Document:

Credit Agreement dated as of December 9, 2005

 Exhibit 10.21 
  

 

 
 CREDIT AGREEMENT 
 dated as of 
 December 9, 2005 
 among 
 DIVIDEND CAPITAL OPERATING PARTNERSHIP LP 
 The Lenders Party Hereto 
 and 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative
Agent 
 and 
 U.S. BANK NATIONAL
ASSOCIATION 
 As Syndication Agent 
 and 
 COMMERZBANK AG NEW YORK and 
 GRAND CAYMAN BRANCHES, PNC BANK, 
 NATIONAL ASSOCIATION and WELLS FARGO BANK, 
 NATIONAL ASSOCIATION, as Documentation Agents 
 J.P. MORGAN SECURITIES INC., 
 as Sole Bookrunner and Sole Lead Arranger 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page
	Page	  	i
	SCHEDULES:	  	iii
	Schedule 2.01 — Commitments	  	iii
	EXHIBITS:	  	iii
	Exhibit A — Form of Assignment and Assumption	  	iii
	ARTICLE I	  	1
	Definitions	  	1
	 SECTION 1.01. Defined Terms.
	  	1
	 SECTION 1.02. Classification of Loans and Borrowings.
	  	19
	 SECTION 1.03. Terms Generally.
	  	19
	 SECTION 1.04. Accounting Terms; GAAP.
	  	19
	ARTICLE II	  	20
	The Credits	  	20
	 SECTION 2.01. Commitments.
	  	20
	 SECTION 2.02. Loans and Borrowings.
	  	20
	 SECTION 2.03. Requests for Borrowings.
	  	20
	 SECTION 2.04. Increase in Commitments.
	  	21
	 SECTION 2.05. Swingline Loans.
	  	21
	 SECTION 2.06. Letters of Credit.
	  	22
	 SECTION 2.07. Funding of Borrowings.
	  	26
	 SECTION 2.08. Interest Elections.
	  	26
	 SECTION 2.09. Termination and Reduction of Commitments.
	  	27
	 SECTION 2.10. Repayment of Loans; Evidence of Debt.
	  	28
	 SECTION 2.11. Prepayment of Loans.
	  	28
	 SECTION 2.12. Fees.
	  	29
	 SECTION 2.13. Interest.
	  	30
	 SECTION 2.14. Alternate Rate of Interest
	  	30
	 SECTION 2.15. Increased Costs
	  	31
	 SECTION 2.16. Break Funding Payments
	  	32
	 SECTION 2.17. Taxes
	  	32
	 SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	33
	 SECTION 2.19. Mitigation Obligations; Replacement of Lenders - Certificates
	  	34
	ARTICLE III	  	35
	Representations and Warranties	  	35
	 SECTION 3.01. Organization; Powers.
	  	35
	 SECTION 3.02. Authorization; Enforceability.
	  	35
	 SECTION 3.03. Governmental Approvals; No Conflicts.
	  	35
	 SECTION 3.04. Financial Condition; No Material Adverse Change.
	  	36
	 SECTION 3.05. Properties.
	  	36
	 SECTION 3.06. Litigation and Environmental Matters
	  	36
	 SECTION 3.07. Compliance with Laws and Agreements
	  	37
	 SECTION 3.08. Investment and Holding Company Status.
	  	37
	 SECTION 3.09. Taxes.
	  	37
	 SECTION 3.10. ERISA.
	  	37
	 SECTION 3.11. Disclosure.
	  	37
	 SECTION 3.12. REIT Status.
	  	37
	 SECTION 3.13. Unencumbered Assets
	  	37
	ARTICLE IV	  	39
	Conditions	  	39

  

 i 

			
	 SECTION 4.01. Effective Date.
	  	39
	 SECTION 4.02. Each Credit Event.
	  	40
	ARTICLE V	  	40
	Affirmative Covenants	  	40
	 SECTION 5.01. Financial Statements and Other Information.
	  	40
	 SECTION 5.02. Notices of Material Events.
	  	41
	 SECTION 5.03. Existence; Conduct of Business.
	  	42
	 SECTION 5.04. Payment of Obligations.
	  	42
	 SECTION 5.05. Maintenance of Properties; Insurance.
	  	42
	 SECTION 5.06. Books and Records; Inspection Rights.
	  	42
	 SECTION 5.07. Compliance with Laws.
	  	42
	 SECTION 5.08. Use of Proceeds and Letters of Credit.
	  	42
	 SECTION 5.09. REIT Status.
	  	42
	 SECTION 5.10. Subsidiary Guarantees.
	  	43
	ARTICLE VI	  	43
	Negative Covenants	  	43
	 SECTION 6.01. Consolidated Net Worth.
	  	43
	 SECTION 6.02. Consolidated Interest Coverage.
	  	43
	 SECTION 6.03. Consolidated Fixed Charge Coverage.
	  	43
	 SECTION 6.04. Consolidated Leverage.
	  	43
	 SECTION 6.05. Secured Indebtedness.
	  	43
	 SECTION 6.06. Unsecured Indebtedness.
	  	43
	 SECTION 6.07. Unencumbered Interest Coverage.
	  	44
	 SECTION 6.08. Total Unencumbered Project Pool Value.
	  	44
	 SECTION 6.09. Secured Recourse Indebtedness.
	  	44
	 SECTION 6.10. Liens.
	  	44
	 SECTION 6.11. Fundamental Changes.
	  	44
	 SECTION 6.12. Acquisitions and Investments.
	  	44
	 SECTION 6.13. Swap Agreements.
	  	45
	 SECTION 6.14. Dividends.
	  	45
	 SECTION 6.15. Transactions with Affiliates
	  	45
	ARTICLE VII	  	45
	Events of Default	  	45
	ARTICLE VIII	  	48
	The Administrative Agent	  	48
	ARTICLE IX	  	49
	Miscellaneous	  	49
	 SECTION 9.01. Notices.
	  	49
	 SECTION 9.02. Waivers; Amendments.
	  	50
	 SECTION 9.03. Expenses; Indemnity; Damage Waiver.
	  	51
	 SECTION 9.04. Successors and Assigns.
	  	52
	 SECTION 9.05. Survival.
	  	54
	 SECTION 9.06. Counterparts; Integration; Effectiveness.
	  	55
	 SECTION 9.07. Severability.
	  	55
	 SECTION 9.08. Right of Setoff.
	  	55
	 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process.
	  	55
	 SECTION 9.10. WAIVER OF JURY TRIAL.
	  	56
	 SECTION 9.11. Headings.
	  	56
	 SECTION 9.12. Confidentiality.
	  	56
	 SECTION 9.13. Interest Rate Limitation.
	  	57
	 SECTION 9.14. USA PATRIOT Act.
	  	57

  

 - ii - 

 SCHEDULES: 
 Schedule
2.01 — Commitments 
 Schedule 3.06 — Disclosed Matters 
 Schedule 3.13 — Unencumbered Assets 
 EXHIBITS: 
 Exhibit A — Form of Assignment and Assumption 
 Exhibit B -1 — Form of Trust Guaranty 
 Exhibit B -2 — Form of Subsidiary Guaranty 
 Exhibit C — Form of
Note 
  

 - iii - 

 CREDIT AGREEMENT dated as of December 9,2005 among DIVIDEND CAPITAL OPERATING PARTNERSHIP LP, the
LENDERS party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 
 The parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate. 
 “Acquisition” means any transaction, or any series
of related transactions, consummated on or after the date of this Agreement, by which the Borrower or any of its Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm, corporation or division
thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the
securities of a corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding
partnership interests of a partnership. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any
Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
 “Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person specified. 
 “Alternate Base Rate” means, for any
day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day, and (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of
such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 
 “Applicable Percentage” means,
with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently
in effect, giving effect to any assignments. 

 “Approved Fund” has the meaning assigned to such term in Section 9.04. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any
party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 
 “Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the
date of termination of the Commitments. 
 “Board” means the Board of Governors of the Federal Reserve System of the United
States of America. 
 “Borrower” means Dividend Capital Operating Partnership LP, a Delaware limited partnership.

 “Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the
case of Eurodollar Loans, as to which a single Interest Period is in effect, or (b) a Swingline Loan. 
 “Borrowing
Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03. 
 “Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination
thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 “Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation and any and all warrants or options to purchase any of the foregoing. 
 “Capitalization Rate” means eight and one-quarter percent (8.25%). 
 “Cash Equivalents” means, as of any date: 
  

	 	(i)	securities issued or directly and fully guaranteed or insured by the United States Government or any agency or instrumentality thereof having maturities of not more than one year
from such date; 

  

	 	(ii)	mutual funds organized under the United States Investment Company Act rated AAm or AAm-G by S&P and P-1 by Moody’s; 

  

 - 2 - 

	 	(iii)	certificates of deposit or other interest-bearing obligations of a bank or trust company which is a member in good standing of the Federal Reserve System having a short term
unsecured debt rating of not less than A-1 by S&P and not less than P-1 by Moody’s (or in each case, if no bank or trust company is so rated, the highest comparable rating then given to any bank or trust company, but in such case only for
funds invested overnight or over a weekend) provided that such investments shall mature or be redeemable upon the option of the holders thereof on or prior to a date one month from the date of their purchase; 

  

	 	(iv)	certificates of deposit or other interest-bearing obligations of a bank or trust company which is a member in good standing of the Federal Reserve System having a short term
unsecured debt rating of not less than A-1+ by S&P, and not less than P-1 by Moody’s and which has a long term unsecured debt rating of not less than A1 by Moody’s (or in each case, if no bank or trust company is so rated, the highest
comparable rating then given to any bank or trust company, but in such case only for funds invested overnight or over a weekend) provided that such investments shall mature or be redeemable upon the option of the holders thereof on or prior to a
date three months from the date of their purchase; 

  

	 	(v)	bonds or other obligations having a short term unsecured debt rating of not less than A-1+ by S&P and P-1+ by Moody’s and having a long term debt rating of not less than A1
by Moody’s issued by or by authority of any state of the United States, any territory or possession of the United States, including the Commonwealth of Puerto Rico and agencies thereof, or any political subdivision of any of the foregoing;

  

	 	(vi)	repurchase agreements issued by an entity rated not less than A-1+ by S&P, and not less than P-1 by Moody’s which are secured by U.S. Government securities of the type
described in clause (i) of this definition maturing on or prior to a date one month from the date the repurchase agreement is entered into; 

  

	 	(vii)	short term promissory notes rated not less than A-1+ by S&P, and not less than P-1 by Moody’s maturing or to be redeemable upon the option of the holders thereof on or
prior to a date one month from the date of their purchase; and 

  

	 	(viii)	commercial paper (having original maturities of not more than 365 days) rated at least A-1+ by S&P and P-1 by Moody’s and issued by a foreign or domestic issuer who, at the
time of the investment, has outstanding long-term unsecured debt obligations rated at least A1 by Moody’s. 

 “Change in Control” means (i) any change in the ownership of Trust which results in more than twenty-five percent (25%) of Trust’s Capital Stock being acquired by any one Person, or group of Persons which are
Affiliates of each other, or (ii) the Trust is no longer the general partner of the Borrower. 
 “Change in Law” means
(a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement
or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or
directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 
  

 - 3 - 

 “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans. 
 “Code” means the Internal Revenue Code of
1986, as amended from time to time. 
 “Commitment” means, with respect to each Lender, the commitment of such Lender to
make Revolving Loans and/or Swingline Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder,
as such commitment may be (a) increased from time to time pursuant to Section 2.04, (b) reduced from time to time pursuant to Section 2.09 and (c) reduced or increased from time to time pursuant to assignments by or to such
Lender pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The
initial aggregate amount of the Lenders’ Commitments is $250,000,000. 
 “Consolidated Debt Service” means, for any
period, without duplication, (a) Recurring Interest Expense for such period plus (b) the aggregate amount of scheduled principal payments attributable to Total Indebtedness (excluding optional prepayments and scheduled principal
payments in respect of any such Indebtedness which is not amortized through periodic installments of principal and interest over the term of such Indebtedness) required to be made during such period by any member of the Consolidated Group
plus (c) a percentage of all such scheduled principal payments required to be made during such period by any Investment Affiliate on Indebtedness taken into account in calculating Recurring Interest Expense, equal to the greater of
(x) the percentage of the principal amount of such Indebtedness for which any member of the Consolidated Group is liable and (y) the Consolidated Group Pro Rata Share of such Investment Affiliate. 
 “Consolidated EBITDA” means Consolidated Net Income plus, to the extent deducted from revenues in determining Consolidated Net Income,
(i) Recurring Interest Expense, (ii) expense for taxes paid or accrued, (iii) depreciation, (iv) amortization and (v) extraordinary losses incurred other than in the ordinary course of business, minus, to the extent included
in Consolidated Net Income, extraordinary gains realized other than in the ordinary course of business, all calculated for the Consolidated Group on a consolidated basis (provided that gains or losses resulting from the sale, exchange or other
disposition of any Project, or any part thereof or interest therein, shall be deemed not to occur in the ordinary course of business for purposes of this definition, other than sales, exchanges or dispositions pursuant to which a Project is
converted to an Exchange Project or interests in an Exchange Project are sold). 
 “Consolidated Group” shall mean Trust,
Borrower and all Subsidiaries which are required to be consolidated with them for financial reporting purposes under GAAP. 
 “Consolidated Group Pro Rata Share” shall mean, with respect to any Investment Affiliate, the pro rata share of the economic ownership interests held by the Consolidated Group, in the aggregate, in such Investment
Affiliate, without duplication. 
 “Consolidated Net Income” shall mean, for any period, the sum, without duplication, of
(i) net earnings (or loss) after taxes (from continuing operations) of the Consolidated Group (adjusted by eliminating any such earnings or loss attributable to Investment Affiliates) plus (ii) the applicable 
  

 - 4 - 

 Consolidated Group Pro Rata Share of net earnings (or loss) of all Investment Affiliates for such period, in each case
determined in accordance with GAAP (provided, however, that lease payments attributable to Sale-Leaseback Master Leases which are generally excluded from “consolidated net income” in accordance with GAAP shall nonetheless be included as
earnings for purposes of this definition). 
 “Consolidated Net Worth” means, as of any date of determination, an amount
equal to (a) Total Asset Value minus (b) Total Indebtedness as of such date. 
 “Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto. 
 “Credit Documents” means this Agreement, the Notes, the
Guaranties, and any other document from time to time evidencing or securing indebtedness incurred by Borrower pursuant to this Agreement, as any of the foregoing may be amended or modified from time to time. 
 “Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless
cured or waived, become an Event of Default. 
 “Disclosed Matters” means the actions, suits and proceedings and the
environmental matters disclosed in Schedule 3.06. 
 “dollars” or “$” refers to lawful money of
the United States of America. 
 “Effective Date” means the date on which the conditions specified in Section 4.01 are
satisfied (or waived in accordance with Section 9.02). 
 “Environmental Laws” means all laws, rules, regulations,
codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources,
the management, release or threatened release of any Hazardous Material or to health and safety matters. 
 “Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or
based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single
employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
  

 - 5 - 

 “ERISA Event” means (a) any “reportable event”, as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower
or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates
of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or
any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Eurodollar Applicable Margin” means, for
any Interest Period, the percentage set forth below in accordance with the ratio of Total Indebtedness to Total Asset Value as of the last day of the most recent preceding fiscal quarter for which financial results have been reported, which
percentage shall change upon the date Administrative Agent has received a compliance certificate as required by Section 5.01(c) from the Borrower: 
  

				
	 Ratio of Total Indebtedness to Total Asset Value
	  	Eurodollar Applicable Margin	 
	 Less than 30%
	  	0.875	%
	 Greater than or equal to 30% but less than 40%
	  	1.00	%
	 Greater than or equal to 40% but less than 50%
	  	1.125	%
	 Greater than or equal to 50%
	  	1.375	%

 “Event of Default” has the meaning assigned to such term in Article VII.

 “Exchange Program” means the program sponsored by Borrower whereby Affiliates of Borrower acquire Projects, master lease
such Projects to an Affiliate of Borrower (with such master leases guaranteed by Borrower and the Trust) and sell undivided tenant-in-common fee ownership interests in such Projects to Exchange Project TICs. 
 “Exchange Program Debt” means any Indebtedness of an Exchange Project TIC (whether or not an Affiliate of the Borrower) secured by any
ownership interest in an Exchange Project. 
 “Exchange Project” means a Project owned by a group of Exchange Project TICs
in connection with the Exchange Program, provided that any such Project shall constitute an Exchange Project only so long as it is master leased to an Affiliate of Borrower and such master lease is guaranteed by Borrower and the Trust. 

“Exchange Project TIC” means any owner of an undivided tenant-in-common fee ownership interest in an Exchange Project. 
  

 - 6 - 

 “Excluded Foreign Subsidiary” means a Subsidiary of the Borrower that is a Foreign
Subsidiary if such Foreign Subsidiary’s execution of the Subsidiary Guaranty would cause material adverse tax consequences for the Borrower provided that a Foreign Subsidiary shall not be an Excluded Foreign Subsidiary if the historical cost of
all Investments made by the Borrower and its Subsidiaries (other than Foreign Subsidiaries) less cash returns thereon in such Foreign Subsidiary together with the historical cost of all Investments in all other Excluded Foreign Subsidiaries would be
more than 10% of Total Asset Value. 
 “Excluded Subsidiary” means a Subsidiary of the Borrower that does not own an
Unencumbered Asset and (i) is prohibited (e.g. pursuant to its organizational documents or pursuant to loan documents to which it is a party) from guaranteeing Indebtedness of other Persons, or (ii) is not a Material Subsidiary. If a
Subsidiary is a party to the Subsidiary Guaranty and later becomes an Excluded Subsidiary, such Excluded Subsidiary shall be released from the Subsidiary Guaranty. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrower
hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in
the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located and
(c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.19(b)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes
a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law occurring after the date such Foreign Lender first became a party hereto)
to comply with Section 2.17(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with
respect to such withholding tax pursuant to Section 2.17(a). 
 “Facility Fee Rate” means 0.25% per annum.

 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100
of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate
is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers
of recognized standing selected by it. 
 “Financeable Ground Lease” means a ground lease satisfactory to the Administrative
Agent in its reasonable discretion, which must provide protections for a potential leasehold mortgagee (“Mortgagee”) which include, among other things (a) a remaining term, including any optional extension terms exercisable
unilaterally by the tenant, of no less than 25 years from the Effective Date, (b) that the ground lease will not be terminated until the Mortgagee has received notice of a default, has had a reasonable opportunity to cure or complete
foreclosure, and has failed to do so, (c) provision for a new lease on the same terms to the Mortgagee as tenant if the ground lease is terminated for any reason or other protective provisions reasonably acceptable to Administrative Agent,
(d) non-merger of the fee and leasehold estates, (e) transferability of the tenant’s interest under the ground lease without any requirement for consent of the ground lessor unless based on reasonable objective criteria as to the

  

 - 7 - 

 creditworthiness or line of business of the transferee or delivery of customary assignment and assumption agreements from
the transferor and transferee and (f) that insurance proceeds and condemnation awards (from the fee interest as well as the leasehold interest) will be applied pursuant to the terms of the applicable leasehold mortgage. 
 “Financial Contract” of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or option contract or
other financial instrument with similar characteristics, or (ii) any Rate Management Transaction. 
 “Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower. 
 “Fixed
Charges” shall mean, for any period, the sum of (i) Consolidated Debt Service and (ii) all dividends payable on account of preferred stock or preferred operating partnership units of the Borrower or any other Person in the
Consolidated Group (including dividends payable to Investment Affiliates but excluding dividends payable to members of the Consolidated Group). 
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and
the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “Foreign Subsidiary” means each Subsidiary
of the Borrower organized under the laws of any jurisdiction other than the United States or any jurisdiction therein. 
 “GAAP” means generally accepted accounting principles in the United States of America. 
 “Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any obligation (determined without duplication) of (a) the guaranteeing person or (b) another Person (including, without
limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counter-indemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness,
leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of
the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any
such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for
the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss
in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any
guaranteeing person shall be deemed to be the maximum stated amount of the primary obligation relating to such Guarantee 
  

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 Obligation (or, if less, the maximum stated liability set forth in the instrument embodying such Guarantee Obligation),
provided, that in the absence of any such stated amount or stated liability, the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the
Borrower in good faith, further provided that the amount of any Guarantee Obligation relating to a master lease guaranty entered into in connection with the Exchange Program shall in no event be less than the principal balance of all
Exchange Program Debt outstanding with respect to the relevant Exchange Project. 
 “Guarantors” means, as of any date, the
Trust and any Subsidiary Guarantor then a party to the Subsidiary Guaranty. 
 “Hazardous Materials” means all explosive or
radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical
wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Indebtedness” of
any Person at any date means without duplication, (a) all indebtedness of such Person for borrowed money including without limitation any repurchase obligation or liability of such Person with respect to securities, accounts or notes receivable
sold by such Person, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary
practices), to the extent such obligations constitute indebtedness for the purposes of GAAP, (c) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (d) all Capital Lease Obligations,
(e) all Guarantee Obligations of such Person in respect of Indebtedness of another Person (excluding in any calculation of consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of one member of the Consolidated Group in
respect of primary obligations of any other member of the Consolidated Group), (f) the face amount of all letters of credit issued for the account of such Person and, without duplication, all unreimbursed amounts drawn thereunder, and
(g) any Net Mark-to-Market Exposure. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a
result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
 “Information Memorandum” means the Confidential Information Memorandum dated September, 2005, relating to the Borrower and the
Transactions. 
 “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in
accordance with Section 2.08. 
 “Interest Payment Date” means (a) with respect to any ABR Loan (other than a
Swingline Loan), the first day of each month, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest
Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, and (c) with respect to any Swingline
Loan, the day that such Loan is required to be repaid. 
 “Interest Period” means with respect to any Eurodollar Borrowing,
the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the 
  

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 calendar month that is one, two, three or six months thereafter, as the Borrower may elect; provided, that
(i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case
such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar
month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be
the effective date of the most recent conversion or continuation of such Borrowing. 
 “Investment” of a Person means any
loan, advance (other than commission, travel and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary
in the trade), deposit account or contribution of capital by such Person to any other Person or any investment in, or purchase or other acquisition of, the stock, partnership interests, notes, debentures or other securities of any other Person made
by such Person. 
 “Investment Affiliate” means any Person in which the Consolidated Group, directly or indirectly, has any
ownership interest of $1,000,000 or more (valued at the historical cost thereof), whose financial results are not consolidated under GAAP with the financial results of the Consolidated Group. 
 “Issuing Bank” means JPMorgan Chase Bank, N.A., in its capacity as the issuer of Letters of Credit hereunder, and its successors in such
capacity as provided in Section 2.06(i). The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing Bank” shall include any such
Affiliate with respect to Letters of Credit issued by such Affiliate. 
 “LC Disbursement” means a payment made by the
Issuing Bank pursuant to a Letter of Credit. 
 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn
amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be
its Applicable Percentage of the total LC Exposure at such time. 
 “Lenders” means the Persons listed on
Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context
otherwise requires, the term “Lenders” includes the Swingline Lender. 
 “Letter of Credit” means any letter of
credit issued pursuant to this Agreement. 
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest
Period, the rate appearing on Page 3750 of the Dow Jones Market Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on
such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO
 
  

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 Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar
deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m.,
London time, two Business Days prior to the commencement of such Interest Period. 
 “Lien” means, with respect to any
asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with
respect to such securities. 
 “Loan Parties” means, collectively, the Borrower and Guarantors. 
 “Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 
 “Material Adverse Effect” means a material adverse effect on (i) the business, property or financial condition of the Consolidated
Group, (ii) the ability of the Borrower or the Trust to perform its obligations under the Credit Documents to which it is a party, (iii) the ability of the Loan Parties collectively taken as a whole to perform their obligations under the
Credit Documents, or (iv) the validity or enforceability of any of the Credit Documents or the rights or remedies of the Administrative Agent and the Lenders thereunder. 
 “Material Indebtedness” means Indebtedness (other than (i) the Loans and Letters of Credit and (ii) any guaranty by Borrower
and/or the Trust of the obligations of the lessee under any master lease of any Exchange Project), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount
exceeding $10,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount
(giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
 “Material Subsidiary” means any Subsidiary of the Borrower with assets having a fair market value of $1,000,000 or more. 
 “Maturity Date” means December 9, 2008. 
 “Moody’s” means
Moody’s Investors Service, Inc. 
 “Multiemployer Plan” means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA. 
 “Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the
excess (if any) of all unrealized losses over all unrealized profits of such Person arising from Rate Management Transactions or any other Financial Contract, after giving effect to netting. “Unrealized losses” means the fair market value
of the cost to such Person of replacing such Rate Management Transaction or other Financial Contract as of the date of determination (assuming the Rate Management Transaction or other Financial Contract were to be terminated as of that date), and
“unrealized profits” 
  

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 means the fair market value of the gain to such Person of replacing such Rate Management Transaction or other Financial
Contract as of the date of determination (assuming such Rate Management Transaction or other Financial Contract were to be terminated as of that date). 
 “Net Operating Income” means, with respect to any Project for any period, (i) revenues therefrom (including, without limitation, lease termination fees appropriately amortized to the extent there
is no new tenant in the space for which the lease termination fee was paid), less deferred rents receivable, calculated, in each case, in accordance with GAAP, less (ii) the costs of maintaining such Project, including, without limitation,
taxes, insurance, repairs and maintenance, but excluding depreciation, amortization, Recurring Interest Expense and capital expenditures, calculated, in each case, in accordance with GAAP (provided, however, that lease payments attributable to
Sale-Leaseback Master Leases which are generally excluded from “consolidated net income” in accordance with GAAP shall nonetheless be included as earnings for purposes of this definition). Net Operating Income for any Exchange Project
subject to a master lease shall be computed as if there were no such master lease in place (e.g. revenues shall be rents paid by subtenants occupying the Exchange Project and not rent payable under the master lease, and expenses shall be those that
would be payable by the owner of the Exchange Project if there were no master lease). 
 “Other Taxes” means any and all
present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement.

 “Participant” has the meaning set forth in Section 9.04. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar
functions. 
 “Permitted Encumbrances” means: 
 (a) Liens imposed by law for taxes, assessments or governmental charges or levies that are not yet due or are being contested in compliance with
Section 5.04; 
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens,
arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested in good faith and by appropriate proceedings; 
 (c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social
security laws or regulations; 
 (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and
appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
 (e) judgment
liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; 
 (f) easements, zoning
restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or
interfere with the ordinary conduct of business of the Borrower or any Subsidiary; 
  

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 (g) Liens in existence on the date hereof, and extensions, renewals and replacements of such Liens, as
long as such extension, renewal and replacement Liens do not spread to any property other than property encumbered by such Liens on the date hereof; 
 (h) Liens on Projects first acquired by Borrower or a Subsidiary after the date hereof and which are in place at the time such Projects are so acquired; 
 (i) Liens on Exchange Properties created in accordance with the terms of the Exchange Program; 
 (j) Liens and rights of setoff of banks and securities intermediaries in respect of deposit accounts and securities accounts maintained in the ordinary
course of business. 
 (k) assignments of past due receivables for collection purposes only; 
 (l) leases or subleases granted in the ordinary course of business; 
 (m) additional Liens on property or assets securing additional obligations not to exceed $3,000,000 at any time outstanding; and 
 (n) Liens arising in connection with any Indebtedness permitted hereunder. 
 “Person” means
any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and
in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Preleased Project Under Development” means, as of any date of determination, any Project owned by Borrower, a Subsidiary or an
Investment Affiliate (i) which is then treated as an asset under development under GAAP, (ii) which is located in the continental United States, (iii) which has been preleased at market rates to the extent of at least eighty percent
(80%) of the projected gross leasable area of such Project pursuant to binding leases to tenants that are not Affiliates of Borrower, and (iv) which has been designated by Borrower in a written notice to Administrative Agent as a
“Preleased Project Under Development”, provided however, (a) in no event shall any Project be included in such category of “Preleased Project Under Development” for more than five hundred forty (540) days after
construction of such Project commenced and (b) upon written designation to Administrative Agent from Borrower delivered during such 540-day period, any Project which has previously been designated as a “Preleased Project Under
Development” shall be removed from such category. Upon the earlier to occur of (x) the expiration of the relevant above-described 540-day period or (y) Administrative Agent’s receipt of Borrower’s written designation in
accordance with (b) above, any Project which had been designated a “Preleased Project Under Development” shall automatically lose such designation (effective as of the next determination date) for the purpose of determining Total
Asset Value and Total Unencumbered Project Pool Value. 
 “Presold Project Under Development” means, as of any date of
determination, any Project owned by Borrower, a Subsidiary or an Investment Affiliate (i) which is then treated as an asset under development under GAAP, (ii) which is located in the continental United States, (iii) which has

  

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 been presold under a binding purchase and sale agreement with a purchaser that is not an Affiliate of Borrower, and
(iv) which has been designated by Borrower in a written notice to Administrative Agent as a “Presold Project Under Development”, provided however, (a) in no event shall any Project be included in such category of
“Presold Project Under Development” for more than five hundred forty (540) days after construction of such Project commenced and (b) upon written designation to Administrative Agent from Borrower delivered during such 540-day
period, any Project which has previously been designated as a “Presold Project Under Development” shall be removed from such category. Upon the earlier to occur of (x) the expiration of the relevant 540-day period or
(y) Administrative Agent’s receipt of Borrower’s written designation in accordance with (b) above, any Project which had been designated a “Presold Project Under Development” shall automatically lose such designation
(effective as of the next determination date) for the purpose of determining Total Asset Value and Total Unencumbered Project Pool Value. 
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A., as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall
be effective from and including the date such change is publicly announced as being effective. 
 “Project” means any real
estate asset located in the continental United States and owned by the Borrower, any Subsidiary, an Investment Affiliate or a group of Exchange Project TICs, and operated or intended to be operated as an industrial property. 
 “Project Value” means: (i) with respect to any Project owned by the Borrower, a Subsidiary, an Investment Affiliate or a group of
Exchange Project TICs for less than four full calendar quarters, the purchase price paid for such Project; and (ii) with respect to any Project owned by the Borrower, a Subsidiary, an Investment Affiliate or a group of Exchange Project TICs for
four calendar quarters or more, the Net Operating Income for such Project for the four most recently completed calendar quarters divided by the Capitalization Rate. For purposes of calculating whether a Project has been owned for four calendar
quarters, a Project which was owned by the Borrower or a Subsidiary or Investment Affiliate and becomes an Exchange Project (or which is at one time an Exchange Project but is then transferred back to the Borrower or a Subsidiary or Investment
Affiliate) shall be considered to have been owned from the date initially acquired by the Borrower or Subsidiary or Investment Affiliate. 
 “Rate Management Transaction” means any transaction (including an agreement with respect thereto) now existing or hereafter entered into by the Borrower which is a rate swap, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap
transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign
currencies, commodity prices, equity prices or other financial measures. 
 “Recourse Indebtedness” means any Indebtedness
of the Borrower or any other member of the Consolidated Group with respect to which the liability of the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness, subject to customary limited exceptions
for certain acts or types of liability. 
 “Recurring Interest Expense” means, for any period without duplication, the sum
of (a) the amount of interest (without duplication, whether accrued, paid or capitalized) on Total Indebtedness actually payable by members of the Consolidated Group during such period, plus (b) the applicable 
  

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 Consolidated Group Pro Rata Share of any interest (without duplication, whether accrued, paid or capitalized) on
Indebtedness actually payable by Investment Affiliates during such period, whether recourse or non-recourse. 
 “Register”
has the meaning set forth in Section 9.04. 
 “Related Parties” means, with respect to any specified Person, such
Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Required Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing at least 66 2/3% of the sum of the total Revolving Credit Exposures and unused Commitments at such time.

 “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of
such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time. 
 “Revolving Loan” means a Loan
made pursuant to Section 2.01. 
 “Sale-Leaseback Master Lease” shall mean a master lease entered into by a buyer of a
Project, as lessor, and the seller of such Project, as lessee, in connection with a transaction whereby such seller leases all or a portion of such Project after closing. 
 “S&P” means Standard & Poor’s. 
 “Statutory Reserve
Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in
Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without
benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the
effective date of any change in any reserve percentage. 
 “subsidiary” means, with respect to any Person (the
“parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements
if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of
such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means any subsidiary of the Borrower. 
  

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 “Subsidiary Guarantor” means each Subsidiary that is not an Excluded Subsidiary or an
Excluded Foreign Subsidiary. 
 “Subsidiary Guaranty” means the guaranty to be executed and delivered by the Subsidiary
Guarantors, substantially in the form of Exhibit B-2, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities,
equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom
stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement. 
 “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline
Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time. 
 “Swingline
Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder. 
 “Swingline
Loan” means a Loan made pursuant to Section 2.05. 
 “Taxes” means any and all present or future taxes,
levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 
 “Total Asset Value”
means, as of the date of calculation, the aggregate, without duplication, of: (a) the Project Value of all Projects (other than Preleased Projects Under Development and Presold Projects Under Development) owned by members of the Consolidated
Group and all Exchange Projects; plus (b) the Consolidated Group Pro Rata Share of the Project Value of Projects (other than Preleased Projects Under Development and Presold Projects Under Development) owned by Investment Affiliates; plus
(c) fifty percent (50%) of the principal amount of loans due to Borrower from Panattoni Development Company, provided that the maximum amount attributable to Total Asset Value on account of such loans shall be $7,500,000; plus (d) an
amount equal to sixty percent (60%) of the then current book value of each Project owned by members of the Consolidated Group and treated as an asset under development under GAAP other than Preleased Projects Under Development and Presold
Projects Under Development; plus (e) an amount equal to sixty percent (60%) of Consolidated Group Pro Rata Share of the then current book value of each Project owned by an Investment Affiliate and treated as an asset under development
under GAAP other than Preleased Projects Under Development and Presold Projects Under Development; plus (f) an amount equal to one hundred percent (100%) of the then-current book value of each Preleased Project Under Development and each
Presold Project Under Development owned by members of the Consolidated Group, plus (g) an amount equal to the Consolidated Group Pro Rata Share of one hundred percent (100%) of the then-current book value of each Preleased Project Under
Development and each Presold Project Under Development owned by an Investment Affiliate, provided that in no event shall the aggregate amount added to Total Asset Value pursuant to clauses (d), (e), (f) and (g) collectively exceed
twenty percent (20%) of the Total Asset Value; plus (h) Unrestricted Cash and Cash Equivalents owned by members of the Consolidated Group; plus (i) the applicable Consolidated Group Pro Rata Share of Unrestricted Cash and Cash
Equivalents owned by any Investment Affiliate. 
  

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 “Total Indebtedness” means, as of any date of determination, without duplication, the
sum of: (a) all Indebtedness of the Consolidated Group outstanding at such date, determined on a consolidated basis; plus (b) the greater of (i) the applicable Consolidated Group Pro Rata Share of all Indebtedness of each Investment
Affiliate (other than Indebtedness of such Investment Affiliate to a member of the Consolidated Group) and (ii) the amount of Indebtedness of such Investment Affiliate which is also Recourse Indebtedness of a member of the Consolidated Group;
plus (c) all Exchange Program Debt. 
 “Total Secured Indebtedness” means, as of any date of determination, that
portion of Total Indebtedness which is secured by a Lien on a Project, any ownership interests in any Subsidiary or Investment Affiliate or any other assets which had, in each case, in the aggregate, a value in excess of the amount of the applicable
Indebtedness at the time such Indebtedness was incurred. 
 “Total Secured Recourse Indebtedness” means, as of any date of
determination, that portion of Total Secured Indebtedness with respect to which the liability of the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness (subject to customary limited exceptions for
certain acts or types of liability such as environmental liability, fraud and other customary non-recourse carve-outs); provided that Indebtedness of a single-purpose entity which is secured by substantially all of the assets of such single-purpose
entity but for which there is no recourse to another Person (other than with respect to customary limited exceptions for certain acts or types of liability such as environmental liability, fraud and other customary non-recourse carve-outs) shall not
be considered a part of Total Secured Recourse Indebtedness even if such Indebtedness is fully recourse to such single-purpose entity. 
 “Total Unencumbered Project Pool Value” means, as of any date of calculation, the aggregate, without duplication, of: (a) the Unencumbered Project Values of all Unencumbered Projects (other than any that are Preleased
Projects Under Development or Presold Projects Under Development); plus (b) an amount equal to one hundred percent (100%) of the then-current book value of each Unencumbered Project that is either a Preleased Project Under Development or a
Presold Project Under Development; plus (c) all Unrestricted Cash and Cash Equivalents owned by a member of the Consolidated Group not subject to any restrictions on use by virtue of any contract or agreement (other than Permitted Encumbrances
of the type set forth in clause (j) of the definition of “Permitted Encumbrances”) in favor of any party (whether a creditor, seller or otherwise) having a claim (whether liquidated or not) against a member of the Consolidated Group;
plus (d) the applicable Consolidated Group Pro Rata Share of Unrestricted Cash and Cash Equivalents owned by any Investment Affiliate not subject to any restrictions on use by virtue of any contract or agreement (other than Permitted
Encumbrances of the type set forth in clause (j) of the definition of “Permitted Encumbrances”) in favor of any party (whether a creditor, seller or otherwise) having a claim (whether liquidated or not) against such Investment
Affiliate; provided that (i) no more than twenty percent (20%) of the Total Unencumbered Project Pool Value may be attributable to Preleased Projects Under Development and Presold Projects Under Development in the aggregate,
(ii) no more than ten percent (10%) of the Total Unencumbered Project Pool Value may be attributable to Unencumbered Projects that are ground leased under Financeable Ground Leases (as opposed to being owned in fee simple by the Borrower
or a Subsidiary Guarantor), (ii) no more than ten percent (10%) of the Total Unencumbered Project Pool Value may be attributable to any single Unencumbered Project (and accordingly the value of any Unencumbered Project which would
otherwise account for more than 10% of the Total Unencumbered Project Pool Value shall, for purposes of calculating Total Unencumbered Project Pool Value, be limited to 10% of Total Unencumbered Project Pool Value), and (iii) no more than 10%
of total rents payable by tenants of the Unencumbered Projects shall be from a single tenant or group of tenants that are Affiliates of each other. 
  

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 “Total Unsecured Indebtedness” means, as of any date of determination, that portion of
Total Indebtedness which does not constitute Total Secured Indebtedness. 
 “Transactions” means the execution, delivery and
performance by the Borrower of this Agreement, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 
 “Trust” means Dividend Capital Trust, Inc., the general partner of Borrower. 
 “Trust Guaranty” means the guaranty to be executed and delivered by the Trust, substantially in the form of Exhibit B-1, as the same may be amended, supplemented or otherwise modified from time to time. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “Unencumbered
Project” means a Project that: (i) is completed or is a Preleased Project Under Development or a Presold Project Under Development; (ii) is 100% owned in fee simple (or, upon the consent of the Administrative Agent, ground leased
pursuant to a Financeable Ground Lease, such Projects to account for no more than 10% of Total Unencumbered Project Pool Value) by Borrower or a Subsidiary Guarantor; (iii) is not subject to any Liens or encumbrances other than those identified
in clauses (a), (b), (c), (d), (f), (j), (k) and (l) of the definition of Permitted Encumbrances provided that Liens identified in clause (e) of the definition of Permitted Encumbrances shall also be permissible if the Unencumbered
Project Value of such Project is reduced by the amount of such judgment; (iv) is not subject to any agreement (including (a) any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such Project,
and (b) if applicable, the organizational documents of Borrower or any Subsidiary Guarantor) which prohibits or limits the ability of the Borrower or any Subsidiary Guarantor, as the case may be, to create, incur, assume or suffer to exist any
Lien upon any assets or Capital Stock of the Borrower, or any Subsidiary Guarantor except for covenants that are not materially more restrictive than the covenants contained in this Agreement, in favor of holders of unsecured Indebtedness of the
Borrower and the Subsidiary Guarantors not prohibited hereunder; (v) is not subject to any agreement (including (a) any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such Project, and
(b) if applicable, the organizational documents of Borrower or any Subsidiary Guarantor) which entitles any Person to the benefit of any Lien on any assets or Capital Stock of the Borrower or any Subsidiary Guarantor or would entitle any Person
to the benefit of any Lien on such assets or Capital Stock upon the occurrence of any contingency (including, without limitation, pursuant to an “equal and ratable” clause); (vi) is not the subject of any issues that would make any of
the representations and warranties in Section 3.13 with respect to such Project not true and correct in any material respect; and (vii) has not been excluded as an Unencumbered Project at the election of the Required Lenders (it being
understood that the Required Lenders may elect to exclude any Project as an Unencumbered Project). No Project owned by a Subsidiary shall be deemed to be an Unencumbered Project unless (a) both such Project and all Capital Stock of the
Subsidiary held directly or indirectly by the Borrower is not subject to any Lien, (b) each intervening entity between the Borrower and such Subsidiary does not have any Indebtedness for borrowed money or, if such entity has any Indebtedness,
such Indebtedness is unsecured and such entity is a Subsidiary Guarantor, and (c) no event has occurred or condition exists described in clauses (h), (i) or (j) of Article VII hereof with respect to such Subsidiary. 
  

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 “Unencumbered Project NOI” means, with respect to any Unencumbered Project for any
period, the Net Operating Income for such Unencumbered Project for such period, less the actual management fee if the Unencumbered Project is managed by an unaffiliated third party or an assumed management fee of 3% of gross revenues (excluding
tenant recoveries) if the Unencumbered Project is managed by Borrower or an Affiliate of Borrower, and less an assumed capital reserve expenditure equal to $0.15 per square foot of leasable space (as annualized). 
 “Unencumbered Project Value” means: (i) with respect to any Unencumbered Project owned by the Borrower or a Subsidiary Guarantor
for less than four full calendar quarters, the purchase price paid for such Unencumbered Project; and (ii) with respect to any Unencumbered Project owned by the Borrower or a Subsidiary Guarantor for four or more full calendar quarters, the
Unencumbered Project NOI for such Unencumbered Project for the four most recently completed calendar quarters divided by the Capitalization Rate. 
 “Unrestricted Cash and Cash Equivalents” means, in the aggregate, all cash and Cash Equivalents which are not pledged for the benefit of any party (whether a creditor, seller or otherwise) having a claim (whether liquidated
or not) against a member of the Consolidated Group, to be valued for purposes of this Agreement at 100% of its then-current book value, as determined under GAAP. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E
of Title IV of ERISA. 
 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be
classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified
and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified, (b) any reference herein to any Person shall be construed to include such
Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be
construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change
occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any 
  

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 provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or
in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in
accordance herewith. 
 ARTICLE II 
 The Credits 
 SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender severally
agrees to make Revolving Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or
(b) the sum of the total Revolving Credit Exposures exceeding the total Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. 

SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the
Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the
Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 (b) Subject to
Section 2.14, each Revolving Loan Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Swingline Loan shall be an ABR Loan. Each Lender at its option may make any
Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms
of this Agreement. 
 (c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate
amount that is an integral multiple of $100,000 and not less than $1,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000;
provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e).
Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more
than a total of ten (10) Eurodollar Borrowings outstanding. 
 (d) Notwithstanding any other provision of this Agreement, the
Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 SECTION 2.03. Requests for Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone
(a) in the case of a Eurodollar Borrowing, not later than 12:00 p.m., New York City time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 12:00 p.m., New
York City time, one Business Day before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent 
  

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 of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such
telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 
 (i) the aggregate
amount of the requested Borrowing; 
 (ii) the date of such Borrowing, which shall be a Business Day; 
 (iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 
 (iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition
of the term “Interest Period”; and 
 (v) the location and number of the Borrower’s account to which funds are to be disbursed,
which shall comply with the requirements of Section 2.07. 
 If no election as to the Type of Borrowing is specified, then the requested Borrowing shall
be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing
Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION 2.04. Increase in Commitments. 
 (a) The Borrower may, from time to time during the term of this Agreement, request that the Commitments be increased by an aggregate amount not to exceed $150,000,000. 
 (b) Any increase in the Commitments may be effected by, subject to clause (c) below, (i) adding one or more new lenders to the credit
facility under this Agreement (each a “New Lender”) who wish to participate in such increase and/or (ii) increasing the Commitments of one or more Lenders party to this Agreement who wish to participate in such increase which
participation shall be at the sole election of such Lender(s). 
 (c) No New Lender shall be added as a party hereto without the written
consent of the Administrative Agent and no increase in the Commitments may be effected if a Default exists. 
 (d) The Administrative Agent
shall promptly notify the Borrower and the Lenders of any increase in the Commitments pursuant to this Section 2.04 and of the Commitment and Applicable Percentage of each Lender after giving effect thereto. The parties hereto will use
commercially reasonable efforts to minimize breakage costs and transfers of funds in connection with any increase in the Commitments. 
 SECTION 2.05. Swingline Loans. (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the Borrower from time to time during the Availability Period, in an aggregate principal
amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding ten percent (10%) of the sum of the Commitments or (ii) the total Revolving Credit Exposures exceeding
the total Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the
Borrower may borrow, prepay and reborrow Swingline Loans. 
  

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 (b) To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by
telephone (confirmed by telecopy), not later than 12:00 noon, New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the
requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the
general deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the Issuing Bank) by 3:00 p.m.,
New York City time, on the requested date of such Swingline Loan. 
 (c) The Swingline Lender may by written notice given to the
Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice shall specify the
aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Applicable Percentage of such
Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of
such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its
obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the
payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline
Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other
party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the
Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so
remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant
to this paragraph shall not relieve the Borrower of any default in the payment thereof. 
 SECTION 2.06. Letters of Credit.
(a) General. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit for its own account, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any
time and from time to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by
the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
  

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 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance
of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing
Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be
amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section),
the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower also shall
submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or
extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension the LC Exposure shall not exceed ten percent (10%) of the sum of the
Commitments. The Administrative Agent shall notify each Lender any time that Letter of Credit is issued, changed, reinstated or amended. 
 (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) one year after the date of issuance and (ii) five Business Days prior to the Maturity Date, provided
that any Letter of Credit with a one-year tenor may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date five Business Days prior to the Maturity Date). 
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any
further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable
Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account
of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment
required to be refunded to the Borrower for any reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be
affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever. 
 (e) Reimbursement. If the Issuing Bank shall make any LC
Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC
Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later
than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives such notice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following
the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in 
  

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 accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Borrowing or Swingline Loan in an
equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, the
Administrative Agent shall promptly notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each
Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply,
mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of
any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to
such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Loans or a Swingline Loan as contemplated
above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 
 (f)
Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the
terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document
presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of
a draft or other document that does not comply with the terms of such Letter of Credit (provided that such payment shall not have constituted gross negligence or willful misconduct on the part of the Issuing Bank), or (iv) any other event or
circumstance whatsoever (other than the defense of payment and circumstances resulting solely from the Issuing Bank’s gross negligence or willful misconduct), whether or not similar to any of the foregoing, that might, but for the provisions of
this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties, shall
have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any
error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the
extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s failure to
exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or wilful misconduct on the part of the
Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties
agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without
responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

  

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 (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof,
examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether
the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect
to any such LC Disbursement. 
 (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the
Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the
Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then
Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to
reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 
 (i) Replacement of the Issuing
Bank. The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such
replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date
of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term
“Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced
Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue
additional Letters of Credit. 
 (j) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business
Day that the Borrower receives notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph (or, if the maturity of the Loans has occurred by acceleration or otherwise, on the date
of such maturity), the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and
unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the
occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of
the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which
investments shall be made in Cash Equivalents at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall

  

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 accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing
Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans
has been accelerated (but subject to the consent of Lenders with LC Exposures representing greater than 66 and 2/3% of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required
to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default
have been cured or waived. 
 SECTION 2.07. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on
the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that
Swingline Loans shall be made as provided in Section 2.05. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the
Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request; provided that ABR Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by
the Administrative Agent to the Issuing Bank. 
 (b) Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to
the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is
made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of the Borrower, the interest rate applicable to ABR
Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.08. Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest
Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as
provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such
Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a
Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall
be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 
  

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 (c) Each telephonic and written Interest Election Request shall specify the following information in
compliance with Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be
specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election
Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto
after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest
Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such
Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a timely Interest Election Request with respect to
a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding
any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no
outstanding Revolving Loan Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable
thereto. 
 SECTION 2.09. Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate
on the Maturity Date. 
 (b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that
(i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $10,000,000, (ii) unless reduced to zero, the minimum amount of the total Commitments shall be $100,000,000 and
(iii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures would exceed the total
Commitments. 
 (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under
paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent
shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination or reduction of the Commitments delivered by the Borrower may

  

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 state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be
revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments
shall be made ratably among the Lenders in accordance with their respective Commitments. 
 SECTION 2.10. Repayment of Loans;
Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, and (ii) to the
Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two Business Days
after such Swingline Loan is made; provided that on each date that a Borrowing is made, the Borrower shall repay all Swingline Loans then outstanding. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the
amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
 (c) The Administrative Agent shall
maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and
payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie
evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the
Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (e) Any Lender may request that Loans made by it be evidenced
by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) in the form
attached hereto as Exhibit C. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such
form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
 SECTION 2.11. Prepayment of Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing, without premium or penalty but subject to the payment of amounts required by Section 2.16
in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section. 
 (b) The Borrower shall notify the
Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m.,
New York City time, three Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment or (iii) in the case
of prepayment of a Swingline Loan, not later than 12:00 noon, New York 
  

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 City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the
principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such
notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the
contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied
ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13. 
 SECTION 2.12. Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee, which shall accrue at the Facility Fee Rate on the daily amount of the
Commitment of such Lender (whether used or unused) during the period from and including the Effective Date to but excluding the date on which such Commitment terminates; provided that, if such Lender continues to have any Revolving Credit
Exposure after its Commitment terminates, then such facility fee shall continue to accrue at the Facility Fee Rate on the daily amount of such Lender’s Revolving Credit Exposure from and including the date on which its Commitment terminates to
but excluding the date on which such Lender ceases to have any Revolving Credit Exposure. Accrued facility fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Commitments
terminate, commencing on the first such date to occur after the date hereof; provided that any facility fees accruing after the date on which the Commitments terminate shall be payable on demand. All facility fees shall be computed on the
basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the Eurodollar Applicable Margin on the
average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such
Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC
Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there
ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued
through and including the last day of March, June, September and December of each year shall be payable on the third Business Day following such last day, commencing on the first such date to occur after the Effective Date; provided that all
such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph
shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last
day). 
 (c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times
separately agreed upon between the Borrower and the Administrative Agent. 
  

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 (d) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the
Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.13. Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base
Rate. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the LIBO Rate for the Interest Period in effect for
such Borrowing plus the Eurodollar Applicable Margin. 
 (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or
any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to
(i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans
as provided in paragraph (a) of this Section. 
 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment
Date for such Loan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any
repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and
(iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at
times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent demonstrable error. The Administrative Agent shall, at
any time and from time to time upon request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate applicable to Loans under this Agreement. 
 SECTION 2.14. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist
for ascertaining the LIBO Rate for such Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders that the LIBO
Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or any Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the
Administrative Agent notifies the Borrower 
  

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 and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request
that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR
Borrowing; provided that the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 
 SECTION 2.15. Increased Costs. (a) If any Change in Law shall: 
 (i) impose,
modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement contemplated by Section 2.15(c))
or the Issuing Bank; or 
 (ii) impose on any Lender or the Issuing Bank or the London interbank market any other condition
affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the foregoing
shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining
any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or otherwise), by an amount reasonably deemed by such Lender to be material, then the
Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered. 

(b) If any Lender or the Issuing Bank determines that any Change in Law regarding capital requirements has or would have the effect of reducing
the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for
such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from time to time the
Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction
suffered. 
 (c) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased
costs or reductions incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the
Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to
include the period of retroactive effect thereof. 
  

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 SECTION 2.16. Break Funding Payments. In the event of (a) the payment of any principal of any
Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto,
(c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b) and is revoked in accordance
therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall
compensate each Lender for the loss (other than loss of anticipated profits), cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by
such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the
period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the
amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other
banks in the eurodollar market. 
 SECTION 2.17. Taxes. (a) Any and all payments by or on account of any obligation of the
Borrower hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then
(i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, Lender or Issuing Bank (as the case may
be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority
in accordance with applicable law. 
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law. 
 (c) The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within
20 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may be, on or with respect to any payment by or on account of any
obligation of the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable and documented out-of-pocket expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. 
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall
deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to
the Administrative Agent. 
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law
of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with 
  

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 a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and
executed documentation prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate. 
 (f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it
has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.17, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section 2.17 with respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable and documented out-of-pocket expenses of the Administrative Agent or such Lender and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the
Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such
Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other
Person. 
 SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrower shall make each payment
required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, New York City time, on the date when due,
in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of
calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 270 Park Avenue, New York, New York, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein
and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the
appropriate recipient promptly following receipt thereof and any payment of principal not distributed within one Business Day following receipt by Administrative Agent shall bear interest (payable by the Administrative Agent) at the Federal Funds
Effective Rate. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be
payable for the period of such extension. All payments hereunder shall be made in dollars. 
 (b) If at any time insufficient funds are
received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then
due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 
 (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans
resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other
Lender, then the Lender 
  

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 receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and
participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to
and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or
participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable
law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the
Borrower in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received notice from the Borrower prior to
the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment
on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the
Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such
amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation. 
 (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e),
2.07(b), 2.18(d) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such
Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.19. Mitigation
Obligations; Replacement of Lenders - Certificates. (a) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the
account of any Lender pursuant to Section 2.17 or if there shall occur any unavailability of a Eurodollar Borrowing under Section 2.14, then such Lender shall use reasonable efforts to avoid or materially reduce such compensation,
additional amount or unavailability (including by designating a different lending office for funding or booking its Loans hereunder or assigning its rights and obligations hereunder to another of its offices, branches or affiliates), if, in the
judgment of such Lender, such action (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of 
  

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 any Lender pursuant to Section 2.17, or if any Lender defaults in its obligation to fund Loans hereunder, then the
Borrower may, at its sole expense, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its
interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the
prior written consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17,
such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrower to require such assignment and delegation cease to apply. 
 (c) If the Issuing Bank or any Lender shall claim
reimbursement or compensation under Section 2.15, 2.16 or 2.17, then the Issuing Bank or such Lender shall deliver to the Borrower (with a copy to the Administrative Agent) a certificate setting forth in reasonable detail the basis for such
claim and a calculation of the amount payable to the Issuing Bank or such Lender. The amounts set forth in such certificate shall be prima facie evidence of the obligations of the Borrower hereunder; provided, however, that the failure of the
Borrower to pay any amount owing to any Lender pursuant to Section 2.15, 2.16 or 2.17 shall not be deemed to constitute a Default hereunder to the extent that the Borrower is contesting in good faith its obligation to pay such amount by
appropriate proceedings. 
 ARTICLE III 
 Representations and Warranties 
 The Borrower represents and warrants to the Lenders that: 
 SECTION 3.01. Organization; Powers. Each of the Trust, the Borrower and its Subsidiaries is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 
 SECTION 3.02. Authorization; Enforceability. Each Loan Party has the power and authority and legal right to execute and deliver the Credit Documents to which it is a party and to perform its obligations
thereunder. The execution and delivery by the Loan Parties of the Credit Documents and the performance of their obligations thereunder have been duly authorized by proper corporate, partnership and/or limited liability company proceedings, and the
Credit Documents constitute legal, valid and binding obligations of the Loan Parties enforceable against the Loan Parties in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the
enforcement of creditors’ rights generally. 
 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do
not require any consent or approval of, registration or filing with, or any other action by, any Governmental 
  

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 Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any
applicable law or regulation or the charter, by-laws or other organizational documents of any Loan Party or any order of any Governmental Authority binding upon any Loan Party, (c) will not violate or result in a default under any indenture,
agreement or other instrument binding upon any Loan Party or its assets, or give rise to a right thereunder to require any payment to be made by any Loan Party, and (d) will not result in the creation or imposition of any Lien on any asset of
any Loan Party. 
 SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the
Lenders its consolidated balance sheet and statements of income, owners’ equity and cash flows (i) as of and for the fiscal year ended December 31, 2004, independent public accountants, and (ii) as of and for the fiscal quarter
and the portion of the fiscal year ended June 30, 2005, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the
Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.

 (b) Since the date of the most recent statements referenced in Section 3.04(a), there has been no change in the business, property or
financial condition of the Borrower and its Subsidiaries, taken as a whole, that has had a Material Adverse Effect. 
 SECTION 3.05.
Properties. (a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its
ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. 
 (b) Each of the Borrower
and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of
any other Person, except for any such infringements that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.06. Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the
Borrower, threatened against or affecting any Loan Party (i) would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters listed on Schedule 3.06) or
(ii) that involve this Agreement or the Transactions. 
 (b) Except for the Disclosed Matters and except with respect to any other
matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain
or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or
(iv) knows of any basis for any Environmental Liability. 
 (c) Since the date of this Agreement, there has been no change in the
status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
  

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 SECTION 3.07. Compliance with Laws and Agreements. Each of the Trust, the Borrower and its
Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect. No Default has occurred and is continuing. 
 SECTION 3.08. Investment and Holding Company Status. No Loan
Party is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to regulation under, the Public Utility Holding
Company Act of 1935. 
 SECTION 3.09. Taxes. Each Loan Party has timely filed or caused to be filed all U.S. federal and other
material Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to shown thereon to be owing, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the
applicable Loan Party has set aside on its books adequate reserves or (b) to the extent that the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for
which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.11.
Disclosure. The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect. The Information Memorandum and the other reports, financial statements, certificates and other written information furnished by or on behalf of the Borrower to the
Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), taken as a whole, do not contain any material misstatement of fact or
omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being recognized by the Administrative Agent and the Lenders that actual results during the period or periods covered by any such
projections and forecasts may differ from projected or forecasted results). 
 SECTION 3.12. REIT Status. The Trust is qualified to
elect or has elected status as a real estate investment trust under Section 856 of the Code and currently is in compliance in all material respects with all provisions of the Code applicable to the qualification of the Trust as a real estate
investment trust. 
 SECTION 3.13. Unencumbered Assets. Schedule 3.13 hereto contains a complete and accurate description of
Unencumbered Projects as of the Effective Date and as supplemented from time to time in connection with the delivery of a compliance certificate pursuant to Section 5.01(c) hereof, including the entity that owns each Unencumbered Project. With
respect to each Project identified from time to time as an Unencumbered Project, Borrower hereby represents and warrants as follows except to the extent disclosed in writing to the Lenders and approved by the Required Lenders (which approval shall
not be unreasonably withheld): 
  

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 (a) No portion of any improvement on the Unencumbered Project is located in an area identified by the
Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if
located within any such area, Borrower or the applicable Subsidiary, to the extent the same is available on commercially reasonable terms, has obtained and will maintain insurance coverage for flood and other water damage in the amount of the
replacement cost of the improvements at the Unencumbered Project. 
 (b) To the Borrower’s knowledge, the Unencumbered Project and the
present use and occupancy thereof are in material compliance with all applicable zoning ordinances (without reliance upon adjoining or other properties), building codes, land use and Environmental Laws (“Applicable Laws”). 
 (c) The Unencumbered Project is served by all utilities required for the current use thereof. All utility service is provided by public utilities and the
Unencumbered Project has accepted or is equipped to accept such utility service. 
 (d) All public roads and streets necessary for service of
and access to the Unencumbered Project for the current use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. 
 (e) The Unencumbered Project is served by public water and sewer systems or, if the Unencumbered Project is not serviced by a public water and sewer
system, such alternate systems are adequate and meet, in all material respects, all requirements and regulations of, and otherwise complies in all material respects with, all Applicable Laws with respect to such alternate systems. 
 (f) Borrower is not aware of any material latent or patent structural defect in the Unencumbered Project. The Unencumbered Project is free of damage and
waste that would materially and adversely affect the value of the Unencumbered Project, and is in adequate repair for its intended use. The Unencumbered Project is free from material damage caused by fire or other casualty. There is no pending or,
to the actual knowledge of Borrower, threatened condemnation proceedings affecting the Unencumbered Project, or any material part thereof. 
 (g) To Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Unencumbered Project are in a condition and repair adequate for its intended use and, to Borrower’s knowledge, in material
compliance with all Applicable Laws with respect to such systems. 
 (h) All improvements on the Unencumbered Project lie within the
boundaries and building restrictions of the legal description of record of the Unencumbered Project other than encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Project, no such improvements encroach upon
easements benefiting the Unencumbered Project other than encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Project and no improvements on adjoining properties encroach upon the Unencumbered Project or
easements benefiting the Unencumbered Project other than encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Project. All access routes that materially benefit the Unencumbered Project are available to
Borrower or the applicable Subsidiary of the Borrower, constitute permanent easements that benefit all or part of the Unencumbered Project or are public property, and the Unencumbered Project, by virtue of such easements or otherwise, is contiguous
to a physically open, dedicated all weather public street, and has any necessary permits for ingress and egress. 
  

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 (i) There are no material delinquent taxes, ground rents, water charges, sewer rents, assessments,
insurance premiums, leasehold payments, or other outstanding charges affecting the Unencumbered Project except to the extent such items are being contested in good faith and as to which adequate reserves have been provided. 
 (j) Each Unencumbered Project satisfies each of the requirements set forth in the definition of “Unencumbered Project”. 
 A breach of any of the representations and warranties contained in this Section 3.13 with respect to a Project shall disqualify such Project from
being an Unencumbered Project for so long as such breach continues (unless otherwise approved by the Required Lenders) but shall not constitute a Default (unless the elimination of such Property as an Unencumbered Project results in a Default under
one of the other provisions of this Agreement). 
 ARTICLE IV 
 Conditions 
 SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans and of
the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 
 (a) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf
of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 
 (b) The Administrative Agent (or its counsel) shall have received (i) from the Trust, an executed original guaranty in the form of Exhibit B-1
hereto, and (ii) from each Subsidiary Guarantor, an executed original guaranty in the form of Exhibit B-2 hereto. 
 (c) The
Administrative Agent (or its counsel) shall have received from the Borrower promissory notes payable to the order of each Lender. 
 (d) The
Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of (i) Mayer, Brown, Rowe & Maw LLP, special counsel for the Borrower, and
(ii) Venable LLP, Maryland counsel for the Borrower, each in form and substance satisfactory to the Administrative Agent, covering such matters relating to the Borrower, this Agreement or the Transactions as the Administrative Agent shall
reasonably request. The Borrower hereby requests such counsel to deliver such opinions. 
 (e) The Administrative Agent shall have received
such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of the Transactions and any other legal matters
relating to the Loan Parties, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 
 (f) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Trust on behalf of the Borrower, confirming
compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 
  

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 (g) The Administrative Agent shall have received all fees and other amounts due and payable on or prior
to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 
 The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans
and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., New York City time, on December 30,
2005 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 
 SECTION 4.02.
Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing (other than conversions of Eurodollar Loans to ABR Loans), and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is
subject to the satisfaction of the following conditions: 
 (a) The representations and warranties of the Borrower set forth in this Agreement
shall be true and correct in all material respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable (except to the extent stated to relate to a specific earlier
date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date). 
 (b) At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 
 Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on
the date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 
 ARTICLE V 
 Affirmative Covenants 
 Until the
Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have
been reimbursed, the Borrower covenants and agrees with the Lenders that: 
 SECTION 5.01. Financial Statements and Other Information.
The Borrower will furnish to the Administrative Agent and each Lender: 
 (a) As soon as available, but in any event not later than 120 days
after the close of each fiscal year, for the Consolidated Group, audited financial statements, including a consolidated balance sheet as at the end of such year and the related consolidated statements of income and retained earnings and of cash
flows for such year, setting forth in each case in comparative form the figures for the previous year, without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, prepared by KPMG
LLP or other independent certified public accountants of nationally recognized standing; 
  

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 (b) As soon as available, but in any event not later than 45 days after the close of each fiscal quarter
for the Consolidated Group, an unaudited consolidated balance sheet as of the close of each such period and the related unaudited consolidated statements of income and retained earnings and of cash flows of the Consolidated Group for such period and
the portion of the fiscal year through the end of such period, setting forth in each case in comparative form the figures for the previous year, all certified by the Borrower’s chief financial officer or chief accounting officer; 
 (c) concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower
(i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations
demonstrating whether the Borrower is in compliance with Sections 6.01 through 6.09, including an update of Schedule 3.13 listing all of the Unencumbered Projects as of such date, and (iii) stating whether any change in GAAP or in the
application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such
certificate; 
 (d) Intentionally left blank; 
 (e) promptly following any request thereafter, copies of all periodic and other reports, proxy statements and other materials filed by the Trust, the Borrower or any Subsidiary with the Securities and Exchange
Commission (“SEC”), or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by the Trust to its shareholders generally, as the case may be;
and 
 (f) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition
of the Trust, the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request. 
 The Borrower may, in its sole discretion, satisfy its obligations under Sections 5.01(a), (b) and (e) by filing with the SEC Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and such other
reports on other forms as may be appropriate at such times and in accordance with the SEC’s rules and the instructions accompanying such forms. 
 SECTION 5.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following: 
 (a) the occurrence of any Default; 
 (b) the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a
Material Adverse Effect; 
 (c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred,
would reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $1,000,000; and 
 (d) any other development that results in, or would reasonably be expected to result in, a Material Adverse Effect. 
  

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 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive
officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
 SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its
legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business , except where the failure to so preserve, renew or keep in full force and effect would not reasonably be expected to result in a
Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.11. 
 SECTION 5.04. Payment of Obligations. The Trust will, and the Borrower will, and will cause each of its Subsidiaries to, pay its Tax liabilities, that, if not paid, could result in a Material Adverse Effect
before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Trust, the Borrower or such Subsidiary has set aside on its books
adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.05. Maintenance of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all
property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks
as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 
 SECTION
5.06. Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation
to its business and activities. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to
examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants (provided that the Borrower is given the opportunity to be present for such discussions), all at
such reasonable times during normal business hours and as often as reasonably requested; provided that, so long as no Event of Default exists, the Borrower shall only be required to pay the reasonable and documented expenses for one such visit
during any calendar year. 
 SECTION 5.07. Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply
with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Effect. 
 SECTION 5.08. Use of Proceeds and Letters of Credit. The Letters of Credit and the proceeds of the Loans will be used only
for general business purposes of the Borrower (including capital needs, closing costs, and financing for property acquisitions). No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a
violation of any of the Regulations of the Board, including Regulations T, U and X. 
 SECTION 5.09. REIT Status. The Trust will
at all times comply with all applicable provisions of the Code necessary to allow the Trust to qualify for status as a real estate investment trust. 
  

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 SECTION 5.10. Subsidiary Guarantees. The Borrower shall cause each of its Subsidiaries other than
Excluded Subsidiaries and Excluded Foreign Subsidiaries to execute and deliver to the Administrative Agent the Subsidiary Guaranty as required under Article IV above. Borrower shall cause each Subsidiary (other than Excluded Subsidiaries and
Excluded Foreign Subsidiaries) first formed or acquired after the date hereof to execute and deliver to the Administrative Agent a joinder in the Subsidiary Guaranty, together with supporting organizational and authority documents and opinions
similar to those provided with respect to the Borrower and the initial Subsidiary Guarantors under Section 4.01 hereof. Also, if any Subsidiary which had previously been an Excluded Subsidiary or an Excluded Foreign Subsidiary ceases to be an
Excluded Subsidiary or an Excluded Foreign Subsidiary, Borrower shall within thirty days thereafter cause such Subsidiary to execute and deliver to the Administrative Agent a joinder in the Subsidiary Guaranty, together with supporting
organizational and authority documents similar to those provided with respect to the Borrower and the initial Subsidiary Guarantors under Section 4.01 hereof. Each compliance certificate provided by Borrower under Section 5.01(c) shall
list the then-current Excluded Subsidiaries and Excluded Foreign Subsidiaries. 
 ARTICLE VI 
 Negative Covenants 
 Until the
Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, the
Borrower covenants and agrees with the Lenders that: 
 SECTION 6.01. Consolidated Net Worth. Borrower shall not permit Consolidated
Net Worth to be less than $753,724,741 plus eighty percent (80%) of the proceeds received by the Borrower or the Trust (net of reasonable related fees and expenses) in connection with any offering of stock or other equity after June 30,
2005 (and for these purposes the fees permitted to be paid pursuant to the organizational documents of Borrower and the Trust shall be deemed reasonable). 
 SECTION 6.02. Consolidated Interest Coverage. Borrower shall not permit Consolidated EBITDA to be less than two (2) times Recurring Interest Expense at any date of determination, determined based on
information for the most recent quarter annualized. 
 SECTION 6.03. Consolidated Fixed Charge Coverage. Borrower shall not permit
Consolidated EBITDA to be less than 1.75 times Fixed Charges at any date of determination, determined based on information for the most recent quarter annualized. 
 SECTION 6.04. Consolidated Leverage. Borrower shall not permit Total Indebtedness to be more than sixty percent (60%) of Total Asset Value at any date of determination prior to the date which is six months
after the Effective Date or more than fifty-five percent (55%) of Total Asset Value at any date of determination on or after the date which is six months after the Effective Date. 
 SECTION 6.05. Secured Indebtedness. Borrower shall not permit Total Secured Indebtedness to exceed forty percent (40%) of Total Asset Value
at any date of determination. 
 SECTION 6.06. Unsecured Indebtedness. Borrower shall not permit Total Unsecured Indebtedness to
exceed fifty-five percent (55%) of Total Unencumbered Project Pool Value at any date of determination. 
  

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 SECTION 6.07. Unencumbered Interest Coverage. Borrower shall not permit the total Unencumbered
Project NOIs for all Unencumbered Projects in the aggregate to be less than two (2) times the Recurring Interest Expense relating to Total Unsecured Indebtedness at any date of determination, determined based on information for the most recent
quarter annualized. 
 SECTION 6.08. Total Unencumbered Project Pool Value. Borrower shall not permit Total Unencumbered Project Pool
Value to be less than $350,000,000; provided that such amount shall be reduced to $300,000,000 for the quarter during which the Borrower’s initial co-investment transaction closes in connection with its institutional co-investment program, and
for the two following quarters. 
 SECTION 6.09. Secured Recourse Indebtedness. Borrower shall not permit Total Secured Recourse
Indebtedness to exceed $15,000,000. 
 SECTION 6.10. Liens. The Borrower will not, and will not permit any Subsidiary to, create,
incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except Permitted Encumbrances. 
 SECTION 6.11. Fundamental Changes. (a) Neither the Borrower nor the Trust will merge or consolidate with or into any other Person, except that if no Default shall occur after giving effect to such merger, Borrower or Trust may
enter into a merger in which such entity is the survivor. 
 (b) The Borrower will not, and will not permit any of its Subsidiaries to,
engage to any material extent in any business other than businesses of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto. 
 SECTION 6.12. Acquisitions and Investments. The Borrower will not, nor will it permit any Subsidiary to, make or suffer to exist any Investments
(including without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or become or remain a partner in any partnership or joint venture, or to make any Acquisition of any Person, except: 

(a) Cash and Cash Equivalents and deposit accounts and securities accounts maintained in the ordinary course of business; 
 (b) Projects; 
 (c) Investments in
Subsidiaries; 
 (d) Investments in Investment Affiliates whose primary operations consist of the ownership, development, operation and
management of industrial properties, provided that Investments pursuant to this clause (d) shall not at any time exceed twenty percent (20%) of Total Asset Value except that for purposes of such limitation investments in Investment
Affiliates which are majority owned entities that would otherwise be part of the Consolidated Group but for decision making rights given to the other Parties owning an interest in such entity shall not count against such limitation; 
 (e) Capital Stock holdings other than those described in clauses (c) and (d) above, provided that Investments pursuant to this clause
(e) shall not at any time exceed five percent (5%) of Total Asset Value; 
 (f) Mortgage loan holdings, provided that Investments
pursuant to this clause (f) shall not at any time exceed five percent (5%) of Total Asset Value; 
  

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 (g) Ownership of unimproved land on which no material improvements have been commenced, provided that the
total book value of such unimproved land shall not at any time exceed five percent (5%) of Total Asset Value; 
 (h) Ownership of
properties under development; 
 (i) Swap Agreements permitted under Section 6.13; 
 (j) Guarantee Obligations not prohibited hereunder; and 
 (k) Investments in debt or equity securities received from account debtors in connection with the settlement of obligations owing by such account debtors; 
 provided that, after giving effect to such Acquisitions and Investments: (i) the aggregate value (valued as set forth in the definition of “Total Asset Value”) of Projects which are under construction,
under major renovation, in pre-construction phases of the development process, but not yet completed, or which have been completed for less than four (4) quarters shall not account for more than twenty percent (20%) of Total Asset Value;
and (ii) the aggregate value (valued as set forth in the definition of “Total Asset Value”) of Projects under development as described in the preceding clause (i) plus the value of all assets described in clauses (d) through
(g) above shall not at any time exceed twenty-five percent (25%) of Total Asset Value. 
 SECTION 6.13. Swap Agreements. The
Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those
in respect of Capital Stock of the Borrower or any of its Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another
floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary. 
 SECTION 6.14.
Dividends. Neither the Trust nor the Borrower will pay dividends on its Capital Stock or make distributions with respect thereto without the consent of the Required Lenders at any time during which a Default or an Event of Default under
clause (a) or (b) of Article VII is continuing. The Trust and Borrower may pay dividends during such period which are payable solely in common shares of the Trust or common operating partnership units of the Borrower if such dividends are
necessary for the Trust to maintain its status as a real estate investment trust. 
 SECTION 6.15. Transactions with Affiliates. The
Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with,
any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties,
(b) transactions between or among the Borrower and its Subsidiaries not involving any other Affiliate and (c) dividends or distributions permitted by Section 6.14. 
 ARTICLE VII 
 Events of Default 
 If any of the following events (“Events of Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall
become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
  

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 (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an
amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days; 
 (c) any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this Agreement or any
amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, shall
prove to have been materially incorrect when made or deemed made; 
 (d) the Borrower shall fail to observe or perform any covenant,
condition or agreement contained in Section 5.02(a), 5.03 (with respect to the Borrower’s existence) or 5.08 or in Article VI; 
 (e) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied
for a period of thirty (30) days after written notice from the Administrative Agent or any Lender, provided that such period shall be extended for up to an additional 30 days so long as such breach is reasonably susceptible of cure within such
additional period and the Borrower diligently and in good faith continues to attempt to cure such breach; 
 (f) any member of the
Consolidated Group shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable and such failure continues after any
applicable grace period; 
 (g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled
maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due,
or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or
transfer of the property or assets securing such Indebtedness; 
 (h) an involuntary proceeding shall be commenced or an involuntary petition
shall be filed seeking (i) liquidation, reorganization or other relief in respect of any member of the Consolidated Group or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any member of the Consolidated Group or for a substantial part of its assets,
and, in any such case, such proceeding or petition shall continue undismissed for 90 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) any member of the Consolidated Group shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or
other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or
petition 
  

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 described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
 (j) any member of the Consolidated Group shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $10,000,000 shall be rendered against any member or combination of members of the Consolidated Group and the same shall remain
undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed on appeal or otherwise appropriately contested in good faith, or any action shall be legally taken by a judgment creditor to attach or levy
upon any assets of any member of the Consolidated Group to enforce any such judgment; 
 (l) an ERISA Event shall have occurred that, when
taken together with all other ERISA Events that have occurred, would reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $1,000,000; 
 (m) a Change in Control shall occur; 
 (n) a
payment default shall occur under any guaranty by Borrower and/or the Trust of the obligations of the lessee under any master lease of any Exchange Project and such default is not remedied within ten (10) business days after written notice from
the Administrative Agent; or 
 (o) The occurrence of any “Default” or “Event of Default” as defined in any Credit
Document or the breach of any of the terms or provisions of any Credit Document, which default or breach continues beyond any period of grace therein provided; or 
 (p) the attempted revocation, challenge, disavowment, or termination by the Borrower or a Guarantor of any of the Credit Documents. 
 then, and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at
the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately,
and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the
Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans
then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Borrower. 
  

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 ARTICLE VIII 
 The Administrative Agent 
 Each of the Lenders and the Issuing Bank hereby irrevocably appoints the
Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are
reasonably incidental thereto. 
 The Lender serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Lender and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the
Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall
not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the
Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as
expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by
the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number
or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or wilful misconduct. The Administrative Agent shall be deemed not to have knowledge of any
Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition
set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it
to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for
relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts. 
 The Administrative Agent may perform any and all its duties and exercise its
rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The 
  

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 Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through
their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities
in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
 Subject to
the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower or be removed by the Required Lenders for
cause (which shall be gross negligence or wilful misconduct) by notice to the Borrower, Administrative Agent and Issuing Bank. Upon any such resignation or removal, the Required Lenders shall have the right, with the consent of the Borrower, to
appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation or the Required Lenders
give notice of such removal for cause, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of
any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and
the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the Administrative Agent’s resignation or removal hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring or removed Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. 
 Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender
and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished
hereunder or thereunder. 
 ARTICLE IX 
 Miscellaneous 
 SECTION 9.01. Notices. (a) Except in the case of notices and other communications expressly permitted
to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or
sent by telecopy, as follows: 
 (i) if to the Borrower, to it at 518 17th Street, 17th Floor,
Denver, Colorado 80202, Attention of Matthew T. Murphy, Vice President of Finance (Telecopy No. (303) 869-4602); 
 (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 1111 Fannin, 8th Floor, Houston, Texas 77002, Attention of Tokunboh Tayo (Telecopy No. (713) 750-2666), with a copy to JPMorgan Chase
Bank, N.A., 270 Park Avenue, New York 10017, Attention of Cassandra R. Jones (Telecopy No. (212) 270-3513); 
  

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 (iii) if to the Issuing Bank, to it at JPMorgan Chase Bank, N.A., Loan and Agency
Services Group, 1111 Fannin, 8th Floor, Houston, Texas 77002, Attention of Tokunboh Tayo (Telecopy No. (713) 750-2666), with a copy to JPMorgan Chase Bank, N.A., 270 Park Avenue, New York 10017, Attention of Cassandra R. Jones (Telecopy No.
(212) 270-3513); 
 (iv) if to the Swingline Lender, to it at JPMorgan Chase Bank, N.A., Loan and Agency Services Group,
1111 Fannin, 8th Floor, Houston, Texas 77002, Attention of Tokunboh Tayo (Telecopy No. (713) 750-2666), with a copy to JPMorgan Chase Bank, N.A., 270 Park Avenue, New York 10017, Attention of Cassandra R. Jones (Telecopy No.
(212) 270-3513); and 
 (v) if to any other Lender, to it at its address (or telecopy number) set forth in its
Administrative Questionnaire. 
 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be
limited to particular notices or communications. 
 (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any
right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of
whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 
 (b) Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the
consent of the Required Lenders; provided that no such agreement shall (i) increase or reduce on a non-pro rata basis the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any
Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of the principal amount of
any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each

  

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 Lender directly affected thereby, (iv) change Section 2.18(b) or (c) in a manner that would alter the pro
rata sharing of payments required thereby, without the written consent of each Lender, (v) release the Trust as a guarantor or (vi) change any of the provisions of this Section or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; provided
further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the
Issuing Bank or the Swingline Lender, as the case may be. 
 SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower
shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable and documented fees, charges and disbursements of counsel for the Administrative Agent, in
connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated
hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, the
Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder,
including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 
 (b) The Borrower shall indemnify the Administrative Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each
such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable and documented fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated
hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds
therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any
actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or
(iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses resulted from the gross negligence or wilful misconduct of such Indemnitee. 
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Issuing Bank or the Swingline
Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of
the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; 
  

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 provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the
case may be, was incurred by or asserted against the Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity as such. 
 (d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 
 (e) All amounts due under this Section shall be payable promptly after written demand therefor. 
 SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations
hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any
Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent,
the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b)(i) Subject to
the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to
it) with the prior written consent (such consent not to be unreasonably withheld) of: 
 (A) the Borrower (whose consent shall
not be unreasonably withheld), provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee;

 (B) the Administrative Agent; and 
 (C) the Issuing Bank. 
 (ii) Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment
to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as
of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no
such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 
  

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 (B) each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s rights and obligations under this Agreement; 
 (C) the parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and 
 (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 For the purposes of this Section 9.04(b), the term “Approved Fund” has the following meaning: 
 “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is
administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a
party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be
a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 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 paragraph (c) of this Section. 
 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and
Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to
time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time
and from time to time upon reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an
assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any
written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the
assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such
Assignment and Assumption and record the information therein in the Register unless and until such 
  

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 payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c)(i) Any Lender may, without the
consent of the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15,
2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.17 unless the Borrower is
notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.17(e) as though it were a Lender. 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or
assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance
of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is
outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the 
  

 - 54 - 

 Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or
any provision hereof. Nothing in this Section 9.05 shall be construed as requiring the Borrower to make any representation or warranty at any time other than times required elsewhere in this Agreement or in the other Credit Documents.

 SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable to the
Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement
shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and
thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a
manually executed counterpart of this Agreement. 
 SECTION 9.07. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to
set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of
and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured.
The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such
setoff and application made by such Lender; provided that the failure to give such notice shall not affect the validity of such setoff or such application. 
 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court
of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or
for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to
the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law; provided that this sentence shall not be construed as limiting any party’s right to seek appellate relief. Nothing in this Agreement shall affect any right that the Administrative Agent, the Issuing Bank or any Lender
may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction. 
  

 - 55 - 

 (c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 9.10.
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 9.12. Confidentiality. Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or
similar legal process, (d) to any other party to this Agreement, (e) to the extent reasonably required in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the
enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or
(h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from
a source other than the Borrower (provided that such source is not known by the Administrative Agent, the Issuing Bank or such Lender, as the case may be, to be bound by a confidentiality agreement with the Borrower). For purposes of the foregoing,
“knowledge” of the Administrative Agent, the Issuing Bank, or a Lender means actual knowledge of an officer of the applicable institution who is involved in the administration of the Loans made pursuant to this 
  

 - 56 - 

 Agreement. For the purposes of this Section, “Information” means all information received from the
Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in
the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section
shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any
Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which
may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof,
shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and
Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of
repayment, shall have been received by such Lender. 
 SECTION 9.14. USA PATRIOT Act. Each Lender that is subject to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 
  

 - 57 - 

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

			
	DIVIDEND CAPITAL OPERATING PARTNERSHIP LP, a Delaware limited partnership
	
	By: Dividend Capital Trust, Inc., its sole general partner
		
	By:	 	 /s/    Matthew T. Murphy

	Name:	 	 Matthew T. Murphy

	Title:	 	 Senior Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-1 

			
	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent,
		
	By:	 	 /s/    Charlie Moffett

	Name:	 	 Charlie Moffett

	Title:	 	 Managing Director

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-2 

			
	US BANK NATIONAL ASSOCIATION, individually and as Syndication Agent,
		
	By:	 	 /s/    Christopher E. Erickson

	Name:	 	 Christopher E. Erickson

	Title:	 	 Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-3 

			
	COMMERZBANK AG NEW YORK BRANCH, individually and as Documentation Agent,
		
	By:	 	 /s/    Christian Berry

	Name:	 	 Christian Berry

	Title:	 	 Vice President

		
	By:	 	 /s/    Kerstin Micke

	Name:	 	 Kerstin Micke

	Title:	 	 Assistant Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-4 

			
	PNC BANK, NATIONAL ASSOCIATION, individually and as Documentation Agent,
		
	By:	 	 /s/    James A. Colella

	Name:	 	 James A. Colella

	Title:	 	 Senior Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-5 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually and as Documentation Agent
		
	By:	 	 /s/    Martia Kontak

	Name:	 	Martia Kontak
	Title:	 	Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-6 

			
	LASALLE BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/    A. Brad Feine

	Name:	 	A. Brad Feine
	Title:	 	 Assistant Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-7 

			
	COMERICA BANK
		
	By:	 	 /s/    Casey L. Ostrander

	Name:	 	Casey L. Ostrander
	Title:	 	Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-8 

			
	AMSOUTH BANK
		
	By:	 	 /s/    Robert Blair

	Name:	 	Robert Blair
	Title:	 	Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-9 

			
	CITIZENS BANK OF RHODE ISLAND
		
	By:	 	 /s/    Craig E. Schermerhorn

	Name:	 	Craig E. Schermerhorn
	Title:	 	Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-10 

			
	SOCIETE GENERALE
		
	By:	 	 /s/    Don Mason

	Name:	 	Don Mason
	Title:	 	 Managing Director

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-11 

			
	ALLIED IRISH BANKS, P.L.C.
		
	By:	 	 /s/    Ronald K. Rapp

	Name:	 	Ronald K. Rapp
	Title:	 	 Director-Real Estate

		
	By:	 	 /s/    Brian Deegan

	Name:	 	Brian Deegan
	Title:	 	 Assistant Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-12 

			
	SUNTRUST BANK
		
	By:	 	 /s/    Nancy Richards

	Name:	 	Nancy Richards
	Title:	 	Senior Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-13 

			
	COMPASS BANK
		
	By:	 	 /s/    John C. Lozano

	Name:	 	 John C. Lozano

	Title:	 	 Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-14 

			
	CHEVY CHASE BANK, F.S.B.
		
	By:	 	 /s/    Sadhvi Subramanian

	Name:	 	Sadhvi Subramanian
	Title:	 	Vice President

 [Signature Page to Dividend Capital Operating Partnership Unsecured Credit Agreement]

  

 S-15 

 EXHIBIT A 
 ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (the “Assignment and
Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.
The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes
from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto (including all Exchange Loan Documents) to the extent related to the amount and percentage interest identified below
of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit, guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted
to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any
other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively
as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

					
	1.    	  	Assignor:	  	____________________________________
			
	2.	  	Assignee:	  	____________________________________
		  		  	[and is an Affiliate/Approved Fund of [identify Lender]1 ]
			
	3.	  	Borrower(s):	  	DIVIDEND CAPITAL OPERATING PARTNERSHIP LP
			
	4.	  	Administrative Agent:	  	JPMORGAN CHASE BANK, N.A., as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The Credit Agreement dated as of                  among DIVIDEND CAPITAL OPERATING PARTNERSHIP LP, the
Lenders parties thereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, and the other agents parties thereto

	1	Select as applicable. 

  

 Exhibit A - Page 1 

	6.	Assigned Interest: 

  

						
	 Aggregate Amount of
 Commitment/Loans for
all
 Lenders
	  	Amount of Commitment/Loans
Assigned	  	Percentage Assigned of
Commitment/Loans2
	 $
	  	$	 	  	%

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

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Title:	 	
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Title:	 	

  

			
	Consented to and Accepted:
	
	JPMORGAN CHASE BANK, N.A.,, as
	Administrative Agent
		
	By	 	  

	Title:	 	

  

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

  

 Exhibit A - Page 2 

 [Consented to:]3 
 DIVIDEND CAPITAL OPERATING
PARTNERSHIP LP, a Delaware limited partnership 
  

			
	By: Dividend Capital Trust, Inc., its sole general partner
		
	By	 	  

	Name:	 	
	Title:	 	

  

	3	To be added only if the consent of the Borrower and/or other parties (e.g. Swingline Lender, Issuing Bank) is required by the terms of the Credit Agreement.

  

 Exhibit A - Page 3 

 ANNEX 1 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 
 1. Representations and Warranties. 
 1.1
Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it
has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any other Credit Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any
collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv) the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Credit Document. 
 1.2. Assignee. The
Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a
Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after
the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and
(v) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that
(i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments
of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by
telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 
  

 Exhibit A - Page 4 

 EXHIBIT B-1 
 FORM OF TRUST GUARANTY 
 See Attached. 
  

 Exhibit B-1 - Page 1 

 EXHIBIT B-2 
 FORM OF SUBSIDIARY GUARANTY 
 See Attached. 
  

 Exhibit B-2 - Page 1 

 SCHEDULE 2.01 
 COMMITMENTS 
  

				
	 Name of Lender
	  	Commitment Amount
	 JP MORGAN CHASE BANK, N.A.
	  	$	22.5 million
	 US BANK
	  	$	22.0 million
	 COMMERZBANK
	  	$	22.0 million
	 PNC BANK
	  	$	22.0 million
	 WELLS FARGO
	  	$	22.0 million
	 LASALLE
	  	$	22.0 million
	 COMERICA BANK
	  	$	20.0 million
	 AMSOUTH
	  	$	20.0 million
	 CITIZENS BANK
	  	$	15.0 million
	 SOCIETE GENERALE
	  	$	15.0 million
	 ALLIED IRISH BANK
	  	$	15.0 million
	 SUN TRUST
	  	$	12.5 million
	 COMPASS BANK
	  	$	10.0 million
	 CHEVY CHASE BANK
	  	$	10.0 million

 SCHEDULE 3.06 
 DISCLOSED MATTERS 
 None. 

 SCHEDULE 3.13 
 UNENCUMBERED ASSETS 
 See Attached.Note Purchase Agreement dated as of June 9, 2006

 Exhibit 10.22 
  

  
 Dividend Capital Operating
Partnership LP 
 $275,000,000 Class D Senior Notes 
  

 NOTE PURCHASE AGREEMENT

  

 Dated as of
June 9, 2006 
  
  

					
	 SECTION
	  	 HEADING
	  	PAGE
	SECTION 1.           AUTHORIZATION OF NOTES	  	1
		
	SECTION 2.           SALE AND PURCHASE OF NOTES	  	1
		
	SECTION 3.           CLOSING	  	1
		
	SECTION 4.           CONDITIONS TO CLOSING	  	2
			
	 Section 4.1.
	  	 Representations and Warranties
	  	2
			
	 Section 4.2.
	  	 Performance; No Default
	  	2
			
	 Section 4.3.
	  	 Compliance Certificates
	  	2
			
	 Section 4.4.
	  	 Opinions of Counsel
	  	3
			
	 Section 4.5.
	  	 Purchase Permitted By Applicable Law, Etc
	  	3
			
	 Section 4.6.
	  	 Sale of Other Notes
	  	3
			
	 Section 4.7.
	  	 Payment of Special Counsel Fees
	  	3
			
	 Section 4.8.
	  	 Private Placement Number
	  	3
			
	 Section 4.9.
	  	 Changes in Corporate Structure
	  	3
			
	 Section 4.10.
	  	 Subsidiary Guaranty Agreement
	  	4
			
	 Section 4.11.
	  	 Market Value Leverage Ratio
	  	4
			
	 Section 4.12.
	  	 Funding Instructions
	  	4
			
	 Section 4.13.
	  	 Proceedings and Documents
	  	4
		
	SECTION 5.           REPRESENTATIONS AND WARRANTIES OF THE TRUST AND THE COMPANY	  	4
			
	 Section 5.1.
	  	 Organization; Power and Authority
	  	4
			
	 Section 5.2.
	  	 Authorization, Etc
	  	4
			
	 Section 5.3.
	  	 Disclosure
	  	5
			
	 Section 5.4.
	  	 Organization and Ownership of Shares of Subsidiaries; Affiliates
	  	5
			
	 Section 5.5.
	  	 Financial Statements; Material Liabilities
	  	6
			
	 Section 5.6.
	  	 Compliance with Laws, Other Instruments, Etc
	  	6
			
	 Section 5.7.
	  	 Governmental Authorizations, Etc
	  	6
			
	 Section 5.8.
	  	 Litigation; Observance of Agreements, Statutes and Orders
	  	6
			
	 Section 5.9.
	  	 Taxes
	  	6
			
	 Section 5.10.
	  	 Title to Property; Leases
	  	7

  

 -i- 

							
	 Section 5.11.
	 		  	 Licenses, Permits, Etc
	  	7
				
	 Section 5.12.
	 		  	 Compliance with ERISA
	  	7
				
	 Section 5.13.
	 		  	 Private Offering
	  	8
				
	 Section 5.14.
	 		  	 Use of Proceeds; Margin Regulations
	  	8
				
	 Section 5.15.
	 		  	 Existing Indebtedness; Future Liens
	  	8
				
	 Section 5.16.
	 		  	 Foreign Assets Control Regulations, Etc
	  	9
				
	 Section 5.17.
	 		  	 Status under Certain Statutes
	  	9
				
	 Section 5.18.
	 		  	 Environmental Matters
	  	9
				
	 Section 5.19.
	 		  	 REIT Status
	  	10
				
	 Section 5.20.
	 		  	 Unencumbered Projects
	  	10
		
	SECTION 6           REPRESENTATIONS OF THE PURCHASERS	  	10
				
	 Section 6.1.
	 		  	 Purchase for Investment
	  	10
				
	 Section 6.2.
	 		  	 Source of Funds
	  	10
		
	SECTION 7.           INFORMATION AS TO TRUST AND COMPANY	  	12
				
	 Section 7.1.
	 		  	 Financial and Business Information
	  	12
				
	 Section 7.2.
	 		  	 Officer’s Certificate
	  	15
				
	 Section 7.3.
	 		  	 Visitation
	  	16
		
	SECTION 8.           PAYMENT AND PREPAYMENT OF THE NOTES	  	16
				
	 Section 8.1.
	 		  	 Floating Rate Portions, Fixed Rate Portions, Conversion, Etc.
	  	16
				
	 Section 8.2.
	 		  	 Optional Prepayments with Make-Whole Amount
	  	18
				
	 Section 8.3.
	 		  	 Mandatory Offer to Prepay Upon Change of Control
	  	18
				
	 Section 8.4.
	 		  	 Prepayment Upon Failure of Market Value Leverage Test
	  	19
				
	 Section 8.5.
	 		  	 Allocation of Partial Mandatory Prepayments
	  	19
				
	 Section 8.6.
	 		  	 Maturity; Surrender, Etc
	  	20
				
	 Section 8.7.
	 		  	 Purchase of Notes
	  	20
				
	 Section 8.8.
	 		  	 Make-Whole Amount
	  	20
		
	SECTION 9.           AFFIRMATIVE COVENANTS	  	22
				
	 Section 9.1.
	 		  	 Compliance with Law
	  	22
				
	 Section 9.2.
	 		  	 Insurance
	  	22
				
	 Section 9.3.
	 		  	 Maintenance of Properties
	  	22
				
	 Section 9.4.
	 		  	 Payment of Taxes and Claims
	  	22
				
	 Section 9.5.
	 		  	 Corporate Existence, Etc
	  	23

  

 -ii- 

							
	 Section 9.6.
	 		  	 Books and Records
	  	23
				
	 Section 9.7.
	 		  	 REIT Status
	  	23
				
	 Section 9.8.
	 		  	 Subsidiary Guaranty Agreement
	  	23
		
	SECTION 10.           NEGATIVE COVENANTS	  	24
				
	 Section 10.1.
	 		  	 Fixed Charges Coverage
	  	24
				
	 Section 10.2.
	 		  	 Consolidated Leverage
	  	24
				
	 Section 10.3.
	 		  	 Priority Indebtedness
	  	24
				
	 Section 10.4.
	 		  	 Unencumbered Assets
	  	24
				
	 Section 10.5.
	 		  	 Unsecured Debt Service Coverage
	  	24
				
	 Section 10.6.
	 		  	 Transactions with Affiliates
	  	24
				
	 Section 10.7.
	 		  	 Merger, Consolidation, Etc
	  	25
				
	 Section 10.8.
	 		  	 Line of Business
	  	25
				
	 Section 10.9.
	 		  	 Terrorism Sanctions Regulations
	  	25
				
	 Section 10.10.
	 		  	 Liens
	  	25
		
	SECTION 11.           EVENTS OF DEFAULT	  	26
		
	SECTION 12.           REMEDIES ON DEFAULT, ETC.	  	28
				
	 Section 12.1.
	 		  	 Acceleration
	  	28
				
	 Section 12.2.
	 		  	 Other Remedies
	  	28
				
	 Section 12.3.
	 		  	 Rescission
	  	29
				
	 Section 12.4.
	 		  	 No Waivers or Election of Remedies, Expenses, Etc
	  	29
		
	SECTION 13.           TRUST GUARANTEE	  	29
				
	 Section 13.1.
	 		  	 Guaranty of Payment and Performance of Guaranteed Company Obligations
	  	29
				
	 Section 13.2.
	 		  	 Guaranty Continuing and Liability Unlimited
	  	30
				
	 Section 13.3.
	 		  	 Unconditional Nature of Trust’s Obligations and Liabilities
	  	30
				
	 Section 13.4.
	 		  	 Trust’s Waiver
	  	31
				
	 Section 13.5.
	 		  	 Subordination of Obligations to Trust
	  	32
		
	SECTION 14.           REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	32
				
	 Section 14.1.
	 		  	 Registration of Notes
	  	32
				
	 Section 14.2.
	 		  	 Transfer and Exchange of Notes
	  	32
				
	 Section 14.3.
	 		  	 Replacement of Notes
	  	32

  

 -iii- 

							
		
	SECTION 15.           PAYMENTS ON NOTES	  	33
				
	 Section 15.1.
	 		  	 Place of Payment
	  	33
				
	 Section 15.2.
	 		  	 Home Office Payment
	  	33
		
	SECTION 16.           EXPENSES, ETC	  	34
				
	 Section 16.1.
	 		  	 Transaction Expenses
	  	34
				
	 Section 16.2.
	 		  	 Survival
	  	34
		
	SECTION 17.           SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT	  	34
		
	SECTION 18.           AMENDMENT AND WAIVER	  	34
				
	 Section 18.1.
	 		  	 Requirements
	  	34
				
	 Section 18.2.
	 		  	 Solicitation of Holders of Notes
	  	35
				
	 Section 18.3.
	 		  	 Binding Effect, Etc
	  	35
				
	 Section 18.4.
	 		  	 Notes Held by Company, Etc.
	  	35
		
	SECTION 19.           NOTICES	  	36
		
	SECTION 20.           REPRODUCTION OF DOCUMENTS	  	36
		
	SECTION 21.           CONFIDENTIAL INFORMATION	  	37
		
	SECTION 22.           SUBSTITUTION OF PURCHASER	  	38
		
	SECTION 23.           MISCELLANEOUS	  	38
				
	 Section 23.1.
	 		  	 Successors and Assigns
	  	38
				
	 Section 23.2.
	 		  	 Payments Due on Non-Business Days
	  	38
				
	 Section 23.3.
	 		  	 Accounting Terms
	  	38
				
	 Section 23.4.
	 		  	 Severability
	  	38
				
	 Section 23.5.
	 		  	 Construction, Etc
	  	39
				
	 Section 23.6.
	 		  	 Counterparts
	  	39
				
	 Section 23.7.
	 		  	 Governing Law
	  	39
				
	 Section 23.8.
	 		  	 Jurisdiction and Process; Waiver of Jury Trial
	  	39
				
	 Section 23.9.
	 		  	 Deposit, Commitment Fee
	  	40

  

 -iv- 

 List of Schedules and Exhibits: 
  

					
	 Schedule A
	  	—	  	 Information Relating to Purchasers

			
	Schedule B	  	—	  	 Defined Terms

			
	Schedule 5.3	  	—	  	 Disclosure Documents

			
	Schedule 5.4	  	—	  	 Subsidiaries, Affiliates, Directors and Officers

			
	Schedule 5.5	  	—	  	 Financial Statements

			
	Schedule 5.15	  	—	  	 Existing Indebtedness

			
	Schedule 5.20	  	—	  	 Unencumbered Projects

			
	Exhibit 1	  	—	  	 Form of Note

			
	Exhibit 4.4(a)	  	—	  	 Form of Opinion of Special Counsel for the Trust and the Company (Mayer, Brown, Rowe & Maw LLP)

			
	Exhibit 4.4(b)	  	—	  	 Form of Opinion of Special Counsel for the Trust (Venable LLP)

			
	Exhibit 4.4(c)	  	—	  	 Form of Opinion of Special Counsel for the Purchasers (Day, Berry & Howard LLP)

			
	Exhibit 4.10	  	—	  	 Form of Subsidiary Guaranty Agreement

			
	Exhibit 8.4	  	—	  	 Determination of Total Market Value

  

 -v- 

 Dividend Capital Operating Partnership LP 
 $275,000,000 Class D Senior Notes 
 As of June 9, 2006 
 TO EACH OF THE PURCHASERS 
 LISTED IN SCHEDULE A HERETO: 

Ladies and Gentlemen: 
 Each of Dividend Capital Trust Inc., a Maryland corporation (the “Trust”), and Dividend Capital Operating Partnership LP, a Delaware limited partnership (the “Company”), agrees with each of the purchasers
whose names appear at the end hereof (each, a “Purchaser” and, collectively, the “Purchasers”) as follows: 
 SECTION 1.
AUTHORIZATION OF NOTES. 
 The Company will authorize the issue and sale of $275,000,000 aggregate principal amount of its Class D Senior
Notes (as they may from time to time be amended or supplemented, the “Notes,” such term to include any such notes issued in substitution therefor pursuant to SECTION 14). The Notes shall be substantially in the form set out in
Exhibit 1. Certain capitalized and other terms used in this Agreement are defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached
to this Agreement. 
 The obligations of the Company under the Notes and this Agreement will be guaranteed by the Trust pursuant to SECTION
13. 
 SECTION 2. SALE AND PURCHASE OF NOTES. 
 Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in SECTION 3, Notes in the principal amount(s) specified
opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any
Person for the performance or non-performance of any obligation by any other Purchaser hereunder. 
 SECTION 3. CLOSING. 
 The sale and purchase of the Notes to be purchased by each Purchaser shall occur at 10:00 a.m., Eastern time, at a closing (the
“Closing”) on June 9, 2006 at the offices of Day, 

 Berry & Howard LLP, CityPlace I, Hartford, CT 06103. At the Closing the Company will deliver to each Purchaser
the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $500,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name
(or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds to LaSalle National Bank, 135
S. LaSalle Street, Chicago, Illinois, ABA# 071000505, for credit to Chicago Title and Trust Company, Loop, account 5800038704 for further credit to escrow number D1 026050644, escrow officer Linda Tyrrell, telephone 312-223-3361. If at the Closing
the Company shall fail to tender the applicable Notes to any Purchaser as provided above in this SECTION 3, or any of the conditions specified in SECTION 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at
its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 
 SECTION 4. CONDITIONS TO CLOSING. 
 Each Purchaser’s obligation to purchase and pay for the Notes
to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 
 Section 4.1. Representations and Warranties. The representations and warranties of the Obligors in the Financing Documents shall be correct in all material respects when made and at the time of the Closing
(except to the extent such representations and warranties relate to a specific earlier date). 
 Section 4.2. Performance; No
Default. Each Obligor shall have performed and complied with all agreements and conditions contained in the Financing Documents required to be performed or complied with by it prior to or at the Closing and after giving effect to the issue and
sale of the Notes at the Closing (and the application of the proceeds thereof as contemplated by Section 5.14) no Default or Event of Default shall have occurred and be continuing. Neither any Obligor nor any Subsidiary shall have entered into
any transaction since December 31, 2005 that would have been prohibited by Section 10.6 or Section 10.7 had such Sections applied since such date. 
 Section 4.3. Compliance Certificates. 
 (a) Officer’s Certificates. The Company shall
have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that the conditions specified in Section 4.1, 4.2 and 4.9 have been fulfilled. 
 (b) Secretary’s Certificates. Each of the Trust and the Company shall have delivered to such Purchaser a certificate of its Secretary or
Assistant Secretary, dated the date of the Closing, certifying as to the resolutions attached thereto and other corporate or partnership proceedings relating to the authorization, execution and delivery of the Financing Documents to which each is a
party. 
  

 -2- 

 Section 4.4. Opinions of Counsel. Such Purchaser shall have received opinions in form and
substance reasonably satisfactory to such Purchaser, dated the date of the Closing (a) from Mayer, Brown, Rowe & Maw LLP, special counsel for the Trust and the Company, covering the matters set forth in Exhibit 4.4(a) and
covering such other matters incident to the transactions contemplated by the Financing Documents as such Purchaser or its counsel may reasonably request (and the Trust and the Company hereby instruct their counsel to deliver such opinion to the
Purchasers), (b) from Venable LLP, Maryland counsel for the Trust, covering the matters set forth in Exhibit 4.4(b) and covering such other matters incident to the transactions contemplated by the Financing Documents as such Purchaser or
its counsel may reasonably request (and the Trust and the Company hereby instruct their counsel to deliver such opinion to the Purchasers), and (c) from Day, Berry & Howard LLP, the Purchasers’ special counsel in connection with
such transactions, substantially in the form set forth in Exhibit 4.4(c) and covering such other matters incident to such transactions as such Purchaser may reasonably request. 
 Section 4.5. Purchase Permitted By Applicable Law, Etc. On the date of the Closing such Purchaser’s purchase of Notes shall (a) be
permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without
restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not
subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an
Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 
 Section 4.6. Sale of Other Notes. Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other Purchaser
shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A. 
 Section 4.7. Payment of Special
Counsel Fees. Without limiting the provisions of Section 16.1, the Company shall have paid on or before the Closing the reasonable and documented fees, charges and disbursements of the Purchasers’ special counsel referred to in
Section 4.4 to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing. 
 Section 4.8. Private Placement Number. A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Notes. 
 Section 4.9. Changes in Corporate Structure. Neither the Trust nor the Company shall have changed its jurisdiction of incorporation or
organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in
Schedule 5.5. 
  

 -3- 

 Section 4.10. Subsidiary Guaranty Agreement. Each Subsidiary Guarantor shall have executed
and delivered a guaranty agreement in the form of Exhibit 4.10 (as it may from time to time be amended or supplemented, the “Subsidiary Guaranty Agreement”) and the Subsidiary Guaranty Agreement shall be in full force and
effect. 
 Section 4.11. Market Value Leverage Ratio. Such Purchaser shall have determined to its satisfaction that, after giving
effect to the issuance and sale of Notes hereunder at the Closing, the Market Value Leverage Ratio shall not exceed 0.6 to 1.0. 
 Section 4.12. Funding Instructions. At least three Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming
the information specified in SECTION 3 including (i) the name and address of the transferee bank, (ii) such transferee bank’s ABA number and (iii) the account name and number into which the purchase price for the Notes is to be
deposited. 
 Section 4.13. Proceedings and Documents. All corporate and other proceedings in connection with the transactions
contemplated by the Financing Documents and all documents and instruments incident to such transactions shall be reasonably satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all
such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 
 SECTION 5.
REPRESENTATIONS AND WARRANTIES OF THE TRUST AND THE COMPANY. 
 Each of the Trust and the Company, jointly and severally, represents and
warrants to each Purchaser that: 
 Section 5.1. Organization; Power and Authority. Each Obligor is a corporation, limited
partnership or limited liability company duly organized, validly existing and in good standing (to the extent such concept is applicable in such jurisdiction) under the laws of its jurisdiction of organization, and is duly qualified as a foreign
corporation, limited partnership or limited liability company and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Obligor has the corporate, partnership or limited liability company power and authority to own or hold under lease the properties it purports
to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver each Financing Document to which it is a party and to perform the provisions thereof. 
 Section 5.2. Authorization, Etc. Each Financing Document to which any Obligor is a party been duly authorized by all necessary corporate,
partnership or limited liability company action on the part of such Obligor, and each such Financing Document constitutes (or, in the case of each Note, upon execution and delivery thereof by the Company, will constitute) a legal, valid and binding
obligation of such Obligor, enforceable against such Obligor in accordance with its 
  

 -4- 

 terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 Section 5.3. Disclosure. The Financing Documents and the documents, certificates or other writings delivered to the Purchasers by or on
behalf of the Obligors in connection with the transactions contemplated by the Financing Documents and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 (the Financing Documents and such documents,
certificates or other writings and such financial statements being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein not misleading in light of the circumstances under which they were made, provided that with respect to the projections set forth in the Disclosure Documents the Trust and the Company represent and
warrant only that such projections were prepared in good faith, based on assumptions that the Trust and the Company believed to be reasonable. Except as disclosed in the Disclosure Documents, since December 31, 2005, there has been no
change in the financial condition, operations, business or properties of the Trust and its Subsidiaries, taken as a whole, except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. There
is no fact known to the Trust or the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 
 Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as noted
therein) complete and correct lists (i) of the Trust’s Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar
equity interests outstanding owned by the Trust and each other Subsidiary, (ii) of the Trust’s Affiliates, other than Subsidiaries, and (iii) of the Trust’s and the Company’s directors and senior officers. 
 (b) All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the
Trust and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Trust or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4). 
 (c) Each Subsidiary identified in Schedule 5.4 is a corporation, limited partnership, limited liability company or other legal entity (as
indicated in such Schedule) duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation, limited partnership, limited liability company or other legal
entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate, partnership, limited liability company or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to
transact the business it transacts and proposes to transact. 
  

 -5- 

 Section 5.5. Financial Statements; Material Liabilities. The Company has delivered to each
Purchaser copies of the financial statements of the Trust and of the Consolidated Group listed in Schedule 5.5. All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects
the consolidated financial position of the Consolidated Group as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in
accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). Neither the Trust and its Subsidiaries nor
the Company and its Subsidiaries have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents. 
 Section 5.6. Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by each Obligor of each Financing Document to which it is a party will not (i) contravene, result in
any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of any Obligor under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws,
partnership agreement, limited liability company agreement or any other agreement or instrument to which any Obligor is bound or by which any Obligor or any of its properties may be bound or affected, (ii) conflict with or result in a breach of
any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to any Obligor or (iii) violate any provision of any statute or other rule or regulation of any
Governmental Authority applicable to any Obligor. 
 Section 5.7. Governmental Authorizations, Etc. No consent, approval or
authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by any Obligor of any Financing Document, except any that have been obtained and are in
full force and effect. 
 Section 5.8. Litigation; Observance of Agreements, Statutes and Orders. There are no actions, suits,
investigations or proceedings pending or, to the knowledge of the Trust or the Company, threatened against or affecting any Obligor or any Subsidiary or any property of any Obligor or any Subsidiary in any court or before any arbitrator of any kind
or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. Neither any Obligor nor any Subsidiary is in default under any term of any agreement or instrument to
which it is a party or by which it is bound, or any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including, without limitation,
Environmental Laws or the USA Patriot Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 
 Section 5.9. Taxes. The Obligors have filed all federal and other Material tax returns that are required to have been filed in any
jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become

  

 -6- 

 due and payable and before they have become delinquent, except for any taxes and assessments (i) to the extent that
the failure to do so would not reasonably be expected to result in a Material Adverse Effect or (ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which
the Trust or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. Neither the Trust nor the Company knows of any basis for any other tax or assessment that would reasonably be expected to have a Material
Adverse Effect. To the best knowledge of the Company, the charges, accruals and reserves on the books of the Trust and its Subsidiaries in respect of federal, state or other taxes for all fiscal periods are adequate. 
 Section 5.10. Title to Property; Leases. The Company and its Subsidiaries have good and sufficient title to their respective properties that
individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Schedule 5.5 or purported to have been acquired by the Company or any Subsidiary after said date
(except as sold or otherwise disposed of in the ordinary course of business and except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended
purposes), in each case free and clear of Liens prohibited by this Agreement. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects. 
 Section 5.11. Licenses, Permits, Etc. The Company and its Subsidiaries own or possess all licenses, permits, franchises, authorizations,
patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material. To the best knowledge of the Company, no product of the Company or any of its
Subsidiaries infringes any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person, except for any such infringements that, individually or in
the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
 Section 5.12. Compliance with ERISA.
(a) The Trust and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a
Material Adverse Effect. Neither the Trust nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of
ERISA), and no event, transaction or condition has occurred or exists that would reasonably be expected to result in the incurrence of any such liability by the Trust or any ERISA Affiliate, or in the imposition of any Lien on any of the rights,
properties or assets of the Trust or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions or to section 401(a)(29) or 412 of the Code or section 4068 of ERISA, other than such liabilities
or Liens as would not be individually or in the aggregate Material. 
 (b) The present value of the aggregate benefit liabilities under each
of the Plans (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation
report, did not exceed the aggregate current value of the assets of 
  

 -7- 

 such Plan allocable to such benefit liabilities. The term “benefit liabilities” has the meaning
specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA. 
 (c) The Trust and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that
individually or in the aggregate are Material. 
 (d) The expected postretirement benefit obligation (determined as of the last day of the
Trust’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Statement No. 106, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Trust and
its Subsidiaries is not Material. 
 (e) The execution and delivery of the Financing Documents and the issuance and sale of the Notes
hereunder will not constitute a non-exempt prohibited transaction within the meaning of section 406 of ERISA or section 4975 of the Code. The representation by the Trust and the Company to each Purchaser in the first sentence of this
Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds used to pay the purchase price of the Notes to be purchased by such Purchaser.

 Section 5.13. Private Offering. Neither the Trust, the Company nor anyone acting on behalf of the Trust or the Company has
offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers. Neither the Trust, the Company nor
anyone acting on behalf of the Trust or the Company has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act or to the registration requirements of
any securities or blue sky laws of any applicable jurisdiction. 
 Section 5.14. Use of Proceeds; Margin Regulations. The Company
will apply the proceeds of the sale of the Notes for general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the
meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of
said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 10% of the value of the consolidated assets of the Company and its Subsidiaries and the
Company does not have any present intention that margin stock will constitute more than 10% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall
have the meanings assigned to them in said Regulation U. 
 Section 5.15. Existing Indebtedness; Future Liens. Except as
described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Trust and its Subsidiaries as of March 31, 2006 (including a description of the obligors and obligees, 
  

 -8- 

 principal amount outstanding and collateral therefor, if any, and any Guarantee Obligation in respect thereof), since
which date, except as described therein, there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Trust or its Subsidiaries. Neither the Trust nor any Subsidiary
is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Material Indebtedness of the Trust or such Subsidiary and no event or condition exists with respect to any Material Indebtedness of the
Trust or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Material Indebtedness to become due and payable before its stated maturity or before its regularly
scheduled dates of payment. Except as disclosed in Schedule 5.15, neither the Trust nor any Subsidiary has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether
now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.10. 
 Section 5.16. Foreign Assets Control
Regulations, Etc. (a) Neither the sale of the Notes by the Company hereunder nor its use of the proceeds thereof will violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States
Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. 
 (b)
Neither the Trust nor any Subsidiary (i) is a Person described or designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in section 1 of the Anti-Terrorism Order or
(ii) knowingly engages in any dealings or transactions with any such Person. The Trust and its Subsidiaries are in compliance, in all material respects, with the USA Patriot Act. 
 (c) No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for any payments to any governmental official or
employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United
States Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases that such Act applies to the Company. 
 Section 5.17. Status under Certain Statutes. Neither the Trust nor any Subsidiary is subject to regulation under the Investment Company Act of 1940, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power
Act, as amended. 
 Section 5.18. Environmental Matters. (a) No Obligor has knowledge of any claim or has received any
notice of any claim, and no proceeding has been instituted raising any claim against any Obligor or any Obligor’s real properties now or formerly owned, leased or operated by any of them or other assets, alleging any damage to the environment
or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect. 
 (b) No Obligor has knowledge of any facts which would give rise to any claim, public or private, of violation of Environmental Laws or damage to the environment emanating 
  

 -9- 

 from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or
to other assets or their use, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect. 
 (c)
No Obligor has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that
would reasonably be expected to result in a Material Adverse Effect. 
 (d) All buildings on all real properties now owned, leased or
operated by any Obligor are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect. 
 Section 5.19. REIT Status. The Trust is qualified to elect or has elected status as a real estate investment trust under section 856 of the
Code and currently is in compliance in all material respects with all provisions of the Code applicable to the qualification of the Trust as a real estate investment trust. 
 Section 5.20. Unencumbered Projects. Schedule 5.20 contains a complete and accurate description of Unencumbered Projects, including
the entity that owns each Unencumbered Project. 
 SECTION 6. REPRESENTATIONS OF THE PURCHASERS. 
 Section 6.1. Purchase for Investment. Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or
more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or such pension or trust
fund’s property shall at all times be within such Purchaser’s or such pension or trust fund’s control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered
pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register
the Notes. 
 Section 6.2. Source of Funds. Each Purchaser severally represents that at least one of the following statements is
an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: 
 (a) the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s
Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the National Association of Insurance Commissioners (the
“NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any

  

 -10- 

 other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE
95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement
filed with such Purchaser’s state of domicile; or 
 (b) the Source is either (i) an insurance company pooled
separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (b) at least five
Business Days prior to such Purchaser’s purchase of the Notes, no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate
account or collective investment fund; or 
 (c) the Source constitutes assets of an “investment fund” (within the
meaning of Part V of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part V of the QPAM Exemption), no employee benefit plan’s assets
that are included in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Section V(c)(1) of the QPAM Exemption) of such
employer or by the same employee organization and managed by such QPAM exceed 20% of the total client assets managed by such QPAM, the conditions of Part I(a), (c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a
person controlling or controlled by the QPAM (applying the definition of “control” in section V(e) of the QPAM Exemption) owns a 5% or more interest in the Trust or the Company and (i) the identity of such QPAM and (ii) the names
of all employee benefit plans whose assets are included in such investment fund have been disclosed to the Company in writing pursuant to this clause (c) at least five Business Days prior to such Purchaser’s purchase of the Notes; or

 (d) the Source constitutes assets of a “plan(s)” (within the meaning of Part IV of PTE 96-23 (the “INHAM
Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the
INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d) of the INHAM Exemption) owns, throughout the holding of the Notes, a 5% or more interest in the Trust or the Company and
(i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (d) at least five Business Days prior to such
Purchaser’s purchase of the Notes; or 
 (e) the Source is a governmental plan; or 
 (f) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans,
each of which has been identified to the Company in writing pursuant to this clause (f) at least five Business Days prior to such Purchaser’s purchase of the Notes; or 
  

 -11- 

 (g) the Source does not include assets of any employee benefit plan, other than a plan
exempt from the coverage of ERISA or any “plan” covered by Section 4975 of the Code. 
 The Company shall deliver a
certificate prior to the date of the Closing, with respect to the Purchasers and prior to the date of any transfer of any Notes, with respect to any subsequent prospective transferee of such Notes, which certificate shall identify any plan disclosed
by Purchaser pursuant to Section 6.2 with respect to which (i) the Company is either a “party in interest” (as defined in Title I, Section 3(14) of ERISA) or a “disqualified person” (as defined in section
4975(e)(2) of the Code), or (ii) the Company or any “affiliate” (as defined in Section V(c) of the QPAM Exemption) has within the one-year period ending with the date of such certificate exercised the authority to appoint or terminate
said QPAM as manager of the assets of any plan identified in writing pursuant to paragraph (c) above or to negotiate the terms of said QPAM’s management agreement on behalf of any such identified plans (a “Prohibited
Plan”). If the Company identifies a Source that includes assets of a Prohibited Plan, such Purchaser or transferee shall not use assets of such Source to purchase Notes. 
 As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such
terms in section 3 of ERISA. 
 SECTION 7. INFORMATION AS TO TRUST AND COMPANY. 
 Section 7.1. Financial and Business Information. The Trust shall deliver or cause to be delivered to each holder of Notes that is an
Institutional Investor: 
 (a) Trust - Quarterly Statements — within 60 days (or such shorter period as is 15 days
greater than the period applicable to the filing of the Trust’s Quarterly Report on Form 10-Q ( “Form 10-Q”) with the SEC regardless of whether the Trust is subject to the filing requirements thereof) after the end of each
quarterly fiscal period in each fiscal year of the Trust (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 
 (i) a consolidated balance sheet of the Trust and its Subsidiaries as at the end of such quarter, and 
 (ii) consolidated statements of income and cash flows of the Trust and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,

 setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable
detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the 
  

 -12- 

 companies being reported on and their results of operations and cash flows, subject to changes resulting
from year-end adjustments, provided that delivery within the time period specified above of copies of the Trust’s Form 10-Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the
requirements of this Section 7.1(a), provided, further, that the Trust shall be deemed to have made such delivery of such Form 10-Q if it shall have timely made such Form 10-Q available on “EDGAR” and on its home page on
the worldwide web (at the date of this Agreement located at: http//www.dividendcapital.com) and shall have given each Purchaser prior notice of such availability on EDGAR and on its home page in connection with each delivery (such availability and
notice thereof being referred to as “Electronic Delivery”); 
 (b) Trust - Annual Statements —
within 120 days (or such shorter period as is 15 days greater than the period applicable to the filing of the Trust’s Annual Report on Form 10-K (“Form 10-K”) with the SEC regardless of whether the Trust is subject to the
filing requirements thereof) after the end of each fiscal year of the Trust, duplicate copies of 
 (i) a consolidated balance
sheet of the Trust and its Subsidiaries as at the end of such year, and 
 (ii) consolidated statements of income, changes in
shareholders’ equity and cash flows of the Trust and its Subsidiaries for such year, 
 setting forth in each case in comparative form
the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon of independent public accountants of recognized national standing, which opinion shall state that such
financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of
such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that the
delivery within the time period specified above of the Trust’s Form 10-K for such fiscal year (together with the Trust’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Exchange Act) prepared in accordance
with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of this Section 7.1(b), provided, further, that the Trust shall be deemed to have made such delivery of such Form 10-K if it shall
have timely made Electronic Delivery thereof; 
 (c) Consolidating Statements — with respect to any quarterly
fiscal period or fiscal year of the Trust at the end of which the consolidated assets of the Company and its Subsidiaries constituted less than 85% of the consolidated assets of the Trust and its Subsidiaries or during which the consolidated
earnings before interest, taxes, depreciation 
  

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 and amortization of the Company and its Subsidiaries constituted less than 85% of the consolidated
earnings before interest, taxes, depreciation and amortization of the Trust and its Subsidiaries, accompanying the consolidated financial statements delivered pursuant to Section 7.1(a) or Section 7.1(b), a consolidating balance sheet of
the Trust and its Subsidiaries (treating the Company and its Subsidiaries as a whole) as at the end of such period and consolidating statements of income, changes in shareholders’ equity (only if such period was a fiscal year) and cash flows of
the Trust and its Subsidiaries (treating the Company and its Subsidiaries as a whole) for such period; 
 (d) SEC and Other
Reports — promptly upon their becoming available, one copy of each regular or periodic report, each registration statement (without exhibits except as expressly requested by such holder), and each prospectus and all amendments thereto filed
by the Trust or any Subsidiary with the SEC and of all press releases and other statements made available generally by the Trust or any Subsidiary to the public concerning developments that are Material; 
 (e) Notice of Default or Event of Default — promptly, and in any event within five days after a Responsible Officer becoming
aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed
default of the type referred to in SECTION 11(f), a written notice specifying the nature and period of existence thereof and what action the Trust or the Company is taking or proposes to take with respect thereto; 
 (f) ERISA Matters — promptly, and in any event within five days after a Responsible Officer becoming aware of any of the
following, a written notice setting forth the nature thereof and the action, if any, that the Trust or an ERISA Affiliate proposes to take with respect thereto: 
 (i) with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which
notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or 
 (ii) the taking by the
PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Trust or any ERISA
Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or 
 (iii) any event, transaction or condition that could result in the incurrence of any liability by the Trust or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code
relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Trust or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or
Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect; 
  

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 (g) Notices from Governmental Authority — promptly, and in any event within
30 days of receipt thereof, copies of any notice to the Trust or any Subsidiary from any federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that would reasonably be expected to have a Material
Adverse Effect; and 
 (h) Requested Information — with reasonable promptness, such other data and information
relating to the business, operations, affairs, financial condition, assets or properties of the Trust or any of its Subsidiaries (including, without limitation, actual copies of the Trust’s Form 10-Q and Form 10-K) or relating to the ability of
the Obligors to perform their obligations under the Financing Documents as from time to time may be reasonably requested by any such holder of Notes. 
 Section 7.2. Officer’s Certificate. Each set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a
Senior Financial Officer setting forth (which, in the case of Electronic Delivery of any such financial statements, shall be by separate substantially concurrent delivery of such certificate to each holder of Notes): 
 (a) Covenant Compliance — the information (including detailed calculations) required in order to establish whether the Trust
and the Company were in compliance with the requirements of Section 10.1 through Section 10.5, inclusive, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section,
where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence); and 
 (b) Event of Default — a statement that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or
caused to be made, under his or her supervision, a review of the transactions and conditions of the Trust and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the
certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without
limitation, any such event or condition resulting from the failure of the Trust or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Trust shall have taken or proposes to
take with respect thereto. 
  

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 Section 7.3. Visitation. The Company shall permit the representatives of each holder of Notes
that is an Institutional Investor: 
 (a) No Default — if no Default or Event of Default then exists, at the
expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its Subsidiaries with the Company’s officers, and
(with the consent of the Company, which consent will not be unreasonably withheld) its independent public accountants (provided that the Company is given the opportunity to be present for such discussions), and (with the consent of the Trust
or the Company, which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and each Subsidiary, all at such reasonable times during normal business hours and as often as may be reasonably requested in
writing, provided that, so long as no Event of Default exists, the Company shall only be required to pay the reasonable and documented expenses for one such visit during any calendar year); and 
 (b) Default — if a Default or Event of Default then exists, at the expense of the Company to visit and inspect any of the
offices or properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with
their respective officers and independent public accountants (and by this provision the Company authorize said accountants to discuss the affairs, finances and accounts of the Company and its Subsidiaries provided that the Company is given the
opportunity to be present for such discussions), all at such times and as often as may be requested. 
 SECTION 8. PAYMENT AND PREPAYMENT OF THE NOTES.

 Section 8.1. Floating Rate Portions, Fixed Rate Portions, Conversion, Etc. 
 (a) Initially, the entire principal amount of each Note shall bear interest at the Floating Rate and shall constitute the Floating Rate
Portion of such Note. The Floating Rate Portion of each Note shall be due and payable on June 9, 2008 (the “Floating Rate Portion Maturity Date”). Any portion of the principal amount of each Note converted to a Fixed Rate
Portion in accordance with this Section 8.1 shall bear interest at the Fixed Rate and shall be due and payable on the Fixed Rate Portion Maturity Date. 
 (b) Subject to the further provisions of this Section 8.1, the Company may, at its option (the “Conversion Option”),
but not more than once (subject to the rescission provisions in Section 8.1(e)), by written notice (the “Conversion Notice”) given by the Company to each holder of Notes not less than 30 days and not more than 180 days prior to
the Conversion Date specified therein, elect to convert a portion of the principal amount of each Note from a Floating Rate Portion to a Fixed Rate Portion (a “Conversion”), provided that the Conversion Option may not be
exercised at any time that an Event of Default exists. 
  

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 (c) The Conversion Notice shall specify: 
 (i) the effective date of the Conversion (the “Conversion Date”), which shall be a Monthly Interest Payment Date not
earlier than September 11, 2006 and not later than the Floating Rate Portion Maturity Date; 
 (ii) the date on which the
Fixed Rate Portion of each Note shall mature (the “Fixed Rate Portion Maturity Date”), which shall be a Quarterly Interest Payment Date five, seven or ten years after the Conversion Date (and in any event the Fixed Rate Portion
Maturity Date shall not be later than June 9, 2018); 
 (iii) the aggregate principal amount of the Notes to be subject
to the Conversion (the “Conversion Amount”), which shall be not less than $20,000,000 and not greater than $175,000,000; and 
 (iv) the Floating Rate Portion and the Fixed Rate Portion of the Notes immediately after giving effect to the Conversion, determined in accordance with Section 8.1(d). 
 (d) The portion of the principal amount of each Note to be converted from a Floating Rate Portion to a Fixed Rate Portion as of the
Conversion Date shall be an amount equal to the outstanding principal amount of such Note at the time of the Conversion multiplied by a fraction the numerator of which is the Conversion Amount and the denominator of which is the aggregate
outstanding principal amount of all Notes at the time of the Conversion. 
 (e) The Required Holders will in good faith
determine the Fixed Rate in accordance with the definition thereof as of 3:00 p.m. (New York City time) on the first Business Day on which the holders of Notes are in receipt of the Conversion Notice not later than 10:00 a.m. (New York City time) on
such Business Day (subject to the further provisions of this Section 8.1(e), the “Fixed Rate Determination Date”) and will as promptly as practicable after making such determination send the Company written notice of such
determination by telecopy or by e-mail to an e-mail address of the Company specified in the Conversion Notice. Such determination of the Fixed Rate shall be final and binding on the holders of Notes and the Company unless (i) not later than
three hours after the Company’s receipt of such notice of determination of the Fixed Rate, the Company provides the holders of Notes with written notice by telecopy of the Company’s election to rescind such Conversion Notice, or
(ii) if the Merrill Lynch Bond Index obtained telephonically in accordance with the definition thereof and used in such determination of the Fixed Rate results in such determination of the Fixed Rate being higher than it would have been had the
correct Merrill Lynch Bond Index (as subsequently reported the next succeeding Business Day on the display designated as “Page C6C0” on Bloomberg) been used in such determination and not later than 5:00 p.m. (New York City time) on such
next succeeding Business Day the Company provides the holders of Notes with written notice by telecopy of the Company’s election to rescind such Conversion Notice. If a Conversion Notice is rescinded in accordance with the immediately preceding
sentence, then (A) such Conversion Notice shall be deemed not to have been given and shall be ineffective for purposes of effecting a Conversion and (B) the Company may, subject to the provisions of this Section 8.1, subsequently give
another Conversion Notice. 
  

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 Section 8.2. Optional Prepayments with Make-Whole Amount. The Company may, at its option,
upon notice as provided below, prepay at any time more than six months after the Closing all, or from time to time any part of, the Notes, in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding in the case of
a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment date with respect to any part of such principal amount that is a Fixed Rate Portion. No Make-Whole Amount or premium shall be
due in connection with any prepayment of any Floating Rate Portion. In the event of any partial prepayment of Notes at a time when both Floating Rate Portions and Fixed Rate Portions are outstanding, the principal amount of such prepayment shall
(unless the Company otherwise specifies in the applicable notice of prepayment) be applied first to the Floating Rate Portions until they are paid in full and then to the Fixed Rate Portions. The Company will give each holder of Notes written notice
of each optional prepayment under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal
amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.5), and the interest to be paid on the prepayment date with respect to such principal
amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount, if any, due in connection with such prepayment (calculated as if the date of such notice were the date of the
prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole
Amount as of the specified prepayment date. 
 Section 8.3. Mandatory Offer to Prepay Upon Change of Control. The Company will,
not later than five Business Days after any Responsible Officer has knowledge of the occurrence of any Change of Control, give written notice of such fact to all holders of the Notes (a “Change of Control Notice”). The Change of
Control Notice shall (i) describe the facts and circumstances of such Change of Control in reasonable detail, (ii) refer to this Section 8.3 and the rights of the holders hereunder and state that a Change of Control has occurred,
(iii) contain an irrevocable offer by the Company to each holder of Notes to prepay the entire unpaid principal amount of Notes held by such holder, together with interest thereon to the prepayment date selected by the Company, but without
Make-Whole Amount or premium, which prepayment shall be on a date specified in the Change of Control Notice, which date shall be a Business Day not more than 45 days after such Change of Control Notice is given and (iv) request each holder to
notify the Company in writing by a stated date, which date is not less than 30 days after such holder’s receipt of the Change of Control Notice, of such holder’s acceptance or rejection of such prepayment offer. If a holder does not notify
the Company as provided above, then the holder shall be deemed to have rejected such offer. On the prepayment date specified in the Change of Control Notice, the entire unpaid principal amount of the Notes held by each holder of Notes that has
accepted such prepayment offer, together with interest thereon to the prepayment date, shall become due and payable. 
  

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 Section 8.4. Prepayment Upon Failure of Market Value Leverage Test. 
 (a) Annual Determination of Market Value Leverage Ratio — The Company shall deliver or cause to be delivered to each holder of Notes, not
later than 120 days following the end of each fiscal year of the Company, a detailed calculation (a “Company Calculation”) of the Market Value Leverage Ratio as of the end of such fiscal year, together with copies of the supporting
information (including any appraisals) used in such calculation. Unless, within 30 days following receipt by the holders of Notes of such Company Calculation, the Required Holders deliver to the Company one or more written objections (specifying, in
reasonable detail, the reason(s) for such objection) to such Company Calculation (an “Objection”), such Company Calculation shall be deemed conclusive and binding on the parties for purposes of determining whether a prepayment of
Notes may be required by the Required Holders pursuant to Section 8.4(b). If the Required Holders do deliver an Objection within such period of 30 days, then the Company and the Required Holders shall negotiate with each other in good faith
during a period of up to 30 days in an attempt to resolve the differences between them as to such determination of Market Value Leverage Ratio. If the Company and the Required Holders are unable to resolve their differences within such period, then
the Required Holders may, by written notice of such requirement to the Company, require that one or more independent appraisers be engaged (provided that no more than one appraiser shall be engaged with respect to any particular Project), at
the cost and expense of the Company, but under the direction of the Required Holders, to furnish (not later than 90 days after the date of the original Company Calculation) to the holders of Notes and the Company with one or more written appraisals
to support the determination of Total Market Value. 
 (b) Required Prepayment — If, either (i) pursuant to a Company
Calculation or (ii) in the event that the Required Holders deliver an Objection to a Company Calculation and the parties do not otherwise reach agreement on a determination of the Market Value Leverage Ratio, pursuant to a good faith
determination by the Required Holders, the Market Value Leverage Ratio is determined to be greater than 0.7 to 1.0, then the Required Holders may, at their election, by written notice to the Company, require the Company to prepay a sufficient
principal amount of Notes such that, after giving effect to such prepayment, the Market Value Leverage Ratio is reduced to 0.7 to 1.0 (or any higher ratio as the Required Holders may, at their option, specify in such notice). Upon delivery of such
notice, such principal amount of Notes shall become due and payable on a prepayment date (which shall be a Business Day not less than 30 days after the date of such notice) specified in such notice, together with interest on such principal amount of
Notes accrued to the date of prepayment but without any Make-Whole Amount. 
 Section 8.5. Allocation of Partial Mandatory
Prepayments. In the case of each partial mandatory prepayment of the Notes (other than in accordance with Section 8.3), the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in
proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment (and, unless the Company otherwise specifies in a notice given to the holders of Notes at least two Business Days prior to
such prepayment, shall be allocated first to the Floating Rate Portions until they are paid in full and then to the Fixed Rate Portions). 
  

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 Section 8.6. Maturity; Surrender, Etc. In the case of each prepayment of Notes pursuant to
this SECTION 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and
the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such
principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 
 Section 8.7. Purchase of Notes. Neither the Trust nor the Company will, nor will either of them permit any Affiliate to, purchase, redeem,
prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes or (b) pursuant to an offer to purchase
made by the Company or an Affiliate pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions. Any such offer pursuant to the preceding clause (b) shall provide each holder with sufficient information to
enable it to make an informed decision with respect to such offer, and shall remain open for at least 15 Business Days. If the holders of more than 50% of the principal amount of the Notes then outstanding accept such offer, the Company shall
promptly notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least 10 Business Days from its
receipt of such notice to accept such offer. The Company will promptly cancel all Notes acquired by the Trust, the Company or any Affiliate pursuant to any payment or prepayment of Notes pursuant to any provision of this Agreement and no Notes may
be issued in substitution or exchange for any such Notes. 
 Section 8.8. Make-Whole Amount. 
 Notwithstanding anything else in the Financing Documents, the Make-Whole Amount shall apply only to the Fixed Rate Portion, if any, of each Note.

 “Make-Whole Amount” means, with respect to the Fixed Rate Portion, if any, of any Note, an amount equal to the excess, if
any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that (a) the Make-Whole Amount may in no event be less than zero and
(b) in the event of a prepayment or acceleration of any Note that occurs within 90 days prior to the stated maturity date of such Note the Make-Whole Amount with respect to such Note shall be zero. For the purposes of determining the Make-Whole
Amount, the following terms have the following meanings: 
 “Called Principal” means, with respect to any Note, the Fixed
Rate Portion of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
  

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 “Discounted Value” means, with respect to the Called Principal of any Note, the amount
obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and
at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 
 “Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.5% over the yield to maturity implied by (i) the
yields reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1 on
Bloomberg or, if Page PX1 (or its successor screen on Bloomberg) is unavailable, the Telerate Access Service screen which corresponds most closely to Page PX1, for the most recently issued actively traded U.S. Treasury securities having a maturity
equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation),
the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical
Release H.15 (519) (or any comparable successor publication) for actively traded U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. Such implied yield
will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the actively traded U.S. Treasury
security with the maturity closest to and greater than such Remaining Average Life and (2) the actively traded U.S. Treasury security with the maturity closest to and less than such Remaining Average Life. The Reinvestment Yield shall be
rounded to the number of decimal places as appears in the interest rate of the applicable Note. 
 “Remaining Average Life”
means, with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal
component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and
the scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with respect to the
Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due
date, provided that (i) if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of
interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1 and (ii) no portion of such Called Principal shall be deemed to have a scheduled due date after the date
that is 90 days prior to the scheduled maturity of such Note. 
  

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 “Settlement Date” means, with respect to the Called Principal of any Note, the date on
which such Called Principal is to be prepaid pursuant to Section 8.2or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
 SECTION 9. AFFIRMATIVE COVENANTS. 
 Each of the Trust
and the Company covenants that so long as any of the Notes are outstanding: 
 Section 9.1. Compliance with Law. Without limiting
Section 10.9, each of the Trust and the Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, the
USA Patriot Act and Environmental Laws, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their
respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises
and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 9.2. Insurance. Each of the Trust and the Company will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and
businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of
entities of established reputations engaged in the same or a similar business and similarly situated. 
 Section 9.3. Maintenance of
Properties. Each of the Trust and the Company will, and will cause each of its Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary
wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, provided that this Section shall not prevent the Trust, the Company or any Subsidiary from discontinuing the operation and the
maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Trust or the Company has concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 Section 9.4. Payment of Taxes and Claims. Each of the Trust and the Company will, and will cause each
of its Subsidiaries to, file all federal and other Material tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges,
or levies imposed on them or any of their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, provided that neither the Trust, the Company nor
any Subsidiary need pay any such tax, assessment, governmental charge 
  

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 or levy if (i) the amount, applicability or validity thereof is contested by the Trust, the Company or such
Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Trust, the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Trust, the Company or such Subsidiary or
(ii) the nonpayment of all such taxes, assessments, governmental charges and levies in the aggregate would not reasonably be expected to have a Material Adverse Effect. 
 Section 9.5. Corporate Existence, Etc. Subject to Section 10.7, each of the Trust and the Company will at all times preserve and keep in
full force and effect its corporate existence. Each of the Trust and the Company will at all times preserve and keep in full force and effect the corporate existence of each of its Subsidiaries (unless merged into the Trust or the Company or another
Subsidiary) and all rights and franchises of each of the Trust, the Company and its Subsidiaries that are Material to the conduct of their business unless, in the good faith judgment of the Trust or the Company, the termination of or failure to
preserve and keep in full force and effect such corporate existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect. 
 Section 9.6. Books and Records. Each of the Trust and the Company will, and will cause each of its Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable
requirements of any Governmental Authority having legal or regulatory jurisdiction over the Trust, the Company or such Subsidiary, as the case may be. 
 Section 9.7. REIT Status. The Trust will at all times comply with all applicable provisions of the Code necessary to allow the Trust to qualify for status as a real estate investment trust. 
 Section 9.8. Subsidiary Guaranty Agreement. The Company shall cause each of its Subsidiaries other than Excluded Subsidiaries and Excluded
Foreign Subsidiaries to execute and deliver to each holder of Notes the Subsidiary Guaranty Agreement as required under Section 4.10. The Company shall cause each Subsidiary (other than Excluded Subsidiaries and Excluded Foreign Subsidiaries)
first formed or acquired after the date hereof to execute and deliver to each holder of Notes a joinder in the Subsidiary Guaranty Agreement, together with supporting organizational and authority documents and opinions similar to those provided with
respect to the Company and the initial Subsidiary Guarantors. Also, if any Subsidiary that had previously been an Excluded Subsidiary or an Excluded Foreign Subsidiary ceases to be an Excluded Subsidiary or an Excluded Foreign Subsidiary, the
Company shall within 30 days thereafter cause such Subsidiary to execute and deliver to each holder of Notes a joinder in the Subsidiary Guaranty Agreement, together with supporting organizational and authority documents similar to those provided
with respect to the Company and the initial Subsidiary Guarantors. Each compliance certificate provided by Company under Section 7.2(a) shall list the then-current Excluded Subsidiaries and Excluded Foreign Subsidiaries. Notwithstanding
anything else in this Section, the Company shall cause any Subsidiary that at any time is a guarantor of any of the obligations of the Company under the Bank Credit Facility also to be a guarantor under the Subsidiary Guaranty Agreement. If at any
time the following conditions are satisfied with respect to a Subsidiary Guarantor, the Required Holders will, promptly following delivery to the holders of the Notes of a written request by the Company therefor, execute a written discharge

  

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 and release of such Subsidiary Guarantor from the Subsidiary Guaranty Agreement, which discharge and release shall be
fully effective and binding, and shall be binding on all holders of the Notes, if executed and delivered by the Required Holders (provided that the Required Holders shall be deemed to have executed and delivered such discharge and release if
the Required Holders do not object to the Company’s request for such discharge and release within ten Business Days after delivery to the holders of the Notes of such request): (A) such Subsidiary Guarantor has been discharged and released
as a guarantor and obligor under and in respect of the Bank Credit Facility, and the Company so certifies to the holders of the Notes in a Officer’s Certificate that accompanies such request for release and discharge, (B) such request for
discharge and release is accompanied by a written agreement executed by the Subsidiary Guarantor to be released pursuant to which such Subsidiary Guarantor shall agree that if, for any reason whatsoever, it thereafter becomes a guarantor or obligor
under and in respect of any Bank Credit Facility, then such Subsidiary Guarantor shall contemporaneously provide written notice thereof to the holders of the Notes accompanied by an executed joinder of such Subsidiary Guarantor to the Subsidiary
Guaranty Agreement, and (C) at the time of such discharge and release by the holders of the Notes, and immediately after giving effect thereto, no Default or Event of Default exists or would exist and such Officer’s Certificate contains a
certification to such effect. 
 SECTION 10. NEGATIVE COVENANTS. 
 Each of the Trust and the Company covenants that so long as any of the Notes are outstanding: 
 Section 10.1. Fixed Charges Coverage. The Trust will not permit the ratio of (a) Consolidated EBITDA for any period of four consecutive fiscal quarters of the Trust to (b) Fixed Charges for such period, to be less than
1.5 to 1.0. 
 Section 10.2. Consolidated Leverage. The Trust will not permit the ratio of (a) Total Indebtedness at any
time to (b) Total Asset Value at such time, to be greater than 0.55 to 1.0. 
 Section 10.3. Priority Indebtedness. The
Trust will not permit the ratio of (a) Priority Indebtedness at any time to (b) Total Asset Value at such time, to be greater than 0.45 to 1.0. 
 Section 10.4. Unencumbered Assets. The Trust will not permit the ratio of (a) Total Unencumbered Project Pool Value at any time to (b) Total Unsecured Indebtedness at such time, be less than 1.67
to 1.0. 
 Section 10.5. Unsecured Debt Service Coverage. The Trust will not permit the ratio of (a) Unencumbered
Consolidated EBITDA for any period of four consecutive fiscal quarters of the Trust to (b) Unsecured Debt Service for such period, to be less than 1.5 to 1.0. 
 Section 10.6. Transactions with Affiliates. Neither the Trust nor the Company will, nor will either of them permit any Subsidiary to, enter into directly or indirectly any transaction or group of related
transactions (including, without limitation, the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Trust, the Company or another Subsidiary), except in the ordinary course
and pursuant to the 
  

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 reasonable requirements of the Trust’s, the Company’s or such Subsidiary’s business and upon fair and
reasonable terms no less favorable to the Trust, the Company or such Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate. 
 Section 10.7. Merger, Consolidation, Etc. Neither the Trust nor the Company will consolidate with or merge with any other Person or convey,
transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person unless: 
 (a) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Trust or the Company as an entirety, as the case may
be, shall be a solvent corporation or limited liability company organized and existing under the laws of the United States or any State thereof (including the District of Columbia), and, if the Trust or the Company is not such corporation or limited
liability company, (i) such corporation or limited liability company shall have executed and delivered to each holder of any Notes its assumption of the due and punctual performance and observance of each covenant and condition of this
Agreement and the Notes and (ii) such corporation or limited liability company shall have caused to be delivered to each holder of any Notes an opinion of nationally recognized independent counsel, or other independent counsel reasonably
satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof; and 
 (b) immediately before and immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing. 
 No such conveyance, transfer or lease of all or substantially all of the assets of the Trust or the Company shall have the effect of releasing
the Trust or the Company or any successor corporation or limited liability company that shall theretofore have become such in the manner prescribed in this Section 10.7 from its liability under this Agreement or, if applicable, the Notes.

 Section 10.8. Line of Business. Neither the Trust nor the Company will, and neither of them will permit any Subsidiary to,
engage in any business if, as a result, the general nature of the business in which the Trust, the Company and their Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in
which the Trust, the Company and their Subsidiaries, taken as a whole, are engaged on the date of this Agreement. 
 Section 10.9.
Terrorism Sanctions Regulations. Neither the Trust nor the Company will, and neither of them will permit any Subsidiary to, (a) become a Person described or designated in the Specially Designated Nationals and Blocked Persons List of the
Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (b) knowingly engage in any dealings or transactions with any such Person. 
 Section 10.10. Liens. The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a 
  

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 contingency or otherwise) any Lien on or with respect to any property or asset of the Company or any such Subsidiary,
whether now owned or held or hereafter acquired, except Permitted Encumbrances. 
 SECTION 11. EVENTS OF DEFAULT. 
 An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 
 (a) the Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable,
whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 
 (b) the Company defaults in the
payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or 
 (c) the
Trust or the Company defaults in the performance of or compliance with any term contained in Section 7.1(e) or SECTION 10; or 
 (d) any Obligor defaults in the performance of or compliance with any term contained herein (other than those referred to in SECTION 11(a), (b)and (c)) or in any other Financing Document and such default is not remedied within 30 days after
the earlier of (i) a Responsible Officer obtaining actual knowledge of such default, provided that such period shall be extended for up to an additional 30 days so long as such breach is reasonably susceptible of cure within such
additional period and such Obligor diligently and in good faith continues to attempt to cure such breach, and (ii) such Obligor receiving written notice of such default from any holder of a Note (any such written notice to be identified as a
“notice of default” and to refer specifically to this SECTION 11(d)); or 
 (e) any representation or warranty made
in writing by or on behalf of any Obligor or by any officer of any Obligor in any Financing Document or in any writing furnished in connection with the transactions contemplated by any Financing Document proves to have been false or incorrect in any
material respect on the date as of which made; or 
 (f) (i) the Trust, the Company or any Subsidiary is in default (as
principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Material Indebtedness that is outstanding beyond any period of grace provided with respect thereto, or (ii) the
Trust, the Company or any Subsidiary is in default in the performance of or compliance with any term of any evidence of any Material Indebtedness or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as
a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled
dates of payment (provided that this clause (ii) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or 
  

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 transfer of the property or assets securing such Indebtedness so long as no default or event of default
exists with respect to such Indebtedness), or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity
interests), (x) the Trust, the Company or any Subsidiary has become obligated to purchase or repay any Material Indebtedness before its regular maturity or before its regularly scheduled dates of payment, or (y) one or more Persons have
the right to require the Trust, the Company or any Subsidiary so to purchase or repay such Indebtedness; or 
 (g) the Trust,
the Company or any Subsidiary (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or
reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the
benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent
or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or 
 (h) a court or
Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Trust, the Company or any of their Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with
respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law
of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Trust, the Company or any of their Subsidiaries, or any such petition shall be filed against the Trust, the Company or any of their Subsidiaries and such petition
shall not be dismissed within 90 days; or 
 (i) a final judgment or judgments for the payment of money in an aggregate amount
in excess of $10,000,000 are rendered against one or more of the Trust, the Company and their Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60
days after the expiration of such stay; or 
 (j) if (i) any Plan shall fail to satisfy the minimum funding standards of
ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is
reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Trust, the Company or any ERISA
Affiliate that a Plan may become a subject of any such proceedings, (iii) the aggregate “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title
IV of ERISA, shall exceed $10,000,000, (iv) the 
  

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 Trust, the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any
liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (v) the Trust, the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the
Trust, the Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Trust, the Company or any Subsidiary thereunder; and any
such event or events described in clauses (i) through (vi) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect. 
 As used in SECTION 11(j), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings
assigned to such terms in Section 3 of ERISA. 
 SECTION 12. REMEDIES ON DEFAULT, ETC. 
 Section 12.1. Acceleration. If an Event of Default with respect to the Trust or the Company described in SECTION 11(g) or (h) (other than
an Event of Default described in clause (i) of SECTION 11(g) or described in clause (vi) of SECTION 11(g) by virtue of the fact that such clause encompasses clause (i) of SECTION 11(g)) has occurred, all the Notes then outstanding
shall automatically become immediately due and payable. 
 (a) If any other Event of Default has occurred and is continuing, the Required
Holders may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 
 (b) If any Event of Default described in SECTION 11(a) or (b)has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their
option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 
 Upon any Notes
becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including,
but not limited to, interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount, if any, determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable,
in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes
free from repayment by the Obligors (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that any Fixed Rate Portion of the Notes is prepaid or is accelerated as a result
of an Event of Default is intended to provide compensation for the deprivation of such right under such circumstances. 
 Section 12.2. Other Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the
holder of any Note at the time outstanding 
  

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 may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate
proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by
law or otherwise. 
 Section 12.3. Rescission. At any time after any Notes have been declared due and payable pursuant to
Section 12.1(b) or (b), the holders of more than 50% in principal amount of the Notes then outstanding, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all
overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any,
and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such
declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to SECTION 18, and (d) no judgment or decree has
been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.

 Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder
of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by any Financing Document upon any holder thereof shall
be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Company under SECTION 16, the Company will pay to the
holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this SECTION 12, including, without limitation, reasonable attorneys’ fees,
expenses and disbursements. 
 SECTION 13. TRUST GUARANTEE. 
 Section 13.1. Guaranty of Payment and Performance of Guaranteed Company Obligations. The Trust unconditionally guarantees to each holder of Notes the full and punctual payment and performance of the
Guaranteed Company Obligations. This Agreement is an absolute, unconditional and continuing guaranty of the full and punctual payment and performance by the Company of each of the Guaranteed Company Obligations, and not of collectibility only, and
is in no way conditioned upon any requirement that any holder of Notes first attempt to collect payment from the Company or any other guarantor or surety or resort to any security or other means of obtaining payment of all or any of the Guaranteed
Company Obligations or upon any other contingency. Upon any default by the Company in the full and punctual payment or performance of any of the Guaranteed Company Obligations, the liabilities and obligations of the Trust hereunder shall forthwith
be due and payable without demand or notice of any nature, all such demands and notices being expressly waived by the Trust. 
  

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 Section 13.2. Guaranty Continuing and Liability Unlimited. 
 (a) This is a continuing guaranty and shall be binding upon the Trust regardless of (i) how long before or after the date hereof any part of the
Guaranteed Company Obligations was or is incurred by the Company and (ii) the amount of the Guaranteed Company Obligations at any time outstanding. This Agreement may be enforced by any or all of the holders of Notes from time to time and as
often as occasion for such enforcement may arise. 
 (b) If after receipt of any payment of, or the proceeds of any collateral for, all or
any part of the Guaranteed Company Obligations, the holders of Notes are compelled to surrender or voluntarily surrender such payment or proceeds to any Person because such payment or application of proceeds is or may be avoided, invalidated,
recaptured, or set aside as a preference, fraudulent conveyance, impermissible setoff or for any other reason, whether or not such surrender is the result of (i) any judgment, decree or order of any court or administrative body having
jurisdiction over the holders of Notes, or (ii) any settlement or compromise by the holders of Notes of any claim as to any of the foregoing with any Person (including the Company), then the Guaranteed Company Obligations or part thereof
affected shall be reinstated and continue and this Agreement shall be reinstated and continue in full force as to such Guaranteed Company Obligations or part thereof as if such payment or proceeds had not been received, notwithstanding any previous
cancellation of any instrument evidencing any such Guaranteed Company Obligation or any previous instrument delivered to evidence the satisfaction thereof. The provisions of this Section 13.2(b) shall survive the termination of this Agreement
and any satisfaction and discharge of the Company by virtue of any payment, court order or any federal or state law. 
 Section 13.3.
Unconditional Nature of Trust’s Obligations and Liabilities. The obligations and liabilities of the Trust hereunder shall be absolute and unconditional, shall not be subject to any counterclaim, set-off, deduction or defense based upon any
claim the Trust may have against the Company or any other Person, and shall remain in full force and effect until all of the Guaranteed Company Obligations have been fully satisfied, without regard to any event, circumstance or condition (whether or
not the Trust shall have knowledge or notice thereof) that but for the provisions of this Section might constitute a legal or equitable defense or discharge of a guarantor or surety or that might in any way limit recourse against the Trust,
including: (a) any amendment or modification or supplement to the terms of any Financing Document; (b) any waiver, consent or indulgence by any holder of a Note, or any exercise or non-exercise by any holder of a Note of any right, power
or remedy, under or in respect of this Agreement or any other Financing Document (whether or not the Trust or any other Obligor has notice or knowledge of any such action or inaction); (c) the invalidity or unenforceability, in whole or in
part, of any Financing Document, or the termination (except pursuant to its terms or by written agreement between the holders of Notes and the Company), cancellation or frustration of any thereof, or any limitation or cessation of the Company’s
liability under any thereof (other than any limitation or cessation expressly provided for therein), including any invalidity, unenforceability or impaired liability resulting from the Company’s lack of capacity, power and/or authority to enter
into any Financing Document and/or to incur any or all of the Guaranteed Company Obligations, or from the execution and delivery of any Financing Document by any Person acting for the Company without or in excess of authority; (d) any

  

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 actual, purported or attempted sale, assignment or other transfer by any or all of the holders of Notes or by any Obligor
of any Financing Document or of any of its rights, interests or obligations thereunder; (e) any defect in any Obligor’s title to any item(s) of collateral or in the design, quality, condition, durability, operation, merchantability or
fitness for any particular use or purpose of any thereof, or the failure of any such item to meet the requirements or specifications of any law, regulation, judgment, administrative order or decision or of any agreement between any Obligor and any
other party; (f) any actual, purported or attempted sale, assignment, leasing, transfer, encumbrance, redelivery or other temporary or permanent disposition of any item(s) of collateral, or any damage to or destruction, seizure condemnation,
theft, repossession or any other partial or total loss or loss of use of any thereof; (g) any Obligor’s failure to obtain, protect, preserve or enforce any rights in any item(s) of collateral against any party, or the invalidity or
unenforceability of any such rights; (h) the taking or holding by any or all of the holders of Notes of a security interest, lien or other encumbrance in or on any other property as security for any or all of the Guaranteed Company Obligations
or any exchange, release, non-perfection, loss or alteration of, or any other dealing with, any such security; (i) the addition of any party as a guarantor or surety of all or any part of the Guaranteed Company Obligations or any limitation of
the liability of any additional guarantor or surety of all or any part of the Guaranteed Company Obligations under any other agreement; (j) any merger or consolidation of any Obligor into or with any other entity, or any sale, lease, transfer
or other disposition of any or all of any Obligor’s assets or any sale, transfer or other disposition of any or all of the shares of capital stock or other securities of any Obligor to any other Person; or (k) any change in the financial
condition of any Obligor or any Obligor’s entry into an assignment for the benefit of creditors, an arrangement or any other agreement or procedure for the restructuring of its liabilities, or any Obligor’s insolvency, bankruptcy,
reorganization, dissolution, liquidation or any similar action by or occurrence with respect to any Obligor. 
 Section 13.4.
Trust’s Waiver. The Trust unconditionally waives, to the fullest extent permitted by law: (a) notice of any of the matters referred to in Section 13.3; (b) any right to the enforcement, assertion or exercise by any or all of
the holders of Notes of any of its rights, powers or remedies under, against or with respect to (i) any Financing Document, (ii) any other guarantor or surety, or (iii) any security for all or any part of the Guaranteed Company
Obligations; (c) any requirement of diligence and any defense based on a claim of laches; (d) all defenses that may now or hereafter exist by virtue of any statute of limitations, or of any stay, valuation, exemption, moratorium or similar
law, except the sole defense of full and indefeasible payment; (e) any requirement that the Trust be joined as a party in any action or proceeding against any Obligor to enforce any of the provisions of any Financing Document; (f) any
requirement that any Trust mitigate or attempt to mitigate damages resulting from a default by the guarantor hereunder or from a default by the debtor under any Financing Document; (g) acceptance of this Agreement by any Trust; and (h) all
presentments, protests, notices of dishonor, demands for performance and any and all other demands upon and notices to any Obligor, and any and all other formalities of any kind, the omission of or delay in performance of which might but for the
provisions of this Section constitute legal or equitable grounds for relieving or discharging the Trust in whole or in part from its irrevocable, absolute and continuing obligations hereunder, it being the intention of the Trust that its obligations
hereunder shall not be discharged except by payment and performance and then only to the extent thereof. 
  

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 Section 13.5. Subordination of Obligations to Trust. Any and all indebtedness and other
obligations of any other Obligor to the Trust (including any such obligations resulting from any rights of subrogation on the part of the Trust as a result of any payment by the Trust hereunder) shall during the term of this Agreement be
subordinated to the Guaranteed Company Obligations and to any other indebtedness of such Obligor to any or all of the holders of Notes. 
 SECTION 14.
REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 
 Section 14.1. Registration of Notes. The Company shall keep at its principal
executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be
registered in such register. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not
be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders
of Notes. 
 Section 14.2. Transfer and Exchange of Notes. The Notes have not been registered under the Securities Act and may be
resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and the Company is not
required to register the Notes. Subject to the foregoing, upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in SECTION 19(iv)), for registration of transfer or exchange (and in
the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name,
address and other information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes
(as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be
substantially in the form of Exhibit 1. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been
paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided
that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its
nominee), shall be deemed to have made the representation set forth in Section 6.2. 
 Section 14.3. Replacement of Notes.
Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in SECTION 19(iv)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any
Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 
  

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 (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that
if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall
be deemed to be satisfactory), or 
 (b) in the case of mutilation, upon surrender and cancellation thereof, 
 within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to
which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 
 SECTION 15. PAYMENTS ON NOTES. 
 Section 15.1.
Place of Payment. Subject to Section 15.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in Denver, Colorado at the principal office of Wells Fargo Bank, NA in such
jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office
of a bank or trust company in such jurisdiction. 
 Section 15.2. Home Office Payment. So long as any Purchaser or its nominee
shall be the holder of any Note, and notwithstanding anything contained in Section 15.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, and interest by the
method and at the address specified for such purpose below such Purchaser’s name in Schedule A, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such
purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such
Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 15.1.
Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or
surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 14.2. The Company will afford the benefits of this Section 15.2 to any Institutional Investor that is the direct or indirect transferee of any Note
purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 15.2. 
  

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 SECTION 16. EXPENSES, ETC. 
 Section 16.1. Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the Company will pay all reasonable and documented out-of-pocket costs and expenses (including
reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection with
any amendments, waivers or consents under or in respect of this Agreement or the Notes (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the reasonable and documented costs and expenses
incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement or the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with
this Agreement or the Notes, or by reason of being a holder of any Note, (b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in
connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes, provided that, in connection with the Closing, the Company will not be required to pay the attorneys’ fees for more than a single
firm of special counsel acting for all Purchasers and (c) the reasonable and documented costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO. The
Company will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in
connection with its purchase of the Notes). 
 Section 16.2. Survival. The obligations of the Company under this SECTION 16 will
survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement or the Notes, and the termination of this Agreement. 
 SECTION 17. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 
 All representations and
warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by
any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Trust
or the Company pursuant to this Agreement shall be deemed representations and warranties of the Trust or the Company under this Agreement. Subject to the preceding sentence, the Financing Documents embody the entire agreement and understanding
between each Purchaser and the Obligors and supersede all prior agreements and understandings relating to the subject matter hereof. 
 SECTION 18.
AMENDMENT AND WAIVER. 
 Section 18.1. Requirements. This Agreement and the Notes may be amended, and the observance of any
term hereof or of the Notes may be waived (either retroactively or 
  

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 prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no
amendment or waiver of any of the provisions of SECTION 1, 2, 3, 4, 5, 6 or 22 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b) no such
amendment or waiver may, without the written consent of the holder of each Note at the time outstanding affected thereby, (i) subject to the provisions of SECTION 12 relating to acceleration or rescission, change the amount or time of any
prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of interest or of the Make-Whole Amount on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders
of which are required to consent to any such amendment or waiver, or (iii) amend any of SECTION 8, 11(a), 11(b), 12, 13, 18 or 21. 
 Section 18.2. Solicitation of Holders of Notes. 
 (a) Solicitation. The Company will provide each holder of the
Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed
amendment, waiver or consent in respect of any of the provisions hereof or of the Notes. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this SECTION 18 to each
holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 
 (b) Payment. Neither the Trust nor the Company will, nor will either of them permit any Subsidiary or Affiliate to, directly or indirectly pay or cause to be paid any remuneration, whether by way of
supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of any waiver or amendment of any of the
terms and provisions of any Financing Document unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Notes then outstanding even
if such holder did not consent to such waiver or amendment. 
 Section 18.3. Binding Effect, Etc. Any amendment or waiver
consented to as provided in this SECTION 18 applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Trust and the Company without regard to whether such Note has been marked to indicate
such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the
Company and the holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any holder of such Note. As used herein, the term “this Agreement” and references
thereto shall mean this Agreement as it may from time to time be amended or supplemented. 
 Section 18.4. Notes Held by Company,
Etc. Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then 
  

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 outstanding approved or consented to any amendment, waiver or consent to be given under any Financing Document, or have
directed the taking of any action provided in any Financing Document to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the
Trust, the Company or any of their Affiliates shall be deemed not to be outstanding. 
 SECTION 19. NOTICES. 
 All notices and communications provided for hereunder shall be in writing and (except as otherwise provided in Section 8.1(e)) sent (a) by
telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a
recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 
 (i) if to any Purchaser or its
nominee, to such Purchaser or nominee at the address specified for such communications in Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 
 (ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in
writing, 
 (iii) if to the Trust, to the Trust at 518 17th Street, 17th Floor, Denver, Colorado 80202, Attention: Matthew T.
Murphy, Senior Vice President (Telecopy No. (303) 869-4602), or at such other address as the Trust shall have specified to the holder of each Note in writing, or 
 (iv) if to the Company, to the Company at 518 17th Street, 17th Floor, Denver, Colorado 80202, Attention: Matthew T. Murphy, Senior Vice
President (Telecopy No. (303) 869-4602), or at such other address as the Company shall have specified to the holder of each Note in writing. 
 Notices
under this SECTION 19 will be deemed given only when actually received. 
 SECTION 20. REPRODUCTION OF DOCUMENTS. 
 The Financing Documents and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter
be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by
such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. Each of the Trust and the Company agrees and stipulates that, to the extent permitted
by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser
in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction 
  

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 shall likewise be admissible in evidence. This SECTION 20 shall not prohibit the Trust, the Company or any holder of
Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 
 SECTION 21. CONFIDENTIAL INFORMATION. 
 For the purposes of this SECTION 21, “Confidential
Information” means information delivered to any Purchaser by or on behalf of the Trust, the Company or any Subsidiary in connection with the transactions contemplated by the Financing Documents or otherwise pursuant to Financing Documents
that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of the Trust, the Company or such Subsidiary, provided that such term
does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any person acting
on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Trust, the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under
Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of
third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys and affiliates (to the extent such disclosure
reasonably relates to the administration of the investment represented by its Notes), (ii) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the
terms of this SECTION 21, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by the provisions of this SECTION 21), (v) any Person from which it offers to purchase any security of the Trust or the Company (if such Person has agreed in writing prior to its receipt of
such Confidential Information to be bound by the provisions of this SECTION 21), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization,
or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect
compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of
Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Financing
Documents. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this SECTION 21 as though it were a party to this Agreement. On reasonable request by the Company in
connection with the delivery to any holder of a Note of information required to be delivered to such holder under any Financing Document or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder
will enter into an agreement with the Company embodying the provisions of this SECTION 21. 
  

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 SECTION 22. SUBSTITUTION OF PURCHASER. 
 Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder, by
written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy
with respect to it of the representations set forth in SECTION 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this SECTION 22), shall be deemed to refer to such Affiliate in lieu of such original
Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such
transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this SECTION 22), shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such original Purchaser
shall again have all the rights of an original holder of the Notes under this Agreement. 
 SECTION 23. MISCELLANEOUS. 
 Section 23.1. Successors and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of the parties
hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not. 
 Section 23.2. Payments Due on Non-Business Days. Anything in the Financing Documents to the contrary notwithstanding (but without limiting
the requirement in Section 8.6 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount, if any, or interest on any Note that is due on a date
other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of
any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next
succeeding Business Day. 
 Section 23.3. Accounting Terms. All accounting terms used herein that are not expressly defined in
this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all
financial statements shall be prepared in accordance with GAAP. 
 Section 23.4. Severability. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 
  

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 Section 23.5. Construction, Etc. Each covenant contained herein shall be construed (absent
express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.
Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. For the avoidance of doubt,
all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof. 
 Section 23.6. Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but
together signed by all, of the parties hereto. 
 Section 23.7. Governing Law. This Agreement shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice of law principles of the law of such State that would require or permit the application of the laws of a jurisdiction other than
such State. 
 Section 23.8. Jurisdiction and Process; Waiver of Jury Trial. Each of the Trust and the Company irrevocably
submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes. To the fullest
extent permitted by applicable law, each of the Trust and the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection
that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 (a) Each of the Trust and the Company consents to process being served by or on behalf of any holder of Notes in any suit, action or
proceeding of the nature referred to above by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in SECTION 19 or at such
other address of which such holder shall then have been notified pursuant to said Section. Each of the Trust and the Company agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any
such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as
evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 
  

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 (b) Nothing in this Section 23.8 shall affect the right of any holder of a Note to serve process in
any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Trust or the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained
in one jurisdiction in any other jurisdiction. 
 (c) THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT
TO ANY FINANCING DOCUMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION THEREWITH. 
 Section 23.9. Deposit, Commitment Fee. Prior
to the date hereof, pursuant to the Application, the Company has paid to ING Investment Management LLC, as agent for the Purchasers, deposits in the aggregate amount of $1,375,000 (the “Deposit Amount”). Pursuant to the Application,
$100,000 of the Deposit Amount has been retained for the Purchasers as a processing fee. Promptly following the Closing, a portion of the Deposit Amount equal to $1,275,000 (i.e., the full Deposit Amount minus the processing fee) will be refunded to
the Company. If the Closing does not occur and the Company or any Affiliate thereof purchases on or before December 9, 2006 all or any part of the portfolio of 79 buildings proposed to be sold by CalTIA Ventures LLC, then the remainder of the
Deposit Amount shall be retained as a fee for the commitments made by the Purchasers to purchase Notes, provided that if the Closing does not occur despite the good faith efforts of the Trust and the Company to remedy any failure to satisfy
all applicable conditions precedent (including, without limitation, any required approval of the Board of Directors of the Trust), then such agent for the Purchasers shall refund to the Company an amount equal to the remainder referred to in the
immediately preceding sentence minus any previously unreimbursed costs and expenses owed by the Company pursuant to Section 16.1. 
 [Remainder of page intentionally blank; next page is signature page] 
  

 -40- 

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

			
	Very truly yours,
	
	DIVIDEND CAPITAL TRUST INC.
		
	By	 	 /s/    Matthew Murphy

	Name:	 	Matthew Murphy
	Title:	 	Senior Vice President
	
	 DIVIDEND CAPITAL OPERATING
 PARTNERSHIP LP

		
	By:	 	 Dividend Capital Trust Inc.,
   its sole
general partner

		
	By	 	 /s/    Matthew Murphy

	Name:	 	Matthew Murphy
	Title:	 	Senior Vice President

 [Note Purchase Agreement] 

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

	
	 ING USA ANNUITY AND LIFE
 INSURANCE
COMPANY

		
	By:	 	 ING Investment Management LLC,
as Agent

		
	By	 	 /s/ Paul Aronson

	Name:	 	Paul Aronson
	Title:	 	Vice President
	
	RELIASTAR LIFE INSURANCE COMPANY
		
	By:	 	 ING Investment Management LLC,
as Agent

		
	By	 	 /s/ Paul Aronson

	Name:	 	Paul Aronson
	Title:	 	Vice President
	
	 SECURITY LIFE OF DENVER
 INSURANCE
COMPANY

		
	By:	 	 ING Investment Management LLC,
as Agent

		
	By	 	 /s/ Paul Aronson

	Name:	 	Paul Aronson
	Title:	 	Vice President

			
	
	 ING LIFE INSURANCE AND
 ANNUITY
COMPANY

		
	By:	 	 ING Investment Management LLC,
as Agent

		
	By	 	 /s/ Paul Aronson

	Name:	 	Paul Aronson
	Title:	 	Vice President

  
 [Note Purchase Agreement]

 Schedule A 
 INFORMATION RELATING TO PURCHASERS 
  

						
	Name of Purchaser	  	Principal
Amount(s) of Note(s)
to be Purchased
	ING USA ANNUITY AND LIFE INSURANCE COMPANY	  	$
$
$
$	 6,000,000
17,000,000
 6,000,000
36,000,000
			
	(1)	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  		
			
		  	 The Bank of New York
 ABA#: 021000018
 BFN: IOC 566/INST’L CUSTODY (for principal and interest payments)
 BFN: IOC
565/INST’L CUSTODY (for all other payments)
 Ref.: ING USA Annuity and Life Insurance Co., Acct. No. 136373 and
PPN 25537# AD 7
	  		
			
		  	Each such wire transfer shall set forth the name of the Company, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment
is made, a reference to the PPN, and the due date and application (as among principal, Make-Whole Amount and interest) of the payment being made.	  		
			
	(2)	  	 Address for all notices relating to payments:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Operations/Settlements
 Fax: (770) 690-4886
	  		
			
	(3)	  	 Address for all other communications and notices:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Private Placements
 Fax: (770) 690-5057
	  		
			
	(4)	  	 Tax Identification No.: 41-0991508
	  		

  

 A-1 

						
	Name of Purchaser	  	 Principal
 Amount(s) of Note(s)
to be Purchased

	RELIASTAR LIFE INSURANCE COMPANY	  	$
$
$
$	6,000,000
6,000,000
5,000,000
5,000,000
	(1)	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  		
			
		  	 The Bank of New York
 ABA#: 021000018
 BFN: IOC 566/INST’L CUSTODY (for principal and interest payments)
 BFN: IOC
565/INST’L CUSTODY (for all other payments)
 Ref.: ReliaStar Life Insurance Company, Acct. No. 187035 and PPN
25537# AD 7
	  		
			
		  	Each such wire transfer shall set forth the name of the Company, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such
payment is made, a reference to the PPN, and the due date and application (as among principal, Make-Whole Amount and interest) of the payment being made.	  		
			
	(2)	  	 Address for all notices relating to payments:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Operations/Settlements
 Fax: (770) 690-4886
	  		
			
	(3)	  	 Address for all other communications and notices:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Private Placements
 Fax: (770) 690-5057
	  		
			
	(4)	  	 Tax Identification No.: 41-0451140
	  		

  

 A-2 

						
	 Name of Purchaser
	  	 Principal
 Amount(s) of Note(s)
 to be Purchased

	 RELIASTAR LIFE INSURANCE COMPANY
	  	$	6,000,000
			
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  		
			
		  	 The Bank of New York
 ABA#: 021000018
 BFN: IOC 566/INST’L CUSTODY (for principal and interest payments)
 BFN: IOC
565/INST’L CUSTODY (for all other payments)
 Ref.: ReliaStar Life Insurance Reinsurance Business Account, Acct.
No. 301612 and PPN 25537# AD 7
	  		
			
		  	Each such wire transfer shall set forth the name of the Company, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment
is made, a reference to the PPN, and the due date and application (as among principal, Make-Whole Amount and interest) of the payment being made.	  		
			
	 (2)
	  	 Address for all notices relating to payments:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Operations/Settlements
 Fax: (770) 690-4886
	  		
			
	 (3)
	  	 Address for all other communications and notices:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Private Placements
 Fax: (770) 690-5057
	  		
			
	 (4)
	  	 Tax Identification No.: 41-0451140
	  		

  

 A-3 

						
	 Name of Purchaser
	  	Principal
Amount(s) of Note(s)
to be Purchased
	 ING USA ANNUITY AND LIFE INSURANCE COMPANY
	  	$	12,000,000
			
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  		
			
		  	 The Bank of New York
 ABA#: 021000018
 BFN: IOC 566/INST’L CUSTODY (for scheduled principal and interest payments)
 BFN: IOC 565/INST’L CUSTODY (for all other payments)
 Ref.: ING USA Annuity and Life Insurance Co. – Separate Account, Acct. No. 136374
and PPN 25537# AD 7
	  		
			
		  	Each such wire transfer shall set forth the name of the Company, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment
is made, a reference to the PPN, and the due date and application (as among principal, Make-Whole Amount and interest) of the payment being made.	  		
			
	 (2)
	  	 Address for all notices relating to payments:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Operations/Settlements
 Fax: (770) 690-4886
	  		
			
	 (3)
	  	 Address for all other communications and notices:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Private Placements
 Fax: (770) 690-5057
	  		
			
	 (4)
	  	 Tax Identification No.: 41-0991508
	  		

  

 A-4 

						
	 Name of Purchaser
	  	Principal
Amount(s) of Note(s)
to be Purchased
	 SECURITY LIFE OF DENVER INSURANCE COMPANY
	  	$
$	20,000,000
 7,000,000
			
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  		
			
		  	 The Bank of New York
 ABA#: 021000018
 BFN: IOC 566/INST’L CUSTODY (for principal and interest payments)
 BFN: IOC
565/INST’L CUSTODY (for all other payments)
 Attn: P&I Department
 Ref.: Security Life of Denver Insurance Company, Acct. No. 178157 and PPN 25537# AD 7
	  		
			
		  	Each such wire transfer shall set forth the name of the Company, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment
is made, a reference to the PPN, and the due date and application (as among principal, Make-Whole Amount and interest) of the payment being made.	  		
			
	 (2)
	  	 Address for all notices relating to payments:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Operations/Settlements
 Fax: (770) 690-4886
	  		
			
	 (3)
	  	 Address for all other communications and notices:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Private Placements
 Fax: (770) 690-5057
	  		
			
	 (4)
	  	 Tax Identification No.: 84-0499703
	  		

  

 A-5 

						
	 Name of Purchaser
	  	 Principal
 Amount(s) of Note(s)
to be Purchased

	 ING LIFE INSURANCE AND ANNUITY COMPANY
	  	$
$	 7,000,000
86,000,000
			
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  		
			
		  	 The Bank of New York
 ABA#: 021000018
 BFN: IOC 566/INST’L CUSTODY (for principal and interest payments)
 BFN: IOC
565/INST’L CUSTODY (for all other payments)
 Attn: P&I Department
 Ref.: ING Life Insurance and Annuity Company, Acct. No. 216101 and PPN 25537# AD 7
	  		
			
		  	Each such wire transfer shall set forth the name of the Company, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment
is made, a reference to the PPN, and the due date and application (as among principal, Make-Whole Amount and interest) of the payment being made.	  		
			
	 (2)
	  	 Address for all notices relating to payments:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Operations/Settlements
 Fax: (770) 690-4886
	  		
			
	 (3)
	  	 Address for all other communications and notices:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Private Placements
 Fax: (770) 690-5057
	  		
			
	 (4)
	  	 Tax Identification No.: 71-0294708
	  		

  

 A-6 

						
	Name of Purchaser	  	Principal
Amount(s) of Note(s)
to be Purchased
	ING USA ANNUITY AND LIFE INSURANCE COMPANY	  	$	50,000,000
			
	(1)	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  		
			
		  	 The Bank of New York
 ABA#: 021000018
 BFN: IOC 566/INST’L CUSTODY (for principal and interest payments)
 BFN:
IOC 565/INST’L CUSTODY (for all other payments)
 Ref.: ING USA Annuity and Life Insurance Company IMKT, Acct. No. 108473 and PPN 25537#
 AD 7
	  		
			
		  	Each such wire transfer shall set forth the name of the Company, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment
is made, a reference to the PPN, and the due date and application (as among principal, Make-Whole Amount and interest) of the payment being made.	  		
			
	(2)	  	 Address for all notices relating to payments:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Operations/Settlements
 Fax: (770) 690-4886
	  		
			
	(3)	  	 Address for all other communications and notices:
	  		
			
		  	 ING Investment Management LLC
 Suite 300
 5780 Powers Ferry Road, NW
 Atlanta, GA 30327-4349
 Attn: Private Placements
 Fax: (770) 690-5057
	  		
			
	(4)	  	 Tax Identification No.: 41-0991508
	  		

  

 A-7 

 Schedule B 
 DEFINED TERMS 
 As used herein, the following terms have the respective meanings set forth below or
set forth in the Section hereof following such term: 
 “Affiliate” means, at any time, and with respect to any Person, any
other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Company, shall include any Person beneficially
owning or holding, directly or indirectly, 10% or more of any class of voting or equity interests of the Company or any Subsidiary or any corporation of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or
indirectly, 10% or more of any class of voting or equity interests. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Trust or the Company. 

“Anti-Terrorism Order” means Executive Order No. 13,224 of September 24, 2001, Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49,079 (2001), as amended. 
 “Applicable Treasury Yield” means the yield to maturity implied by (i) the yields reported as of 3:00 p.m. (New York City time) on the Fixed Rate Determination Date, on the display designated as “Page PX1”
(or such other display as may replace Page PX1 on Bloomberg or, if Page PX1 (or its successor screen on Bloomberg) is unavailable, the Telerate Access Service screen which corresponds most closely to Page PX1, for the most recently issued actively
traded U.S. Treasury securities having a maturity equal to the Fixed Rate Term, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the
Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the Fixed Rate Determination Date, in Federal Reserve Statistical Release H.15 (519) (or any comparable successor
publication) for actively traded U.S. Treasury securities having a constant maturity equal to the Fixed Rate Term. Such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent yields in
accordance with accepted financial practice and (b) interpolating linearly between (1) the actively traded U.S. Treasury security with the maturity closest to and greater than the Fixed Rate Term and (2) the actively traded U.S.
Treasury security with the maturity closest to and less than the Fixed Rate Term. The Applicable Treasury Yield shall be rounded to two decimal places. 
 “Application” means the application, dated May 16, 2006, by the Company to ING Investment Management LLC, as agent for the Purchasers, with respect to the financing provided for herein.

  

 B-1 

 “Bank Credit Facility” means, at any time, the largest dollar-denominated revolving
credit facility (in terms of committed borrowing amount) provided to the Company in the United States under any credit agreement or loan agreement or similar agreement at such time having a committed borrowing amount of at least $250,000,000 and
that is intended to be used by the Company as its principal source of borrowed cash in the United States, provided that the credit facility under the JPMorgan Credit Agreement shall, until the earlier of the termination thereof or such time
as another credit facility satisfies the foregoing description, constitute the Bank Credit Facility. 
 “Base Spread” means
(i) with respect a Fixed Rate Term of five years, 1.06%, (ii) with respect a Fixed Rate Term of seven years, 1.15%, and (iii) with respect a Fixed Rate Term of ten years, 1.20%. 
 “Bloomberg” means the Bloomberg Financial Markets service. 
 “Business Day” means (a) for the purposes of Section 8.8 only, any day other than a Saturday, a Sunday or a day on which
commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York or
Atlanta, Georgia are required or authorized to be closed. 
 “Capital Lease Obligations” of any Person means the obligations
of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases
on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person
that is not a corporation and any and all warrants or options to purchase any of the foregoing. 
 “Cash Equivalents” means,
as of any date: 
 (a) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof having maturities of not more than one year from such date; 
 (b) mutual funds organized under the Investment
Company Act of 1940 rated AAm or AAm-G by S&P and P-1 by Moody’s; 
 (c) certificates of deposit or other interest-bearing
obligations of a bank or trust company that is a member in good standing of the Federal Reserve System having a short term unsecured debt rating of not less than A-1 by S&P and not less than P-1 by Moody’s (or in each case, if no bank or
trust company is so rated, the highest comparable rating then given to any bank or trust company, but in such case only for funds invested overnight or over a weekend), provided that such investments shall mature or be redeemable upon the
option of the holders thereof on or prior to a date one month from the date of their purchase; 
  

 B-2 

 (d) certificates of deposit or other interest-bearing obligations of a bank or trust company that is a
member in good standing of the Federal Reserve System having a short term unsecured debt rating of not less than A-1+ by S&P, and not less than P-1 by Moody’s and that has a long term unsecured debt rating of not less than A1 by
Moody’s (or in each case, if no bank or trust company is so rated, the highest comparable rating then given to any bank or trust company, but in such case only for funds invested overnight or over a weekend), provided that such
investments shall mature or be redeemable upon the option of the holders thereof on or prior to a date three months from the date of their purchase; 
 (e) bonds or other obligations having a short term unsecured debt rating of not less than A-1+ by S&P and P-1+ by Moody’s and having a long term debt rating of not less than A1 by Moody’s issued by or by
authority of any state of the United States, any territory or possession of the United States, including the Commonwealth of Puerto Rico and agencies thereof, or any political subdivision of any of the foregoing; 
 (f) repurchase agreements issued by an entity rated not less than A-1+ by S&P, and not less than P-1 by Moody’s that are secured by United
States government securities of the type described in clause (a) of this definition maturing on or prior to a date one month from the date the repurchase agreement is entered into; 
 (g) short term promissory notes rated not less than A-1+ by S&P, and not less than P-1 by Moody’s maturing or to be redeemable upon the option
of the holders thereof on or prior to a date one month from the date of their purchase; and 
 (h) commercial paper (having original
maturities of not more than 365 days) rated at least A-1+ by S&P and P-1 by Moody’s and issued by a foreign or domestic issuer who, at the time of the investment, has outstanding long-term unsecured debt obligations rated at least A1 by
Moody’s. 
 “Change of Control” means any of the following events or circumstances: 
 (a) any sale, lease, assignment, transfer or other disposition by the Company and/or one or more of its Subsidiaries, in a single transaction or in two or
more related transactions, of assets comprising more than 50% of the Total Asset Value; 
 (b) any merger or consolidation of the Trust or
the Company into any other Person (for avoidance of doubt, the merger of Dividend Capital Advisors, LLC with and into the Company shall not be deemed to constitute a Change of Control under this clause (b)); 
 (c) the failure of the Trust to legally and beneficially own in the aggregate at least 80% of the equity in the Company; or 
 (d) if any person (as such term is used in section 13(d) and section 14(d)(2) of the Exchange Act as in effect on the date of the Closing) or related
persons constituting a group (as such term is used in Rule 13d-5 under the Exchange Act) become the “beneficial owners” (as such term is used in Rule 13d-3 under the Exchange Act as in effect on the date of the Closing), directly or
indirectly, of more than 50% of the Company’s equity. 
  

 B-3 

 “Change of Control Notice” is defined in Section 8.3. 
 “Closing” is defined in SECTION 3. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time. 
 “Company” means Dividend Capital Operating Partnership LP, a Delaware limited partnership, or any successor that succeeds to the
obligations of the Company in the manner prescribed in Section 10.7. 
 “Confidential Information” is defined in
SECTION 21. 
 “Consolidated Debt Service” means, for any period, without duplication, (a) Recurring Interest Expense
for such period, plus (b) the aggregate amount of scheduled principal payments attributable to Total Indebtedness (excluding optional prepayments and scheduled principal payments in respect of any such Indebtedness that is not amortized through
periodic installments of principal and interest over the term of such Indebtedness) required to be made during such period by any member of the Consolidated Group. 
 “Consolidated EBITDA” means Consolidated Net Income plus, to the extent deducted from revenues in determining Consolidated Net Income, (i) Recurring Interest Expense, (ii) expense for taxes
(other than real estate taxes) paid or accrued, (iii) depreciation, (iv) amortization and (v) extraordinary losses incurred other than in the ordinary course of business, minus, to the extent included in Consolidated Net Income,
extraordinary gains realized other than in the ordinary course of business, all calculated for the Consolidated Group on a consolidated basis (provided that gains or losses resulting from the sale, exchange or other disposition of any
Project, or any part thereof or interest therein, shall be deemed not to occur in the ordinary course of business for purposes of this definition, other than sales, exchanges or dispositions pursuant to which a Project is converted to an Exchange
Project or interests in an Exchange Project are sold). 
 “Consolidated Group” means the Trust, the Company and all
Subsidiaries that are consolidated with them for financial reporting purposes under GAAP. 
 “Consolidated Group Pro Rata
Share” means, with respect to any Investment Affiliate, the pro rata share of the economic ownership interests held by the Consolidated Group, in the aggregate, in such Investment Affiliate, without duplication. 
 “Consolidated Net Income” means, for any period, the sum, without duplication, of (i) net earnings (or loss) after taxes (from
continuing operations) of the Consolidated Group (adjusted by eliminating any such earnings or loss attributable to Investment Affiliates and by eliminating any items treated as expenses in accordance with GAAP associated with the merger of the
Company with Dividend Capital Advisors, LLC) plus (ii) the applicable Consolidated Group Pro Rata Share of net earnings (or loss) of all Investment Affiliates for such period, in 
  

 B-4 

 each case determined in accordance with GAAP (provided that lease payments attributable to Sale-Leaseback Master
Leases that are generally excluded from “consolidated net income” in accordance with GAAP shall nonetheless be included as earnings for purposes of this definition). 
 “Conversion” is defined in Section 8.1(b). 
 “Conversion Amount” is defined in Section 8.1(c)(iii). 
 “Conversion
Date” is defined in Section 8.1(c)(i). 
 “Conversion Notice” is defined in Section 8.1(b). 

“Conversion Option” is defined in Section 8.1(b). 
 “Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default. 
 “Default Rate” means, at any time, that rate of interest that is the greater of (i) 1% per annum above the Floating Rate then
in effect or the Fixed Rate, as applicable, or (ii) 1% over the rate of interest publicly announced by The Bank of New York in New York City as its “base” or “prime” rate and in effect at such time. 
 “Deposit Amount” is defined in Section 23.9. 
 “Electronic Delivery” is defined in Section 7.1(a). 
 “Environmental
Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to
pollution and the protection of the environment or the release of any materials into the environment, including but not limited to those related to Hazardous Materials. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with the Trust
or the Company under section 414 of the Code. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Exchange Program” means the program sponsored by the Company whereby Affiliates of the Company acquire Projects, master
lease such Projects to an Affiliate of the Company (with such master leases guaranteed by the Company and the Trust) and sell undivided tenant-in-common fee ownership interests in such Projects to Exchange Project TICs. 
  

 B-5 

 “Exchange Program Debt” means any Indebtedness of an Exchange Project TIC (whether or
not an Affiliate of the Company) secured by any ownership interest in an Exchange Project. 
 “Exchange Project” means a
Project owned by a group of Exchange Project TICs in connection with the Exchange Program, provided that any such Project shall constitute an Exchange Project only so long as it is master leased to an Affiliate of the Company and such master
lease is guaranteed by the Company and the Trust. 
 “Exchange Project TIC” means any owner of an undivided tenant-in-common
fee ownership interest in an Exchange Project. 
 “Excluded Foreign Subsidiary” means a Subsidiary of the Company that is a
Foreign Subsidiary if such Foreign Subsidiary’s execution of the Subsidiary Guaranty Agreement would cause material adverse tax consequences for the Company, provided that a Foreign Subsidiary shall not be an Excluded Foreign Subsidiary
if the historical cost of all Investments made by the Company and its Subsidiaries (other than Foreign Subsidiaries) less cash returns thereon in such Foreign Subsidiary together with the historical cost of all Investments in all other Excluded
Foreign Subsidiaries would be more than 10% of Total Asset Value. 
 “Excluded Subsidiary” means a Subsidiary of the Company
that does not own an Unencumbered Project and (i) is prohibited (e.g., pursuant to its organizational documents or pursuant to loan or other financing documents to which it is a party) from guaranteeing Indebtedness of other Persons or
(ii) is not a Material Subsidiary. If a Subsidiary is a party to the Subsidiary Guaranty Agreement and later becomes an Excluded Subsidiary, such Excluded Subsidiary shall be released from the Subsidiary Guaranty Agreement. 
 “Event of Default” is defined in SECTION 11. 
 “Financeable Ground Lease” means a ground lease that provides protections for a potential leasehold mortgagee (“Mortgagee”) that include, among other things (a) a remaining term,
including any optional extension terms exercisable unilaterally by the tenant, of no less than 25 years from January 4, 2006, (b) that the ground lease will not be terminated until the Mortgagee has received notice of a default, has had a
reasonable opportunity to cure or complete foreclosure, and has failed to do so, (c) provision for a new lease on the same terms to the Mortgagee as tenant if the ground lease is terminated for any reason or other customary protective
provisions, (d) non-merger of the fee and leasehold estates, (e) transferability of the tenant’s interest under the ground lease without any requirement for consent of the ground lessor unless based on reasonable objective criteria as
to the creditworthiness or line of business of the transferee or delivery of customary assignment and assumption agreements from the transferor and transferee and (f) that insurance proceeds and condemnation awards (from the fee interest as
well as the leasehold interest) will be applied pursuant to the terms of the applicable leasehold mortgage. 
 “Financial
Contract” of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or option contract or other financial instrument with similar characteristics, or (ii) any Rate Management Transaction. 
  

 B-6 

 “Financing Documents” means this Agreement, the Notes, the Subsidiary Guaranty Agreement
and any other document or instrument from time to time evidencing or securing indebtedness incurred by the Company pursuant to this Agreement, as any of the foregoing may be amended or supplemented from time to time. 
 “Fixed Charges” means, for any period, the sum of (i) Consolidated Debt Service and (ii) all dividends payable on account of
preferred stock or preferred operating partnership units of the Company or any other Person in the Consolidated Group (including dividends payable to Investment Affiliates but excluding dividends payable to members of the Consolidated Group).

 “Fixed Rate” means a fixed rate of interest per annum, determined in accordance with Section 8.1(e), equal to the
greater of 
 (i) the sum of (a) the Applicable Treasury Yield, plus (b) the Base Spread with respect to the Fixed Rate Term, or

 (ii) the sum of (a) the Merrill Lynch Bond Index as of the Fixed Rate Determination Date, plus (b) the MLBI Differential with
respect to the Fixed Rate Term. 
 “Fixed Rate Determination Date” is defined in Section 8.1(e). 
 “Fixed Rate Portion” means, at any time and with respect to any Note, the portion of the principal amount of such Note, if any, that at
such time bears (or absent applicability at such time of the Default Rate would bear) interest at the Fixed Rate. 
 “Fixed Rate
Portion Maturity Date” is defined in Section 8.1(c)(ii). 
 “Fixed Rate Term” means the number of years from
the Conversion Date to the Fixed Rate Portion Maturity Date (which, in accordance with Section 8.1(c)(ii), shall be five, seven or ten years). 
 “Floating Rate” means, with respect to any Interest Period, a rate of interest per annum equal to the sum of LIBOR for such Interest Period plus 0.73%. 
 “Floating Rate Portion” means, at any time and with respect to any Note, the portion of the principal amount of such Note, if any, that
at such time bears (or absent applicability at such time of the Default Rate would bear) interest at the Floating Rate. 
 “Floating
Rate Portion Maturity Date” is defined in Section 8.1(a). 
 “Foreign Subsidiary” means each Subsidiary of the
Company organized under the laws of any jurisdiction other than the United States or any jurisdiction therein. 
 “Form
10-K” is defined in Section 7.1(b). 
 “Form 10-Q” is defined in Section 7.1(a). 
  

 B-7 

 “GAAP” means generally accepted accounting principles in the United States of America.

 “Governmental Authority” means 
 (a) the government of 
 (i) the United States of America or any State or other political subdivision thereof, or 
 (ii) any other
jurisdiction in which the Trust, the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of the Trust, the Company or any Subsidiary, or 
 (b) any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such
government. 
 “Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any obligation
(determined without duplication) of (a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counter-indemnity or
similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any
manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to
advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure
or hold harmless the owner of any such primary obligation against loss in respect thereof, provided that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business.
The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the maximum stated amount of the primary obligation relating to such Guarantee Obligation (or, if less, the maximum stated liability set forth in the instrument
embodying such Guarantee Obligation), provided that in the absence of any such stated amount or stated liability, the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in
respect thereof as determined by the Company in good faith and further provided that the amount of any Guarantee Obligation relating to a master lease guaranty entered into in connection with the Exchange Program shall in no event be less
than the principal balance of all Exchange Program Debt outstanding with respect to the relevant Exchange Project. 
 “Guaranteed
Company Obligations” means all Indebtedness, obligations and liabilities of any kind of the Company to any or all of the holders of Notes under or in connection with the Financing Documents, howsoever incurred, arising or evidenced, whether
now or hereafter existing, due or to become due or of payment or performance, and including, without limitation, 
  

 B-8 

 the Company’s obligations to (i) repay all principal, interest and Make-Whole Amount, if any, on the Notes when
and as the same shall become due and payable (whether at maturity or by declaration or otherwise), and (ii) to pay all costs and expenses (including court costs, reasonable attorneys’ fees and other legal expenses) incurred by any holder
of Notes in exercising and enforcing any of its rights, powers and remedies under the Financing Documents, including, without limitation, its rights and remedies following any default thereunder. 
 “Hazardous Material” means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and
safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or
shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar
restricted, prohibited or penalized substances. 
 “holder” means, with respect to any Note the Person in whose name such
Note is registered in the register maintained by the Company pursuant to Section 14.1. 
 “Indebtedness” of any Person
at any date means, without duplication, (a) all indebtedness of such Person for borrowed money, including any repurchase obligation or liability of such Person with respect to securities, accounts or notes receivable sold by such Person,
(b) all obligations of such Person for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), to the extent such
obligations constitute indebtedness for the purposes of GAAP, (c) any other indebtedness of such Person that is evidenced by a note, bond, debenture or similar instrument, (d) all Capital Lease Obligations, (e) all Guarantee
Obligations of such Person in respect of Indebtedness of another Person (excluding, in any calculation of consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of one member of the Consolidated Group in respect of primary
obligations of any other member of the Consolidated Group), (f) the face amount of all letters of credit issued for the account of such Person and, without duplication, all unreimbursed amounts drawn thereunder, and (g) any Net
Mark-to-Market Exposure. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such
Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 
 “Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its
affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company,
any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 
  

 B-9 

 “Interest Period” means each period from and including a Monthly Interest Payment Date
(or, in the case of the initial Interest Period, from and including the date of the Closing) to but excluding the next succeeding Monthly Interest Payment Date. 
 “Investment” of a Person means any loan, advance (other than commission, travel and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than
accounts receivable arising in the ordinary course of business on terms customary in the trade), deposit account or contribution of capital by such Person to any other Person or any investment in, or purchase or other acquisition of, the stock,
partnership interests, notes, debentures or other securities of any other Person made by such Person. 
 “Investment
Affiliate” means any Person in which the Consolidated Group, directly or indirectly, has any ownership interest of $1,000,000 or more (valued at the historical cost thereof), whose financial results are not consolidated under GAAP with the
financial results of the Consolidated Group. 
 “JPMorgan Credit Agreement” means the Credit Agreement, dated as of
December 9, 2005, among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as it may from time to time be amended or supplemented. 
 “LIBOR” means, for each Interest Period, an interest rate per annum equal to the London Interbank Offered Rate, or the arithmetic mean
of such rates if more than one is reported, as reported by the British Bankers’ Association on Bloomberg (or such other financial service acceptable to the Required Holders as may be nominated by the British Bankers’ Association as the
information vendor for the purpose of displaying the British Bankers’ Association’s interest settlement rates for U.S. Dollar deposits) for a period equal to one month at 11:00 a.m. (London time) two Business Days before the first day
of such Interest Period (or the last day prior thereto on which Bloomberg is published, if not published on the applicable Business Day). 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor
under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any
purchase option, call or similar right of a third party with respect to such securities. 
 “Make-Whole Amount” is defined
in Section 8.8. 
 “Market Value Leverage Ratio” means, at any time, the ratio of (a) Total Indebtedness for MVLR
Purposes at such time to (b) Total Market Value at such time. 
 “Material” means material in relation to the business,
operations, affairs, financial condition, assets or properties of the Trust and its Subsidiaries taken as a whole or the Company and its Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a material adverse effect on (i) the business, property or financial condition of the Consolidated
Group, (ii) the ability of the Trust or the Company to 
  

 B-10 

 perform its obligations under any Financing Documents to which it is a party, (iii) the ability of the Obligors
collectively taken as a whole to perform their obligations under the Financing Documents, or (iv) the validity or enforceability of any of the Financing Documents or the rights or remedies of the holders of Notes thereunder. 
 “Material Indebtedness” means Indebtedness (other than (i) the Indebtedness evidenced by the Financing Documents and (ii) any
guaranty by the Company and/or the Trust of the obligations of the lessee under any master lease of any Exchange Project), or obligations in respect of one or more Swap Agreements, of any one or more of the Company and its Subsidiaries in an
aggregate principal amount exceeding the Threshold Amount. As used in this definition, “Threshold Amount” means, at any time, $10,000,000 or, at any time that a Bank Credit Facility is in effect which Bank Credit Facility contains a
cross-default or cross-acceleration threshold amount greater than $10,000,000 in the provision thereof corresponding to SECTION 11(f), such greater threshold amount contained in such provision of such Bank Credit Facility, provided that
(a) the Company shall have delivered each holder of Notes a copy of the credit agreement or other document containing such provision of such Bank Credit Facility and (b) in no event shall the Threshold Amount be greater than $35,000,000.
For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Company or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any
netting agreements) that the Company or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
 “Material Subsidiary” means any Subsidiary of the Company with assets having a fair market value of $1,000,000 or more. 
 “Merrill Lynch Bond Index” means, as of any Business Day, the Merrill Lynch Index (U.S. Corporates, BBB – A rated, 5 – 10 years), as of 3:00 p.m. (New York City time) on such Business Day, as reported
telephonically by Merrill Lynch on such Business Day or, to the extent that such information cannot reasonably be obtained from Merrill Lynch on such Business Day, as reported the next succeeding Business Day on the display designated as “Page
C6C0” on Bloomberg, or if such display page (or its successor screen on such service) is unavailable or such index is no longer reported, an index calculated in substantially the same manner as such Merrill Lynch Index, as determined in good
faith by the Required Holders. 
 “MLBI Differential” means (i) with respect a Fixed Rate Term of five years, negative
0.02%, (ii) with respect a Fixed Rate Term of seven years, 0.11%, and (iii) with respect a Fixed Rate Term of ten years, 0.24%. 
 “Monthly Interest Payment Date” means the 9th day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners or any successor thereto. 
  

 B-11 

 “Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the
excess (if any) of all unrealized losses over all unrealized profits (provided that the aggregate amount of unrealized profits taken into account in this definition shall in no event exceed $20,000,000) of such Person arising from Rate
Management Transactions or any other Financial Contract, after giving effect to netting. As used herein, “unrealized losses” means the fair market value of the cost to such Person of replacing such Rate Management Transaction or
other Financial Contract as of the date of determination (assuming the Rate Management Transaction or other Financial Contract were to be terminated as of that date), and “unrealized profits” means the fair market value of the gain to such
Person of replacing such Rate Management Transaction or other Financial Contract as of the date of determination (assuming such Rate Management Transaction or other Financial Contract were to be terminated as of that date). 
 “Notes” is defined in SECTION 1. 
 “Obligors” means the Trust, the Company and the Subsidiary Guarantors. 
 “Officer’s
Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Trust or the Company whose responsibilities extend to the subject matter of such certificate. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto. 
 “Permitted Encumbrances” means: 
 (a) Liens imposed by law for taxes, assessments or governmental charges or levies that are not yet due or are being contested in compliance with Section 9.4; 
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens, arising in the ordinary course of
business and securing obligations that are not overdue by more than 60 days or are being contested in good faith and by appropriate proceedings; 
 (c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 
 (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature, in each case in the ordinary course of business; 
 (e) judgment liens in respect of judgments that do not
constitute an Event of Default under SECTION 11(i); 
 (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real
property imposed by law or arising in the ordinary course of business that do not secure any 
  

 B-12 

 monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary
conduct of business of the Company or any Subsidiary; 
 (g) Liens in existence on the date hereof, and extensions, renewals and replacements
of such Liens, as long as such extension, renewal and replacement Liens do not spread to any property other than property encumbered by such Liens on the date hereof; 
 (h) Liens on Projects first acquired by the Company or a Subsidiary after the date hereof and that are in place at the time such Projects are so acquired; 
 (i) Liens on Exchange Properties created in accordance with the terms of the Exchange Program; 
 (j) Liens and rights of setoff of banks and securities intermediaries in respect of deposit accounts and securities accounts maintained in the ordinary
course of business; 
 (k) assignments of past due receivables for collection purposes only; 
 (l) leases or subleases granted in the ordinary course of business; 
 (m) additional Liens on property or assets securing additional obligations not to exceed $3,000,000 at any time outstanding; and 
 (n) Liens arising in connection with any Indebtedness permitted hereunder. 
 “Person” means
an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority. 
 “Plan” means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or
to which contributions are or, within the preceding five years, have been made or required to be made, by the Trust or the Company or any ERISA Affiliate or with respect to which the Trust or the Company or any ERISA Affiliate may have any
liability. 
 “Prohibited Plan” is defined in Section 6.2. 
 “Priority Indebtedness” means, without duplication, the sum of (a) all Indebtedness secured by any Lien with respect to any
property owned by the Company or any of its Subsidiaries and (b) all Indebtedness of Subsidiaries of the Company (except Indebtedness held by the Company or a Wholly-Owned Subsidiary of the Company). 
 “Project” means any real estate asset located in the continental United States and owned by the Company, any Subsidiary or a group of
Exchange Project TICs, and operated or intended to be operated as an industrial property. 
 “Project Under Development”
means, as of any date of determination, any Project owned by the Company or a Subsidiary of the Company that (i) is then treated as an asset under 
  

 B-13 

 development under GAAP, (ii) is located in the continental United States, and (iii) has been designated by the
Company in a written notice to the holders of Notes as a “Project Under Development,” provided that (a) in no event shall any Project be included in such category of “Project Under Development” for more than 540 days after
construction of such Project commenced and (b) upon written designation to the holders of Notes from the Company delivered during such 540-day period, any Project that has previously been designated as a “Project Under Development”
shall be removed from such category. Upon the earlier to occur of (x) the expiration of the relevant above-described 540-day period or (y) receipt by the holders of Notes of the Company’s written designation in accordance with
(b) above, any Project that had been designated a “Project Under Development” shall automatically lose such designation (effective as of the next determination date) for the purpose of determining Total Asset Value and Total
Unencumbered Project Pool Value. 
 “Project Value” means, with respect to any Project, the Undepreciated Real Estate Assets
of such Project. 
 “property” or “properties” means, unless otherwise specifically limited, real or
personal property of any kind, tangible or intangible, choate or inchoate. 
 “PTE” means a Prohibited Transaction Exemption
issued by the Department of Labor. 
 “Purchaser” is defined in the first paragraph of this Agreement. 
 “Quarterly Interest Payment Date” means the 9th day each calendar month which calendar month is an integral multiple of three months
after the calendar month in which the Conversion Date occurs or, if such day is not a Business Day, the next succeeding Business Day. 
 “Rate Management Transaction” means any transaction (including an agreement with respect thereto) now existing or hereafter entered into by the Company that is a rate swap, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap
transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign
currencies, commodity prices, equity prices or other financial measures. 
 “Recourse Indebtedness” means any Indebtedness
of the Company or any other member of the Consolidated Group with respect to which the liability of the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness, subject to customary limited exceptions for
certain acts or types of liability. 
 “Recurring Interest Expense” means, for any period without duplication, the amount of
interest (without duplication, whether accrued, paid or capitalized) on Total Indebtedness actually payable by members of the Consolidated Group during such period. 
  

 B-14 

 “Related Fund” means, with respect to any holder of any Note, any fund or entity that
(i) invests in Securities or bank loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 
 “Required Holders” means, at any time, the holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive
of Notes then owned by the Trust, the Company or any of their Affiliates). 
 “Responsible Officer” means any Senior
Financial Officer and any other officer of the Trust or the Company with responsibility for the administration of the relevant portion of this Agreement. 
 “Sale-Leaseback Master Lease” means a master lease entered into by a buyer of a Project, as lessor, and the seller of such Project, as lessee, in connection with a transaction whereby such seller
leases all or a portion of such Project after closing. 
 “SEC” shall mean the Securities and Exchange Commission of the
United States, or any successor thereto. 
 “Securities” or “Security” shall have the meaning specified in
Section 2(1) of the Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time,
and the rules and regulations promulgated thereunder from time to time in effect. 
 “Senior Financial Officer” means the
chief financial officer, principal accounting officer, treasurer or comptroller of the Trust or the Company. 
 “S&P”
means Standard & Poor’s. 
 “Subsidiary” means, with respect to any Person (the “parent”) at any
date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were
prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the
equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise controlled, by
the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Trust.

 “Subsidiary Guarantor” means each Subsidiary that is not an Excluded Subsidiary or an Excluded Foreign Subsidiary.

 “Subsidiary Guaranty Agreement” is defined in Section 4.10. 
  

 B-15 

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

 “Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or
similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or
any similar transaction or any combination of these transactions, provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of
the Company or the Subsidiaries shall be a Swap Agreement. 
 “Total Asset Value” means, as of the date of calculation, the
sum of (a) Undepreciated Real Estate Assets and (b) all other assets of the Trust and its Subsidiaries determined in accordance with GAAP (excluding accounts receivable and goodwill). 
 “Total Indebtedness” means, as of any date of determination, without duplication, the sum of: (a) all Indebtedness of the
Consolidated Group outstanding at such date, determined on a consolidated basis; plus (b) all Exchange Program Debt. 
 “Total
Indebtedness for MVLR Purposes” means, as of any date of determination, without duplication, the sum of: (a) Total Indebtedness; plus (b) the greater of (i) the applicable Consolidated Group Pro Rata Share of all Indebtedness
of each Investment Affiliate (other than Indebtedness of such Investment Affiliate to a member of the Consolidated Group) and (ii) the amount of Indebtedness of such Investment Affiliate that is also Recourse Indebtedness of a member of the
Consolidated Group. 
 “Total Market Value” is defined in Exhibit 8.4. 
 “Total Secured Indebtedness” means, as of any date of determination, that portion of Total Indebtedness that is secured by a Lien on a
Project, any ownership interests in any Subsidiary or any other assets that had, in each case, in the aggregate, a value in excess of the amount of the applicable Indebtedness at the time such Indebtedness was incurred. 
 “Total Unencumbered Project Pool Value” means, as of any date of calculation, the aggregate, without duplication, of: (a) the
Unencumbered Project Values of all Unencumbered Projects; plus (b) all Unrestricted Cash and Cash Equivalents owned by a member of the Consolidated Group not subject to any restrictions on use by virtue of any contract or agreement (other than
Permitted Encumbrances of the type set forth in clause (j) of the definition of “Permitted Encumbrances”) in favor of any party (whether a creditor, seller or otherwise) having a claim (whether liquidated or not) against a member of
the Consolidated Group, provided that (i) no more than 30% of the Total Unencumbered Project Pool Value may be attributable to Projects Under Development, (ii) no more than 10% of the Total Unencumbered Project Pool Value may be
attributable to Unencumbered Projects that are ground leased under Financeable Ground Leases (as opposed to being owned in fee simple by the Company or a Subsidiary Guarantor), (ii) no more than 10% of the Total Unencumbered Project Pool Value
may be attributable to any single Unencumbered Project (and accordingly the value of any 
  

 B-16 

 Unencumbered Project that would otherwise account for more than 10% of the Total Unencumbered Project Pool Value shall,
for purposes of calculating Total Unencumbered Project Pool Value, be limited to 10% of Total Unencumbered Project Pool Value), and (iii) no more than 10% of total rents payable by tenants of the Unencumbered Projects shall be from a single
tenant or group of tenants that are Affiliates of each other. 
 “Total Unsecured Indebtedness” means, as of any date of
determination, that portion of Total Indebtedness that does not constitute Total Secured Indebtedness. 
 “Trust” means
Dividend Capital Trust Inc., a Maryland corporation, or any successor that succeeds to the obligations of the Trust in the manner prescribed in Section 10.7. 
 “Undepreciated Real Estate Assets” means, as of any date of determination, the cost (original cost plus cost of capital improvements) of real estate assets of the Trust and its Subsidiaries on such
date, before accumulated depreciation and amortization, determined on a consolidated basis in accordance with GAAP. 
 “Unencumbered
Consolidated EBITDA” means, for any period, (a) Consolidated EBITDA for such period, minus (b) the portion of revenues included in such Consolidated EBITDA other than from Unencumbered Projects. 
 “Unencumbered Project” means a Project that: (i) is completed or is a Project Under Development; (ii) is 100% owned in fee
simple (or ground leased pursuant to a Financeable Ground Lease, such Projects to account for no more than 10% of Total Unencumbered Project Pool Value) by the Company or a Subsidiary Guarantor; (iii) is not subject to any Liens or encumbrances
other than those identified in clauses (a), (b), (c), (d), (f), (j), (k) and (l) of the definition of Permitted Encumbrances, provided that Liens identified in clause (e) of the definition of Permitted Encumbrances shall also
be permissible if the Unencumbered Project Value of such Project is reduced by the amount of such judgment; (iv) is not subject to any agreement (including (a) any agreement governing Indebtedness incurred in order to finance or refinance
the acquisition of such Project, and (b) if applicable, the organizational documents of the Company or any Subsidiary Guarantor) that prohibits or limits the ability of the Company or any Subsidiary Guarantor, as the case may be, to create,
incur, assume or suffer to exist any Lien upon any assets or Capital Stock of the Company, or any Subsidiary Guarantor except for covenants that are not materially more restrictive than the covenants contained in this Agreement, in favor of holders
of unsecured Indebtedness of the Company and the Subsidiary Guarantors not prohibited hereunder; and (v) is not subject to any agreement (including (a) any agreement governing Indebtedness incurred in order to finance or refinance the
acquisition of such Project, and (b) if applicable, the organizational documents of the Company or any Subsidiary Guarantor) that entitles any Person to the benefit of any Lien on any assets or Capital Stock of the Company or any Subsidiary
Guarantor or would entitle any Person to the benefit of any Lien on such assets or Capital Stock upon the occurrence of any contingency (including pursuant to an “equal and ratable” clause). No Project owned by a Subsidiary shall be deemed
to be an Unencumbered Project unless (a) both such Project and all Capital Stock of the Subsidiary held directly or indirectly by the Company is not subject to any Lien, (b) each intervening entity between the Company and such Subsidiary
does not have any Indebtedness for borrowed money or, if such entity has any Indebtedness, such Indebtedness is unsecured and such entity is a Subsidiary Guarantor, and (c) no event has occurred or condition exists described in clauses
(g) or (h) of SECTION 11 with respect to such Subsidiary. 
  

 B-17 

 “Unencumbered Project Value” means, with respect to any Unencumbered Project, the
Project Value thereof. 
 “Unrestricted Cash and Cash Equivalents” means, in the aggregate, all cash and Cash Equivalents
that are not pledged for the benefit of any party (whether a creditor, seller or otherwise) having a claim (whether liquidated or not) against a member of the Consolidated Group, to be valued for purposes of this Agreement at 100% of its
then-current book value, as determined under GAAP. 
 “Unsecured Debt Service” means, for any period, (a) Consolidated
Debt Service for such period, minus (b) the portion of such Consolidated Debt Service attributable to Indebtedness included in Total Secured Indebtedness. 
 “USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as
amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “Wholly-Owned
Subsidiary” means, at any time, any Subsidiary one hundred percent of all of the equity interests (except directors’ qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company’s
other Wholly-Owned Subsidiaries at such time. 
  

 B-18 

 Exhibit 1 
 [FORM OF NOTE] 
 Dividend Capital Operating Partnership LP 
 CLASS D SENIOR NOTE 
  

					
	No. D-        	 		 	[Date]
	$            	 		 	PPN: 25537# AD 7

 Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings
ascribed to such terms in the Note Purchase Agreement referred to below. 
 FOR VALUE RECEIVED, the undersigned, DIVIDEND CAPITAL OPERATING
PARTNERSHIP LP (herein called the “Company”), a limited partnership organized and existing under the laws of the State of Delaware, hereby promises to pay to
                    , or registered assigns: 
 (a) the principal sum of                              DOLLARS (or so
much thereof as shall not have been converted to a Fixed Rate Portion in accordance with the Note Purchase Agreement or prepaid) on June 9, 2008, with interest (computed on the basis of a 360-day year of twelve 30-day months), payable monthly
on each Monthly Interest Payment Date and at maturity, (i) on the unpaid balance referred to in this sub-paragraph (a) at the Floating Rate, and (ii) to the extent permitted by law, on any overdue payment of such interest and, during
the continuance of an Event of Default of which any holder of a Note shall have given the Company written notice, on such unpaid balance, at a rate per annum from time to time equal to the Default Rate; and 
 (b) any portion of the principal sum referred to above that shall have been converted to a Fixed Rate Portion in accordance with
Section 8.1 of the Note Purchase Agreement (or so much thereof as shall not have been prepaid) on the Fixed Rate Portion Maturity Date, with interest (computed on the basis of a 360-day year of twelve 30-day months), payable quarterly on each
Quarterly Interest Payment Date and at maturity, (i) on the unpaid balance referred to in this sub-paragraph (b) at the Fixed Rate, and (ii) to the extent permitted by law, on any overdue payment of such interest and, during the
continuance of an Event of Default of which any holder of a Note shall have given the Company written notice, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the Default
Rate. 
 Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the
United States of America at the principal office of Wells Fargo Bank, NA in Denver, Colorado, or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement.

 This Note is one of a class of Senior Notes (herein called the “Notes”) issued pursuant
to the Note Purchase Agreement, dated as of June 9, 2006 (as from time to time amended, the “Note Purchase Agreement”), among Dividend Capital Trust Inc., the Company and the respective Purchasers named therein, and is entitled
to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in SECTION 21 of the Note Purchase Agreement and (ii) made the representations set
forth in Section 6.2 of the Note Purchase Agreement. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement,
upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a
like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose
of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject
to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the
effect provided in the Note Purchase Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State. 
  

			
	DIVIDEND CAPITAL OPERATING PARTNERSHIP LP
	
	By: Dividend Capital Trust, Inc., its sole general partner
		
	By	 	  

	Name:	 	
	Title:	 	

 Exhibit 4.4(a) 
 FORM OF OPINION OF SPECIAL COUNSEL 
 FOR THE TRUST AND THE COMPANY 
 (MAYER, BROWN, ROWE & MAW LLP) 

 Exhibit 4.4(b) 
 FORM OF OPINION OF SPECIAL COUNSEL 
 FOR THE TRUST 
 (VENABLE LLP) 

 Exhibit 4.4(c) 
 FORM OF OPINION OF SPECIAL COUNSEL 
 FOR THE PURCHASERS 
 (DAY, BERRY & HOWARD LLP) 

 Exhibit 8.4 
 DETERMINATION OF TOTAL MARKET VALUE 
 “Total Market Value” means
the result of the following calculations: 
 Step 1: Occupied Space: Determine actual space being rented by tenants
multiplied by the actual rent per square foot. 
 Step 2: Vacant space: Multiply the vacant space in the building by the “market rent”; if
the Required Holders and the Company can’t agree to market rent, then the Required Holders may require that a third party be engaged, at the cost and expense of the Company, in order to determine the “market rate” for industrial
buildings in the applicable city(ies) for similar product type(s). 
 Step 3: Add Vacant space to Occupied
Space equals the Gross Potential Income. 
 Step 4: Gross Potential Income times .93 equals the
Effective Gross Income. 
 Step 5: Subtract 10 cents per square foot for expenses and reserves by the Effective
Gross Income equals the Net Operating Income 
 Step 6: Net Operating Income divided by the lesser of (a) 250 bps over the 10 year
treasury as of December 31 and (b) 10% (provided that for purposes of any determination at Closing pursuant to Section 4.11 Net Operating Income shall be divided by 7%) equals Real Estate Value.
 Step 7: Total Market Value = Cash and Cash Equivalents + Real Estate Value + Developable Land (Valued at the lower of historical cost or appraised value). If there
is no appraisal on the Developable Land, the Required Holders shall have the option to request an appraisal or use the historical cost.

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