Document:

EXHIBIT 10.9

GUARANTY AGREEMENT

 

This Guaranty Agreement (this “Guaranty”)
is made as of the 23rd day of December, 2013, by INLAND REAL ESTATE INCOME TRUST, INC., a Maryland corporation qualified
as a real estate investment trust (individually and collectively, jointly and severally, “Guarantor”), in favor
of BANK OF AMERICA, N.A., a national banking association (together with its successors and assigns, “Lender”).

 

Recitals

 

IREIT OLIVE BRANCH WEDGEWOOD,
L.L.C., a Delaware limited liability company (“Borrower”) has requested that Lender make a loan (the “Loan”)
to Borrower evidenced by a Promissory Note of even date herewith in the original principal amount of Sixteen Million Nine Hundred
Thousand and No/100 Dollars ($16,900,000.00) made by Borrower to the order of Lender (as the same may from time to time be amended,
supplemented, restated or otherwise modified, the “Note”). Certain terms and conditions of the Loan are set
forth in the Term Loan Agreement of even date herewith between Borrower and Lender (as the same may from time to time be amended,
supplemented, restated or otherwise modified, the “Loan Agreement”). As a condition precedent to making the
Loan, Lender has required that Guarantor execute and deliver this Guaranty to Lender. Any capitalized term used and not defined
in this Guaranty shall have the meaning given to such term in the Loan Agreement.

 

Agreements

 

For good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, and in order to induce Lender to make the Loan to Borrower, Guarantor
hereby guarantees to Lender the prompt and full payment and performance of the indebtedness and obligations described below in
this Guaranty (collectively called the “Guaranteed Obligations”), this Guaranty being a continuing guaranty
of payment and not a guaranty of collection, upon the following terms and conditions:

 

Section 1Guaranty and Indemnification
of Specific Obligations.

 

Guarantor hereby unconditionally,
absolutely and irrevocably guarantees payment (and not merely the collectability) of and agrees to pay, protect, defend and save
harmless Lender for, from and against, and hereby indemnifies Lender for, from and against any and all liabilities, obligations,
losses, damages, costs and expenses (including, without limitation, reasonable attorneys’ fees), causes of action, suits,
claims, demands, and judgments of any nature or description whatsoever, which may at any time be imposed upon, incurred by or awarded
against Lender as a result of:

 

(a)Fraud by Borrower
or Guarantor in connection with the construction, leasing or operation of the Property, the making or disbursement of the Loan,
or any certificates or documents provided in connection therewith;

 

(b)Material misrepresentation
or breach of warranty by Guarantor in connection with the construction, leasing or operation of the Property, the making or disbursement
of the Loan, or any certificates or documents provided in connection therewith;

 

(c)Material misrepresentation
or breach of warranty by Borrower, which was known by Guarantor to be false when made, in connection with the construction, leasing
or operation of the Property, the making or disbursement of the Loan, or any certificates or documents provided in connection therewith;

 

(d)After the occurrence
and during the continuance of an Event of Default, distributions to the members, partners or shareholders of Borrower or Guarantor
(or to any beneficiary or trustee if Borrower or Guarantor is a trust) of any Rents, security deposits, or other income arising
with respect to any property covered by the Mortgage or other Loan Documents which should have been applied against costs and expenses
associated with the Property or paid to Lender pursuant to the Loan Documents;

 

(e)The misapplication
by Borrower or Guarantor of any Insurance Proceeds or Condemnation Awards attributable to any property covered by the Mortgage
or the other Loan Documents which, under the terms thereof, should have been applied otherwise or paid to Lender;

 

(f)Failure by Borrower
or Guarantor to pay any Taxes, charges for labor, materials or services furnished in connection with any construction at the Property,
including any construction of tenant improvements, or any other charges, that may give rise to a lien on the Property, but solely
to the extent that the then revenue from the Property is sufficient to pay such amounts;

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(g)Physical waste with
respect to the Property by Borrower or Guarantor; or

 

(h)Any transfer of
or creation of a lien on (i) all or any part of the Property or other collateral for the loan or (ii) any direct or indirect
ownership interest in Borrower, in any case in violation of the terms of the Loan Documents.

 

(i)Borrower, Guarantor,
any Principal (as defined below), or any other party controlling, controlled by or under common control with Borrower (the “Borrowing
Group”), or any or all of them shall file a claim or counterclaim (other than compulsory counterclaims and bona-fide
defenses), or seek an injunction against the Lender contesting a foreclosure of the Mortgage or any other enforcement of Lender’s
rights, powers or remedies under any of the Loan Documents, and fails to be declared, in a final judgment or determination relating
to same, the prevailing party with respect to such contest by the final arbiter having jurisdiction with respect thereto; provided,
that Lender shall not pursue recovery from Guarantor pursuant to any conditions arising or actions taken relating to this clause
(i) until the Loan has been, in connection with any Event of Default, accelerated pursuant to the terms of the Loan Agreement.
As used herein, the term “Principal” shall mean each managing member and any member with a majority interest in the
Borrower.

 

Section 2Springing
Guaranty of Indebtedness.

 

Guarantor
shall not be liable for payment of the Indebtedness (as defined below) unless and until the occurrence of an Enforcement Event
(as defined in Section 3 below). Upon the occurrence of any Enforcement Event, Guarantor hereby fully
guarantees the Indebtedness and agrees that it shall be unconditionally and irrevocably liable to Lender for the punctual payment
(and not merely the collectability) when due, whether by lapse of time, by acceleration of maturity, or otherwise, of the Indebtedness
and that Lender shall be entitled to make demand on Guarantor for the due and punctual payment of the Indebtedness or any portion
thereof (it being understood, however, that Guarantor’s liability under Section 1 hereof shall be in addition to any
liability of Guarantor from time to time arising pursuant to this Section 2). Following the occurrence of an Enforcement
Event, Guarantor’s liability under this Section 2 for the due and punctual payment of the Indebtedness shall be effective
without notice, demand, or any other action by Lender, and, notwithstanding anything to the contrary set forth in this Guaranty,
that liability shall extend to any and all portions of the Indebtedness that shall have previously become due and payable. As used
herein, the term “Indebtedness” is broadly defined to mean and include all principal, interest (including interest
accruing after maturity and after the commencement of any bankruptcy or insolvency proceeding by or against Borrower, whether or
not allowed in such proceeding), prepayment premiums, fees, late charges, costs, expenses, indemnification indebtedness, and other
sums of money now or hereafter due and owing, or which Borrower is obligated to pay, pursuant to the terms of the Note, the Loan
Agreement, the Mortgage, the Environmental Agreement, any application, agreement, note or other document executed and delivered
in connection with any Letter of Credit, any of the other Loan Documents, or any Swap Contract, as the same may from time to time
be amended, supplemented, restated or otherwise modified. The Indebtedness includes all costs and expenses incurred by Lender in
seeking to enforce Lender’s rights and remedies with respect to the Indebtedness, including court costs, costs of alternative
dispute resolution and reasonable attorneys’ fees, whether or not suit is filed or other proceedings are initiated thereon.
This Guaranty covers the Indebtedness presently outstanding and the Indebtedness arising subsequent to the date hereof, including
all amounts advanced by Lender in stages or installments.

 

Section 3Enforcement
Events.

 

For purposes of this Guaranty,
the term “Enforcement Event” shall mean the occurrence of one or more of the following events:

 

(a)In connection with
the any enforcement of Lender’s rights and remedies under the Loan Documents, the Borrowing Group, or any of them: (i) contests
the validity or enforceability of the Loan Documents; or (ii) willfully and in bad faith (as determined in a final judgment by
the applicable court that is either not appealable or is not appealed by the applicable member of the Borrowing Group within sixty
(60) days of the entry thereof) interferes with, hinders or delays the Lender’s right to foreclose, appoint a receiver or
sell its interest in the Loan (excluding specifically any filing of a claim or counterclaim, or seeking an injunction to contest
the Lender’s right to such remedies), but including specifically such actions such as refusing to accept service of process
or refusing to allow, following reasonable notice delivered in accordance with the Loan Documents, Lender or Lender’s agents
access to the Property to obtain an updated appraisal, environmental report, or similar third party report; provided, that Lender
shall not pursue recovery from Guarantor pursuant to any conditions arising or actions taken relating to this clause (a) until
the Loan has been, in connection with any Event of Default, accelerated pursuant to the terms of the Loan Agreement;

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(b)The Property or
any part thereof shall become an asset in (i) a voluntary bankruptcy or insolvency proceeding, or (ii) an involuntary bankruptcy
or insolvency proceeding (A) which is commenced by Guarantor, any Principal or any member of the Borrowing Group or by a third
party with the collusion of any such Person, or (B) in which Borrower acquiesces or which Borrower fails to contest, or in which
Guarantor, any Principal or any member of the Borrowing Group objects to a motion by Lender for relief from any stay or injunction
from the foreclosure of the Mortgage or any other remedial action which is permitted under the Note, the Loan Agreement, the Mortgage
or any of the other Loan Documents; or

 

(c)Borrower shall make
an assignment for the benefit of creditors, or a receiver shall be appointed for any property of Borrower in any action initiated
by, or consented to by, Borrower, Guarantor, any Principal, or any member of the Borrowing Group.

 

For purposes hereof, “Principal”
shall mean the following individuals and/or entities of Borrower: (1) if Borrower is a limited partnership—each general partner
of the partnership and any limited partner with a majority interest in the partnership; (2) if Borrower is a general partnership
or a limited liability partnership—each general partner of the partnership; (3) if Borrower is a limited liability company—each
managing member and any member with a majority interest in the company; and (4) if Borrower is a corporation—any shareholder
holding a controlling interest in the corporation.

 

Section 4Primary Liability
of Guarantor; Environmental Obligations.

 

(a)This Guaranty is
an absolute, irrevocable and unconditional guaranty of payment and performance, and Guarantor shall be liable for the payment and
performance of the Guaranteed Obligations as a primary obligor. This Guaranty is not a guaranty of collection. This Guaranty shall
be effective as a waiver of, and Guarantor hereby expressly waives, any right to which Guarantor may otherwise have been entitled,
whether existing under statute, at Law or in equity, to require Lender to take prior recourse or proceedings against any collateral,
security or Person. It shall not be necessary for Lender, in order to enforce such payment or performance by Guarantor, first to
institute suit or pursue or exhaust any rights or remedies against Borrower or other Person liable on such indebtedness or for
such performance, or to enforce any rights against any security given to secure such indebtedness or performance, or to join Borrower
or any other Person liable for the payment or performance of the Guaranteed Obligations or any part thereof in any action to enforce
this Guaranty, or to resort to any other means of obtaining payment or performance of the Guaranteed Obligations; provided, however,
that nothing herein contained shall prevent Lender from suing on the Note or foreclosing the Mortgage or exercising any other right
under the Loan Documents.

 

(b)Suit may be brought
or demand may be made against Borrower or against any or all parties who have signed this Guaranty or any other guaranty covering
all or any part of the Guaranteed Obligations, or against any one or more of them, separately or together, without impairing the
rights of Lender against any party hereto.

 

(c)The liability of
Guarantor or any other Person hereunder for Guaranteed Obligations arising out of or related to the Environmental Agreement shall
not be limited or affected in any way by any provision in this Guaranty, the other Loan Documents or applicable Law limiting the
liability of Borrower, Guarantor or such other Person, or Lender’s recourse or rights to a deficiency judgment.

 

Section 5Certain
Agreements and Waivers by Guarantor.

 

(a)Guarantor agrees
that neither Lender’s rights or remedies nor Guarantor’s obligations under the terms of this Guaranty shall be released,
diminished, impaired, reduced or affected by any one or more of the following events, actions, facts, or circumstances, and the
liability of Guarantor under this Guaranty shall be absolute, unconditional and irrevocable irrespective of:

 

(i)any limitation
on the liability of, or recourse against, any other Person in any Loan Document or arising under any Law;

 

(ii)any claim
or defense that this Guaranty was made without consideration or is not supported by adequate consideration or that the obligations
of Guarantor hereunder exceed or are more burdensome than those of Borrower under the other Loan Documents;

 

(iii)the
taking or accepting of any other security or guaranty for, or right of recourse with respect to, any or all of the Guaranteed Obligations;

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(iv)the operation
of any statutes of limitation or other Laws regarding the limitation of actions, all of which are hereby waived as a defense to
any action or proceeding brought by Lender against Guarantor, to the fullest extent permitted by Law;

 

(v)any homestead exemption or any
other exemption under applicable Law;

 

(vi)any release,
surrender, abandonment, exchange, alteration, sale or other disposition, subordination, deterioration, waste, failure to protect
or preserve, impairment, or loss of, or any failure to create or perfect any lien or security interest with respect to, or any
other dealings with, any collateral or security at any time existing or purported, believed or expected to exist in connection
with any or all of the Guaranteed Obligations, or any impairment of Guarantor’s recourse against any Person or collateral;

 

(vii)whether
express or by operation of Law, any partial release of the liability of Guarantor hereunder (except to the extent expressly so
released) or any complete or partial release of Borrower or any other Person liable, directly or indirectly, for the payment or
performance of any or all of the Guaranteed Obligations;

 

(viii)the
insolvency, bankruptcy, disability, dissolution, liquidation, termination, receivership, reorganization, merger, consolidation,
change of form, structure or ownership, sale of all assets, or lack of corporate, partnership or other power of Borrower or any
other Person at any time liable for the payment or performance of any or all of the Guaranteed Obligations;

 

(ix)either
with or without notice to or consent of Guarantor, any renewal, extension, modification, supplement, subordination or rearrangement
of the terms of any or all of the Guaranteed Obligations and/or any of the Loan Documents, including material alterations of the
terms of payment (including changes in maturity date(s) and interest rate(s)) or performance (including changes with respect to
the construction of the Improvements) or any other terms thereof, or any waiver, termination, or release of, or consent to departure
from, any of the Loan Documents or any other guaranty of any or all of the Guaranteed Obligations, or any adjustment, indulgence,
forbearance, or compromise that may be granted from time to time by Lender to Borrower or any other Person at any time liable for
the payment or performance of any or all of the Guaranteed Obligations;

 

(x)any neglect,
lack of diligence, delay, omission, failure, or refusal of Lender to take or prosecute (or in taking or prosecuting) any action
for the collection or enforcement of any of the Guaranteed Obligations, or to foreclose or take or prosecute any action to foreclose
(or in foreclosing or taking or prosecuting any action to foreclose) upon any security therefor, or to exercise (or in exercising)
any other right or power with respect to any security therefor, or to take or prosecute (or in taking or prosecuting) any action
in connection with any Loan Document, or any failure to sell or otherwise dispose of in a commercially reasonable manner any collateral
securing any or all of the Guaranteed Obligations;

 

(xi)any failure
of Lender to notify Guarantor of any creation, renewal, extension, rearrangement, modification, supplement, subordination, or assignment
of the Guaranteed Obligations or any part thereof, or of any Loan Document, or of any release of or change in any security, or
of the occurrence or existence of any Default or Event of Default, or of any other action taken or refrained from being taken by
Lender against Borrower or any security or other recourse, or of any new agreement between Lender and Borrower, it being understood
that Lender shall not be required to give Guarantor any notice of any kind under any circumstances with respect to or in connection
with the Guaranteed Obligations, any and all rights to notice Guarantor may have otherwise had being hereby waived by Guarantor,
and Guarantor shall be responsible for obtaining for itself information regarding Borrower, including any changes in the business
or financial condition of Borrower, and Guarantor acknowledges and agrees that Lender shall have no duty to notify Guarantor of
any information which Lender may have concerning Borrower;

 

(xii)the
existence of any claim, counterclaim, set-off or other right that Guarantor may at any time have against Borrower, Lender, or any
other Person, whether or not arising in connection with this Guaranty, the Note, the Loan Agreement, the Environmental Agreement
or any other Loan Document;

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(xiii)the
unenforceability of all or any part of the Guaranteed Obligations against Borrower, whether because the Guaranteed Obligations
exceed the amount permitted by Law or violate any usury law, or because the Persons creating the Guaranteed Obligations acted in
excess of their authority, or because of a lack of validity or enforceability of or defect or deficiency in any of the Loan Documents,
or because Borrower has any valid defense, claim or offset with respect thereto, or because Borrower’s obligation ceases
to exist by operation of Law, or because of any other reason or circumstance, it being agreed that Guarantor shall remain liable
hereon regardless of whether Borrower or any other Person be found not liable on the Guaranteed Obligations, or any part thereof,
for any reason (and regardless of any joinder of Borrower or any other party in any action to obtain payment or performance of
any or all of the Guaranteed Obligations);

 

(xiv)any
order, ruling or plan of reorganization emanating from proceedings under Title 11 of the United States Code with respect to Borrower
or any other Person, including any extension, reduction, composition, or other alteration of the Guaranteed Obligations, whether
or not consented to by Lender, or any action taken or omitted by Lender in any such proceedings, including any election to have
Lender’s claim allowed as being secured, partially secured or unsecured, any extension of credit by Lender in any such proceedings
or the taking and holding by Lender of any security for any such extension of credit;

 

(xv)any other
condition, event, omission, or action that would in the absence of this paragraph result in the release or discharge of the Guarantor
from the performance or observance of any obligation, covenant or agreement contained in this Guaranty or any other agreement;

 

(xvi)any
early termination of any of the Guaranteed Obligations;

 

(xvii)Lender’s
enforcement or forbearance from enforcement of the Guaranteed Obligations on a net or gross basis; or

 

(xviii)any
liability, irregularity or unenforceability in whole or in part (including with respect to any netting provision) of any Swap Contract
or any confirmation, instrument or agreement required thereunder or related thereto, or any transaction entered into thereunder,
or any limitation on the liability of Borrower thereunder or any limitation on the method or terms of payment thereunder which
may now or hereafter be caused or imposed in any manner whatsoever.

 

(b)In the event any
payment by Borrower or any other Person to Lender is held to constitute a preference, fraudulent transfer or other voidable payment
under any bankruptcy, insolvency or similar Law, or if for any other reason Lender is required to refund such payment or pay the
amount thereof to any other party, such payment by Borrower or any other party to Lender shall not constitute a release of Guarantor
from any liability hereunder, and this Guaranty shall continue to be effective or shall be reinstated (notwithstanding any prior
release, surrender or discharge by Lender of this Guaranty or of Guarantor), as the case may be, with respect to, and this Guaranty
shall apply to, any and all amounts so refunded by Lender or paid by Lender to another Person (which amounts shall constitute part
of the Guaranteed Obligations), and any interest paid by Lender and any attorneys’ fees, costs and expenses paid or incurred
by Lender in connection with any such event.

 

(c)It is the intent
of Guarantor and Lender that the obligations and liabilities of Guarantor hereunder are absolute, irrevocable and unconditional
under any and all circumstances and that until the Guaranteed Obligations are fully and finally paid and performed, and not subject
to refund or disgorgement, the obligations and liabilities of Guarantor hereunder shall not be discharged or released, in whole
or in part, by any act or occurrence that might, but for the provisions of this Guaranty, be deemed a legal or equitable discharge
or release of a guarantor.

 

(d)Guarantor’s
obligations shall not be affected, impaired, lessened or released by loans, credits or other financial accommodations now existing
or hereafter advanced by Lender to Borrower in excess of the Guaranteed Obligations. All payments, repayments and prepayments of
the Loan, whether voluntary or involuntary, received by Lender from Borrower, any other Person or any other source (other than
from Guarantor pursuant to a demand by Lender hereunder), and any amounts realized from any collateral for the Loan, shall be deemed
to be applied first to any portion of the Loan which is not covered by this Guaranty, and last to the Guaranteed Obligations, and
this Guaranty shall bind Guarantor to the extent of any Guaranteed Obligations that may remain owing to Lender. Lender shall have
the right to apply any sums paid by Guarantor to any portion of the Loan in Lender’s sole and absolute discretion.

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(e)If acceleration
of the time for payment of any amount payable by Borrower under the Note, the Loan Agreement, any other Loan Document, or any Swap
Contract (not settled) is stayed or delayed by any Law or tribunal, all such amounts shall nonetheless be payable by Guarantor
on demand by Lender.

 

(f)In addition
to all other waivers contained herein, Guarantor hereby waives any and all rights it may have under Sections 26-7 through 26-9
of the North Carolina General Statutes.

 

Section 6Subordination.

 

If, for any reason whatsoever,
Borrower is now or hereafter becomes indebted to Guarantor:

 

(a)such indebtedness
and all interest thereon and all liens, security interests and rights now or hereafter existing with respect to property of Borrower
securing such indebtedness shall, at all times, be subordinate in all respects to the Guaranteed Obligations and to all liens,
security interests and rights now or hereafter existing to secure the Guaranteed Obligations;

 

(b)Guarantor shall
not be entitled to enforce or receive payment, directly or indirectly, of any such indebtedness of Borrower to Guarantor until
the Guaranteed Obligations have been fully and finally paid and performed; provided, however, that so long as no Default shall
have occurred and be continuing, Guarantor shall not be prohibited from receiving such (i) reasonable management fees or reasonable
salary from Borrower as Lender may find acceptable from time to time in its sole and absolute discretion, and (ii) distributions
from Borrower in an amount equal to any income taxes imposed on Guarantor which are attributable to Borrower’s income from
the Property;

 

(c)Guarantor hereby
assigns and grants to Lender a security interest in all such indebtedness and security therefor, if any, of Borrower to Guarantor
now existing or hereafter arising, including any dividends and payments pursuant to debtor relief or insolvency proceedings referred
to below. In the event of receivership, bankruptcy, reorganization, arrangement or other debtor relief or insolvency proceedings
involving Borrower as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights
hereunder and shall have the right to receive directly from the receiver, trustee or other custodian (whether or not an Event of
Default shall have occurred or be continuing under any of the Loan Documents), dividends and payments that are payable upon any
obligation of Borrower to Guarantor now existing or hereafter arising, and to have all benefits of any security therefor, until
the Guaranteed Obligations have been fully and finally paid and performed. If, notwithstanding the foregoing provisions, Guarantor
should receive any payment, claim or distribution that is prohibited as provided above in this Section 6, Guarantor shall
pay the same to Lender immediately, Guarantor hereby agreeing that it shall receive the payment, claim or distribution in trust
for Lender and shall have absolutely no dominion over the same except to pay it immediately to Lender; and

 

(d)Guarantor shall
promptly upon request of Lender from time to time execute such documents and perform such acts as Lender may require to evidence
and perfect its interest and to permit or facilitate exercise of its rights under this Section 6, including execution and
delivery of proofs of claim, further assignments and security agreements, and delivery to Lender of any promissory notes or other
instruments evidencing indebtedness of Borrower to Guarantor. All promissory notes, accounts receivable ledgers or other evidences,
now or hereafter held by Guarantor, of obligations of Borrower to Guarantor shall contain a specific written notice thereon that
the indebtedness evidenced thereby is subordinated under and is subject to the terms of this Guaranty.

 

Section 7Other Liability of
Guarantor or Borrower.

 

If Guarantor
is or becomes liable, by endorsement or otherwise, for any indebtedness owing by Borrower to Lender other than under this Guaranty,
such liability shall not be in any manner impaired or affected hereby, and the rights of Lender hereunder shall be cumulative of
any and all other rights that Lender may have against Guarantor. If Borrower is or becomes indebted to Lender for any indebtedness
other than or in excess of the Guaranteed Obligations, any payment received or recovery realized upon such other indebtedness of
Borrower to Lender may be applied to such other indebtedness. This Guaranty is independent of (and shall not be limited by) any
other guaranty now existing or hereafter given. Further, Guarantor’s liability under this Guaranty is in addition to any
and all other liability Guarantor may have in any other capacity, including, if applicable, its capacity as a general partner.

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Section 8Lender
Assigns; Disclosure of Information.

 

This Guaranty is for the
benefit of Lender and Lender’s successors and assigns, and in the event of an assignment of the Guaranteed Obligations, or
any part thereof, the rights and benefits hereunder, to the extent applicable to the Guaranteed Obligations so assigned, may be
transferred with such Guaranteed Obligations. Guarantor waives notice of any transfer or assignment of the Guaranteed Obligations
or any part thereof. Lender may sell or offer to sell the Loan or interests therein to one or more assignees or participants. Guarantor
shall execute, acknowledge and deliver any and all instruments reasonably requested by Lender in connection therewith, and to the
extent, if any, specified in any such assignment or participation, such assignee(s) or participant(s) shall have the same rights
and benefits with respect to the Loan Documents as such Person(s) would have if such Person(s) were Lender hereunder. Lender may
disclose to any such assignee or participant or prospective assignee or participant, to Lender’s affiliates, including Merrill
Lynch, Pierce, Fenner & Smith Incorporated, to any regulatory body having jurisdiction over Lender and to any other parties
as necessary or appropriate in Lender’s reasonable judgment, any information Lender now has or hereafter obtains pertaining
to the Guaranteed Obligations, this Guaranty, or Guarantor, including information regarding any security for the Guaranteed Obligations
or for this Guaranty, and/or credit or other information on Guarantor and/or any other Person liable, directly or indirectly, for
any part of the Guaranteed Obligations.

 

Section 9Binding
Effect; Joint and Several Liability.

 

This Guaranty is binding
not only on Guarantor, but also on Guarantor’s heirs, personal representatives, successors and assigns. Upon the death of
Guarantor, if Guarantor is a natural person, this Guaranty shall continue against Guarantor’s estate as to all of the Guaranteed
Obligations, including that portion incurred or arising after the death of Guarantor and shall be provable in full against Guarantor’s
estate, whether or not the Guaranteed Obligations are then due and payable. If this Guaranty is signed by more than one Person,
then all of the obligations of Guarantor arising hereunder shall be jointly and severally binding on each of the undersigned, and
their respective heirs, personal representatives, successors and assigns, and the term “Guarantor” shall mean
all of such Persons and each of them individually.

 

Section 10Governing
Law.

 

The validity, enforcement,
and interpretation of this Guaranty, shall for all purposes be governed by and construed in accordance with the laws of the State
of North Carolina and applicable United States federal law, and is intended to be performed in accordance with, and only to the
extent permitted by, such laws. All obligations of Guarantor hereunder are payable and performable at the place or places where
the Guaranteed Obligations are payable and performable.

 

Section 11Invalidity
of Certain Provisions.

 

If any provision of this
Guaranty or the application thereof to any Person or circumstance shall, for any reason and to any extent, be declared to be invalid
or unenforceable, neither the remaining provisions of this Guaranty nor the application of such provision to any other Person or
circumstance shall be affected thereby, and the remaining provisions of this Guaranty, or the applicability of such provision to
other Persons or circumstances, as applicable, shall remain in effect and be enforceable to the maximum extent permitted by applicable
Law.

 

Section 12Costs
and Expenses of Enforcement.

 

Guarantor agrees to pay
to Lender on demand all reasonable costs and expenses incurred by Lender in seeking to enforce Lender’s rights and remedies
under this Guaranty, including court costs, costs of alternative dispute resolution and reasonable attorneys’ fees, whether
or not suit is filed or other proceedings are initiated hereon. All such costs and expenses incurred by Lender shall constitute
a portion of the Guaranteed Obligations hereunder, shall be subject to the provisions hereof with respect to the Guaranteed Obligations
and shall be payable by Guarantor on demand by Lender.

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Section 13No Usury.

 

It is not the intention
of Lender or Guarantor to obligate Guarantor to pay interest in excess of that lawfully permitted to be paid by Guarantor under
applicable Law. Should it be determined that any portion of the Guaranteed Obligations or any other amount payable by Guarantor
under this Guaranty constitutes interest in excess of the maximum amount of interest that Guarantor, in Guarantor’s capacity
as guarantor, may lawfully be required to pay under applicable Law, the obligation of Guarantor to pay such interest shall automatically
be limited to the payment thereof in the maximum amount so permitted under applicable Law. The provisions of this Section shall
override and control all other provisions of this Guaranty and of any other agreement between Guarantor and Lender.

 

Section 14Representations,
Warranties, and Covenants of Guarantor.

 

Until the Guaranteed Obligations
are paid and performed in full and each and every term, covenant and condition of this Guaranty is fully performed, Guarantor hereby
represents, warrants, and covenants that: (a) Guarantor has a financial interest in Borrower and will derive a material and substantial
benefit, directly or indirectly, from the making of the Loan to Borrower and from the making of this Guaranty by Guarantor; (b)
this Guaranty is duly authorized and valid, and is binding upon and enforceable against Guarantor; (c) Guarantor is not, and the
execution, delivery and performance by Guarantor of this Guaranty will not cause Guarantor to be, in violation of or in default
with respect to any law or in default (or at risk of acceleration of indebtedness) under any agreement or restriction by which
Guarantor is bound or affected; (d) unless Guarantor is a natural person, Guarantor is duly organized, validly existing, and in
good standing under the laws of the state of its organization and has full power and authority to enter into and perform this Guaranty;
(e) except as disclosed in the SEC filing for Guarantor, there is no litigation pending or, to the knowledge of Guarantor,
threatened by or before any tribunal against or affecting Guarantor that would have a Material Adverse Effect (as defined in the
Loan Agreement); (f) all financial statements and information heretofore furnished to Lender by Guarantor do, and all financial
statements and information hereafter furnished to Lender by Guarantor will, fully and accurately present the condition (financial
or otherwise) of Guarantor as of their dates and the results of Guarantor’s operations for the periods therein specified,
and, since the date of the most recent financial statements of Guarantor heretofore furnished to Lender, no material adverse change
has occurred in the financial condition of Guarantor that would materially interfere with its ability to pay its existing obligations
hereunder, nor, except as heretofore disclosed in writing to Lender, has Guarantor incurred any material liability, direct or indirect,
fixed or contingent; (g) after giving effect to this Guaranty, Guarantor is solvent; (h) Guarantor has read and fully understands
the provisions contained in the Note, the Loan Agreement, the Mortgage, the Environmental Agreement and the other Loan Documents.
Guarantor further represents, warrants and covenants that if any Swap Contract (relating to the Loan) shall at any time be in effect,
(x) Guarantor has received and examined copies of each such Swap Contract (if any), the observance and performance of which
by Borrower is hereby guaranteed; (y) Guarantor will benefit from Lender’s entering into each such Swap Contract and any
transaction thereunder with Borrower, and Guarantor has determined that the execution and delivery by Guarantor of this Guaranty
are necessary and convenient to the conduct, promotion and attainment of the business of Guarantor; and (z) Lender has no
duty to determine whether any Swap Contract, or any other transaction relating to or arising under any Swap Contract, will be or
has been entered into by Borrower for purposes of hedging interest rate, currency exchange rate, or other risks arising in its
businesses or affairs and not for purposes of speculation, or is otherwise inappropriate for Borrower. Guarantor’s representations,
warranties and covenants are a material inducement to Lender to enter into the other Loan Documents and any Swap Contract shall
survive the execution hereof and any bankruptcy, foreclosure, transfer of security or other event affecting Borrower, Guarantor,
any other party, or any security for all or any part of the Guaranteed Obligations.

    	Page-8

    	 

    

 

Section 15Notices.

 

All notices, requests,
consents, demands and other communications required or which any party desires to give hereunder or under any other Loan Document
shall be in writing and, unless otherwise specifically provided in such other Loan Document, shall be deemed sufficiently given
or furnished if delivered by personal delivery, by nationally recognized overnight courier service, or by certified United States
mail, postage prepaid, addressed to the party to whom directed at the addresses specified in this Guaranty (unless changed by similar
notice in writing given by the particular party whose address is to be changed) or by facsimile. Any such notice or communication
shall be deemed to have been given either at the time of personal delivery or, in the case of courier or mail, as of the date of
first attempted delivery at the address and in the manner provided herein, or, in the case of facsimile, upon receipt; provided
that service of a notice required by any applicable statute shall be considered complete when the requirements of that statute
are met. Notwithstanding the foregoing, no notice of change of address shall be effective except upon actual receipt. This Section
shall not be construed in any way to affect or impair any waiver of notice or demand provided in this Guaranty or in any other
Loan Document or to require giving of notice or demand to or upon any Person in any situation or for any reason.

 

Section 16Cumulative
Rights.

 

All of the rights and remedies
of Lender under this Guaranty and the other Loan Documents are cumulative of each other and of any and all other rights at law
or in equity, and the exercise by Lender of any one or more of such rights and remedies shall not preclude the simultaneous or
later exercise by Lender of any or all such other rights and remedies. No single or partial exercise of any right or remedy shall
exhaust it or preclude any other or further exercise thereof, and every right and remedy may be exercised at any time and from
time to time. No failure by Lender to exercise, nor delay in exercising, any right or remedy shall operate as a waiver of such
right or remedy or as a waiver of any Event of Default. No notice to or demand on Guarantor in any case shall of itself entitle
Guarantor to any other or further notice or demand in similar or other circumstances. No provision of this Guaranty or any right
or remedy of Lender with respect hereto, or any default or breach, can be waived, nor can this Guaranty or Guarantor be released
or discharged in any way or to any extent, except specifically in each case by a writing intended for that purpose (and which refers
specifically to this Guaranty) executed and delivered by Lender to Guarantor.

 

Section 17Term of
Guaranty.

 

This Guaranty shall continue
in effect until all the Guaranteed Obligations and all of the obligations of Guarantor to Lender under this Guaranty are fully
and finally paid, performed and discharged and are not subject to any bankruptcy preference period or any other disgorgement.

 

Section 18Financial
Statements.

 

Guarantor agrees to provide
to Lender, as and when required, the Financial Statements and other financial information required to be delivered to Lender with
respect to Guarantor pursuant to the terms of the Loan Agreement and the other Loan Documents, in the form and detail required
by the Loan Documents. Guarantor also agrees to provide to Lender such other and further financial information with respect to
Guarantor as Lender shall from time to time request. Acceptance of any Financial Statement by Lender, whether or not in the form
prescribed herein, shall be relied upon by Lender in the administration, enforcement, and extension of the Guaranteed Obligations.

 

Section 19Subrogation.

 

Guarantor shall not have
any right of subrogation under any of the Loan Documents or any right to participate in any security for the Guaranteed Obligations
or any right to reimbursement, exoneration, contribution, indemnification or any similar rights, until the Guaranteed Obligations
have been fully and finally paid, performed and discharged in accordance with Section 17 above, and Guarantor hereby waives
all of such rights.

    	Page-9

    	 

    

 

Section 20Time of
Essence.

 

Time shall be of the essence
in this Guaranty with respect to all of Guarantor’s obligations hereunder.

 

Section 21Entire
Agreement; Counterparts; Construction.

 

This Guaranty embodies
the entire agreement between Lender and Guarantor with respect to the guaranty by Guarantor of the Guaranteed Obligations. This
Guaranty supersedes all prior agreements and understandings, if any, with respect to the guaranty by Guarantor of the Guaranteed
Obligations. This Guaranty shall be effective upon execution by Guarantor and delivery to Lender. This Guaranty may not be modified,
amended or superseded except in a writing signed by Lender and Guarantor referencing this Guaranty by its date and specifically
identifying the portions hereof that are to be modified, amended or superseded. This Guaranty has been executed in a number of
identical counterparts, each of which shall be deemed an original for all purposes and all of which constitute, collectively, one
agreement. As used herein, the words “include” and “including” shall be interpreted as if followed by the
words “without limitation.”

 

Section 22Dispute
Resolution.

 

This Section is referred
to as the “Dispute Resolution Provision.” Lender and Guarantor agree that this Dispute Resolution Provision is a material
inducement for their entering into this Agreement.

 

(a)This Dispute Resolution
Provision concerns the resolution of any disputes, controversies, claims, counterclaims, allegations of liability, theories of
damage, or defenses (collectively, a “Claim” or “Claims”) between Lender, on the one hand,
and Guarantor, on the other hand (each side being, for the purposes of this Dispute Resolution Provision, a “Party”
and the two sides together being the “Parties”), regardless of whether based on federal, state, or local law,
statute, ordinance, regulation, contract, common law, or any other source, and regardless of whether foreseen or unforeseen, suspected
or unsuspected, or fixed or contingent at the time of this Agreement, including but not limited to Claims that arise out of or
relate to: (i) this Agreement (including any renewals, extensions or modifications); or (ii) any document related to this Agreement.
For purposes of this Dispute Resolution Provision only, the terms “Lender” or “Party” or “Parties”
(to the extent referring to or including Lender) shall include any parent corporation, subsidiary or affiliate of Lender, and the
terms “Guarantor” or “Party” or “Parties” (to the extent referring to or including Guarantor)
shall include any parent corporation, subsidiary or affiliate of Guarantor.

 

(b)The Parties agree
that at the request of any Party to this Agreement, any Claim shall be resolved by binding arbitration. The Claims shall be governed
by the Laws of the State of North Carolina without regard to its conflicts of law principles. The Federal Arbitration Act, 9 U.S.C.
§§ 1 et seq. (the “Act”), shall apply to the construction, interpretation, and enforcement of this
Dispute Resolution Provision, as well as to the confirmation of or appeal from any arbitration award.

 

(c)Arbitration proceedings
will be determined in accordance with the Act, the then-current Commercial Finance rules and procedures of the American Arbitration
Association or any successor thereof (“AAA”) (or any successor rules for arbitration of financial services disputes),
and the terms of this Dispute Resolution Provision. In the event of any inconsistency, the terms of this Dispute Resolution Provision
shall control. The arbitration shall be administered by the Parties and not the AAA and shall be conducted, unless otherwise required
by Law, at a location selected solely by Lender in any U.S. state where real or tangible personal property collateral for this
credit is located or where Guarantor has a place of business. If there is no such state, Lender shall select a location in the
state specified in the governing law section of this Agreement.

 

(d)If aggregate Claims
are One Million Dollars ($1,000,000) or less:

 

(i)All issues
shall be heard and determined by one neutral arbitrator. The arbitrator shall have experience with commercial financial services
disputes and, if possible, prior judicial experience, and shall be selected pursuant to the AAA “Arbitrator Select: List
and Appointment” process, to be initiated by Lender. If the AAA “Arbitrator Select: List and Appointment” process
is unavailable, Lender shall initiate any successor process offered by the AAA or a similar process offered by any other nationally
recognized alternative dispute resolution organization.

    	Page-10

    	 

    

 

(ii)Unless
the arbitrator has a dispositive motion under advisement or unforeseeable and unavoidable conflicts arise (as determined by the
arbitrator), all arbitration hearings shall commence within ninety (90) days of the appointment of the arbitrator, and under any
circumstances the award of the arbitrator shall be issued within one hundred twenty (120) days of the appointment of the arbitrator.

 

(iii)A Party
shall be entitled to take no more than two (2) fact depositions, one or both of which may be taken in accordance with Fed. R. Civ.
P. 30(b)(6), plus depositions of any experts designated by the other Party, each of seven (7) hours or less, during pre-hearing
discovery.

 

(iv)There
shall be no written discovery requests except a Party may serve document requests on the other Party not to exceed twenty (20)
in number, including subparts. The requests shall be served within forty-five (45) days of the appointment of the arbitrator and
shall be responded to within twenty-one (21) days of service.

 

(e)If aggregate Claims
exceed One Million Dollars ($1,000,000):

 

(i)The issues
shall be heard and determined by one neutral arbitrator selected as above unless either Party requests that all issues be heard
and determined by three (3) neutral arbitrators. In that event, each Party shall select an arbitrator with experience with commercial
financial services disputes, and the two arbitrators shall select a third arbitrator, who shall have prior judicial experience.
If the arbitrators cannot agree, the third arbitrator shall be selected pursuant to the AAA “Arbitrator Select: List and
Appointment” process, to be initiated by Lender.

 

(ii)Unless
the arbitrator(s) have a dispositive motion under advisement or other good cause is shown (as determined by the arbitrator(s)),
all arbitration hearings shall commence within one hundred twenty (120) days of the appointment of the arbitrator(s), and under
any circumstances the award of the arbitrator(s) shall be issued within one hundred eighty (180) days of the appointment of the
arbitrator(s).

 

(iii)A Party
shall be entitled to take no more than five (5) fact depositions, one or more of which may be taken in accordance with Fed. R.
Civ. P. 30(b)(6), plus depositions of any experts designated by the other Party, each of seven (7) hours or less, during pre-hearing
discovery.

 

(iv)There
shall be no written discovery requests except a Party may serve document requests on the other Party not to exceed thirty (30)
in number, including subparts. The requests shall be served within forty-five (45) days of the appointment of the arbitrator(s)
and shall be responded to within twenty-one (21) days of service.

 

(f)Where a Party intends
to rely upon the testimony of an expert on an issue for which the Party bears the burden of proof, the expert(s) must be disclosed
within thirty (30) days following the appointment of the arbitrator(s), including a written report in accordance with Fed. R. Civ.
P. 26(a)(2)(B). The arbitrator(s) shall exclude any expert not disclosed strictly in accordance herewith. The other Party shall
have the right within thirty (30) days thereafter to take the deposition of the expert(s) (upon payment of the expert’s reasonable
fees for the in-deposition time), and to identify rebuttal expert(s), including a written report in accordance with Fed. R. Civ.
P. 26(a)(2)(B).

 

(g)The arbitrator(s)
shall consider and rule on motions by the Parties to dismiss for failure to state a claim; to compel; and for summary judgment,
in a manner substantively consistent with the corresponding Federal Rules of Civil Procedure. The arbitrator(s) shall enforce the
“Apex” doctrine with regard to requested depositions of high-ranking executives of both Parties. The arbitrator(s)
shall exclude any Claim not asserted within thirty (30) days following the demand for arbitration. This shall not prevent a Party
from revising the calculation of damages on any existing theory. All discovery shall close at least one (1) week before any scheduled
hearing date, and all hearing exhibits shall have been exchanged by the same deadline or they shall not be given weight by the
arbitrator(s).

    	Page-11

    	 

    

 

(h)The arbitrator(s)
will give effect to applicable statutes of limitations in determining any Claim and shall dismiss the Claim if it is barred by
the statutes of limitations. For purposes of the application of any statutes of limitations, the service of a written demand for
arbitration or counterclaim pursuant to the notice section of this Agreement is the equivalent of the filing of a lawsuit. At the
request of any Party made at any time, including at confirmation of an award, the resolution of a statutes of limitations defense
to any Claim shall be decided de novo by a court of competent jurisdiction rather than by the arbitrator(s). Otherwise, any dispute
concerning this Dispute Resolution Provision or whether a Claim is arbitrable shall be determined by the arbitrator(s), except
as otherwise set forth in this Dispute Resolution Provision.

 

(i)The arbitrator(s)
shall have the power to award legal fees and costs relating to the arbitration proceeding and any related litigation or arbitration,
pursuant to the terms of this Agreement. The arbitrator(s) shall provide a written statement of reasons for the award. The arbitration
award may be submitted to any court having jurisdiction to be confirmed and have judgment entered and enforced.

 

(j)This Dispute Resolution
Provision does not limit the right of any Party to: (i) exercise self-help remedies, such as but not limited to, setoff; (ii) initiate
judicial or non-judicial foreclosure against any real or personal property collateral; (iii) exercise any judicial or power of
sale rights; or (iv) act in a court of law to obtain an interim remedy, such as but not limited to, injunctive relief, writ of
possession or appointment of a receiver, or additional or supplementary remedies.

 

(k)The filing of a
court action is not intended to constitute a waiver of the right of any Party, including the suing Party, thereafter to require
submittal of the Claims to arbitration.

 

(l)Any arbitration
or court trial (whether before a judge or jury) of any Claim will take place on an individual basis without resort to any form
of class or representative action (the “Class Action Waiver”). THE CLASS ACTION WAIVER PRECLUDES ANY PARTY FROM PARTICIPATING
IN OR BEING REPRESENTED IN ANY CLASS OR REPRESENTATIVE ACTION REGARDING A CLAIM. Regardless of anything else in this Dispute Resolution
Provision, the validity and effect of the Class Action Waiver may be determined only by a court and not by an arbitrator. The Parties
to this Agreement acknowledge that the Class Action Waiver is material and essential to the arbitration of any disputes between
the Parties and is nonseverable from the agreement to arbitrate Claims. If the Class Action Waiver is limited, voided or found
unenforceable, then the Parties’ agreement to arbitrate shall be null and void with respect to such proceeding, subject to
the right to appeal the limitation or invalidation of the Class Action Waiver. THE PARTIES ACKNOWLEDGE AND AGREE THAT UNDER NO
CIRCUMSTANCES WILL A CLASS ACTION BE ARBITRATED.

 

(m)The arbitration
proceedings shall be private. All documents, transcripts, and filings received by any Party shall not be disclosed by the recipient
to any third parties other than attorneys, accountants, auditors, and financial advisors acting in the course of their representation,
or as otherwise ordered by a court of competent jurisdiction. Any award also shall be kept confidential, although this specific
requirement shall be void once the award must be submitted to a court for enforcement. The Parties agree that injunctive relief,
including a temporary restraining order, from a trial court is the appropriate relief for breach of this paragraph, and they waive
any security or the posting of a bond as a requirement for obtaining such relief.

 

(n)By agreeing to binding
arbitration, the Parties irrevocably and voluntarily waive, but only to the extent permitted under applicable Law, any right they
may have to a trial by jury in respect of any Claim. Furthermore, without intending in any way to limit this agreement to arbitrate,
to the extent any Claim is not arbitrated, the Parties irrevocably and voluntarily waive, but, again, only to the extent permitted
under applicable Law, any right they may have to a trial by jury in respect of such Claim. To the extent effective under applicable
Law, this waiver of jury trial shall remain in effect even if the Class Action Waiver is limited, voided or found unenforceable.
WHETHER THE CLAIM IS DECIDED BY ARBITRATION OR BY TRIAL BY A JUDGE, THE PARTIES AGREE AND UNDERSTAND THAT THE EFFECT OF THIS
AGREEMENT IS THAT THEY ARE GIVING UP THE RIGHT TO TRIAL BY JURY TO THE EXTENT PERMITTED BY LAW.

    	Page-12

    	 

    

 

Section 23Forum.

 

Guarantor hereby irrevocably
submits generally and unconditionally for itself and in respect of its property to the jurisdiction of any state court or any United
States federal court sitting in the State specified in the governing law section of this Guaranty and to the jurisdiction of any
state court or any United States federal court sitting in the state in which any of the Property is located, over any Dispute.
Guarantor hereby irrevocably waives, to the fullest extent permitted by Law, any objection that Guarantor may now or hereafter
have to the laying of venue in any such court and any claim that any such court is an inconvenient forum. Guarantor hereby agrees
and consents that, in addition to any methods of service of process provided for under applicable law, all service of process in
any such suit, action or proceeding in any state court or any United States federal court sitting in the state specified in the
governing law section of this Guaranty may be made by certified or registered mail, return receipt requested, directed to Guarantor
at its address for notice set forth in this Guaranty, or at a subsequent address of which Lender received actual notice from Guarantor
in accordance with the notice section of this Guaranty, and service so made shall be complete five (5) days after the same shall
have been so mailed. Nothing herein shall affect the right of Lender to serve process in any manner permitted by Law or limit the
right of Lender to bring proceedings against Guarantor in any other court or jurisdiction.

 

Section 24Intentionally
Omitted.

 

Section 25Credit Verification.

 

Each legal entity and individual
obligated on this Guaranty, whether as a Guarantor, a general partner of a Guarantor or in any other capacity, hereby authorizes
Lender to check any credit references, verify his/her employment and obtain credit reports from credit reporting agencies of Lender’s
choice in connection with any monitoring, collection or future transaction concerning the Loan, including any modification, extension
or renewal of the Loan. Also in connection with any such monitoring, collection or future transaction, Lender is hereby authorized
to check credit references, verify employment and obtain a third party credit report for the spouse of any married person obligated
on this Guaranty, if such person lives in a community property state.

 

[remainder of page left intentionally blank
– signature page to follow]

 

    	Page-13

    	 

    

 

 

IN WITNESS WHEREOF, Guarantor has duly executed
this Guaranty under seal as of the date first written above.

 

GUARANTOR:

 

INLAND REAL ESTATE INCOME TRUST, INC., a Maryland corporation
qualified as a real estate investment trust

 

By:        /s/ David Z. Lichterman

Name:   David Z. Lichterman

Its:        Treasurer and Chief Accounting Officer

                      [SEAL]

 

Guarantor’s Address:

2901 Butterfield Road

Oak Brook, IL 60523

Attn: President

Fax: 630-368-2218

 

Copy to :

 

The Inland Real Estate Group, Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Attn: General Counsel

Fax – 630-218-4900

 

Address of Lender:

 

Bank of America, N.A.

Commercial Real Estate Banking

100 North Tryon Street

NC1-007-11-15

Charlotte, NC 28255

(Attn: Real Estate Loan Administration)

 

 

Page-14BOA First Amendment Q1 FY 14

FIRST AMENDMENT TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT dated as of December 30, 2013 (this “Agreement”) is entered into among Shiloh Industries, Inc., a Delaware corporation (the “Borrower”), the Guarantors, the Lenders party hereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).
RECITALS
WHEREAS, the Borrower, the Guarantors, the Lenders and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer have entered into that certain Credit Agreement dated as of October 25, 2013 (as amended or modified from time to time, the “Credit Agreement”);
WHEREAS, the Borrower has requested that the Lenders make the amendments set forth below;
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.    Amendment.  The Credit Agreement is hereby amended to read as follows:
(a)    The following new definitions are hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order:
“2013 Permitted Government Revenue Bond Documents” means the Collateral Assignment, the Series 2013 Bonds, and the financing agreement, the lease agreement and the security agreement, in each case entered into in connection therewith.
“Collateral Assignment” means that certain Collateral Assignment of Series 2013 Bonds, Financing Agreement, Lease Agreement and Security Agreement dated on or about December 31, 2013 by the Borrower and Jefferson Blanking Inc. to and for the benefit of the Administrative Agent.
“Permitted Government Revenue Bond Indebtedness” means a “phantom” revenue bond or bonds issued by a state or local Governmental Authority as part of a government tax incentive program, the proceeds of which are used to finance or refinance the acquisition, construction, equipping or improvement of facilities or property used by the Borrower or any Subsidiary, and any lease or similar obligation of the Borrower or any Subsidiary relating thereto; provided, that: (a) such revenue bond or bonds are non-recourse to the Borrower and its Subsidiaries, (b) the Borrower or a Subsidiary is the holder of such revenue bond or bonds, (c) the payments to be made by the Borrower or any Subsidiary as payment on the bond or bonds under the conduit financing agreement are revenue neutral by virtue of (i) the Borrower or the applicable Subsidiary being the holder of the bond or bonds and (ii) any payments under the related lease of assets with the Governmental Authority are in lieu of taxes, (d) the aggregate amount of all such bonds and other obligations of the Borrower and its Subsidiaries shall not exceed $30,000,000 at any one time outstanding, (e) the use of any assets by the Borrower or any of its Subsidiaries is not limited in any material respect and (f) the Administrative Agent shall have received the definitive documentation for the applicable project or program pursuant to which such bond or bonds are issued (which, in any case, shall be substantially similar to the 2013 Permitted Government Revenue Bond Documents), certified as true and complete by a Responsible Officer of the Borrower and otherwise in form and substance satisfactory to the Administrative Agent.

 “Series 2013 Bonds” means those certain Development Authority of Jefferson, Georgia Taxable Industrial Development Revenue Bonds (Jefferson Blanking Inc.), Series 2013, in an aggregate principal amount not to exceed $8,000,000.
(b)    The definition of “Collateral Documents” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
“Collateral Documents” means a collective reference to the Security Agreement, the Pledge Agreement, the Mortgages, the Collateral Assignment, any other collateral assignment or security agreement entered into by the Administrative Agent in connection with Permitted Government Revenue Bond Indebtedness and all other security documents as are executed and delivered by the Loan Parties pursuant to the terms of Section 7.14.
(c)    The definition of “Consolidated Interest Charges” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
“Consolidated Interest Charges” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, an amount equal to the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets (but excluding (i) fees and expenses paid to the Administrative Agent, the Joint Lead Arrangers and the Lenders in connection with the consummation of the Transactions, (ii) annual agency fees paid to the Administrative Agent and (iii) interest payable to the Borrower or any Subsidiary in connection with Permitted Government Revenue Bond Indebtedness), in each case to the extent treated as interest expense in accordance with GAAP plus (b) the portion of rent expense with respect to such period under Capital Leases that is treated as interest in accordance with GAAP plus (c) the implied interest component of Synthetic Leases with respect to such period.
(d)    The definition of “Consolidated Net Income” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
“Consolidated Net Income” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the net income of the Borrower and its Subsidiaries for that period (excluding (a) extraordinary items for such period, (b) the net income of any Subsidiary during such period (or, for purposes of calculating Cumulative Credit, either during such period or in respect of any future period) to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of such income is not permitted by operation of the terms of its Organization Documents or any agreement, instrument or Law applicable to such Subsidiary during such period, except that the Borrower’s equity in any net loss of any such Subsidiary for such period shall be included in determining Consolidated Net Income, (c) any income (or loss) for such period of any Person if such Person is not a Subsidiary, except that the Borrower’s equity in the net income of any such Person for such period shall be included in Consolidated Net Income up to the amount of cash actually distributed by such Person during such period to the Borrower or a Subsidiary as a dividend or other distribution (and in the case of a dividend or other distribution to a Subsidiary, such Subsidiary is not precluded from further distributing such amount to the Borrower as described in clause (b) hereof) and (d) interest income for such period arising from Permitted Government Revenue Bond Indebtedness), as determined in accordance with GAAP.
(e)    The definition of “Disposition” or “Dispose” in Section 1.01 of the Credit Agreement is hereby amended by (i) re-lettering the first clause (k) to be clause “(j)”, (ii) deleting the word “and” immediately before the second clause (k) and replacing it with “,” and (iii) inserting the following immediately before the “.” at the end of the second clause (k) thereof:

and (l) dispositions of assets not to exceed $30,000,000 in the aggregate during the term of this Agreement to a Governmental Authority in connection with Permitted Government Revenue Bond Indebtedness and the granting of state or local tax development incentives; provided, that, (i) the Borrower or the applicable Subsidiary retains a leasehold interest in such property (and such leasehold interest is pledged to the Administrative Agent pursuant to documentation in form and substance satisfactory to the Administrative Agent), (ii) the use of such assets by the Borrower or such Subsidiary is not materially limited or restricted thereby, and (iii) the Borrower or such Subsidiary has the right to reacquire such assets for nominal consideration (and such right shall be assigned to the Administrative Agent), which shall include cancellation by the Borrower or such Subsidiary of any bond held by the Borrower or such Subsidiary related to Permitted Government Revenue Bond Indebtedness.
(f)    The definition of “Funded Indebtedness” in Section 1.01 of the Credit Agreement is hereby amended by inserting the following parenthetical immediately after the word “GAAP” in the second line thereof:
(other than any Permitted Government Revenue Bond Indebtedness)
(g)    The definition of “Indebtedness” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:
(a)all Funded Indebtedness;
(b)the Swap Termination Value of any Swap Contract;
(c)all Permitted Government Revenue Bond Indebtedness;
(d)all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a), (b) and (c) above of any other Person; and
(e)all Indebtedness of the types referred to in clauses (a) through (d) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person or a Subsidiary thereof is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to such Person or such Subsidiary.
(h)    The text preceding the proviso in the definition of “Interest Period” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
“Interest Period” means as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one (1) week or one (1), two (2), three (3) or six (6) months thereafter, in each case, subject to availability, as selected by the Borrower in its Loan Notice;
(i)    Section 8.02 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (i) thereof, (ii) deleting the “.” at the end of clause (j) thereof and replacing it with “; and” and (iii) adding the following new clause (k) immediately after clause (j):
(k)    Investments consisting of the acquisition of revenue bonds acquired solely as a means of implementing government tax incentive programs in connection with the business of the Borrower and its Subsidiaries and Permitted Government Revenue Bond Indebtedness.

(j)    Section 8.03 of the Credit Agreement is hereby amended (i) by deleting the word “and” at the end of clause (l) thereof, (ii), deleting the “.” at the end of clause (m) thereof and replacing it with “; and” and (iii) adding the following new clause (n) immediately after clause (m):

(n)    Permitted Government Revenue Bond Indebtedness.

(k)    Section 8.15 of the Credit Agreement is hereby amended to read as follows:

Section 8.15    Sale Leasebacks.

Enter into any Sale and Leaseback Transaction except pursuant to a transaction described in clause (l) of the definition of “Disposition” and permitted by Section 8.05.

2.    Conditions Precedent.  This Agreement shall become effective upon satisfaction of the following conditions precedent:
(a)     receipt by the Administrative Agent of counterparts of this Agreement duly executed by the Borrower, the Guarantors, the Required Lenders and Bank of America, N.A., as Administrative Agent; and
(b)    receipt by Moore & Van Allen PLLC, counsel to the Administrative Agent, of its fees and expenses incurred in connection with this Agreement.

3.    Miscellaneous.
(a)    The Credit Agreement and the obligations of the Loan Parties thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.
(b)    Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the Loan Documents.
(c)    The Borrower and the Guarantors hereby represent and warrant as follows:
(i)    Each Loan Party has taken all necessary action to authorize the execution, delivery and performance of this Agreement.
(ii)    This Agreement has been duly executed and delivered by the Loan Parties and constitutes each of the Loan Parties’ legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
(iii)    No consent, approval, exemption, authorization or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by any Loan Party of this Agreement.
(d)    The Loan Parties represent and warrant to the Lenders that after giving effect to this Agreement (i) the representations and warranties of the Loan Parties set forth in Article VI of the Credit Agreement and in each other Loan Document are true and correct in all material respects (or, if any such representation and warranty is qualified by materiality or Material Adverse Effect, it is true and correct in all respect) as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default or an Event of Default.
(e)    This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Agreement by telecopy or electronic mail shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(f)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
[remainder of page intentionally left blank]

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

		
	BORROWER:
	SHILOH INDUSTRIES, INC.,

a Delaware corporation	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President Finance and Treasurer

GUARANTORS:                SHILOH CORPORATION, 
an Ohio corporation

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

GREENFIELD DIE & MANUFACTURING CORP.,
a Michigan corporation

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

JEFFERSON BLANKING INC., 
an Georgia corporation

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

SHILOH AUTOMOTIVE, INC.,
an Ohio corporation

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

SHILOH INDUSTRIES, INC. DICKSON 
MANUFACTURING DIVISION, 
a Tennessee corporation

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

LIVERPOOL COIL PROCESSING, INCORPORATED,
an Ohio corporation

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

MEDINA BLANKING, INC., 
an Ohio corporation

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

THE SECTIONAL DIE COMPANY,
an Ohio corporation

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

SECTIONAL STAMPING, INC., 
an Ohio corporation

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

SHILOH DIE CAST LLC,
an Ohio limited liability company

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

ALBANY-CHICAGO COMPANY LLC, 
a Wisconsin limited liability company

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

SHILOH DIE CAST MIDWEST LLC,
an Ohio limited liability company

	
		
	By:
	/s/ Thomas. M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

                            
ADMINISTRATIVE
		
	AGENT:
	BANK OF AMERICA, N.A.

as Administrative Agent
    	
		
	By:
	/s/ Michael Miller

	Name:
	Michael Miller

	Title:
	Vice President

                        

		
	LENDER:
	BANK OF AMERICA, N.A.

as a Lender, Swing Line Lender and L/C Issuer
	
		
	By:
	/s/ Michael Miller

	Name:
	Michael Miller

	Title:
	Senior Vice President

                    

    

LENDER:                    JPMORGAN CHASE BANK, N.A., 
as a Lender

                        	
		
	By:
	/s/ Henry W. Centa

	Name:
	Henry W. Centa

	Title:
	Senior Vice President

                            

LENDER:                    RBS Citizens, N.A.
as a lender
	
		
	By:
	/s/ Nicoleta Bortan

	Name:
	Nicoleta Bortan

	Title:
	Authorized Agent

                        

LENDER:                    THE PRIVATEBANK AND TRUST COMPANY, 
as a Lender

                        	
		
	By:
	/s/ Robert M. Walker

	Name:
	Robert M. Walker

	Title:
	Managing Director

                            

LENDER:                    ASSOCIATED BANK, N.A., 
as a Lender

	
		
	By:
	/s/ Viktor R. Gottlieb

	Name:
	Viktor R. Gottlieb

	Title:
	Vice President

                            

LENDER:                    COMPASS BANK, 
as a Lender

	
		
	By:
	/s/ Jason Sheppard

	Name:
	Jason Sheppard

	Title:
	Credit Products Officer

                        

LENDER:                    THE HUNTINGTON NATIONAL BANK 
as a Lender

	
		
	By:
	/s/ Amanda S. Sigg

	Name:
	Amanda S. Sigg

	Title:
	Vice President

LENDER:                    FIRSTMERIT BANK, NA, 
as a Lender

	
		
	By:
	/s/ Robert G. Morlan

	Name:
	Robert G. Morlan

	Title:
	Senior Vice President

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