Document:

Exhibit 10.19

Exhibit 10.19

AMENDED AND RESTATED LOAN AGREEMENT

Dated: As of MARCH 3, 2011

Among

WRT REALTY L.P., a Delaware

limited partnership

(the “Borrower”)

and

KEYBANK, NATIONAL ASSOCIATION (“Agent”),

and

KEYBANK, NATIONAL ASSOCIATION

and any other Lenders, which are, or may become, parties to this Agreement (the “Lenders”)

Up to $150,000,000.00 Credit Facility

KEYBANC CAPITAL MARKETS (“Arranger”)

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	 
	ARTICLE 1 BACKGROUND
	 	 	1	 
	 
	 	 	 	 
	1.1 Defined Terms
	 	 	1	 
	1.2 Borrower
	 	 	1	 
	1.3 Use of Loan Proceeds
	 	 	1	 
	1.4 Guaranties
	 	 	1	 
	1.5 Loan
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 2 LOAN PROVISIONS
	 	 	2	 
	 
	 	 	 	 
	2.1 The Facility/Advances
	 	 	2	 
	2.2 Term of Loan; Extension Rights
	 	 	4	 
	2.3 Interest Rate and Payment Terms
	 	 	4	 
	2.4 Interest Rate
	 	 	4	 
	2.5 Principal
	 	 	6	 
	2.6 Fees
	 	 	8	 
	2.7 Acceleration
	 	 	9	 
	2.8 Conditions to Extending Loan
	 	 	9	 
	2.9 Increased Costs and Capital Adequacy
	 	 	10	 
	2.10 Borrower Withholding
	 	 	11	 
	2.11 Interest Rate Agreements
	 	 	12	 
	 
	 	 	 	 
	ARTICLE 3 SECURITY FOR THE LOANS; LOAN AND SECURITY DOCUMENTS
	 	 	12	 
	 
	 	 	 	 
	3.1 Security for Loan
	 	 	12	 
	3.2 Loan Documents and Security Documents
	 	 	14	 
	3.3 Additional Borrowing Base Collateral
	 	 	14	 
	3.4 Removal of Borrowing Base Assets
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 4 CONTINUING AUTHORITY OF AUTHORIZED REPRESENTATIVES
	 	 	16	 
	 
	 	 	 	 
	4.1 Authorized Representatives
	 	 	16	 
	 
	 	 	 	 
	ARTICLE 5 CONDITIONS PRECEDENT
	 	 	16	 
	 
	 	 	 	 
	5.1 Satisfactory Loan Documents and Related Documents; Loan Agenda Items
	 	 	16	 
	5.2 Financial Information; No Material Change
	 	 	16	 
	5.3 Warranties and Representations Accurate
	 	 	17	 
	5.4 Validity and Sufficiency of Security Documents
	 	 	17	 
	5.5 Payment Direction And Authorization
	 	 	18	 
	5.6 Litigation
	 	 	18	 
	5.7 Formation Documents and Entity Agreements
	 	 	18	 
	5.8 Compliance With Law
	 	 	19	 
	5.9 Compliance With Financial Covenants
	 	 	19	 
	5.10 Due Diligence
	 	 	19	 
	5.11 Condition of Property
	 	 	19	 
	5.12 Insurance
	 	 	20	 
	5.13 Third Party Consents and Agreements
	 	 	20	 
	5.14 Legal Opinions
	 	 	20	 

 

- i -

 

	 	 	 	 	 
	 	 	Page
	 
	5.15 No Default
	 	 	20	 
	5.16 Patriot Act/OFAC
	 	 	20	 
	 
	 	 	 	 
	ARTICLE 6 WARRANTIES AND REPRESENTATIONS
	 	 	20	 
	 
	 	 	 	 
	6.1 Formation
	 	 	20	 
	6.2 Proceedings; Enforceability
	 	 	21	 
	6.3 Conflicts
	 	 	21	 
	6.4 Ownership and Taxpayer Identification Numbers
	 	 	21	 
	6.5 Litigation
	 	 	22	 
	6.6 Information
	 	 	22	 
	6.7 Taxes
	 	 	22	 
	6.8 Financial Information
	 	 	22	 
	6.9 Management Agreements
	 	 	22	 
	6.10 Control Provisions
	 	 	22	 
	6.11 Formation Documents
	 	 	23	 
	6.12 Related Documents
	 	 	23	 
	6.13 Bankruptcy Filings
	 	 	23	 
	6.14 Options
	 	 	23	 
	6.15 Investment Company
	 	 	23	 
	6.16 Holding Company
	 	 	23	 
	6.17 Individual Properties
	 	 	23	 
	6.18 Use of Proceeds
	 	 	25	 
	6.19 Insurance
	 	 	25	 
	6.20 Deferred Compensation and ERISA
	 	 	25	 
	6.21 No Default
	 	 	26	 
	6.22 Other Loan Parties’ Warranties and Representations
	 	 	26	 
	 
	 	 	 	 
	ARTICLE 7 AFFIRMATIVE COVENANTS
	 	 	26	 
	 
	 	 	 	 
	7.1 Notices
	 	 	26	 
	7.2 Financial Statements; Reports; Officer’s Certificates
	 	 	26	 
	7.3 Existence
	 	 	29	 
	7.4 Payment of Taxes
	 	 	30	 
	7.5 Insurance; Casualty, Taking
	 	 	30	 
	7.6 Inspection
	 	 	30	 
	7.7 Loan Documents
	 	 	30	 
	7.8 Further Assurances
	 	 	30	 
	7.9 Books and Records
	 	 	31	 
	7.10 Business and Operations
	 	 	31	 
	7.11 Title
	 	 	31	 
	7.12 Estoppel
	 	 	32	 
	7.13 ERISA
	 	 	32	 
	7.14 Depository Accounts
	 	 	33	 
	7.15 Cash Flow; Payment Direction Letters
	 	 	33	 
	7.16 Distributions
	 	 	34	 
	7.17 Costs and Expenses
	 	 	34	 
	7.18 Appraisals
	 	 	34	 
	7.19 Indemnification
	 	 	34	 
	7.20 RESERVED
	 	 	35	 

 

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	 	 	Page
	 
	7.21 Future Collateral Obligations
	 	 	35	 
	7.22 Replacement Documentation
	 	 	35	 
	7.23 Other Covenants
	 	 	36	 
	7.24 Related Documents
	 	 	36	 
	7.25 Reserved
	 	 	36	 
	7.26 Financial Covenants
	 	 	36	 
	 
	 	 	 	 
	ARTICLE 8 NEGATIVE COVENANTS
	 	 	39	 
	 
	 	 	 	 
	8.1 No Changes to the Borrower and other Loan Parties
	 	 	39	 
	8.2 Restrictions on Liens
	 	 	39	 
	8.3 Consolidations, Mergers, Sales of Assets, Issuance and Sale of Equity
	 	 	40	 
	8.4 Restrictions on Debt
	 	 	41	 
	8.5 Respecting Individual Properties
	 	 	42	 
	8.6 Other Business
	 	 	42	 
	8.7 Change of Control
	 	 	42	 
	8.8 Forgiveness of Debt
	 	 	42	 
	8.9 Affiliate Transactions
	 	 	42	 
	8.10 Amendments; Terminations of Related Documents
	 	 	42	 
	8.11 ERISA
	 	 	42	 
	8.12 Bankruptcy Filings
	 	 	42	 
	8.13 Investment Company
	 	 	42	 
	8.14 Holding Company
	 	 	42	 
	8.15 Use of Proceeds
	 	 	43	 
	8.16 Distributions
	 	 	43	 
	8.17 Restrictions on Investments
	 	 	43	 
	8.18 Negative Pledges, Etc.
	 	 	43	 
	 
	 	 	 	 
	ARTICLE 9 SPECIAL PROVISIONS
	 	 	44	 
	 
	 	 	 	 
	9.1 Legal Requirements
	 	 	44	 
	9.2 Recourse Provisions
	 	 	44	 
	9.3 Payment of Obligations
	 	 	44	 
	 
	 	 	 	 
	ARTICLE 10 EVENTS OF DEFAULT
	 	 	44	 
	 
	 	 	 	 
	10.1 Default and Events of Default
	 	 	44	 
	10.2 Grace Periods and Notice
	 	 	48	 
	 
	 	 	 	 
	ARTICLE 11 REMEDIES
	 	 	49	 
	 
	 	 	 	 
	11.1 Remedies
	 	 	49	 
	11.2 Written Waivers
	 	 	49	 
	11.3 Power of Attorney
	 	 	49	 
	 
	 	 	 	 
	ARTICLE 12 SECURITY INTEREST AND SET-OFF
	 	 	50	 
	 
	 	 	 	 
	12.1 Security Interest
	 	 	50	 
	12.2 Set-Off
	 	 	50	 
	12.3 Application
	 	 	51	 
	12.4 Right to Freeze
	 	 	51	 
	12.5 Additional Rights
	 	 	51	 

 

- iii -

 

	 	 	 	 	 
	 	 	Page
	 
	ARTICLE 13 THE AGENT AND THE LENDERS
	 	 	51	 
	 
	 	 	 	 
	13.1 Appointment
	 	 	51	 
	13.2 Reliance on Agent
	 	 	51	 
	13.3 Powers
	 	 	51	 
	13.4 Disbursements
	 	 	52	 
	13.5 Distribution and Apportionment of Payments
	 	 	53	 
	13.6 Agency Provisions Relating to Collateral
	 	 	56	 
	13.7 Lender Actions Against Borrower or the Collateral
	 	 	57	 
	13.8 Assignment and Participation
	 	 	58	 
	13.9 Ratable Sharing
	 	 	58	 
	13.10 General Immunity
	 	 	58	 
	13.11 No Responsibility for Loan, Recitals, Etc.
	 	 	58	 
	13.12 Action on Instructions of Lenders
	 	 	59	 
	13.13 Employment of Agents and Counsel
	 	 	59	 
	13.14 Reliance on Documents; Counsel
	 	 	59	 
	13.15 Agent’ Reimbursement and Indemnification
	 	 	59	 
	13.16 Rights as a Lender
	 	 	59	 
	13.17 Lenders’ Credit Decisions
	 	 	60	 
	13.18 Notice of Events of Default
	 	 	60	 
	13.19 Successor Agent
	 	 	60	 
	13.20 Distribution by Agent
	 	 	61	 
	13.21 Holders
	 	 	61	 
	13.22 Assignment and Participation
	 	 	61	 
	13.23 Several Liability
	 	 	64	 
	13.24 Miscellaneous Assignment Provisions
	 	 	64	 
	13.25 Assignment by Borrower
	 	 	65	 
	13.26 Consents and Approvals
	 	 	65	 
	13.27 Lead Arranger
	 	 	67	 
	 
	 	 	 	 
	ARTICLE 14 GENERAL PROVISIONS
	 	 	67	 
	 
	 	 	 	 
	14.1 Notices
	 	 	67	 
	14.2 Limitations on Assignment
	 	 	69	 
	14.3 Further Assurances
	 	 	69	 
	14.4 Payments
	 	 	69	 
	14.5 Parties Bound
	 	 	69	 
	14.6 Governing Law; Consent to Jurisdiction; Mutual Waiver of Jury Trial
	 	 	70	 
	14.7 Survival
	 	 	71	 
	14.8 Cumulative Rights
	 	 	71	 
	14.9 Claims Against Agent or Lenders
	 	 	71	 
	14.10 Regarding Consents
	 	 	72	 
	14.11 Obligations Absolute
	 	 	72	 
	14.12 Table of Contents, Title and Headings
	 	 	72	 
	14.13 Counterparts
	 	 	72	 
	14.14 Satisfaction of Commitment
	 	 	72	 
	14.15 Time Of the Essence
	 	 	72	 
	14.16 No Oral Change
	 	 	72	 
	14.17 Patriot Act
	 	 	72	 
	14.18 Electronic Information
	 	 	73	 
	14.19 Monthly Statements
	 	 	74	 

 

- iv -

 

EXHIBITS

	 	 	 	 	 
	Exhibit A

	 	—
	 	Definitions
	 
	 	 	 	 
	Exhibit B

	 	—
	 	Form of Assignment and Assumption Agreement
	 
	 	 	 	 
	Exhibit C

	 	—
	 	Form of Note
	 
	 	 	 	 
	Exhibit D

	 	—
	 	Authorized Representatives
	 
	 	 	 	 
	Exhibit E

	 	—
	 	Required Property, Hazard and Other Insurance
	 
	 	 	 	 
	Exhibit F

	 	—
	 	Ownership Interests and Taxpayer Identification Numbers
	 
	 	 	 	 
	Exhibit G-1

	 	—
	 	Form of Compliance Certificate
	 
	 	 	 	 
	Exhibit G-2

	 	—
	 	Form of Financial Covenant Compliance Certificate
	 
	 	 	 	 
	Exhibit G-3

	 	—
	 	Form of Borrowing Base Certificate
	 
	 	 	 	 
	Exhibit H

	 	—
	 	Form of Notice of Rate Selection
	 
	 	 	 	 
	Exhibit I

	 	—
	 	Lenders’ Commitments
	 
	 	 	 	 
	Exhibit K

	 	—
	 	Loan Agenda
	 
	 	 	 	 
	Exhibit L

	 	—
	 	Reserved
	 
	 	 	 	 
	Exhibit M

	 	—
	 	Pledged Subsidiaries
	 
	 	 	 	 
	Exhibit N

	 	—
	 	Pledged Securities

 

- v -

 

SCHEDULES

	 	 	 	 	 
	Schedule 6.9
	 	 	22	 
	Schedule 6.10
	 	 	23	 
	Schedule 6.17.3
	 	 	25	 
	Schedule 6.17.4
	 	 	25	 
	Schedule 6.17.5
	 	 	25	 
	Schedule 6.17.7
	 	 	26	 
	Schedule 8.4.2(b)
	 	 	44	 

 

- vi -

 

THIS AMENDED AND RESTATED LOAN AGREEMENT AMENDS AND RESTATES IN ITS ENTIRETY THAT CERTAIN LOAN
AGREEMENT, AS AMENDED (THE ‘ORIGINAL AGREEMENT”) DATED AS OF DECEMBER 16, 2005 ENTERED INTO BETWEEN
WRT REALTY L.P., AS BORROWER, KEYBANK, NATIONAL ASSOCIATION, AS AGENT, AND THE VARIOUS LENDERS
PARTY THERETO

AMENDED AND RESTATED LOAN AGREEMENT

This agreement (“Loan Agreement” or “Agreement”) is made and entered into as of the
3rd day of March, 2011, by and between WRT REALTY L.P., a Delaware limited partnership
having an address of 7 Bulfinch Place, Suite 500, P.O. Box 9507, Boston, Massachusetts 02114 (the
“Borrower”), KEYBANK NATIONAL ASSOCIATION, a national banking association, having an address at 225
Franklin Street, 18th Floor, Boston, Massachusetts 02110, and the other lending
institutions which are, or may become, parties to this Agreement pursuant to Section 13.22 (singly
and collectively, the “Lenders”), KEYBANK NATIONAL ASSOCIATION, a national banking association,
with a place of business at 127 Public Square, Cleveland, Ohio 44114, as Agent for itself and such
other lending institutions (the “Agent”), and KEYBANC CAPITAL MARKETS, as the Arranger.

WITNESSETH:

ARTICLE 1

BACKGROUND

1.1 Defined Terms. Capitalized terms used in this Agreement are defined either in
Exhibit A, or in specific sections of this Agreement, or in another Loan Document, as
referenced in Exhibit A.

1.2 Borrower. The Borrower is a limited partnership organized under the laws of the
State of Delaware. Winthrop Realty Trust, an Ohio business trust (the “REIT”), is the holder of
100% of the preferred units and 99.8% of the common units in the Borrower, and WRT TRS Management
Corp. (“Management”) is the holder of .2% of the common units in the Borrower.

1.3 Use of Loan Proceeds. The Borrower has applied to Lenders for a revolving loan
facility (the “Facility”) of up to ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000.00), with an
initial commitment of FIFTY MILLION DOLLARS ($50,000,000.00) (each advance under the Facility being
a “Loan” and collectively, the “Loans”), the proceeds of which are to be used to provide funding
for the working capital of the Borrower and its Subsidiaries.

1.4 Guaranties. As an inducement to Lenders to make the Loans, the following entities
have agreed to furnish certain guaranties and indemnities to the Agent with respect to the Loan
(the following,
in such capacity, are severally and collectively called “Guarantor”): (i) REIT, (ii) WRT TRS
Management Corp., a Delaware corporation and a wholly owned subsidiary of REIT, and (iii) the
following Subsidiaries of the Borrower (each, a “Subsidiary Guarantor”): FT-FIN Acquisition LLC,
FT-FIN GP LLC, WRT-DV, LLC, WRT Property Holdings LLC, WRT-Andover Property LLC, WRT-South
Burlington Property LLC, WRT-Andover Property Manager LLC, WRT-South Burlington Property Manager
LLC, WRT-Crossroads One LLC, WRT-Crossroads LLC, FT-WD Property LLC, FT-KRG (Atlanta) LLC, FT-KRG
(Greensboro) LLC, FT-KRG (Denton) LLC FT-KRG (Louisville) LLC, FT-KRG (Memphis) LLC, FT-KRG
(Seabrook) LLC, and FT KRG Property LP (all Delaware limited liability companies or Delaware
limited partnerships).

 

 

 

1.5 Loan. Subject to all of the terms, conditions and provisions of this Agreement,
and of the agreements and instruments referred to herein, each of the Lenders agrees severally to
make Loans to the Borrower under the Facility up to the amount such Lender’s Commitment, and the
Borrower agrees to accept and repay the Loans.

ARTICLE 2

LOAN PROVISIONS

2.1 The Facility/Advances.

2.1.1 Subject to Section 2.1.2, in no event shall the aggregate amount of Loans
outstanding from time to time exceed the lesser of (a) the Facility Amount or (b) the
Borrowing Base (the lesser of (a) or (b) being the “Availability”).

2.1.2 Provided no Default or Event of Default shall then be in existence (or would be
after giving effect thereto), the Borrower shall have the right prior to March 3, 2014, to
elect to further increase the Facility Amount and obtain Loans (subject in all instances to
the terms and conditions of this Agreement) from the Lenders in the amount of such increase;
provided, however, that (i) the total of such increases shall not be in excess of One
Hundred Million Dollars ($100,000,000.00) in the aggregate, (ii) such increases shall be
approved by the Agent, such approval not to be unreasonably withheld, (iii) each such
increase shall be in a minimum amount of $10,000,000.00, (iv) after any such increase the
Facility Amount shall not exceed the Total Commitments of the Lenders (as such may be
increased after the date hereof) as determined by the Agent, and (v) the Borrower pays the
commitment fee on such increase set forth in the addendum to the Agent’s terms letter. Such
right may be exercised by the Borrower by written notice to the Agent (which the Agent will
forward promptly to the Lenders), which election shall designate the increased Facility
Amount. The Borrower shall execute and deliver any and all documentation and satisfy other
conditions reasonably required by the Agent in order to evidence and effectuate the increase
in the Facility Amount, including, without limitation, any new or replacement Note(s) as may
be required by any Lender changing its Commitment or any new Lender issuing a new
Commitment, and payment of any commitment fee by the Borrower as may be required by the
Agent in connection with such increase. Any such increase of the Facility Amount shall not
be effective until written confirmation from the Agent to the Borrower and the Lenders of
such increased amount and the confirmation that such amount does not exceed the Total
Commitments
of the Lenders. The Borrower acknowledge and agree that neither Agent nor any Lender
has agreed to increase its Commitment to provide funding for such increased Facility Amount,
and that any such agreement by Agent or any Lender shall be in its sole discretion. The
Arranger agrees to exercise reasonable best efforts to secure such additional commitments if
so requested by Borrower. The Arranger shall give the existing Lenders written notice of
the Borrower’s request to so increase the Facility Amount hereunder, and the existing
Lenders shall have a right of first refusal with

 

2

 

respect  to electing to increase their
respective Commitments, which right must be exercised by providing the Agent with written
notice of such election within ten (10) Business Days of the notice provided by the
Arranger. In the event the existing Lenders shall agree to increase their Commitments by an
amount that is in excess of the requested increase, such increased Commitments shall be
allocated by the Agent on a pro rata basis. In connection with any increase in the Facility
Amount, (a) no Lender shall be required to increase the amount of such Lender’s Commitment,
and (b) each existing Lender’s respective Percentage shall be adjusted to reflect the
participation of the new Lender (or existing Lender increasing its Commitment) in the
Facility and the increase in the Total Commitment.

2.1.3 Any and all advances of proceeds of the Loans shall be made by the Lenders pro
rata in accordance with each Lender’s Percentage. Loans may be prepaid and reborrowed in
accordance with the provisions hereof, provided the aggregate principal amount of Loans
outstanding from any Lender shall not exceed at any one time such Bank’s Commitment.

2.1.4 The aggregate principal amount of each Borrowing of Loans hereunder shall be not
less than One Million Dollars ($1,000,000.00) for Adjusted Prime Rate Loans, and Five
Million Dollars ($5,000,000.00) for LIBOR Rate Loans, or in greater integral multiples of
One Million Dollars ($1,000,000.00) thereafter.

2.1.5 The obligations of the Lenders hereunder are several and not joint. Failure of
any Lender to fulfill its obligations hereunder shall not result in any other Lender
becoming obligated to advance more than its Percentage of any Loan, nor shall such failure
release or diminish the obligations of any other Lender to fund its Percentage provided
herein.

2.1.6 Each request for a Loan hereunder shall constitute a representation and warranty
by Borrower that the conditions set forth in ARTICLE 5 hereof, as the case may be, have been
satisfied on the date of such request and will be satisfied on the proposed drawdown date,
unless otherwise disclosed in writing to the Agent prior to or at the time of such request,
including the Borrower’s continued compliance with the Financial Covenants, except to the
extent the contemplated Loan will result in noncompliance with the Financial Covenants.
Notwithstanding any such disclosure, the disclosure by Borrower to Agent that one or more of
the conditions set forth in ARTICLE 5 hereof are not satisfied as of the date of Borrower’s
request for a Loan or will not be satisfied as of the proposed Drawdown Date shall entitle
Agent to refuse to make the Loan requested by Borrower.

2.1.7 The Borrower shall have the right to terminate or reduce the aggregate Facility
Amount at any time and from time to time without penalty or premium upon not
less than 5 Business Days prior written notice to the Agent of each such termination or
reduction, which notice shall specify the effective date thereof and the amount of any such
reduction and shall be irrevocable once given and effective only upon receipt by the Agent;
provided, however, (a) that Lenders shall be indemnified for any breakage and redeployment
costs associated with any LIBOR Loans, (b) any reductions shall be the in minimum increments
of $10,000,000.00, applied pro rata to each Lender’s Commitment, and (c) if the Borrower
seeks to reduce the aggregate amount of the Commitments below
$50,000,000.00, then such
Commitments shall all automatically and permanently be reduced to zero. The Agent will
promptly transmit such notice to each Lender. The Commitments, once terminated or reduced
may not be increased or reinstated.

 

3

 

2.2 Term of Loan; Extension Rights. The Facility shall be for a term (“Initial Term”)
commencing on the date hereof and ending on March 3, 2014 (“Initial Maturity Date”). The Initial
Term of the Facility may be extended for one (1) year (“Extended Term”) until March 3, 2015
(“Extended Maturity Date”) upon satisfaction of the conditions set forth in Section 2.8.

2.3 Interest Rate and Payment Terms. The Loans shall be payable as to interest and
principal in accordance with the provisions of this Agreement and the Note. This Agreement also
provides for interest at a Default Rate, Late Charges and prepayment rights and fees. All payments
for the account of Lenders made by the Borrower shall be applied to the respective accounts of the
Lenders in accordance with each Lender’s Percentage of the Loan. The Agent will disburse such
payments to the Lenders on the date of receipt thereof if received prior to 10:00 a.m. on such date
and, if not, on the next Business Day. Any and all interest rate selection and conversion
provisions in this Agreement are to be administered by the Agent and to be allocated on a pro rata
basis to the portion of the balance due under the Notes held by each Lender based upon such
Lender’s Percentage.

2.4 Interest Rate.

2.4.1 The Loans will bear interest at the Applicable Rate, unless the Default Rate is
applicable. The Adjusted Prime Rate shall be the “Applicable Rate”, except that the
Adjusted LIBOR Rate shall be the “Applicable Rate” with respect to portions of the Loans as
to which a LIBOR Rate Option is then in effect. For each disbursement of proceeds of the
Loan, Borrower shall deliver to Agent irrevocable notice (which may be verbal notice
provided that Borrower delivers to Agent facsimile confirmation or electronic mail
confirmation within twenty four (24) hours of such verbal notice) of the requested amount of
such disbursement (x) if such disbursement is to bear interest at the Adjusted Prime Rate,
not later than 11:00 a.m. Eastern Time on the second Business Day prior to the desired date
of disbursement and (y) if such disbursement is to bear interest at an Adjusted LIBOR Rate,
not later than 11:00 a.m. Eastern Time on the third Business Day prior to the desired date
of disbursement. Commencing April 1, 2011, Borrower shall pay interest in arrears on the
first day of every calendar month in the amount of all interest accrued and unpaid on the
Loan. All payments (whether of principal or of interest) shall be deemed credited to
Borrower’s account only if received by 12:00 noon
Eastern Time on a Business Day; otherwise, such payment shall be deemed received on the
next Business Day.

2.4.2 Provided that no Event of Default exists, Borrower shall have the option (the
“LIBOR Rate Option”) to elect from time to time in the manner and subject to the conditions
hereinafter set forth an Adjusted LIBOR Rate as the Applicable Rate for all or any portion
of a Loan which would otherwise bear interest at the Adjusted Prime Rate.

 

4

 

2.4.3 The only manner in which Borrower may exercise the LIBOR Rate Option is by giving
Agent irrevocable notice (which may be verbal notice provided that Borrower delivers to
Agent facsimile or email confirmation in the form of Exhibit H attached hereto
within twenty-four (24) hours) of such exercise not later than 11:00 a.m. Eastern Time on
the second LIBOR Business Day prior to the proposed commencement of the relevant LIBOR Rate
Interest Period, which written notice shall specify: (i) the portion of the Loans with
respect to which Borrower is electing the LIBOR Rate Option, (ii) the LIBOR Business Day
upon which the applicable LIBOR Rate Interest Period is to commence and (iii) the duration
of the applicable LIBOR Rate Interest Period. The Applicable Rate for any portion of the
Loans with respect to which Borrower has elected the LIBOR Rate Option shall revert to the
Adjusted LIBOR Rate with a LIBOR Rate Interest Period of one-month (the “One-Month LIBOR
Rate”), as of the last day of the LIBOR Rate Interest Period applicable thereto (unless
Borrower again exercises the LIBOR Rate Option for such portion of the Loan). Agent shall
be under no duty to notify Borrower that the Applicable Rate on any portion of the Loan is
about to revert from an Adjusted LIBOR Rate to the One-Month LIBOR Rate. The LIBOR Rate
Option may be exercised by Borrower only with respect to any portion of the Loans equal to
or in excess of $500,000.00. At no time may there be more than six (6) LIBOR Rate Interest
Periods in effect with respect to the Loan.

2.4.4 If Agent determines (which determination shall be conclusive and binding upon
Borrower, absent manifest error) (i) that Dollar deposits in an amount approximately equal
to the portion of the Loans for which Borrower has exercised the LIBOR Rate Option for the
designated LIBOR Rate Interest Period are not generally available at such time in the London
interbank market for deposits in Dollars, (ii) that the rate at which such deposits are
being offered will not adequately and fairly reflect the cost to any Lender of maintaining a
LIBOR Rate on such portion of the Loans or of funding the same for such LIBOR Rate Interest
Period due to circumstances affecting the London interbank market generally, (iii) that
reasonable means do not exist for ascertaining a LIBOR Rate, or (iv) that an Adjusted LIBOR
Rate would be in excess of the maximum interest rate which Borrower may by law pay, then, in
any such event, to the extent that such Lender makes such determination generally with
respect to its Borrower who borrow funds at a rate based upon the LIBOR Rate, Agent shall so
notify Borrower and all portions of the Loans bearing interest at an Adjusted LIBOR Rate
that are so affected shall, as of the date of such notification with respect to an event
described in clause (ii) or (iv) above, or as of the expiration of the
applicable LIBOR Rate Interest Period with respect to an event described in clause
(i) or (iii) above, bear interest at the Adjusted Prime Rate until such time as
the situations described above are no longer in effect or can be avoided by Borrower
exercising a LIBOR Rate Option for a different LIBOR Rate Interest Period.

2.4.5 Interest at the Applicable Rate (or Default Rate) shall be calculated for the
actual number of days elapsed on the basis of a 360-day year, including the first date of
the applicable period to, but not including, the date of repayment.

2.4.6 Borrower shall pay all Breakage Costs incurred from time to time by Lender upon
demand within fifteen (15) Business Days of receipt of written notice from Agent.

 

5

 

2.4.7 If the introduction of or any change in any law, regulation or treaty, or in the
interpretation thereof by any Governmental Authority charged with the administration or
interpretation thereof, shall make it unlawful for any Lender to maintain the Applicable
Rate at an Adjusted LIBOR Rate with respect to the Loans or any portion thereof, or to fund
the Loans or any portion thereof in Dollars in the London interbank market, or to give
effect to its obligations regarding the LIBOR Rate Option as contemplated by the Loan
Documents, then, to the extent that such Lender makes such determination generally with
respect to its Borrower who borrow funds at a rate based upon the LIBOR Rate, (1) Agent
shall notify Borrower that such Lender is no longer able to maintain the Applicable Rate at
an Adjusted LIBOR Rate, (2) the LIBOR Rate Option shall immediately terminate, (3) the
Applicable Rate for any portion of the Loans for which the Applicable Rate is then an
Adjusted LIBOR Rate shall automatically be converted to the Adjusted Prime Rate, and (4)
Borrower shall pay to Agent the amount of Breakage Costs (if any) incurred by such Lender in
connection with such conversion. Thereafter, Borrower shall not be entitled to exercise the
LIBOR Rate Option until such time as the situation described herein is no longer in effect
or can be avoided by Borrower exercising a LIBOR Rate Option for a different LIBOR Rate
Interest Period. So long as no Event of Default has occurred and is continuing, upon
written demand of Borrower, the Borrower may with thirty (30) days written notice to the
Agent, require any such Lender unable to maintain the Applicable Rate at an Adjusted LIBOR
Rate pursuant to this Section 2.4.7 to sell and assign its entire interest in the Loans
pursuant to Section 13.22 hereof to any Eligible Assignee identified by the Borrower in its
demand and reasonably approved by the Agent, upon payment by such Eligible Assignee of the
entire par amount of such Lender’s interest in the Loan, plus any applicable Breakage Costs.

2.5 Principal. 

2.5.1 Scheduled Payments. No scheduled payments of principal shall be due
prior to the Maturity Date.

(a) Mandatory Principal Repayments. The Borrower shall make mandatory
prepayments of principal equal to the excess of the outstanding balance of the
Facility, over the Availability, as determined by the Agent from time to time
(singly and collectively, the “Mandatory Principal Prepayments”) each of which shall
be due and payable on the later of (x) within five (5) Business Days of the event
giving rise to such Mandatory Principal Prepayment obligation (the “Mandatory
Prepayment Event”) or (y) within three (3) Business Days of written demand therefor
by the Agent; provided, however, at the request of the Borrower, the Agent agrees to
hold the amount of any such Mandatory Principal Prepayment in the Mandatory
Principal Payment Account (as defined in the Cash
Management Agreement or as otherwise established with the Agent and pledged to
the Agent, on behalf of the Lenders, to secure the repayment of the Obligations),
until the earlier of (x) the expiration of any relevant Interest Period so that the
prepayment can be made without the Borrower incurring any costs under Section 2.5.7
or (y) ninety (90) days:

Any Mandatory Principal Prepayment shall be applied to then outstanding principal
balance due under the Loan.

 

6

 

(b) Prepayment. Notwithstanding anything to the contrary contained in this
Agreement or any of the other Loan Documents to the contrary, the Loans or any
portion thereof may be prepaid in whole or in part by the Borrower on any Business
Day during the term of the Loan, upon five (5) days’ prior written notice to the
Agent. Any prepayment made pursuant to the foregoing shall be accompanied by the
payment of interest accrued through the date of prepayment and the payment of any
applicable Breakage Costs.

2.5.2 Maturity. At maturity all accrued interest, principal and other charges
due with respect to the Loans shall be due and payable in full and the principal balance and
such other charges, but not unpaid interest, shall bear interest at the Default Rate until
so paid.

2.5.3 Method of Payment; Date of Credit. All payments of interest, principal
and fees shall be made in lawful money of the United States in immediately available funds,
without counterclaim or set off and free and clear, and without any deduction or withholding
for, any taxes (other than income taxes or franchise taxes of any Lender) or other payments
(a) by direct charge to an account of Borrower maintained with Agent (or then holder of the
Loan), or (b) by wire transfer to Agent or to such other bank or address as the holder of
the Loans may designate in a written notice to Borrower. Payments shall be credited on the
Business Day on which immediately available funds are received prior to 12:00 noon Cleveland
Time; payments received after 12:00 noon Eastern Time shall be credited to the Loans on the
next Business Day; payments which are by check, which Agent may at its option accept or
reject, or which are not in the form of immediately available funds shall not be credited to
the Loans until such funds become immediately available to Agent, and, with respect to
payments by check, such credit shall be provisional until the item is finally paid by the
payer bank.

2.5.4 Billings. Agent may submit monthly billings reflecting payments due from
the Borrower; however, any changes in the interest rate which occur between the date of
billing and the due date may be reflected in the billing for a subsequent month. Neither
the failure of Agent to submit a billing nor any error in any such billing shall excuse the
Borrower from the obligation to make full payment of the Borrower’s payment obligations when
due.

2.5.5 Default Rate. Agent shall have the option of imposing (and shall upon
demand of the Required Lenders impose), and Borrower shall pay upon billing therefor, an
interest rate which is four percent (4%) per annum above the interest rate otherwise payable
(“Default Rate”): (a) following any Event of Default, unless and until the Event of Default
is cured with the consent of Required Lenders or waived by Required Lenders;
and (b) after Maturity. Borrower’s right to select LIBOR pricing options shall be
suspended upon the occurrence and during the continuance of a monetary Default or following
any Event of Default or at Maturity.

2.5.6 Late Charges. The Borrower shall pay, upon billing therefor, a “Late
Charge” equal to five percent (5%) of the amount of any regularly scheduled payment of
principal (other than principal due at Maturity or any Mandatory Principal Prepayment),
interest, or both, which is not paid within ten (10) days of the due date thereof (other
than with respect to any payment as to which the said ten (10) day period expires after the
implementation of the Default Rate). Late charges are: (a) except as provided above,
payable in addition to, and not in limitation of, the Default Rate, (b) intended to
compensate Agent for administrative and processing costs incident to late payments, (c) are
not interest, and (d) shall not be subject to refund or rebate or credited against any other
amount due.

 

7

 

2.5.7 Prepayment Costs. The Borrower shall pay to Agent, immediately upon
request and notwithstanding contrary provisions contained in any of the Loan Documents, such
amounts as shall, in the conclusive judgment of Agent (in the absence of manifest error),
compensate Agent and the Lenders for the loss, cost or expense which they may reasonably
incur as a result of (i) any payment or prepayment, under any circumstances whatsoever,
whether voluntary or involuntary, of all or any portion of an Adjusted LIBOR Rate Advance on
a date other than the last day of the applicable Interest Period of an Adjusted LIBOR Rate
Advance, (ii) the conversion, for any reason whatsoever, whether voluntary or involuntary,
of any Adjusted LIBOR Rate Advance to a Adjusted Prime Rate Advance on a date other than the
last day of the applicable Interest Period, (iii) the failure of all or a portion of a Loan
which was to have borne interest at the Adjusted LIBOR Rate pursuant to the request of
Borrower to be made under the Loan Agreement (except as a result of a failure by any Lender
to fulfill such Lender’s obligations to fund), or (iv) the failure of the Borrower to borrow
in accordance with any request submitted by it for an Adjusted LIBOR Rate Advance. Such
amounts payable by the subject Borrower shall be equal to (a) any administrative costs
actually incurred plus (b) the Breakage Costs.

2.6 Fees.

2.6.1 Loan Fees. Borrower shall pay to the Agent the fees as and when provided
in the addendum to the terms letter between the Borrower and the Agent. The fee shall be
based upon the amount of the Total Commitment and shall be fully earned by the Agent on the
Closing Date.

2.6.2 Unused Commitment Fee. The Borrower agree to pay to the Agent for
distribution to each Lender an unused commitment fee (the “Unused Commitment Fee”) for the
period from the Closing Date until the Maturity Date (or such earlier date as the Total
Commitment shall have been terminated) equal to the average daily amount of the Total
Commitment then in effect which was unused (through the extension of Loans) during the
immediately preceding calendar quarter calculated on the basis of actual days elapsed over
the actual number of days for such quarter, multiplied by 35 basis points (.35%). The
Unused Commitment Fee shall be due and payable quarterly in arrears on
the first day of each quarter and on the Maturity Date or upon such earlier date as the
Total Commitment shall be terminated

2.6.3 Extension Fees. The Borrower shall pay to the Agent for the account of
the Lenders “Extension Fees” (so referred to herein) in amounts representing one quarter of
one percent (0.25%) of the Total Commitment of the Lenders at the Initial Maturity Date, in
connection with the Borrower’s exercise of its extension right, and as a condition precedent
to the effectiveness thereof, in each instance, as provided in Section 2.8. In the event
the Facility is not extended for any reason, the Agent shall promptly return the Extension
Fee to the Borrower.

 

8

 

2.7 Acceleration. The Agent may, and upon the request of the Required Lenders shall,
accelerate the applicable Loan, after the occurrence and during the continuance of an Event of
Default. Upon such an acceleration, all principal, accrued interest and costs and expenses shall
be due and payable together with interest on such principal at the Default Rate and any applicable
Prepayment Fee and any amounts due under Section 2.5.7.

2.8 Conditions to Extending Loan. Upon satisfaction of each of the following
conditions, the Borrower may extend the Facility until the Extended Maturity Date:

2.8.1 No Default. No Default shall exist on the date of the Borrower’s written
notice for an extension as provided for below and on the Initial Maturity Date.

2.8.2 Notice From Borrower. The Borrower shall have given Agent written notice
of its request to exercise its extension right at least sixty (60) days, but no more than
ninety (90) days, before the Initial Maturity Date.

2.8.3 Covenant Compliance. No breach of any covenants imposed upon the
Borrower shall exist including, without limitation, the Financial Covenants;

2.8.4 Conditions Satisfied. All of the conditions set forth in Article 5 of
this Agreement shall continue to be satisfied;

2.8.5 Extension Fee. The Extension Fee of 0.25% of the Facility referred to in
Section 2.6.3 shall have been paid at least five (5) days prior to the Initial Maturity
Date;

2.8.6 Additional Documents. The Borrower and each Guarantor shall have
executed and delivered to Agent such agreements and documents as Agent may reasonably
require to effectuate the extension; provided, however, none of said requested agreements
or documents shall provide for additional collateral or include any substantive modification
of the terms and provisions of the Loan Documents;

2.8.7 Before End of Term. Each of the foregoing conditions are satisfied not
later than, and on, the Initial Maturity Date.
Within twenty (20) days following receipt by Agent of Borrower’s written notice under
clause 2.8.2 above requesting the extension accompanied by the items described in Section
2.8, Agent shall notify the Borrower in writing if all of the conditions precedent to the
extension, other than payment of the extension fee, have been satisfied, or if further
information or documents set forth in Section 2.8 are required, specifying such missing
information or documents. If Agent determines that the conditions to extension have been
satisfied (or if the Agent notified the Borrower as provided above of any outstanding
information or documents required by this Section 2.8, specifying such missing information
or documents, and the Borrower provides outstanding information or documents prior to ten
(10) days before the Initial Maturity Date), other than payment of the Extension Fee, Agent
shall so notify the Borrower and upon Agent’s receipt of the Extension Fee not later than
five (5) days prior to the Initial Maturity Date, so long as no Default exists, the term of
the Facility shall be extended until the Extended Maturity Date.

 

9

 

2.9 Increased Costs and Capital Adequacy.

2.9.1 Borrower recognizes that the cost to any Lender of maintaining the Loans or any
portion thereof may fluctuate and, to the extent that such Lender makes such determination
generally with respect to similarly situated borrowers, Borrower agrees to pay Agent
additional amounts to compensate any such Lender for any increase in its actual costs
incurred in maintaining the Loans or any portion thereof outstanding or for the reduction of
any amounts received or receivable from Borrower as a result of:

(a) any change after the date hereof in any applicable law, regulation or
treaty, or in the interpretation or administration thereof, or by any domestic or
foreign court, (A) changing the basis of taxation of payments under this Agreement
to any Lender (other than taxes imposed on all or any portion of the overall net
income or receipts of Lenders or franchise taxes), or (B) imposing, modifying or
applying any reserve, special deposit or similar requirement against assets of,
deposits with or for the account of, credit extended by, or any other acquisition of
funds for loans by any Lender (which includes the Loans or any applicable portion
thereof) (provided, however, that Borrower shall not be charged again the Reserve
Percentage already accounted for in the definition of the Adjusted LIBOR Rate), or
(C) imposing on any Lender, or the London interbank market generally, any other
condition affecting the Loan, provided that the result of the foregoing is to
increase the cost to any Lender of maintaining the Loans or any portion thereof or
to reduce the amount of any sum received or receivable from Borrower by any Lender
under the Loan Documents; or

(b) the maintenance by any Lender of reserves in accordance with reserve
requirements promulgated by the Board of Governors of the Federal Reserve System of
the United States with respect to “Eurocurrency Liabilities” of a similar term to
that of the applicable portion of the Loans (without duplication for reserves
already accounted for in the calculation of a LIBOR Rate pursuant to the terms
hereof).

So long as no Event of Default has occurred and is continuing, upon written demand of Borrower, the
Borrower may with thirty (30) days’ written notice to the Agent, require any such
Lender whose costs of maintaining the Loans or any portion thereof has increased as provided for in
this Section 2.9.1 to sell and assign its entire interest in the Loans pursuant to Section 13.22
hereof to any Eligible Assignee identified by the Borrower in its demand and reasonably approved by
the Agent, upon payment by such Eligible Assignee of the entire par amount of such Lender’s
interest in the Loan, plus any compensation required to be paid hereunder and any applicable
Breakage Costs.

2.9.2 If the application of any law, rule, regulation or guideline adopted or arising
out of the report of the Basel Committee on Banking Regulations and Supervisory Practices
entitled “International Convergence of Capital Measurement and Capital Standards”, or the
adoption after the date hereof of any other law, rule, regulation or guideline regarding
capital adequacy, or any change after the date hereof in any of the foregoing, or in the
interpretation or administration thereof by any domestic or foreign Governmental Authority,
central bank or comparable agency charged with the interpretation or administration thereof
(with the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines, requirements and directives

 

10

 

thereunder issued in connection therewith or in
implementation thereof being deemed to have occurred after the date hereof, regardless of
the date enacted, adopted, issued or implemented), or compliance by any Lender, with any
request or directive regarding capital adequacy (whether or not having the force of law) of
any such authority, central bank or comparable agency, has the effect of reducing the rate
of return on such Lender’s capital to a level below that which such Lender would have
achieved but for such application, adoption, change or compliance (taking into consideration
the policies of such Lender with respect to capital adequacy), then, to the extent that such
Lender requires such compensation generally with respect to similarly situated Borrower,
from time to time Borrower shall pay to such Lender such additional amounts as will
compensate such Lender for such reduction with respect to any portion of the Loans
outstanding. So long as no Event of Default has occurred and is continuing, upon written
demand of Borrower, the Borrower may with thirty (30) days written notice to the Agent,
require any such Lender to whom compensation is due and payable by the Borrower as provided
for in this Section 2.9.2 to sell and assign its entire interest in the Loans pursuant to
Section 13.22 hereof to any Eligible Assignee identified by the Borrower in its demand and
reasonably approved by the Agent, upon payment by such Eligible Assignee of the entire par
amount of such Lender’s interest in the Loan, plus any compensation required to be paid
hereunder and any applicable Breakage Costs.

2.9.3 Any amount payable by Borrower under subsection 2.9.1 or 2.9.2 above shall be
paid within five (5) days of receipt by Borrower of a certificate signed by an authorized
officer of Agent setting forth the amount due and the basis for the determination of such
amount, which statement shall be conclusive and binding upon Borrower, absent manifest
error. Failure on the part of Agent to demand payment from Borrower for any such amount
attributable to any particular period shall not constitute a waiver of Lender’s right to
demand payment of such amount for any subsequent or prior period. Agent shall use reasonable
efforts to deliver to Borrower prompt notice of any event described in subsection 2.9.1 or
2.9.2 above, of the amount of the reserve and capital adequacy payments resulting therefrom
and the reasons therefor and of the basis of calculation of such amount; provided,
however, that any failure by Agent so to notify
Borrower shall not affect Borrower’s obligation to pay the reserve and capital adequacy
payment resulting therefrom.

2.10 Borrower Withholding. If by reason of a change in any applicable laws occurring
after the date hereof, or, as to an Eligible Assignee acquiring an interest in the Loans after the
date hereof, after such Eligible Assignee purchases such interest in the Loan, Borrower is required
by law to make any deduction or withholding in respect of any taxes (other than taxes imposed on or
measured by the net income of any Lender or any franchise tax imposed on any Lender), duties or
other charges from any payment due under the Note to the maximum extent permitted by law, to the
extent that such Lender imposes such requirement generally with respect to similarly situated
Borrower, the sum due from Borrower in respect of such payment shall be increased to the extent
necessary to ensure that, after the making of such deduction or withholding, each Lender receives
and retains a net sum equal to the sum which it would have received had no such deduction or
withholding been required to be made. So long as no Event of Default has occurred and is
continuing, upon written demand of Borrower, the Borrower may with thirty (30) days written notice
to the Agent, require any such Lender requiring the Borrower to make such deductions or
withholdings as set forth in this Section 2.10 to sell and assign its entire interest in the Loans
pursuant to Section 13.22 hereof to any Eligible Assignee identified by the Borrower in its demand
and reasonably approved by the Agent, upon payment by such Eligible Assignee of the entire par
amount of such Lender’s interest in the Loan, plus any amounts required to be paid hereunder and
any applicable Breakage Costs.

 

11

 

2.11 Interest Rate Agreements.

2.11.1 Any indebtedness incurred pursuant to an Interest Rate Agreement entered into by
Borrower and Agent shall constitute indebtedness evidenced by the Note and secured by the
other Loan Documents to the same extent and effect as if the terms and provisions of such
Interest Rate Agreement were set forth herein, whether or not the aggregate of such
indebtedness, together with the disbursements made by Lenders of the proceeds of the Loan,
shall exceed the face amount of the Note.

2.11.2 Borrower hereby collaterally assigns to Agent for the benefit of Lenders any and
all Interest Rate Protection Products, if any, purchased or to be purchased by Borrower in
connection with the Loan, as additional security for the Loan, and agrees to provide Lenders
with any additional documentation requested by Lenders in order to confirm or perfect such
security interest during the term of the Loan. If Borrower obtains an Interest Rate
Protection Product from a party other than Agent, Borrower shall deliver to Lenders such
third party’s consent to such collateral assignment. No Interest Rate Protection Product
purchased from a third party may be secured by an interest in Borrower or the Collateral.

ARTICLE 3

SECURITY FOR THE LOANS; LOAN AND SECURITY DOCUMENTS

3.1 Security for Loan. The Loans, together with interest thereon and all other charges and amounts payable by, and
all other Obligations of, the Borrower and the other Loan Parties to the Agent and/or each of the
Lenders, shall be secured by the following collateral (the “Collateral”) which the Borrower agrees
to provide and maintain (certain of which was previously executed and/or delivered in connection
with the Original Agreement), or cause to be provided and maintained (whether provided for each in
separate agreements or combined with various other agreements):

3.1.1 Security Agreement. To the extent permitted under the terms of the
applicable Formation Documents, a first priority security agreement and collateral
assignment granted by the Borrower to the Agent, on behalf of the Lenders, respecting all
assets of the Borrower, whether now owned, now due, or in which the Borrower has an
interest, or hereafter, at any time in the future, acquired, arising, to become due, or in
which the Borrower obtains an interest.

3.1.2 Borrower Ownership Interest Pledge and Security Agreements. First
priority Ownership Interest Pledge and Security Agreements granted by the Borrower to the
Agent, on behalf of the Lenders, with respect (a) to all right, title, and interest of the
Borrower to and in the Borrower’s respective ownership interests in those Subsidiaries as
set forth in Exhibit M annexed hereto, and (b) all right, title, and interest of the
Borrower to and in the Securities (the “Pledged Securities”) described on Exhibit N
annexed hereto, together with any required third party consents, waivers or control
agreements required in order to vest, perfect and confirm the Agent’s lien and rights with
respect to such interests.

 

12

 

3.1.3 Depository Account Pledge and Security Agreements. A first priority
Depository Account Pledge and Security Agreement granted by the Borrower and any Loan Party
to the Agent, on behalf of the Lenders, respecting any of the Borrower’s Accounts to the
extent established by such Persons at KEYBANK NATIONAL ASSOCIATION (or any successor thereto
or affiliate thereof) (singly and collectively the “Depository Account Pledge and Security
Agreement”).

3.1.4 Guaranties and Security Agreements from Guarantor. The unlimited
guaranty from each Guarantor, pursuant to which each Guarantor shall guaranty the prompt,
punctual, and faithful payment of the Loans and the performance of all other Obligations to
the Agent and each of the Lenders under the Loan Documents (singly and collectively, the
“Guaranty”); a portion of the initial advances to be made under this Facility will be
utilized to repay in full the outstanding balances due under that certain Loan Agreement
dated as of November 18, 2004, as amended, entered into by FT-FIN Acquisition LLC (“FT-Fin”)
and KeyBank National Association, as Agent; as consideration for the repayment of the
obligations of FT-Fin pursuant to the advances made hereunder, FT-Fin has agreed, on behalf
of itself and certain of its subsidiaries, that the various collateral and other guaranties
executed and/or delivered certain collateral by FT-FIN and such subsidiaries shall be
continue in full force and effect and shall be deemed modified and amended to constitute
guaranties of and such collateral shall secure the Obligations of the Borrower hereunder,
and Borrower agrees to cause FT-FIN and such subsidiaries to execute all such documents and
take such action as the Agent may request in order to confirm the guaranty by such parties
of, and the grant of collateral by such parties to secure, the Obligations of the Borrower
hereunder.

3.1.5 Subsidiary Collateral Documents. The following collateral documents
granted to the Agent from the applicable Subsidiary listed below:

(a) An Ownership Interest Pledge and Security Agreement granted by FT-FIN with
respect to its ownership interests in FT-WD Property LLC, a Delaware limited
liability company, together with all necessary consents and agreements required by
the Agent in connection therewith;

(b) An Ownership Interest Pledge and Security Agreement granted by FT-KRG
Property L.P., a Delaware limited partnership, with respect to its ownership
interests in FT-KRG (Atlanta) LLC, FT-KRG (Denton) LLC, FT-KRG (Louisville) LLC,
FT-KRG (Memphis) LLC , FT-KRG (Seabrook) LLC, and FT-KRG (Greensboro) LLC, each a
Delaware limited liability company, together with all necessary consents and
agreements required by the Agent in connection therewith; and

(c) An Ownership Interest Pledge and Security Agreement granted by WRT Property
Holdings LLC, WRT-Andover Property Manager LLC, and WRT-South Burlington Property
Manager LLC, each a Delaware limited liability company, with respect to their
respective ownership interests in WRT-Crossroads LLC, WRT-Crossroads One LLC,
WRT-Andover Property Manager LLC, WRT-South Burlington Property Manager LLC,
WRT-Andover Property LLC, and WRT-South Burlington Property LLC, each a Delaware
limited liability company, together with all necessary consents and agreements
required by the Agent in connection therewith.

 

13

 

3.1.6 Environmental Compliance and Indemnification Agreement. A compliance and
indemnification agreement with respect to environmental matters (“Environmental Indemnity”)
from the Borrower and each Guarantor (collectively, the “Indemnitor”) in favor of the Agent
and each of the Lenders.

3.1.7 Additional Documents. Any other documents, instruments and agreements
with respect to the Loans as set forth on the Loan Agenda.

3.2 Loan Documents and Security Documents. The Loans shall be made, evidenced,
administered, secured and governed by all of the terms, conditions and provisions of the “Loan
Documents”, each as the same may be hereafter modified or amended, consisting of: (i) this Loan
Agreement; (ii) the promissory notes in the form of Exhibit C, annexed hereto, payable by
the Borrower to each of the respective Lenders in the original aggregate principal amount of up to
FIFTY MILLION DOLLARS ($50,000,000.00) (collectively, the “Note”); (iii) the various documents and
agreements referenced in Section 3.1, above; (iv) any Consents or Payment Direction Letters
executed by any Borrower Subsidiary; (v) the Interest Rate Agreement (if any), (vi) the Cash
Management Agreement (if any); and (vii) any other documents, instruments, or agreements heretofore
or hereafter executed to further evidence or secure the Loan.

Each of the Loan Documents listed above is dated as of the date hereof. The Loan Documents
referenced in Section 3.1 , together with any additional documents granted in favor
of the Agent under Section 3.3 in connection with the grant of Additional Collateral, are
sometimes referred to herein, singly and collectively as the “Security Documents”.

3.3 Additional Borrowing Base Collateral. From time to time during the term of this
Agreement following Borrower’s written request (“Additional Collateral Request”), and the
Borrower’s compliance with the provisions of this Section 3.3, the Required Lenders shall
authorize the Agent to accept additional unencumbered assets (“Additional Collateral”) from the
Borrower or any Borrower Subsidiary or other Loan Party as a Borrowing Base Asset and include the
value of such Additional Collateral in the determination of the Borrowing Base (based on the
formula set forth in the definition of Borrowing Base, or on such other basis as the Agent and the
Lenders may reasonably determine with respect to such Additional Collateral). The Lenders shall
agree to the inclusion of such Additional Collateral in the Borrowing Base Assets Pool, only upon
the satisfaction of the following conditions, in a manner reasonably acceptable to the Agent and
the Required Lenders:

3.3.1 No Event of Default shall exist under this Agreement or the other Loan Documents
at the time of the Additional Collateral Request or at the time of any such assets becoming
Additional Collateral hereunder, except for any Default which is cured or remedied by such
Additional Collateral becoming part of the Borrowing Base.

3.3.2 All representations and warranties contained herein or in the other Loan
Documents shall be true and correct in all material respects as of the time of the delivery
of any such Additional Collateral (or shall become true by virtue of such Additional
Collateral becoming part of the Borrowing Base), including the Borrower’s continued
compliance with the Financial Covenants.

 

14

 

3.3.3 The Borrower shall pay or reimburse the Agent for all appraisal fees, title
insurance and recording costs, reasonable legal fees and expenses and other costs and
expenses incurred by Agent in connection with the additional Collateral.

3.3.4 The Borrower or the applicable Loan Party shall have executed all such documents
and taken all such action (and caused any Person to take such action and execute such
documents) as the Agent may reasonably request to vest, perfect and confirm the guaranties,
liens and security interests required by the Agent with respect to such Additional
Collateral.

3.3.5 The Borrower, any applicable Borrower Subsidiary or Loan Party, and the subject
Additional Collateral shall have satisfied all applicable conditions precedent set forth in
Article 5 prior to the inclusion of the Additional Collateral in the Borrowing Base.

Any failure of the proposed Additional Collateral to meet in all material respects all of the
foregoing conditions shall be deemed a rejection of the proposed addition of the Additional
Collateral in the Borrowing Base for that Additional Collateral Request and such proposed
Additional Collateral shall not be included in the Borrowing Base for any purpose unless and until
all of the foregoing conditions are satisfied or waived by the Agent and the Required Lenders. The
Agent shall give the Borrower prompt written notice of the decision of the
Required Lenders with respect to the admission or rejection of any Additional Collateral as a
component of the Borrowing Base.

3.4 Removal of Borrowing Base Assets. So long as there is no Default pending, the
Borrower may from time to time have a Borrowing Base Asset removed from the Borrowing Base Assets
Pool. In such event, the Borrower shall provide to the Agent written notice thereof (each a
“Removal Request”) no later than 10:00 a.m. (New York, New York time) on the Business Day that is
at least five (5) Business Days prior to the date on which the Borrower wishes to have such
Borrowing Base Asset removed from the Borrowing Base Assets Pool, such Removal Request to (i)
identify the Borrowing Base Asset proposed to be removed from the Borrowing Base Assets Pool, (ii)
set forth the calculation of the Borrowing Base value attributable to such Borrowing Base Asset
from the Borrowing Base Certificate in order to determine the amount of any payment required by
Section 2.5.1(a), and (iii) have attached thereto a pro forma Borrowing Base Certificate. Upon
receipt by the Agent of any prepayment required by Section 2.5.1(a) and provided no Default is then
pending, the subject Borrowing Base Asset shall cease to be part of the Borrowing Base Asset Pool
hereunder and the Agent shall provide prompt written notice of such removal to each Lender.

Notwithstanding any other provision of this Agreement or the other Loan Documents, the Agent
and the Lenders acknowledge and agree that in the event any Borrower Subsidiary shall own an asset
which is not intended to be in the Borrowing Base Assets Pool, such Borrower Subsidiary shall be
permitted to sell, finance, encumber or otherwise transfer such asset without the approval of the
Agent or the Lenders and without the requirement of any payment hereunder.

 

15

 

ARTICLE 4

CONTINUING AUTHORITY OF AUTHORIZED REPRESENTATIVES

4.1 Authorized Representatives. Agent and each of the Lenders are authorized to rely
upon the continuing authority of the persons, officers, signatories or agents hereafter designated
(“Authorized Representatives”) to bind the Borrower with respect to all matters pertaining to the
Loans and the Loan Documents including, but not limited to, the selection of interest rates, the
submission of any request for a Loan and certificates with regard thereto. Such authorization may
be changed only upon written notice to Agent accompanied by evidence, reasonably satisfactory to
Agent, of the authority of the person giving such notice. The present Authorized Representatives
as to the Borrower are listed on Exhibit D. The Agent shall have a right of approval, not
to be unreasonably withheld or delayed, over the identity of the Authorized Representatives so as
to assure Agent and each of the Lenders that each Authorized Representative is a responsible and
senior official of the Borrower.

ARTICLE 5

CONDITIONS PRECEDENT

It shall be a condition precedent of Lenders’ obligation to close the Facility and to fund the
initial Loans under the Facility that each of the following conditions precedent be satisfied in
full (as determined by each Lender in its discretion which discretion shall be exercised in good
faith having due regard for the advice of the Agent), unless specifically waived in writing by
all of the Lenders at or prior to the date of the funding of the initial Loans under the Facility
(the date of the closing of the Loan shall be referred to herein as the “Closing Date” and the date
of the initial Loan under the Facility shall be referred to herein as the “Funding Date”), and the
Lenders shall, subject to compliance with all of the other terms, conditions and provisions of this
Agreement, make disbursement of the initial Loan under the Facility on the Closing Date and shall,
if so requested by Borrower as and when provided in Section 2.1 and as otherwise provided herein,
make disbursement of Loans subject to the satisfaction of said following conditions precedent:

5.1 Satisfactory Loan Documents and Related Documents; Loan Agenda Items. On the
Funding Date, each of the Loan Documents and the Related Documents shall be satisfactory in form,
content and manner of execution and delivery to Agent and Agent’s counsel and all Loan Documents
and Related Documents shall be in full force and effect. Without limiting the foregoing, the Agent
shall have received each of the instruments, documents, and agreements itemized on the Loan Agenda,
each executed and delivered in favor of, and/or in form and substance reasonably satisfactory to,
the Agent.

5.2 Financial Information; No Material Change. 

(a) No change shall have occurred in the financial condition, business,
affairs, operations or control of the Borrower, the Loan Parties, and/or the other
Loan Parties since the date of their respective financial statements most recently
delivered to Agent, which change has had or could reasonably be expected to have a
Material Adverse Effect; and the Borrower and the other Loan Parties shall have
furnished Agent such other financial information and certifications as reasonably
requested by the Agent.

 

16

 

(b) The absence of any material adverse change in the loan syndication,
financial or capital market conditions generally from those currently in effect.

(c) The Borrower shall have provided to the Agent a copy certified by an
officer of the Borrower of its balance sheet after giving effect to the Loan, to
evidence that the Borrower is solvent, has assets having a fair value in excess of
the amount required to pay the Borrower’s probable liabilities on the Borrower’s
existing Debts as such become absolute and mature, and has adequate capital for the
conduct of the Borrower’s business and the ability to pay the Borrower’s Debts from
time to time incurred in connection therewith as such Debts mature.

5.3 Warranties and Representations Accurate. All warranties and representations made
by or on behalf of any of the Borrower and the other Loan Parties, or any of them, to Agent or any
of the Lenders shall be true, accurate and complete in all material respects and, to the best of
the Borrower’s Knowledge, shall not omit any material fact necessary to make the same not
misleading.

5.4 Validity and Sufficiency of Security Documents. The Security Documents shall create a valid and perfected lien on the Collateral described
therein and each of the Security Documents and related UCC filings shall have been duly recorded
and filed to the satisfaction of Agent and Agent’s counsel, including, without limitation, as
follows:

(a) On the Funding Date, the Borrower and the other Loan Parties shall have
delivered to the Agent evidence of the completion of all recordings and filings of,
or with respect to, the Security Documents or, in the case of UCC-1 financing
statements, delivery of such financing statements in proper form for recording, and
shall have taken all such other actions as may be necessary or, in the reasonable
opinion of the Agent, desirable to perfect the Liens and security interests intended
to be created by the Security Documents in the Collateral covered thereby. Such
filings, recordings and other actions shall include, without limitation, in addition
to the UCC-1 financing statements, (x) delivery to the Agent of the certificates, if
any, representing the respective partnership and membership interests in each
partnership and limited liability company, the partnership or membership interests
in which are being pledged to Agent on behalf of the Lenders pursuant to the
Security Documents, and (y) delivery to the Agent of all consents, acknowledgments,
and approvals relating in any way to the Security Documents as the Agent in its
reasonable discretion determines appropriate, including, without limitation, those
consents and approvals set forth in the Loan Agenda with respect to the granting of
the Security Documents and the acknowledgment of the interests of the Agent and the
Lenders created therein (the “Consents”); and

(b) on or prior to the Funding Date, the Agent shall have received the results
of a UCC, tax lien and judgment search in the jurisdictions in which the Borrower,
the Borrower Subsidiaries, and the other Loan Parties, respectively, are organized,
have assets, or have their chief executive office, and the results of such search
shall indicate there are no judgments or Liens not permitted under the Loan
Documents.

 

17

 

5.5 Payment Direction And Authorization. Agent shall have received evidence of such
Payment Direction Letters set forth in the Loan Agenda in order to evidence the intended management
of the cash flow of the Borrower and the other Loan Parties.

5.6 Litigation. On the Funding Date, there shall not be any actions, suits or
proceedings at law or in equity or by or before any governmental instrumentality or other agency or
regulatory authority by any entity (private or governmental) pending or, to the best of the
Borrower’s Knowledge, threatened with respect to the Loan, the transactions contemplated in the
Loan Documents or any documentation executed in connection therewith, or in connection with the
Borrower or any other Loan Party, which the Agent shall determine in good faith is likely to have a
Material Adverse Effect.

5.7 Formation Documents and Entity Agreements. 

(a) On the Funding Date, the Agent shall have received a certificate of the
general partner or managing member or manager, as applicable, of the Borrower and
each other Loan Party which is a partnership or limited liability company, annexing
and certifying as to (a) the Formation Documents of such entity having been duly
executed, delivered and filed and remaining in full force and effect and unmodified
as of the date of such certificate (and annexing a copy thereof), (b) due
authorization, execution and delivery by such entity of the Loan Documents to which
it is a party, and (c) such entity being in good standing and authorized to do
business in each jurisdiction where the ownership of its assets and operation of its
business requires such qualification, as each of the foregoing is set forth in Loan
Agenda;

(b) On the Funding Date, the Agent shall have received a certificate of the
managing member or manager of each Loan Party which is a limited liability company
annexing and certifying as to (a) resolutions of such entity authorizing and
approving the transactions contemplated by the Loan Documents, and the execution and
delivery thereof by such entity in respect of the documents to which it is a party
and on behalf of the other entities in which such limited liability company is a
general partner or managing member in respect of any of the Loan Documents, (b)
signatures and incumbency of all officers of such limited liability company
executing documentation on behalf of such entity or on behalf of any entity as to
which such limited liability company is a general partner or managing member, as the
case may be, in connection with the transactions contemplated by the Loan Documents,
(c) the Formation Documents of such entity having been duly executed, delivered and
filed and remaining in full force and effect and unmodified as of the date of such
certificate (and annexing copies thereof) and (d) such entity being in good standing
and authorized to do business in each jurisdiction where the conduct of its business
and ownership of its assets requires such qualification, as each of the foregoing is
set forth in the Loan Agenda.

 

18

 

(c) On the Funding Date, the Agent shall have received a certificate of the
secretary of each Loan Party which is a corporation annexing and certifying as to
(a) corporate resolutions of such entity authorizing and approving the transactions
contemplated by the Loan Documents, and the execution and delivery thereof by such
entity in respect of the documents to which it is a party and on behalf of the other
entities in which such corporation is a general partner or managing member in
respect of any of the Loan Documents, (b) signatures and incumbency of all officers
of such corporation executing documentation on behalf of such entity or on behalf of
any entity as to which such corporation is a general partner or managing member, as
the case may be, in connection with the transactions contemplated by the Loan
Documents, (c) the Formation Documents of such entity having been duly executed,
delivered and filed and remaining in full force and effect and unmodified as of the
date of such certificate (and annexing copies thereof) and (d) such entity being in
good standing and authorized to do business in each jurisdiction where the conduct
of its business and ownership of its assets requires such qualification, including,
as each of the foregoing is set forth in the Loan Agenda.

5.8 Compliance With Law. There are no Legal Requirements which prohibit or adversely
limit the capacity or authority of the Borrower to enter into the Facility or any Loan Party to
execute the Loan Documents to which it is a party, and perform the obligations of such Person with
respect thereto.

5.9 Compliance With Financial Covenants. Agent shall have received an Officer’s
Certificate reflecting compliance with the Financial Covenants and the terms and conditions hereof.

5.10 Due Diligence. Agent shall have received and completed a review of such due
diligence as the Agent may require with respect to any Collateral, including, without limitation:

(a) Updated title reports and copies of existing owner’s or lender’s title
insurance policies with respect to the Individual Properties owned (fee simple or
land estate) or ground leased by any Loan Party, or subject to a mortgage or
participation interest in any loan held by a Loan Party (the “Title Reports”);

(b) Copies of all notes, mortgages and other loan documents evidencing any
Collateral;

(c) Borrower’s certification as to the principal balance and the regularly
scheduled principal and interest payments due on all Subsidiary Debt as of March 3,
2011;

(d) Copies of all agreements and restrictions related to the Pledged
Securities; and

(e) To the extent available, zoning reports and surveys for each Individual
Property.

5.11 Condition of Property. There shall have been no uninsured, unrepaired, or
unrestored damage or destruction by fire or otherwise to any of the real or tangible personal
property comprising or intended to comprise the Individual Properties which could reasonably be
expected to have a Material Adverse Effect.

 

19

 

5.12 Insurance. To the extent requested by the Agent, the Borrower shall have
provided to Agent evidence of the following insurance, each meeting the requirements of the Agent:
(i) reasonably satisfactory blanket liability insurance in favor of the Borrower and each of the
Borrower Subsidiaries, and physical all-risk insurance; (ii) a reasonably satisfactory report from
the third party monitoring the insurance as to the hazard and other insurance on the Individual
Properties maintained by the respective owner or tenant thereof, and (iii) a reasonably
satisfactory third
party contract regarding the monitoring of the insurance to be obtained by tenants under
Leases with respect to the Individual Properties.

5.13 Third Party Consents and Agreements. The Agent shall have received the Consents
and such other third party consents, control agreements and other agreements as the Agent may
require with respect to the Loan.

5.14 Legal Opinions. Agent shall have received and approved legal opinion letters
from counsel representing the Borrower and the other Loan Parties which meet Agent’s legal opinion
requirements and covering such matters incident to the transactions contemplated herein, as the
Agent may reasonably request.

5.15 No Default. There shall not be any Default under any of the Loan Documents.

5.16 Patriot Act/OFAC. The Borrower and each other Loan Party shall have provided all
information requested by the Agent and each Lender in order to comply with the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and the OFAC Review Process.

ARTICLE 6

WARRANTIES AND REPRESENTATIONS

The Borrower warrants and represents to Agent and each of the Lenders for the express purpose
of inducing Lenders to enter into this Agreement, to make each Loan, and to otherwise complete all
of the transactions contemplated hereby that upon the date of each Loan advance and at all times
thereafter until the Loan has been repaid and all Obligations have been satisfied as follows:

6.1 Formation. Each of the Borrower and the other Loan Parties has been duly formed
and is validly existing and in good standing as a corporation, limited partnership, limited
liability company or trust, as the case may be, under the laws of the State of its formation. Each
of the Borrower and the other Loan Parties has the requisite power and authority to own its assets
and conduct its businesses as currently conducted and owned, and to enter into and perform its
obligations under each Loan Document and/or Related Document to which it is a party. Each of the
Borrower and the other Loan Parties is in good standing and authorized to do business in each
jurisdiction where the ownership of its assets and/or the conduct of its business requires such
qualification except where the failure to be so qualified would not have a Material Adverse Effect.

 

20

 

6.2 Proceedings; Enforceability. Each of the Borrower and the other Loan Parties has
taken all requisite action to authorize the execution, delivery and performance by such Person of
the Loan Documents and/or
the Related Documents to which it is a party. Each Loan Document and the Related Document to
which it is a party which is required to be executed and delivered on or prior to the date on which
this representation and warranty is being made has been duly authorized, executed and delivered and
constitutes the legal, valid and binding obligation of each of the Borrower and the other Loan
Parties which is a party thereto, enforceable against each such Person in accordance with its
respective terms except to the extent that the enforceability thereof may be limited by applicable
bankruptcy, insolvency and similar laws affecting rights of creditors generally and to general
principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at
law).

6.3 Conflicts. Neither the execution, delivery and performance of the Loan Documents
and the Related Documents by each of the Borrower and the other Loan Parties or compliance by any
such Person with the terms and provisions thereof (including, without limitation, the granting of
Liens pursuant to the Security Documents), (i) will contravene any provision of any law, statute,
rule or regulation or any order, writ, injunction or decree of any court or governmental
instrumentality, (ii) will conflict with or result in any breach of any of the terms, covenants or
conditions of, or constitute a default under, or result in the creation or imposition (or the
obligation to create or impose) of any Lien (except pursuant to the Security Documents) upon any of
the property or assets of any such Person pursuant to the terms of any indenture, mortgage, deed of
trust, credit agreement or loan agreement or any other agreement, contract or instrument to which
any such Person is a party or by which it or any of its properties or assets is bound or to which
it may be subject or (iii) will violate any provision of any Formation Document of any such Person.

6.4 Ownership and Taxpayer Identification Numbers.

(a) All of the partners, owners, stockholders, and members, respectively and as
may be applicable, of each of the Borrower and the other Loan Parties (other than
the REIT) are listed in Exhibit F. The exact correct name and
organizational number(s) and federal employer identification number(s) of the
Borrower and the other Loan Parties are accurately stated in Exhibit F.

(b) The Borrower is the owner of all of the ownership interests set forth in
Section 3.1.2, above, pledged by it to the Agent, on behalf of the Lenders. Except
for such ownership interests and except as shown on Exhibit F, the Borrower
does not directly hold any stock, membership, partnership or ownership interest in
any other Person.

(c) The applicable Loan Party is each the owner, respectively, of all of the
Collateral to be pledged by such Loan Party to the Agent, on behalf of the Lenders,
pursuant to the Loan Documents. Except for such ownership interests and except as
shown on Exhibit F, the Borrower and the other Loan Parties do not hold any
stock, membership, partnership or ownership interest in any other Person.

(d) Except as shown on Exhibit F, no Loan Party or third party,
directly or indirectly, owns or controls any interest in any asset relating to the
Borrower or the business operations of the Borrower and/or the Borrower
Subsidiaries.

 

21

 

6.5 Litigation. There are no actions, suits or proceedings at law or in equity or by
or before any governmental instrumentality or other agency or regulatory authority by any entity
(private or governmental) pending or, to the best of the Borrower’s Knowledge, threatened with
respect to the Loan, or the transactions contemplated in the Loan Documents or the Related
Documents, or any documentation executed in connection therewith, or against the Borrower and/or
any of the other Loan Parties which could reasonably be expected to have a Material Adverse Effect.

6.6 Information. All factual information furnished by or on behalf of the Borrower
and the other Loan Parties to the Agent and/or any of the Lenders (including, without limitation,
all information contained in the Loan Documents) for purposes of or in connection with this
Agreement, the other Loan Documents or any transaction contemplated herein or therein is, and all
other such factual information hereafter furnished by or on behalf of the Borrower and the other
Loan Parties to the Agent and/or any of the Lenders will be, true and accurate in all material
respects on the date as of which such information is dated or certified and to the best of the
Borrower’s Knowledge, not incomplete by omitting to state any fact necessary to make such
information not misleading in any material respect at such time in light of the circumstances under
which such information was provided.

6.7 Taxes. Each of the Borrower and the other Loan Parties has made all required tax
filings and have paid all federal, state and local taxes applicable to them and/or their respective
assets, except if contested in accordance with Section 9.1.

6.8 Financial Information. The financial statements of the Borrower and the other
Loan Parties provided to the Agent present fairly the financial conditions of each at the dates of
such statements of financial condition and the results of operations for the periods covered
thereby. Since the dates of the relevant financial statements, no change has occurred which could
have or reasonably be expected to have a Material Adverse Effect.

6.9 Management Agreements. Except for the agreements listed on Schedule 6.9
(the “Management Agreements”), there are no other management agreements or asset management
agreements respecting the management of the assets of the Borrower and/or any of the other Loan
Parties.

6.10 Control Provisions. 

(a) Except as set forth on Schedule 6.10, the Borrower controls,
directly or indirectly, and without the requirement for consent of any other Person,
the management of each Borrower Subsidiary.

(b) Except as set forth on Schedule 6.10, there are no provisions in
any limited partnership agreement, operating agreement, certificate of
incorporation, bylaws or any other agreement or instrument to which the Borrower or
any Borrower Subsidiary is party, under which any Person (other than the Borrower or
a Borrower Subsidiary) has the right to exercise the management or control rights,
powers or authority currently belonging to the Borrower or any Borrower Subsidiary,
except as set forth in any mortgage, deed of trust or similar security agreement
encumbering any Individual Property upon exercise of the rights and remedies upon
default set forth in any of the foregoing.

 

22

 

6.11 Formation Documents. The Borrower has delivered or caused to be delivered to the
Agent true and complete copies of all Formation Documents of the Borrower and the other Loan
Parties, and all amendments thereto as of the date hereof and as of the date of each Loan.

6.12 Related Documents. To the extent not provided for otherwise in this Article 6,
true and correct copies of all other Related Documents, together with all amendments and
modifications thereto, have been delivered to the Agent, each of which is in full force and effect
and, to the best of the Borrower’s Knowledge, no material default has occurred thereunder which
could have a Material Adverse Effect.

6.13 Bankruptcy Filings. None of the Borrower or any of the other Loan Parties is
contemplating either a filing of a petition under any state or federal bankruptcy or insolvency
laws or the liquidation of all or a major portion of its assets or property, and the Borrower has
no Knowledge of any Person contemplating the filing of any such petition against any of the
Borrower and/or any of the other Loan Parties.

6.14 Options. No Person holds a right of first refusal or option to purchase with
respect to any item of Collateral other than as set forth in any Lease or the Organizational
Documents of the Loan Party holding such Collateral.

6.15 Investment Company. None of the Borrower and/or any of the other Loan Parties is
an “investment company” or a company “controlled” by an “investment company,” within the meaning of
the Investment Company Act of 1940, as amended.

6.16 Holding Company. None of the Borrower and/or any of the other Loan Parties is a
“holding company,” or a “subsidiary company” of a “holding company,” or an “affiliate” of a
“holding company” or of a “subsidiary company” of a “holding company,” within the meaning of the
Public Utility Holding Company Act of 1935, as amended.

6.17 Individual Properties.

6.17.1 Each of the Property Owners possesses such Licenses and Permits issued by the
appropriate federal, state, or local regulatory agencies or bodies necessary to own and
operate each Individual Property, except where the failure to possess any such License or
Permit would not have a Material Adverse Effect. The Property Owners are in material
compliance with the terms and conditions of all such Licenses and Permits, except where the
failure so to comply would not, singly or in the aggregate, result in a Material Adverse
Effect. All of the Licenses and Permits are valid and in full force and effect, except
where the invalidity of such Licenses and Permits or the failure of such Licenses and
Permits to be in full force and effect would not result in a Material Adverse Effect.
Neither the Borrower nor any of the Property Owners has received any notice of proceedings
relating to the revocation or modification of any such Licenses and Permits which, singly or
in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result
in a Material Adverse Effect.

 

23

 

6.17.2 Except to the extent the failure of the following to be true would not result in
a Material Adverse Effect, (i) the Property Owners have either (x) fee simple title to the
Individual Properties, (y) a land estate interest for a specified number of years in the
Individual Properties, or (z) a leasehold estate interest in the Individual Properties; (ii)
the interests of the Property Owners in the Individual Properties are not subject to any
Liens securing the repayment of money except for those securing the repayment of the
Subsidiary Debt, as set forth in Schedule 6.17.7, and (iii) each land estate
remainderman interest and lessor interest under a Ground Lease is not, directly or
indirectly, owned or controlled by a Loan Party, Borrower Subsidiary or other Loan Party;

6.17.3 Except to the extent the failure of the following to be true would not result in
a Material Adverse Effect, (i) to the best of Borrower’s Knowledge and except as otherwise
disclosed in those reports identified on Schedule 6.17.3, each Individual Property
is free of any Hazardous Materials in violation of any Environmental Laws applicable to such
property; (ii) none of the Property Owners or Borrower has received any notice of a claim
under or pursuant to any Environmental Laws applicable to an Individual Property or under
common law pertaining to Hazardous Materials on or originating from any Individual Property;
and (iii) none of the Property Owners or Borrower has received any notice from any
Governmental Authority claiming any material violation of any Environmental Laws that is
uncured or unremediated as of the date hereof;

6.17.4 Except as set forth on Schedule 6.17.4, the mortgages and deeds of trust
encumbering the Individual Properties of any Property Owners are not cross-defaulted or
cross-collateralized to any Individual Property owned by any other Property Owners;

6.17.5 Except to the extent the failure of the following to be true would not result in
a Material Adverse Effect, (i) with respect to the Individual Properties, each Lease is in
full force and effect, (ii) except as set forth in Schedule 6.17.5, to the best of
Borrower’s Knowledge, none of the Property Owners is in default in the performance of any
material obligation under any Lease and Borrower has no Knowledge of any circumstances
which, with the passage of time or the giving of notice, or both, would constitute an event
of default by any party under any of the Leases, (iii) except as set forth in Schedule
6.17.5,
to the best of Borrower’s Knowledge, no tenant is in monetary default beyond thirty
(30) days or material non-monetary default under its Lease, (iv) except as otherwise
expressly set forth in Schedule 6.17.5, to the best of Borrower’s Knowledge, there
are no actions, voluntary or involuntary, pending against any tenant under a Lease under any
bankruptcy or insolvency laws, (v) none of the Leases and none of the rents or other amounts
payable thereunder has been assigned, pledged or encumbered by any of the Property Owners or
any other Person, except in connection with financing secured by the applicable Individual
Property (the foregoing schedule, as updated from time to time as provided herein, being
referred to herein as the “Lease Schedule”).

6.17.6 Except to the extent the failure of the following to be true would not result in
a Material Adverse Effect, (i) each Ground Lease is valid, binding and in full force and
effect as against the applicable Property Owners and, to the best of Borrower’s Knowledge,
the other party thereto, (ii) except for tenants under the Leases and except in connection
with security relating to the Subsidiary Debt, none of the Ground Leases is subject to any
pledge, lien, assignment, license or other agreement granting to any third party any
interest therein or any right to the use or occupancy of any premises leased thereunder, and
(iii) no payments under any Ground Lease are delinquent and no notice of default thereunder
has been sent or received by any Loan Party which has not been cured or waived prior to the
date hereof, and to the best of Borrower’s Knowledge, there does not exist under any of the
Ground Leases any default by any Property Owners or any event which merely with notice or
lapse of time or both, would constitute such a default by any of the Property Owners.

 

24

 

6.17.7 Schedule 6.17.7 accurately details in all material respects the
approximate amount, term, and interest rate applicable to all Subsidiary Debt encumbering
the Individual Properties (the foregoing schedule, as updated from time to time as provided
herein, the “Subsidiary Debt Schedule”). Except as noted on Schedule 6.17.7, no
notice of default thereunder has been sent or received by any Loan Party which has not been
cured or waived prior to the date hereof, and to the best of the Borrower’s Knowledge, there
does not exist with respect to any Subsidiary Debt any default by any Property Owners or any
event which merely with notice or lapse of time or both, would constitute such a default by
any of the Property Owners. None of the Borrower, any Loan Party, any Borrower Subsidiary,
or any other Loan Party owns, directly or indirectly, any material interest in any
Subsidiary Debt.

6.17.8 No Borrowing Base Property is or shall at any times be subject to any lien or
encumbrance securing any Debt, and no Loan Party (other than the Borrower) shall be liable
on any Debt (other than in connection with the Obligations).

6.17.9 Each of the Property Owners is treated as a partnership for federal income tax
purposes and does not constitute a publicly traded partnership within the meaning of Section
7704 of the Code.

6.17.10 Each of the Property Owners possesses valid owner’s policy title insurance from
title insurers of recognized financial responsibility on each of the Individual Properties
in amounts not less than the original purchase price of such properties, and such title
insurance is in full force and effect.

6.18 Use of Proceeds. The proceeds of the Loan shall be used solely and exclusively
as provided in Section 1.3. No portion of the proceeds of the Loan shall be used by the Borrower
directly or indirectly, and whether immediately, incidentally or ultimately for any purpose which
would violate or be inconsistent with the provisions of regulations of the Board of Governors of
the Federal Reserve System including, without limitation, Regulations G, T, U and X thereof.

6.19 Insurance. The Individual Properties are insured by insurers of recognized
financial responsibility against such losses and risks in compliance with the requirements of the
Leases and as set forth in Exhibit E, hereto, such insurance maintained by the tenants
under the Leases; (ii) the Borrower has a monitoring system in place to periodically verify whether
the tenants under the Leases have in place insurance as required by the applicable Lease; and (iii)
the Borrower has satisfactory liability insurance in favor of the Borrower and each of the
Borrower.

6.20 Deferred Compensation and ERISA. None of the Borrower and/or any of the other
Loan Parties has any pension, profit sharing, stock option, insurance or other arrangement or Plan
for employees covered by ERISA except as may be designated to Agent in writing by the Borrower from
time to time and no Reportable Event has occurred and is now continuing with respect to any such
ERISA Plan. The granting of the Loan, the performance by the Borrower and/or of any of the other
Loan Parties of their respective obligations under the Loan Documents and/or such Persons’
conducting of their respective operations do not and will not violate any provisions of ERISA.

 

25

 

6.21 No Default. There is no Default on the part of the Borrower or any of the other
Loan Parties under this Agreement or any of the other Loan Documents and no event has occurred and
is continuing which would constitute a Default under any Loan Document.

6.22 Other Loan Parties’ Warranties and Representations. The Borrower has no reason
to believe that any warranties or representations made in writing by any of the other Loan Parties
to the Agent or any of the Lenders are untrue, incomplete or misleading in any material respect.

ARTICLE 7

AFFIRMATIVE COVENANTS

The Borrower covenants and agrees that from the date hereof and so long as any indebtedness is
outstanding hereunder, or any of the Loan or other Obligations remains outstanding, as follows:

7.1 Notices. The Borrower shall, with reasonable promptness, but in all events within
five (5) days after it has actual Knowledge thereof, notify Agent and each of the Lenders in
writing of the
occurrence of any act, event or condition which constitutes a Default or Event of Default
under any of the Loan Documents. Such notification shall include a written statement of any
remedial or curative actions which the Borrower proposes to undertake and/or to cause any of the
other Loan Parties to undertake to cure or remedy such Default or Event of Default.

7.2 Financial Statements; Reports; Officer’s Certificates. The Borrower shall furnish
or cause to be furnished to Agent as set forth herein from time to time, the following financial
statements, reports, certificates, and other information, all in form, manner of presentation and
substance acceptable to Agent and each of the Lenders:

(a) Annual Statements. Within one hundred twenty (120) days after the
close of each fiscal year of the Borrower, the audited consolidated statements of
financial condition of the REIT, the Borrower and all non-consolidated Borrower
Subsidiaries as at the end of such fiscal year and the related consolidated
statements of income and retained earnings and statements of changes in financial
position for such fiscal year, in each case, commencing with the Fiscal Year ending
December 31, 2010, setting forth comparative for the preceding fiscal year, prepared
by a public accounting firm reasonably acceptable to the Agent in accordance with
GAAP, all in form and manner of presentation acceptable to Agent, such financial
statements to include and to be supplemented by such detail and supporting data and
schedules as Agent may from time to time reasonably determine, together with an
Officer’s Certificate from the Borrower certifying that such financial statements
are true, accurate, and complete in all material respects and that no Default or
Event of Default has occurred and is continuing; provided, however, the Borrower
shall not be required to deliver an item required under this Section if such item is
contained in a Form 10-K filed by the REIT with the Securities and Exchange
Commission (or any Governmental Authority substituted therefor) and is publicly
available to the Agent and the Lenders and the Borrower gives the Agent written
notice of the filing thereof.

 

26

 

(b) Periodic Statements. Within forty-five (45) days after the close
of each calendar quarter (including the quarter ending on December 31) commencing
March 31, 2011, the following: (i) the consolidated statements of financial
condition of the REIT, the Borrower and all non-consolidated Borrower Subsidiaries,
internally prepared in accordance with GAAP, consistently applied, as at the end of
such quarterly period and the related consolidated statements of income and retained
earnings and statements of changes in financial position for such quarterly period
and for the elapsed portion of the Fiscal Year ended with the last day of such
quarterly period, in each case commencing with the Fiscal Year ending December 31,
2010, setting forth comparative figures for the related periods in the prior fiscal
year, subject to normal year-end audit adjustments, all in form and manner of
presentation acceptable to Agent, such financial statements to include and to be
supplemented by such detail and supporting data and schedules as Agent may from time
to time reasonably determine, and (ii) an Officer’s Certificate from the Borrower
certifying that such financial statements are true, accurate, and complete in all
material respects and that no Default or Event of Default has occurred and is
continuing; provided, however, the Borrower shall not be required to deliver an item
required under this Section if such item is
contained in a Form 10-Q filed by the REIT with the Securities and Exchange
Commission (or any Governmental Authority substituted therefor) and is publicly
available to the Agent and the Lenders and the Borrower gives the Agent written
notice of the filing thereof.

(c) Borrowing Base/Compliance Certificates. Within forty-five (45)
days after the close of each quarterly Accounting period in each Fiscal Year of the
Borrower commencing March 31, 2011, a Borrowing Base Certificate and Compliance
Certificates in the form of Exhibit G-1, Exhibit G-2 and Exhibit
G-3 annexed hereto, together with an Officer’s Certificate from the Borrower
providing and otherwise certifying with respect to the following:

(i) the compliance with the Financial Covenants and the calculation of
the Borrowing Base, with such supporting detail as is deemed necessary by
the Agent to verify the calculations incorporated therein;

(ii) any changes to the Subsidiary Debt Schedule, including, without
limitation, (a) any prepayments made on any Subsidiary Debt since the date
of the then prior Officer’s Certificate, (b) specific identification of all
Subsidiary Debt which matures within the twelve (12) months following the
date of the Officer’s Certificate, (c) any refinancing of such Subsidiary
Debt which has occurred (or for which an application has been made or a loan
commitment received) since the date of the then prior Officer’s Certificate,
together with a summary of the use and disbursement of the proceeds thereof,
and (d) any defaults then existing under any Subsidiary Debt not included in
a prior Officer’s Certificate or Subsidiary Debt Schedule, with such
supporting detail as is deemed necessary by the Agent to verify the
calculations incorporated therein;

 

27

 

(iii) A listing of any material assets (a) sold by the Borrower, the
Borrower Subsidiaries, and/or any of the other Loan Parties since the date
of then prior Officer’s Certificate, together with specific detail as to the
use and disbursement of the proceeds of the sale, and (b) as to which an
agreement has been entered into since the date of the then prior Officer’s
Certificate for the sale thereof, together with the primary terms of such
agreement;

(iv) a listing of any material assets acquired, or as to which an
agreement to acquire has been entered into, by the Borrower, the Borrower
Subsidiaries, and/or any of the other Loan Parties since the date of then
prior Officer’s Certificate, together with the primary terms of such
acquisition or agreement;

(v) except as disclosed in such Officer’s Certificate, to the extent of
the knowledge of such officer, a certification that all insurance premiums
in respect of insurance policies covering the properties owned (directly or
indirectly) by the Property Owners have been paid or are not past due more
than sixty (60) days, all debt service payments in respect of
any Subsidiary Debt of have been made and all real estate taxes and
other impositions relating to any Property Owner or its related assets have
been paid; and

(vi) a summary of the status of any pending insurance claims or
condemnation award proceedings.

(d) Data Requested. Within a reasonable period of time and from time
to time such other financial data or information as Agent may reasonably request
with respect to the Individual Properties, the Borrower, the Borrower Subsidiaries,
and/or any of the other Loan Parties, including, but not limited to, rent rolls,
aged receivables, aged payables, leases, budgets, forecasts, reserves, cash flow
projections, deposit accounts, mortgage information, physical condition of the
Borrower’s Investments.

(e) Tax Returns. To the extent prepared and filed, upon Agent’s
request, copies of all federal and state tax returns of the Borrower and any of the
other Loan Parties.

(f) Debt Notices. Concurrently with the giving thereof, and within ten
(10) Business Days of receipt thereof, copies of all notices, other than routine
correspondence, given or received by the Borrower, or any Loan Party with respect to
any Subsidiary Debt.

(g) Entity Notices. Concurrently with the issuance thereof, copies of
all written notices (excluding routine correspondence) given to the partners,
owners, stockholders, and/or members, respectively, of the REIT, the Borrower and/or
any of the other Loan Parties.

 

28

 

(h) Notice of Distributions. Concurrently with the giving thereof, and
within ten (10) Business Days of receipt thereof, copies of all notices of
Distributions to the extent given by any Borrower Subsidiaries to the Borrower.

(i) Property Acquisition or Sale. Within ten (10) Business Days of
receipt thereof, copies of all contracts or agreements in any way relating to a sale
or acquisition of any material asset by the Borrower, and Borrower Subsidiary,
and/or any of the other Loan Parties, along with a pro forma Compliance Certificate
with respect to the Financial Covenants after giving effect to the proposed
transaction.

(j) Third Party Default Notices. Immediately upon notice or receipt
thereof by the Borrower and/or any of the other Loan Parties, copies of all notices
of default, other non-performance, and/or exercise (or intended exercise) relating
in any way to any one or more of the Related Documents.

(k) Notice of Litigation. Promptly, and in any event within ten (10)
Business Days after the Borrower obtains Knowledge thereof, written notice of any
pending or, to the best of the Borrower’s Knowledge, threatened action, suit or
proceeding at law or in equity or by or before any governmental
instrumentality or other agency or regulatory authority by any entity (private
or governmental) relating in any way to the Loan, the transactions contemplated in
the Loan Documents (including, without limitation, with regard to all
Distributions), the Related Documents, or relating to the Borrower and/or any of the
other Loan Parties, which could reasonably be expected to have a Material Adverse
Effect.

(l) Notice of Hazardous Materials Promptly, and in any event within
ten (10) Business Days after the Borrower obtains Knowledge thereof, written notice
of (i) any Release (as defined in the Environmental Indemnity) or Threat of Release
(as defined in the Environmental Indemnity) of Hazardous Materials on, in, under or
affecting all or any portion of any Individual Property or (ii) the violation of any
Environmental Law, in each case which could reasonably be expected to have a
Material Adverse Effect.

(m) Patriot Act Information. From time to time and promptly upon each
request, information identifying the Borrower or any other Loan Party as a Lender
may request in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)).

7.3 Existence. The Borrower shall do or cause to be done all things necessary to (i)
preserve, renew and keep in full force and effect (x) the existence of the Loan Parties and the
Borrower Subsidiaries and (y) the material rights, licenses, permits and franchises of the Loan
Parties and the Borrower Subsidiaries, (ii) comply with all laws and other Legal Requirements
applicable to it and its assets, business and operations and those of the Loan Parties and the
Borrower Subsidiaries, and (iii) to the extent applicable, at all times maintain, preserve and
protect all material franchises and trade names and all the remainder of its property used or
useful in the conduct of its business, and keep its assets in good working order and repair,
ordinary wear and tear excepted, and from time to time make, or cause to be made, all reasonably
necessary repairs, renewals, replacements, betterments and improvements thereto.

 

29

 

7.4 Payment of Taxes. The Borrower shall duly pay and discharge, and cause the Loan
Parties and each Borrower Subsidiary to duly pay and discharge, before the same shall become
overdue, all taxes, assessments, impositions, and other governmental charges payable by it or with
respect to the Individual Properties, to the extent that same are not paid by the tenants under the
respective Leases, except if contested in accordance with Section 9.1.

7.5 Insurance; Casualty, Taking.

7.5.1 The Borrower shall at all times maintain or cause the appropriate Person to
maintain in full force and effect the following insurance: (i) to the best of the Borrower’s
Knowledge, the Individual Properties shall be insured by insurers of recognized financial
responsibility against such losses and risks in compliance with the Leases or, if such Lease
does not require the tenant to maintain insurance for the entire Individual Property, the
requirements set forth in Exhibit E hereto; (ii) the Borrower shall have a
monitoring
system in place to periodically verify whether the tenants under the Leases have in
place insurance as required by the applicable Lease; and (iii) the Borrower shall have
satisfactory liability insurance in favor of the Borrower and each of the Borrower
Subsidiaries in compliance with the requirements in effect of the date hereof.

7.5.2 In the event of any damage or destruction to any Individual Property (or to the
extent now or hereafter applicable, any Collateral) by reason of fire or other hazard or
casualty, the Borrower shall give immediate written notice thereof to Agent. If there is any
condemnation for public use of any Individual Property (or to the extent now or hereafter
applicable, any Collateral), the Borrower shall give immediate written notice thereof to
Agent. Further, the Borrower shall upon the request of the Agent provide to the Agent with a
report as to the status of any insurance adjustment, condemnation claim, or restoration
resulting from any casualty or taking.

7.6 Inspection. The Borrower shall cause the Borrower Subsidiaries to permit the
Agent and the Lenders and its/their agents, representatives and employees to inspect the Collateral
at reasonable hours upon reasonable notice.

7.7 Loan Documents. The Borrower (i) shall observe, perform and satisfy all the
terms, provisions, covenants and conditions to be performed by it under, and to pay when due all
costs, fees and expenses, and other Obligations of the Borrower to the extent required under, the
Loan Documents and (ii) shall cause the other Borrower Subsidiaries and other Loan Parties to
observe, perform and satisfy all the terms, provisions, covenants and conditions to be performed by
such Person under, and to pay when due all costs, fees and expenses, and other Obligations to the
extent required under, the Loan Documents.

7.8 Further Assurances. The Borrower shall and shall cause the Borrower Subsidiaries
and other Loan Parties to execute and deliver to the Agent and the other Lenders such documents,
instruments, certificates, assignments and other writings, and do such other acts, necessary or
desirable in the reasonable judgment of the Agent, to evidence, preserve and/or protect the
Collateral at any time securing or intended to secure the Obligations and do and execute all and
such further lawful acts, conveyances and assurances as the Agent may reasonably require for the
better and more effective carrying out of the intents and purposes of this Agreement and the other
Loan Documents.

 

30

 

7.9 Books and Records. The Borrower shall and shall cause the Loan Parties and the
Borrower Subsidiaries and other Loan Parties to keep and maintain in accordance with GAAP (or such
other Accounting basis reasonably acceptable to the Agent), proper and accurate books, records and
accounts reflecting all of the financial affairs of the Borrower and such other Persons and all
items of income and expense in connection with their respective business and operations and in
connection with any services, equipment or furnishings provided in connection with the
operation of the business of the Borrower and such Persons, whether such income or expense is
realized thereby or by any other Person. The Agent shall have the right, not more than once each
quarter (unless an Event of Default shall have occurred and be continuing in which case as often as
the Agent shall determine), during normal business hours and upon reasonable notice, to examine
such books, records and accounts of the Borrower, and the other Loan Parties at the office of the
Person maintaining such books, records, and accounts and to make such copies or extracts thereof as
the Agent shall desire. The Borrower shall maintain all of its business records at the address
specified at the beginning of this Agreement, subject to change upon advance written notification
to the Agent. The Agent may discuss the financial and other affairs of the Borrower and/or the
other Loan Parties with any of their respective partners, owners, and any accountants (as to
accountants, prior to the occurrence of an Event of Default and following the cure of any Event of
Default, upon prior approval of the Borrower, not to be unreasonably withheld, and at the cost and
expense of the Agent and the Lenders) hired by the Borrower, it being agreed that Agent and each of
the Lenders shall use best efforts to not divulge information obtained from such examination to
others except in connection with Legal Requirements and in connection with administering the Loan,
enforcing its rights and remedies under the Loan Documents and in the conduct, operation and
regulation of its banking and lending business (which may include, without limitation, the transfer
of the Loan or of participation interests therein). Any assignee or transferee of the Loan,
co-lender, or any holder of a participation interest in the Loan shall be entitled to deal with
such information in the same manner and in connection with any subsequent transfer of its interest
in the Loan or of further participation interests therein.

7.10 Business and Operations. The Borrower shall (and shall cause the Loan Parties
and the Borrower Subsidiaries to) (i) continue to engage in the type of businesses presently
conducted by them as of the Closing Date, respectively and otherwise permitted to be conducted by
the REIT and the Borrower, and (ii) be qualified to do business and in good standing under the laws
of each jurisdiction, and otherwise to comply with all Legal Requirements, as and to the extent the
same are required for the ownership, maintenance, management and operation of the assets of such
Person except where the failure to be so qualified could not reasonably be expected to have a
Material Adverse Effect.

7.11 Title. The Borrower shall and shall cause the Borrower Subsidiaries and each
Loan Party to warrant and defend (x) the title to each item of Collateral owned by such Person and
every part thereof, subject only to the Liens (if any) permitted hereunder, and (y) the validity
and priority of the Liens and security interests held by the Agent pursuant to the Loan Documents,
in each case against the claims of all Persons whomsoever. The Borrower shall be responsible to
reimburse Agent and the Lenders for any losses, costs, damages or expenses (including reasonable
attorneys’ fees and court costs) incurred by the Agent and/or any of the Lenders if an interest in
any item of Collateral, other than as permitted hereunder, is claimed by another Person.

 

31

 

7.12 Estoppel. The Borrower shall (and shall cause the Borrower Subsidiaries to),
within ten (10) days after a request therefor from the Agent, which request shall not be made by
Agent more than
once each quarter during each Fiscal Year, furnish to the Agent a statement, duly acknowledged
and certified, setting forth (i) the amount then owing by the Borrower in respect of the
Obligations, (ii) the date through which interest on the Loan has been paid, (iii) any offsets,
counterclaims, credits or defenses to the payment by the Borrower or any Borrower Subsidiary to the
Obligations and (iv) whether any written notice of Default from Agent to the Borrower or any of the
Borrower Subsidiaries is then outstanding and acknowledging that this Agreement and the other Loan
Documents are in full force and effect and unmodified, or if modified, giving the particulars of
such modification.

7.13 ERISA. The Borrower shall (and shall cause each of the Loan Parties and the
Borrower Subsidiaries to) as soon as possible and, in any event, within ten (10) days after the
Borrower, the Loan Parties, any Borrower Subsidiary or any ERISA Affiliate knows or has reason to
know of the occurrence of any of the following which could have or reasonably be expected to have a
Material Adverse Effect, deliver to Agent a certificate of the an executive officer of the Borrower
setting forth details as to such occurrence and the action, if any, that the Borrower, the Loan
Parties, or applicable Borrower Subsidiary or such ERISA Affiliate is required or proposes to take,
together with any notices required or proposed to be given to or filed with or by such the
Borrower, the Loan Parties, Borrower Subsidiary, the ERISA Affiliate, the PBGC, a Plan participant
or the Plan administrator with respect thereto: (i) that a Reportable Event has occurred; (ii)
that an accumulated funding deficiency has been incurred or an application may be or has been made
to the Secretary of the Treasury for a waiver or modification of the minimum funding standard
(including any required installment payments) or an extension of any amortization period under
Section 412 of the Code with respect to a Plan; (iii) that a contribution required to be made to a
Plan has not been timely made; (iv) that a Plan has been or may be terminated, reorganized,
partitioned or declared insolvent under Title IV of ERISA; (v) that a Plan has an Unfunded Current
Liability giving rise to a lien under ERISA or the Code; (vi) that proceedings may be or have been
instituted to terminate or appoint a trustee to administer a Plan; (vii) that a proceeding has been
instituted pursuant to Section 515 of ERISA to collect a delinquent contribution to a Plan; (viii)
that the Borrower, the Loan Parties, Borrower Subsidiary, or ERISA Affiliate will or may incur any
liability (including any indirect, contingent, or secondary liability) to or on account of the
termination of or withdrawal from a Plan under Section 4062, 4063, 4064, 4069, 4201, 4204 or 4212
of ERISA or with respect to a Plan under Section 401(a)(29), 4971, 4975 or 4980 of the Code or
Section 409 or 502(i) or 502(l) of ERISA; (ix) or that the Borrower, the Loan Parties, or Borrower
Subsidiary may incur any material liability pursuant to any employee welfare benefit plan (as
defined in Section 3(l) of ERISA) that provides benefits to retired employees or other former
employees (other than as required by Section 601 of ERISA) or any employee pension benefit plan (as
defined in Section 3(2) of ERISA). The Borrower shall (and shall cause the Loan Parties and the
Borrower Subsidiaries to) deliver to Agent a complete copy of the annual report (Form 5500) of each
Plan required to be filed with the Internal Revenue Service. In addition to any certificates or
notices delivered to Agent pursuant to the first sentence hereof, copies of any material notices
received by the Borrower, the Loan Parties, a Borrower Subsidiary, or any ERISA Affiliate with
respect to any Plan shall be delivered to Agent no later than ten (10) days after the date such
report has been filed with the Internal Revenue Service or such notice has been received by
Borrower, the Loan Parties, or Borrower Subsidiary or ERISA Affiliate, as applicable.

 

32

 

7.14 Depository Accounts. The Agent and the Borrower shall negotiate in good faith
regarding the establishment by the Borrower and each of the other Loan Parties of operating and
other depository accounts, with the Agent (or any successor thereto) (singly and collectively,
including the Depository Accounts, the “Borrower Accounts”), and the completion of Cash Management
Agreements with respect to the use and disbursement of funds in any the Borrower Account. Each of
the Borrower Accounts shall be subject to the Pledge and Security Agreement.

7.15 Cash Flow; Payment Direction Letters. To the extent Borrower Accounts and Cash
Management Agreements are established under Section 7.14 above, some or all of the following may be
required:

7.15.1 The Borrower agrees that appropriate procedures satisfactory to the Agent may be
put in place such that subject to any limitations provided for with respect to any
Subsidiary Debt: (i) any Distributions and other revenues due or payable to the Loan Parties
and/or any Borrower Subsidiary shall be paid directly in to the designated Depository
Account in the name of the Borrower or as otherwise directed by the Agent, and (ii) any
Distributions by any Borrower Subsidiary payable to the Borrower and/or the Loan Parties
shall be directly deposited in the designated Depository Account in the name of the Borrower
or as otherwise directed by the Agent. Further, subject to any limitations provided for
with respect to any Subsidiary Debt, after the occurrence and during the continuance of an
Event of Default, Agent shall have the right to receive any and all such Distributions or
other revenues and make application thereof to the Obligations.

7.15.2 The use and disbursement of all funds in the Depository Accounts and the
Borrower Accounts shall be subject to the terms and provisions hereof and the Cash
Management Agreement.

7.15.3 The Borrower agrees that to the extent that the Borrower, the Loan Parties, any
Borrower Subsidiary or any other Loan Party receives directly any Distributions or revenues
or other payments which are required to be deposited as provided for herein, the Borrower
shall, and shall cause such Person to deposit such funds in the applicable designated
Depository Account as directed by the Agent.

7.15.4 The Borrower shall (and shall cause the Loan Parties and the Borrower
Subsidiaries) to maintain in place during the term of the Loan such direction letters and
agreements as the Agent may from time to time require in order to effectuate the terms and
provisions hereof relating to the management of the cash flow of such Persons (together with
the Consents (to the extent that the Consents provide for the management of cash flow), the
“Payment Direction Letters.

7.15.5 the Borrower shall (and shall cause the other Loan Parties to) keep in effect
all Payment Direction Letters, including, without limitation, any replacements,
substitutions, or renewals thereof as the Agent shall reasonably deem appropriate from time
to time.

 

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7.16 Distributions. Subject to the requirements set forth in clause (h)(xvi) of the
definition of “Single-Purpose Entity” contained herein, the Borrower shall cause the Borrower
Subsidiaries to make the maximum amount of all Distributions to the Borrower at the earliest
opportunity permitted under the respective Formation Documents of each of the Borrower
Subsidiaries, but not less often than quarterly and shall take all actions necessary (and as may be
directed by the Agent) to preserve and maintain the Distribution scheme provided for herein.

7.17 Costs and Expenses. The Borrower shall pay all costs and expenses (excluding
salaries or wages of employees of Agent) reasonably incurred by Agent in connection with the
implementation and syndication of the Loan and the administration of the Loan, and reasonably
incurred by the Agent or any of the Lenders in connection with the enforcement of the Agent’s and
Lenders’ rights under the Loan Documents, including, without limitation, legal fees and
disbursements, appraisal fees, inspection fees, plan review fees, travel costs and fees and
out-of-pocket costs of independent engineers and consultants. The Borrower’s obligations to pay
such costs and expenses shall include, without limitation, all attorneys’ fees and other costs and
expenses for preparing and conducting litigation or dispute resolution arising from any breach by
the Borrower or the Loan Parties of any covenant, warranty, representation or agreement under any
one or more of the Loan Documents. Unless an Event of Default has occurred and is then continuing,
the Agent shall use its best efforts to notify the Borrower prior to the incurrence of any such
cost or expense if the aggregate amount of such costs and expenses in any one calendar year will
exceed $10,000.00; provided, however, that the failure shall provide such notice shall not affect
in any manner whatsoever on the Borrower’s obligations hereunder.

7.18 Appraisals. 

7.18.1 Appraisal. Agent shall have the right at its option, from time to time,
to order an appraisal of one or more of the Individual Properties prepared at Agent’s
direction by an appraiser selected by Agent (the “Appraisal”). An appraiser selected by
Agent shall be an MAI member with appropriate experience appraising commercial properties in
the respective area(s) of the Individual Properties and otherwise qualified pursuant to
provisions of applicable laws and regulations under and pursuant to which Agent operates).

7.18.2 Costs of Appraisal. The Borrower shall pay for the costs of each
updated Appraisal only after the occurrence and during the continuance of an Event of
Default, or if the Agent is granted a mortgage or deed of trust on a on an Individual
Property pursuant to Section 7.21.1; provided, however, Borrower shall not be required to
pay for more than one appraisal per year, per Individual Property unless an Event of Default
shall be in existence.

7.19 Indemnification. The Borrower shall at all times, both before and after
repayment of the Loan, at its sole cost and expense defend, indemnify, exonerate and save harmless
Agent and each of the Lenders and all those claiming by, through or under Agent and each of the
Lenders (“Indemnified Party”)
(to the extent not paid by the Borrower in this Section 7.19 or under the applicable
provisions of this or any other Loan Document) against and from all damages, losses, liabilities,
obligations, penalties, claims, litigation, demands, defenses, judgments, suits, proceedings,
costs, disbursements or expenses of any kind whatsoever, including, without limitation, attorneys’
fees and experts’ fees and disbursements, which may at any time (including, without limitation,
before or after discharge or foreclosure of the Security Documents) be imposed upon, incurred by or
asserted or awarded against the Indemnified Party and arising from or out of:

(a) any liability for damage to person or property arising out of any violation
of any Legal Requirement with respect to the Borrower, any other Loan Party or any
Individual Property, or

 

34

 

(b) any and all liabilities, damages, penalties, costs, and expenses, relating
in any manner to any brokerage or finder’s fees in respect of the Loan, or

(c) as a result of litigation that may arise in connection with Borrower’s
activities, or

(d) the payment of any fees to any Loan Party or any manager or owner of the
Borrower; or

(e) any act, omission, negligence or conduct at any Individual Property, or
arising or claimed to have arisen, out of any act, omission, negligence or conduct
of the Borrower or any tenant, occupant or invitee thereof which is in any way
related to any Individual Property.

Notwithstanding the foregoing, an Indemnified Party shall not be entitled to indemnification
in respect of claims arising from acts of its own gross negligence or willful misconduct to
the extent that such gross negligence or willful misconduct is determined by the final
judgment of a court of competent jurisdiction, not subject to further appeal, in proceedings
to which such Indemnified Party is a proper party.

7.20 RESERVED.

7.21 Future Collateral Obligations. The Borrower acknowledges that the determination
by the Agent as to the Collateral was based upon an analysis of the assets owned by the Borrower
and the Borrower Subsidiaries, and the assets owned by Loan Parties that are parties to the
Security Documents. The Borrower shall (and shall cause each of the other Loan Parties to) agree
to the following undertaking:

7.21.1 At the option of the Agent, the applicable Property Owner (to the extent same is
a Borrower Subsidiary) shall grant to the Agent, on behalf of the Lenders, a mortgage or
deed of trust interest in and to each Individual Property which is a Borrowing Base Asset;
provided, however, in the event of the incurrence of Permitted Debt on the Individual
Property, the Agent shall release the said mortgage or deed of trust to the refinanced loan
subject to the payment of any amount required under Section 2.5.1(a);

7.22 Replacement Documentation. Upon receipt of an affidavit of an officer of Agent as to the loss, theft, destruction or
mutilation of the Note or any other Security Document which is not of public record, and, in the
case of any such loss, theft, destruction or mutilation, upon surrender and cancellation of such
Note or other Security Document, the Borrower will issue, in lieu thereof, a replacement Note or
other security document in the same principal amount and otherwise of like tenor upon receipt by
the Borrower of a suitable indemnity.

 

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7.23 Other Covenants. The Borrower hereby represents and warrants that no Collateral
is in the possession of any third party bailee (such as at a warehouse). In the event that the
Borrower and/or any of the other Loan Parties, after the date hereof, intends to store or otherwise
deliver any Collateral or other personal property in which the Agent has been granted a security
interest to such a bailee, then the Borrower shall receive the prior written consent of the Agent
and such bailee must acknowledge in writing that the bailee is holding such Collateral or such
other personal property for the benefit of the Agent and the Lenders.

7.24 Related Documents. The Borrower will, or will cause each Borrower Subsidiary and
the Loan Parties to, comply with the terms and provisions of all of the Related Documents.

7.25 Reserved.

7.26 Financial Covenants. The Borrower shall comply with the following financial
covenants:

7.26.1 Coverage Ratios.

(a) Certain Definitions.

(i) “Calculation Date” shall mean the last day of each calendar quarter
commencing with December 31, 2010.

(ii) “Calculation Period” shall mean each successive twelve (12) month
period ending on a Calculation Date.

(iii) “Consolidated Debt Service” shall mean the sum of the aggregate
Pro Rata regularly scheduled actual principal and interest paid or payable
respecting all Debt of the REIT, the Borrower and their Subsidiaries during
the subject Calculation Period.

(iv) “Consolidated Debt Service Coverage” shall mean the ratio for the
Calculation Period of: (A) Adjusted Earnings to (B) Consolidated Debt
Service

(v) “Fixed Charges” shall mean the aggregate of the Borrower’s and the
REIT’s Pro Rata share of all (a) interest expenses, (b) regularly scheduled
principal amortization payments (other than any final “balloon”
payments due at maturity) on all Debt of the Borrower and its
Subsidiaries, (c) preferred dividend payments or required Distributions
(other than Distributions by the REIT to common equity holders) paid or
payable by the REIT, (d) ground lease payments unless already deducted from
Adjusted Earnings, and (e) tax expenses for the Borrower and its
Subsidiaries, all of the foregoing as determined in accordance with GAAP and
in each instance excluding amount due under the Repo Agreement.

(vi) “Fixed Charge Coverage” shall mean the ratio of (a) Adjusted
Earnings to (b) Fixed Charges.

 

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(b) Minimum Consolidated Debt Service Coverage. The Consolidated Debt
Service Coverage for each Calculation Period determined on each Calculation Date
shall be not less than 1.50:1. The compliance with the Consolidated Debt Service
Coverage covenant shall be tested by the Agent on the Calculation Date with results
based upon the most recent Calculation Period results, as reasonably determined by
the Agent in a manner consistent with the procedures and methods utilized by the
Agent in analyzing the financial information provided by the Borrower prior to
closing. If such Consolidated Debt Service Coverage covenant shall not be satisfied
on any Calculation Date, the Borrower shall prepay a sufficient amount of principal
outstanding on the Loan such that if such principal reduction had been made on the
first day of the Calculation Period the Debt Service Coverage covenant would have
been satisfied. It shall be an Event of Default if the Borrower fails to make such
a prepayment not later than the first to occur of: (i) ten (10) Business Days after
notice from Agent to the Borrower properly requesting the payment, or (ii) if the
Borrower has failed to give Agent sufficient reports to enable Agent to make the
necessary calculations, forty-five (45) days following the applicable Calculation
Date, provided the Borrower shall have an additional five (5) days to supply
additional information to the Agent from the date the Agent notifies the Borrower
that the initial reports have been deemed insufficient by the Agent.

(c) RESERVED.

(d) Minimum Fixed Charge Coverage. The Fixed Charge Coverage for each
Calculation Period determined on each Calculation Date beginning for the Calculation
Period ending on December 31, 2010 shall be not less than 1.25:1. The compliance
with the Fixed Charge Coverage covenant shall be tested by the Agent on the
Calculation Date with results based upon the most recent Calculation Period results,
as reasonably determined by the Agent in a manner consistent with the procedures and
methods utilized by the Agent in analyzing the financial information provided by the
Borrower prior to closing. If such Fixed Charge Coverage covenant shall not be
satisfied on any Calculation Date, the Borrower shall prepay a sufficient amount of
principal outstanding on the Loan such that if such principal reduction had been
made on the first day of the Calculation Period the Fixed Charge Coverage covenant
would have been satisfied. It shall be an Event of Default if the Borrower fails to
make such a prepayment not later than the first to occur of: (i) ten (10) Business
Days after notice from Agent to the Borrower properly requesting the payment, or
(ii) if the
Borrower has failed to give Agent sufficient reports to enable Agent to make
the necessary calculations, forty-five (45) days following the applicable
Calculation Date, provided the Borrower shall have an additional five (5) days to
supply additional information to the Agent from the date the Agent notifies the
Borrower that the initial reports have been deemed insufficient by the Agent

7.26.2 Consolidated Leverage Ratio. The quotient resulting from dividing (i)
the sum of (1) the Borrower’s and the REIT’s Pro Rata share of the aggregate amount of all
Debt respecting the Borrower, its Subsidiaries and Investments (including, without
limitation, the outstanding balance of the Loan), by (ii) the REIT’s Total Asset Value, all
as reasonably determined by the Agent in a manner consistent with the procedures and methods
utilized by the Agent in analyzing the financial information provided by the Borrower prior
to closing, shall at all times be less than fifty five (55%) percent.

 

37

 

The compliance with the Consolidated Leverage Ratio covenant shall be tested by the Agent on
the Calculation Date with results based upon then current financial information, as
reasonably determined solely by the Agent. If such Consolidated Leverage Ratio covenant
shall not be satisfied on any Calculation Date, the Borrower shall prepay a sufficient
amount of principal outstanding on the Loan such that if such principal reduction had been
made on the Calculation Date the Consolidated Leverage Ratio covenant would have been
satisfied on such Calculation Date. It shall be an Event of Default if the Borrower fails
to make such a prepayment not later than the first to occur of: (i) ten (10) Business Days
after Notice from Agent to the Borrower properly requesting the payment, or (ii) if the
Borrower has failed to give Agent and each of the Lenders sufficient reports to enable Agent
to make the necessary calculations, forty-five (45) days following the applicable
Calculation Date, provided the Borrower shall have an additional five (5) days to supply
additional information to the Agent from the date the Agent notifies the Borrower that the
initial reports have been deemed insufficient by the Agent.

7.26.3 Minimum Net Worth. The Net Worth of the REIT shall at all times be
equal to or greater than $250,000,000.00, plus 75% of the amount of any net proceeds
received by the REIT in connection with any securities issuances or offerings consummated
from and after the Closing Date. The compliance with the Minimum Net Worth covenant shall
be tested by the Agent on each Calculation Date. If such Minimum Net Worth covenant shall
not be satisfied on any Calculation Date, the Borrower shall prepay a sufficient amount of
principal outstanding on the Loan such that if such principal reduction had been made on the
Calculation Date the Minimum Net Worth covenant would have been satisfied on such
Calculation Date. It shall be an Event of Default if the Borrower fails to make such a
prepayment not later than the first to occur of: (i) ten (10) Business Days after Notice
from Agent to the Borrower properly requesting the payment, or (ii) if the Borrower has
failed to give Agent and each of the Lenders sufficient reports to enable Agent to make the
necessary calculations, forty-five (45) days following the applicable Calculation Date,
provided the Borrower shall have an additional five (5) days to supply additional
information to the Agent from the date the Agent notifies the Borrower that the initial
reports have been deemed insufficient by the Agent.

7.26.4 Dividend Payout. Distributions or dividends made by the Borrower to the
REIT, and by the REIT to its owners, shall not exceed 100% of Adjusted Earnings, to be
calculated on a trailing twelve-month basis, provided however, distributions or dividends
may be paid to the extent necessary to maintain the status of the REIT as a real estate
investment trust.

7.26.5 Minimum Liquidity. The sum of all of the REIT’s Liquid Assets
(excluding, however, the Liquid Assets of any Borrower Subsidiary as to which there exists a
default or event of default on any Debt of such Borrower Subsidiary) must at all times be
at least $10,000,000.00, as evidenced by the REIT’s annual and quarterly SEC filings. If
such Minimum Liquidity shall not be satisfied on any date of testing, the REIT shall arrange
for an infusion of Liquid Assets in an amount necessary to satisfy the requirements of this
Section 7.28.5. It shall be an Event of Default if the REIT fails to arrange for any
required additional Liquid Assets not later than ten (10) Business Days after Notice from
Agent to the Borrower notifying the Borrower of the noncompliance.

 

38

 

ARTICLE 8

NEGATIVE COVENANTS

The Borrower covenants and agrees that from the date hereof and so long as any Obligations
remain outstanding hereunder, the Borrower shall not (and shall not suffer or permit the other Loan
Parties and/or the Borrower Subsidiaries to):

8.1 No Changes to the Borrower and other Loan Parties. Without the prior written
consent of the Agent, which consent will not be unreasonably withheld, after not less than thirty
(30) days’ prior written notice (with reasonable particularity of the facts and circumstances
attendant thereto):(i) change its jurisdiction of organization, (ii) change its organizational
structure or type, (iii) change its legal name, or (iv) change the organizational number (if any)
assigned by its jurisdiction of formation or its federal employer identification number (if any).

8.2 Restrictions on Liens. Create, incur, assume or suffer to exist any Lien upon or
with respect to any property or assets (real or personal, tangible or intangible, including,
without limitation, the Individual Properties), whether now owned or hereafter acquired, or sell
any such property or assets subject to an understanding or agreement, contingent or otherwise, to
repurchase such property or assets (including sales of accounts receivable with recourse) or assign
any right to receive income or permit the filing of any financing statement under the UCC or any
other similar notice of Lien under any similar recording or notice statute, or grant rights with
respect to, or otherwise encumber or create a security interest in, such property or assets
(including, without limitation, any item of Collateral) or any portion thereof or any other
revenues therefrom or the proceeds payable upon the sale, transfer or other disposition of such
property or asset or any portion thereof, or permit or suffer any such action to be taken, except
the following (singly and collectively, “Permitted Liens”):

8.2.1 Liens created by the Loan Documents;

8.2.2 Liens for taxes, assessments or other governmental charges not yet delinquent or
which are being diligently contested in good faith and by appropriate proceedings, if (x)
reasonable reserves in an amount not less than the tax, assessment or governmental charge
being so contested shall have been established in a manner reasonably satisfactory to the
Agent or deposited in cash (or cash equivalents) with the Agent to be held during the
pendency of such contest, or such contested amount shall have been duly bonded in accordance
with applicable law, (y) no risk of sale, forfeiture or loss of any interest in any
Individual Property or the Collateral or any part thereof arises during the pendency of such
contest and (z) such contest does not have and could not reasonably be expected to have a
Material Adverse Effect;

8.2.3 Liens in respect of property or assets imposed by law, which were incurred in the
ordinary course of business and do not secure Debt, such as carriers’, warehousemen’s,
materialmen’s and mechanics’ liens and other similar Liens arising in the ordinary course of
business, and (x) which do not in the aggregate materially detract from the value of any
property or assets or have, and could not reasonably be expected to have, a Material
Adverse Effect or (y) which are being contested in good faith by appropriate proceedings,
which proceedings have the effect of preventing the forfeiture or sale of the property or
assets subject to any such Lien;

 

39

 

8.2.4 Liens existing as of the Closing Date in favor of the holders of the Subsidiary
Debt;

8.2.5 A Lien on a Borrower Subsidiary asset (other than on a Borrowing Base Asset)
which may be granted to secure Permitted Debt; and

8.2.6 To the extent that the Borrower or any Borrower Subsidiary or any Loan Party
acquires any other asset, any Lien as to which the acquisition of such asset is subject.

8.3 Consolidations, Mergers, Sales of Assets, Issuance and Sale of Equity. (i)
Dissolve, terminate, liquidate, consolidate with or merge with or into any other Person, (ii)
issue, sell, lease, transfer or assign to any Persons or otherwise dispose of (whether in one
transaction or a series of transactions) any portion of its assets (whether now owned or hereafter
acquired), including, without limitation, any securities, membership or partnership interests, or
other interests of any kind in any other Loan Party or Borrower Subsidiary, directly or indirectly
(whether by the issuance of rights of, options or warrants for, or securities convertible into, any
such security, membership or partnership interests or other interests of any kind), (iii) withdraw
from or resign as general partner or managing member of any Person, including, without limitation,
any withdrawal or resignation of: the REIT as general partner of the Borrower, (iv) permit another
Person to merge with or into it, or (v) take any action which could have the effect, directly or
indirectly, of diluting the economic interest of any Loan Party in any of the Collateral; except
the following:

8.3.1 Transfers pursuant to the Security Documents and other agreements in favor of
Agent on behalf of the Lenders;

8.3.2 Transfers or mergers to facilitate a Permitted Investment (to the extent
required, the Agent shall release any security interest which it may have thereon to
effectuate such transfer or merger);

8.3.3 Mergers, consolidations, transfers and sales between and among Loan Parties of
partnership interests, membership interests or capital stock, so long as after giving effect
to any such merger, consolidation, transfer or sale, the Agent shall have a security
interest, directly or through its security interest in the partnership interests, membership
interests or capital stock of another Loan Party, in the partnership interests, membership
interests or capital stock of each Borrower Subsidiary which is the survivor of such merger
or consolidation or the recipient of such partnership interests, membership interests or
capital stock transferred and/or sold, provided that in no event may any such merger,
consolidation, transfer or sale cause a Change of Control or otherwise adversely affect the
interests of the Agent and/or the Lenders, as determined solely by the Agent;

 

40

 

8.3.4 Sales of any Individual Property or other Investment or the ownership interest of
the Borrower in any Property Owner or, with the prior consent of the Agent; provided (a) the
Agent receives the Mandatory Principal Payment (if any) required under Section 2.5.1(a)
above, (b) the Borrower submits to the Agent an Officer’s Certificate reflecting a pro-forma
calculation that such sale will not result in a failure to comply with any Financial
Covenants considering the consequences of the sale (to the extent required, the Agent shall
release any security interest which it may have thereon to effectuate such sale);

8.3.5 Sales or dispositions in the ordinary course of business of worn, obsolete or
damaged items of personal property or fixtures which are suitably replaced (to the extent
required, the Agent shall release any security interest which it may have thereon to
effectuate such sale or disposition);

8.3.6 Leases to the extent provided for herein;

8.3.7 The issuance of equity interests in the Borrower or the REIT, provided no Change
in Control shall occur; and

8.3.8 Transactions, whether outright or as security, for which Agent’s prior written
consent has been obtained.

8.4 Restrictions on Debt. Create, incur or assume any Debt, (ii) enter into,
acquiesce, suffer or permit any amendment, restatement or other modification of the documentation
evidencing and/or securing any Debt under which it is an obligor, or (iii) increase the amount of
any Debt existing as of the Closing Date; except with respect to the following (singly and
collectively, “Permitted Debt”):

8.4.1 The Obligations;

8.4.2 The following Debt existing as of the Closing Date in the amount disclosed to the
Agent hereunder:

(a) the Subsidiary Debt (none of which is recourse to the Borrower, any
Guarantor or any owner of a Borrowing Base Asset, except for the type of recourse
obligation set forth in Section 8.4.3, below);

(b) Debt described in Schedule 8.4.2(b) annexed hereto;.

8.4.3 With respect to any Debt incurred by any Borrower Subsidiary, obligations under
(i) limited guaranties by the Borrower as to usual and customary exceptions to non-recourse
provisions (e.g., fraud and misappropriation of funds) provided that such limited guaranties
are evidenced by documentation approved by the Agent and (ii) indemnifications by the
Borrower as to usual Hazardous Materials issues relating to the subject Individual Property
provided that such indemnifications are evidenced by documentation customary for
transactions of that type;

8.4.4 Debt (which is non-recourse to the Borrower) incurred by any Borrower Subsidiary
(other than a Guarantor or a Property Owner of a Borrowing Base Asset);

 

41

 

8.4.5 Indebtedness incurred in the ordinary course of business under capitalized lease
and for the purchase of goods or services which are payable, without interest, within thirty
(30) days of billing; and

8.4.6 Transactions, whether secured or unsecured, for which Agent’s prior written
consent has been obtained.

Upon the incurrence of any such Debt by any Loan Party, the Agent shall review and, as
necessary, adjust the Borrowing Base to reflect the incurrence of such Debt.

8.5 Respecting Individual Properties. Permit or otherwise suffer to occur any event
such that the representations and warranties of the Borrower set forth in Section 6.17 would be
untrue or misleading in any material respect.

8.6 Other Business. Enter into any line of business or make any material change in
the nature of its business, purposes or operations, except as otherwise specifically permitted by
this Agreement or the other Loan Documents.

8.7 Change of Control. Permit or otherwise suffer to occur any Change of Control.

8.8 Forgiveness of Debt. Cancel or otherwise forgive or release any Debt owed to it
by any Person if such cancellation, forgiveness or release of such Debt would cause the Borrower to
fail to comply with the Financial Covenants or have Loans outstanding in excess of the Borrowing
Base unless otherwise approved by the Agent.

8.9 Affiliate Transactions. On and after the Closing Date, enter into, or be a party
to, any transaction with any Person who is an Affiliate of the Borrower, or any Borrower
Subsidiary, or any Loan Party, except for transactions with terms consistent with arms length
contracts with independent third parties.

8.10 Amendments; Terminations of Related Documents. Enter into, acquiesce in, suffer
or permit any amendment, restatement or other modification or termination of any of the Formation
Documents, without the express prior written consent of the Agent.

8.11 ERISA. Except for Code Section 401(k) plans, establish or be obligated to
contribute to any Plan.

8.12 Bankruptcy Filings. File a petition under any state or federal bankruptcy or
insolvency laws or the liquidation of all or a major portion of its assets or property.

8.13 Investment Company. Become an “investment company” or a company “controlled” by
an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.

8.14 Holding Company. Become a “holding company,” or a “subsidiary company” of a
“holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a
“holding company,” within the meaning of the Public Utility Holding Company Act of 1935, as
amended.

 

42

 

8.15 Use of Proceeds. Permit the proceeds of the Loan, or any other accommodation at
any time made hereunder, to be used for any purpose which entails a violation of, or is
inconsistent with, Regulation T, U or X of the Board of Governors of the Federal Reserve, or for
any purpose other than those set forth in Section 1.3.

8.16 Distributions. Authorize, declare, or pay any Distributions on behalf of the
Borrower, except for Permitted Distributions or (ii) take any action which would amend, modify, or
terminate any Distribution due, or the terms of any Formation Document relating to Distributions
due, to the Borrower, or any Borrower Subsidiary. The term “Permitted Distributions” shall mean,
(x) distributions contemplated by Section 7.26.4 and (y) so long as no Default or Event of Default
exists and is continuing, or would be created thereby, subject to requirements set forth in Section
9.2, hereof, any Distributions by the Borrower and the REIT in accordance with its Formation
Documents.

8.17 Restrictions on Investments. Make or permit to exist or to remain outstanding
any Investment except which is or results in (“Permitted Investments”):

8.17.1 marketable direct or guaranteed general obligations of the United States of
America which mature within one year from the date of purchase;

8.17.2 bank deposits, certificates of deposit and banker’s acceptances, or other
obligations in or of the Lenders or banks located within and chartered by the United States
of America or a state and having assets of over $500,000,000.00; and

8.17.3 the Borrower’s Subsidiaries, subject in all instances to the terms of this
Agreement;

8.17.4 the acquisition of any asset related to the operation, ownership or management
of the Individual Properties or any of the other assets of the Borrower or the Borrower
Subsidiaries;

8.17.5 the acquisition of any asset related to the operation, ownership or management
of real estate properties consistent with the Borrower’s existing investments and otherwise
permitted to be acquired by the REIT in accordance with its organizational documents.

8.18 Negative Pledges, Etc. Enter into any agreement subsequent to the Closing Date
(other than a Loan Document) which (a) prohibits the creation or assumption of any Lien upon any of
the Collateral, including, without limitation, any hereafter acquired property, (b) specifically
prohibits the amendment or other modification of this Agreement or any other Loan Document, or (c)
could reasonably be expected to have a Material Adverse Effect.

 

43

 

ARTICLE 9

SPECIAL PROVISIONS

9.1 Legal Requirements. The Borrower, any Loan Party, or any Borrower Subsidiary may
contest in good faith any claim, demand, levy or assessment under any Legal Requirements or taxes
owed by any person or entity if: (i) the contest is based upon a material question of law or fact
raised by such Person in good faith; (ii) such Person properly commences and thereafter diligently
pursues the contest; (iii) the contest will not materially impair the ability to ultimately comply
with the contested Legal Requirement should the contest not be successful; (iv) reasonable reserves
in an amount necessary to undertake and pay for such contest and any corrective or remedial action
then or thereafter reasonably likely to be necessary shall have been established in a manner
satisfactory to the Agent or deposited in cash (or cash equivalents) with the Agent to be held
during the pendency of such contest, or such contested amount shall have been duly bonded in
accordance with applicable law; (v) if the contest relates to a Legal Requirement under
Environmental Law, the conditions set forth in the Environmental Indemnity relating to such
contests shall be satisfied; (vi) no risk of sale, forfeiture or loss of any interest in any
Individual Property or the Collateral or any part thereof arises during the pendency of such
contest; and (vii) such contest does not have and could not reasonably be expected to have a
Material Adverse Effect.

9.2 Recourse Provisions.

9.2.1 Borrower Fully Liable. The Borrower shall be fully liable for the Loan
and the Obligations to each of the Lenders.

9.2.2 Additional Matters. Nothing contained in this Section 9.2 or elsewhere
shall: (i) limit the right of Agent or any of the Lenders to obtain injunctive relief or to
pursue equitable remedies under any of the Loan Documents, excluding only any injunctive
relief ordering payment of obligations by any Person or entity for which personal liability
does not otherwise exist; or (ii) limit the liability of any attorney, law firm, accountant
or other professional who or which renders or provides any written opinion or certificate to
Agent or any of the Lenders in connection with the Loan even though such person or entity
may be a member of the Borrower.

9.3 Payment of Obligations. Upon the payment in full of the Obligations, in
immediately available funds, including, without limitation, all unreimbursed costs and expenses of
the Agent and of each Lender for which the Borrower is responsible, the Agent shall release any
security and other collateral interests, including, without limitation, the Payment Direction
Letters, rights of setoff and right to freeze granted to the Agent as provided for herein and under
the other Loan Documents and shall execute and deliver such documents and termination statements as
the Borrower or any other Loan Party reasonably requests to evidence such termination and release.
However, such release by the Agent shall not be deemed to terminate or release any Person from any
obligation or liability under the Loan Documents which specifically by its terms survives the
payment in full of the Obligations.

ARTICLE 10

EVENTS OF DEFAULT

The following provisions deal with Default, Events of Default, notice, grace and cure periods,
and certain rights of Agent following an Event of Default.

10.1 Default and Events of Default. The term “Default” as used herein or in any of
the other Loan Documents shall mean an Event of Default, or any fact or circumstance which
constitutes, or upon the lapse of time, or giving of notice, or both, could constitute, an Event of
Default. The occurrence of any of the following events, respectively, shall, subject to the giving
of any notice or the expiration of any applicable grace period referred to in Section 10.2 without
the cure thereof, constitute an “Event of Default” herein. Upon the occurrence of any Event of
Default described in Sections 10.1.8, any and all Obligations shall become due and payable without
any further act on the part of the
Agent. Upon the occurrence of any other Event of Default, the Agent may declare any and all
Obligations immediately due and payable. The occurrence and continuance of any Event of Default
shall also constitute, without notice or demand, a default under all other agreements between the
Agent and/or the Lenders and the Borrower and instruments and papers heretofore, now, or hereafter
given the Agent and/or the Lenders by the Borrower.

 

44

 

10.1.1 Failure to Pay the Loan. The failure by the Borrower to pay when due
any principal of, interest on, or fees in respect of, the Loans.

10.1.2 Failure to Make Other Payments. The failure by the Borrower to pay when
due (or upon demand, if payable on demand) any payment the Obligation other than any payment
the Obligation on account of the principal of, or interest on, or fees in respect of, the
Loans.

10.1.3 Note, Security Documents, and Other Loan Documents. Any other default
in the performance of any term or provision of the Note, or of the Security Documents, or of
any of the other Loan Documents, or a breach, or other failure to satisfy, any other term,
provision, condition or warranty under the Note, the Security Documents, or any other Loan
Document, regardless of whether any then undisbursed portion of the Loan is sufficient to
cover any payment of money required thereby, and the specific grace period, if any, allowed
for the default in question shall have expired without such default having been cured.

10.1.4 Default under Other Agreements. The occurrence of any breach of any
covenant or Obligation imposed by, or of any default under, any agreement (including any
Loan Document) between the Agent and/or the Lenders and the Borrower, the other Loan
Parties, and/or the Property Owners or instrument given by the Borrower and such Persons to
the Agent and/or the Lenders in connection with the Facility and the expiry, without cure,
of any applicable grace period (notwithstanding that the Agent and/or the Lenders may not
have exercised all or any of its/their rights on account of such breach or default).

10.1.5 Representations and Warranties. If any representation or warranty made
by the Borrower or by any of the other Loan Parties or the Borrower Subsidiaries in the Loan
Documents was untrue or misleading in a manner which could reasonably be expected to have a
Material Adverse Effect.

10.1.6 Affirmative Covenants. The breach of any covenant contained in Article
7 herein, including, without limitation, the Financial Covenants.

10.1.7 Negative Covenants. The breach of any covenant contained in Article 8
herein.

10.1.8 Financial Status and Insolvency.

 

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(a) the Borrower shall: (i) admit in writing its inability to pay its debts
generally as they become due; (ii) file a petition in bankruptcy or a petition to
take advantage of any insolvency act; (iii) make an assignment for the benefit of
creditors; (iv) consent to, or acquiesce in, the appointment of a receiver,
liquidator
or trustee of itself or of the whole or any substantial part of its properties
or assets; (v) file a petition or answer seeking reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under the
Federal Bankruptcy laws or any other applicable law; (vi) have a court of competent
jurisdiction enter an order, judgment or decree appointing a receiver, liquidator or
trustee of the Borrower, or of the whole or any substantial part of the property or
assets of the Borrower, and such order, judgment or decree shall remain unvacated or
not set aside or unstayed for sixty (60) days; (vii) have a petition filed against
it seeking reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief under the Federal Bankruptcy laws or any other
applicable law and such petition shall remain undismissed for sixty (60) days;
(viii) have, under the provisions of any other law for the relief or aid of debtors,
any court of competent jurisdiction assume custody or control of the Borrower or of
the whole or any substantial part of its property or assets and such custody or
control shall remain unterminated or unstayed for sixty (60) days; or (ix) have an
attachment or execution levied against any substantial portion of the property of
the Borrower or against any substantial portion of the Collateral which is not
discharged or dissolved by a bond within thirty (30) days; or

(b) any such event set forth in subsection (i) above shall occur with respect
to any other Loan Party, unless such event does not result in a breach of the
Financial Covenants or a required payment under Section 2.5.1(a).

10.1.9 Loan Documents. If any Loan Document for any reason other than the
satisfaction in full of all Obligations shall cease to be in full force and effect (other
than in accordance with its terms), thereby preventing the Agent and/or the Lenders from
obtaining the practical realization of the benefits thereof, or if any Loan Document shall
be declared null and void or any Loan Party shall claim or declare any such Loan Document to
no longer be in full force and effect or is null and void, or if the Liens and security
interests purported to be created by any of the Loan Documents shall cease to be valid,
perfected, first priority (except as otherwise expressly provided herein) security
interests;

10.1.10 Judgments. One or more judgments or decrees shall be entered against
the Borrower or any other Loan Party or Borrower Subsidiary involving a liability (not paid
or fully covered by a reputable and solvent insurance company) and such judgments and
decrees either shall be final and non-appealable or shall not be vacated, discharged or
stayed or bonded pending appeal for any period of sixty (60) consecutive days, and the
aggregate amount of all such judgments exceeds $500,000.00;

10.1.11 Default of Other Specified Debt and Related Documents. If a Default or
Event of Default (regardless of how or if defined) shall occur under any Debt of (a) the
Borrower, or (b) any Borrower Subsidiaries in excess of $10,000,000.00 in any instance or
$25,000,000.00 in the aggregate;

 

46

 

10.1.12 ERISA. (i) If any Plan shall fail to satisfy the minimum funding
standard required for any plan year or part thereof or a waiver of such standard or
extension of any amortization period is sought or granted under Section 412 of the Code, any
Plan shall have had or is likely to have a trustee appointed to administer such Plan, any
Plan is, shall have been or is likely to be terminated or to be the subject of termination
proceedings under ERISA, any Plan shall have an Unfunded Current Liability, a contribution
required to be made to a Plan has not been timely made, the Borrower or any Borrower
Subsidiary or any ERISA Affiliate has incurred or is likely to incur a liability to or on
account of a Plan under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204
or 4212 of ERISA or Section 401(a)(29), 4971, 4975 or 4980 of the Code, or the Borrower or
any Borrower Subsidiary has incurred or is likely to incur liabilities pursuant to one or
more employee welfare benefit plans (as defined in Section 3(l) of ERISA) that provide
benefits to retired employees or other former employees (other than as required by Section
601 of ERISA) or employee pension benefit plans (as defined in Section 3(2) of ERISA) and
any of the foregoing could have a Material Adverse Effect; (ii) if there shall result from
any such event or events the imposition of a lien, the granting of a security interest, or a
liability or a material risk of incurring a liability which could have, or reasonably be
expected to have, a Material Adverse Effect; or (iii) if which lien, security interest or
liability, individually, and/or in the aggregate, in the opinion of the Agent could have, or
reasonably be expected to have, a Material Adverse Effect.

10.1.13 Change of Control. If a Change of Control shall occur.

10.1.14 Indictment; Forfeiture. The indictment of, or institution of any legal
process or proceeding against, the Borrower, any other Loan Party, and/or any Borrower
Subsidiary under any applicable law where the relief, penalties, or remedies sought or
available include the forfeiture of any property of the Borrower and/or any other such
Person and/or the imposition of any stay or other order, the effect of which could
reasonably be expected to have a Material Adverse Effect.

10.1.15 Default of Other Obligations. Any failure by the Borrower to pay at
maturity, or within any applicable grace period, any obligation for borrowed money, or in
respect of any capitalized lease, or any failure to observe or perform any material term,
covenant or agreement contained in any agreement by which the Borrower is bound, evidencing
or securing borrowed money, or in respect of any capitalized lease, such that the holder or
holders thereof or of any obligations issued thereunder have accelerated the maturity
thereof.

10.1.16 Termination of Guaranty or the Borrower Consent. The termination or
attempted termination of (i) any Guaranty by any Guarantor of the Obligations, or (ii) any
Indemnification by any Indemnitor.

10.1.17 Generally. A default by the Borrower in the performance of any term,
provision or condition of this Agreement to be performed by the Borrower, or a breach, or
other failure to satisfy, any other term provision, condition, covenant or warranty under
this Agreement and such default remains uncured beyond any applicable specific grace period
provided for in this Agreement, or as set forth in Section 10.2. below.

 

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10.2 Grace Periods and Notice. As to each of the foregoing events the following provisions relating to grace periods and
notice shall apply:

10.2.1 No Notice or Grace Period. Except for any grace or notice period
specifically provided for in any referenced section of this Agreement, there shall be no
grace period and no notice provision with respect to the payment of principal at maturity
and no grace period and no notice provision with respect to defaults related to the
voluntary filing of bankruptcy or reorganization proceedings or an assignment for the
benefit of creditors, or with respect to a breach of warranty or representation as set forth
in Section 10.1.5, or with respect to the breach of any of the affirmative covenants set
forth in Sections 7.26.1, 7.26.3, and 7.26.3.

10.2.2 Nonpayment of Interest and Principal. As to the nonpayment of interest,
installments of principal, and in connection with a Mandatory Principal Prepayment prior to
maturity there shall be a ten (10) Business Day grace period without any requirement of
notice from Agent.

10.2.3 Other Monetary Defaults. All other monetary defaults shall have a five
(5) Business Day grace period following notice from Agent.

10.2.4 Nonmonetary Defaults.

(a) As to non-monetary default under Section 7.2, 7.5, 7.17, 7.20, or 7.21, or
with respect to the breach of any of the negative covenants set forth in Article 8,
there shall be a ten (10) day grace period following notice from Agent of such
default;

(b) As to non-monetary default under Section 7.16, there shall be a five (5)
day grace period following notice from Agent of such default;

(c) As to any other non-monetary default, unless there is a specific shorter or
longer grace period provided for in this Loan Agreement or in another Loan Document,
there shall be a thirty (30) day grace period following notice from Agent or, if
such default would reasonably require more than thirty (30) days to cure or remedy,
such longer period of time not to exceed a total of ninety (90) days from Agent’s
notice as may be reasonably required so long as Borrower shall commence reasonable
actions to remedy or cure the default within thirty (30) days following such notice
and shall diligently prosecute such curative action to completion within such ninety
(90) day period. However, where there is an emergency situation in which there is
danger to person or property such curative action shall be commenced as promptly as
possible. As to breaches of warranties and representations (other than those
related to financial information) there shall be a thirty (30) day grace period
following notice from Agent.

 

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ARTICLE 11 

REMEDIES

11.1 Remedies. Upon the occurrence and during the continuance of an Event of Default, whether or not the
indebtedness evidenced by the Notes and secured by the Security Documents shall be due and payable
or Agent shall have instituted any foreclosure or other action for the enforcement of the Security
Documents or the Notes, Agent may, and shall upon the direction of the Required Lenders, in
addition to any other remedies which Agent may have hereunder or under the other Loan Documents, or
otherwise, and not in limitation thereof, and in Agent’s sole and absolute discretion:

11.1.1 Accelerate Debt. Agent may, and with the direction of the Required
Lenders shall, declare the indebtedness evidenced by the Notes and secured by the Security
Documents immediately due and payable (provided that in the case of a voluntary petition in
bankruptcy filed by the Borrower or an involuntary petition in bankruptcy filed against the
Borrower (after expiration of the grace period, if any, set forth in Section 10.1.8), such
acceleration shall be automatic).

11.1.2 Terminate Commitments. If any Event of Default shall occur and be
continuing, the Agent may, by notice to Borrower, terminate the obligation of the Lenders to
fund Loans in respect of the then unfunded portion of the Facility, and, upon such notice
being given, such obligation of the Lenders to make any further Loans in respect of the then
unfunded portion of the Facility shall terminate immediately and the Lenders shall be
relieved of all further obligations to make any Loans to Borrower.

11.1.3 Pursue Remedies. Agent may, and with the direction of the Required
Lenders shall, pursue any and all remedies provided for hereunder, under any one or more of
the other Loan Documents, and/or otherwise.

11.2 Written Waivers. If a Default or an Event of Default is waived by the Required Lenders, in their sole
discretion, pursuant to a specific written instrument executed by an authorized officer of Agent,
the Default or Event of Default so waived shall be deemed to have never occurred.

11.3 Power of Attorney. For the purpose of exercising the rights granted by this Article 11, as well as any and all
other rights and remedies of Agent under the Loan Documents, the Borrower hereby irrevocably
constitutes and appoints Agent (or any agent designated by Agent) its true and lawful
attorney-in-fact, with full power of substitution, upon the occurrence and during the continuance
of any Event of Default, to execute, acknowledge and deliver any instruments and to do and perform
any acts in the name and on behalf of the Borrower. In connection with the foregoing power of
attorney, the Borrower hereby grants unto the Agent (acting through any of its officers) full power
to do any and all things after the occurrence and during the continuance of an Event of Default
necessary or appropriate in connection with the exercise of such powers as fully and effectually as
the Borrower might or could do, hereby ratifying all that said attorney shall do or cause to be
done by virtue of this Agreement. The foregoing power of attorney shall not be affected by any
disability or incapacity suffered by the Borrower and shall survive the same. All powers conferred
upon the Agent by this Agreement, being coupled with an interest, shall be
irrevocable until this Agreement is terminated by a written instrument executed by a duly
authorized officer of the Agent.

 

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ARTICLE 12 

SECURITY INTEREST AND SET-OFF.

12.1 Security Interest. The Borrower hereby grants to the Agent and each of the Lenders, a continuing lien,
security interest and right of setoff as security for all of the Obligations to Agent and each of
the Lenders, whether now existing or hereafter arising, upon and against all Depository Accounts,
Accounts, deposits, credits, collateral and property, now or hereafter in the possession, custody,
safekeeping or control of Agent or any of the Lenders or any entity under the control of KeyBank
National Association and its successors and assigns, or in transit to any of them.

12.2 Set-Off. After the occurrence and during the continuance of any Event of Default, any such
Depository Accounts, Accounts, deposits, balances or other sums credited by or due from Agent, any
affiliate of Agent or any of the Lenders, or from any such affiliate of any of the Lenders, to the
Borrower may to the fullest extent not prohibited by applicable law at any time or from time to
time, without regard to the existence, sufficiency or adequacy of any other collateral, and without
notice or compliance with any other condition precedent now or hereafter imposed by statute, rule
of law or otherwise, all of which are hereby waived, be set off, appropriated and applied by Agent
against any or all of the Borrower’s Obligations irrespective of whether demand shall have been
made, in such manner as Agent in its sole and absolute discretion may determine. Within three (3)
Business Days of making any such set off, appropriation or application, Agent agrees to notify the
Borrower thereof, provided the failure to give such notice shall not affect the validity of such
set off or appropriation or application. ANY AND ALL RIGHTS TO REQUIRE AGENT OR ANY OF THE LENDERS
TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES A LOAN, PRIOR
TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF SUCH
BORROWER OR ANY GUARANTOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

12.3 Application. Each of the Lenders agrees with each other Lender that with respect to this Agreement or
under any other Loan Document (a) if an amount to be set off is to be applied to indebtedness of
the Borrower or any other Loan Party to such Lender, other than the respective Obligations due to
such Lender, such amount shall be applied ratably to such other indebtedness and to the Borrower’s
Obligations due to such Lender, and (b) if such Lender shall receive from the Borrower or any other
Loan Party, whether by voluntary payment, exercise of the right of setoff, counterclaim, cross
action, enforcement of the claim due to such Lender by proceedings against the Borrower or any
other Loan Party at law or in equity or by proof thereof in bankruptcy, reorganization,
liquidation, receivership or similar proceedings, or otherwise, and shall retain and apply to the
payment of the Obligations due to such Lender any amount in excess of its ratable portion of the
payments received by all of the Lenders with respect to the Borrower’s
Obligations due to all of the Lenders, such Lender will make such disposition and arrangements
with the other Lenders with respect to such excess, either by way of distribution, pro tanto
assignment of claims, subrogation or otherwise as shall result in each Lender receiving in respect
of the subject Obligations its proportionate payment as contemplated by this Agreement; provided
that if all or any part of such excess payment is thereafter recovered from such Lender, such
disposition and arrangements shall be rescinded and the amount restored to the extent of such
recovery, but without interest.

 

50

 

12.4 Right to Freeze. The Agent and each of the Lenders shall also have the right, at its option, upon the
occurrence and during the continuance of any event which would entitle the Agent and each of the
Lenders to set off or debit as set forth in Section 12.2, to freeze, block or segregate any such
deposits, balances and other sums so that the Borrower may not access, control or draw upon the
same.

12.5 Additional Rights. The rights of Agent, the Lenders and each affiliate of Agent and each of the Lenders under
this Article 12 are in addition to, and not in limitation of, other rights and remedies, including
other rights of set off, which Agent or any of the Lenders may have.

ARTICLE 13 

THE AGENT AND THE LENDERS

13.1 Appointment. KeyBank National Association is hereby appointed as Agent hereunder and under each other
Loan Document, and each Lender hereby irrevocably authorizes the Agent to act as agent for Lender
and to take such actions as Lender is obligated or entitled to take under the provisions of this
Agreement and the other Loan Documents. Agent agrees to act as such upon the express conditions
contained in this Article in substantially the same manner that it would act in dealing with a loan
held for its own account. Agent shall not have a fiduciary relationship with respect to any Lender
by reason of this Agreement. The provisions of this Article 13 which do not expressly grant
Borrower certain rights by direct reference to Borrower are solely for the benefit of the Agent and
the Lenders, and Borrower shall not have any rights as a third party beneficiary of any of the
provisions hereof. In performing its functions and duties under this Agreement, the Agent shall
act solely as agent of Lender and does not assume, and shall not be deemed to have assumed, any
obligations toward or relationship of agency or trust with or for the Borrower, provided, however,
that nothing contained in this Article 13 shall be deemed to release Agent or the Lenders from any
of their obligations under this Agreement.

13.2 Reliance on Agent. All acts of and communications by the Agent, as agent for the Lenders, shall be deemed
legally conclusive and binding; and Borrower or any third party (including any court) shall rely on
any and all communications or acts of the Agent with respect to the exercise of any rights or the
granting of any consent, waiver or approval on behalf of a Lender in all circumstances where an
action by such Lender is required or permitted pursuant to this Agreement or the provisions of
any other Loan Document or by applicable law without the right or necessity of making any
inquiry of any individual Lender as to the authority of Agent with respect to such matter. In no
event shall any of the foregoing limit the rights or obligations of any Lender with respect to any
other Lender pursuant to this Article 13.

13.3 Powers. The Agent shall have and may exercise such powers under the Loan Documents as are
specifically delegated to the Agent by the terms of each thereof, together with such powers as are
reasonably incidental thereto or are otherwise necessary or desirable in connection with the
administration of the Loan, and may exercise all other powers of Lender as are not made subject to
the consent of the Required Lenders pursuant to Section 13.26.1 or to the consent of all Lenders
pursuant to Section 13.26.2. Without limiting the foregoing, the Agent may consent to or execute
easements, plats, dedications, release of minor portions of the collateral and similar documents.
The Agent shall not be considered, or be deemed, a separate agent of the Lenders hereunder, but is,
and shall be deemed, acting in its contractual capacity as Agent, exercising such rights and powers
under the Loan Documents as are specifically delegated to the Agent or Agent is otherwise entitled
to take hereunder. Agent shall have no implied duties to the Lenders, or any obligation to the
Lenders to take any action except any action specifically provided by the Loan Documents to be
taken by the Agent.

 

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13.4 Disbursements.

13.4.1 At least two (2) Business Days (by 11:00 a.m. Eastern Time) prior to each date a
disbursement of a Loan is to be made hereunder pursuant to this Agreement (or at least two
(2) LIBOR Business Days by 11:00 a.m. Eastern Time for any disbursements to be made at the
Adjusted LIBOR Rate), the Agent shall notify each Lender of the proposed disbursement. Each
Lender shall make available to Agent (or the funding Lender or entity designated by the
Agent), the amount of such Lender’s Percentage of such disbursement (with respect to such
Lender, such amount being referred to herein as an “Advance”) in immediately available funds
not later than 11:00 a.m. Eastern Time on the date such disbursement is to be made (such
date being referred to herein as a “Funding Date”). Unless the Agent shall have been
notified by any Lender prior to such time for funding in respect of any Advance that such
Lender does not intend to make available to the Agent such Lender’s Advance, the Agent may
assume that such Lender has made such amount available to the Agent and the Agent, in its
sole discretion, may, but shall not be obligated to, make available to Borrower a
corresponding amount. If such corresponding amount is not in fact made available to the
Agent by such Lender on or prior to the respective Funding Date, such Lender agrees to pay
and Borrower agrees to repay to Agent forthwith on demand such corresponding amount together
with interest thereon, for each day from the date such amount is made available to Borrower
until the date such amount is paid or repaid to Agent, at (A) in the case of such Lender,
the Federal Funds Effective Rate, and (B) in the case of Borrower, the interest rate
applicable at the time to a disbursement made on such Funding Date. If such Lender shall
pay to Agent such corresponding amount, such amount so paid shall constitute such Lender’s
Advance, and if both such Lender and Borrower shall have paid and repaid, respectively, such
corresponding amount, Agent shall promptly return to Borrower such corresponding amount in
same day funds. If any Lender declines to make available to Agent such Lender’s advance as
described above, so long as no Event of Default has occurred and is
continuing, upon written demand of Borrower, the Borrower may require such Lender to
sell and assign its entire interest in the Loans pursuant to Section 13.22 hereof to an
Eligible Assignee, reasonably approved by Agent, upon payment by such Eligible Assignee of
the entire par amount of such Lender’s interest.

13.4.2 Requests by the Agent for funding by the Lenders of disbursements of the Loan
will be made by facsimile. Each Lender shall make its Advance available to the Agent in
dollars and in immediately available funds to such Lender and account as the Agent may
designate, not later than Noon Eastern Time on the Funding Date. Nothing in this Section
13.4 shall be deemed to relieve any Lender of its obligation hereunder to make any Advance
on any Funding Date, nor shall any Lender be responsible for the failure of any other Lender
to perform its obligations to make any Advance hereunder, and the Commitment of any Lender
shall not be increased or decreased as a result of the failure by any other Lender to
perform its obligation to make any Advances hereunder.

 

52

 

13.4.3 As soon as practical Agent will promptly forward to each Lender copies of any
draw request documents and, if applicable, cause the Lender’s Consultant to forward to each
Lender a copy of the Lender’s Consultant’s most recent inspection. Delivery of the draw
request documents and the Lender’s Consultant’s inspection report shall not be a condition
to funding any Advance.

13.5 Distribution and Apportionment of Payments.

13.5.1 Subject to Section 13.5.3, payments actually received by Agent for the account
of the Lenders shall be paid to them promptly after receipt thereof by Agent, but in any
event within one (1) Business Day, provided that, if any such payments are not distributed
to the Lenders within one (1) Business Day after Agent’s receipt thereof, Agent shall pay to
such Lenders interest thereon, at the lesser of (i) the Federal Funds Effective Rate and
(ii) if the applicable payment represents repayment of a portion of the principal of the
Loan, the rate of interest applicable to such portion of the Loan, from the date of receipt
of such funds by Agent until such funds are paid in immediately available funds to such
Lenders provided such funds are received by Agent not later than 11:00 A.M. Eastern Time on
the date of receipt. All payments of principal and interest in respect of the Loan, all
payments of the fees described in this Agreement (but not in any separate fee letter except
to the extent expressly set forth therein), and all payments in respect of any other
obligations of Borrower under the Loan Documents shall be allocated among such of Lenders as
are entitled thereto, in proportion of their respective Percentages or otherwise as provided
herein or in the other Loan Documents, as the case may be. The Agent shall distribute to
each Lender at its primary address set forth herein or in its Assignment and Assumption, or
at such other address as a Lender may request in writing, such funds as it may be entitled
to receive, provided that the Agent shall in any event not be bound to inquire into or
determine the validity, scope or priority of any interest or entitlement of any Lender and
may suspend all payments and seek appropriate relief (including without limitation
instructions from the Required Lenders, or all Lenders, as applicable, or an action in the
nature of interpleader) in the event of any doubt or dispute as to any apportionment or
distribution contemplated hereby. The order of priority herein is set forth solely to
determine the rights and priorities of the Lenders as among themselves and may at any time
or from time to time be changed by the Lenders as they may elect, in writing, without
necessity of notice to or consent of or approval by
Borrower. The Agent shall upon each distribution noted above promptly notify Borrower
of such distribution and each Lender of the amounts so distributed to it applicable to
principal of, and interest on, the proportionate share held by the applicable Lender. Each
payment to the Agent by Borrower as noted in this Section shall constitute a payment by the
Borrower to each Lender in the amount of such Lender’s proportionate of such payment, and
any such payment to the Agent shall not be considered outstanding for any purpose after the
date of such payment by the Borrower to the Agent without regard to whether or when the
Agent makes distribution thereof as provided above.

 

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13.5.2 Distribution of Liquidation Proceeds. Subject to the terms and conditions
hereof, the Agent shall distribute all Liquidation Proceeds in the order and manner set
forth below:

	 	First:	 	 To the Agent, towards any fees and any expenses for which the Agent is entitled to
reimbursement under this Agreement or the other Loan Documents not theretofore paid to
the Agent.

	 
	 	Second:	 	 To all applicable Lenders in accordance with their proportional share based upon
their respective Percentages until all Lenders have been reimbursed for all expenses
which such Lenders have previously paid to the Agent and not theretofore paid to such
Lenders.

	 
	 	Third:	 	 Pro Rata to (a) all Lenders in accordance with their proportional share based upon
their respective Percentages until all Lenders have been paid in full all principal and
interest due to such Lenders under the Loan, with each Lender applying such proceeds
for purposes of this Agreement against the outstanding principal balance and accrued
and unpaid interest due to such Lender under the Loans in such fashion and priority as
the Agent may direct, and (b) to the Agent in connection with any Interest Rate
Protection Agreement (if any) or other hedging or protection arrangement entered into
by the Borrower or any other party with the KeyBank National Association with respect
to the Loan.

	 
	 	Fourth:	 	 To all applicable Lenders in accordance with their proportional share based upon
their respective Percentages until all Lenders have been paid in full all other amounts
due to such Lenders under the Loans including, without limitation, any costs and
expenses incurred directly by such Lenders to the extent such costs and expenses are
reimbursable to such Lenders by the Borrower under the Loan Documents.

	 
	 	Fifth:	 	 To the Borrower or such third parties as may be entitled to claim Liquidation
Proceeds.

13.5.3 If a Lender (a “Defaulting Lender”) defaults in making any Advance or paying any
other sum payable by it hereunder, such sum together with interest thereon at the Default
Rate from the date such amount was due until repaid (such sum and interest thereon as
aforesaid referred to, collectively, as the “Lender Default Obligation”) shall be payable by
the Defaulting Lender (i) to any Lender(s) which elect, at their sole option (and with no
obligation to do so), to fund the amount which the Defaulting Lender failed
to fund or (ii) to Agent or any other Lender which under the terms of this Agreement is
entitled to reimbursement from the Defaulting Lender for the amounts advanced or expended.
Notwithstanding any provision hereof to the contrary, until such time as a Defaulting Lender
has repaid the Lender Default Obligation in full, all amounts which would otherwise be
distributed to the Defaulting Lender shall instead be applied first to repay the Lender
Default Obligation (to be applied first to interest at the Default Rate and then to
principal) until the Lender Default Obligation has been repaid in full (whether by such
application or by cure by the Defaulting Lender), whereupon such Lender shall no longer be a
Defaulting Lender. Any interest collected from Borrower on account of principal advanced by
any Lender(s) on behalf of a Defaulting Lender shall be paid to the Lender(s) who made such
advance and shall be credited against the Defaulting Lender’s obligation to pay interest on
the amount advanced at the Default Rate. If no other Lender makes an advance a Defaulting
Lender failed to fund, a portion of the indebtedness of Borrower to the Defaulting Lender
equal to the Lender Default Obligation shall be subordinated to the indebtedness of Borrower
to all other Lenders and shall be paid only after the indebtedness of Borrower to all other
Lenders is paid. The provisions of this Section shall apply and be effective regardless of
whether an Event of Default

 

54

 

occurs and is then continuing, and notwithstanding (i) any other
provision of this Agreement to the contrary or (ii) any instruction of Borrower as to its
desired application of payments. Except as specifically provided in Section 13.26.2, no
Defaulting Lender shall have the right to vote on matters which are subject to the consent
or approval of Required Lenders or all Lenders and while any Lender is a Defaulting Lender
the requisite percentage of Lenders which constitutes the Required Lenders shall be
calculated exclusive of the Percentage of the Defaulting Lender. The Agent shall be
entitled to (i) withhold or set off, and to apply to the payment of the Lender Default
Obligation any amounts to be paid to such Defaulting Lender under this Agreement, and (ii)
bring an action or suit against such Defaulting Lender in a court of competent jurisdiction
to recover the Lender Default Obligation and, to the extent such recovery would not fully
compensate the Lenders for the Defaulting Lender’s breach of this Agreement, to collect
damages. In addition, the Defaulting Lender shall indemnify, defend and hold Agent and each
of the other Lenders harmless from and against any and all claims, actions, liabilities,
damages, costs and expenses (including attorneys’ fees and expenses), plus interest thereon
at the Default Rate, for funds advanced by Agent or any other Lender on account of the
Defaulting Lender or any other damages such persons may sustain or incur by reason of or as
a direct consequence of the Defaulting Lender’s failure or refusal to abide by its
obligations under this Agreement. Any Lender who is not a Defaulting Lender may, but shall
not be obligated, in its sole discretion, to acquire all or a portion of a Defaulting
Lender’s Commitment. Any Lender desiring to exercise such right shall give written notice
thereof to the Agent and the Borrower no sooner than 2 Business Days and not later than 5
Business Days after such Defaulting Lender became a Defaulting Lender. If more than one
Lender exercises such right, each such Lender shall have the right to acquire an amount of
such Defaulting Lender’s Commitment in proportion to the Commitments of the other Lenders
exercising such right. If after such 5th Business Day, the Lenders have not elected to
purchase all of the Commitment of such Defaulting Lender, then the Borrower may, by giving
written notice thereof to the Agent, such Defaulting Lender and the other Lenders, either
(i) demand that such Defaulting Lender assign its Commitment to an Eligible Assignee subject
to and in accordance with the provisions of Section 13.22 for the purchase price provided
for below or (ii) terminate the Commitment of such
Defaulting Lender, whereupon such Defaulting Lender shall no longer be a party hereto
or have any rights or obligations hereunder or under any of the other Loan Documents. No
party hereto shall have any obligation whatsoever to initiate any such replacement or to
assist in finding an Eligible Assignee. Upon any such purchase or assignment, the
Defaulting Lender’s interest in the Loans and its rights hereunder (but not its liability in
respect thereof or under the Loan Documents or this Agreement to the extent the same relate
to the period prior to the effective date of the purchase except to the extent assigned
pursuant to such purchase) shall terminate on the date of purchase, and the Defaulting
Lender shall promptly execute all documents reasonably requested to surrender and transfer
such interest to the purchaser or assignee thereof, including an appropriate Assignment and
Acceptance Agreement and, notwithstanding Section 13.22, shall pay to the Agent an
assignment fee in the amount of $4,000.00. The purchase price for the Commitment of a
Defaulting Lender shall be equal to the amount of the principal balance of the Loans
outstanding and owed by the Borrower to the Defaulting Lender. Prior to payment of such
purchase price to a Defaulting Lender, the Agent shall apply against such purchase price any
amounts retained by the Agent as set forth above. Notwithstanding the foregoing, the
Defaulting Lender shall be entitled to receive amounts
owed to it by the Borrower under the
Loan Documents which accrued prior to the date of the default by the Defaulting Lender, to
the extent the same are received by the Agent from or on behalf of the Borrower. There
shall be no recourse against any Lender or the Agent for the payment of such sums except to
the extent of the receipt of payments from any other party or in respect of the Loans.

 

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13.5.4 At least five Business Days prior to the first date on which interest or fees
are payable hereunder for the account of any Lender, each Lender that is not incorporated
under the laws of the United States of America, or a state thereof, agrees that it will
deliver to each of the Agent and the Borrower two duly completed copies of United States
Internal Revenue Service Form W-8 BEN or W-8 ECI, certifying in either case that such Lender
is entitled to receive payments under this Agreement and the Note without deduction or
withholding of any United States federal income taxes. Each Lender which so delivers a Form
W-8 BEN or W-8 ECI further undertakes to deliver to the Agent two additional copies of such
form (or a successor form) on or before the date that such form expires or becomes obsolete
or after the occurrence of any event requiring a change in the most recent forms so
delivered by it, and such amendments thereto or extensions or renewals thereof as may be
reasonably requested by the Agent, in each case certifying that such Lender is entitled to
receive payments under this Agreement and the Note without deduction or withholding of any
United States federal income taxes, unless any change in treaty, law or regulation has
occurred after the initial delivery required by this Section 13.5.4 but prior to the date on
which any such subsequent delivery would otherwise be required which renders all such forms
inapplicable or which would prevent such Lender from duly completing and delivering any such
form with respect to it and such Lender advises the Agent that it is not capable of
receiving payments without any deduction or withholding of United States federal income tax,
provided, however, that if any such Lender so advises the Agent, Agent shall promptly notify
Borrower thereof, and so long as no Event of Default has occurred and is continuing, upon
written demand of Borrower, the Borrower may require such Lender to sell and assign its
entire interest in the Loans pursuant to Section 13.22 hereof to an Eligible Assignee,
reasonably approved
by Agent, upon payment by such Eligible Assignee of the entire par amount of such
Lender’s interest.

13.6 Agency Provisions Relating to Collateral.

13.6.1 The Agent is hereby authorized on behalf of all Lenders, without the necessity
of any notice to or further consent from any Lender, at any time and from time to time, to
take any action with respect to any collateral for the Loans or any Loan Document which may
be necessary to preserve and maintain such collateral or to perfect and maintain perfected
the liens upon such collateral granted pursuant to this Agreement and the other Loan
Documents.

13.6.2 Except as provided in this Agreement, the Agent shall have no obligation
whatsoever to any Lender or to any other person or entity to assure that any collateral
exists or is owned by Borrower or is cared for, protected or insured or has been encumbered
or that the liens granted herein or in any of the other Loan Documents or pursuant hereto or
thereto have been properly or sufficiently or lawfully created, perfected, protected or
enforced or are entitled to any particular priority.

 

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13.6.3 Should the Agent commence any proceeding or in any way seek to enforce the
Agent’s or the Lenders’ rights or remedies under the Loan Documents, irrespective of whether
as a result thereof the Agent shall acquire title to any collateral, each Lender, upon
demand therefor from time to time, shall contribute its share (based on its Percentage) of
the reasonable costs and/or expenses of any such enforcement or acquisition, including, but
not limited to, fees of receivers or trustees, court costs, title company charges, filing
and recording fees, appraisers’ fees and fees and expenses of attorneys to the extent not
otherwise reimbursed by Borrower. Without limiting the generality of the foregoing, each
Lender shall contribute its share (based on its Percentage) of all reasonable costs and
expenses incurred by the Agent (including reasonable attorneys’ fees and expenses) if the
Agent employs counsel for advice or other representation (whether or not any suit has been
or shall be filed) with respect to any collateral for the Loans or any part thereof, or any
of the Loan Documents, or the attempt to enforce any security interest or lien on any
collateral, or to enforce any rights of the Agent or the Lenders or any of Borrower’s or any
other party’s obligations under any of the Loan Documents, but not with respect to any
dispute between Agent and any other Lender(s). It is understood and agreed that in the
event the Agent determines it is necessary to engage counsel for Lender from and after the
occurrence of a Default or Event of Default, said counsel shall be selected by the Agent and
written notice of such selection, together with a copy of such counsel’s engagement letter
and fee estimate, shall be delivered to the Lenders.

13.6.4 In the event that all or any portion of the collateral for the Loans is acquired
by the Agent as the result of the exercise of any remedies hereunder or under any other Loan
Document, or is retained in satisfaction of all or any part of Borrower’s obligations under
the Loan Documents, title to any such collateral or any portion thereof shall be held in the
name of the Agent or a nominee or subsidiary of Agent, as agent, for the ratable benefit of
the Agent and the Lenders. The Agent shall prepare a recommended course of action for such
collateral (the “Post-Default Plan”), which shall be subject to the approval of the Required
Lenders. The Agent shall administer the
collateral in accordance with the Post-Default Plan, and upon demand therefor from time
to time, each Lender will contribute its share (based on its Percentage) of all reasonable
costs and expenses incurred by the Agent pursuant to the Post-Default Plan, including
without limitation, any operating losses and all necessary operating reserves. To the
extent there is net operating income from such collateral, the Agent shall, in accordance
with the Post-Default Plan, determine the amount and timing of distributions to Lenders.
All such distributions shall be made to Lenders in accordance with their respective
Percentages. In no event shall the provisions of this subsection or the Post-Default Plan
require the Agent or any Lender to take an action which would cause such Lender to be in
violation of any applicable regulatory requirements.

13.7 Lender Actions Against Borrower or the Collateral. Each Lender agrees that it will not take any action, nor institute any actions or
proceedings, against Borrower or any other person hereunder or under any other Loan Documents with
respect to exercising claims against the Borrower or rights in any collateral without the consent
of the Required Lenders. With respect to any action by the Agent to enforce the rights and
remedies of the Agent and Lenders with respect to the Borrower and any collateral in accordance
with the terms of this Agreement, each Lender hereby consents to the jurisdiction of the court in
which such action is maintained.

 

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13.8 Assignment and Participation. No Lender shall be permitted to assign or sell all or any portion of its rights and
obligations under this Agreement to Borrower or any Affiliate of Borrower.

13.9 Ratable Sharing. Subject to Sections 13.4 and 13.5, Lenders agree among themselves that (i) with respect to
all amounts received by them which are applicable to the payment of the Loan, equitable adjustment
will be made so that, in effect, all such amounts will be shared among them ratably in accordance
with their Percentages, whether received by voluntary payment, by the exercise of the right of
set-off or bankers’ lien, by counterclaim or cross action or by the enforcement of any or all of
the Loan Documents or any collateral and (ii) if any of them shall by voluntary payment or by the
exercise of any right of counterclaim, set-off, bankers’ lien or otherwise, receive payment of a
proportion of the aggregate amount of the Loans held by it which is greater than its Percentage of
the payments on account of the Loan, the one receiving such excess payment shall purchase, without
recourse or warranty, an undivided interest and participation (which it shall be deemed to have
done simultaneously upon the receipt of such payment) in such obligations owed to the others so
that all such recoveries with respect to such obligations shall be applied ratably in accordance
with their Percentages; provided, that if all or part of such excess payment received by the
purchasing party is thereafter recovered from it, those purchases shall be rescinded and the
purchase prices paid for such participations shall be returned to that party to the extent
necessary to adjust for such recovery, but without interest except to the extent the purchasing
party is required to pay interest in connection with such recovery. Borrower agrees that any
Lender so purchasing a participation from another Lender pursuant to this Section may, to the
fullest extent permitted by law, exercise all its rights of payment (including the right of
set-off) with respect to such participation as fully as if such Lender were the direct creditor of
Borrower in the amount of such participation.

13.10 General Immunity. Neither Agent nor any of its directors, officers, agents or employees shall be liable to
Borrower or any Lender for any action taken or omitted to be taken by it or them hereunder or under
any other Loan Document or in connection herewith or therewith, except for its or their own gross
negligence or willful misconduct. In the absence of gross negligence, the Agent shall not be
liable for any apportionment or distribution of payments made by it in good faith pursuant to
Section 13.5, and if any such apportionment or distribution is subsequently determined to have been
made in error the sole recourse of any Lender to whom payment was due, but not made, shall be to
recover from the recipients of such payments any payment in excess of the amount to which they are
determined to have been entitled.

13.11 No Responsibility for Loan, Recitals, Etc. Neither Agent nor any of its directors, officers, agents or employees shall be responsible for
or have any duty to ascertain, inquire into, or verify (i) any statement, warranty or
representation made in connection with any Loan Document or any use of the Loans; (ii) the
performance or observance of any of the covenants or agreements of any party to any Loan Document;
(iii) the satisfaction of any condition specified in this Agreement, except receipt of items
purporting to be the items required to be delivered to any Agent; or (iv) the validity,
effectiveness or genuineness of any Loan Document or any other instrument or writing furnished in
connection therewith, provided that the foregoing shall not release Agent from liability for its
gross negligence or willful misconduct.

 

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13.12 Action on Instructions of Lenders. The Agent shall in all cases be fully protected in acting, or in refraining from acting,
hereunder and under any other Loan Document in accordance with written instructions signed by all
the Lenders (or the Required Lenders, if such action may be directed hereunder by the Required
Lenders), and such instructions and any action taken or failure to act pursuant thereto shall be
binding on all of Lenders. Each Lender, severally to the extent of its Percentage, hereby agrees
to indemnify Agent against and hold it harmless from any and all liability, cost and expense that
it may incur by reason of taking or continuing to take any such action, provided that the foregoing
shall not release Agent from liability for its gross negligence or willful misconduct.

13.13 Employment of Agents and Counsel. The Agent may undertake any of its duties as Agent hereunder and under any other Loan
Document by or through employees, agents, and attorneys-in-fact and shall not be liable to Lenders,
except as to money or securities received by them or their authorized agents, for the default or
misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The Agent
shall be entitled to advice of counsel concerning all matters pertaining to the agency hereby
created and its duties hereunder and under any other Loan Document.

13.14 Reliance on Documents; Counsel. The Agent shall be entitled to rely upon any notice, consent, certificate, affidavit,
letter, telegram, statement, paper or document believed by it to be genuine and correct and to have
been signed or sent by the proper person or persons, and, in respect to legal matters, upon the
opinion
of counsel selected by the Agent, which counsel may be an employee of Agent, provided that the
foregoing shall not release the Agent from liability for its gross negligence or willful
misconduct. Any such counsel shall be deemed to be acting on behalf of Lender in assisting the
Agent with respect to the Loan, but shall not be precluded from also representing Agent in any
matter in which the interests of Agent and the other Lenders may differ.

13.15 Agent’ Reimbursement and Indemnification. Lenders agree to reimburse and indemnify Agent ratably (i) for any amounts (excluding
principal and interest on the Loans and loan fees) not reimbursed by Borrower for which Agent is
entitled to reimbursement under the Loan Documents, (ii) for any other expenses incurred by Agent
on behalf of Lender, in connection with the preparation, execution, delivery, administration and
enforcement of the Loan Documents, if not paid by Borrower, (iii) for any expenses incurred by
Agent on behalf of Lender which may be necessary or desirable to preserve and maintain collateral
or to perfect and maintain perfected the liens upon the collateral granted pursuant to this
Agreement and the other Loan Documents, if not paid by Borrower, (iv) for any amounts and other
expenses incurred by Agent on behalf of Lender in connection with any default by any Lender
hereunder or under the other Loan Documents, if not paid by such Lender, and (v) for any
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted
against Agent in any way relating to or arising out of the Loan Documents or any other document
delivered in connection therewith or the transactions contemplated thereby, or the enforcement of
any of the terms thereof or of any such other documents, provided that no Lender shall be liable
for any of the foregoing to the extent they arise from the gross negligence or willful misconduct
of Agent.

13.16 Rights as a Lender. With respect to its Commitment, if any, Agent shall have the same rights, powers and
obligations hereunder and under any other Loan Document as any Lender and may exercise such rights
and powers as though it were not an Agent, and the term “Lender” or “Lenders” shall, unless the
context otherwise indicates, include Agent in its individual capacities. The Borrower and each
Lender acknowledge and agree that Agent and/or its affiliates may accept deposits from, lend money
to, hold other investments in, and generally engage in any kind of trust, debt, equity or other
transaction or have other relationships, in addition to those contemplated by this Agreement or any
other Loan Document, with Borrower or any of its affiliates in which Borrower or such affiliate is
not restricted hereby from engaging with any other person.

 

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13.17 Lenders’ Credit Decisions. Each Lender acknowledges that it has, independently and without reliance upon the Agent or
any other Lender and based on the financial statements and other information prepared by Borrower
and such other documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement and the other Loan Documents. Each Lender also
acknowledges that it will, independently and without reliance upon Agent 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 this Agreement and the other Loan
Documents.

13.18 Notice of Events of Default. Should Agent receive any written notice of the occurrence of a default or Event of Default,
or should the Agent send Borrower a notice of Default or Event of Default, the Agent shall promptly
furnish a copy thereof to each Lender.

13.19 Successor Agent.

13.19.1 Notwithstanding anything contained in this Agreement to the contrary, KeyBank
National Association shall serve as Agent pursuant to this Agreement until the earlier to
occur of the following (the “Resignation Event”): (a) the occurrence of an Event of Default,
or (b) the date upon which the Facility is terminated. Following such a Resignation Event,
Agent may resign from the performance of all its functions and duties hereunder at any time
by giving at least thirty (30) days prior written notice to Lenders and Borrower. Such
resignation shall take effect on the date set forth in such notice or as otherwise provided
below. Such resignation by Agent as agent shall not affect its obligations hereunder, if
any, as a Lender.

13.19.2 Upon resignation by the Agent, or any successor Agent, the Required Lenders
shall appoint a successor Agent with the consent of Borrower, which shall not be
unreasonably withheld, conditioned or delayed (provided that no consent of Borrower shall be
required if the successor Agent is also a Lender or if an Event of Default then exists). If
no successor Agent shall have been so appointed by the Required Lenders, and shall have
accepted such appointment within thirty (30) days after the retiring Agent’s giving notice
of resignation, then the retiring Agent may appoint a successor Agent with the consent of
Borrower, which shall not be unreasonably withheld, conditioned or delayed (provided that no
consent of Borrower shall be required if the successor Agent is also a Lender or if an Event
of Default then exists). Upon the acceptance of any appointment as an Agent hereunder by a
successor Agent, such successor Agent shall thereupon succeed to and become vested with all
the rights, powers, privileges and duties of the Agent and the Agent, and the retiring Agent
shall be discharged from its duties and obligations hereunder and under the other Loan
Documents other than its liability, if any, for duties and obligations accrued prior to its
retirement. After any retiring Agent’s resignation hereunder as an Agent, the provisions of
this Article 13 shall continue in effect for its benefit in respect of any actions taken or
omitted to be taken by it while it was acting as an Agent hereunder and under the other Loan
Documents.

 

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13.20 Distribution by Agent. If in the opinion of the Agent distribution of any amount received by it in such capacity
hereunder or under the Notes or under any of the other Loan Documents might involve any liability,
it may refrain from making distribution until its right to make distribution shall have been
adjudicated by a court of competent jurisdiction or has been resolved by the mutual consent of all
Lenders. In addition, the Agent may request full and complete indemnity, in form and substance
satisfactory to it, prior to making any such distribution. If a court of competent jurisdiction
shall adjudge that any amount received and distributed by the Agent is to be repaid, each person to
whom any such distribution shall have been made shall either repay to the Agent
its proportionate share of the amount so adjudged to be repaid or shall pay over to the same
in such manner and to such persons as shall be determined by such court.

13.21 Holders. The Agent may deem and treat the payee of any Note as the owner thereof for all purposes
hereof unless and until a written notice of the assignment, transfer or endorsement thereof, as the
case may be, shall have been filed with the Agent. Any request, authority or consent of any person
or entity who, at the time of making such request or giving such authority or consent, is the
holder of any Note shall be conclusive and binding on any subsequent holder, transferee or
endorsee, as the case may be, of such Note or of any Note or Notes issued in exchange therefor.

13.22 Assignment and Participation. Each Lender shall have the right to assign, transfer, sell, negotiate, pledge or otherwise
hypothecate this Agreement and any of its rights and security hereunder and under the other Loan
Documents to any other Eligible Assignee with the prior written consent of the Agent and with the
prior written consent of Borrower, which consents by the Agent and the Borrower shall not be
unreasonably withheld, conditioned or delayed (provided that, in the case of the Borrower, such
consent shall not be required if a Default or Event of Default shall have occurred and be
continuing and provided, further, such consent shall not be required from either the Agent or the
Borrower in connection with any assignment as to which (a) the assignee is an existing Lender
(other than a Defaulting Lender) or (b) an Affiliate or a Related Fund of the assigning Lender));
provided, however, that (i) the parties to each such assignment shall execute and deliver to Agent,
for its approval and acceptance, an Assignment and Assumption in form and substance satisfactory to
the Agent and substantially in the form set forth in Exhibit B attached hereto, (ii) each
such assignment shall be of a constant, and not a varying, percentage of the assigning Lender’s
rights and obligations under this Agreement, (iii) unless the Agent and, so long as no Event of
Default exists, Borrower otherwise consent, the aggregate amount of the Commitment of the assigning
Lender being assigned pursuant to each such assignment shall in no event be less than One Million
Dollars ($1,000,000.00), provided, however, that such minimum amount shall not apply if either (x)
the assignee is an Affiliate or Related Fund of the Assigning Lender or (y) the Lender is assigning
its entire remaining interest in the Loan, (iv) the Agent shall receive from the assigning Lender a
processing fee of Three Thousand Five Hundred Dollars ($3,500.00), provided, however, that such fee
shall not apply if the assignee is an Affiliate or Related Fund of the Assigning Lender, and (v) if
the assignment is less than the assigning Lender’s entire interest in the Loan, the assigning
Lender must retain at least a One Million Dollar ($1,000,000.00) interest in the Loan, provided
that such minimum shall not apply if the assignee is an Affiliate or Related Fund of the assigning
Lender. The Agent may designate any Eligible Assignee accepting an assignment of a specified
portion of the Loans to be a Co-Agent, an “Arranger” or similar title, but such designation shall
not confer on such Assignee the rights or duties of the Agent. Upon

 

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such  execution, delivery,
approval and acceptance, and upon the effective date specified in the applicable Assignment and
Assumption, (a) the Eligible Assignee thereunder shall be a party hereto and, to the extent that
rights and obligations hereunder have been assigned to it pursuant to such Assignment and
Assumption, have the rights and obligations of a Lender hereunder and under the other Loan
Documents, and Borrower hereby agrees that all of the rights and remedies of Lenders in connection
with the interest so assigned shall be enforceable against Borrower by such Eligible Assignee with
the same force and effect and to the same extent as the
same would have been enforceable but for such assignment, and (b) the assigning Lender
thereunder shall, to the extent that rights and obligations hereunder and under the other Loan
Documents have been assigned by it pursuant to such Assignment and Assumption, relinquish its
rights and be released from its obligations hereunder and thereunder thereafter accruing.

13.22.1 By executing and delivering an Assignment and Assumption, the assigning Lender
thereunder and the Eligible Assignee thereunder confirm to and agree with each other and the
other parties hereto as follows: (i) except as provided in such Assignment and Assumption,
such assigning Lender makes no representation or warranty and assumes no responsibility with
respect to any statements, warranties or representations made in or in connection with this
Agreement or any other Loan Document or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement or any other Loan Document or any other
instrument or document furnished in connection therewith; (ii) such assigning Lender makes
no representation or warranty and assumes no responsibility with respect to the financial
condition of the Borrower or the performance or observance by the Borrower of any of its
obligations under any Loan Document or any other instrument or document furnished in
connection therewith; (iii) such Eligible Assignee confirms that it has received a copy of
this Agreement together with such financial statements, Loan Documents and other documents
and information as it has deemed appropriate to make its own credit analysis and decision to
enter into the Assignment and Assumption and to become a Lender hereunder; (iv) such
Eligible Assignee will, independently and without reliance upon Agent, the assigning Lender
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 this Agreement; (v) such Eligible Assignee appoints and authorizes the Agent to
take such action as the Agent on its behalf and to exercise such powers under this Agreement
and the other Loan Documents as are delegated to Agent by the terms hereof and thereof,
together with such powers as are reasonably incidental thereto; and (vi) such Eligible
Assignee agrees that it will perform in accordance with their terms all of the obligations
which by the terms of this Agreement are required to be performed by it as a Lender.

13.22.2 Agent shall maintain a copy of each Assignment and Assumption delivered to and
accepted by it and shall record in its records the names and address of each Lender and the
Commitment of, and Percentage of the Loans owing to, such Lender from time to time.
Borrower, the Agent and Lenders may treat each entity whose name is so recorded as a Lender
hereunder for all purposes of this Agreement.

13.22.3 Upon receipt of an Assignment and Assumption executed by an assigning Lender
and an Eligible Assignee, Agent shall, if such Assignment and Assumption has been properly
completed and consented to if required herein, accept such Assignment and Assumption, and
record the information contained therein in its records, and the Agent shall use its best
efforts to give prompt notice thereof to Borrower (provided that neither the Agent nor the
Lenders shall be liable for any failure to give such notice).

 

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13.22.4 Borrower shall use reasonable efforts to cooperate with Agent and each Lender
in connection with the assignment of interests under this Agreement or the sale of
participations herein which shall be at no cost to the Borrower.

13.22.5 Anything in this Agreement to the contrary notwithstanding, and without the
need to comply with any of the formal or procedural requirements of this Agreement,
including this Section, any Lender may at any time and from time to time pledge and assign
all or any portion of its rights under all or any of the Loan Documents to a Federal Reserve
Bank or, in the case of a Lender which is a fund, to any holders of obligations owed or
securities issued by such Lender or any trustee for or other representatives of such
holders; provided that no such pledge or assignment shall release such Lender from its
obligations hereunder. To facilitate any such pledge or assignment, the Agent shall, at the
request of such Lender, enter into a letter agreement with the Federal Reserve Bank in, or
substantially in, the form of the exhibit to Appendix C to the Federal Reserve Bank of New
York Operating Circular No. 12.

13.22.6 Anything in this Agreement to the contrary notwithstanding, any Lender may
assign all or any portion of its rights and obligations under this Agreement to another
branch or affiliate of such Lender without first obtaining the approval of any Agent or the
Borrower, provided that (i) such Lender remains liable hereunder unless the Borrower and
Agent shall otherwise agree, (ii) at the time of such assignment such Lender is not a
Defaulting Lender, (iii) such Lender gives the Agent and Borrower at least fifteen (15)
days’ prior written notice of any such assignment; (iv) the parties to each such assignment
execute and deliver to Agent an Assignment and Assumption, and (v) the Agent receives from
the assigning Lender a processing fee of One Thousand Five Hundred Dollars ($1,500).

13.22.7 Each Lender shall have the right, without the consent of the Borrower, to sell
participations to one or more Eligible Assignees, or an Affiliate or Related Fund of the
assigning Lender, in or to all or a portion of its rights and obligations under the Facility
and the Loan Documents; provided, however, that (i) such Lender’s obligations under this
Agreement (including without limitation its Commitment to Borrower hereunder) shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations (iii) the Borrower, the Agent 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 and with regard to any and all payments to be
made under this Agreement and (iv) the holder of any such participation shall not be
entitled to voting rights under this Agreement or the other Loan Documents (but such holder
may contract with the Lender selling such Eligible Assignee its interest in such Lender’s
share of the Facility as to voting of such Lender’s interest under Section 13.26.2 but not
under any other section of this Agreement, provided that any such agreement by a Lender
shall bind only such Lender alone and not Borrower, the other Lenders or the Agent).

 

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13.22.8 No Eligible Assignee of any rights and obligations under this Agreement shall
be permitted to subassign such rights and obligations. No participant in any rights and
obligations under this Agreement shall be permitted to sell subparticipations of such rights
and obligations.

13.22.9 Borrower acknowledges and agrees that Lenders may provide to any assignee or
participant originals or copies of this Agreement, any other Loan Document and any other
documents, instruments, certificates, opinions, insurance policies, letters of credit,
reports, requisitions and other materials and information of
every nature or description, and may communicate all oral information, at any time
submitted by or on behalf of Borrower or received by any Lender in connection with the
Facility or with respect to Borrower, provided that prior to any such delivery or
communication, such Eligible Assignees or participants shall agree to preserve the
confidentiality of any of the foregoing to the same extent that such Lender agreed to
preserve such confidentiality. In order to facilitate assignments to Eligible Assignees and
sales to Eligible Assignees, Borrower shall execute such further documents, instruments or
agreements as Lenders may reasonably require; provided, that Borrower shall not be required
(i) to execute any document or agreement which would materially decrease its rights, or
materially increase its obligations, relative to those set forth in this Agreement or any of
the other Loan Documents (including financial obligations, personal recourse,
representations and warranties and reporting requirements), or (ii) to expend more than
incidental sums of money or incidental administrative time for which it does not receive
reasonable reimbursement in order to comply with any requests or requirements of any Lender
in connection with such assignment or sale arrangement. In addition, Borrower agrees to
reasonably cooperate fully with Lenders in the exercise of Lenders’ rights pursuant to this
Section, including providing such information and documentation regarding Borrower as any
Lender or any potential Eligible Assignee may reasonably request and to meet with potential
Eligible Assignees in Borrower’s offices.

13.23 Several Liability. Anything contained in this Agreement to the contrary notwithstanding, the obligations of
each Lender to Borrower under this Agreement are several and not joint and several; each Lender
shall only be obligated to fund its Percentage of each disbursement to be made hereunder up to the
amount of its Commitment. Failure of any Lender to fulfill its obligations hereunder shall not
result in any other Lender becoming obligated to advance more than its Commitment, nor shall such
failure release or diminish the obligations of any other Lender to fund its Commitment provided
herein. During any time, and only during such time, as Agent is the sole Lender and has not
assigned any portion or portions of its interest in the Loans to another Lender pursuant to an
Assignment and Assumption Agreement, Agent in its individual capacity shall be liable for all of
the obligations of the Lender under this Agreement and the other Loan Documents. From and after
the date that Agent as the sole Lender assigns any portion or portions of its interest in the Loans
to another Lender pursuant to an Assignment and Assumption Agreement, then Agent shall act as the
Agent on behalf of itself as a Lender and the other Lenders.

13.24 Miscellaneous Assignment Provisions. Any assigning Lender shall retain its rights to be indemnified pursuant to Section 7.19
with respect to any claims or actions arising prior to the date of such assignment. If any
assignee Lender is not incorporated under the laws of the United States of America or any state
thereof, it shall prior to the date on which any interest or fees are payable hereunder or under
any of the other Loan Documents for its account, deliver to the Borrower and the Agent
certification as to its exemption from deduction or withholding of any United States federal income
taxes.

 

64

 

13.25 Assignment by Borrower. The Borrower shall not assign or transfer any of its rights or obligations under any of the
Loan Documents.

13.26 Consents and Approvals.

13.26.1 Each of the following shall require the approval or consent of the Required
Lenders:

(a) The exercise by Agent and/or Lenders of any rights and remedies under the
Loan Documents following an Event of Default, provided that absent any direction
from the Required Lenders, Agent may exercise any right or remedy under the Loan
Documents as Agent may determine in good faith to be necessary or appropriate to
protect the Lenders or the collateral securing the Loan;

(b) Appointment of a successor Agent;

(c) Approval of Post-Default Plan (defined in Section 13.6.4); and

(d) Except as referred to in Section 13.26.2 below, approval of any amendment
or modification of this Agreement or any of the other Loan Documents, or issuance of
any waiver of any material provision of this Agreement or any of the other Loan
Documents;

13.26.2 Each of the following shall require the approval or consent of each Lender
adversely affected thereby:

(a) Extension of the Maturity (beyond any extension permitted herein) or
forgiveness of all or any portion of the principal amount of the Loan or any accrued
interest thereon, or any other amendment of this Agreement or the other Loan
Documents which would reduce the interest rate options or the rate at which fees are
calculated or forgive any loan fee, or extend the time of payment of any principal,
interest or fees;

(b) Reduction of the percentage specified in the definition of Required
Lenders;

(c) Increasing the amount of the Facility or any non-consenting Lender’s
Commitment;

(d) Release of any lien on any material collateral (except as Borrower is
entitled to under the Loan Documents);

(e) The release or forgiveness of any Guarantor unless such release is in
connection with an approved removal of a Borrowing Base Asset pursuant to Section
3.4;

 

65

 

(f) Amendment of the provisions of this Section 13.26;

(g) Amendment of the Mandatory Prepayment Events;

(h) Modification of Section 13.5.2 on the distribution of Liquidation Proceeds;
and

(i) Amendment of what or how much is allowed as (i) Permitted Liens on the
Individual Properties or any other Collateral for the Loan, or (ii) Permitted Debt.

No amendment, waiver or consent, unless in writing and signed by the Agent, in such capacity, in
addition to the Lenders required hereinabove to take such action, shall affect the rights or duties
of the Agent under this Agreement or any of the other Loan Documents. Notwithstanding anything to
the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except that (a) the Commitment of such Lender may not be
increased or extended without the consent of such Lender, and (b) no such amendment, waiver or
consent may uniquely and negatively impact such Defaulting Lender without the approval of such
Defaulting Lender.

13.26.3 In addition to the required consents or approvals referred to in Sections
13.26.1 and 13.26.2 above, the Agent may at any time request instructions from the Required
Lenders with respect to any actions or approvals which, by the terms of this Agreement or of
any of the Loan Documents, the Agent is permitted or required to take or to grant without
instructions from any Lenders, and if such instructions are promptly requested, the Agent
shall be absolutely entitled to refrain from taking any action or to withhold any approval
and shall not be under any liability whatsoever for refraining from taking any action or
withholding any approval under any of the Loan Documents until it shall have received such
instructions from the Required Lenders. Without limiting the foregoing, no Lender shall
have any right of action whatsoever against any Agent as a result of such Agent acting or
refraining from acting under this Agreement or any of the other Loan Documents in accordance
with the instructions of the Required Lenders or, where applicable, all Lenders. The Agent
shall promptly notify each Lender at any time that the Required Lenders have instructed the
Agent to act or refrain from acting pursuant hereto.

13.26.4 Each Lender authorizes and directs the Agent to enter into the Loan Documents
other than this Agreement for the benefit of the Lenders. Each Lender agrees that any
action taken by the Agent at the direction or with the consent of the Required Lenders in
accordance with the provisions of this Agreement or any other Loan Document, and the
exercise by the Agent at the direction or with the consent of the Required Lenders of the
powers set forth herein or therein, together with such other powers as are reasonably
incidental thereto, shall be authorized and binding upon all Lenders, except for actions
specifically requiring the approval of all Lenders. All communications from the Agent to
the Lenders requesting Lenders’ determination, consent, approval or disapproval (i) shall be
given in the form of a written notice to each Lender, (ii) shall be accompanied by a
description of the matter or item as to which such determination, approval, consent or
disapproval is requested, or shall advise

 

66

 

 each Lender where such matter or item may be
inspected, or shall otherwise describe the matter or issue to be resolved, (iii) shall
include, if reasonably requested by a Lender and to the extent not previously provided to
such Lender, written materials and a summary of all oral information provided to the Agent
by Borrower in respect of the matter or issue to be resolved, and (iv) shall include the
Agent’s recommended course of action or
determination in respect thereof. Each Lender shall reply promptly, but in any event
within ten (10) Business Days after receipt of the request therefor from the Agent (the
“Lender Reply Period”). Unless a Lender shall give written notice to the Agent that it
objects to the recommendation or determination of the Agent (together with a written
explanation of the reasons behind such objection) within the Lender Reply Period, such
Lender shall be deemed to have approved of or consented to such recommendation or
determination. With respect to decisions requiring the approval of the Required Lenders or
all Lenders, the Agent shall upon receiving the required approval or consent follow the
course of action or determination recommended to the Lenders by the Agent or such other
course of action recommended by the Required Lenders. Where this Loan Agreement or any
other Loan Document requires that Borrower deliver any documentation to Agent or any
Lenders, the Borrower shall deliver the same to Agent and Agent shall promptly deliver
copies of the same to each of the Lenders.

13.27 Lead Arranger. Notwithstanding the provisions of this Agreement or of the other Loan Documents, the Lead
Arranger shall have no powers, rights, duties, responsibilities or liabilities with respect to this
Agreement and the other Loan Documents. To the extent requested by the Agent, the Lead Arranger
has coordinated, or will coordinate, the initial syndication of the Facility and the assignment of
interests in the Facility.

ARTICLE 14 

GENERAL PROVISIONS

14.1 Notices. Any notice or other communication in connection with this Loan Agreement, the Note, the
Security Documents, or any of the other Loan Documents, shall be in writing, and (i) deposited in
the United States Mail, postage prepaid, by registered or certified mail, or (ii) hand delivered by
any commercially recognized courier service or overnight delivery service such as Federal Express,
or (iii) sent by facsimile transmission if a FAX Number is designated below addressed:

If to the Borrower:

WRT REALTY L.P.

7 Bulfinch Place, Suite 500, P.O. Box 9507

Boston, Massachusetts 02114

Attention: Carolyn Tiffany, President

FAX Number: (617) 570-4710

 

67

 

with copies by regular mail or such hand delivery or facsimile transmission to:

Post Heymann & Koffler LLP

Two Jericho Plaza, Wing A, Suite 211

Jericho, New York 11753

Attention: David J. Heymann, Esquire

FAX Number: (516) 433-2777

If to Agent:

KEYBANK NATIONAL ASSOCIATION

4900 Tiedemann Road

Brooklyn, Ohio 44144

Attention: David W. Lenhart and Matt Himes

FAX Number: 216-813-6943

And

KEYBANK NATIONAL ASSOCIATION

225 Franklin Street

Boston, Massachusetts 02110

Attention: Ms Jane E. McGrath

FAX Number: 617 385-6293

with copies by regular mail or such hand delivery or facsimile transmission to:

Riemer & Braunstein LLP

Three Center Plaza

Boston, Massachusetts 02108

Attention: Kevin J. Lyons, Esquire

FAX Number: (617) 880-3433

If to LENDERS:

KEYBANK NATIONAL ASSOCIATION

4900 Tiedemann Road

Brooklyn, Ohio 44144

Attention: David W. Lenhart and Matt Himes

FAX Number: 216-813-6943

And

KEYBANK NATIONAL ASSOCIATION

225 Franklin Street

Boston, Massachusetts 02110

Attention: Ms. Jane E. McGrath

FAX Number: 617 385-6293

 

68

 

with copies by regular mail or such hand delivery or facsimile transmission to:

Riemer & Braunstein LLP

Three Center Plaza

Boston, Massachusetts 02108

Attention: Kevin J. Lyons, Esquire

FAX Number: (617) 692-3433

If to any other Lender, to the addresses set forth on the signature page or to such addresses as
set forth in the Assignment and Acceptance.

Any such addressee may change its address for such notices to such other address in the United
States as such addressee shall have specified by written notice given as set forth above. All
periods of notice shall be measured from the deemed date of delivery.

A notice shall be deemed to have been given, delivered and received for the purposes of all
Loan Documents upon the earliest of: (i) if sent by such certified or registered mail, on the third
Business Day following the date of postmark, or (ii) if hand delivered at the specified address by
such courier or overnight delivery service, when so delivered or tendered for delivery during
customary business hours on a Business Day, or (iii) if so mailed, on the date of actual receipt as
evidenced by the return receipt, or (iv) if so delivered, upon actual receipt, or (v) if facsimile
transmission is a permitted means of giving notice, upon receipt as evidenced by confirmation.

14.2 Limitations on Assignment. The Borrower may not assign this Agreement or the monies due thereunder without the prior
written consent of all of the Lenders in each instance, but in such event Lenders may nevertheless
at their option make the Loans under this Agreement to the Borrower or to those who succeed to the
title of the Borrower and all sums so advanced by Lenders shall be deemed a Loan under this
Agreement and not to be modifications thereof and shall be secured by all of the Collateral for the
subject’s Borrower’s Obligations given at any time in connection herewith.

14.3 Further Assurances. The Borrower shall upon request from Agent from time to time execute, seal, acknowledge and
deliver such further instruments or documents which Agent may reasonably require to better perfect
and confirm its rights and remedies hereunder, under the Notes, under the Security Documents and
under each of the other Loan Documents.

14.4 Payments. All payments under the Note shall be applied first to the payment of all fees, expenses and
other amounts due to the Agent (excluding principal and interest) and, to the extent reimbursement
is provided for herein, the Lenders, then to accrued interest, and the balance on account of
outstanding principal under the Note; provided, however, that after an Event of Default,
Liquidation Proceeds will be applied to the Obligations of the Borrower to Agent and the Lenders as
otherwise provided for herein.

14.5 Parties Bound. The provisions of this Agreement and of each of the other Loan Documents shall be binding
upon and inure to the benefit of the Borrower, the Agent and each of the Lenders and their
respective successors and assigns, except as otherwise prohibited by this Agreement or any of the
other Loan Documents.

 

69

 

This Agreement is a contract by and among the Borrower, the Agent and each of the Lenders for
their mutual benefit, and no third person shall have any right, claim or interest against either
Agent, any of the Lenders or the Borrower by virtue of any provision hereof.

14.6 Governing Law; Consent to Jurisdiction; Mutual Waiver of Jury Trial.

14.6.1 Substantial Relationship. It is understood and agreed that all of the
Loan Documents were negotiated, executed and delivered in The Commonwealth of Massachusetts,
which Commonwealth the parties agree has a substantial relationship to the parties and to
the underlying transactions embodied by the Loan Documents.

14.6.2 Place of Delivery. The Borrower agrees to furnish to Agent at the
Agent’s office in Boston, Massachusetts all further instruments, certifications and
documents to be furnished hereunder.

14.6.3 Governing Law. This Agreement and each of the other Loan Documents
shall in all respects be governed, construed, applied and enforced in accordance with the
internal laws of The Commonwealth of Massachusetts without regard to principles of conflicts
of law.

14.6.4 Consent to Jurisdiction. The Borrower hereby consents to personal
jurisdiction in any state or Federal court located within The Commonwealth of Massachusetts.

14.6.5 JURY TRIAL WAIVER. THE BORROWER, AGENT, AND EACH OF THE LENDERS
MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED ON THIS LOAN AGREEMENT, ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED
IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF
CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF AGENT OR ANY LENDER RELATING TO THE
ADMINISTRATION OF THE LOAN OR ENFORCEMENT OF THE LOAN DOCUMENTS, AND AGREE THAT NEITHER
PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL
CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW, EACH PARTY HEREBY WAIVES ANY
RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL, INDIRECT, SPECULATIVE,
EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO,
ACTUAL DAMAGES. THE BORROWER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF AGENT
OR ANY LENDER HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT AGENT OR ANY LENDER WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL
INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

70

 

14.7 Survival. All representations, warranties, covenants and agreements of the Borrower, or a Loan Party,
herein or in any other Loan Document, or in any notice, certificate, or other paper delivered by or
on behalf of the Borrower or a Loan Party pursuant hereto are significant and shall be deemed to
have been relied upon by Agent and each of the Lenders notwithstanding any investigation made by
Agent or any of the Lenders or on its behalf and shall survive the delivery of the Loan Documents
and the making of the Loans pursuant thereto. No review or approval by Agent or the Lenders or any
of their representatives, of any opinion letters, certificates by professionals or other item of
any nature shall relieve the Borrower or anyone else of any of the obligations, warranties or
representations made by or on behalf of Borrower or a Loan Party, or any one or more of them, under
any one or more of the Loan Documents.

14.8 Cumulative Rights. All of the rights of Agent and the Lenders hereunder and under each of the other Loan
Documents and any other agreement now or hereafter executed in connection herewith or therewith,
shall be cumulative and may be exercised singly, together, or in such combination as Agent may
determine in its sole good faith judgment.

14.9 Claims Against Agent or Lenders.

14.9.1 Borrower Must Notify. The Agent and each of the Lenders shall not be in
default under this Agreement, or under any other Loan Document, unless a written notice
specifically setting forth the claim of the Borrower shall have been given to Agent and each
of the Lenders within thirty (30) days after the subject Borrower first had actual Knowledge
or actual notice of the occurrence of the event which Borrower alleges gave rise to such
claim and Agent or any of the Lenders does not remedy or cure the default, if any there be,
with reasonable promptness thereafter. Such actual Knowledge or actual notice shall refer
to what was actually known by, or expressed in a written notification furnished to, any of
the persons or officials referred to in Exhibit D as Authorized Representatives.

14.9.2 Remedies. If it is determined by the final order of a court of
competent jurisdiction, which is not subject to further appeal, that Agent or any of the
Lenders has breached any of its obligations under the Loan Documents and has not remedied or
cured the same with reasonable promptness following notice thereof, Agent’s and each of the
Lenders’ responsibilities shall be limited to: (i) where the breach consists of the failure
to grant consent or give approval in violation of the terms and requirements of a Loan
Document, the obligation to grant such consent or give such approval and to pay the
Borrower’s reasonable costs and expenses including, without limitation, reasonable
attorneys’ fees and disbursements in connection with such court proceedings; and (ii) the
case of any such failure to grant such consent or give such approval, or in the case of any
other such default by Agent or any of the Lenders, where it is also so determined that
Agent or any of the Lenders acted in bad faith, the payment of any actual, direct,
compensatory damages sustained by the Borrower as a result thereof plus the Borrower’s
reasonable costs and expenses, including, without limitation, reasonable attorneys’ fees and
disbursements in connection with such court proceedings.

14.9.3 Limitations. In no event, however, shall Agent and each of the Lenders
be liable to the Borrower or to any Loan Party or anyone else for other damages such as, but
not limited to, indirect, speculative, special, exemplary, punitive or consequential damages
whatever the nature of the breach by Agent or any of the Lenders of its obligations under
this Loan Agreement or under any of the other Loan Documents. In no event shall Agent or
any of the Lenders be liable to the Borrower or to any Loan Party or anyone else unless a
written notice specifically setting forth the claim of the Borrower shall have been given to
Agent and each of the Lenders within the time period specified above.

 

71

 

14.10 Regarding Consents. Except to the extent expressly provided herein, any and all consents to be made hereunder
by the Agent, Required Lenders, or Lenders shall be in the discretion of the Party to whom consent
rights are given hereunder.

14.11 Obligations Absolute. Except to the extent prohibited by applicable law which cannot be waived, the Obligations
of the Borrower and the obligations of each Guarantor and the other Loan Parties under the Loan
Documents shall be joint and several, absolute, unconditional and irrevocable and shall be paid
strictly in accordance with the terms of the Loan Documents to which such Loan Party is a party
under all circumstances whatsoever, including, without limitation, the existence of any claim, set
off, defense or other right which the Borrower or any Loan Party may have at any time against Agent
or any of the Lenders whether in connection with the Loan or any unrelated transaction.

14.12 Table of Contents, Title and Headings. Any Table of Contents, the titles and the headings of sections are not parts of this Loan
Agreement or any other Loan Document and shall not be deemed to affect the meaning or construction
of any of its or their provisions.

14.13 Counterparts. This Loan Agreement and each other Loan Document may be executed in several counterparts,
each of which when executed and delivered is an original, but all of which together shall
constitute one instrument. In making proof of this agreement, it shall not be necessary to produce
or account for more than one such counterpart which is executed by the party against whom
enforcement of such loan agreement is sought.

14.14 Satisfaction of Commitment. The Facility being established pursuant to the terms hereof and of the other Loan Documents
is being made in satisfaction of Agent’s and each of the Lenders’ obligations under the terms
letter dated February 15, 2011. The terms, provisions and conditions of this Agreement and the
other Loan Documents supersede the provisions of the terms letter.

14.15 Time Of the Essence. Time is of the essence of each provision of this Agreement and each other Loan Document.

14.16 No Oral Change. This Loan Agreement and each of the other Loan Documents may only be amended, terminated,
extended or otherwise modified by a writing signed by the party against which enforcement is sought
(except no such writing shall be required for any party which, pursuant to a specific provision of
any Loan Document, is required to be bound by changes without such party’s assent). In no event
shall any oral agreements, promises, actions, inactions, knowledge, course of conduct, course of
dealings or the like be effective to amend, terminate, extend or otherwise modify this Loan
Agreement or any of the other Loan Documents.

14.17 Patriot Act. The Lenders and the Agent each hereby notifies the Borrower that pursuant to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)), it is required to obtain, verify and record information that identifies the Borrower and
each other Loan Party, which information includes the name and address of the Borrower and each
Loan Party and other information that will allow such Lender or the Agent, as applicable, to
identify the Borrower and each Loan Party in accordance with such Act.

 

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14.18 Electronic Information. 

14.18.1 Documents required to be delivered pursuant to the Loan Documents may be
delivered by electronic communication and delivery, including, the Internet, e-mail or
intranet websites to which the Agent and each Lender have access (including a commercial,
third-party website such as www.sec.gov <http://www.sec.gov> or a website sponsored or
hosted by the Agent or the Borrower) provided that the foregoing shall not apply to (i)
notices to any Lender pursuant to Article II. and (ii) any Lender that has notified the
Agent and the Borrower that it cannot or does not want to receive electronic communications.
The Agent or the Borrower may, in their discretion, agree to accept notices and other
communications to them hereunder by electronic delivery pursuant to procedures approved by
them for all or particular notices or communications. Documents or notices delivered
electronically shall be deemed to have been delivered twenty-four (24) hours after the date
and time on which the Agent or the Borrower post such documents or the documents become
available on a commercial website and the Agent or Borrower notify each Lender of said
posting and provides a link thereto provided if such notice or other communication is not
sent or posted during the normal business hours of the recipient, said posting date and time
shall be deemed to have commenced as of 10:00 a.m. Eastern time on the opening of business
on the next business day for the recipient. No Indemnified Party shall be liable for any
damages
arising from the use by third parties of any information or other materials obtained by
such third party through IntraLinks or other similar information transmission systems in
connection with this Agreement. Notwithstanding anything contained herein, in every
instance the Borrower shall be required to provide paper copies of the certificate required
by Section 7.2(c) to the Agent and shall deliver paper copies of any documents to the Agent
or to any Lender that requests such paper copies until a written request to cease delivering
paper copies is given by the Agent or such Lender. Except for the certificates required by
Section 7.2(c), the Agent shall have no obligation to request the delivery of or to maintain
paper copies of the documents delivered electronically, and in any event shall have no
responsibility to monitor compliance by the Borrower with any such request for delivery.
Each Lender shall be solely responsible for requesting delivery to it of paper copies and
maintaining its paper or electronic documents. The Borrower shall cooperate with the Agent
in connection with the publication of certain materials and/or information provided by or on
behalf of the Borrower. Documents required to be delivered pursuant to the Loan Documents
shall be delivered by or on behalf of the Borrower to the Agent and the Lenders
(collectively, “Information Materials”) pursuant to this Article and the Borrower shall
designate Information Materials (a) that are either available to the public or not material
with respect to the Borrower and its Subsidiaries or any of their respective securities for
purposes of United States federal and state securities laws, as “Public Information” and (b)
that are not Public Information as “Private Information”.

 

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14.18.2 Documents required to be delivered pursuant to Article II. may be delivered
electronically to a website provided for such purpose by the Agent pursuant to the
procedures provided to the Borrower by the Agent.

14.19 Monthly Statements. While Agent may issue invoices or other statements on a monthly or periodic basis (a
“Statement”), it is expressly acknowledged and agreed that: (i) the failure of Agent to issue any
Statement on one or more occasions shall not affect the Borrower’s obligations to make payments
under the Loan Documents as and when due; (ii) the inaccuracy of any Statement shall not be binding
upon Lenders and so Borrower shall always remain obligated to pay the full amount(s) required under
the Loan Documents as and when due notwithstanding any provision to the contrary contained in any
Statement; (iii) all Statements are issued for information purposes only and shall never constitute
any type of offer, acceptance, modification, or waiver of the Loan Documents or any of Lenders’
rights or remedies thereunder; and (iv) in no event shall any Statement serve as the basis for, or
a component of, any course of dealing, course of conduct, or trade practice which would modify,
alter, or otherwise affect the express written terms of the Loan Documents.

 

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IN WITNESS WHEREOF this Agreement has been duly executed and delivered as a sealed instrument
at Boston, Massachusetts, as of the date first written above.

	 	 	 	 	 
	BORROWER:	 WRT REALTY L.P., a Delaware limited partnership

By: Winthrop Realty Trust, general partner

 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 

 

S-1

 

	 	 	 	 	 
	AGENT: 	 KEYBANK NATIONAL ASSOCIATION,

a national banking association

 	 
	 	By:  	 	 
	 	 	Jane E. McGrath 	 
	 	 	Vice President 	 
	 

	 	 	 	 	 
	LENDER: 	 KEYBANK NATIONAL ASSOCIATION,

a national banking association

 	 
	 	By:  	 	 
	 	 	Jane E. McGrath 	 
	 	 	Vice President 	 
	 

 

S-2

 

EXHIBITS:

	 	 	 	 	 
	Section
	 	 	 	 
	 
	 	 	 	 
	Reference
	 	 	 	 
	 
	 	 	 	 
	Number
	 	 	 	 
	 
	 	 	 	 
	Exhibit A — Definitions
	 	 	1.1	 
	 
	 	 	 	 
	Exhibit B — Form of Assignment and Assumption
	 	 	13.22	 
	 
	 	 	 	 
	Exhibit C — Form of Note
	 	 	3.2	 
	 
	 	 	 	 
	Exhibit D — Authorized Representatives
	 	4.1, 14.9, Exhibit A	 
	 
	 	 	 	 
	Exhibit E — Required Property, Hazard and Other Insurance
	 	 	6.19, 7.5.1	 
	 
	 	 	 	 
	Exhibit F — Ownership Interests and Taxpayer Identification Numbers
	 	 	6.4	(a)
	 
	 	 	 	 
	Exhibit G-1 — Form of Compliance Certificate.
	 	 	7.2	(c)
	 
	 	 	 	 
	Exhibit G-2 — Form of Financial Covenant Compliance Certificate.
	 	 	 	 
	 
	 	 	 	 
	Exhibit G-3 — Form of Borrowing Base Certificate.
	 	 	7.2	(c)
	 
	 	 	 	 
	Exhibit H — Form of Notice of Rate Selection
	 	 	2.4.3	 
	 
	 	 	 	 
	Exhibit I — Lenders’ Commitments
	 	Exhibit A	 
	 
	 	 	 	 
	Exhibit K — Loan Agenda
	 	Exhibit A	 
	 
	 	 	 	 
	Exhibit M — Pledged Subsidiaries
	 	Exhibit A	 
	 
	 	 	 	 
	Exhibit N — Pledged Securities
	 	 	3.1.2	 
	 
	 	 	 	 

 

 

 

EXHIBIT A TO LOAN AGREEMENT

DEFINITIONS

Accounts shall mean, collectively, the Depository Accounts.

Additional Collateral as defined in Section 3.3.

Adjusted Earnings shall mean the REIT’s net income (loss) (computed in accordance with
GAAP) excluding gains (or losses) from debt restructurings and sales of real property, plus real
estate related depreciation and amortization and after adjustments for unconsolidated partnerships
and joint ventures, as set forth in more detail under the definitions and interpretations thereof
relative to funds from operations promulgated by the National Association of Real Estate Investment
Trusts or its successor, adjusted for (i) the pro rata share of straight line rents, (ii) less the
pro rata share of all regularly scheduled principal amortization payments (other than any final
“balloon” payments due at maturity) and (iii) less the pro rata share of allowances for tenant
improvements and leasing costs.

Adjusted LIBOR Rate shall mean for any LIBOR Rate Interest Period, an interest rate per
annum equal to the sum of (A) the rate obtained by dividing (x) the LIBOR Rate for such LIBOR Rate
Interest Period by (y) a percentage equal to one hundred percent (100%) minus the Reserve
Percentage for such LIBOR Rate Interest Period and (B) the Applicable Margin.

Adjusted LIBOR Rate Advance shall mean any principal outstanding under this Agreement which
pursuant to this Agreement bears interest at the Adjusted LIBOR Rate.

Adjusted Prime Rate means the per annum rate of interest equal to the sum of (a) the
Applicable Margin for Prime Rate Advances and (b) the greater of (i) the Prime Rate, (ii) the
Federal Funds Effective Rate plus one percent (1.0%), or (iii) the then-applicable LIBOR Rate for a
one month interest period plus one percent (1.00%) per annum. Any change in the Adjusted Prime Rate
resulting from a change in the Prime Rate, the Federal Funds Effective Rate or the LIBOR Rate shall
become effective as of 12:01 a.m. on the Business Day on which each such change occurs.

Adjusted Prime Rate Advance. The term “Adjusted Prime Rate Advance” means any principal
amount outstanding under this Agreement which pursuant to this Agreement bears interest at the
Adjusted Prime Rate.

Affiliate shall mean, as to any Person, any other Person that, directly or indirectly, is
in control of, is controlled by or is under common control with such Person or is a director or
officer of such Person. For purposes of this definition, control of a Person shall mean the power,
direct or indirect, (i) to vote 10% or more of the securities having ordinary voting power for the
election of directors of such Person or (ii) to direct or cause the direction of the management and
policies of such Person, whether by contract or otherwise.

Agent. KEYBANK NATIONAL ASSOCIATION, acting as agent for the Lenders.

Agreement as defined in the Preamble.

 

Exhibit A-1

 

Applicable Margin shall mean the amount specified below for each Adjusted Prime Rate
Advance or LIBOR Rate Advance, as applicable:

	 	 	 	 	 
	Applicable Margin	 	Applicable Margin	 
	LIBOR Rate Option	 	Adjusted Prime Rate Option	 
	 
	 	 	 	 
	3.00%
	 	 	1.50	%

Applicable Rate as defined in Section 2.4.1.

Appraisal as defined in Section 7.18.

Arranger shall mean KEYBANC CAPITAL MARKETS.

Authorized Representatives as defined in Section 4.1 and listed on Exhibit D.

Availability as defined in Section 2.1.1.

Borrower as defined in the Preamble.

Borrower Subsidiaries shall mean all of the Subsidiaries of the Borrower, and all
Subsidiaries of Subsidiaries of the Borrower, including, without limitation, the entities as listed
on Exhibit F (except as otherwise indicated).

Borrowing shall mean the borrowing of a portion of Facility from all the Lenders on a given
date (or the conversion of a Loan or Loans of a Lender or Lenders on a given date).

Borrowing Base shall mean, as determined by the Agent, the lesser of (1) the aggregate of
(a) sixty percent (60%) of the Value of each wholly owned Stabilized Individual Property which is a
Borrowing Base Asset, (b) forty percent (40%) of the Value of wholly owned non-Stabilized
Individual Property which is a Borrowing Base Asset, (c) forty five percent (45%) of the market
value of all Pledged Securities, (d) the Cash Percentage of the outstanding balances of the cash
pledged as Collateral hereunder, which Borrowing Base Assets (or the equity interest therein, as
applicable), in each instance, are pledged or otherwise subject to a lien in favor of the Agent in
a manner acceptable to the Agent, (2) the Borrower’s Net Cash Flow divided by 0.12, or (3) the
Mortgageability Amount.

Borrowing Base Asset shall mean each asset which is in the Borrowing Base Assets Pool,
which Borrowing Base Asset (and, as applicable, any underlying Individual Property related thereto)
is and shall at all times be unencumbered (or will be upon repayment of any Debt secured thereby
upon acceptance as a Borrowing Base Asset).

Borrowing Base Assets Pool means all assets subject to a lien in favor the Agent and the
Lenders hereunder and included within the Borrowing Base.

 

Exhibit A-2

 

Borrowing Base Property means each Individual Property as to which the Agent is granted a
lien on such Individual Property or on the equity interests of the Property Owner of such
Individual Property as Collateral hereunder.

Breakage Costs: (a) The cost to Lender of re-employing funds bearing interest at an
Adjusted LIBOR Rate, incurred (or expected to be incurred) in connection with (i) any payment of
any portion of the Loans bearing interest at an Adjusted LIBOR Rate prior to the termination of any
applicable LIBOR Rate Interest Period, (ii) the conversion of an Adjusted LIBOR Rate to any other
applicable interest rate on a date other than the last day of the relevant LIBOR Rate Interest
Period, or (iii) the failure of Borrower to draw down, on the first day of the applicable LIBOR
Rate Interest Period, any amount as to which Borrower has elected a LIBOR Rate Option and (b) any
amounts payable by Borrower under any Interest Rate Agreement in connection with termination of
such Agreement.

Business Day shall mean any day of the year on which offices of Agent are not required or
authorized by law to be closed for business in Boston, Massachusetts. If any day on which a
payment is due is not a Business Day, then the payment shall be due on the next day following which
is a Business Day, and such extension of time shall be included in computing interest and fees in
connection with such payment. Further, if there is no corresponding day for a payment in the given
calendar month (i.e., there is no “February 30th”), the payment shall be due on the last Business
Day of the calendar month.

Calculation Date as defined in Section 7.26.1(a)(i).

Calculation Period as defined in Section 7.26.1(a)(ii).

Capitalization Rate means 8.50%.

Cash Flow shall mean, in each calendar year, in each instance determined in a manner
satisfactory to the Agent, the aggregate sum of (i) all revenues and cash receipts of the Borrower
Subsidiaries less (ii) the sum of the Borrower Subsidiaries’ (a) property level operating expenses
including but not limited to ground rent, (b) management fees and (c) administrative fees.

Cash Percentage shall mean (a) 100% with respect to cash pledged to the Agent and held in
an account at the Agent, and (b) 90% with respect to cash pledged to the Agent and held in a third
party institution subject to such control and another agreements as the Agent may require in order
to perfect the Agent’s lien thereon.

Cash Management Agreement one or more cash management agreements to be entered into
pursuant to Article ARTICLE 7.

Change of Control shall mean the occurrence of any of the following, as determined solely
by the Agent (for purposes of this definition, ownership of interests in a Borrower that are
subject to a Lien permitted under the Security Documents shall be deemed beneficially owned by the
pledgor thereof):

1. Any Person (including affiliates of such Person, but excluding FUR Advisors LLC or
any Affiliate thereof) or “group” (as such term is defined in applicable
federal securities laws and regulations) shall acquire more than twenty-five percent
(25%) of the common shares of the REIT (provided, however, it shall not be a Change in
Control if a Change in Control would otherwise occur solely as a result of the conversion
of any of the existing preferred shares of beneficial interest in the REIT) or;

 

Exhibit A-3

 

2. The Advisory Agreement with FUR Advisors LLC shall have been terminated unless
either (i) the REIT and the Borrower shall become internally managed, or (ii) a replacement
advisory agreement shall have been entered into so long as in either case the REIT and the
Borrower will be managed by either (x) Michael L. Ashner, Carolyn Tiffany and Peter
Braverman or (y) such other management personnel or company that has substantial experience
and a reputation, in each case, equal to or better than that of the current management of
the REIT and the Borrower, which determination shall be made in the sole discretion of the
Agent.

Closing Date as defined in Article 5.

Code shall mean the Internal Revenue Code of 1986, as amended from time to time, and the
regulations promulgated and rulings issued thereunder. Section references to the Code are to the
Code, as in effect at the date of this Agreement and any subsequent provisions of the Code,
amendatory thereof, supplemental thereto or substituted therefor.

Collateral as defined in Section 3.1., together with any additional Collateral granted to
the Agent as set forth in Section 3.3.

Commitment shall mean, with respect to each Lender, the amount set forth on Exhibit
I hereto as the amount of such Lender’s commitment to make advances to the Borrower, as may be
amended from time to time by the Agent as provided in Article 13 or in connection with any increase
in the Total Commitment.

Consents as defined in Section 5.4.

Consolidated Debt Service as defined in Section 7.26.1(a)(iii).

Consolidated Debt Service Coverage as defined in Section 7.26.1(a)(iv)

Consolidated Entity or Consolidated Entities shall mean, singly and collectively,
the Borrower, the REIT, and any wholly owned Subsidiary of the Borrower or the REIT.

Consolidated Leverage Ratio as defined in Section. 7.26.2.

Debt shall mean, with respect to any Person, without duplication, (i) all indebtedness of
such Person for borrowed money, (ii) all indebtedness of such Person for the deferred purchase
price of property or services (other than property and services purchased, and expense accruals and
deferred compensation items arising, in the ordinary course of business), (iii) all obligations of
such Person evidenced by notes, bonds, debentures or other similar instruments (other than
performance, surety and appeal bonds arising in the ordinary course of business), (iv) all
indebtedness of such Person created or arising under any conditional sale or other title retention

 

Exhibit A-4

 

agreement with respect to property acquired by such Person (even though the rights and remedies
of the seller or lender under such agreement in the event of default are limited to repossession or
sale of such property), (v) all obligations of such Person under leases which have been, or should
be, in accordance with generally accepted Accounting principles, recorded as capital leases, to the
extent required to be so recorded, (vi) all reimbursement, payment or similar obligations of such
Person, contingent or otherwise, under acceptance, letter of credit or similar facilities (other
than letters of credit in support of trade obligations or in connection with workers’ compensation,
unemployment insurance, old-age pensions and other social security benefits in the ordinary course
of business), (vii) all Debt in the nature of that referred to in clauses (i) through (vi) above
which is guaranteed directly or indirectly by such Person, or in effect guaranteed directly or
indirectly by such Person through an agreement (A) to pay or purchase such Debt or to advance or
supply funds for the payment or purchase of such Debt, (B) to purchase, sell or lease (as lessee or
lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor
to make payment of such Debt or to assure the holder of such Debt against loss in respect of such
Debt, (C) to supply funds to or in any other manner invest in the debtor (including any agreement
to pay for property or services irrespective of whether such property is received or such services
are rendered) or (D) otherwise to assure a creditor against loss in respect of such Debt, (viii)
any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any indebtedness referred to in clause (i) through (iv) above of any Person, either
directly or indirectly, and (ix) all Debt referred to in clauses (i) through (vi) above secured by
(or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured
by) any Lien, security interest or other charge or encumbrance upon or in property (including,
without limitation, accounts and contract rights) owned by such Person, even though such Person has
not assumed or become liable for the payment of such Debt. Debt shall be adjusted to remove (i)
any impact of intangibles pursuant to ASC 805, as codified by the Financial Accounting Standards
Board in June of 2009, (ii) any impact from Asset Retirement Obligations pursuant to ASC 410, as
codified by the Financial Accounting Standards Board in June of 2009, (iii) any potential impact
from an accounting standard substantially similar to that proposed in the exposure draft issued by
the Financial Accounting Standards Board in August of 2010 related to Leases (Topic 840), and (iv)
any indebtedness that can be fully satisfied by issuing equity interests at Borrower’s option.

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

Debt Service shall mean the annualized interest payment due under the Facility based on the
higher of (a) the weighted average actual interest rates then in effect under the Facility, or (b)
an eight percent (8%) debt service constant.

Debt Service Coverage shall mean the ratio of: (A) Net Cash Flow to (B) Debt Service.

Default as defined in Section 10.1.

 

Exhibit A-5

 

Defaulting Lender means any Lender that, as reasonably determined by the Agent, (a) has
failed to perform any of its funding obligations hereunder, including in respect of its Loans,
within
three (3) Business Days of the date required to be funded by it hereunder and such failure is
continuing, unless such failure arises out of a good faith dispute between such Lender and either
the Borrower or the Agent, (b) (i) has notified the Borrower or the Agent that it does not intend
to comply with its funding obligations hereunder or (ii) has made a public statement to that effect
with respect to its funding obligations under other agreements generally in which it commits to
extend credit, unless with respect to this clause (ii), such failure is subject to a good faith
dispute, (c) has failed, within three (3) Business Days after request by the Agent, to confirm in a
manner reasonably satisfactory to the Agent that it will comply with its funding obligations;
provided that, notwithstanding the provisions of Section 13.5.3, such Lender shall cease to be a
Defaulting Lender upon the Agent’s receipt of such confirmation, or (d) has, or has a direct or
indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief
Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of
creditors or similar Person charged with reorganization or liquidation of its business or a
custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent
to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall
not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest
in that Lender or any direct or indirect parent company thereof, or the exercise of control over
such Lender or any direct or indirect parent company thereof, in each case, by a Governmental
Authority.

Default Rate as defined in Section 2.5.5.

Depository Account Pledge and Security Agreement as defined in Section 3.1.3.

Depository Accounts as defined in Section 3.1.3.

Distribution shall mean, with respect to any Person, that such Person has paid a dividend
or returned any equity capital to its stockholders, members or partners or made any other
distribution, payment or delivery of property (other than common stock or partnership or membership
interests of such Person) or cash to its stockholders, members or partners as such, or redeemed,
retired, purchased or otherwise acquired, directly or indirectly, for a consideration any shares of
any class of its capital stock or any membership or partnership interests (or any options or
warrants issued by such Person with respect to its capital stock or membership or partnership
interests), or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for a
consideration any shares of any class of the capital stock or any membership or partnership
interests of such Person (or any options or warrants issued by such Person with respect to its
capital stock or membership or partnership interests). Without limiting the foregoing,
“Distributions” with respect to any Person shall also include all payments made by such Person with
respect to any stock appreciation rights, plans, equity incentive or achievement plans or any
similar plans, and any proceeds of a dissolution or liquidation of such Person.

Dollars shall mean lawful money of the United States.

 

Exhibit A-6

 

Eligible Assignee shall mean (i) any Lender; (ii) any commercial bank, savings bank,
savings and loan association or similar financial institution which (A) has total assets of One
Billion Dollars ($1,000,000,000) or more, (B) is “well capitalized” within the meaning of such term
under the regulations promulgated under the auspices of the Federal Deposit Insurance
Corporation Improvement Act of 1991, (C) in the sole judgment of the Agent, is engaged in the
business of lending money and extending credit, and buying loans or participations in loans under
credit facilities substantially similar to those extended under this Agreement, and (D) in the
reasonable judgment of the Agent, is operationally and procedurally able to meet the obligations of
a Lender hereunder to the same degree as a commercial bank; (iii) any insurance company in the
business of writing insurance which (A) has total assets of One Billion Dollars ($1,000,000,000) or
more (B) is “best capitalized” within the meaning of such term under the applicable regulations of
the National Association of Insurance Commissioners, and (C) meets the requirements set forth in
subclauses (C) and (D) of clause (ii) above; and (iv) any other financial institution having total
assets of One Billion Dollars ($1,000,000,000) (including a mutual fund or other fund under
management of any investment manager having under its management total assets of One Billion
Dollars ($1,000,000,000) or more) which meets the requirement set forth in subclauses (C) and (D)
of clause (ii) above; provided that each Eligible Assignee must (w) be organized under the Laws of
the United States of America, any state thereof or the District of Columbia, or, if a commercial
bank, be organized under the Laws of the United States of America, any state thereof or the
District of Columbia, the Cayman Islands or any country which is a member of the Organization for
Economic Cooperation and Development, or a political subdivision of such a country, (x) act under
the Loan Documents through a branch, agency or funding office located in the United States of
America, (y) be exempt from withholding of tax on interest and deliver the documents related
thereto pursuant to the Internal Revenue Code as in effect from time to time and (z) not be the
Borrower or an Affiliate of the Borrower.

Environmental Indemnity as defined in Section 3.1.6.

Environmental Laws as defined in the Environmental Indemnity.

ERISA shall mean the Employee Retirement Income Security Act of 1974, as amended from time
to time, and the regulations promulgated and rulings issued thereunder. Section references to
ERISA are to ERISA, as in effect at the date of this Agreement and any subsequent provisions of
ERISA, amendatory thereof, supplemental thereto or substituted therefor.

ERISA Affiliate shall mean each person (as defined in Section 3(9) of ERISA) which together
with the Borrower or a Subsidiary of a Borrower would be deemed to be a “single employer” within
the meaning of Section 414(b), (c), (m) or (o) of the Code.

Event of Default as defined in Section 10.1.

Extended Maturity Date as defined in Section 2.2.

Extended Term as defined in Section 2.2.

Extension Fee as defined in Section 2.6.

Facility as defined in Section 1.3.

Facility Amount shall mean $50,000,000.00, subject to increase as set forth in Section
2.1.2.

 

Exhibit A-7

 

Federal Funds Effective Rate shall mean, for any day, the rate per annum (rounded upward
to the nearest on one-hundredth of one percent (1/100 of 1%)) announced by the Federal Reserve Bank
of Cleveland on such day as being the weighted average of the rates on overnight federal funds
transactions arranged by federal funds brokers on the previous trading day, as computed and
announced by such Federal Reserve Bank in substantially the same manner as such Federal Reserve
Bank computes and announces the weighted average it refers to as the “Federal Funds Effective
Rate.”

Financial Covenants shall mean those covenants of the Borrower set forth in Section 7.26.

Fiscal Year shall mean each twelve month period commencing on January 1 and ending on
December 31.

Fixed Charges as defined in Section 7.26.1(a)(v).

Fixed Charge Coverage as defined in Section 7.26.1(a)(vi).

Formation Documents shall mean, singly and collectively, the partnership agreements, joint
venture agreements, limited partnership agreements, limited liability company or operating
agreements and certificates of limited partnership and certificates of formation, articles (or
certificate) of incorporation and by-laws and any similar agreement, document or instrument of any
Person.

FT-Fin as defined in Section 3.1.4.

Funding Date shall mean the date the advance of the initial proceeds of the Loan.

GAAP means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as may be approved by a significant segment of the
accounting profession, which are applicable to the circumstances as of the date of determination;
provided that, for any calculations hereunder, to the extent GAAP requires balance sheet or income
statement accounts to be stated at fair market value or any GAAP that changes lease accounting, the
impact of such GAAP shall be excluded.

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

Guaranty as defined in Section 3.1.4.

Guarantor as defined in Section 1.4.

Hazardous Materials shall mean and include asbestos, flammable materials, explosives,
radioactive substances, polychlorinated biphenyls, radioactive substances, other carcinogens, oil
and other petroleum products, pollutants or contaminants that could be a detriment to the
environment, and any other hazardous or toxic materials, wastes, or substances which are
defined, determined or identified as such in any past, present or future federal, state or local
laws, rules, codes or regulations, or any judicial or administrative interpretation of such laws,
rules, codes or regulations.

 

Exhibit A-8

 

Indemnified Party as defined in Sections 7.19.

Indemnitor as defined in Section 3.1.6.

Independent shall mean, when used with respect to any Person, a Person who (i) is in fact
independent, (ii) does not have any direct financial or indirect financial interest (other than
amounts payable to such Person for serving as a director) in the Borrower, any Borrower Subsidiary,
or any Loan Party or in any Affiliate of any thereof or in any constituent partner or member of the
Borrower, any Borrower Subsidiary, or any Loan Party or any Affiliate of any thereof and (iii) is
not connected with the Borrower, any Borrower Subsidiary, or any Loan Party or any Affiliate
thereof or any constituent partner of the Borrower, any Borrower Subsidiary, or any Loan Party or
any Affiliate of any thereof as an officer, employee, promoter, underwriter, trustee, partner,
director, or person performing similar functions. Any such Person shall not be deemed to fail to
comply with the requirements of clause (iii), above, solely due to such Person serving as an
Independent director of the REIT. Whenever it is herein provided that any Independent Person’s
opinion or certificate shall be provided, such opinion or certificate shall state that the Person
executing the same has read this definition and is Independent within the meaning hereof.

Individual Property and Individual Properties shall mean, from time to time, each
real estate property which is owned by, ground leased to or subject to a life estate in favor of a
Borrower Subsidiary, together with all improvements, fixtures, equipment, and personalty relating
to such property.

Initial Term as defined in Section 2.2.

Initial Maturity Date as defined in Section 2.2.

Interest Rate Agreement shall mean an Interest Rate Protection Product purchased by
Borrower from Agent.

Interest Rate Protection Product shall mean an interest rate hedging product, such as a cap
or swap.

Investment shall mean the acquisition of any real or tangible personal property or of any
stock or other security, any loan, advance, bank deposit, money market fund, contribution to
capital, extension of credit (except for accounts receivable arising in the ordinary course of
business and payable in accordance with customary terms), or purchase or commitment or option to
purchase or otherwise acquire real estate or tangible personal property or stock or other
securities of any party or any part of the business or assets comprising such business, or any part
thereof.

Knowledge shall mean with respect to the Borrower and any of their respective Subsidiaries,
the knowledge of any of Michael Ashner, Peter Braverman, Thomas Staples, or Carolyn Tiffany, or any
Person who shall at any time replace any of the foregoing.

 

Exhibit A-9

 

Late Charge as defined in Section 2.5.6.

Lease shall mean any lease relative to all or any portion of an Individual Property.

Legal Requirements shall mean all applicable federal, state, county and local laws,
by-laws, rules, regulations, codes and ordinances, and the requirements of any governmental agency
or authority having or claiming jurisdiction with respect thereto, including, but not limited to,
all Environmental Laws, and those applicable to zoning, subdivision, building, health, fire,
safety, sanitation, the protection of the handicapped, and environmental matters and shall also
include all orders and directives of any court, governmental agency or authority having or claiming
jurisdiction with respect thereto.

Lenders as defined in the Preamble.

Lender Reply Period as defined in Section 13.26.

LIBOR Business Day shall mean a Business Day on which dealings in U.S. dollars are carried
on in the London Interbank Market.

LIBOR Rate means for any LIBOR Rate Interest Period therefor, the rate per annum
(expressed to the fifth decimal place) equal to British Bankers Association LIBOR Rate (“BBA
LIBOR”) from Reuters Screen LIBOR01 Page (or if such Reuters Screen is no longer available, such
other commercially available source providing quotations of BBA LIBOR as may be designated by
Administrative Agent from time to time) as the London interbank offered rate for deposits in
Dollars at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such
Interest Period for a term comparable to such LIBOR Rate Interest Period. If for any reason such
rate is not available, the term “LIBOR Rate” shall mean, for any Interest Period therefor, the rate
per annum (expressed to the fifth decimal place) appearing on the Reuters Screen LIBO Page as the
London interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two
Business Days prior to the first day of such LIBOR Rate Interest Period for a term comparable to
such LIBOR Rate Interest Period; provided, however, if more than one rate is specified on the
Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of all such rates. If
for any reason none of the foregoing rates is available, LIBOR Rate shall be, for any LIBOR Rate
Interest Period, the rate per annum reasonably determined by the Agent as the rate of interest at
which Dollar deposits in the approximate amount of the LIBOR Rate Loan comprising part of such
borrowing would be offered by the Agent to major banks in the London interbank Eurodollar market at
their request at or about 11:00 a.m. (London time) two Business Days prior to the first day of such
LIBOR Rate Interest Period for a term comparable to such LIBOR Rate Interest Period.

LIBOR Rate Interest Period shall mean with respect to each amount bearing interest at a
LIBOR based rate, a period of one (1), two (2), or three (3) months, to the extent deposits with
such maturities are available to Agent, commencing on a LIBOR Business Day, as selected by Borrower
provided, however, that (i) any LIBOR Rate Interest Period which would otherwise end on a day which
is not a LIBOR Business Day shall continue to and end on the next succeeding LIBOR Business Day,
unless the result would be that such LIBOR Rate Interest Period would be extended to the next
succeeding calendar month, in which case such LIBOR
Rate Interest Period shall end on the next preceding LIBOR Business Day, (ii) any LIBOR Rate
Interest Period which begins on a day for which there is no numerically corresponding date in the
calendar month in which such LIBOR Rate Interest Period would otherwise end shall instead end on
the last LIBOR Business Day of such calendar month, and (iii) Borrower may not select a LIBOR Rate
Interest Period which would end after the Maturity Date.

 

Exhibit A-10

 

LIBOR Rate Option as defined in Section 2.4.

Lien shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment,
security interest, or any other encumbrance, charge or transfer, including, without limitation, any
conditional sale or other title retention agreement, any financing lease having substantially the
same economic effect as any of the foregoing, and mechanic’s, materialmen’s and other similar liens
and encumbrances.

Licenses and Permits shall mean all licenses, permits, authorizations and agreements issued
by or agreed to by any governmental authority, including, but not limited to, building permits,
occupancy permits and such special permits, variances and other relief as may be required pursuant
to Legal Requirements which may be applicable to the Individual Property.

Liquid Assets shall mean the sum of the following unencumbered (other than by Liens held by
the Agent on behalf of the Lenders) assets: (i) all cash (denominated in United States dollars),
(ii) any demand deposits, (iii) marketable securities consisting of short-term (maturity of one
year or less) obligations issued or guaranteed as to principal and interest by the United States of
America, (iv) short-term certificates of deposit, with a maturity of one year or less, issued by
any bank organized under the laws of the United States of America having total assets in excess of
$1,000,000,000.00, (v) equity securities which are publicly traded on any nationally recognized
exchange or trading platform including, without limitation, the New York Stock Exchange NYSE Amex
Equities, NASDAQ or any successors thereto, and (vi) any other securities acceptable to the Agent
as evidenced by the Agent’s written approval.

Liquidation Proceeds shall mean amounts received by the Agent and/or the Lenders in the
exercise of the rights and remedies under the Loan Documents (including, but not limited to, all
rents, profits and other proceeds received by the Agent and/or the Lenders from the liquidation of,
or exercising rights upon the occurrence of an Event of Default relative to, any Collateral, but
not including any amount bid at a foreclosure sale or on behalf of the Agent or otherwise credited
to a Borrower in, any deed-in-lieu of foreclosure or similar transaction).

Loan and Loans as defined in Section 1.3.

Loan Agenda shall mean that Document Agenda respecting the establishment of the Facility
annexed hereto as Exhibit K.

Loan Agreement as defined in the Preamble.

Loan Documents as defined in Section 3.1.

 

Exhibit A-11

 

Loan Party and Loan Parties shall mean, singly and collectively, the Borrower and
each Borrower Subsidiary or other person executing a Loan Document in favor of the Agent, including
pursuant to Section 3.3.

Management Agreements as defined in Section 6.9.

Mandatory Principal Prepayments as defined in Section 2.5.1(a).

Market Rent shall mean, at any point of determination, then current rentals being charged
to new tenants for comparable quality space located on comparable quality property within the
subject geographic area of the subject Individual Property, taking into account and giving effect
to, without limitation, such considerations as size, location of the Individual Property, lease
term and level and quality of building construction and space improvements, tenant allowances, and
rent concessions, all as reasonably determined by the Agent.

Material Adverse Effect shall mean a material adverse effect on, determined separately with
respect to the Borrower, (i) the business, assets, prospects, operations or financial or other
condition of any of the Borrower and/or, taken as a whole, any of the other Loan Parties,
including, without limitation, all Distributions (ii) the ability of Borrower, the Borrower
Subsidiaries, and/or the other Loan Parties to perform any material Obligations or to pay any
Obligations which it is obligated to pay in accordance with the terms hereof or of any other Loan
Document, (iii) the rights of, or benefits available to, the Agent and/or any of the Lenders under
any Loan Document or (iv) any Lien given to Agent and/or any of the Lenders on any material portion
of the Collateral or the priority of any such Lien.

Maturity shall mean the Initial Maturity Date, or, if the Maturity Date has been extended
pursuant to the provisions of the Loan Agreement, the applicable Extended Maturity Date, or in any
instance, upon acceleration of the Facility, if the Facility has been accelerated by Lenders upon
an Event of Default.

Maturity Date shall mean the Initial Maturity Date, or, if the Maturity Date has been
extended pursuant to the provisions of the Loan Agreement, the applicable Extended Maturity Date.

Minimum Consolidated Net Worth as defined in Section 7.26.3.

Mortgageability Amount shall mean the maximum outstanding amount of Loans that provides
Debt Service Coverage equal to 1.50 to 1.0.

Net Cash Flow shall mean, as of any date of determination, the annualized sum of (i) (a)
all cash revenues from the Borrowing Base Assets, including, without limitation, all rents,
management fees, ground rent, loan payments, distributions, common area maintenance charges,
insurance premium and tax reimbursements and proceeds from rental interruption insurance, and
recurring dividends and distributions related to the Pledged Securities less the aggregate
of (ii) all operating costs and expenses (excluding any debt service) of the Borrower and all of
the Borrower’s Subsidiaries which are Loan Parties related to such Borrowing Base Assets, amounts
reserved for taxes and insurance, replacement reserves, and capital expenditures, all of the
foregoing as reasonably determined by the Agent in a manner consistent with the procedures and
methods utilized by the Agent in analyzing the financial information provided by the Borrower prior
to the Closing Date.

 

Exhibit A-12

 

Net Operating Income shall mean, for any Individual Property and for a given period, the
sum of the following (without duplication and determined on a consistent basis with prior periods):
(a) rents and other revenues received in the ordinary course from such Individual Property
(including proceeds of rent loss or business interruption insurance but excluding pre-paid rents
and revenues and security deposits except to the extent applied in satisfaction of tenants’
obligations for rent) minus (b) all expenses paid (excluding interest and principal but including
an appropriate accrual for property taxes and insurance) related to the ownership, operation or
maintenance of such Individual Property, including but not limited to property taxes, assessments
and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses,
marketing expenses, and general and administrative expenses (including an appropriate allocation
for legal, accounting, advertising, marketing and other expenses incurred in connection with such
Individual Property, but specifically excluding general overhead expenses of the Borrower or any
Subsidiary and any property management fees).

Net Worth shall mean the sum of the consolidated net worth of the REIT as evidenced by the
REIT’s annual and quarterly SEC reports.

Note shall mean, singly and collectively, the Note or Notes payable to Agent on behalf of
the Lenders in the original principal amount of Fifty Million Dollars ($50,000,000.00).

Obligations shall mean all indebtedness, obligations and liabilities of the Borrower to the
Agent and/or any Lender existing on the date of this Agreement or arising thereafter, direct or
indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or
unliquidated, secured or unsecured, arising by contract, assignment, operation of law or otherwise,
arising or incurred under this Agreement, the Note, or any of the other Loan Documents, including,
without limitation, under any Interest Rate Protection Agreement with the Agent with respect to the
Loan.

OFAC shall mean the Office of Foreign Asset Control of the Department of the Treasury of
the United States of America.

OFAC Review Process shall mean that certain review process established by Agent to
determine if any potential transferee of any interests or any assignee of any portion of the Loans
or any of their members, officers or partners area a party with whom Agent and any Lender are
restricted from doing business under (i) the regulations of OFAC, including those Persons named on
OFAC’s Specially Designated and Blocked Persons list, or (ii) any other statute, executive order or
other governmental action or list (including the September 24, 2001 Executive Order Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism).

Officer’s Certificate shall mean a certificate delivered to the Agent by a Borrower, a
Subsidiary of a Borrower, or a Guarantor, as the case may be, respectively, which is signed by an
authorized officer thereof (or an authorized officer of the direct or indirect managing general
partner or
managing member, as applicable, of such Borrower, the Borrower Subsidiary, or such Guarantor, if
and as applicable).

 

Exhibit A-13

 

One-Month LIBOR Rate as defined in Section 2.4.

Original Agreement as defined in the Preamble to this Agreement.

Payment Direction Letters as defined in Section 7.15.

PBGC shall mean the Pension Benefit Guaranty Corporation established pursuant to Section
4002 of ERISA, or any successor thereto.

Percentage shall mean, with respect to each Lender, the amount set forth on Exhibit
I hereto as the such Lender’s commitment percentage of the Total Commitment to make advances to
the Borrower, as may be amended from time to time by the Agent as provided in Article 13 or in
connection with any increase in the Total Commitment.

Permitted Debt as defined in Section 8.4.

Permitted Distributions as defined in Section 8.16.

Permitted Investments as defined in Section 8.17.

Permitted Liens as defined in Section 8.2.

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

Plan shall mean any multiemployer or single-employer plan as defined in Section 4001 of
ERISA, which is maintained or contributed to by (or to which there is an obligation to contribute
of) a Borrower or any Subsidiary of a Borrower or an ERISA Affiliate, and each such plan for the
five year period immediately following the latest date on which such Person or an ERISA Affiliate
maintained, contributed to or had an obligation to contribute to such plan.

Pledged Securities as defined in Section 3.1.2.

Prime Rate shall mean interest rate established from time to time by KeyBank National
Association as its prime rate, whether or not such rate is publicly announced; the Prime Rate may
not be the lowest interest rate charged by KeyBank National Association for commercial or other
extensions of credit.

Pro Rata shall mean a calculation based on the percentage of the capital stock of or other
equity interest in any Person owned, directly or indirectly, by the Borrower and/or the REIT. For
the purposes of this definition, the Pro Rata share of a Consolidated Entity shall be deemed to be
100%.

 

Exhibit A-14

 

Property Owners shall mean, singly and collectively, each Borrower Subsidiary or other
Person which owns the fee interest, land estate, or ground lease interest in any Borrowing Base
Property.

REIT as defined in Section 1.2.

Related Documents shall mean, singly and collectively, the Formation Documents, the Payment
Direction Letters, and the documents establishing and evidencing any Subsidiary Debt.

Related Fund shall mean, with respect to a Lender which is a fund that invests in loans,
any other such fund managed by the same investment advisor as such Lender or by an Affiliate of
such Lender or such advisor.

Reportable Event shall mean an event described in Section 4043(b) of ERISA with respect to
a Plan other than those events as to which the 30-day notice period is waived under subsection .13, .14, .16, .18, .19 or .20 of PBGC Regulation Section 2615, or as otherwise now or hereafter defined
in ERISA.

Required Lenders shall mean Lenders holding Percentages aggregating at least sixty six and
two-thirds percent (66 2/3%).

Reserve Percentage shall mean for any LIBOR Rate Interest Period, that percentage which is
specified three (3) Business Days before the first day of such LIBOR Rate Interest Period by the
Board of Governors of the Federal Reserve System (or any successor) or any other governmental or
quasi-governmental authority with jurisdiction over Lender for determining the maximum reserve
requirement (including, but not limited to, any marginal reserve requirement) for Lender with
respect to liabilities constituting of or including (among other liabilities) Eurocurrency
liabilities in an amount equal to that portion of the Loans affected by such LIBOR Rate Interest
Period and with a maturity equal to such LIBOR Rate Interest Period.

Security Documents as defined in Section 3.2.

Single-Purpose Entity shall mean, with respect to a Person, that such Person has Formation
Documents which contain generally the following provisions (with such variations as required by the
provisions of the Subsidiary Debt) , and has agreed to abide by such terms and conditions:

(a) Such Person shall not engage in any business or activity other than acquiring by merger
the assets and liabilities of the applicable Property Owner.

(b) Such Person shall not acquire or own any material assets other than (i) the real property
owned by the Subsidiary on the Closing Date, and (ii) such incidental personal property as may be
necessary for the operation of such real property.

(c) Such Person shall not fail to preserve its existence as an entity duly organized, validly
existing and in good standing (if applicable) under the laws of the jurisdiction of its
organization or formation and under the applicable laws of any state or states in which the
ownership of its assets or the conduct of its business requires such qualification.

(d) Such Person shall not incur any Debt, except as provided herein.

 

Exhibit A-15

 

(e) Such Person shall not merge into or consolidate with any person or entity or dissolve,
terminate or liquidate in whole or in part, transfer or otherwise dispose of all or substantially
all of its assets or change its legal structure.

(f) Such Person shall not own any subsidiary or make any investment in any person or entity.

(g) Such Person shall not file or consent to the filing of any petition, either voluntary or
involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or
reorganization statute, or make an assignment for the benefit of creditors.

(h) Such Person shall agree to abide by the following covenants in its management and
operation:

(i) To maintain its records, books of account and bank accounts separate and apart from
those of any other Person;

(ii) Not to commingle assets with those of any other Person;

(iii) Not to maintain its assets in such a manner that it will be costly or difficult
to segregate, ascertain or identify its individual assets from those of any other Person;

(iv) To maintain separate financial statements;

(v) To pay its own liabilities out of its own funds;

(vi) To observe all corporate, partnership or limited liability company formalities;

(vii) To maintain an arm’s-length relationship with its Affiliates;

(viii) To pay the salaries of its own employees and maintain a sufficient number of
employees in light of its contemplated business operations;

(ix) Not to guarantee or become obligated for the debts of any other entity or hold out
its credit as being available to satisfy the obligations of others, except as provided for
herein;

(x) Not to acquire obligations or securities of its partners, members or shareholders;

(xi) To allocate and charge fairly and reasonably any overhead for shared office space
or any common employee or overhead shared with affiliates;

(xii) To use separate stationery, invoices and checks;

(xiii) Not to pledge its assets for the benefit of any other entity or make any loan or
advances to any entity, including any general partner or any affiliate thereof, except as
provided for herein;

 

Exhibit A-16

 

(xiv) To hold itself out to the public as a legal entity separate and distinct from any
other Person and to conduct its business solely in its own name in order not (A) to mislead
others as to the identity with which such other Person is transacting business, or (B) to
suggest that such Person is responsible for the debts of any third party (including any
general partner or any affiliate thereof or any other Person);

(xv) To correct any known misunderstanding regarding its separate identity; and

(xvi) To maintain adequate capital and cash on hand for the normal obligations
reasonably foreseeable in a business of its size and character and in light of its
contemplated business operations.

Stabilized shall mean at least seventy percent (70%) of the leasable space in an Individual
Property has been leased by the Property to a third party pursuant to an arms-length transaction
based on market rents at the time such lease was executed.

State shall mean the State or Commonwealth in which the subject of such reference or any
part thereof is located.

Statement as defined in Section 14.19.

Subsidiary shall mean, with respect to any Person, any corporation, association, limited
liability company, partnership or other business entity of which securities or other ownership
interests representing more than 50% of either (x) the beneficial ownership interest or (y)
ordinary voting power are, at the time as of which any determination is being made, owned or
controlled, directly or indirectly, by such Person; provided, however none of Sealy Airpark
Nashville, L.P, Sealy Newmarket L.P, Sealy Northwest Atlanta L.P., Sealy Airpark Nashville General
Partnership, Sealy Newmarket General Partnership and Sealy Northwest Atlanta Partners, L.P. will be
considered a Subsidiary until such time as the Borrower or any other Subsidiary of the Borrower has
direct or indirect control of the day to day management of such entity.

Subsidiary Debt shall mean all Debt now or hereafter incurred by any Subsidiary of the
Borrower, or by an entity in which the Borrower or any Subsidiary has a debt or equity interest.

Subsidiary Debt Schedule as defined in Section 6.17.7.

Subsidiary Guarantor as defined in Section 1.4.

Title Reports as defined in Section 5.10(a).

Total Asset Value shall mean, as of the date of determination, the total assets of the REIT
and its Subsidiaries, on a consolidated basis, each as determined in accordance with GAAP, but, as
to the assets subject to the Repo Agreement, including only the value of such assets in excess of
the debt outstanding under the Repo Agreement.

Total Commitment shall mean the sum of the Commitments of the Lenders, as in effect from
time to time.

 

Exhibit A-17

 

UCC or the Uniform Commercial Code means the Uniform Commercial Code in effect in a
State.

Unfunded Current Liability of any Plan means the amount, if any, by which the actuarial
present value of the accumulated plan benefits under the Plan as of the close of its most recent
plan year exceeds the fair market value of the assets allocable thereto, each determined in
accordance with Statement of Financial Accounting Standards No. 35, based upon the actuarial
assumptions used by the Plan’s actuary in the most recent annual valuation of the Plan.

United States and U.S. shall each mean the United States of America.

Unused Commitment Fee as defined in Section 2.6.2.

Value means, as of any date of determination, (a) with respect to (i) any Individual
Property in the Borrowing Base Assets Pool owned by the Property Owner for greater than 12 months
or (ii) any Individual Property in the Borrowing Base Assets Pool owned by the Property Owner for
less than 12 months with respect to which there has been, in the reasonable determination of the
Agent, material change in the operating economics of the Individual Property, (A) the Net Operating
Income of such Property for the fiscal quarter most recently ended, times (B) 4 divided by (C) the
Capitalization Rate and (b) with respect to any other Individual Property in the Borrowing Base
Assets Pool, the value of such Individual Property based on cost determined in accordance with
GAAP, (c) the fair market value of any Pledged Securities, and (d) the available balance of any
cash pledged as Collateral hereunder.

 

Exhibit A-18

 

EXHIBIT F

SUBSIDIARIES

NAME OF ENTITY

5400 WESTHEIMER COURT, LLC

5400 WESTHEIMER HOLDING L.P.*

5400 WESTHEIMER LIMITED PARTNERSHIP*

FT-5400 NEW UNIT LENDER LLC

FT-5400 WESTHEIMER LLC

FT-AMHERST PROPERTY LLC

FT-AMHERST PROPERTY MANAGER LLC

FT-CHURCHILL PROPERTY L.P.

FT-CIRCLE TOWER LLC

FT-CIRCLE TOWER MANAGER LLC

FT-FIN ACQUISITION LLC

FT-FIN GP LLC

FT-FLORIDA PROPERTY LLC

FT-FLORIDA PROPERTY MANAGER LLC

FT-KRG (ATLANTA) LLC

FT-KRG (DENTON) LLC

FT-KRG (GREENSBORO) LLC

FT-KRG (KNOXVILLE) LLC

FT-KRG (LAFAYETTE) LLC

FT-KRG (LOUISVILLE) LLC

FT-KRG (MEMPHIS) LLC

FT-KRG (SEABROOK) LLC

FT-KRG (SHERMAN) LLC

FT-KRG (ST. LOUIS) LLC

FT-KRG PROPERTY L.P.

FT-MARC CLASS B LLC

FT-MARC LOAN LLC

FT-ONTARIO HOLDINGS LLC

FT-ONTARIO PARKING LLC

FT-ONTARIO PARKING MANAGER LLC

FT-ONTARIO PROPERTY LLC

FT-ONTARIO PROPERTY MANAGER LLC

FT-ORLANDO PROPERTY LLC

FT-ORLANDO PROPERTY MANAGER LLC

FT-WD PROPERTY LLC

MARC 29 E. MADISON LLC*

MARC MICHIGAN 30 LLC*

MARC 8 S. MICHIGAN LLC*

MARC BROOKS BUILDING LLC*

MARC 11 E. ADAMS LLC*

MARC RIVER ROAD LLC*

MARC HIGHPOINT PLAZA LLC*

MARC 1701 E. WOODFIELD ROAD LLC*

MARC SALT CREEK LLC*

MARC 3701 ALGONQUIN ROAD LLC*

900 RIDGEBROOK LLC*

MICHIGAN-180 LLC*

NEWBURY APARTMENTS LLC

NEWBURY PROPERTIES DE LLC

NY 46TH STREET LENDER LLC

SEALY AIRPARK NASHVILLE GENERAL PARTNERSHIP*

SEALY NEWMARKET GENERAL PARTNERSHIP

SEALY NORTHWEST ATLANTA PARTNERS

WRT-1050 CORPORETUM HOLDINGS LLC

WRT-1050 CORPORETUM PROPERTY LLC

 

Exhibit F-1

 

WRT-1050 CORPORETUM PROPERTY MANAGER LLC

WRT-46TH STREET GOTHAM LLC*

WRT-550/650 CORPORETUM PROPERTY LLC

WRT-550/650 CORPORETUM PROPERTY MANAGER LLC

WRT-701 ARBORETUM PROPERTY LLC

WRT-701 ARBORETUM PROPERTY MANAGER LLC

WRT-ANDOVER PROPERTY LLC

WRT-ANDOVER PROPERTY MANAGER LLC

WRT-ATLANTA LLC

WRT-CDH II LLC

WRT-CONCORD LLC

WRT-CROSSROADS LLC

WRT-CROSSROADS ONE LLC

WRT-DV LLC

WRT-LENDER LLC

WRT-MARC 180 NORTH WACKER LLC

WRT-MARC RC HOLDING LLC

WRT-MARC RC LAND LLC

WRT-MARC RC LLC

WRT-MOFFETT LLC

WRT-MT LLC

WRT-NASHVILLE AIRPARK LLC

WRT-PROPERTY HOLDINGS LLC

WRT-ROCKWELL LLC

WRT-ROIC RIVERSIDE LLC*

WRT-SD DRIVER LLC

WRT-SOUTH BURLINGTON PROPERTY LLC

WRT-SOUTH BURLINGTON PROPERTY MANAGER LLC

WRT-SPRINGING MEMBER LLC

WRT-TALF LLC

WRT-VHH LLC

WRT-WESTWOOD NOTEHOLDER LLC

	 	 	 
	*	 	Not a Borrower Subsidiary

 

Exhibit F-2

 

[remaining exhibits and schedules omitted from filing]Exhibit 10.20

EXHIBIT 10.20

GUARANTY

GUARANTY, dated as of March 3, 2011 (the “Guaranty”), by each of the undersigned entities
(collectively, the “Guarantor” or the “Guarantors”), in favor of KEYBANK NATIONAL ASSOCIATION, a
national banking association having an address at 225 Franklin Street 18th Floor,
Boston, Massachusetts 02110, as agent (KeyBank National Association, in such capacity as agent,
hereinafter referred to as “Agent”) for a syndicate of lenders (singly and collectively, the
“Lenders”) as specifically provided in the Loan Agreement (as defined below).

INTRODUCTORY STATEMENT

WHEREAS, pursuant to that certain Amended and Restated Loan Agreement dated as of March 3,
2011 (as amended, supplemented, restated or otherwise modified from time to time, the “Loan
Agreement”) entered into by and among WRT REALTY L.P., a Delaware limited partnership (the
“Borrower”), the Agent, and the Lenders, the Agent and the Lenders have agreed to make a loan to
the Borrower in the aggregate principal amount of up to $150,000,000.00 (the “Loan”), upon the
terms and subject to the conditions set forth therein.

WHEREAS, each Guarantor is an owner or subsidiary of the Borrower, and the lending of money
and other extensions of the Obligations by the Agent and the Lenders to the Borrower will enhance
and benefit the business activities and interests of each Guarantor by provide funding for the
operation of each Guarantor and/or repaying indebtedness of certain of the Guarantors.

WHEREAS, as a condition to making the Loans, the Agent and the Lenders have required the
Guarantor to execute and deliver this Guaranty, guaranteeing the payment and performance of all
Obligations arising under or pursuant to the Loan Agreement.

NOW THEREFORE, in consideration of the premises and in order to induce the Agent and the
Lenders to make the Loans and extend other financial accommodations under the Loan Agreement, the
Guarantor hereby agrees as follows:

Section 1. Guaranty. The Guarantor hereby irrevocably and unconditionally guarantees
the punctual payment when due, whether at stated maturity, after maturity, by acceleration or
otherwise, and the punctual performance, of all present and future Obligations under the Loan
Agreement and each other Loan Document, each as the same may be hereafter amended, modified,
extended, renewed or recast, including but not limited to the payment of $150,000,000.00, together
with interest and other charges thereon, as provided in the Loan Agreement and the Note executed
thereunder, together with all amounts which may become due under any interest rate protection or
swap arrangements entered into by the Borrower with the Agent (the foregoing being herein referred
to as the “Guaranteed Obligations”).

 

-1-

 

Section 2. Waiver. The Guarantor hereby absolutely, unconditionally and irrevocably
waives, to the fullest extent permitted by law, (a) promptness, diligence, notice of acceptance and
any other notice with respect to this Guaranty, (b) presentment, demand of payment, protest, notice
of dishonor or nonpayment and any other notice with respect to the Guaranteed Obligations, (c) any
requirement that the Agent protect, secure, perfect or insure any security interest or Lien on any
property subject thereto or exhaust any right or take any action against the Borrower or any other
Person or any collateral (other than Collateral pledged by the Borrower to the Agent, for its own
benefit and the benefit of the other Lenders, pursuant to the Security Documents), (d) any and all
right to assert any defense (other than the defense of indefeasible payment), set-off, counterclaim
or cross-claim of any nature whatsoever with respect to this Guaranty (except as otherwise provided
in Section 20(a)(iii) hereof), the obligations of the Guarantor hereunder or the obligations of any
other person or party relating to this Guaranty or the obligations of the Guarantor hereunder or
otherwise with respect to the Guaranteed Obligations in any action or proceeding brought by the
Agent to collect the Guaranteed Obligations or any portion thereof or to enforce the obligations of
the Guarantor under this Guaranty, and (e) any other action, event or precondition to the
enforcement of this Guaranty or the performance by the Guarantor of the obligations hereunder.

Section 3. Guaranty Absolute.

(a) The Guarantor guarantees that, to the fullest extent permitted by law, the
Guaranteed Obligations will be paid or performed strictly in accordance with their terms,
regardless of any law, regulation or order now or hereafter in effect in any jurisdiction
affecting any of such terms or the rights of the Agent with respect thereto.

(b) No invalidity, irregularity, voidability, voidness or unenforceability of the Loan
Agreement, the Note, or any other Loan Document or any other agreement or instrument
relating thereto, or of all or any part of the Guaranteed Obligations or of any security
therefor shall affect, impair or be a defense to this Guaranty.

(c) This Guaranty is one of payment and performance, not collection, and the
obligations of the Guarantor under this Guaranty are independent of the Guaranteed
Obligations, and a separate action or actions may be brought and prosecuted against the
Guarantor to enforce this Guaranty, irrespective of whether any action is brought against
the Borrower or any Affiliate or Subsidiary thereof or whether the Borrower or any Affiliate
or Subsidiary thereof is joined in any such action or actions.

 

-2-

 

(d) The liability of the Guarantor under this Guaranty shall be absolute and
unconditional irrespective of:

(i) any change in the manner, place or terms of payment or performance, and/or any
change or extension of the time of payment or performance of,
renewal or alteration of, any
Guaranteed Obligation, any security therefor, or any liability
incurred directly or indirectly in respect thereof, or any other amendment or waiver of
or any consent to departure from the Loan Agreement or the Note or any other Loan Document,
including any increase in the Guaranteed Obligations resulting from the extension of
additional credit to the Borrower or any Subsidiary or Affiliate thereof or otherwise;

(ii) any sale, exchange, release, surrender, realization upon any property by
whomsoever at any time pledged or mortgaged to secure, or howsoever securing, all or any of
the Guaranteed Obligations (other than the Collateral pledged to the Agent, for its own
benefit and the benefit of the other Lenders, under the Security Documents), and/or any
offset against such Guaranteed Obligations, or failure to perfect, or continue the
perfection of, any Lien in any such property, or delay in the perfection of any such Lien,
or any amendment or waiver of or consent to departure from any other guaranty for all or any
of the Guaranteed Obligations;

(iii) any exercise or failure to exercise any rights against the Borrower or any
Affiliate or Subsidiary thereof or others (including the Guarantor);

(iv) any settlement or compromise of any Guaranteed Obligation, any security therefor
or any liability (including any of those hereunder) incurred directly or indirectly in
respect thereof or hereof;

(v) any manner of application of Collateral, or proceeds thereof, to all or any of the
Guaranteed Obligations, or any manner of sale or other disposition of any Collateral for all
or any of the Guaranteed Obligations or any other assets of the Borrower or any Affiliate or
Subsidiary thereof;

(vi) any change, restructuring or termination of the existence of the Borrower or any
Affiliate or Subsidiary thereof;

(vii) the release of the Borrower or any other party, other than the Guarantor, now or
hereafter liable upon or in respect of the Loan Documents; or

(viii) any other agreements or circumstance of any nature whatsoever which might
otherwise constitute a defense available to, or a discharge of, this Guaranty and/or the
obligations of the Guarantor hereunder, or a defense to, or discharge of, the Borrower or
any Affiliate or Subsidiary thereof relating to this Guaranty or the obligations of the
Guarantor hereunder or otherwise with respect to the Loan or other financial accommodations
to the Borrower (other than the defense of indefeasible payment).

 

-3-

 

(e) The Agent may at any time and from time to time (whether or not after revocation or
termination of this Guaranty) without the consent of, or notice (except as shall be required
by applicable statute and cannot be waived) to, the Guarantor, and
without incurring responsibility to the Guarantor or impairing or releasing the
obligations of the Guarantor hereunder, apply any sums by whomsoever paid or howsoever
realized to any Guaranteed Obligation regardless of what Guaranteed Obligations remain
unpaid.

(f) This Guaranty shall continue to be effective or be reinstated, as the case may be,
if a claim is ever made upon the Agent for repayment or recovery of any amount or amounts
received by the Agent in payment or on account of any of the Guaranteed Obligations as a
result of laws relating to preferences, fraudulent transfers and fraudulent conveyances, and
the Agent repays all or part of said amount by reason of any judgment, decree or order of
any court or administrative body having jurisdiction over the Agent or its property, or any
settlement or compromise of any such claim effected by the Agent with any such claimant
(including the Borrower). In such event the Guarantor agrees that any such judgment,
decree, order, settlement or compromise shall be binding upon the Guarantor, notwithstanding
any revocation hereof or the cancellation of any note (including the Note) or other
instrument evidencing any Guaranteed Obligation, and the Guarantor shall be and remain
liable to the Agent hereunder for the amount so repaid or recovered to the same extent as if
such amount had never originally been received by the Agent.

Section 4. Continuing Guaranty. This Guaranty is a continuing one and shall (a) remain
in full force and effect until the indefeasible payment and satisfaction in full of the Guaranteed
Obligations, (b) be binding upon the Guarantor, its successors and assigns, and (c) inure to the
benefit of, and be enforceable by, the Agent and the Lenders. All obligations to which this
Guaranty applies shall be conclusively presumed to have been created in reliance hereon.

Section 5. Representations, Warranties and Covenants. The Guarantor hereby represents,
warrants and covenants to and with the Agent and the Lenders that:

(a) The Guarantor has the power to execute and deliver this Guaranty and to incur and
perform its obligations hereunder;

(b) The Guarantor has duly taken all necessary action to authorize the execution,
delivery and performance of this Guaranty and to incur and perform its obligations
hereunder;

 

-4-

 

(c) No consent, approval, authorization or other action by, and no notice to or of, or
declaration or filing with, any governmental or other public body, or any other
Person, is
required for the due authorization, execution, delivery and performance by the Guarantor of
this Guaranty or the consummation of the transactions contemplated hereby;

(d) The execution, delivery and performance by the Guarantor of this Guaranty does not
and will not, with the passage of time or the giving of notice or both, violate or otherwise
conflict with any term or provision of any material agreement,
instrument, judgment, decree, order or any statute, rule or governmental regulation
applicable to the Guarantor or result in the creation of any Lien upon any of its properties
or assets pursuant thereto;

(e) This Guaranty has been duly authorized, executed and delivered by the Guarantor and
constitutes the legal, valid and binding obligation of the Guarantor, and is enforceable
against the Guarantor in accordance with its terms, except as enforcement thereof may be
subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium
or similar law affecting creditors’ rights generally, and general principles of equity
(regardless of whether such enforcement is sought in a proceeding in equity or at law); and

(f) The granting of the Loan to the Borrower will constitute a material economic
benefit to the Guarantor.

Section 6. Affirmative Covenants. The Guarantor covenants and agrees that, from the
date hereof and so long as the Loan or the other Guaranteed Obligations remain outstanding, the
Guarantor shall pay, perform, observe and otherwise comply with all of the affirmative covenants
set forth in Article 7 of the Loan Agreement that have been made by the Borrower therein with
respect to the Subsidiaries or the Loan Parties, but only to the extent that such covenants were
made with respect to the Guarantor.

Section 7. Negative Covenants. The Guarantor covenants and agrees that, from the date
hereof and so long as the Loan or the other Guaranteed Obligations remain outstanding, the
Guarantor shall not take any action (or otherwise suffer or permit to occur any event) contrary to
the negative covenants set forth in Article 8 of the Loan Agreement, as agreed by the Borrower
therein with respect to the Subsidiaries or the Loan Parties, but only to the extent that such
covenants were made with respect to the Guarantor.

Section 8. Expenses. The Guarantor will, upon demand, reimburse the Agent for any
sums, costs, and expenses which the Agent and/or the Lenders may pay or incur pursuant to the
provisions of this Guaranty or in enforcing this Guaranty or in enforcing payment of the Guaranteed
Obligations or otherwise in connection with the provisions hereof, including court costs,
collection charges, and reasonable attorneys’ fees, together with interest thereon as specified in
Section 15 hereof.

 

-5-

 

Section 9. Terms.

(a) All terms defined in the Uniform Commercial Code of The Commonwealth of
Massachusetts (as amended and in effect from time to time, the “UCC”) and used herein shall
have the meanings as defined in the UCC, unless the context otherwise requires.

(b) The words “include,” “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”.

(c) All references herein to Sections and subsections shall be deemed to be references
to Sections and subsections of this Guaranty unless the context shall otherwise require.

Section 10. Amendments and Modification. No provision hereof shall be modified,
altered or limited except by written instrument expressly referring to this Guaranty and to such
provision, and executed by the party to be charged.

Section 11. Waiver of Subrogation Rights. Until such time as all the Guaranteed
Obligations have been indefeasibly satisfied (including the expiration of any applicable voidable
preference period under the federal bankruptcy laws), the Guarantor hereby waives and releases any
and all rights and claims it may now or hereafter have or acquire against the Borrower that would
constitute it a “creditor” of the Borrower for purposes of the federal bankruptcy laws, including
all rights of subrogation against the Borrower and its property and all rights of indemnification,
contribution and reimbursement from the Borrower and its property, regardless of whether such
rights arise in connection with this Guaranty, by operation of law, pursuant to contract or
otherwise.

Section 12. Remedies Upon Default.

(a) Upon the occurrence and during the continuance of any Event of Default, in addition
to any other rights and remedies which the Agent and/or the Lenders may have hereunder or at
law, and not in limitation thereof, the Agent may, without notice to or demand upon the
Borrower or the Guarantor, declare any Guaranteed Obligations immediately due and payable,
and shall be entitled to enforce the obligations of the Guarantor hereunder.

(b) The Agent’s rights under this Guaranty shall be in addition to, and not in
limitation of, all of the rights and remedies of the Agent and/or the Lenders under the Loan
Documents. All rights and remedies of the Agent and/or the Lenders shall be cumulative and
may be exercised in such manner and combination as the Agent and/or the Lenders,
respectively, may determine.

 

-6-

 

Section 13. Set-Off. After the occurrence and during the continuance of any Event of
Default, any Accounts, deposits, balances or other sums credited by or due from the Agent, any
affiliate of the Agent, or any of the Lenders, or from any affiliate of any of the Lenders, to the
Guarantor may to the fullest extent not prohibited by applicable law at any time or from time to
time, without regard to the existence, sufficiency or adequacy of any other collateral, and without
notice or compliance with any other condition precedent now or hereafter imposed by statute, rule
of law or otherwise, all of which are hereby waived to the fullest extent permitted by law, be set
off, appropriated and applied by the Agent against any or all of the Guaranteed Obligations
irrespective of whether demand shall have been made, in such manner as the Agent in its sole
and absolute discretion may determine. Within three (3) Business Days of making any such set off,
appropriation or application, the Agent agrees to notify Guarantor thereof, provided the failure to
give such notice shall not affect the validity of such set off or appropriation or application.
ANY AND ALL RIGHTS TO REQUIRE THE AGENT OR ANY OF THE LENDERS TO EXERCISE ITS RIGHTS OR REMEDIES
WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF
SETOFF WITH RESPECT TO SUCH ACCOUNTS, DEPOSITS, CREDITS OR OTHER PROPERTY OF THE GUARANTOR, ARE
HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

Section 14. Statute of Limitations. Any acknowledgment or new promise, whether by
payment of principal or interest or otherwise and whether by the Borrower or others (including the
Guarantor), with respect to any of the Guaranteed Obligations shall, if the statute of limitations
in favor of the Guarantor against the Agent shall have commenced to run, toll the running of such
statute of limitations and, if the period of such statute of limitations shall have expired,
prevent the operation of such statute of limitations.

Section 15. Interest. All amounts payable from time to time by the Guarantor hereunder
shall bear interest at the Default Rate, provided, that such interest shall not be duplicative of
any obligations payable under the Loan Agreement.

Section 16. Rights and Remedies Not Waived. No act, omission or delay by the Agent
shall constitute a waiver of its rights and remedies hereunder or otherwise. No single or partial
waiver by the Agent of any default hereunder or right or remedy which it may have shall operate as
a waiver of any other default, right or remedy or of the same default, right or remedy on a future
occasion.

Section 17. Admissibility of Guaranty. The Guarantor agrees that any copy of this
Guaranty signed by the Guarantor and transmitted by telecopier for delivery to the Agent shall be
admissible in evidence as the original itself in any judicial or administrative proceeding, whether
or not the original is in existence.

Section 18. Notices. All notices, requests and demands to or upon the Agent, the
Lenders or the Guarantor under this Guaranty shall be in writing and given as provided in the Loan
Agreement (and with respect to the Guarantor, c/o the Borrower at the address of the Borrower as
set forth in the Loan Agreement).

 

-7-

 

Section 19. Counterparts. This Guaranty may be executed in any number of counterparts
and by the different parties hereto on separate counterparts, each of which when so executed and
delivered shall be an original and all of which shall together constitute one and the same
agreement.

Section 20. CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; ETC.

(a) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY SECURITY
DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR OF THE UNITED
STATES OF AMERICA FOR THE DISTRICT OF MASSACHUSETTS, AND, BY EXECUTION AND DELIVERY OF THIS
GUARANTY, THE GUARANTOR HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY
AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. THE GUARANTOR
HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES, IN CONNECTION WITH ANY SUCH ACTION OR
PROCEEDING, (i) TRIAL BY JURY, (ii) TO THE EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE
LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS
OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH
ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS AND (iii) THE RIGHT TO IMPOSE ANY
SET-OFF, COUNTERCLAIM OR CROSS-CLAIM UNLESS SUCH SET-OFF, COUNTERCLAIM OR CROSS-CLAM COULD
NOT, BY REASON OF ANY APPLICABLE FEDERAL OR STATE PROCEDURAL LAWS, BE INTERPOSED, PLEADED OR
ALLEGED IN ANY OTHER ACTION.

(b) The Guarantor irrevocably consents to the service of process of any of the
aforementioned courts in any such action or proceeding by the mailing of copies thereof by
certified mail, postage prepaid, to the Guarantor at its address determined pursuant to
Section 18 hereof.

(c) Nothing herein shall affect the right of the Agent to serve process in any other
manner permitted by law or to commence legal proceedings or otherwise proceed against the
Guarantor in any other jurisdiction.

 

-8-

 

(d) The Guarantor hereby waives presentment, notice of dishonor and protests of all
instruments included in or evidencing any of the Guaranteed Obligations, and any and all
other notices and demands whatsoever (except as expressly provided herein).

Section 21. GOVERNING LAW. THIS GUARANTY, THE SECURITY DOCUMENTS AND THE GUARANTEED
OBLIGATIONS SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS
APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED IN SUCH STATE, WITHOUT GIVING EFFECT TO THE
CONFLICT OF LAW PRINCIPLES THEREOF.

Section 22. Captions; Separability.

(a) The captions of the Sections and subsections of this Guaranty have been inserted
for convenience only and shall not in any way affect the meaning or construction of any
provision of this Guaranty.

(b) If any term of this Guaranty shall be held to be invalid, illegal or unenforceable,
the validity of all other terms hereof shall in no way be affected thereby.

Section 23. Acknowledgment of Receipt. The Guarantor acknowledges receipt of a copy of
this Guaranty and each of the Loan Documents.

Section 24. Entire Agreement. This Guaranty sets forth the entire agreement and
understanding of the Agent, the Lenders and the Guarantor with respect to the matters covered
hereby and, by accepting this Guaranty, the Guarantor acknowledges that no oral or other
understanding, agreements, representations or warranties have been made and/or exist with respect
to the matters covered by this Guaranty or with respect to the obligations of the Guarantor
hereunder or otherwise, except as specifically set forth in this Guaranty.

Section 25. ACKNOWLEDGMENT OF BENEFITS; CONTRIBUTION; EFFECT OF AVOIDANCE PROVISIONS.

(a) Each Guarantor acknowledges that it has received, or will receive, significant
financial and other benefits, either directly or indirectly, from the proceeds of the Loan
made by the Lenders to the Borrower pursuant to the Loan Agreement; that the benefits
received by such Guarantor are reasonably equivalent consideration for such Guarantor’s
execution of this Guaranty; and that such benefits include, without limitation, the access
to capital afforded to the Borrower pursuant to the Loan Agreement from which the activities
of such Guarantor will be supported. Each Guarantor is executing this Guaranty and the
other Loan Documents in consideration of those benefits received by it.

 

-9-

 

(b) To the extent that any Guarantor shall, under this Guaranty as a joint and several
obligor, pay any of the Guaranteed Obligations (an “Accommodation Payment”), then the
Guarantor making such Accommodation Payment shall be entitled to contribution and
indemnification from, and be reimbursed by, each of the other Guarantors in an amount, for
each of such other Guarantors, equal to a fraction of such Accommodation Payment, the
numerator of which fraction is such other Guarantor’s Allocable Amount (as hereinafter
defined) and the denominator of which is the sum of the Allocable Amounts of all of the
Guarantors. As of any date of determination, the “Allocable Amount” of each Guarantor shall
be equal to the maximum amount of liability for Accommodation Payments which could be
asserted against such Guarantor hereunder which would not otherwise cause the obligations of
such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the
other Lenders under the Loan Documents) to be avoidable or unenforceable against such
Guarantor in such
proceeding as a result of applicable Laws, including, without limitation, (i) Section
548 of the Bankruptcy Code of the United States and (ii) any state fraudulent transfer or
fraudulent conveyance act or statute applied in such proceeding, whether by virtue of
Section 544 of the Bankruptcy Code of the United States or otherwise. Each Guarantor hereby
agrees as among themselves that, in connection with payments made hereunder, each Guarantor
shall have a right of contribution from each other Guarantor in accordance with applicable
Laws. Such contribution rights shall be subordinate and subject in right of payment to the
Guaranteed Obligations until such time as the Guaranteed Obligations have been irrevocably
paid in full, and none of the Guarantors shall exercise any such contribution rights until
the Guaranteed Obligations have been irrevocably paid in full.

(c) It is the intent of each Guarantor, the Agent and the Lenders that in any
proceeding under any Debtor Relief Laws, such Guarantor’s maximum obligation hereunder shall
equal, but not exceed, the maximum amount which would not otherwise cause the obligations of
such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the
other Lenders under the Loan Documents) to be avoidable or unenforceable against such
Guarantor in such proceeding as a result of applicable Laws, including, without limitation,
(i) Section 548 of the Bankruptcy Code of the United States and (ii) any state fraudulent
transfer or fraudulent conveyance act or statute applied in such proceeding, whether by
virtue of Section 544 of the Bankruptcy Code of the United States or otherwise. The Laws
under which the possible avoidance or unenforceability of the obligations of such Guarantor
hereunder (or any other obligations of such Guarantor to the Agent and the other Lenders
under the Loan Documents) shall be determined in any such proceeding are referred to herein
as “Avoidance Provisions”. Accordingly, to the extent that the obligations of a Guarantor
hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the
maximum Guaranteed Obligations for which such Guarantor shall be liable hereunder shall be
reduced to the greater of

 

-10-

 

(A) the amount which, as of the time any of the Guaranteed
Obligations are  deemed to have been incurred by such Guarantor under the Avoidance
Provisions, would not cause the obligations of such Guarantor hereunder (or any other
obligations of such Guarantor to the Agent and the other Lenders under the Loan Documents),
to be subject to avoidance under the Avoidance Provisions or (B) the amount which, as of the
time demand is made hereunder upon such Guarantor for payment on account of the Guaranteed
Obligations, would not cause the obligations of such Guarantor hereunder (or any other
obligations of such Guarantor to the Agent and the Lender under the Loan Documents), to be
subject to avoidance under the Avoidance Provisions. The provisions under this Section are
intended solely to preserve the rights of the Agent and the Lenders hereunder to the maximum
extent that would not cause the obligations of any Guarantor hereunder to be subject to
avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have
any right or claim under this Section as against the Agent and the Lenders that would not
otherwise be available to such Person under the Avoidance Provisions.

[SIGNATURE PAGE FOLLOWS]

 

-11-

 

IN WITNESS WHEREOF, the Guarantors have duly executed or caused this Guaranty to be duly
executed in The Commonwealth of Massachusetts as of the date first above set forth.

	 	 	 	 	 
	 	GUARANTORS:

WINTHROP REALTY TRUST, an Ohio Business trust

 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 
	 	WRT TRS MANAGEMENT CORP., a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 
	 	FT-FIN ACQUISITION LLC,

a Delaware limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 
	 	FT-FIN GP LLC, a Delaware limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Guaranty Signature Page

 

 

 

	 	 	 	 	 
	 	WRT-ANDOVER PROPERTY LLC,

a Delaware limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 
	 	WRT-ANDOVER PROPERTY MANAGER LLC,

a Delaware limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 
	 	WRT-SOUTH BURLINGTON PROPERTY LLC,

a Delaware limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 
	 	WRT-SOUTH BURLINGTON PROPERTY

MANAGER LLC, a Delaware limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 
	 	WRT PROPERTY HOLDING LLC, a Delaware limited

liability company

 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Guaranty Signature Page

 

 

 

	 	 	 	 	 
	 	WRT-CROSSROADS LLC, a Delaware limited liability
company
 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 
	 	WRT-CROSSROADS ONE LLC, a Delaware limited liability
company
 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 
	 	FT-WD PROPERTY LLC, a Delaware limited liability
company
 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 
	 	FT-KRG (Atlanta) LLC

FT-KRG (Denton) LLC

FT-KRG (Louisville) LLC

FT-KRG (Memphis) LLC

FT-KRG (Seabrook) LLC

FT-KRG (Greensboro) LLC

 	 
	 
	 	Each, a Delaware limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 
	 	FT-KRG PROPERTY L.P., a Delaware limited partnership

 	 
	 	By:  	FT-FIN GP LLC, a Delaware limited  	 
	 	 	liability company, its general partner 	 

	 	 	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Carolyn Tiffany 	 
	 	 	Title:  	President 	 
	 

Guaranty Signature Page

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