant’s election in effect on the ex‐dividend date for the Eligible Dividend shall control. A Participant may not split his election between subparagraph (A) and subparagraph (B) with respect to any single Eligible Dividend payment date.
		
	(2)
	Election Requirements. The dividend pass‐through election shall meet the following minimum requirements:

		
	(A)
	A Participant must be given a reasonable opportunity before Eligible Dividends are paid or distributed in which to make the election.

		
	(B)
	A Participant must have a reasonable opportunity to change a dividend election at least annually.

		
	(C)
	If there is a change in the Plan terms governing the manner in which Eligible Dividends are paid or distributed, a Participant must be given a reasonable opportunity to make an election under the new Plan terms prior to the date on which the first Eligible Dividend subject to the new Plan terms is paid or distributed.

		
	(D)
	No election shall be applied retroactively; elections shall apply only to future dividend allocations.

		
	(3)
	Treatment of Eligible Dividends. Eligible Dividends shall be treated as follows for purposes of the Plan:

		
	(A)
	A Participant shall at all times be fully vested in any Eligible Dividends with respect to which the Participant is offered a dividend pass‐through election. The Participant shall be fully vested regardless of whether the Eligible Dividends are paid in cash or reinvested in Oxy Stock allocated to the Participant’s Account and regardless of whether the Participant is vested or nonvested in other amounts held in his Matching Account.

		
	(B)
	Eligible Dividends, whether paid in cash to the Participant or reinvested in the Plan, do not constitute an Annual Addition. In addition, reinvested Eligible Dividends do not constitute elective deferrals, within the meaning of Code section 402(g)(3), and shall not be treated as Pretax Deferrals, Roth Contributions or other elective deferrals, under the ADP Test, or After‐Tax Contributions, Adjustment Contributions or Matching Contributions under the ACP Test.

		
	(C)
	Eligible Dividends that are reinvested in Oxy Stock pursuant to a Participant’s election under this subsection are treated as earnings in the same manner as dividends with respect to which a Participant is not provided a dividend pass‐through election.

		
	(D)
	Eligible Dividends paid in cash pursuant to a Participant’s election under this subsection:

		
	(i)
	Are not subject to the consent requirements of Code section 411(a)(11) or the restrictions on the distributions of elective deferrals under Code section 401(k)(2)(B), notwithstanding any Plan provision to the contrary; and 

		
	(ii)
	Do not constitute an Eligible Rollover Distribution (as determined under Plan section 7.7(b)(4)), even if the dividends are distributed at the same time as amounts that do constitute an Eligible Rollover Distribution.

		
	(4)
	Alternate Payees and Beneficiaries. Subject to such rules as the Administrative Committee may prescribe, Alternate Payees and Beneficiaries shall be treated as Participants for purposes of this subsection.

11.3     Forfeitures
The Administrative Committee may use forfeitures occurring in any processing period to pay the reasonable costs of administering the Plan to the maximum extent permitted by ERISA or to reduce Matching Contributions of all Employers without regard to whether the forfeitures are attributable to persons employed by any individual Employer for such processing period or future processing periods.  If the amount of allocable forfeitures occurring in a processing period exceeds the amount of Employer contributions for such processing period, then the excess shall be deposited in a separate account.  Effective December 1, 2016, or as soon as practicable thereafter but in no event later than December 31, 2016, such amounts will be deposited into a separate “Forfeiture Account,” invested in the Stable Value Fund, defined in Appendix B(a) of the Plan, or such other fund as determined within the discretion of the Administrative Committee, and such amounts will be considered Plan assets and allocated in lieu of Employer contributions in succeeding pay periods, used to pay the reasonable expenses of administering the Plan or allocated among Participants as additional contributions.  If the Plan terminates while a balance in the Forfeiture Account exists, the balance shall be allocated to Participants per capita to the extent of the maximum amount permitted under Plan section 6.6.  Forfeitures shall be used before the end of the Plan Year in which the forfeitures occurred to the extent administratively feasible.

11.4     Non‐Reversion
Anything in this Plan to the contrary notwithstanding, it shall be impossible at any time for the contributions of the Employer or any part of the Trust Fund to revert to the Company or an Affiliate or to be used for or diverted to any purpose other than the exclusive benefit of Participants or their Beneficiaries, except that:
		
	(a)
	If a contribution or portion thereof is made by the Employer by a mistake of fact, upon written request to the Administrative Committee, such contribution or such portion, reduced by losses but not increased by earnings, shall be returned to the Employer within one year after the date of payment; and

		
	(b)
	In the event that a deduction for any contributions made by the Employer is disallowed by the Internal Revenue Service in any Plan Year, then that portion of the Employer contribution that is not deductible shall be returned to the Employer within one year from the date of receipt of notice by the Internal Revenue Service of the disallowance of the deduction.

11.5     Direct Transfer of Assets from Plans of Acquired Entities
The Trust Agreement shall permit the direct receipt of assets which are transferred directly to the Trust Fund from the trustees of any other Qualified Plan sponsored, at the time of the applicable transaction, by entities which are the subject of purchase transactions made by the Company or an Affiliate.

11.6     Pension Expense Reimbursement Account (“PERA”)
The Administrative Committee in its discretion may decide to use revenue sharing payments (i.e., float income earned on uninvested cash and all other revenue, if any, received from the investments in the Plan (other than operating expenses paid by mutual fund shareholders generally, whether via rebates or otherwise, that are reflected in the net asset values of such mutual fund shares)) for approved ERISA expenses.  Such amounts as well as Participant-paid fees (including loan initiation fees) and Plan-imposed excessive trading fees will be deposited into a separate “ERISA Account,” invested in the Stable Value Fund, defined in Appendix B(a) of the Plan, or such other fund as determined within the discretion of the Administrative Committee, and such amounts will be considered Plan assets.  Amounts in the ERISA Account must be used for the direct benefit of Plan Participants, and any balances remaining in the ERISA Account at year end must be used by the end of the first quarter of the next Plan Year.  Alternatively, the year-end balance must be allocated to Participant Accounts after this deadline.  Approved ERISA expenses will include those reasonable, necessary and direct expenses incurred by the Plan for services provided by the Plan’s Trustee, recordkeeper or other service providers. 

Article 12.     Administration

12.1     The Administrative Committee
The Plan shall be administered by an Administrative Committee appointed by the Board. The Administrative Committee shall be composed of as many members as the Board may appoint from time to time, but not fewer than three members, and shall hold office at the discretion of the Board. Such members may, but need not, be Employees of the Company or any Affiliate.
Any member of the Administrative Committee may resign by delivering his or her written resignation to the Board and to the Administrative Committee Secretary. Such resignation shall be effective no earlier than the date of the written notice.
Vacancies in the Administrative Committee arising by resignation, death, removal, or otherwise, shall be filled by the Board. The Administrative Committee shall be a fiduciary under the Plan, in accordance with ERISA.

12.2     Chairperson, Secretary, and Employment of Specialists
The members of each of the Investment Committee and Administrative Committee shall elect one of their number as Chairperson and shall elect a Secretary who may, but need not, be a member of such Committee. They may authorize one or more of their number or any agent to execute or deliver any instrument or instruments on their behalf, and may employ such counsel, auditors, and other specialists and such clerical, medical, actuarial, and other services as they may require in carrying out the provisions of the Plan.

12.3     Compensation and Expenses
The members of the Investment Committee and Administrative Committee who are Employees shall serve without compensation for services as a member of such Committee. Any member of a Committee may receive reimbursement by the Company of expenses properly and actually incurred.
All expenses of administration may be paid out of the Trust Fund, to the maximum extent permitted by ERISA, unless paid by the Company. Such expenses shall include any expenses incident to the functioning of the Administrative Committee and the Investment Committee, including but not limited to, fees of accountants, counsel, and other specialists and their agents, and other costs of administering the Plan. Until paid, the expenses shall constitute a liability of the Trust Fund. However, the Company may reimburse the Trust Fund for any administration expense incurred. The Company reserves the right to charge the Accounts for reasonable expenses incurred in the administration of their Accounts. Any such charges shall be used to pay the costs of administering this Plan in the manner described in Plan section 11.3. The Company will make full disclosure of the amount and nature of any such charge prior to its imposition.

12.4     Manner of Action
A majority of the members of the Investment Committee and Administrative Committee at the time in office shall constitute a quorum for the transaction of business. All resolutions adopted, and other actions taken by a Committee at any meeting shall be by the vote of a majority of those present at any such meeting. Upon obtaining the written consent of a majority of the members at the time in office, action of a Committee may be taken otherwise than at a meeting.

12.5     Subcommittees
Each of the Investment Committee and Administrative Committee may appoint one or more subcommittees and delegate such of its power and duties as it deems desirable to any such subcommittee, in which case every reference herein made to such Committee shall be deemed to mean or include the subcommittees as to matters within their jurisdiction. The members of any such subcommittee shall consist of such officers or other Employees of the Company and such other persons as such Committee may appoint.

12.6     Other Agents
Each of the Board, the Company, the Administrative Committee and the Investment Committee may also appoint one or more persons or agents to aid it in carrying out its duties as fiduciary or nonfiduciary, and delegate such of its powers and duties as it deems desirable to such person or agents.

12.7     Records
All resolutions, proceedings, acts, and determinations of each of the Administrative Committee and the Investment Committee shall be recorded by the Secretary thereof or under the Secretary’s supervision, and all such records, together with such documents and instruments as may be necessary for the administration of the Plan, shall be preserved in the custody of the Secretary.

12.8     Rules
Subject to the limitations contained in the Plan, each of the Administrative Committee and the Investment Committee shall be empowered from time to time in its discretion to adopt by‐laws and establish rules for the conduct of its affairs and the exercise of the duties imposed upon it under the Plan.

12.9     Administrative Committee’s Powers and Duties
Except as otherwise provided in this Plan, the Company shall have responsibility for any settlor powers, functions or duties, including, without limitation, the right to amend or terminate the Plan as set forth in Plan section 13.1. The Administrative Committee shall have responsibility for the general administration of the Plan and for carrying out the Plan’s provisions. The Administrative Committee shall have such powers and duties as may be necessary to discharge its functions hereunder, including, but not limited to, the following:
		
	(a)
	To construe and interpret the Plan, to supply all omissions from, correct deficiencies in and resolve ambiguities in the language of the Plan and Trust; to decide all questions of eligibility and determine the amount, manner, and time of payment of any benefits hereunder;

		
	(b)
	To make a determination as to the right of any person to an allocation, and the amount thereof;

		
	(c)
	To obtain from the Employees such information as shall be necessary for the proper administration of the Plan and, when appropriate, to furnish such information promptly to the Trustee or other persons entitled thereto;

		
	(d)
	To prepare and distribute, in such manner as the Company determines to be appropriate, information explaining the Plan;

		
	(e)
	To establish and maintain such accounts in the name of each Participant as are necessary;

		
	(f)
	To instruct the Trustee with respect to the payment of benefits hereunder;

		
	(g)
	To provide for any required bonding of fiduciaries and other persons who may from time to time handle Plan assets;

		
	(h)
	To prepare and file any reports required by ERISA;

		
	(i)
	To engage an independent public accountant to conduct such examinations and to render such opinions as may be required by ERISA;

		
	(j)
	To select, engage, monitor and terminate the performance of third-party administrators and other service providers and develop policies with respect to service provider contracts to ensure that fees paid are reasonable;

		
	(k)
	To allocate contributions, loan repayments and Trust Fund gains or losses to the Accounts of Participants;

		
	(l)
	To take all steps it deems reasonable to correct any references or omissions that may arise in the operation of the Plan, which include taking any and all steps permitted under the Employee Plans Compliance Resolution System, the Voluntary Fiduciary Correction Program, or any other program of correction; and

		
	(m)
	To designate Affiliates as Employers as described in Plan section 14.1.

12.10     Investment Responsibilities
The Investment Committee shall have the authority and responsibility to direct the Trustee with respect to the investment and management of the Trust Fund, and to establish a funding policy and method consistent with the objectives of the Plan and the requirements of ERISA. Except as otherwise provided in ERISA, the Investment Committee may delegate such authority and responsibility to direct the Trustee or any person who acknowledges in writing that it is a fiduciary with respect to the Plan and who provides the Investment Committee with a written affirmation that it is qualified to act as an investment manager within the meaning of ERISA. If the Investment Committee delegates to an investment manager the authority and responsibility to so direct the Trustee, such investment manager, and not the Investment Committee or the Trustee, shall have sole responsibility for the investment and management of so much of the Trust Fund as has been entrusted to his management and control, and, except to the extent otherwise required by ERISA, such delegation shall relieve the Investment Committee and the members thereof of all duties and responsibilities with respect to the authority and responsibility so delegated.
The Investment Committee may relinquish to the Trustee the Investment Committee’s power to direct the Trustee with respect to the investment and management of the Trust Fund. In the event the Investment Committee so relinquishes said power to the Trustee and the Trustee accepts such responsibility in writing, the Trustee shall have sole and exclusive power and responsibility with respect to the investment and management of the Trust Fund. The Investment Committee may regain the power so relinquished by appropriate Investment Committee action and notice to the Trustee.

12.11     Administrative Committee’s Decisions Conclusive
The Administrative Committee shall have the exclusive right and discretionary authority to interpret the terms and provisions of the Plan, apply the facts to the terms of the Plan, and resolve all questions arising hereunder, including the right to resolve and remedy ambiguities, inconsistencies, or omissions in the Plan, provided, however, that the construction necessary for the Plan to conform to the Code and ERISA shall in all cases control. The Administrative Committee also shall have discretionary authority to make any factual determinations under the Plan.  Benefits under this Plan will be paid only if the Administrative Committee decides in its discretion that the applicant is entitled to them. The Administrative Committee shall endeavor to act in such a way as not to discriminate in favor of any class of Employees, Participants, or other persons. Any and all disputes with respect to the Plan that may arise involving Participants, Beneficiaries or Alternate Payees shall be referred to the Administrative Committee and its decisions shall be final, conclusive, and binding. All findings of fact, interpretations, determinations, and decisions of the Administrative Committee in respect of any matter or question arising under the Plan shall be final, conclusive, and binding upon all persons, including, without limitation, Employees, Participants, Beneficiaries, Alternate Payees, and any and all other persons having, or claiming to have, any interest in or under the Plan. The factual determinations and decisions of the Administrative Committee shall be given the maximum possible deference allowed by law. 

12.12     Indemnity
		
	(a)
	To the extent permitted by the Company’s bylaws and applicable law, the Company shall indemnify and hold harmless each of the following persons (“Indemnified Persons”) under the terms and conditions of subsection (b):

		
	(1)
	Each Affiliate;

		
	(2)
	Each member of the Administrative Committee

		
	(3)
	Each member of the Investment Committee; and

		
	(4)
	Each Employee or member of the Board who has responsibility (whether by delegation from another person, an allocation of responsibilities under the terms of this Plan document, or otherwise) for a fiduciary duty, a nonfiduciary settlor function (such as deciding whether to approve a plan amendment), or a nonfiduciary administrative task relating to the Plan.

		
	(b)
	The Company shall indemnify and hold harmless each Indemnified Person against any and all claims, losses, damages, and expenses, including reasonable attorney’s fees and court costs, incurred by that person on account of his good faith actions or failures to act with respect to his responsibilities relating to the Plan. The Company’s indemnification shall include payment of any amounts due under a settlement of any lawsuit or investigation, but only if the Company agrees to the settlement.

		
	(1)
	An Indemnified Person shall be indemnified under this section only if he notifies an Appropriate Person at the Company of any claim asserted against or any investigation of the Indemnified Person that relates to the Indemnified Person’s responsibilities with respect to the Plan.

		
	(A)
	A person is an “Appropriate Person” to receive notice of the claim or investigation if a reasonable person would believe that the person notified would initiate action to protect the interests of the Company in response to the Indemnified Person’s notice.

		
	(B)
	The notice may be provided orally or in writing. The notice must be provided to the Appropriate Person promptly after the Indemnified Person becomes aware of the claim or investigation. No indemnification shall be provided under this section to the extent that the Plan or Company is materially prejudiced by the unreasonable delay of the Indemnified Person in notifying an Appropriate Person of the claim or investigation.

		
	(2)
	An Indemnified Person shall be indemnified under this section with respect to attorneys’ fees, court costs or other litigation expenses or any settlement of such litigation only if the Indemnified Person agrees to permit the Company to select counsel and to conduct the defense of the lawsuit and agrees not to take any action in the lawsuit that the Company believes would be prejudicial to the interests of the Company.

		
	(3)
	No Indemnified Person, including an Indemnified Person who had a Separation from Service, shall be indemnified under this section unless he makes himself reasonably available to assist the Company with respect to the matters in issue and agrees to provide whatever documents, testimony, information, materials, or other forms of assistance that the Company shall reasonably request.

		
	(4)
	No Indemnified Person shall be indemnified under this section with respect to any action or failure to act that is judicially determined to constitute or be attributable to the gross negligence or willful misconduct of the Indemnified Person.

		
	(5)
	Payments of any indemnity under this section shall be made only from the assets of the Company and shall not be made directly or indirectly from assets of the Plan. The provisions of this section shall not preclude such further indemnities as may be available under insurance purchased by the Company or as may be provided by the Company under any by‐law, agreement or otherwise, provided that no expense shall be indemnified under this section that is otherwise indemnified by an insurance contract purchased by the Company.

12.13     Fiduciaries
The fiduciaries named in this Article shall have only those specific powers, duties, responsibilities, and obligations as are specifically given them under this Plan or the Trust or otherwise delegated by the Board. The Employers shall have the sole responsibility for making the contributions required under Article 4 and Article 5, and the Company shall have the sole authority to appoint and remove the Trustee and to amend or terminate, in whole or in part, this Plan or the Trust. The Administrative Committee shall have the sole responsibility for the administration of this Plan, which responsibility is specifically described in this Plan and the Trust Agreement or otherwise delegated by the Board. The officers and Employees of the Company shall have the responsibility of implementing the Plan and carrying out its provisions as the Administrative Committee shall direct. The Investment Committee, the Trustee, and any investment manager shall have the sole responsibility for the administration of the Trust Fund and the management of the assets held under the Trust Fund, to the extent provided in the Trust Agreement. A fiduciary may rely upon any direction, information, or action of another fiduciary as being proper under this Plan or the Trust Agreement, and is not required under this Plan or the Trust Agreement to inquire into the propriety of any such direction, information, or action. It is intended under this Plan and the Trust Agreement that each fiduciary shall be responsible for the proper exercise of his or its own powers, duties, responsibilities, and obligations under this Plan and the Trust Agreement and shall not be responsible for any act or failure to act of another fiduciary. No fiduciary guarantees the Trust Fund in any manner against investment loss or depreciation in asset value. Any party may serve in more than one fiduciary capacity with respect to the Plan or Trust Agreement.
Whether or not a particular activity performed by the Administrative Committee, Investment Committee, a Committee member, or delegate is considered to rise to the level of a fiduciary duty shall depend on whether the person or entity is, when performing the activity, exercising the discretion with respect to the administration of the Plan, which under ERISA, if applicable, requires a fiduciary standard of conduct.  In the absence of an activity involving such an exercise of discretion with respect to the Plan’s administration, the activity shall be considered ministerial, rather than fiduciary, in nature.  If and when a Committee member or delegate is performing a “settlor” activity, under ERISA, including, by way of example, the adoption of an amendment to or decision to establish or terminate a plan, then such activity shall be deemed to be an exercise of “settlor” or sponsor responsibility and shall be subject to ordinary business judgment and not an exercise of fiduciary duty.  The Administrative Committee and Investment Committee will not be subject to fiduciary liability or standards for any settlor or non-fiduciary responsibilities and/or duties delegated to it by the Board.

12.14     Notice of Address
Each person entitled to benefits from the Plan must file with the Administrative Committee or its agent, in writing, his post office address and each change of post office address. Any communication, statement, or notice addressed to such a person at his latest reported post office address will be binding upon him for all purposes of the Plan, and neither the Administrative Committee nor the Company or any Trustee shall be obliged to search for or ascertain his whereabouts.

12.15     Data
All persons entitled to benefits from the Plan must furnish to the Company such documents, evidence, or information, including information concerning marital status, as the Company considers necessary or desirable for the purpose of administering the Plan; and it shall be a condition of the Plan that each such person must furnish such information and sign such documents as the Company may require before any benefits become payable from the Plan. The Administrative Committee shall be entitled to distribute benefits to a non‐Spouse beneficiary in reliance upon the signed statement of the Participant that he is unmarried without any further liability to a Spouse if such statement is false.

12.16     Benefit Claims Procedures
The provisions of this section shall be subject to, and shall apply to, the extent required under Department of Labor Regulations section 2560.503‐1 (relating to the requirements of claims procedures). All decisions made under the procedures described in this section shall be final and there shall be no further right of appeal. No lawsuit may be initiated by any person before fully pursuing the procedures set out in this section, including the appeal permitted pursuant to subsection (d).
		
	(a)
	The right of a Participant, Beneficiary, Alternate Payee, or any other person entitled to claim a benefit under the Plan shall be determined by the Administrative Committee, provided, however, that the Administrative Committee may delegate its responsibility to any person. All persons entitled to claim a benefit under the Plan shall be referred to as a “Claimant” for purpose of this section. The term “Claimant” shall also include, where appropriate to the context, any person authorized to represent the Claimant under procedures established by the Administrative Committee.

		
	(1)
	The Claimant may file a claim for benefits by written notice to the Administrative Committee.

		
	(2)
	Any claim for benefits under the Plan, pursuant to this section, shall be filed with the Administrative Committee no later than eighteen months after the date that a transaction occurred, or should have occurred, with respect to a Claimant’s Account (e.g., two years after benefits were credited, or should have been credited, to a Claimant’s Account, or eighteen months after any withdrawal or distribution occurred or should have occurred). The Administrative Committee in its sole discretion shall determine whether this limitation period has been exceeded.

		
	(3)
	Notwithstanding anything to the contrary in this Plan, the following shall not be a claim for purposes of this section:

		
	(A)
	A request for determination of eligibility, enrollment, or participation under the Plan without an accompanying claim for benefits under the Plan. The determination of eligibility, enrollment, or participation under the Plan may be necessary to resolve a claim, in which case such determination shall be made in accordance with the claims procedures set forth in this section.

		
	(B)
	Any casual inquiry relating to the Plan, including an inquiry about benefits or the circumstances under which benefits might be paid under the Plan.

		
	(C)
	A claim that is defective or otherwise fails to follow the procedures of the Plan (e.g., a claim that is addressed to a party, other than the Administrative Committee, or an oral claim).

		
	(D)
	An application or request for benefits under the Plan.

		
	(b)
	If a claim for benefits is wholly or partially denied, the Administrative Committee shall, within a reasonable period of time, but no later than 90 days after receipt of the claim (or 45 days after receipt of the claim in the case of a disability claim), notify the Claimant of the denial of benefits. In the case of a claim other than a disability claim, if special circumstances justify extending the period up to an additional 90 days, the Claimant shall be given written notice of this extension within the initial 90‐day period, and such notice shall set forth the special circumstances and the date on which a decision is expected. In the case of a disability claim, the Administrative Committee may give the Claimant written notice before the end of the initial 45‐period that it needs an additional 30 days to review the claim, provided that such notice shall set forth the circumstances beyond the control of the Administrative Committee justifying extending the period and the date on which a decision is expected. If special circumstances beyond the control of the Administrative Committee’s control justify extending the claim review period for an additional 30 days, the Claimant shall be provided written notice of this extension within the first 30-day period.

		
	(c)
	A notice of denial:

		
	(1)
	Shall be written in a manner calculated to be understood by the Claimant; and

		
	(2)
	Shall contain:

		
	(A)
	The specific reasons for denial of the claim;

		
	(B)
	Specific reference to the Plan provisions on which the denial is based;

		
	(C)
	A description of any additional material or information necessary for the Claimant to perfect the claim, along with an explanation as to why such material or information is necessary; and

		
	(D)
	An explanation of the Plan’s claim review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under ERISA section 502(a) following an adverse determination on review.

		
	(d)
	Within 60 days of the receipt by the Claimant of the written denial of his or her claim (or within 180 days of receipt in the case of a disability claim) or, if the claim has not been granted, within a reasonable period of time (which shall not be less than the applicable time period specified in subsection (b)), the Claimant may file a written request with the Administrative Committee that it conduct a full review of the denial of the claim. In connection with the Claimant’s appeal, upon request, the Claimant may review and obtain copies of all documents, records and other information relevant to the Claimant’s claim for benefits, but not including any document, record or information that is subject to any attorney‐client or work‐product privilege or whose disclosure would violate the privacy rights or expectations of any person other than the Claimant. The Claimant may submit issues and comments in writing and may submit written comments, documents, records, and other information relating to the claim for benefits. All comments, documents, records, and other information submitted by the Claimant shall be taken into account in the appeal without regard to whether such information was submitted or considered in the initial benefit determination.

		
	(e)
	The Administrative Committee shall deliver to the Claimant a written decision on the claim promptly, but no later than 60 days (or 45 days in the case of a disability claim) after the receipt of the Claimant’s request for such review, unless special circumstances exist that justify extending this period up to an additional 60 days (or 45 days in the case of a disability claim). If the period is extended, the Claimant shall be given written notice of this extension during the initial 60‐day period (or 45-day period in the case of a disability claim) and such notice shall set forth the special circumstances and the date a decision is expected. The decision on review of the denial of the claim:

		
	(1)
	Shall be written in a manner calculated to be understood by the Claimant;

		
	(2)
	Shall include specific reasons for the decision;

		
	(3)
	Shall contain specific references to the Plan provisions on which the decision is based;

		
	(4)
	Shall contain a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and other information relevant to the Claimant’s claim for benefits; and

		
	(5)
	Shall contain a statement of the Claimant’s right to bring a civil action under ERISA section 502(a) following an adverse determination on review.

		
	(f)
	No legal action may be commenced after the later of:

		
	(1)
	180 days after receiving the written response of the Administrative Committee to an appeal, or 

		
	(2)
	365 days after the Claimant’s original application for benefits.

		
	(g)
	Any legal action in connection with the Plan must be filed in Harris County, Texas.

12.17     Member’s Own Participation
No member of the Administrative Committee or the Investment Committee may act, vote or otherwise influence a decision of the committee on which he or she serves specifically relating to his or her own participation under the Plan.

Article 13.     Amendment and Termination

13.1     Amendment and Termination
The Company expects the Plan to be permanent and to continue indefinitely; however, this Plan is purely voluntary on the part of the Company and each Employer. The Company must necessarily and does hereby reserve the right to amend, modify, or terminate the Plan at any time by action of its Board. The Administrative Committee in its discretion may amend the Plan if it finds that such amendment does not significantly decrease benefits or significantly increase costs or it determines that the amendment is required to comply with applicable law. 
No amendment of the Plan shall cause any part of the Trust Fund to be used for, or diverted to, purposes other than for the exclusive benefit of the Participants or their Beneficiaries covered by the Plan, or increase the duties and responsibilities of the Trustee without its consent, or decrease any Account balance.

13.2     Distribution on Termination
Upon termination of the Plan in whole or in part, or upon complete discontinuance of contributions to the Plan by the Company, the value of the proportionate interest in the Trust Fund of each Participant affected by such termination shall be determined by the Administrative Committee as of the date of such termination or discontinuance. The Accounts of such Participants shall be fully vested and nonforfeitable, and thereafter distribution shall be made to such Participants as directed by the Administrative Committee.
Upon the partial termination of the Plan, the Board may in its sole discretion determine the timing of a distribution of the balance of the affected Participants’ Accounts.

13.3     Successors
In case of the merger, consolidation, liquidation, dissolution or reorganization of an Employer, or the sale by an Employer of all or substantially all of its assets, provision may be made by written agreement between the Company and any successor corporation acquiring or receiving a substantial part of the Employer’s assets, whereby the Plan and the Trust Agreement will be continued by the successor. If the Plan is to be continued by the successor, then effective as of the date of the reorganization or transfer, the successor corporation shall be substituted for the Employer under the Plan and the Trust Agreement. The substitution of a successor corporation for an Employer will not in any way be considered a termination of the Plan.

13.4     Plan Merger or Transfer
This Plan shall not merge or consolidate with, or transfer assets and liabilities to, or accept a transfer from, any other employee benefit plan unless each Participant, Beneficiary, or Alternate Payee in this Plan will (if the Plan had then terminated) receive a benefit immediately after the merger, consolidation, or transfer which is not less than the benefit the Participant, Beneficiary, or Alternate Payee would have been entitled to receive immediately before the merger, consolidation, or transfer of assets (if this Plan had then terminated). Subject to these limitations, the Plan may transfer assets and liabilities to, or accept a transfer of assets and liabilities from, any other employee benefit plan which is qualified under Code section 401(a) where such a transfer has been authorized by agreement between the Company and the sponsor of the other employee benefit plan and is not prohibited by law.

Article 14.     Participating Affiliates

14.1     Adoption of the Plan
The Board or, if authorized by the Board, the Administrative Committee may designate any Affiliate as an Employer under this Plan. The Affiliate shall become an Employer and a party to this Plan and the Trust Agreement upon acceptance of such designation effective as of the date specified by the Board or Administrative Committee.

14.2     Conditions of Participation
By accepting such designation or continuing as a party to the Plan and Trust, each Employer acknowledges that:
		
	(a)
	It is bound by such terms and conditions relating to the Plan as the Company or the Administrative Committee may reasonably require;

		
	(b)
	It must comply with all qualification requirements and employee benefit rules of the Code, ERISA and related regulations and hereby acknowledges the authority of the Company, the Administrative Committee, and the Investment Committee to review the Affiliate’s compliance procedures and to require changes in such procedures to protect the Plan’s qualification;

		
	(c)
	It has authorized the Company, the Administrative Committee, and the Investment Committee to act on its behalf with respect to Employer matters pertaining to the Plan and the Trust Fund;

		
	(d)
	It will cooperate fully with the Plan officials and their agents by providing such information and taking such other actions, as they deem appropriate for the efficient administration of the Plan and the Trust Fund; and

		
	(e)
	Its status as an Employer under the Plan is expressly conditioned on its being and continuing to be an Affiliate of the Company.

14.3     Termination of Participation
		
	(a)
	Withdrawal by Affiliate. Subject to the concurrence of the Board or Administrative Committee, any Affiliate may withdraw from the Plan and Trust, and end its status as an Employer hereunder, by communicating in writing to the Administrative Committee its desire to withdraw. The withdrawal shall be effective as of the date agreed to by the Board or Administrative Committee, as the case may be, and the Affiliate. Upon such withdrawal, the Plan shall not terminate.

		
	(b)
	Termination by Company. The Company, acting through the Board or, if authorized by the Board, the Administrative Committee, reserves the right, in its sole discretion and at any time, to terminate the participation in this Plan of any Employer. Such termination shall be effective immediately, upon the notice of such termination from the Company to the Trustee and the Employer being terminated, whichever occurs first, or such later effective date agreed to by the Company. Upon such termination, this Plan shall not terminate.

14.4     Consequences of the Termination of an Employer
If an Employer ceases to participate in this Plan, for whatever reason, and the Plan is not terminated then, unless otherwise directed by the Board, the Administrative Committee shall elect, in its discretion, which of the following shall apply:
		
	(a)
	The Administrative Committee may elect that the portion of the Plan attributable to the former Employer shall become a separate plan effective as of the date on which the Employer’s participation in this Plan terminates. The Administrative Committee shall inform the Trustee of the portion of the Trust Fund that is attributable to the participation of the terminated Employer. As soon thereafter as is administratively feasible, the Trustee shall set apart that portion of the Trust Fund as a separate trust fund that shall be part of the separate plan of the terminated Employer. Thereafter, the administration, control, and operation of the separate plan, with respect to the terminated Employer, shall be on a separate basis, in accordance with the terms of this Plan except that:

		
	(1)
	The terminated Employer, not the Company or the Administrative Committee, shall be the sponsor and administrator of the separate plan and shall have all duties, responsibilities, and powers that the Company, Administrative Committee and Investment Committee have under this Plan; and

		
	(2)
	The terminated Employer, not the Company, shall have the power to amend and terminate the separate plan, in accordance with the provisions of Plan section 13.1.

		
	(b)
	Alternatively, the Administrative Committee may elect to maintain the Accounts of Participants employed by the terminated Employer as follows:

		
	(1)
	Except as provided in paragraph (5), all Participants employed by the terminated Employer on the date on which the entity ceases participation in this Plan shall become Inactive Participants or Former Participants, as applicable.

		
	(2)
	The Pretax Deferral, Roth Contribution, Catch‐Up Contribution and After‐Tax Contribution elections of an Active Participant under Article 4 shall only apply to Earnings for the portion of the Plan Year ending on the Employer’s termination date.

		
	(3)
	The terminated Employer shall transfer to the Trust Fund the Pretax Deferrals, Roth Contributions, Catch‐Up Contributions, Matching Contributions and After‐Tax Contributions required under the Plan relating to Earnings through the effective date of the Employer’s termination of participation in this Plan.

		
	(4)
	For purposes of being eligible to receive a distribution of his or her Account, an Inactive Participant described in paragraph (1) shall not be treated as having a Separation from Service unless and until the Administrative Committee determines that the Participant is eligible to receive a distribution under the provisions of Code section 401(k)(2)(B)(i).

		
	(5)
	If a Participant described in paragraph (1) becomes an Employee of another Employer immediately after the effective date of the prior Employer’s termination of participation in this Plan, then the Participant shall be treated under the Plan as having transferred employment from one Employer to another.

		
	(6)
	Should the Administrative Committee elect to take alternative action under this Section 14.4(b), the name of the terminated Employer and the effective date of such action will be set forth on Appendix I.

		
	(c)
	With the consent of the Employer that is no longer participating in the Plan, the Company or Administrative Committee may take such other actions with respect to the Accounts of Participants employed by that Employer as are permitted under the Code and ERISA.

Article 15.     Top‐Heavy Provisions

15.1     Application of Top‐Heavy Provisions
The provisions of this Article shall be interpreted and administered in accordance with the requirements of Code section 416 and related Treasury Regulations. The provisions of this Article shall apply for the Plan Year if, as of the Determination Date for that Plan Year, the Top‐Heavy Ratio exceeds 60 percent.

15.2     Definitions Applicable to this Article
In addition to the terms defined in Plan section 2.1 or elsewhere in this Plan, whenever used in this Article, the following terms shall have the respective meanings set forth below, unless expressly provided otherwise. When the defined meaning is intended, the term is capitalized.
		
	(a)
	“Aggregation Group” means each Qualified Plan of the Company or any Affiliate in which a Key Employee is a participant and any other Qualified Plan which enables a Qualified Plan of the Company or any Affiliate covering a Key Employee to meet the requirements of Code sections 401(a)(4) or 410. On behalf of the Company, the Administrative Committee may elect to include within the Aggregation Group any other Qualified Plan, together with the Qualified Plans referenced in the preceding sentence, provided that such expanded Aggregation Group continues to satisfy the requirements of Code sections 401(a)(4) and 410(b) for the Plan Year.

		
	(b)
	“Determination Date” means the last day of the preceding Plan Year.

		
	(c)
	“Key Employee” means, effective for Plan Years beginning after 2001, any Employee or a former Employee (including any deceased Employee) who, at any time during the Plan Year, is one of the following:

		
	(1)
	An officer of the Company or any Affiliate whose Section 415 Compensation exceeds $130,000, as adjusted under Code section 416(i)(1) for Plan Years commencing after 2002, provided however, that the number of Employees included as Key Employees under this paragraph shall not exceed the lesser of:

		
	(A)
	50 Employees; or

		
	(B)
	The greater of three Employees or 10 percent of all Employees of the Company and all Affiliates.

		
	(2)
	A five‐percent owner of the Company or any Affiliate.

		
	(3)
	A one‐percent owner of the Company or any Affiliate whose Section 415 Compensation exceeds $150,000.

Only Section 415 Compensation attributable to services performed during the Plan Year for the Company or an Affiliate shall be included. Ownership shall be determined in accordance with Code section 318 (as modified by Code section 416(i)(1)(B)(iii)). A Beneficiary or Alternate Payee whose rights under the Plan derive from a Key Employee shall also be treated as a Key Employee.
		
	(d)
	“Non‐Key Employee” means any Employee who is not a Key Employee.

		
	(e)
	“Top‐Heavy Ratio” means the ratio determined under Plan section 15.3.

15.3     Determination of Top‐Heavy Ratio
The Top‐Heavy Ratio for a Plan Year shall be determined as follows:
		
	(a)
	General Rule. The numerator of the Top‐Heavy Ratio is the sum of the amounts described in subsection (b) under all Qualified Plans in the Aggregation Group for each Key Employee. The denominator of the Top‐Heavy Ratio is the sum of the amounts described in subsection (b) under all Qualified Plans in the Aggregation Group for all Employees.

		
	(b)
	Included Amounts. When determining the Top‐Heavy Ratio, the following amounts shall be included:

		
	(1)
	The Employee’s total Account balance as of the Determination Date under this Plan;

		
	(2)
	The Employee’s total account balance as of the Determination Date under all other Qualified Plans that are defined contribution plans included in the Aggregation Group;

		
	(3)
	The present value as of the Determination Date of the Employee’s accrued benefit under all Qualified Plans that are defined benefit plans included in the Aggregation Group.

		
	(c)
	Special Rules. For purposes of computing the Top‐Heavy Ratio and included amounts, the following rules shall apply:

		
	(1)
	The present value of accrued benefits shall be determined using reasonable actuarial assumptions.

		
	(2)
	In the case of a distribution made for a reason other than severance from employment, death, or Disability (e.g., in‐service withdrawals), this provision shall be applied by substituting “five‐year period” for “one‐year period.”

		
	(3)
	Any Rollover or Roth Rollover Contribution (or similar transfer) initiated by the Employee and made after December 31, 1983, to a Qualified Plan in the Aggregation Group shall be excluded when determining account balances with respect to the transferee plan.

		
	(4)
	Account balances and accrued benefits shall be taken into account only to the extent attributable to contributions by the Company or Affiliate and contributions by the Employee while employed by the Company or an Affiliate.

		
	(5)
	The present values of accrued benefits and account balances of any individual who has not performed services for the Company or any Affiliate during the one‐year period ending on the Determination Date shall not be taken into account when determining the Top‐Heavy Ratio.

		
	(6)
	Account balances or accrued benefits of an Employee shall not be taken into account if the Employee is not a Key Employee for the Plan Year being tested but was a Key Employee in a prior Plan Year.

		
	(7)
	To the extent required by Code section 416(e), contributions and benefits relating to Social Security or similar programs under federal or state law shall not be taken into account in determining the Top‐Heavy Ratio.

15.4     Required Minimum Allocations
If the provisions of this Article apply for the Plan Year because the Top‐Heavy Ratio exceeds 60 percent, then with respect to the defined contribution minimum allocation required by Code section 416(c)(2) and related Treasury Regulations, the contributions shall be made under the Retirement Plan on behalf of each Non‐Key Employee who is a Participant who has not incurred a Separation from Service as of the last day of the Plan Year (regardless of whether the Non‐Key Employee has less than 1,000 hours of service (or the equivalent) and regardless of the Non‐Key Employee’s level of Section 415 Compensation), in an allocation for that Plan Year of not less than the lesser of:
		
	(a)
	Three percent of the Participant’s Section 415 Compensation, or 

		
	(b)
	The percentage equal to the largest contribution, expressed as a percentage of Section 415 Compensation, received by any Key Employee under all defined contribution plans in the Aggregation Group.

For purposes of satisfying the requirements of this section, Pretax Deferrals and Roth Contributions shall not be included, for any Employee who is a Non‐Key Employee, but shall be included for any Participant who is a Key Employee. Effective for Plan Years beginning after 2001, the allocation of Matching Contributions shall be included for all Employees. If any Qualified Plan in the Aggregation Group is a defined benefit plan, then any Participant who participates both in a defined benefit plan and would otherwise be entitled to a minimum contribution under this section shall receive the defined benefit minimum prescribed under Code section 416(c)(1) and related Treasury Regulations under the defined benefit plan and shall not receive the minimum allocation under this section.

15.5     Required Minimum Vesting
If the provisions of this Article apply for the Plan Year because the Top‐Heavy Ratio exceeds 60 percent, then each Participant who has not incurred a Separation from Service as of the last day of the Plan Year shall continue to vest in his or her Matching Account and any defined contribution minimum allocation, as described in Plan section 15.4, for the Plan Year in accordance with the provisions of Plan section 3.5, which provides for vesting that is in all cases equal to or more rapid than required by Code section 416(b).

15.6     Employees Covered by Collective Bargaining Agreement
Notwithstanding any provision of this Article to the contrary, the provisions of Plan sections 15.4 and 15.5 shall not apply with respect to any Represented Employee covered by a collective bargaining agreement where retirement benefits were the subject of good faith bargaining between the Employer and the union.

Article 16.     Miscellaneous Provisions

16.1     No Enlargement of Employment Rights
This Plan is strictly a voluntary undertaking on the part of the Company and the Employers and shall not be deemed to constitute a contract between the Employers and any Employee or Participant, Beneficiary, or Alternate Payee, or to be consideration for, or an inducement to, or a condition of, the employment of any Employee. Nothing contained in this Plan or any modification of the same or act done in pursuance hereof shall be construed as giving any person any legal or equitable right against the Employer, the Trustee, or the Trust Fund, unless specifically provided herein, or as giving any person a right to be retained in the employ of the Employer. All Participants shall remain subject to assignment, reassignment, promotion, transfer, layoff, reduction, suspension, and discharge to the same extent as if this Plan had never been established. No Participant, Beneficiary, or Alternate Payee, before satisfying all conditions for receiving benefits, shall have any right or interest in or to any portion of the Trust Fund. No one shall have any right to benefits, except to the extent provided in this Plan.

16.2     No Examination or Accounting
Neither this Plan nor any action taken thereunder shall be construed as giving any person the right to an accounting or to examine the books or affairs of the Company or any Affiliate.

16.3     Investment Risk
The Participants and their Beneficiaries shall assume all risks in connection with any decrease in the value of any assets or funds which may be invested or reinvested in the Trust Fund which supports this Plan.

16.4     Non‐Alienation
		
	(a)
	Except as otherwise permitted by the Plan, no benefit payable at any time under the Plan shall be subject to the debts or liabilities of a Participant or his or her Beneficiary. Any attempt to alienate, sell, transfer, assign, pledge, or otherwise encumber any such benefit, whether presently or thereafter payable, shall be void. Except as provided in this section, no benefit under the Plan shall be subject in any manner to attachment, garnishment, or encumbrance of any kind.

		
	(b)
	Payment may be made from a Participant’s Account to an Alternate Payee, pursuant to a Qualified Domestic Relations Order.

		
	(1)
	The Administrative Committee shall establish reasonable written procedures for reviewing court orders made, pursuant to state domestic relations law (including a community property law), relating to child support, alimony payments, or marital property rights of a Spouse, former Spouse, child, or other dependent of a Participant and for notifying Participants and Alternate Payees of the receipt of such orders and of the Plan’s procedures for determining if the orders are Qualified Domestic Relations Orders and for administering distributions under Qualified Domestic Relations Orders.

		
	(2)
	Except as may otherwise be required by applicable law, such Qualified Domestic Relations Orders may not require a retroactive transfer of all or part of a Participant’s Account to or for the benefit of an Alternate Payee without permitting an appropriate adjustment for earnings and investment gains or losses that have occurred in the interim, nor shall such orders require the Plan to provide rights to Alternate Payees that are not available to Beneficiaries generally.

		
	(3)
	In cases in which a full and prompt payment of amounts assigned to an Alternate Payee will not be made, pursuant to this subsection, the assigned amounts will be transferred, within a reasonable time after determination that the order is a Qualified Domestic Relations Order, to a separate Account for the benefit of the Alternate Payee and invested in accordance with the Alternate Payee’s investment elections pursuant to Article 9.

		
	(4)
	No amount that is segregated pending a determination of whether a domestic relations order is a Qualified Domestic Relations Order or transferred to a separate Account for the benefit of the Alternative Payee shall be taken into account when determining the amount that:

		
	(A)
	A Participant may withdraw from his or her Account, pursuant to Plan section 7.2;

		
	(B)
	A Participant may receive in a Plan loan, pursuant to Plan section 8.2; or

		
	(C)
	A Participant (or his or her Beneficiary) may receive in a distribution, pursuant to Plan section 7.3 or 7.5.

		
	(c)
	Payment may be made from an Account, to the extent required by a federal tax levy made pursuant to Code section 6331 or by the United States’ collection of a judgment resulting from an unpaid federal tax assessment. Payment may be made at the time required by the tax levy or judgment collection order, even if payment would not otherwise be made at that time under the terms of the Plan and payment from the Plan would not otherwise be permitted at that time under Code section 401(a), 401(k), or 411(a)(11).

		
	(d)
	Payments from an Account may be offset to the extent permitted under Code section 401(a)(13)(C) (relating to offsets regarding breaches of duty with respect to the Plan).

		
	(e)
	A Participant or Beneficiary may disclaim his or her Account, or a portion thereof, subject to the rules which may be modified from time to time by the Administrative Committee.

16.5     Incompetency
Every person receiving or claiming benefits under the Plan shall be conclusively presumed to be mentally competent and of age until the date on which the Administrative Committee [or its delegee] receives a written notice, in a form and manner acceptable to the Administrative Committee [or its delegee], that such person is incompetent or a minor, for whom a guardian or other person legally vested with the care of his or her person or estate has been appointed; provided, however, that if the Administrative Committee [or its delegee] shall find that any person to whom a benefit is payable under the Plan is unable to care for his or her affairs because of incompetency, or is a minor, any payment due (unless a prior claim therefore shall have been made by a duly appointed legal representative) may be paid to the Spouse, a child, a parent, a brother or sister, or to any person or institution deemed by the Administrative Committee [or its delegee] to have incurred expenses for such person otherwise entitled to payment. To the extent permitted by law, any such payment so made shall be a complete discharge of liability therefore under the Plan. In the event that a guardian of the estate of any person receiving or claiming benefits under the Plan shall be appointed by a court of competent jurisdiction or a person shall otherwise qualify as a guardian within the sole discretion of the Administrative Committee [or its delegee] and such guardian provides proper proof of appointment, qualification, or continuing qualification, as applicable, in a form and manner acceptable to the Administrative Committee [or its delegee], then, to the extent permitted by law:
		
	(a)
	Such guardian may act for the Participant, Beneficiary, or Alternate Payee and make any election required of or permitted by the Participant, Beneficiary, or Alternate Payee under this Plan, and such action or election shall be deemed to have been taken by the Participant, Beneficiary, or Alternate Payee; and

		
	(b)
	Benefit payments may be made to such guardian, and any such payment so made shall be a complete discharge of any liability therefore under the Plan.

16.6     Records Conclusive
The records of the Company, Employers, the Administrative Committee, the Investment Committee and the Trustee shall be conclusive in respect to all matters involved in the administration of the Plan.

16.7     Counterparts
This Plan may be executed in any number of counterparts, each of which shall be deemed to be an original. All the counterparts shall constitute but one and the same instrument and may be sufficiently evidenced by any one counterpart.

16.8     Service of Legal Process
The Trustee, the members of the Administrative Committee, and the Secretary of the Company are hereby designated agents of the Plan for the purpose of receiving service of summons, subpoena, or other legal process.

16.9     Uncashed or Unclaimed Benefits
		
	(a)
	Stale Checks.  Effective on or after August 8, 2016, if a distribution check is issued under the Plan and such distribution check is not cashed within 6 months after issuance, the check will be characterized as stale, and the funds re-deposited into a special account under the Plan.  Such funds shall be characterized on an after-tax basis and effective December 1, 2016, or as soon as practicable thereafter but in no event later than December 31, 2016, such amounts will be invested in the Plan’s Stable Value Fund, defined in Appendix B(a) of the Plan, or such other fund as determined within the discretion of the Administrative Committee.  The check will be reissued upon request by the Participant pursuant to procedures established by the Administrative Committee.  

		
	(b)
	Lost Participants.  In the event that the Administrative Committee or its delegee, after having made a diligent search, is unable to locate a Participant, Beneficiary, or Alternate Payee who is entitled to benefits under this Plan, such benefits shall be treated as a forfeiture under Plan section 3.6. In the event that the Participant, Beneficiary, or Alternate Payee whose Account is subject to such forfeiture subsequently asserts a valid claim for benefits, the Account will be restored in the manner described in Plan section 3.6.

16.10     Qualified Military Service
Notwithstanding any provision of this Plan to the contrary, contributions, benefits and Service credit required with respect to qualified military service, within the meaning of Code section 414(u), will be provided in accordance with the mandatory provisions of Code section 414(u). In addition, in compliance with the Heroes Earnings Assistance and Relief Tax Act (“HEART), the following provisions shall apply notwithstanding any Plan provision to the contrary:
		
	(a)
	Effective January 1, 2007, if the Participant dies while on qualified military service, the Participant’s Beneficiary shall be entitled to any benefit under the Plan (other than additional allocations related to the period of qualified military service) to the same extent that the Participant would have been entitled to such benefit had the Participant resumed employment and then incurred a Separation from Service on account of death.

		
	(b)
	Effective January 1, 2009, Differential Wages shall be treated as Base Pay, as provided in Plan section 2.1(p)(2)(H), and Section 415 Compensation, as provided in Plan section 2.1(nnn)(2)(D), paid to an Active Participant by the Employer making the payment. For this purpose, Differential Wages means any payment made by an Employer with respect to any period during which the Employee is performing qualified military service and represents all or a portion of the wages the Employee would have received from the Employer if the Employee were performing service for the Employer.

		
	(c)
	Effective January 1, 2009 and even if the Employee is receiving Differential Wages, a Participant performing qualified military service will be treated as having incurred a Separation from Service during the period of such qualified military service for purposes of Plan section 7.3, but only with respect to the Participant’s Pretax Account and Roth Account. If the Participant elects to receive a distribution under this deemed Separation from Service, then such Participant shall not be permitted to make Pretax Deferrals, Roth Contributions, Catch-Up Contributions or After‐Tax Contributions during the six‐month period beginning on the date of the distribution.  Effective for withdrawals requested after August 8, 2016, if a Participant is suspended from making any Pretax Deferrals, Roth Contributions, Catch-Up Contributions and/or After Tax Contributions in accordance with the sentence above, such contributions will be automatically reinstated upon expiration of the six-month suspension period at the Default Percentage, as applicable, or if the Participant was not subject to automatic enrollment or had opted out of automatic enrollment at the percentage in place prior to the suspension.   

*    *    *

        

    

In Witness Whereof, Occidental Petroleum Corporation has caused this amended and restated Plan to be executed this 12th day of December, 2018.

Occidental Petroleum Corporation

By: Darin Moss

Its Vice President, Human Resources

v

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