Document:

Exhibit 10.1

 

 

 

SIXTH AMENDED AND RESTATED

REVOLVING LOAN AGREEMENT

 

dated as of September 27, 2022

 

among

 

AVALONBAY COMMUNITIES, INC.,

as Borrower,

 

BANK OF AMERICA, N.A.,

as Administrative Agent, an Issuing Bank and a Bank

 

JPMORGAN CHASE BANK, N.A. and WELLS FARGO BANK,
N.A.

as Issuing Banks, Banks and Syndication Agents,

 

BARCLAYS
BANK PLC, Deutsche Bank Securities Inc.,

GOLDMAN SACHS BANK USA, Morgan Stanley senior funding, inc.

PNC BANK, NATIONAL ASSOCIATION and TRUIST BANK,

as Documentation Agents,

 

THE
BANK OF NOVA SCOTIA, BNP PARIBAS,

MIZUHO BANK, LTD., ROYAL BANK OF CANADA, TD BANK, N.A., and

U.S. BANK NATIONAL ASSOCIATION,

as Senior Managing Agents,

 

WELLS FARGO SECURITIES, LLC,

as Sustainability Structuring Agent

 

THE OTHER BANKS SIGNATORY HERETO,

each as a Bank,

 

and

 

JPMORGAN CHASE BANK, N.A., BOFA SECURITIES, INC.,
and

WELLS FARGO SECURITIES, LLC,

as Joint Bookrunners and Joint Lead Arrangers,

 

 

 

     

     

    

 

Table
of Contents

 

	 	 	 	 	Page
	 	 	 	 	 
	Article I	 	DEFINITIONS; ETC.	 	1

 

	Section 1.01	 	Definitions	 	1
	Section 1.02	 	Accounting Terms	 	28
	Section 1.03	 	Computation of Time Periods	 	29
	Section 1.04	 	Rules of Construction	 	29
	Section 1.05	 	Interest Rates	 	29
	Section 1.06	 	Letter of Credit Amounts	 	30
	Section 1.07	 	Times of Day	 	30
	Section 1.08	 	Rounding	 	30

 

	Article II	 	THE LOANS	 	30

 

	Section 2.01	 	Ratable Loans; Bid Rate Loans; Purpose	 	30
	Section 2.02	 	Bid Rate Loans	 	31
	Section 2.03	 	Advances, Generally	 	35
	Section 2.04	 	Procedures for Advances	 	35
	Section 2.05	 	Interest Periods; Renewals	 	36
	Section 2.06	 	Interest	 	36
	Section 2.07	 	Fees	 	37
	Section 2.08	 	Notes	 	37
	Section 2.09	 	Prepayments	 	38
	Section 2.10	 	Cancellation of Commitments	 	39
	Section 2.11	 	Method of Payment	 	39
	Section 2.12	 	Elections, Conversions or Continuation of Loans	 	39
	Section 2.13	 	Minimum Amounts	 	40
	Section 2.14	 	Certain Notices Regarding Elections, Conversions and Continuations of Loans	 	40
	Section 2.15	 	Late Payment Premium	 	40
	Section 2.16	 	Letters of Credit	 	41
	Section 2.17	 	[Reserved]	 	48
	Section 2.18	 	Extension of Maturity	 	49
	Section 2.19	 	Additional Loan Commitments	 	49
	Section 2.20	 	Defaulting Lenders	 	51

 

    i

     

    

 

Table
of Contents

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	Section 2.21	 	Sustainability Adjustments	 	53

 

	Article III	 	YIELD PROTECTION; ILLEGALITY, ETC.	 	58

 

	Section 3.01	 	Additional Costs	 	58
	Section 3.02	 	Inability to Determine Rates	 	59
	Section 3.03	 	Illegality	 	61
	Section 3.04	 	Treatment of Affected Loans	 	62
	Section 3.05	 	Certain Compensation	 	62
	Section 3.06	 	Capital or Liquidity Adequacy	 	63
	Section 3.07	 	Substitution of Banks	 	63
	Section 3.08	 	Applicability	 	64
	Section 3.09	 	Time for Notices	 	64
	Section 3.10	 	Taxes	 	65
	Section 3.11	 	Designation of a Different Lending Office	 	69

 

	Article IV	 	CONDITIONS PRECEDENT	 	69

 

	Section 4.01	 	Conditions Precedent to the Initial Advance	 	69
	Section 4.02	 	Conditions Precedent to Each Advance	 	71
	Section 4.03	 	Deemed Representations	 	71

 

	Article V	 	REPRESENTATIONS AND WARRANTIES	 	72

 

	Section 5.01	 	Due Organization	 	72
	Section 5.02	 	Power and Authority; No Conflicts; Compliance With Laws	 	72
	Section 5.03	 	Legally Enforceable Agreements	 	72
	Section 5.04	 	Litigation	 	72
	Section 5.05	 	Good Title to Properties	 	73
	Section 5.06	 	Taxes	 	73
	Section 5.07	 	ERISA	 	73
	Section 5.08	 	No Default on Outstanding Judgments or Orders, Etc.	 	73
	Section 5.09	 	No Defaults on Other Agreements	 	74
	Section 5.10	 	Government Regulation	 	74
	Section 5.11	 	Environmental Protection	 	74
	Section 5.12	 	Solvency	 	74

 

    ii

     

    

 

Table
of Contents

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	Section 5.13	 	Financial Statements	 	74
	Section 5.14	 	Valid Existence of Affiliates	 	74
	Section 5.15	 	Insurance	 	75
	Section 5.16	 	Accuracy of Information; Full Disclosure	 	75
	Section 5.17	 	OFAC	 	75
	Section 5.18	 	Anti-Corruption Laws	 	75
	Section 5.19	 	Affected Financial Institution	 	75
	Section 5.20	 	Covered Entities	 	75

 

	Article VI	 	AFFIRMATIVE COVENANTS	 	76

 

	Section 6.01	 	Maintenance of Existence	 	76
	Section 6.02	 	Maintenance of Records	 	76
	Section 6.03	 	Maintenance of Insurance	 	76
	Section 6.04	 	Compliance with Laws; Payment of Taxes	 	76
	Section 6.05	 	Right of Inspection	 	76
	Section 6.06	 	Compliance With Environmental Laws	 	76
	Section 6.07	 	Maintenance of Properties	 	76
	Section 6.08	 	Payment of Costs	 	76
	Section 6.09	 	Reporting and Miscellaneous Document Requirements	 	77
	Section 6.10	 	Principal Prepayments as a Result of Reduction in Total Loan Commitment	 	80
	Section 6.11	 	Anti-Corruption Laws	 	80

 

	Article VII	 	NEGATIVE COVENANTS	 	80

 

	Section 7.01	 	Mergers Etc.	 	80
	Section 7.02	 	[Reserved]	 	80
	Section 7.03	 	Sale of Assets	 	80
	Section 7.04	 	Distributions	 	81
	Section 7.05	 	Sanctions	 	81
	Section 7.06	 	Anti-Corruption Laws	 	81

 

	Article VIII	 	FINANCIAL COVENANTS	 	81

 

	Section 8.01	 	Relationship of Total Outstanding Indebtedness to Capitalization Value	 	81

 

    iii

     

    

 

Table
of Contents

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	Section 8.02	 	Relationship of Combined EBITDA to Combined Debt Service	 	81
	Section 8.03	 	Ratio of Unsecured Indebtedness to Unencumbered Asset Value	 	82
	Section 8.04	 	Relationship of Secured Indebtedness to Capitalization Value	 	82

 

	Article IX	 	EVENTS OF DEFAULT	 	82

 

	Section 9.01	 	Events of Default	 	82
	Section 9.02	 	Remedies	 	85

 

	Article X	 	ADMINISTRATIVE AGENT; RELATIONS AMONG BANKS	 	85

 

	Section 10.01	 	Appointment, Powers and Immunities of Administrative Agent	 	85
	Section 10.02	 	Reliance by Administrative Agent	 	87
	Section 10.03	 	Defaults	 	87
	Section 10.04	 	Rights of Administrative Agent as a Bank	 	88
	Section 10.05	 	Indemnification of Administrative Agent	 	88
	Section 10.06	 	Non-Reliance on Administrative Agent and Other Banks	 	88
	Section 10.07	 	Failure of Administrative Agent to Act	 	89
	Section 10.08	 	Resignation or Removal of Administrative Agent	 	89
	Section 10.09	 	Amendments Concerning Agency Function	 	90
	Section 10.10	 	Liability of Administrative Agent	 	91
	Section 10.11	 	Transfer of Agency Function	 	91
	Section 10.12	 	Non-Receipt of Funds by Administrative Agent	 	91
	Section 10.13	 	[Reserved]	 	92
	Section 10.14	 	[Reserved]	 	92
	Section 10.15	 	Pro Rata Treatment	 	92
	Section 10.16	 	Sharing of Payments Among Banks	 	92
	Section 10.17	 	Possession of Documents	 	92
	Section 10.18	 	No Other Duties, Etc.	 	93
	Section 10.19	 	Administrative Agent May File Proofs of Claim	 	93
	Section 10.20	 	Certain ERISA Matters	 	93
	Section 10.21	 	Recovery of Erroneous Payments	 	95

 

	Article XI	 	NATURE OF OBLIGATIONS	 	95

 

	Section 11.01	 	Absolute and Unconditional Obligations	 	95

 

    iv

     

    

 

Table
of Contents

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	Section 11.02	 	Non-Recourse to Borrower’s Principals	 	95

 

	Article XII	 	MISCELLANEOUS	 	96

 

	Section 12.01	 	Binding Effect of Request for Advance	 	96
	Section 12.02	 	Amendments and Waivers	 	96
	Section 12.03	 	Usury	 	97
	Section 12.04	 	Expenses; Indemnification	 	97
	Section 12.05	 	Assignment; Participation	 	98
	Section 12.06	 	Documentation Satisfactory	 	101
	Section 12.07	 	Notices	 	101
	Section 12.08	 	Setoff	 	103
	Section 12.09	 	Table of Contents; Headings	 	104
	Section 12.10	 	Severability	 	104
	Section 12.11	 	Counterparts	 	104
	Section 12.12	 	Integration	 	104
	Section 12.13	 	Governing Law	 	104
	Section 12.14	 	Waivers	 	104
	Section 12.15	 	Jurisdiction; Immunities	 	105
	Section 12.16	 	Designated Lender	 	106
	Section 12.17	 	No Bankruptcy Proceedings	 	106
	Section 12.18	 	USA Patriot Act	 	106
	Section 12.19	 	Transitional Arrangements	 	107
	Section 12.20	 	Treatment of Certain Information; Confidentiality	 	107
	Section 12.21	 	Survival of Representations and Warranties	 	108
	Section 12.22	 	No Advisory or Fiduciary Responsibility	 	109
	Section 12.23	 	Electronic Execution; Electronic Records; Counterparts	 	109
	Section 12.24	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	 	110
	Section 12.25	 	Acknowledgement Regarding Any Supported QFCs	 	111

 

    v

     

    

 

EXHIBITS

 

	EXHIBIT A	 	-	 	Authorization Letter
	 	 	 	 	 
	EXHIBIT B	 	-	 	Ratable Loan Note
	 	 	 	 	 
	EXHIBIT B-1	 	-	 	Bid Rate Loan Note
	 	 	 	 	 
	EXHIBIT C	 	-	 	[Reserved]
	 	 	 	 	 
	EXHIBIT D	 	-	 	Solvency Certificate
	 	 	 	 	 
	EXHIBIT E	 	-	 	Assignment and Acceptance
	 	 	 	 	 
	EXHIBIT F	 	-	 	Designation Agreement
	 	 	 	 	 
	EXHIBIT G-1	 	-	 	Bid Rate Quote Request
	 	 	 	 	 
	EXHIBIT G-2	 	-	 	Invitation for Bid Rate Quotes
	 	 	 	 	 
	EXHIBIT G-3	 	-	 	Bid Rate Quote
	 	 	 	 	 
	EXHIBIT G-4	 	-	 	Borrower’s Acceptance of Bid Rate Quote
	 	 	 	 	 
	EXHIBIT H	 	-	 	Acceptance Letter
	 	 	 	 	 
	EXHIBIT I	 	-	 	Form of Guaranty
	 	 	 	 	 
	EXHIBIT J-1	 	-	 	Form of U.S. Tax Compliance Certificate
	 	 	 	 	 
	EXHIBIT J-2	 	-	 	Form of U.S. Tax Compliance Certificate
	 	 	 	 	 
	EXHIBIT J-3	 	-	 	Form of U.S. Tax Compliance Certificate
	 	 	 	 	 
	EXHIBIT J-4	 	-	 	Form of U.S. Tax Compliance Certificate
	 	 	 	 	 
	EXHIBIT K	 	-	 	Ratable Loan Notice
	 	 	 	 	 
	EXHIBIT L	 	-	 	Form of Pricing Certificate
	 	 	 	 	 

 

	SCHEDULES
	 	 	 	 	 
	SCHEDULE 1	 	-	 	Loan Commitments; Issuing Bank Commitment Amounts
	 	 	 	 	 
	SCHEDULE 2.16	 	-	 	Existing Letters of Credit
	 	 	 	 	 
	SCHEDULE 2.21	 	-	 	Sustainability Table

 

    vi

     

    

 

SIXTH AMENDED AND RESTATED
REVOLVING LOAN AGREEMENT dated as of September 27, 2022 (this “Agreement”) among AVALONBAY COMMUNITIES, INC.,
a corporation organized and existing under the laws of the State of Maryland (“Borrower”); JPMORGAN CHASE BANK,
N.A. (“JPMC”), BANK OF AMERICA, N.A. or any successor thereto (in its individual capacity and not as Administrative
Agent, “Bank of America”), WELLS FARGO BANK, N.A. (“WFB”), and the other lenders signatory
hereto, as Banks; and BANK OF AMERICA, N.A., as administrative agent for the Banks (in such capacity, together with its successors in
such capacity, “Administrative Agent”; JPMC, Bank of America, WFB, the other lenders signatory hereto, such
other lenders who from time to time become Banks pursuant to Section 2.19, 3.07 or 12.05 and, if applicable, any of the foregoing
lenders’ Designated Lender, each a “Bank” and collectively, the “Banks”).

 

Borrower, JPMC, WFB, Bank
of America, certain of the Banks and the Administrative Agent entered into that certain Fifth Amended and Restated Revolving Loan Agreement,
dated as of January 28, 2019 (the “2019 Credit Agreement”) and now desire to amend and restate the 2019
Credit Agreement in its entirety in accordance with the terms and provisions contained herein. Accordingly, in consideration of the premises
and the mutual agreements, covenants and conditions hereinafter set forth, Borrower, Administrative Agent and each of the Banks agree
as follows:

 

Article I

 

DEFINITIONS;
ETC.

 

Section 1.01     Definitions.
As used in this Agreement the following terms have the following meanings:

 

“2019 Credit Agreement”
has the meaning specified in the recitals.

 

“Absolute Bid Rate”
has the meaning specified in Section 2.02(c)(2)(iv).

 

“Absolute Bid Rate Loan”
means a Bid Rate Loan bearing interest at the Absolute Bid Rate.

 

“Absolute Rate Auction”
means a solicitation of Bid Rate Quotes setting forth Absolute Bid Rates pursuant to Section 2.02.

 

“Acceptance Letter”
has the meaning specified in Section 2.19.

 

“Accordion Amount” means,
at any time, $750,000,000.

 

“Acquisition” means
the acquisition by Borrower, directly or indirectly, of an interest in multi-family real estate.

 

“Acquisition
Asset” means any improved real property asset that has been owned by any of the Borrower, its Consolidated Businesses
or any UJV for fewer than eighteen (18) months, unless the Borrower has made a one-time election (by written notice to the
Administrative Agent) to no longer treat such asset as an Acquisition Asset for purposes of this Agreement.

 

“Additional Costs” has
the meaning specified in Section 3.01.

 

     

     

    

 

“Administrative Agent”
has the meaning specified in the preamble.

 

“Administrative Agent’s Office”
means Administrative Agent’s address located at Global Banking Operations - Agency Management, Mail code: CA5-705-06-35, 555 California
Street, 6th Floor, San Francisco, CA 94104 or such other address in the United States as Administrative Agent may designate
by written notice to Borrower and the Banks.

 

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

 

“Affected Bank” has
the meaning specified in Section 3.07.

 

‘Affected Financial Institution”
means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affected Loan” has
the meaning specified in Section 3.04.

 

“Affiliate” means, with
respect to any Person (the “first Person”), any other Person (1) which directly or indirectly controls, or is controlled
by, or is under common control with the first Person; or (2) 10% or more of the beneficial interest in which is directly or indirectly
owned or held by the first Person. The term “control” means the possession, directly or indirectly, of the power, alone, to
direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract,
or otherwise.

 

“Agent Parties” has
the meaning specified in Section 12.07(c).

 

“Agreement” has the
meaning specified in the preamble.

 

“Applicable Lending Office”
means, for each Bank and for its SOFR Loan, Bid Rate Loan(s) or Base Rate Loan, as applicable, the lending office of such Bank (or
of an Affiliate of such Bank) designated as such on its signature page hereof or in the applicable Assignment and Acceptance, or
such other office of such Bank (or of an Affiliate of such Bank) as such Bank may from time to time specify to Administrative Agent and
Borrower as the office by which its SOFR Loan, Bid Rate Loan(s) or Base Rate Loan, as applicable, is to be made and maintained.

 

“Applicable Margin”
means, with respect to Base Rate Loans and SOFR Loans (and for purposes of determining the Banks’ L/C Fee Rate under Section 2.16(f)),
the respective rates per annum determined at any time, based on the range into which Borrower’s Credit Rating then falls, in accordance
with the following table (any change in Borrower’s Credit Rating causing it to move to a different range on the table shall effect
an immediate change in the Applicable Margin):

 

    -2-

     

    

 

	Range
    of Borrower’s Credit Rating (S&P/Moody’s or other agency equivalent)	Applicable
    Margin for Base Rate Loans (% per annum)	Applicable
    Margin for SOFR Loans (% per annum)
	A+/A1 or higher	0.00	0.65
	A/A2 	0.00	0.70
	A-/A3	0.00	0.725
	BBB+/Baa1	0.00	0.775
	BBB/Baa2	0.00	0.85
	BBB-/Baa3	0.05	1.05
	
    Below BBB- or unrated/Below Baa3 or unrated
	0.40	1.40

 

It is hereby understood and agreed that the Applicable
Margin with respect to any Loans payable hereunder shall be adjusted from time to time based upon the Sustainability Rate Adjustment (to
be calculated and applied as set forth in Section 2.21); provided that in no event shall the Applicable Margin with respect to Loans
be less than zero.

 

“Applicable Sustainability Pricing
Adjustment Period” has the meaning assigned thereto in Section 2.21(a).

 

“Approved Fund” has
the meaning specified in Section 12.05.

 

“Assignee” has the meaning
specified in Section 12.05.

 

“Assignment and Acceptance”
means an Assignment and Acceptance, substantially in the form of EXHIBIT E, or any other form (including electronic documentation
generated by use of an electronic platform) approved by the Administrative Agent pursuant to which a Bank assigns and an Assignee assumes
rights and obligations in accordance with Section 12.05.

 

“Authorization Letter”
means a letter agreement executed by Borrower in the form of EXHIBIT A.

 

“Auto-Extension Letter of Credit”
has the meaning specified in Section 2.16(d).

 

“Available Total Loan Commitment”
has the meaning specified in Section 2.01(b).

 

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

 

“Bail-In Legislation”
means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time
to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the
United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than
through liquidation, administration or other insolvency proceedings).

 

    -3-

     

    

 

“Bank” and “Banks”
have the respective meanings specified in the preamble; provided, however, that the term “Bank” shall exclude each Designated
Lender when used in reference to a Ratable Loan, the Loan Commitments or terms relating to the Ratable Loans and the Loan Commitments.

 

“Bank of America” has
the meaning specified in the preamble.

 

“Bank Parties” means
Administrative Agent, the Issuing Banks and the Banks.

 

“Bank Reply Period”
has the meaning specified in Section 12.02.

 

“Bank’s L/C Fee Rate”
has the meaning specified in Section 2.16(f).

 

“Banking
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located.

 

“Base
Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus
1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime
rate,” (c) Term SOFR plus 1.00% and (d) 1.00%. The “prime rate” is a rate set by Bank of America based upon
various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used
as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate
announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.
If the Base Rate is being used as an alternate rate of interest pursuant to Section 3.02 hereof, then the Base Rate shall be the
greater of clauses (a), (b) and (d) above and shall be determined without reference to clause (c) above.

 

“Base Rate Loan” means
all or any portion (as the context requires) of a Bank’s Ratable Loan which shall accrue interest at a rate determined in relation
to the Base Rate.

 

“Beneficial Ownership Certification”
means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership Regulation”
means 31 C.F.R. § 1010.230.

 

“Benefit Plan” means
any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”.

 

“Bid Borrowing Limit”
means sixty-five percent (65%) of the Total Loan Commitment.

 

“Bid Rate Loan” has
the meaning specified in Section 2.01(c).

 

“Bid Rate Loan Note”
has the meaning specified in Section 2.08.

 

    -4-

     

    

 

“Bid Rate Quote” means
an offer by a Bank to make a Bid Rate Loan in accordance with Section 2.02.

 

“Bid Rate Quote Request”
has the meaning specified in Section 2.02(a).

 

“Borrower” has the meaning
specified in the preamble.

 

“Borrower Material”
has the meaning in Section 6.09.

 

“Borrower’s Accountants”
means Ernst & Young, or such other accounting firm(s) of nationally-recognized standing selected by Borrower and reasonably
acceptable to the Administrative Agent.

 

“Borrower’s Credit Rating”
means the rating assigned from time to time to Borrower’s unsecured and unsubordinated long-term indebtedness by, respectively,
S&P, Moody’s and/or one or more other nationally-recognized rating agencies reasonably approved by Administrative Agent. If
such a rating is assigned by only one (1) such rating agency, it must be either S&P or Moody’s. If such a rating is assigned
by two (2) such rating agencies, at least one (1) must be S&P or Moody’s, and “Borrower’s Credit Rating”
shall be the higher of said ratings, except if the aforesaid ratings are greater than one (1) rating level apart, in which case “Borrower’s
Credit Rating” shall be the rating one level below the higher rating. If such a rating is obtained from more than two (2) such
rating agencies, “Borrower’s Credit Rating” shall be the higher of the lowest two (2) ratings, if at least one
(1) of such two (2) is either S&P or Moody’s; if neither of the two (2) lowest ratings is from S&P or Moody’s,
then “Borrower’s Credit Rating” shall be the lower of the ratings from S&P and Moody’s. Unless such indebtedness
of Borrower is rated by either S&P or Moody’s, “Borrower’s Credit Rating” shall be considered unrated for
purposes of this Agreement.

 

“Borrower’s Principals”
means the officers and directors of Borrower at any applicable time.

 

“Borrower’s Share of UJV Combined
Outstanding Indebtedness” means the sum of the indebtedness of each of the UJVs contributing to UJV Combined Outstanding
Indebtedness multiplied by Borrower’s respective beneficial fractional interests in each such UJV.

 

“Capitalization
Value” means, as of the end of any calendar quarter, the sum, without double-counting, of (1) Combined EBITDA
attributable to Wholly-Owned Assets (other than Acquisition Assets and Construction-in-Process) (less all leasing commissions and
management and development fees, net of any expenses applicable thereto, contributing to such Combined EBITDA) for the period of
four quarters then ended, capitalized at a rate of 5.75% per annum (i.e., divided by 5.75%), (2) Combined EBITDA attributable
to Borrower’s beneficial interest in the UJVs (other than with respect to Acquisition Assets or Construction-in-Process) (less
all leasing commissions and management and development fees, net of any expenses applicable thereto, contributing to such Combined
EBITDA) for the period of four quarters then ended, capitalized at a rate of 5.75% per annum (i.e., divided by 5.75%), (3) such
leasing commissions and management and development fees for such period of four quarters as were subtracted from Combined EBITDA
pursuant to clauses (1) and (2) above, capitalized at a rate of 15% per annum (i.e., divided by 15%),
(4) unrestricted Cash and Cash Equivalents of Borrower and its Consolidated Businesses, as of the end of such quarter, as
reflected in Borrower’s Consolidated Financial Statements; provided that no such unrestricted Cash and Cash Equivalents will
be added to Capitalization Value if such unrestricted Cash and Cash Equivalents have been deducted from Total Outstanding
Indebtedness or Secured Indebtedness in the calculation of the financial covenants in Section 8.01 or Section 8.04,
(5) the aggregate book value (on a cost basis) of land held for future development and Construction-in-Process of Borrower and
its Consolidated Businesses plus Borrower’s beneficial interest in the book value (on a cost basis) of land held for future
development and Construction-in-Process of the UJVs (after taking into account any impairments recognized in Borrower’s
financial statements in the immediately preceding fiscal quarter), (6) the aggregate book value (on a cost basis) of
Acquisition Assets of Borrower and its Consolidated Businesses plus Borrower’s beneficial interest in the book value (on a
cost basis) of Acquisition Assets of the UJVs (after taking into account any impairments recognized in Borrower’s financial
statements in the immediately preceding fiscal quarter), (7) the value (at the lower of cost or market in accordance with GAAP)
of Performing Notes held by Borrower and its Consolidated Businesses, (8) Eligible Cash 1031 Proceeds, plus (9) without
duplication of amounts included in items (2), (3), (6) and (7) that are attributable to UJVs, the aggregate book value of
the Borrower’s and its Consolidated Businesses’ loans to and investments in minority interests (including preferred
equity investments) in other Persons (after taking into account any impairments recognized in the Borrower’s financial
statements in the immediately preceding fiscal quarter); provided that the sum of items (2), (5), (7) and (9) above
shall not exceed 40% of Capitalization Value.

 

    -5-

     

    

 

“Cash and Cash Equivalents”
means (1) cash, (2) direct obligations of the United States Government, including, without limitation, treasury bills, notes
and bonds, (3) interest-bearing or discounted obligations of federal agencies and government-sponsored entities or pools of such
instruments offered by Approved Banks and dealers, including, without limitation, Federal Home Loan Mortgage Corporation participation
sale certificates, Government National Mortgage Association modified pass through certificates, Federal National Mortgage Association
bonds and notes, and Federal Farm Credit System securities, (4) time deposits, domestic and eurodollar certificates of deposit, bankers’
acceptances, commercial paper rated at least A-1 by S&P and P-1 by Moody’s and/or guaranteed by an Aa rating by Moody’s,
an AA rating by S&P or better rated credit, floating rate notes, other money market instruments and letters of credit each issued
by Approved Banks, (5) obligations of domestic corporations, including, without limitation, commercial paper, bonds, debentures and
loan participations, each of which is rated at least AA by S&P and/or Aa2 by Moody’s and/or guaranteed by an Aa rating by Moody’s,
an AA rating by S&P or better rated credit, (6) obligations issued by states and local governments or their agencies, rated at
least MIG-1 by Moody’s and/or SP-1 by S&P and/or guaranteed by an irrevocable letter of credit of an Approved Bank, (7) repurchase
agreements with major banks and primary government security dealers fully secured by the United States Government or agency collateral
equal to or exceeding the principal amount on a daily basis and held in safekeeping and (8) real estate loan pool participations,
guaranteed by an AA rating given by S&P or an Aa2 rating given by Moody’s or better rated credit. For purposes of this definition,
 “Approved Bank” means a financial institution which has (x) (A) a minimum net worth of $500,000,000 and/or (B) total
assets of at least $10,000,000,000 and (y) a minimum long-term debt rating of A+ by S&P or A1 by Moody’s.

 

“Cash Collateral” has
the meaning specified in Section 2.16(h); and “Cash Collateralize” shall mean to pledge and deposit Cash
Collateral with the Administrative Agent.

 

“Closing Date” means
the date this Agreement has been executed by all parties and becomes effective pursuant to Section 4.01.

 

    -6-

     

    

 

“CME” means CME Group
Benchmark Administration Limited.

 

“Code” means the Internal
Revenue Code of 1986, as amended, including the rules and regulations promulgated thereunder.

 

“Combined Debt Service”
means, for any period of time, (1) Borrower’s share of total debt service (including principal) paid or payable by Borrower
and its Consolidated Businesses during such period (other than (x) debt service on construction loans until completion of the relevant
construction and other capitalized interest and (y) the amortization of financing fees paid in a prior period) plus a deemed annual
capital expense charge of $150 per apartment unit owned by Borrower or its Consolidated Businesses plus (2) Borrower’s beneficial
interest in total debt service (including principal) paid or payable by the UJVs during such period (other than (x) debt service
on construction loans until completion of the relevant construction and other capitalized interest and (y) the amortization of financing
fees paid in a prior period) plus a deemed annual capital expense charge of $150 per apartment unit owned by the UJVs plus (3) preferred
dividends and distributions paid or payable by Borrower and its Consolidated Businesses during such period plus (4) non-cash interest
expense with respect to convertible debt of the Borrower and its Consolidated Businesses during such period. For the avoidance of doubt,
Combined Debt Service shall not include (1) principal repayment at maturity of existing financings, (2) principal payments resulting
from refinancing, condemnation, hazard insurance or other loan payoffs, (3) imposition deposits, real estate taxes, insurance or
other lender-held escrow amounts, (4) swap settlements, or (5) prepayment penalties for prepayment of financings prior to maturity.

 

“Combined EBITDA” means,
for any period of time, the sum, without duplication, of (1) Borrower’s share of revenues less operating expenses, general
and administrative expenses and property taxes before Interest Expense, income taxes, gains or losses on the sale of real estate and/or
marketable securities and depreciation and amortization for Borrower and its Consolidated Businesses, and adjusted to exclude gains and
losses from extraordinary or non-recurring items, extinguishment or forgiveness of debt, write-ups or write-downs, acquisition costs
for consummated acquisitions, non-cash revenue and non-cash expense attributable to straight lining of rents and (2) Borrower’s
beneficial interest in revenues less operating expenses, general and administrative expenses and property taxes before Interest Expense,
income taxes, gains or losses on the sale of real estate and/or marketable securities and depreciation and amortization (after eliminating
appropriate intercompany amounts) applicable to each of the UJVs, and adjusted to exclude gains and losses from extraordinary or non-recurring
items, extinguishment or forgiveness of debt, write-ups or write-downs, acquisition costs for consummated acquisitions, non-cash revenue
and non-cash expense attributable to straight lining of rents, in all cases as reflected in Borrower’s Consolidated Financial Statements.

 

“Communication” means
this Agreement, any Loan Document and any document, any amendment, approval, consent, information, notice, certificate, request, statement,
disclosure or authorization related to any Loan Document.

 

“Conforming Changes”
means, with respect to the use, administration of or any conventions associated with SOFR or any proposed Successor Rate, Daily SOFR,
or Term SOFR, as applicable, any conforming changes to the definitions of “Base Rate”, “Daily SOFR”, “SOFR”,
 “Term SOFR” and “Interest Period”, timing and frequency of determining rates and making payments of interest and
other technical, administrative or operational matters (including, for the avoidance of doubt, the definitions of “Banking Day”
and “U.S. Government Securities Business Day”, timing of borrowing requests or prepayment, conversion or continuation notices
and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation
of such applicable rate(s) and to permit the administration thereof by the Administrative Agent in a manner substantially consistent
with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively
feasible or that no market practice for the administration of such rate exists, in such other manner of administration as the Administrative
Agent determines is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).

 

    -7-

     

    

 

“Connection Income Taxes”
means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch
profits Taxes.

 

“Consolidated Business”
means, individually, each Affiliate of Borrower who is or should be included in Borrower’s Consolidated Financial Statements in
accordance with GAAP.

 

“Consolidated Subsidiary”
means, individually, each Subsidiary of Borrower who is or should be included in Borrower’s Consolidated Financial Statements in
accordance with GAAP.

 

“Consolidated Financial Statements”
means, with respect to any Person, the consolidated balance sheet and related consolidated statement of operations, accumulated deficiency
in assets and cash flows, and footnotes thereto, of such Person, prepared in accordance with GAAP.

 

“Consolidated Outstanding Indebtedness”
means, as of any time, Borrower’s share of all indebtedness and liability for borrowed money, secured or unsecured, of Borrower
and its Consolidated Businesses, including mortgage and other notes payable but excluding any indebtedness which is margin indebtedness
on cash and cash equivalent securities, all as reflected in Borrower’s Consolidated Financial Statements.

 

“Consolidated Tangible Net Worth”
means, at any date, Borrower’s share of the consolidated stockholders’ equity of Borrower and its Consolidated Businesses
less their consolidated Intangible Assets, all determined as of such date. For purposes of this definition, “Intangible Assets”
means with respect to any such intangible assets, the amount (to the extent reflected in determining such consolidated stockholders’
equity) of (1) all write-ups (other than write-ups resulting from foreign currency translations and write-ups of assets of a going
concern business made within twelve (12) months after the acquisition of such business) subsequent to September 30, 1994 in the book
value of any asset (other than real property assets) owned by Borrower or a Consolidated Business and (2) all debt discount and expense,
deferred charges, goodwill, patents, trademarks, service marks, trade names, anticipated future benefit of tax loss carry-forwards, copyrights,
organization or developmental expenses and other intangible assets (in each case, not adjusted for depreciation).

 

“Construction-in-Process”
means a property on which construction of improvements (excluding non-revenue generating capital expenditures and excluding costs incurred
prior to construction, all as set forth in the Consolidated Financial Statements) has commenced and is proceeding to completion in the
ordinary course but has not yet been completed (as such completion shall be evidenced by a temporary or permanent certificate of occupancy
permitting use of the entirety of such property). Any such property shall be treated as Construction-in-Process until 24 months from the
date of completion (as evidenced by a certificate of occupancy or its equivalent permitting use of such property by the general public),
unless the Borrower has made a one-time election (by written notice to the Administrative Agent) to no longer treat such property as Construction-in-Process
for purposes of this Agreement.

 

    -8-

     

    

 

“Contingent Obligations”
means, without duplication, Borrower’s share of (1) any contingent obligations of Borrower or its Consolidated Businesses required
to be shown on the balance sheet of Borrower and its Consolidated Businesses in accordance with GAAP and (2) any obligation required
to be disclosed in the footnotes to Borrower’s Consolidated Financial Statements, guaranteeing partially or in whole any non-Recourse
Debt, lease, dividend or other obligation, exclusive of contractual indemnities (including, without limitation, any indemnity or price-adjustment
provision relating to the purchase or sale of securities or other assets) and guarantees of non-monetary obligations (other than guarantees
of completion) which have not yet been called on or quantified, of Borrower or any of its Consolidated Businesses or of any other Person.
The amount of any Contingent Obligation described in clause (2) shall be deemed to be (a) with respect to a guaranty of interest
or interest and principal, or operating income guaranty, the net present value (using the Base Rate as a discount rate) of the sum of
all payments required to be made thereunder (which in the case of an operating income guaranty shall be deemed to be equal to the debt
service for the note secured thereby), through (i) in the case of an interest or interest and principal guaranty, the stated date
of maturity of the obligation (and commencing on the date interest could first be payable thereunder) or (ii) in the case of an operating
income guaranty, the date through which such guaranty will remain in effect and (b) with respect to all guarantees not covered by
the preceding clause (a), an amount equal to the stated or determinable amount of the primary obligation in respect of which such guaranty
is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming Borrower and/or one
or more of its Consolidated Businesses is required to perform thereunder) as recorded on the balance sheet and on the footnotes to the
most recent Borrower’s Consolidated Financial Statements required to be delivered pursuant to this Agreement. Notwithstanding anything
contained herein to the contrary, guarantees of completion, of environmental indemnities and relating to fraud, misappropriation, bankruptcy
filings and other “bad act” indemnities shall not be deemed to be Contingent Obligations unless and until a claim for payment
or performance has been made thereunder, at which time any such guaranty shall be deemed to be a Contingent Obligation in an amount equal
to any such claim. Subject to the preceding sentence, (1) in the case of a joint and several guaranty given by Borrower or one of
its Consolidated Businesses and another Person (but only to the extent such guaranty is recourse, directly or indirectly to Borrower),
the amount of the guaranty shall be deemed to be 100% thereof unless and only to the extent that such other Person has delivered Cash
and Cash Equivalents to secure all or any part of such Person’s guaranteed obligations and (2) in the case of joint and several
guarantees given by a Person in which Borrower owns an interest (which guarantees are non-recourse to Borrower), to the extent the guarantees,
in the aggregate, exceed 10% of Capitalization Value, the amount in excess of 10% shall be deemed to be a Contingent Obligation of Borrower.
Notwithstanding anything contained herein to the contrary, “Contingent Obligations” shall be deemed not to include
guarantees of unadvanced funds under any indebtedness of Borrower or its Consolidated Businesses or of construction loans to the extent
the same have not been drawn. All matters constituting “Contingent Obligations” shall be calculated without duplication.

 

    -9-

     

    

 

“Continue”, “Continuation”
and “Continued” refer to the continuation pursuant to Section 2.12 of a Term SOFR Loan as a Term SOFR Loan
from one Interest Period to the next Interest Period.

 

“Continuing Directors”
has the meaning specified in Section 9.01(11).

 

“Convert”, “Conversion”
and “Converted” refer to a conversion pursuant to Section 2.12 of a Ratable Loan of one Type into a Ratable
Loan of another Type, each of which may be accompanied by the transfer by a Bank (at its sole discretion) of all or a portion of its Ratable
Loan from one Applicable Lending Office to another.

 

“Covenant Finance Lease”
means a Finance Lease for which the Borrower determines (a) it is reasonably certain in the future to exercise any purchase option
(if applicable) set forth in such Finance Lease or (b) such Finance Lease will transfer ownership of the underlying asset to lessee
by the end of the lease term.

 

“Covered Entity” has
the meaning specified in Section 12.25.

 

“Daily Simple SOFR”
with respect to any applicable determination date means the SOFR published on such date on the Federal Reserve Bank of New York’s
website (or any successor source).

 

“Daily
SOFR” means the rate per annum equal to Daily Simple SOFR determined five (5) U.S. Government Securities Business
Days prior to such day pursuant to the definition thereof plus the SOFR Adjustment. Any change in Daily SOFR shall be effective from and
including the date of such change without further notice. If the rate as so determined would be less than zero, such rate shall be deemed
to be zero for purposes of this Agreement.

 

“Daily SOFR Loan” means
a Ratable Loan that bears interest at a rate based on Daily SOFR.

 

“Debt” means (1) indebtedness
or liability for borrowed money, or for the deferred purchase price of property or services (including trade obligations); (2) obligations
as lessee under Covenant Finance Leases; (3) current liabilities in respect of unfunded vested benefits under any Plan; (4) obligations
in respect of letters of credit issued for the account of any Person; (5) all obligations arising under bankers’ or trade acceptance
facilities; (6) all guarantees, endorsements (other than for collection or deposit in the ordinary course of business), and other
contingent obligations to purchase any of the items included in this definition, to provide funds for payment, to supply funds to invest
in any Person, or otherwise to assure a creditor against loss; (7) all obligations secured by any Lien on property owned by the Person
whose Debt is being measured, whether or not the obligations have been assumed; and (8) all obligations under any agreement providing
for contingent participation or other hedging mechanisms with respect to interest payable on any of the items described above in this
definition.

 

“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.

 

    -10-

     

    

 

“Default” means any
event which with the giving of notice or lapse of time, or both, would become an Event of Default.

 

“Default Rate” means
a rate per annum equal to: (1) with respect to Base Rate Loans or Daily SOFR Loans, a variable rate 2% above the rate of interest
then in effect thereon (including the Applicable Margin); and (2) with respect to Term SOFR Loans and Bid Rate Loans, a fixed rate
2% above the rate(s) of interest in effect thereon (including the Applicable Margin or the Term SOFR Bid Margin, as the case may
be) at the time of Default until the end of the then current Interest Period therefor and, thereafter, a variable rate 2% above the rate
of interest for a Base Rate Loan.

 

“Defaulting
Lender” means, subject to Section 2.20(b), any Bank that, as determined by the Administrative Agent, (a) has
failed to perform any of its funding obligations hereunder, including in respect of its Loans or participations in respect of
Letters of Credit, within three Banking Days of the date required to be funded by it hereunder unless such Bank notifies the
Administrative Agent and the Borrower in writing that such failure is the result of such Bank’s reasonable determination that
one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be
specifically identified in such writing) has not been satisfied, (b) has notified the Borrower, or the Administrative Agent
that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its
funding obligations hereunder (unless such writing or public statement relates to such Bank’s obligation to fund a Loan
hereunder and states that such position is based on such Bank’s reasonable determination that a condition precedent to funding
(which condition precedent, together with any applicable default, shall be specifically identified in such writing or public
statement) cannot be satisfied), (c) has failed, within three Banking Days after request by the Administrative Agent, to
confirm in a manner satisfactory to the Administrative Agent that it will comply with its funding obligations (provided that
such Bank shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the
Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the
subject of a proceeding under any Debtor Relief Law or the subject of a Bail-In Action, (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 Bank shall not be a Defaulting Lender solely by virtue of the
ownership or acquisition of any equity interest in that Bank or any direct or indirect parent company thereof by a Governmental
Authority so long as such equity interest does not result in or provide such Bank with immunity from the jurisdiction of courts
within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Bank (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Bank. Notwithstanding
anything to the contrary in clauses (a) through (d) above, any determination by the Administrative Agent that a Bank is a
Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest
error, and such Bank shall be deemed to be a Defaulting Lender (subject to Section 2.20(b) upon delivery of written notice
of such determination to the Borrower, the Issuing Bank, and each Bank.

 

“Designated Jurisdiction”
means any country, region or territory to the extent that such country, region or territory itself is the subject of any Sanction.

 

    -11-

     

    

 

“Designated Lender”
means a special purpose corporation that (i) shall have become a party to this Agreement pursuant to Section 12.16 and (ii) is
not otherwise a Bank.

 

“Designating Lender”
has the meaning specified in Section 12.16.

 

“Designation Agreement”
means an agreement in substantially the form of EXHIBIT F, entered into by a Bank and a Designated Lender and accepted by
Administrative Agent.

 

“Disposition” means
a sale (whether by assignment, transfer, Division, or Finance Lease) of an asset.

 

“Dividing Person” has the meaning assigned
to it in the definition of “Division.”

 

“Division” means the
division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more
Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person
and pursuant to which the Dividing Person may or may not survive.

 

“Dollars” and the sign
 “$” mean lawful money of the United States of America.

 

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

 

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

 

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

 

“Elect” and “Election”
refer to election, if any, by Borrower pursuant to Section 2.12 to have all or a portion of an advance of the Ratable Loans be outstanding
as SOFR Loans.

 

“Electronic Record”
and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as
it may be amended from time to time.

 

“Eligible Cash 1031 Proceeds”
means the cash proceeds held by a “qualified intermediary” from the sale of real property of Borrower and its Consolidated
Businesses, which proceeds are intended to be used by such qualified intermediary to acquire one or more “replacement properties”
that are of “like-kind” to such real property in an exchange that qualifies as a tax-free exchange under Section 1031
of the Code, and no portion of which proceeds Borrower or any Affiliate has the right to receive, pledge, borrow or otherwise obtain the
benefits of until such time as provided under the applicable “exchange agreement” (as such terms in quotations are defined
in Treasury Regulations Section 1.1031(k)-1(g)(4) (the “Regulations”)) or until such exchange is terminated.
Upon the cash proceeds no longer being held by such qualified intermediary pursuant to the Regulations or otherwise no longer qualifying
under the Regulations for like-kind exchange treatment, such proceeds shall cease being Eligible Cash 1031 Proceeds.

 

    -12-

     

    

 

“Environmental Discharge”
means any discharge or release of any Hazardous Materials in violation of any applicable Environmental Law.

 

“Environmental Law”
means any applicable Law relating to pollution or the environment, including Laws relating to noise or to emissions, discharges, releases
or threatened releases of Hazardous Materials into the work place, the community or the environment, or otherwise relating to the generation,
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials.

 

“Environmental Notice”
means any written complaint, order, citation or notice from any Person (1) affecting or relating to Borrower’s compliance with
any Environmental Law in connection with any activity or operations at any time conducted by Borrower, (2) relating to (a) the
existence of any Hazardous Materials contamination or Environmental Discharges or threatened Hazardous Materials contamination or Environmental
Discharges at any of Borrower’s locations or facilities or (b) remediation of any Environmental Discharge or Hazardous
Materials at any such location or facility or any part thereof; or (3) relating to any violation or alleged violation by Borrower
of any relevant Environmental Law.

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, including the rules and regulations promulgated thereunder.

 

“ERISA Affiliate” means
any corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the
Code) as Borrower, or any trade or business which is under common control (within the meaning of Section 414(c) of the Code)
with Borrower, or any organization which is required to be treated as a single employer with Borrower under Section 414(m) or
414(o) of the Code.

 

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

 

“Event of Default” has
the meaning specified in Section 9.01.

 

“Excluded Borrowing”
means a borrowing of Loans which is solely refinancing an outstanding Loan and is not increasing the aggregate outstanding principal amount
of Loans hereunder (including a Conversion or Continuation of Loans).

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and
branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Bank, its Applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Bank, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Bank with respect to an applicable interest in a Loan or Loan Commitment pursuant to a law in effect
on the date on which (i) such Bank acquires such interest in the Loan or Loan Commitment (other than pursuant to an assignment request
by the Borrower under Section 3.07) or (ii) such Bank changes its Applicable Lending Office, except in each case to the
extent that, pursuant to Section 3.10(a) or (c), amounts with respect to such Taxes were payable either to such
Bank’s assignor immediately before such Bank became a party hereto or to such Bank immediately before it changed its Applicable
Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.10(e) and (d) any
U.S. federal withholding Taxes imposed pursuant to FATCA.

 

    -13-

     

    

 

“Existing Banks” has
the meaning specified in Section 2.19(c).

 

“Existing Letters of Credit”
has the meaning specified in Section 2.16(f).

 

“Extension Effective Date”
has the meaning specified in Section 2.18.

 

“Extension Options”
has the meaning specified in Section 2.18.

 

“Facility Fee Rate”
means the rate per annum determined, at any time, based on Borrower’s Credit Rating in accordance with the following table (any
change in Borrower’s Credit Rating causing it to move into a different range on the table shall effect an immediate change in the
Facility Fee Rate):

 

	Borrower’s Credit Rating (S&P/Moody’s)	
    Facility Fee Rate (% per annum)

	A+/A1 or higher	0.10
	A/A2 	0.10
	A-/A3	0.125
	BBB+/Baa1	0.15
	BBB/Baa2	0.20
	BBB-/Baa3	0.25
	
    Below BBB- or unrated/Below Baa3 or unrated
	0.30

 

It is hereby understood and agreed that the Facility Fee Rate payable
hereunder shall be adjusted from time to time based upon the Sustainability Facility Fee Adjustment (to be calculated and applied as set
forth in Section 2.21); provided that in no event shall the Facility Fee Rate be less than zero.

 

“FATCA” means Sections
1471 through 1474 of the Code as of the date of this Agreement (or any successor provisions thereof that are substantially comparable
and not materially more onerous to comply with) and any regulations (whether temporary or proposed) that are issued thereunder and official
governmental interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal
or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental
Authorities entered into in connection with the implementation of the foregoing.

 

“Federal
Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such
day’s federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York
shall set forth on its public website from time to time) and published on the next succeeding Banking Day by the Federal Reserve Bank
of New York as the federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than zero,
such rate shall be deemed to be zero for purposes of this Agreement.

 

    -14-

     

    

 

“Fee Letter” means the
letter agreement, dated as of July 29, 2022, among the Borrower and JPMC.

 

“Finance Lease” means
any lease which is capitalized on the books of the lessee in accordance with GAAP.

 

“Fiscal Year” means
each period from January 1 to December 31.

 

“Foreign Bank” means
any Bank that is organized under the Laws of a jurisdiction other than the United States or any State thereof.

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, with respect to the Issuing Bank, such Defaulting Lender’s Pro Rata Share of the
outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been funded
by such Bank, has been reallocated to other Banks or Cash Collateralized in accordance with the terms hereof.

 

“GAAP” means generally
accepted accounting principles in the United States of America as in effect from time to time, applied on a basis consistent with those
used in the preparation of the financial statements referred to in Section 5.13 (except for changes concurred in by Borrower’s
Accountants).

 

“GHG Emissions” means,
with respect to any calendar year, the kilograms of CO2e per square foot GHG Scope 1 Emissions (direct) of the Borrower and
its Subsidiaries for such calendar year and the kilograms of CO2e per square foot GHG Scope 2 Emissions of the Borrower and
its Subsidiaries for such calendar year.

 

“GHG Emissions Reductions”
means, with respect to any calendar year, commencing with the calendar year ending December 31, 2022, the GHG Emissions for such
calendar year as compared to GHG Emissions reflected in the Baseline Amount as identified on the Sustainability Table, determined in all
material respects in conformity with the Standard for Sustainability Reporting and as set forth in the Pricing Certificate.

 

“GHG Emissions Reductions Target”
means, for any calendar year, commencing with the calendar year ending December 31, 2022, the GHG Emissions Reduction Target for
such calendar year, as set forth in the Sustainability Table.

 

“GHG Emissions Reductions Threshold”
means, for any calendar year, commencing with the calendar year ending December 31, 2022, the GHG Emissions Reduction Threshold for
such calendar year, as set forth in the Sustainability Table.

 

    -15-

     

    

 

“GHG Scope 1 Emissions”
means the intensity of direct greenhouse gas emissions from owned or controlled sources of the Borrower and its Subsidiaries, as defined
in the Standard for Sustainability Reporting.

 

“GHG Scope 2 Emissions”
means the intensity of indirect greenhouse gas emissions from electricity, steam, heat and cooling purchased or acquired by the Borrower
and its Subsidiaries, as defined in the Standard for Sustainability Reporting.

 

“Good Faith Contest”
means the contest of an item if: (1) the item is diligently contested in good faith, and, if appropriate, by proceedings timely instituted;
(2) reserves that are adequate based on reasonably foreseeable likely outcomes are established with respect to the contested item;
(3) during the period of such contest, the enforcement of any contested item is effectively stayed, delayed or postponed; and (4) the
failure to pay or comply with the contested item during the period of the contest is not likely to result in a Material Adverse Change.

 

“Governmental Authority”
means any nation or government, any state or other political subdivision thereof, and any agency, authority, central bank, regulatory
body, court or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank).

 

“Hazardous Materials”
means any pollutant, effluents, emissions, contaminants, toxic or hazardous wastes or substances, as any of those terms are defined from
time to time in or for the purposes of any relevant Environmental Law, including asbestos fibers and friable asbestos, polychlorinated
biphenyls, and any petroleum or hydrocarbon-based products or derivatives.

 

“Impacted Loans” has
the meaning specified in Section 3.02(a).

 

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

 

“Indemnitee” has the
meaning specified in Section 12.04.

 

“Information” has the
meaning specified in Section 12.20.

 

“Initial Advance” means
the first advance of proceeds of the Loans.

 

“Interest Expense” means,
for any period of time, Borrower’s share of the consolidated interest expense (without deduction of consolidated interest income,
and excluding (x) interest expense on construction loans and (y) other capitalized interest expense in respect of either construction
activity or construction loans, in any such case under clauses (x) or (y), only until completion of the relevant construction, and
(z) any costs, fees, unamortized deferred financing costs and/or prepayment penalties incurred in connection with the prepayment
of financings) of Borrower and its Consolidated Businesses, including, without limitation or duplication (or, to the extent not so included,
with the addition of), (1) the portion of any rental obligation in respect of any Covenant Finance Lease obligation allocable to
interest expense in accordance with GAAP; (2) the amortization of Debt discounts; (3) the amortization of interest rate swap
agreements; and (4) the interest expense and items listed in clauses (1) through (3) above applicable to each of the UJVs
multiplied by Borrower’s respective beneficial interests in the UJVs, in all cases as reflected in Borrower’s Consolidated
Financial Statements.

 

    -16-

     

    

 

“Interest
Period” means, (1) with respect to any Term SOFR Loan, the period commencing on the date such Term SOFR
Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the date one, three or six months thereafter, as
selected by the Borrower in its Ratable Loan Notice (in the case of each requested Interest Period, subject to availability); provided
that (i) any such Interest Period that would otherwise end on a day that is not a Banking Day shall be extended to the next
succeeding Banking Day unless, in the case of a Term SOFR Loan, such Banking Day falls in another calendar month, in which case such
Interest Period shall end on the next preceding Banking Day; (ii) any such Interest Period pertaining to a Term SOFR Loan that
begins on the last Banking Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar
month at the end of such Interest Period) shall end on the last Banking Day of the calendar month at the end of such Interest
Period; and (iii) no Interest Period shall extend beyond the Maturity Date; (2) with respect to any Term SOFR Bid Rate
Loan, the period commencing on the date the same is advanced and ending, as Borrower may select pursuant to Section 2.02, on
the numerically corresponding day in the first, second or third calendar month thereafter, provided that each such Interest Period
which commences on the last Banking Day of a calendar month (or on any day for which there is no numerically corresponding day in
the appropriate subsequent calendar month) shall end on the last Banking Day of the appropriate calendar month; and (3) with
respect to any Absolute Bid Rate Loan, the period commencing on the date the same is advanced and ending, as Borrower may select
pursuant to Section 2.02, provided, however, that each such period shall not be less than fourteen (14) days nor more than
ninety (90) days.

 

“Invitation for Bid Rate Quotes”
has the meaning specified in Section 2.02 (b).

 

“IRS” means the Internal
Revenue Service.

 

“ISP” means the International
Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect
at the applicable time).

 

“Issuing Bank” means
(a) each of Bank of America, JPMC, and WFB in its capacity as issuing bank of the Letters of Credit under the Letter of Credit facility
described in Section 2.16, and (b) any other Bank reasonably acceptable to the Borrower and the Administrative Agent that agrees
to issue Letters of Credit pursuant to this Agreement, in its capacity as issuing bank of the Letters of Credit under the Letter of Credit
facility described in Section 2.16, and, in each case, including their respective successors in such capacities. Any Issuing Bank
may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term
 “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. Each reference
in this Agreement to the Issuing Bank shall be deemed to be a reference to the applicable Issuing Bank that has issued or is issuing,
amending or extending the Letter of Credit in question or to each or all of the Issuing Banks hereunder, as the context may require.

 

    -17-

     

    

 

“Issuing Bank Commitment Amount”
means, as to any Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit hereunder. The initial amount of each Issuing
Bank’s Issuing Bank Commitment Amount is set forth on Schedule 1, or if an Issuing Bank has entered into an Assignment and Assumption
or has otherwise assumed an Issuing Bank Commitment Amount after the Closing Date, the amount set forth for such Issuing Bank as its Issuing
Bank Commitment Amount in the Register maintained by the Administrative Agent. The Issuing Bank Commitment Amount of an Issuing Bank may
be modified from time to time by agreement between such Issuing Bank and the Borrower, and notified to the Administrative Agent.

 

“Joint Lead Arrangers”
or “Arrangers” means the financial institutions listed on the cover page hereto as “Joint Lead Arrangers”.

 

“JPMC” has the meaning
specified in the preamble.

 

“KPI Metric” means GHG
Emissions Reductions.

 

“KPI Metrics Report”
means a report prepared by the Borrower that sets forth the calculations for the KPI Metric for a specific calendar year.

 

“L/C Obligations” means,
as at any date of determination, the sum of the aggregate amount available to be drawn under all outstanding Letters of Credit (including
any automatic or scheduled increases provided for by the express terms in such Letters of Credit, determined without regard to whether
any conditions to drawing could be met at that time) plus the aggregate of all unreimbursed drawings with respect to Letters of
Credit. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount
may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.

 

“Law” means any federal,
state or local statute, law, rule, regulation, ordinance, order, code, or rule of common law, now or hereafter in effect, and in
each case as amended, and any judicial or administrative order, consent decree or judgment.

 

“Lender Recipient Party”
means, collectively, the Banks and the Issuing Banks.

 

“Letter of Credit” has
the meaning specified in Section 2.16(a).

 

“Lien” means any mortgage,
deed of trust, pledge, negative pledge, security interest, hypothecation, assignment for collateral purposes, deposit arrangement, lien
(statutory or other), or other security agreement or charge of any kind or nature whatsoever of any third party (excluding any right of
setoff but 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 the filing of any financing statement under the Uniform Commercial Code or comparable
Law of any jurisdiction to evidence any of the foregoing and carriers, warehousemen, mechanics and other similar inchoate liens that have
not been insured against in a manner reasonably satisfactory to Administrative Agent).

 

“Loan” means, with respect
to each Bank, collectively, its Ratable Loan and Bid Rate Loan(s).

 

    -18-

     

    

 

“Loan Commitment” means,
with respect to each Bank, the obligation to make a Ratable Loan, and to acquire participations in Letters of Credit, in the principal
amount set forth in Schedule 1 (subject to change in accordance with the terms of this Agreement).

 

“Loan Documents” means
this Agreement, the Notes, the Authorization Letter, the Solvency Certificate and any guaranty executed and delivered pursuant to clause
(y) of the definition of “Unencumbered Assets” in Section 1.01 and any amendments, modifications or supplements
hereto or to any other Loan Document or waivers hereof or to any other Loan Document.

 

“Material Adverse Change”
means an effect resulting from any circumstance or event or series of circumstances or events, of whatever nature, which does or could
reasonably be expected to, on more than an interim basis, either (1) materially and adversely impair the ability of Borrower and
its Consolidated Businesses, taken as a whole, to fulfill its material obligations under the Loan Documents or (2) cause a Default
or an Event of Default.

 

“Maturity Date” means
the later of (a) September 25, 2026 and (b) if maturity is extended pursuant to Section 2.18, such extended maturity
date as determined pursuant to such Section; provided, however, that, in each case, if such date is not a Banking Day, the Maturity Date
shall be the next preceding Banking Day.

 

“Minimum Request” has
the meaning specified in Section 2.19(a).

 

“Moody’s” means
Moody’s Investors Service, Inc.

 

“Multiemployer Plan”
means a Plan defined as such in Section 3(37) of ERISA to which contributions have been made by Borrower or any ERISA Affiliate and
which is covered by Title IV of ERISA.

 

“New Bank” and “New
Note” have the respective meanings specified in Section 2.19.

 

“Note” and “Notes”
have the respective meanings specified in Section 2.08.

 

“Notice to Extend” has
the meaning specified in Section 2.18.

 

“Obligations” means
each and every obligation, covenant and agreement of Borrower, now or hereafter existing, contained in this Agreement, and any of the
other Loan Documents, whether for principal, reimbursement obligations, interest, fees, expenses, indemnities or otherwise, and any amendments
or supplements thereto, extensions or renewals thereof or replacements therefor, including but not limited to all indebtedness, obligations
and liabilities of Borrower to Administrative Agent and any Bank now existing or hereafter incurred under or arising out of or in connection
with the Notes, this Agreement, the other Loan Documents, and any documents or instruments executed in connection therewith; in each case
whether direct or indirect, joint or several, absolute or contingent, liquidated or unliquidated, now or hereafter existing, renewed or
restructured, whether or not from time to time decreased or extinguished and later increased, created or incurred, and including all indebtedness
of Borrower, under any instrument now or hereafter evidencing or securing any of the foregoing.

 

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

 

    -19-

     

    

 

 

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

 

“Other Taxes” means
all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under,
from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under,
or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment
(other than an assignment made pursuant to Section 3.07).

 

“Outstanding Percentage”
has the meaning specified in Section 2.19(c).

 

“Parent” means, with
respect to any Bank, any Person controlling such Bank.

 

“Participant” and “Participation”
have the respective meanings specified in Section 12.05.

 

“Participant Register”
has the meaning specified in Section 12.05.

 

“Patriot Act” has the
meaning specified in Section 12.18.

 

“Payor” has the meaning
specified in Section 10.12(a).

 

“PBGC” means the Pension
Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.

 

“Performing
Notes” means mortgage notes and notes receivable which are not more than thirty (30) days past due or otherwise
in default.

 

“Permitted Investments”
means any one or more of the following “cash,” “cash items,” or “government securities” within the
meaning of Section 856(c)(4)(A) of the Code: (a) direct obligations of the United States of America, or any agency thereof,
or obligations fully guaranteed as to payment of principal and interest by the United States of America, or any agency thereof, provided
such obligations are backed by the full faith and credit of the United States of America, and provided, however, that any such investment
must have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change; (b) U.S. dollar denominated
time deposits in U.S. financial institutions that are either member banks of the Federal Reserve System or are state-chartered banks
regulated by the Federal Deposit Insurance Corporation; and (c) money market funds that are subject to regulation under the Investment
Company Act of 1940, 15 U.S.C. 80a-1 et seq., and comply with the requirements of Rule 2a-7 thereof, as amended.

 

“Person” means an individual,
partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture,
Governmental Authority or other entity of whatever nature.

 

    -20-

     

    

 

“Plan” means any employee
benefit or other plan established or maintained, or to which contributions have been made, by Borrower or any ERISA Affiliate and which
is covered by Title IV of ERISA or to which Section 412 of the Code applies.

 

“Platform” has the
meaning set forth in Section 6.09.

 

“presence”, when used
in connection with any Environmental Discharge or Hazardous Materials, means and includes presence, generation, manufacture, installation,
treatment, use, storage, handling, repair, encapsulation, disposal, transportation, spill, discharge and release.

 

“Pricing Certificate”
means a certificate substantially in the form of EXHIBIT L executed by a Responsible Officer of the Borrower and attaching
a true and correct copy of the KPI Metrics Report for the most recently ended calendar year and the calculation worksheet in Annex B
thereof and setting forth the Sustainability Facility Fee Adjustment and the Sustainability Rate Adjustment resulting therefrom as well
as the calculations of the percentage change with respect to any KPI Metric for such calendar year compared to the applicable Baseline
Amount in the Sustainability Table.

 

“Pricing Certificate Inaccuracy”
has the meaning specified in Section 2.21(d).

 

“Pro Rata Share” means,
for purposes of this Agreement and with respect to each Bank, a fraction, the numerator of which is the amount of such Bank’s Loan
Commitment and the denominator of which is the Total Loan Commitment.

 

“Prohibited Transaction”
means any transaction proscribed by Section 406 of ERISA or Section 4975 of the Code and to which no statutory or administrative
exemption applies.

 

“PTE” means a prohibited
transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

“Public Lender” has
the meaning specified in Section 6.09.

 

“Ratable Loan” has
the meaning specified in Section 2.01(b).

 

“Ratable Loan Note”
has the meaning specified in Section 2.08.

 

“Ratable Loan Notice”
means a notice of (a) a borrowing of Ratable Loans, (b) a Conversion of Ratable Loans, or (c) a Continuation of Term SOFR
Loans, pursuant to Section 2.04 or Section 2.14, which shall be substantially in the form of Exhibit K
or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission
system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Recipient”
means the Administrative Agent, any Bank or the Issuing Bank.

 

“Recourse Debt” means
Debt, recourse for the payment of which (other than customary exceptions for fraud, misappropriation, bankruptcy filing and other “bad
acts”, environmental liability and other similar and customary exceptions to non-recourse liability) is not limited to specified
collateral encumbered by Liens securing such Debt (or, in the case of a Person that is a “special purpose entity”, recourse
is not limited to the assets of such “special purpose entity”).

 

    -21-

     

    

 

“Register” has the
meaning specified in Section 12.05.

 

“Regulation D” means
Regulation D of the Board of Governors of the Federal Reserve System.

 

“Regulation T” means
Regulation T of the Board of Governors of the Federal Reserve System.

 

“Regulation U” means
Regulation U of the Board of Governors of the Federal Reserve System.

 

“Regulation X” means
Regulation X of the Board of Governors of the Federal Reserve System.

 

“Regulatory
Change” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline
or directive (whether or not having the force of law) by any Governmental Authority. Notwithstanding anything herein to the contrary,
(a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or
issued in connection therewith or in the implementation thereof and (b) all requests, rules, guidelines or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory
Change”, regardless of the date enacted, adopted, issued or implemented.

 

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

 

“Relevant Documents”
has the meaning specified in Section 11.02.

 

“Relevant Governmental Body”
means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

 

“Replacement Bank”
has the meaning specified in Section 3.07.

 

“Replacement Notice”
has the meaning specified in Section 3.07.

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty (30) day notice
period is waived under subsections .13, .14, .16, .18, .19 or .20 of PBGC Reg. §2615.

 

“Requested Increase”
has the meaning specified in Section 2.19.

 

“Required Banks” means
at any time the Banks having Pro Rata Shares aggregating at least 51%; provided, however, if the Loan Commitments have been terminated,
the “Required Banks” shall be the Banks holding at least 51% of the then aggregate unpaid principal amount
of the Loans; provided that the Loan Commitment of, and the portion of the Loans held or deemed held by, any Defaulting Lender
shall be excluded for purposes of making a determination of Required Banks.

 

    -22-

     

    

 

“Required Payment”
has the meaning specified in Section 10.12(a).

 

“Rescindable Amount”
has the meaning specified in Section 10.12(b).

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible Officer”
means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer, vice president, capital markets
or controller of the Borrower and, solely for purposes of notices given pursuant to Article II, any other officer of the Borrower
so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer of the Borrower designated
in or pursuant to an agreement between the Borrower and the Administrative Agent. Any document delivered hereunder that is signed by
a Responsible Officer of the Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership
and/or other action on the part of the Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of
the Borrower.

 

“Revolving Credit Exposure”
means, as to any Bank at any time, the aggregate principal amount at such time of its outstanding Ratable Loans and such Bank’s
participation in L/C Obligations at such time.

 

“S&P” means Standard
and Poor’s Financial Services LLC, a division of McGraw-Hill Financial, Inc.

 

“Sanction(s)” means
any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security
Council, the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority.

 

“Scheduled Unavailability Date”
has the meaning specified in Section 3.02(c).

 

“Secured Indebtedness”
means that portion of Total Outstanding Indebtedness that is secured by a Lien.

 

“SOFR” means the Secured
Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a successor administrator).

 

“SOFR Adjustment” with
respect to Daily SOFR or Term SOFR means 0.10% (10 basis points).

 

“SOFR Loan” means a
Daily SOFR Loan and/or a Term SOFR Loan, as the context may require.

 

“Solvency Certificate”
means a certificate in the form of EXHIBIT D, to be delivered by Borrower pursuant to the terms of this Agreement.

 

“Solvent” means, when
used with respect to any Person, that the fair value of the property of such Person, on a going concern basis, is greater than the total
amount of liabilities (including, without limitation, contingent liabilities) of such Person.

 

    -23-

     

    

 

“Standard for Sustainability Reporting”
means the GHG Protocol, the internationally recognized standard for GHG accounting of companies defining the methodologies for calculating
direct and indirect emissions according to the World Resources Institute/World Business Council for Sustainable Development Greenhouse
Gas Protocol: A Corporate Accounting and Reporting Standard, Revised Edition (the GHG Protocol); US EPA (egrid) emission conversion factors
for greenhouse gas company reporting 2020; IEA electricity emissions factors data, (2020); IEA CO2 Emissions from Fuel Combustion
(2020), as amended from time to time.

 

“Successor Rate” has
the meaning specified in Section 3.02(b).

 

“Supplemental Fee Letter”
means, collectively, the letter agreement, dated as of September 23, 2022, among Borrower, Bank of America and BofA Securities, Inc.
and the letter agreement, dated as of July 29, 2022, among Borrower, WFB, and Wells Fargo Securities, LLC.

 

“Supplemental Note”
has the meaning specified in Section 2.19.

 

“Sustainability Agent Resignation
Effective Date” has the meaning assigned thereto in Section 10.08(b).

 

“Sustainability Assurance Provider”
means Lloyd’s Register Quality Assurance, or another independent global provider of environmental, social and governance reporting
assurance services designated by the Borrower and reasonably satisfactory to the Sustainability Structuring Agent applying standards
and reaching conclusions not materially less extensive than those commonly associated with an International Standard on Assurance Engagements
3000 assurance engagement or (with respect to GHG Emissions) ISO 14064 Part 3 verification and validation of greenhouse gas emissions
reporting, other than any deviations from such standards notified by the Borrower and reasonably satisfactory to the Sustainability Structuring
Agent, and publicly reported by the Borrower and published on an Internet or intranet website to which each Bank and the Administrative
Agent have been granted access free of charge (or at the expense of the Borrower).

 

“Sustainability Facility Fee Adjustment”
means, with respect to any Pricing Certificate for any calendar year, (a) positive 0.005%, if the KPI Metric for such period as
set forth in the Pricing Certificate is less than the GHG Emissions Reductions Threshold for such period, (b) 0.000%, if the KPI
Metric for such period as set forth in the Pricing Certificate is greater than or equal to the GHG Emissions Reductions Threshold for
such period but less than the GHG Emissions Reductions Target for such period, and (c) negative 0.005%, if the KPI Metric for such
period as set forth in the Pricing Certificate is greater than or equal to GHG Emissions Reductions Target for such period.

 

“Sustainability Pricing Adjustment
Date” has the meaning assigned thereto in Section 2.21(a)

 

“Sustainability Rate Adjustment”
means, with respect to any period between Sustainability Pricing Adjustment Dates, (a) positive 0.02%, if the KPI Metric for such
period as set forth in the Pricing Certificate is less than the GHG Emissions Reductions Threshold for such period, (b) 0.000%,
if the KPI Metric for such period as set forth in the Pricing Certificate is greater than or equal to the GHG Emissions Reductions Threshold
for such period but less than the GHG Emissions Reductions Target for such period, and (c) negative 0.02%, if the KPI Metric for
such period as set forth in the Pricing Certificate is greater than or equal to GHG Emissions Reductions Target for such period.

 

    -24-

     

    

 

“Sustainability Report”
means the Borrower’s annual corporate and social responsibility/environmental, social and governance report, prepared in a manner
consistent with the Standard for Sustainability Reporting, publicly reported by the Borrower and published on an Internet or intranet
website to which each Bank and the Administrative Agent have been granted access free of charge (or at the expense of the Borrower) as
audited by the Sustainability Assurance Provider, it being understood and agreed that the audit of the Sustainability Assurance Provider
will be limited to assurance of the contents of such report itself with respect to GHG Scope 1 Emissions and GHG Scope 2 Emissions and
that the Sustainability Assurance Provider shall not be required to, nor shall the Borrower be required to obtain, an audit or verification
of the GHG Emissions Reduction or any calculation set forth in the Pricing Certificate, including any Sustainability Rate Adjustment
or Sustainability Facility Fee Adjustment.

 

“Sustainability Structuring Agent”
means Wells Fargo Securities, LLC or any successor entity appointed to such role in accordance with Section 10.08(b).

 

“Sustainability Table”
means the Sustainability Table set forth in Schedule 2.21.

 

“Sustainability Threshold Adjustment”
has the meaning assigned thereto in Section 2.21(c).

 

“Syndication Agents”
means JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A.

 

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

 

“Term SOFR” means:

 

(a)            for
any Interest Period with respect to a Term SOFR Loan, the rate per annum equal to the Term SOFR Screen Rate two U.S. Government Securities
Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided that if the
rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first
U.S. Government Securities Business Day immediately prior thereto, in each case, plus the SOFR Adjustment for such Interest Period;
and

 

(b)            for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the Term SOFR Screen Rate with a term
of one month commencing that day;

 

provided
that if the Term SOFR determined in accordance with either of the foregoing provisions (a) or (b) of this definition
would otherwise be less than zero, the Term SOFR shall be deemed zero for purposes of this Agreement.

 

“Term SOFR Auction”
means a solicitation of Bid Rate Quotes setting forth Term SOFR Bid Margins pursuant to Section 2.02.

 

“Term SOFR Bid Margin”
has the meaning specified in Section 2.02(c)(2)(iii).

 

    -25-

     

    

 

“Term SOFR Bid Rate”
means the rate per annum equal to the sum of (1) Term SOFR for the Term SOFR Bid Rate Loan and Interest Period in question and (2) the
Term SOFR Bid Margin.

 

“Term SOFR Bid Rate Loan”
means a Bid Rate Loan bearing interest at the Term SOFR Bid Rate.

 

“Term SOFR Loan” means
a Ratable Loan that bears interest at a rate based on clause (a) of the definition of Term SOFR.

 

“Term SOFR Screen Rate”
means the forward-looking SOFR term rate administered by CME (or any successor administrator satisfactory to the Administrative Agent)
and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may
be designated by the Administrative Agent from time to time).

 

“Total Loan Commitment”
means an amount equal to the aggregate amount of all Loan Commitments (i.e., $2,250,000,000 as of the Closing Date, as the same may increase
pursuant to Section 2.19 or decrease pursuant to Section 2.10).

 

“Total Outstanding Indebtedness”
means, at any time, the sum, without duplication, of (1) Consolidated Outstanding Indebtedness; (2) Borrower’s Share
of UJV Combined Outstanding Indebtedness; and (3) Contingent Obligations.

 

“Type” means, with
respect to a Ratable Loan, its character as a Base Rate Loan, a Term SOFR Loan or a Daily SOFR Loan.

 

“UCP” means the Uniform
Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version
thereof as may be in effect at the applicable time).

 

“UJV Combined Outstanding Indebtedness”
means, as of any time, all indebtedness and liability for borrowed money, secured or unsecured, of the UJVs, on a combined basis, including
mortgage and other notes payable but excluding any indebtedness which is margin indebtedness on cash and cash equivalent securities,
all as reflected in the balance sheets of each of the UJVs, prepared in accordance with GAAP.

 

“UJVs” means the unconsolidated
joint ventures (including general and limited partnerships) in which Borrower owns a beneficial interest and which are accounted for
under the equity method in Borrower’s Consolidated Financial Statements.

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by
the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

“Unanimous Bank Notices”
has the meaning specified in Section 9.02.

 

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“Unencumbered” means,
with respect to any asset, that such asset is not, and the direct or indirect interests of Borrower therein are not, subject to any negative
pledge or Lien to secure all or any portion of Secured Indebtedness.

 

“Unencumbered Asset Value”
means, as of the end of any calendar quarter, without duplication, (1) Unencumbered Wholly-Owned Combined EBITDA for the period
of four quarters then ended (4)), capitalized at a rate of 5.75% per annum (i.e., divided by 5.75%), plus (2) Unencumbered Non-Wholly-Owned
Combined EBITDA for the period of four quarters then ended, capitalized at a rate of 5.75% per annum (i.e., divided by 5.75%), plus (3) the
aggregate book value (on a cost basis) of Unencumbered Land and Construction-in-Process (after taking into account any impairments
recognized in Borrower’s financial statements in the immediately preceding fiscal quarter), plus (4) the aggregate book value
(on a cost basis) of Unencumbered Assets of Borrower and its Consolidated Business which are Acquisition Assets plus Borrower’s
beneficial interest in the book value (on a cost basis) of Unencumbered Assets of the UJVs that are Acquisition Assets (and for which
Borrower substantially controls the financing and sale) (after taking into account any impairments recognized in Borrower’s financial
statements in the immediately preceding fiscal quarter), plus (5) unrestricted Cash and Cash Equivalents of Borrower and its Consolidated
Businesses, as of the end of such quarter, as reflected in Borrower’s Consolidated Financial Statements, to the extent the same
are Unencumbered; provided that no such unrestricted Cash and Cash Equivalents will be added to Unencumbered Asset Value if such unrestricted
Cash and Cash Equivalents have been deducted from Unsecured Indebtedness in the calculation of the financial covenant in Section 8.03,
plus (6) the value of all Eligible Cash 1031 Proceeds, to the extent the same are Unencumbered, plus (7) the value (at the
lower of cost or market in accordance with GAAP) of Performing Notes and investments in minority interests (including preferred equity
investments) in other Persons held by Borrower and its Consolidated Businesses, to the extent the same are Unencumbered; provided
that the sum of clauses (2), (3) and (7) above shall not exceed 30% of Unencumbered Asset Value.

 

“Unencumbered Assets”
are income-producing assets, reflected on Borrower’s Consolidated Financing Statements, owned (in whole or in part), directly or
indirectly by Borrower which (1) are Unencumbered and (2) have been improved by buildings or other improvements that have been
issued a certificate of occupancy (or its equivalent) and are fully operational. Notwithstanding the foregoing, if an asset that would
otherwise qualify as an Unencumbered Asset is owned by a Consolidated Business that has any Recourse Debt, such asset shall not constitute,
and may not be treated as, an Unencumbered Asset unless and until the earlier to occur of (x) such Recourse Debt has been repaid
in full in cash and all loan documents evidencing such Recourse Debt have been terminated (other than customary provisions relating to
contingent obligations in such loan documents intended to survive such termination) and (y) such Consolidated Business executes
and delivers to the Administrative Agent, for the benefit of the Administrative Agent and the Banks, a guaranty of the Obligations in
substantially the form of Exhibit I attached hereto.

 

“Unencumbered Land and Construction-in-Process”
means all land held for future development and Construction-in-Process reflected on Borrower’s Consolidated Financial Statements,
which are wholly-owned, directly or indirectly, by Borrower and are Unencumbered.

 

“Unencumbered Non-Wholly-Owned Combined
EBITDA” means that portion of Combined EBITDA attributable to Unencumbered Assets that are not Unencumbered Wholly-Owned
Assets but for which the Borrower substantially controls the sale or financing of such Unencumbered Asset (assuming general and administrative
expense is allocated proportionately to Unencumbered Assets).

 

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“Unencumbered Wholly-Owned Assets”
means Unencumbered Assets which are Wholly-Owned Assets.

 

“Unencumbered Wholly-Owned Combined
EBITDA” means that portion of Combined EBITDA attributable to Unencumbered Wholly-Owned Assets (assuming general and administrative
expense is allocated proportionately to Unencumbered Wholly-Owned Assets).

 

“Unsecured Indebtedness”
means that portion of Total Outstanding Indebtedness that is not secured by a Lien.

 

“U.S. Government Securities Business
Day” means any Banking Day, except any Banking Day on which any of the Securities Industry and Financial Markets Association,
the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because such day is a legal holiday under
the federal laws of the United States or the laws of the State of New York, as applicable.

 

“U.S. Tax Compliance Certificate”
has the meaning specified in Section 3.10(e)(ii)(B)(3).

 

“WFB” has the meaning
specified in the preamble.

 

“Wholly-Owned Assets”
means income-producing assets, which are reflected on Borrower’s Consolidated Financial Statements, and are wholly-owned, directly
or indirectly, by Borrower.

 

“Withholding Agent”
means the Borrower and the Administrative Agent.

 

“Write-Down and Conversion Powers”
means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from
time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority
under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract
or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that
person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under
it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to
or ancillary to any of those powers.

 

Section 1.02         Accounting
Terms. Except as otherwise expressly provided herein, all terms of an accounting or financial
nature shall be construed in accordance with GAAP, as in effect from time to time, and all financial data required to be delivered hereunder
shall be prepared in accordance with GAAP; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests
an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application
thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Banks request an amendment
to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change
shall have become effective until such notice shall have been withdrawn or such provision shall have been amended in accordance herewith.

 

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Section 1.03         Computation
of Time Periods. Except as otherwise provided herein, in this Agreement, in the computation
of periods of time from a specified date to a later specified date, the word “from” means “from and including”
and words “to” and “until” each means “to but excluding”.

 

Section 1.04         Rules of
Construction. Except as provided otherwise, when used in this Agreement (1) “or”
is not exclusive; (2) a reference to a Law includes any amendment, modification or supplement to, or replacement of, such Law; (3) a
reference to a Person includes its permitted successors and permitted assigns; (4) all terms used in the singular shall have a correlative
meaning when used in the plural and vice versa; (5) a reference to an agreement, instrument or document shall include such agreement,
instrument or document as the same may be amended, modified or supplemented from time to time in accordance with its terms and as permitted
by the Loan Documents; (6) all references to Articles, Sections or Exhibits shall be to Articles, Sections and Exhibits of this
Agreement unless otherwise indicated; (7) “hereunder”, “herein”, “hereof” and the like refer
to this Agreement as a whole; and (8) all Exhibits to this Agreement shall be incorporated into this Agreement. Any reference herein
to a merger, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar terms shall be deemed to apply to a division
of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such
a division or allocation), as if it were a merger, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar
term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person
hereunder (and each division of any limited liability company that is a subsidiary, joint venture or any other like term shall also constitute
such a Person or entity).

 

Section 1.05         Interest
Rates. The Administrative Agent does not warrant, nor accept responsibility, nor shall the
Administrative Agent have any liability with respect to the administration, submission or any other matter related to any reference rate
referred to herein or with respect to any rate (including, for the avoidance of doubt, the selection  of such rate and any related
spread or other adjustment) that is an alternative or replacement for or successor to any such rate (including, without limitation, any
Successor Rate) (or any component of any of the foregoing) or the effect of any of the foregoing, or of any Conforming Changes. The Administrative
Agent and its affiliates or other related entities may engage in transactions or other activities that affect any reference rate referred
to herein, or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of
any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to the Borrower.  The
Administrative Agent may select information sources or services in its reasonable discretion to ascertain any reference rate referred
to herein or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component
of any of the foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Bank
or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages,
costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or other action or
omission related to or affecting the selection, determination, or calculation of any rate (or component thereof) provided by any such
information source or service.

 

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Section 1.06         Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at
any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect
to any Letter of Credit that, by its terms, provides for one or more automatic increases in the stated amount thereof, the amount of
such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time.

 

Section 1.07         Times
of Day. Unless otherwise specified, all references herein to times of day shall be references
to Eastern time (daylight or standard, as applicable).

 

Section 1.08         Rounding.
Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein
and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

Article II

 

THE
LOANS

 

Section 2.01         Ratable
Loans; Bid Rate Loans; Purpose.

 

(a)           Subject
to the terms and conditions of this Agreement, the Banks agree to make loans to Borrower as provided in this Article II.

 

(b)           Each
of the Banks severally agrees to make loans in Dollars to Borrower (each such loan by a Bank, a “Ratable Loan”)
in an amount up to its Loan Commitment, pursuant to which the Bank shall from time to time advance and re-advance to Borrower an amount
equal to its Pro Rata Share of the excess (the “Available Total Loan Commitment”) of the Total Loan Commitment
over the sum of (1) all previous advances (including Bid Rate Loans) made by the Banks which remain unpaid and (2) the outstanding
amount of all Letters of Credit and unreimbursed drawings on all Letters of Credit; provided that after giving effect to such Ratable
Loan, the Revolving Credit Exposure of any Bank shall not exceed its Loan Commitment. Within the limits set forth herein, Borrower may
borrow from time to time under this paragraph (b) and prepay from time to time pursuant to Section 2.09 (subject, however,
to the restrictions on prepayment set forth in said Section), and thereafter re-borrow pursuant to this paragraph (b). The Ratable Loans
may be outstanding as (1) Base Rate Loans; (2) Term SOFR Loans; (3) Daily SOFR Loans or (4) a combination of the
foregoing, as Borrower shall elect and notify Administrative Agent in accordance with Section 2.14. Each Term SOFR Loan, Daily SOFR
Loan, Bid Rate Loan and Base Rate Loan of each Bank shall be maintained at such Bank’s Applicable Lending Office.

 

(c)           In
addition to Ratable Loans pursuant to paragraph (b) above, so long as Borrower’s Credit Rating is BBB- or higher by S&P
or Baa3 or higher by Moody’s or an equivalent rating by another nationally-recognized rating agency, as reasonably approved by
Administrative Agent, one or more Banks may, at Borrower’s request and in their sole discretion, make non-ratable loans which shall
bear interest at the Term SOFR Bid Rate or the Absolute Bid Rate in accordance with Section 2.02 (such loans being referred to in
this Agreement as “Bid Rate Loans”). Borrower may borrow Bid Rate Loans from time to time pursuant to this
paragraph (c) in an amount up to the Available Total Loan Commitment at the time of the borrowing (taking into account any repayments
of the Loans made simultaneously therewith) and shall repay such Bid Rate Loans as required by Section 2.08, and it may thereafter
re-borrow pursuant to this paragraph (c); provided, however, that the aggregate outstanding principal amount of Bid Rate Loans at any
particular time shall not exceed the Bid Borrowing Limit.

 

    -30-

     

    

 

(d)           The
obligations of the Banks under this Agreement are several, and no Bank shall be responsible for the failure of any other Bank to make
any advance of a Loan to be made by such other Bank. However, the failure of any Bank to make any advance of the Loan to be made by it
hereunder on the date specified therefor shall not relieve any other Bank of its obligation to make any advance of its Loan specified
hereby to be made on such date.

 

(e)           Borrower
shall use the proceeds of the Loans for general capital and working capital requirements of Borrower and its Consolidated Businesses
and UJVs (which shall include, but not be limited to, Acquisitions and/or costs incurred in connection with the development, construction
or reconstruction of multi-family real estate properties). In no event shall proceeds of the Loans or Letters of Credit be used, directly
or indirectly, for purchasing or carrying margin stock (within the meaning of Regulation U) or in a manner that would violate Regulation
T, Regulation U, or Regulation X, or in connection with a hostile acquisition.

 

Section 2.02         Bid
Rate Loans.

 

(a)           When
Borrower wishes to request offers from the Banks to make Bid Rate Loans, it shall transmit to Administrative Agent by electronic mail
a request signed by a Responsible Officer of the Borrower (a “Bid Rate Quote Request”) substantially in the
form of EXHIBIT G-1 so as to be received not later than 12:00 noon on (x) the fifth Banking Day prior to the date for
funding of the Term SOFR Bid Rate Loan(s) proposed therein in the case of a Term SOFR Auction or (y) the second Banking Day
prior to the date for funding of the Absolute Bid Rate Loan(s) proposed therein in the case of an Absolute Rate Auction, specifying:

 

(1)            the
proposed date of funding of the Bid Rate Loan(s), which shall be a Banking Day;

 

(2)            the
aggregate amount of the Bid Rate Loans requested, which shall be $5,000,000 or a larger integral multiple of $500,000;

 

(3)            the
duration of the Interest Period(s) applicable thereto, subject to the provisions of the definition of “Interest Period”
in Section 1.01 and the provisions of Section 2.05; and

 

(4)            whether
the Bid Rate Quotes requested are to set forth a Term SOFR Bid Margin (to be used to compute the Term SOFR Bid Rate) or an Absolute Bid
Rate.

 

    -31-

     

    

 

Borrower may request offers to make Bid Rate
Loans for more than one (1) Interest Period in a single Bid Rate Quote Request; provided that no Bid Rate Quote Request shall contain
a request for (i) more than one type of Bid Rate Loan (i.e., Term SOFR Bid Rate or Absolute Bid Rate) or (ii) Bid Rate Loans
having more than three different Interest Periods.  Unless the Administrative Agent otherwise agrees in its sole discretion, the
Borrower may not submit a Bid Rate Quote Request if it has submitted another Bid Rate Quote Request within the prior five Banking Days.

 

(b)           Promptly
(the same day, if possible) upon receipt of a Bid Rate Quote Request, Administrative Agent shall send to the Banks by electronic mail
an invitation (an “Invitation for Bid Rate Quotes”) substantially in the form of EXHIBIT G-2, which
shall constitute an invitation by Borrower to the Banks to submit Bid Rate Quotes offering to make Bid Rate Loans to which such Bid Rate
Quote Request relates in accordance with this Section.

 

(c)           (1)            Each
Bank may, but is not obligated to, submit a Bid Rate Quote containing an offer or offers to make Bid Rate Loans in response to any Invitation
for Bid Rate Quotes. Each Bid Rate Quote must comply with the requirements of this paragraph (c) and must be submitted to Administrative
Agent by electronic mail not later than (x) 2:00 p.m. on the fourth Banking Day prior to the proposed date of the Term SOFR
Bid Rate Loan(s) in the case of a Term SOFR Auction or (y) 9:30 a.m. on the Banking Day immediately preceding the proposed
date of the Absolute Bid Rate Loan(s) in the case of an Absolute Rate Auction; provided that Bid Rate Quotes submitted by Administrative
Agent (or any Affiliate of Administrative Agent) in its capacity as a Bank may be submitted, and may only be submitted, if Administrative
Agent or such Affiliate notifies Borrower of the terms of the offer or offers contained therein not later than thirty (30) minutes prior
to the deadline for the other Banks. Any Bid Rate Quote so made shall (subject to Borrower’s satisfaction of the conditions precedent
set forth in this Agreement to its entitlement to an advance) be irrevocable except with the written consent of Administrative Agent
given on the instructions of Borrower. Bid Rate Loans to be funded pursuant to a Bid Rate Quote may, as provided in Section 12.16,
be funded by a Bank’s Designated Lender. A Bank making a Bid Rate Quote shall, if then known, specify in its Bid Rate Quote whether
the related Bid Rate Loans are intended to be funded by such Bank’s Designated Lender, as provided in Section 12.16, provided,
however, that whether or not the same is specified in a Bank’s Bid Rate Quote, such Bank’s Bid Rate Loan(s) may be funded
by its Designated Lender at the time of funding thereof.

 

(2)          Each
Bid Rate Quote shall be in substantially the form of EXHIBIT G-3 and shall in any case specify:

 

(i)            the
proposed date of funding of the Bid Rate Loan(s);

 

(ii)           the
principal amount of the Bid Rate Loan(s) for which each such offer is being made, which principal amount (w) may be greater
than or less than the Loan Commitment of the quoting Bank, (x) must be in the aggregate $5,000,000 or a larger integral multiple
of $500,000, (y) may not exceed the principal amount of Bid Rate Loans for which offers were requested and (z) may be subject
to an aggregate limitation as to the principal amount of Bid Rate Loans for which offers being made by such quoting Bank may be accepted;

 

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(iii)          in
the case of a Term SOFR Auction, the margin above or below the applicable Term SOFR (the “Term SOFR Bid Margin”)
offered for each such Bid Rate Loan, expressed as a percentage per annum to be added to (or subtracted from) the applicable Term SOFR;

 

(iv)          in
the case of an Absolute Rate Auction, the rate of interest, expressed as a percentage per annum (the “Absolute Bid Rate”),
offered for each such Absolute Bid Rate Loan;

 

(v)          the
applicable Interest Period; and

 

(vi)          the
identity of the quoting Bank.

 

A Bid Rate Quote may set forth up to three (3) separate
offers by the quoting Bank with respect to each Interest Period specified in the related Invitation for Bid Rate Quotes.

 

(3)          Any
Bid Rate Quote shall be disregarded if it:

 

(i)          is
not substantially in conformity with EXHIBIT G-3 or does not specify all of the information required by sub-paragraph (c)(2) above;

 

(ii)          contains
qualifying, conditional or similar language (except for an aggregate limitation as provided in sub-paragraph (c)(2)(ii) above);

 

(iii)          proposes
terms other than or in addition to those set forth in the applicable Invitation for Bid Rate Quotes; or

 

(iv)          arrives
after the time set forth in sub-paragraph (c)(1) above.

 

(d)          Administrative
Agent shall (x) not later than 3:00 p.m. on the fourth Banking Day prior to the proposed date of funding of the Term SOFR Bid
Rate Loan(s) in the case of a Term SOFR Auction or (y) not later than 10:30 a.m. on the Banking Day immediately preceding
the proposed date of funding of the Absolute Bid Rate Loan(s) in the case of an Absolute Rate Auction, notify Borrower in writing
of the terms of any Bid Rate Quote submitted by a Bank that is in accordance with paragraph (c). In addition, Administrative Agent shall,
on the Banking Day of its receipt thereof, notify Borrower in writing of any Bid Rate Quote that amends, modifies or is otherwise inconsistent
with a previous Bid Rate Quote submitted by such Bank with respect to the same Bid Rate Quote Request. Any such subsequent Bid Rate Quote
shall be disregarded by Administrative Agent unless such subsequent Bid Rate Quote is submitted solely to correct a manifest error in
such former Bid Rate Quote. Administrative Agent’s notice to Borrower shall specify (A) the aggregate principal amount of
Bid Rate Loans for which offers have been received for each Interest Period specified in the related Bid Rate Quote Request, (B) the
respective principal amounts, Term SOFR Bid Margins and Absolute Bid Rates so offered and (C) if applicable, limitations on the
aggregate principal amount of Bid Rate Loans for which offers in any single Bid Rate Quote may be accepted.

 

    -33-

     

    

 

(e)           Not
later than (x) 9:30 a.m. on the third Banking Day prior to the proposed date of funding of the Term SOFR Bid Rate Loan in the
case of a Term SOFR Auction or (y) 1:00 p.m. on the Banking Day immediately preceding the proposed date of funding of the Absolute
Bid Rate Loan in the case of an Absolute Rate Auction, Borrower shall notify Administrative Agent of its acceptance or non-acceptance
of the offers so notified to it pursuant to paragraph (d). If Borrower fails to notify Administrative Agent of its acceptance of such
offers, it shall be deemed to have rejected such offers. A notice of acceptance shall be substantially in the form of EXHIBIT G-4
and shall specify the aggregate principal amount of offers for each Interest Period that are accepted. Borrower may accept any Bid Rate
Quote in whole or in part; provided that:

 

(i)            the
principal amount of each Bid Rate Loan may not exceed the applicable amount set forth in the related Bid Rate Quote Request or be less
than $500,000 per Bank and shall be an integral multiple of $100,000;

 

(ii)           acceptance
of offers with respect to a particular Interest Period may only be made on the basis of ascending Term SOFR Bid Margins or Absolute Bid
Rates, as the case may be, offered for such Interest Period from the lowest effective cost; and

 

(iii)          Borrower
may not accept any offer that is described in sub-paragraph (c)(3) or that otherwise fails to comply with the requirements of this
Agreement.

 

(f)           If
offers are made by two (2) or more Banks with the same Term SOFR Bid Margins or Absolute Bid Rates, as the case may be, for a greater
aggregate principal amount than the amount in respect of which such offers are accepted for the related Interest Period, the principal
amount of Bid Rate Loans in respect of which such offers are accepted shall be allocated by Administrative Agent among such Banks as
nearly as possible (in multiples of $100,000, as Administrative Agent may deem appropriate) in proportion to the aggregate principal
amounts of such offers. Administrative Agent shall promptly (and in any event within one (1) Banking Day after such offers are accepted)
notify Borrower and each such Bank in writing of any such allocation of Bid Rate Loans. Determinations by Administrative Agent of the
allocation of Bid Rate Loans shall be conclusive in the absence of manifest error.

 

(g)           In
the event that Borrower accepts the offer(s) contained in one (1) or more Bid Rate Quotes in accordance with paragraph (e),
the Bank(s) making such offer(s) shall make a Bid Rate Loan in the accepted amount (as allocated, if necessary, pursuant to
paragraph (f)) on the date specified therefor, in accordance with the procedures specified in Section 2.04, and such Bid Rate Loan
shall bear interest at the accepted Term SOFR Bid Rate or Absolute Bid Rate, as the case may be, for the applicable Interest Period.

 

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(h)           Notwithstanding
anything to the contrary contained herein, each Bank shall be required to fund its Pro Rata Share of the Available Total Loan Commitment
in accordance with Section 2.01(b) despite the fact that any Bank’s Loan Commitment may have been or may be exceeded
as a result of such Bank’s making Bid Rate Loans.

 

(i)            A
Bank who is notified that it has been selected to make a Bid Rate Loan as provided above may designate its Designated Lender (if any)
to fund such Bid Rate Loan on its behalf, as described in Section 12.16. Any Designated Lender which funds a Bid Rate Loan shall
on and after the time of such funding become the obligee under such Bid Rate Loan and be entitled to receive payment thereof when due.
No Bank shall be relieved of its obligation to fund a Bid Rate Loan, and no Designated Lender shall assume such obligation, prior to
the time the applicable Bid Rate Loan is funded.

 

(j)            Administrative
Agent shall promptly notify each Bank which submitted a Bid Rate Quote of Borrower’s acceptance or non-acceptance thereof. At the
request of any Bank which submitted a Bid Rate Quote, Administrative Agent will promptly notify all Banks which submitted Bid Rate Quotes
of (a) the aggregate principal amount of, and (b) the range of Absolute Bid Rates or Term SOFR Bid Margins of, the accepted
Bid Rate Loans for each requested Interest Period.

 

Section 2.03         Advances,
Generally. The Initial Advance shall be in the minimum amount of $500,000 and in integral
multiples of $100,000 above such amount and shall be made upon satisfaction of the conditions set forth in Section 4.01. Subsequent
advances shall be made upon satisfaction of the conditions set forth in Section 4.02. The amount of each advance subsequent to the
Initial Advance shall be in the minimum amount of $500,000 (unless less than $500,000 is available for disbursement pursuant to the terms
hereof at the time of any subsequent advance, in which case the amount of such subsequent advance shall be equal to such remaining availability)
and in integral multiples of $100,000 above such amount. Additional restrictions on the amounts and timing of, and conditions to the
making of, advances of Bid Rate Loans are set forth in Section 2.02.

 

Section 2.04         Procedures
for Advances. Advances of Ratable Loans hereunder may be requested by (A) telephone,
or (B) a Ratable Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Administrative
Agent of a Ratable Loan Notice. Each Ratable Loan Notice shall state the amount requested and certifying the purpose, in general terms,
for which such advance is to be used, no later than 12:00 p.m. (noon) on the date, (x) in the case of advances of Base Rate
Loans and Daily SOFR Loans, which is the same Banking Day as the advance is to be made, and (y), in the case of advances of Term SOFR
Loans, which is three (3) Banking Days, prior to the date the advance is to be made. In the case of advances of Bid Rate Loans hereunder,
Borrower shall submit a Bid Rate Quote Request at the time specified in Section 2.02, accompanied by a certification of the purpose,
in general terms, for which the advance is to be used. Administrative Agent, on the Banking Day of its receipt and approval of the request
for advance, will so notify the Banks either by telephone or by electronic mail. Not later than 11:00 a.m. (or 2:00 p.m. in
the case of Base Rate Loans and Daily SOFR Loans) on the date of each advance, each Bank (in the case of Ratable Loans) or the applicable
Bank(s) (in the case of Bid Rate Loans) shall, through its Applicable Lending Office and subject to the conditions of this Agreement,
make the amount to be advanced by it on such day available to Administrative Agent, at Administrative Agent’s Office and in immediately
available funds for the account of Borrower. The amount of the advance requested by the Borrower (or, if less, the portion of such requested
amount that shall have been paid to the Administrative Agent by the Banks in accordance with the terms hereof) shall, subject to the
conditions of this Agreement, be made available to Borrower, in immediately available funds, by Administrative Agent’s crediting
an account of Borrower designated by Borrower and maintained with Administrative Agent at Administrative Agent’s Office.

 

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Section 2.05         Interest
Periods; Renewals. In the case of the Term SOFR Loans and Bid Rate Loans, Borrower shall
select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following
limitations: (1) no Interest Period may extend beyond the Maturity Date; and (2) if an Interest Period would end on a day which
is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next
calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twenty (20) discrete segments
of a Bank’s Ratable Loan bearing interest at Term SOFR, for a designated Interest Period, pursuant to a particular Election, Conversion
or Continuation, may be outstanding at any one time (each such segment of each Bank’s Ratable Loan corresponding to a proportionate
segment of each of the other Banks’ Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.14, Borrower
may Continue any Term SOFR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations
provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such Term SOFR Loan shall automatically
become a Term SOFR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative
Agent shall notify each of the Banks, either by telephone or by electronic mail, at least two (2) Banking Days prior to the termination
of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation. Any Daily SOFR Loans
shall automatically Continue as such on each successive day until the Borrower gives notice to Administrative Agent of the Conversion
of such Loan to a Term SOFR Loan or to a Base Rate Loan.

 

With respect to SOFR, Daily
SOFR or Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything
to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without
any further action or consent of any other party to this Agreement or any other Loan Document; provided that, with respect to
any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower
and the Banks reasonably promptly after such amendment becomes effective.

 

Section 2.06         Interest.
Borrower shall pay interest to Administrative Agent for the account of the applicable Bank on the outstanding and unpaid principal amount
of the Loans, at a rate per annum as follows: (1) for Base Rate Loans at a rate equal to the Base Rate plus the Applicable Margin;
(2) for Term SOFR Loans for each Interest Period at a rate equal to the applicable Term SOFR for such Interest Period plus the Applicable
Margin; (3) for Daily SOFR Loans at a rate equal to Daily SOFR plus the Applicable Margin; (4) for Term SOFR Bid Rate Loans
at a rate equal to the applicable Term SOFR Bid Rate; and (5) for Absolute Bid Rate Loans at a rate equal to the applicable Absolute
Bid Rate. Any principal amount not paid when due (when scheduled, at acceleration or otherwise) shall bear interest thereafter, payable
on demand, at the Default Rate.

 

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The interest rate on Base
Rate Loans shall change when the Base Rate changes and the interest rate on Daily SOFR Loans shall change when Daily SOFR changes. Interest
on Base Rate Loans, SOFR Loans and Bid Rate Loans shall not exceed the maximum amount permitted under applicable Law. Interest shall
be calculated for the actual number of days elapsed on the basis of, in the case of Base Rate Loans, three hundred sixty-five (365) or
three hundred sixty-six (366) days, as the case may be, and in the case of SOFR Loans and Bid Rate Loans, three hundred sixty (360) days.

 

Accrued interest shall be
due and payable in arrears upon and with respect to any payment or prepayment of principal and, (x) in the case of Base Rate Loans
and Daily SOFR Loans, on the first Banking Day of each calendar month and the Maturity Date, (y) in the case of Term SOFR Loans
at the expiration of the Interest Period applicable thereto, and if the Interest Period for such Term SOFR Loan exceeds three months,
each other date that falls every three months after the beginning of such Interest Period, and the Maturity Date and (z) in the
case of Bid Rate Loans, at the expiration of the Interest Period applicable thereto; provided, however, that interest accruing at the
Default Rate shall be due and payable on demand.

 

Section 2.07         Fees.

 

(a)           Borrower
agrees to pay to and for the accounts of the parties specified therein, the fees provided for in the Fee Letter and the Supplemental
Fee Letters.

 

(b)           Borrower
shall pay to Administrative Agent for the account of each Bank a facility fee computed on the daily Loan Commitment of such Bank (irrespective
of usage) at a rate per annum equal to the daily Facility Fee Rate, calculated on the basis of a year of three hundred sixty (360) days
for the actual number of days elapsed. The facility fee shall accrue for each calendar quarter (or portion thereof) and shall be due
and payable quarterly in arrears on the tenth (10th) day of October, January, April and July of each year, commencing on the
first such date after the Closing Date, and upon the Maturity Date (as stated or by acceleration or otherwise) or earlier termination
of the Loan Commitments.

 

Section 2.08         Notes.
At the request of such Bank, the Ratable Loan made by each Bank under this Agreement shall be evidenced by, and repaid with interest
in accordance with, a single promissory note of Borrower in the form of EXHIBIT B duly completed and executed by Borrower,
in the principal amount equal to such Bank’s Loan Commitment, payable to such Bank for the account of its Applicable Lending Office
(each such note, as the same may hereafter be amended, modified, extended, severed, assigned, renewed or restated from time to time,
including any new or substitute notes pursuant to Section 2.19, 3.07 or 12.05, a “Ratable Loan Note”).
The Bid Rate Loans of the Banks shall be evidenced by a single global promissory note of Borrower, in the form of EXHIBIT B-1,
duly completed and executed by Borrower, in the principal amount of the Bid Borrowing Limit, payable to Administrative Agent for the
account of the respective Banks making Bid Rate Loans (such note, as the same may hereafter be amended, modified, extended, severed,
assigned, substituted, renewed or restated from time to time, the “Bid Rate Loan Note”). A particular Bank’s
Ratable Loan Note, together with its interest, if any, in the Bid Rate Loan Note, are referred to collectively in this Agreement as such
Bank’s “Note”; all such Ratable Loan Notes and the Bid Rate Loan Note are referred to collectively in
this Agreement as the “Notes”. The Ratable Loan Notes shall mature, and all outstanding principal and accrued
interest and other sums thereunder shall be paid in full, on the Maturity Date, as the same may be accelerated. The outstanding principal
amount of each Bid Rate Loan evidenced by the Bid Rate Loan Note, and all accrued interest and other sums with respect thereto, shall
become due and payable to the Bank making such Bid Rate Loan at the earlier of the expiration of the Interest Period applicable thereto
or the Maturity Date, as the same may be accelerated.

 

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Each Bank is hereby authorized
by Borrower to endorse on the schedule attached to the Ratable Loan Note held by it, the amount of each advance and each payment of principal
received by such Bank for the account of its Applicable Lending Office(s) on account of its Ratable Loan, which endorsement shall,
in the absence of manifest error, be conclusive as to the outstanding balance of the Ratable Loan made by such Bank. Administrative Agent
is hereby authorized by Borrower to endorse on the schedule attached to the Bid Rate Loan Note the amount of each Term SOFR Bid Rate
Loan and/or Absolute Bid Rate Loan, the name of the Bank making the same, the date of the advance thereof, the interest rate applicable
thereto and the expiration of the Interest Period applicable thereto (i.e., the maturity date thereof). The failure by Administrative
Agent or any Bank to make such notations with respect to the Loans or each advance or payment shall not limit or otherwise affect the
obligations of Borrower under this Agreement or the Notes. In case of any loss, theft, destruction or mutilation of any Bank’s
Note, Borrower shall, upon its receipt of an affidavit of an officer of such Bank as to such loss, theft, destruction or mutilation and
an appropriate indemnification, execute and deliver a replacement Note to such Bank in the same principal amount and otherwise of like
tenor as the lost, stolen, destroyed or mutilated Note.

 

Section 2.09         Prepayments.
Without prepayment premium or penalty but subject to Section 3.05, Borrower may, upon notice to Administrative Agent prior to 11:00
a.m. on the Banking Day of repayment in the case of the Base Rate Loans and Daily SOFR Loans, and at least three (3) Banking
Days’ notice to Administrative Agent (who shall provide such notice, promptly upon receipt, to each of the Banks) in the case of
Term SOFR Loans, prepay the Ratable Loans, provided that (1) any partial prepayment under this Section shall be in integral
multiples of $500,000; (2) a Term SOFR Loan may be prepaid at any time, subject, however, to the provisions of Section 3.05;
and (3) each prepayment under this Section shall include all interest accrued on the amount of principal prepaid through the
date of prepayment. Prepayment of Bid Rate Loans shall not be permitted.

 

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Section 2.10         Cancellation
of Commitments.

 

(a)           At
any time, Borrower shall have the right, without premium or penalty, to terminate any unused Loan Commitments (i.e., to terminate Loan
Commitments to the extent of the Available Total Loan Commitment), in whole or in part, from time to time, provided that: (1) Borrower
shall give notice of each such termination to Administrative Agent (who shall provide such notice, promptly upon receipt, to each of
the Banks) no later than 10:00 a.m. on the date which is fifteen (15) Banking Days prior to the effectiveness of such termination;
(2) the Loan Commitments of each of the Banks must be terminated ratably and simultaneously with those of the other Banks; (3) each
partial termination of the Loan Commitments, as a whole (and corresponding reduction of the Total Loan Commitment) shall be in an integral
multiple of $1,000,000 and (4) no partial cancellation of the Loan Commitments shall reduce the Total Loan Commitment to an amount
below $200,000,000.

 

(b)           The
Loan Commitments, to the extent terminated, may not be reinstated.

 

Section 2.11         Method
of Payment. Borrower shall make each payment under this Agreement and under the Notes not
later than 11:00 a.m. on the date when due in Dollars to Administrative Agent at Administrative Agent’s Office in immediately
available funds. Administrative Agent will thereafter, on the day of its receipt of each such payment, cause to be distributed to each
Bank (1) such Bank’s appropriate share determined pursuant to Section 10.15 of the payments of principal and interest
in like funds for the account of such Bank’s Applicable Lending Office; and (2) fees payable to such Bank in accordance with
the terms of this Agreement. In the event Administrative Agent fails to pay funds received from Borrower to the Banks on the date on
which Borrower is credited with payment, Administrative Agent shall pay interest on such amounts at the Federal Funds Rate until such
payment to the Banks is made. Borrower hereby authorizes Administrative Agent and the Banks, if and to the extent payment by Borrower
is not made when due under this Agreement or under the Notes, to charge from time to time against any account Borrower maintains with
Administrative Agent or any Bank any amount so due to Administrative Agent and/or the Banks. Except to the extent provided in this Agreement,
whenever any payment to be made under this Agreement or under the Notes is due on any day other than a Banking Day, such payment shall
be made on the next succeeding Banking Day, and such extension of time shall in such case be included in the computation of the payment
of interest and other fees, as the case may be.

 

Section 2.12         Elections,
Conversions or Continuation of Loans. Subject to the provisions of Article III and
Sections 2.05 and 2.13, Borrower shall have the right to Elect to have all or a portion of any advance of the Ratable Loans be Base Rate
Loans, Term SOFR Loans or Daily SOFR Loans, to Convert Ratable Loans of one Type to Ratable Loans of another Type, or to Continue Term
SOFR Loans as Term SOFR Loans, at any time or from time to time, provided that (1) Borrower shall give Administrative Agent notice
of each such Election, Conversion or Continuation as provided in Section 2.14; and (2) a Term SOFR Loan may be Converted or
Continued only on the last day of the applicable Interest Period for such Term SOFR Loan. Except as otherwise provided in this Agreement,
each Election, Continuation and Conversion shall be applicable to each Bank’s Ratable Loan in accordance with its Pro Rata Share.

 

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Section 2.13     Minimum
Amounts. With respect to the Ratable Loans as a whole, each Election and each Conversion
shall be in an amount at least equal to $500,000 and in integral multiples of $100,000.

 

Section 2.14     Certain
Notices Regarding Elections, Conversions and Continuations of Loans. Notices by Borrower
to Administrative Agent of Elections, Conversions and Continuations of Ratable Loans shall be irrevocable, may be given by (A) telephone,
or (B) a Ratable Loan Notice (provided that any telephonic notice must be confirmed immediately by delivery to the Administrative
Agent of a Ratable Loan Notice) and shall be effective only if received by Administrative Agent not later than 10:30 a.m. on the
number of Banking Days prior to the date of the relevant Election, Conversion or Continuation specified below:

 

	 	 	Number of Banking Days Prior
    Notice
	Conversions of Daily SOFR Loans into Base Rate
    Loans or Conversions of Base Rate Loans into Daily SOFR Loans	 	same Banking Day
	 	 	 
	Conversions of Term SOFR Loans into Base Rate Loans or Daily
    SOFR Loans	 	three (3)
	 	 	 
	Elections of, Conversions into or Continuations as, Term SOFR
    Loans	 	three (3)

 

; provided, however, that notwithstanding
the foregoing, advances of Ratable Loans shall be governed by Section 2.04. Promptly following its receipt of any such notice, and
no later than the close of business on the Banking Day of such receipt, Administrative Agent shall so advise the Banks either by telephone
or by electronic mail. Each such notice of Election shall specify the portion of the amount of the advance that is to be Term SOFR Loans
(subject to Section 2.13) and the duration of the Interest Period applicable thereto (subject to Section 2.05); each such notice
of Conversion shall specify the Term SOFR Loans, Daily SOFR Loans or Base Rate Loans to be Converted; and each such notice of Conversion
or Continuation shall specify the date of Conversion or Continuation (which shall be a Banking Day), the amount thereof (subject to Section 2.13)
and the duration of the Interest Period applicable thereto (subject to Section 2.05). In the event that Borrower fails to Elect
to have any portion of an advance of the Ratable Loans be Term SOFR Loans, the entire amount of such advance shall constitute Base Rate
Loans. In the event that Borrower fails to Continue Term SOFR Loans within the time period and as otherwise provided in this Section,
such Term SOFR Loans will automatically become Term SOFR Loans with an Interest Period of one (1) month on the last day of the then
current applicable Interest Period for such Term SOFR Loans. Administrative Agent shall notify each of the Banks, either by telephone
or by electronic mail, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of
such failure by Borrower.

 

Section 2.15     Late
Payment Premium. Borrower shall, at Administrative Agent’s option or if directed by
the Required Banks and upon notice to Borrower, pay to Administrative Agent for the account of the Banks a late payment premium in the
amount of 4% of any payments of interest under the Loans made more than ten (10) days after the due date thereof, which shall be
due with any such late payment.

 

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Section 2.16     Letters
of Credit.

 

(a)            Subject
to the terms and conditions of this Section 2.16, Borrower, by notice to Administrative Agent and the Issuing Bank, may request,
in lieu of advances of proceeds of the Ratable Loans, that the Issuing Bank issue unconditional, irrevocable standby letters of credit
or direct-pay letters of credit (each, a “Letter of Credit”) for the account of Borrower or its Consolidated
Businesses, payable by sight drafts, for such beneficiaries and with such other terms as Borrower shall specify and in such form as is
acceptable to Issuing Bank in its reasonable discretion. Promptly upon receipt of notice from the Issuing Bank of the issuance, amendment
or extension of a Letter of Credit, Administrative Agent shall notify each of the Banks. The letters of credit listed on Schedule
2.16 attached hereto that were issued or deemed issued under the 2019 Credit Agreement (the “Existing Letters of Credit”),
shall be deemed to be Letters of Credit issued under this Agreement for all purposes, and each of the Borrower and the Banks confirms
and agrees that its respective obligations with respect to the Existing Letters of Credit shall be governed by this Agreement. The Borrower
unconditionally and irrevocably agrees that, in connection with any Letter of Credit issued for the account of any Consolidated Business
as provided in the first sentence of this paragraph, it will be fully responsible for the reimbursement of drawings under such Letters
of Credit, the payment of interest thereon and the payment of fees due under Section 2.07 to the same extent as if it were the sole
account party in respect of such Letter of Credit.

 

(b)            The
amount of any Letter of Credit shall be limited to the lesser of (x) $125,000,000 less the aggregate amount of all Letters of Credit
theretofore issued and outstanding or (y) the Available Total Loan Commitment, it being understood that the amount of each Letter
of Credit issued and outstanding shall effect a reduction, by an equal amount, of the Available Total Loan Commitment (such reduction
to be allocated to each Bank’s Loan Commitment ratably in accordance with the Banks’ respective Pro Rata Shares); provided
that no Issuing Bank shall be obligated to issue, amend or extend any Letter of Credit that will cause (x) the aggregate amount
of all Letters of Credit issued by such Issuing Bank plus the aggregate amount of all unreimbursed drawings owing to such Issuing Bank
to exceed its Issuing Bank Commitment Amount or (y) the Revolving Credit Exposure of any Bank to exceed its Loan Commitment.

 

(c)            The
amount of each Letter of Credit shall be in minimum amounts of $10,000. Each Letter of Credit shall be issued or amended, as the case
may be, upon the written request of the Borrower signed by a Responsible Officer of the Borrower and delivered to the Issuing Bank (with
a copy to the Administrative Agent) (which may be transmitted by electronic communication if arrangements for doing so have been approved
by such Issuing Bank). Such request must be received by the Issuing Bank and the Administrative Agent not later than 11:00 a.m. at
least two Banking Days (or such later date and time as the Administrative Agent and the Issuing Bank may agree in a particular instance
in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for
an initial issuance of a Letter of Credit, such request shall specify in form and detail satisfactory to the Issuing Bank: (A) the
proposed issuance date of the requested Letter of Credit (which shall be a Banking Day); (B) the amount thereof; (C) the expiry
date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in
case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing
thereunder; (G) the purpose and nature of the requested Letter of Credit; (H) the identity of the proposed Issuing Bank, it
being agreed by the Borrower, the Administrative Agent and the Issuing Banks that the Letters of Credit will be issued by the Issuing
Banks on a proportionate basis to the extent practicable and (I) such other matters as the Issuing Bank may require. In the case
of a request for an amendment of any outstanding Letter of Credit, such request shall specify in form and detail satisfactory to the
Issuing Bank (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Banking Day);
(C) the nature of the proposed amendment; and (D) such other matters as the Issuing Bank may require. Unless the Issuing Bank
has received written notice from any Bank, the Administrative Agent or the Borrower, at least one Banking Day prior to the requested
date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV
shall not then be satisfied, then, subject to the terms and conditions hereof, the Issuing Bank shall, on the requested date, issue
the requested Letter of Credit or the requested amendment, as the case may be, in each case in accordance with the Issuing Bank’s
usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby
irrevocably and unconditionally agrees to, purchase from the Issuing Bank a risk participation in such Letter of Credit in an amount
equal to the product of such Bank’s Pro Rata Share times the amount of such Letter of Credit.

 

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(d)            Each
Letter of Credit shall expire no later than fifteen (15) days prior to the Maturity Date, but may have an automatic extension clause
(an “Auto-Extension Letter of Credit”) allowing for the extension of the expiration date thereof if a notice
of non-extension is not given from the Issuing Bank to the Letter of Credit beneficiary by a specified date within a twelve-month
period. Notwithstanding any other provision of this Agreement, if requested by the Borrower, the Issuing Bank shall issue a Letter of
Credit with and/or not give notice of non-extension of an Auto-Extension Letter of Credit to Letter of Credit beneficiaries which would
result in, an expiration date that is up to one (1) year after the Maturity Date, provided that no later than forty-five (45) days
prior to the Maturity Date, the Borrower provides a cash deposit in the full amount available to be drawn under all Letters of Credit
with expiration dates after the Maturity Date and all Auto-Extension Letters of Credit for which the Issuing Bank has not given a notice
of non-extension to the Letter of Credit beneficiary. Any such additional Cash Collateral shall be held by the Administrative Agent,
for the benefit of the Banks, in accordance with the terms of Section 2.16(h).

 

(e)            In
connection with, and as a further condition to the issuance of, each Letter of Credit, Borrower shall execute and deliver to Administrative
Agent and the Issuing Bank an application and reimbursement agreement (if applicable) for the Letter of Credit on the Issuing Bank’s
standard form therefor, together with such other documents, opinions and assurances as Administrative Agent and the Issuing Bank shall
reasonably require. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions
of any form of letter of credit application and reimbursement agreement (if applicable) or other agreement submitted by the Borrower
to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, as among the parties hereto, the terms and
conditions of this Agreement shall control.

 

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(f)            In
connection with each Letter of Credit, Borrower hereby covenants to pay to Administrative Agent the following fees: (1) a fee, payable
quarterly in arrears (on the first Banking Day of each calendar quarter following the issuance of the Letter of Credit), for the account
of the Banks, computed daily on the amount of the Letter of Credit issued and outstanding at a rate per annum equal to the “Banks’
L/C Fee Rate” (as hereinafter defined) (provided, however, any letter of credit fees otherwise payable for the account of
a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory
to the Issuing Bank pursuant to this Section 2.16 shall be payable, to the maximum extent permitted by applicable Law, to
the other Banks in accordance with the upward adjustments in their respective Pro Rata Shares allocable to such Letter of Credit pursuant
to Section 2.20(a)(iv), with the balance of such fee, if any, payable to the Issuing Bank for its own account), and (2) a fronting
fee, payable quarterly in arrears (on the last day of each calendar quarter following the issuance of the Letter of Credit), for the
Issuing Bank’s account, computed daily on the amount of the Letter of Credit issued and outstanding, at a rate per annum equal
to 0.125%. In addition to the fees described in the preceding sentence, the Borrower shall pay to the Issuing Bank such other customary
letter of credit charges when incurred. For purposes of this Agreement, the “Banks’ L/C Fee Rate” shall
mean, at any time, a rate per annum equal to the Applicable Margin for SOFR Loans (after giving effect to any then-applicable Sustainability
Rate Adjustment) less 0.075% per annum. It is understood and agreed that (i) the amount of a Letter of Credit for purposes of calculating
the fees in accordance with this Section 2.16(f) shall be deemed to be the stated amount of such Letter of Credit (without
regard for any increases in the stated amount thereof), and (ii) the last installment of the fees provided for in this paragraph
(f) with respect to any particular Letter of Credit shall be due and payable on the first day of the calendar quarter following
the return, undrawn, or cancellation of such Letter of Credit to the Issuing Bank, who shall promptly provide notice to Administrative
Agent of such return or cancellation, and Borrower’s receipt of notice from Administrative Agent.

 

(g)            Upon
any drawing under a Letter of Credit, the Issuing Bank shall immediately provide notice to the Borrower and Administrative Agent of such
drawing. The Borrower shall reimburse the Issuing Bank on the date of any drawing under a Letter of Credit. Such reimbursement shall
be made with the proceeds of an advance of Loans as set forth below unless such advance cannot for any reason be made. The parties hereto
acknowledge and agree that, immediately upon notice from Administrative Agent of any drawing under a Letter of Credit, each Bank shall,
notwithstanding the existence of a Default or Event of Default or the non-satisfaction of any conditions precedent to the making of an
advance of the Loans, advance proceeds of its Ratable Loan, in an amount equal to its Pro Rata Share of such drawing, which advance shall
be made to Administrative Agent for the account of the Issuing Bank to reimburse the Issuing Bank for such drawing. Each of the Banks
further acknowledges that its obligation to fund its Pro Rata Share of drawings under Letters of Credit as aforesaid shall survive the
Banks’ termination of this Agreement or enforcement of remedies hereunder or under the other Loan Documents. In the event that
any Ratable Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the
commencement of a proceeding under any applicable bankruptcy or insolvency Law with respect to Borrower), then (x) such unreimbursed
drawing shall bear interest at the Default Rate and shall be due and payable on demand (together with interest) and (y) each Bank
shall purchase (on or as of the date such Ratable Loan would otherwise have been made) from the Issuing Bank a participation interest
in any unreimbursed drawing in an amount equal to its Pro Rata Share of such unreimbursed drawing. Until each Bank funds its Pro Rata
Share to the Administrative Agent to reimburse the Issuing Bank for any amount drawn under any Letter of Credit, interest in respect
of such Bank’s Pro Rata Share of such amount shall be solely for the account of the Issuing Bank. Each Bank’s obligation
to reimburse the Issuing Bank for amounts drawn under Letters of Credit, as contemplated by this paragraph, shall be absolute and unconditional
and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which
such Bank may have against the Issuing Bank, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance
of a Default or an Event of Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
No purchase by a Bank of a participation interest in an unreimbursed drawing shall relieve or otherwise impair the obligation of the
Borrower to reimburse the Issuing Bank for the amount of any payment made by the Issuing Bank under any Letter of Credit, together with
interest as provided herein. If any Bank fails to make available to the Administrative Agent for the account of the Issuing Bank any
amount required to be paid by such Bank pursuant to the foregoing provisions of this paragraph, then, without limiting the other provisions
of this Agreement, the Issuing Bank shall be entitled to recover from such Bank (acting through the Administrative Agent), on demand,
such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to the Issuing Bank at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Issuing
Bank in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily
charged by the Issuing Bank in connection with the foregoing. If such Bank pays such amount (with interest and fees as aforesaid), the
amount so paid shall constitute such Bank’s participation in such unreimbursed drawing. A certificate of the Issuing Bank submitted
to any Bank (through the Administrative Agent) with respect to any amounts owing under this paragraph shall be conclusive absent manifest
error. At any time after the Issuing Bank has made a payment under any Letter of Credit and has received from any Bank such Bank’s
Pro Rata Share in respect of such payment in accordance with this paragraph, if the Administrative Agent receives for the account of
the Issuing Bank any payment in respect of the related unreimbursed drawing or interest thereon (whether directly from the Borrower or
otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute
to such Bank its Pro Rata Share thereof in the same funds as those received by the Administrative Agent.

 

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(h)            Borrower
agrees, (x) upon the occurrence of an Event of Default and at the written request of Administrative Agent or (y) if required
by Section 2.16(d), (1) to deposit with Administrative Agent for the benefit of the Issuing Bank and the Banks cash collateral
in the amount of all the outstanding Letters of Credit as applicable to (x) or (y) above (“Cash Collateral”),
which Cash Collateral shall be held by Administrative Agent for the benefit of the Issuing Bank and the Banks as security for Borrower’s
obligations in connection with the Letters of Credit and (2) to execute and deliver to Administrative Agent and the Issuing Bank
such documents as Administrative Agent or the Issuing Bank reasonably requests to confirm and perfect the assignment of such Cash Collateral
to Administrative Agent for the benefit of the Issuing Bank and the Banks. In addition, at any time that there shall exist a Defaulting
Lender, immediately upon the request of the Administrative Agent or the Issuing Bank, the Borrower shall deliver to the Administrative
Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.20(a)(iv) and
any Cash Collateral provided by such Defaulting Lender). All Cash Collateral (other than credit support not constituting funds subject
to deposit) shall be maintained in blocked, interest bearing deposit accounts at Administrative Agent and invested solely in Permitted
Investments. The Borrower, and to the extent provided by any Bank, such Bank, hereby grants to (and subjects to the control of) the Administrative
Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Banks, and agrees to maintain, a first priority security
interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto,
and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied as set forth below.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided hereunder in respect of Letters of Credit
shall be held and applied to the satisfaction of the specific L/C Obligations for which the Cash Collateral was so provided. Cash Collateral
(or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the
elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting
Lender status of the applicable Bank) or (ii) the Administrative Agent’s good faith determination that there exists excess
Cash Collateral; provided, however, that such Cash Collateral furnished by the Borrower to reduce Fronting Exposure shall not
be released if the Borrower is required to deposit Cash Collateral in accordance with the first sentence of this Section 2.16(h).

 

(i)            The
Issuing Bank shall not be under any obligation to issue any Letter of Credit if:

 

(1)            any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank
from issuing such Letter of Credit, or any Law applicable to the Issuing Bank or any request or directive (whether or not having the
force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank
refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuing Bank
with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated
hereunder) not in effect on the Closing Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was
not applicable on the Closing Date and which the Issuing Bank in good faith deems material to it;

 

(2)            the
issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable to letters of credit generally;

 

(3)            such
Letter of Credit is to be denominated in a currency other than Dollars; or

 

(4)            any
Bank is at that time a Defaulting Lender, unless the Issuing Bank has entered into arrangements, including the delivery of Cash Collateral,
satisfactory to the Issuing Bank (in its sole discretion) with the Borrower or such Bank to eliminate the Issuing Bank’s actual
or potential Fronting Exposure (after giving effect to Section 2.20(a)(iv)) with respect to the Defaulting Lender arising
from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which the Issuing
Bank has actual or potential Fronting Exposure, as it may elect in its sole discretion.

 

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(j)            The
obligation of the Borrower to reimburse the Issuing Bank for each drawing under each Letter of Credit shall be absolute, unconditional
and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

 

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

 

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

 

(iii)            any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient
in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise
of any document required in order to make a drawing under such Letter of Credit;

 

(iv)            any
payment by the Issuing Bank under such Letter of Credit against presentation of a draft or certificate that does not comply with the
terms of such Letter of Credit; or any payment made by the Issuing Bank under such Letter of Credit to any Person purporting to be a
trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or
successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under
any Debtor Relief Law; or

 

(v)            any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might
otherwise constitute a defense available to, or a discharge of, the Borrower or any Consolidated Business.

 

The Borrower shall
promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of
noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the Issuing Bank. The
Borrower shall be conclusively deemed to have waived any such claim against the Issuing Bank and its correspondents unless such notice
is given as aforesaid.

 

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(k)            Each
Bank and the Borrower agree that, in paying any drawing under a Letter of Credit, the Issuing Bank shall not have any responsibility
to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain
or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.
None of the Issuing Bank, the Administrative Agent, any of their respective Related Parties or any correspondent, participant or assignee
of the Issuing Bank shall be liable to any Bank for (i) any action taken or omitted in connection herewith at the request or with
the approval of the Banks or the Required Banks, as applicable; (ii) any action taken or omitted in the absence of gross negligence
or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment; or (iii) the due
execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit. The Borrower hereby
assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided,
however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies
as it may have against the beneficiary or transferee at law or under any other agreement. None of the Issuing Bank, the Administrative
Agent, any Bank, any of their respective Related Parties nor any correspondent, participant or assignee of the Issuing Bank shall be
liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.16(j); provided,
however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against the Issuing Bank,
and the Issuing Bank may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential
or exemplary, damages suffered by the Borrower which the Borrower proves in a final and non-appealable judgment by a court of competent
jurisdiction were caused by the Issuing Bank’s willful misconduct or gross negligence or the Issuing Bank’s willful failure
to pay under any Letter of Credit (other than any willful failure that is the result of any order of any court or other Governmental
Authority) after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms
and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the Issuing Bank may accept documents that
appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the
contrary, and the Issuing Bank shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which
may prove to be invalid or ineffective for any reason.

 

None of the Administrative
Agent, the Banks, the Issuing Bank, or any of their Related Parties shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit by the Issuing Bank or any payment or failure to make any payment thereunder (irrespective
of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission
or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to
make a drawing thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising from
causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from
liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby
waived by the Borrower to the extent permitted by applicable Law) suffered by the Borrower that are caused by the Issuing Bank’s
failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms
thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing
Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such
determination.

 

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Without limiting
the foregoing, none of the Administrative Agent, the Banks, the Issuing Bank, or any of their Related Parties shall have any liability
or responsibility by reason of (i) any presentation that includes forged or fraudulent documents or that is otherwise affected by
the fraudulent, bad faith, or illegal conduct of the beneficiary or other Person, (ii) the Issuing Bank declining to take-up documents
and make payment (A) against documents that are fraudulent, forged, or for other reasons by which that it is entitled not to honor
or (B) following a Borrower’s waiver of discrepancies with respect to such documents or request for honor of such documents
or (iii) the Issuing Bank retaining proceeds of a Letter of Credit based on an apparently applicable attachment order, blocking
regulation, or third-party claim notified to the Issuing Bank.

 

(l)            Unless
otherwise agreed by the Administrative Agent, each Issuing Bank shall, in addition to its notification obligations set forth elsewhere
in this Section, provide the Administrative Agent a letter of credit report, as set forth below:

 

(i)            reasonably
prior to the time that such Issuing Bank issues, amends, renews, increases or extends a Letter of Credit, the date of such issuance,
amendment, renewal, increase or extension and the stated amount of the applicable Letters of Credit after giving effect to such issuance,
amendment, renewal or extension (and whether the amounts thereof shall have changed);

 

(ii)            on
each Banking Day on which such Issuing Bank makes a payment pursuant to a Letter of Credit, the date and amount of such payment;

 

(iii)            on
any Banking Day on which the Borrower fails to reimburse a payment made pursuant to a Letter of Credit required to be reimbursed to such
Issuing Bank on such day, the date of such failure and the amount of such payment;

 

(iv)            on
any other Banking Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued
by such Issuing Bank; and

 

(v)            for
so long as any Letter of Credit issued by an Issuing Bank is outstanding, such Issuing Bank shall deliver to the Administrative Agent
(A) on the last Banking Day of each calendar month, (B) at all other times a letter of credit report is required to be delivered
pursuant to this Agreement, and (C) on each date that (1) a Letter of Credit is issued, extended or increased, or (2) there
is any expiration, cancellation and/or disbursement, in each case, with respect to any such Letter of Credit, a letter of credit report
appropriately completed with the information for every outstanding Letter of Credit issued by such Issuing Bank.

 

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(m)            Unless
otherwise expressly agreed by the Issuing Bank and the Borrower when a Letter of Credit is issued by it, (i) the rules of the
ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit.
Notwithstanding the foregoing, the Issuing Bank shall not be responsible to the Borrower for, and the Issuing Bank’s rights and
remedies against the Borrower shall not be impaired by, any action or inaction of the Issuing Bank required or permitted under any law,
order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order
of a jurisdiction where the Issuing Bank or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the
decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and
Trade – International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice,
whether or not any Letter of Credit chooses such law or practice.

 

(n)            The
Issuing Bank shall act on behalf of the Banks with respect to any Letters of Credit issued by it and the documents associated therewith,
and the Issuing Bank shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article X with
respect to any acts taken or omissions suffered by the Issuing Bank in connection with Letters of Credit issued by it or proposed to
be issued by it as fully as if the term “Administrative Agent” as used in Article X included the Issuing Bank with respect
to such acts or omissions, and (B) as additionally provided herein with respect to the Issuing Bank.

 

(o)            Any
Issuing Bank may be replaced at any time by written agreement between the Borrower, the Administrative Agent, the replaced Issuing Bank
and the successor Issuing Bank. The Administrative Agent shall notify the Banks of any such replacement of an Issuing Bank. At the time
any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank
pursuant to Section 2.16(f). From and after the effective date of any such replacement, (i) the successor Issuing Bank
shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued by it
thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to include such successor or any previous
Issuing Bank, or such successor and all previous Issuing Bank, as the context shall require. After the replacement of an Issuing Bank
hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing
Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue
additional Letters of Credit.

 

Section 2.17     [Reserved].

 

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Section 2.18     Extension
of Maturity. Borrower shall have two (2) options (the “Extension Options”)
to extend the then applicable Maturity Date for a period of six (6) months per extension. Subject to the conditions set forth below,
Borrower may exercise each Extension Option by delivering a written notice to Administrative Agent (who shall provide such notice, promptly
upon receipt, to each of the Banks) not more than one hundred eighty (180) days and not less than thirty (30) days prior to the then
applicable Maturity Date (the “Notice to Extend”), (x) stating that Borrower has elected to extend the
Maturity Date for six (6) months and (y) identifying an effective date (not less than ten (10) Banking Days following
the date of the Notice to Extend) on which the extension shall become effective (the “Extension Effective Date”).
Borrower’s delivery of the Notice to Extend shall be irrevocable and Borrower’s right to exercise each Extension Option shall
be subject to the following terms and conditions: (i) there shall exist no Default or Event of Default on both the date Borrower
delivers the Notice to Extend to Administrative Agent and on the Extension Effective Date, (ii) Borrower shall have paid to Administrative
Agent for the account of each Bank for the extension an extension fee equal to 0.0625% of such Bank’s Loan Commitment on or prior
to the Extension Effective Date, (iii) Borrower shall be in compliance with the covenants contained in Articles VII and VIII, as
evidenced by a certificate from Borrower of the sort required by paragraph (3) of Section 6.09 (based on financial results
for the most recent calendar quarter for which Borrower is required to report financial results) on both the date Borrower delivers the
Notice to Extend to Administrative Agent and on the Extension Effective Date, and (iv) the Administrative Agent shall receive a
certificate of the Borrower, signed by a duly authorized officer of the Borrower certifying, before and after giving effect to such extension,
the representations and warranties set forth in Article V of this Agreement or the other Loan Documents are true and correct in
all material respects, except to the extent that such representations and warranties specifically refer to an earlier date, in which
case they are true and correct as of such earlier date (or in the case of any representation or warranty that is qualified as to “materiality”,
 “Material Adverse Change” or similar language, shall be true and correct in all respects as of the applicable date, after
giving effect to such qualification).

 

Section 2.19     Additional
Loan Commitments.

 

(a)            Borrower
may, from time to time request the Banks to increase their Loan Commitments, so as to increase the Total Loan Commitment to an amount
no greater than the sum of (1) the Accordion Amount plus (2) $2,250,000,000 less (3) the amount of any reduction of the
Total Loan Commitment pursuant to Section 2.10. The increase in the Total Loan Commitment pursuant to any such particular request
shall be at least an amount (the “Minimum Request”) equal to the lesser of (x) $50,000,000 or (y) the
Accordion Amount less all previous increases in the Total Loan Commitment pursuant to this Section. Borrower shall make each such request
by giving notice to Administrative Agent and Syndication Agents, which notice shall set forth the amount (which shall be no less than
the Minimum Request) of the requested increase in the Total Loan Commitment (the “Requested Increase”) and
such other details with respect to such increase as Administrative Agent and Syndication Agents shall reasonably request. Upon receipt
of such notice, Administrative Agent shall promptly send a copy of such notice to each Bank. Administrative Agent, Syndication Agents
and/or their Affiliates will use commercially reasonable efforts, with the assistance of Borrower, to arrange a syndicate of Banks with
Loan Commitments (including the then-existing Loan Commitments) aggregating the then existing Total Loan Commitment plus the Requested
Increase. Any Bank that is a party to this Agreement prior to such Requested Increase, at its sole discretion, may elect to increase
its Loan Commitment but shall not have any obligation to so increase its Loan Commitment. In the event that each Bank does not elect
to increase its Loan Commitment, Administrative Agent, Syndication Agents and/or their Affiliates shall use commercially reasonable efforts
to locate additional lenders willing to hold commitments for the Requested Increase, subject to the approval of any such proposed lender
by the Borrower, and the Borrower may also identify additional lenders willing to hold commitments for the Requested Increase, provided
that the Administrative Agent shall have the right to approve any such additional lender, which approval will not be unreasonably
withheld or delayed.

 

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(b)            In
connection with increases to the Loan Commitments of some or all of the Banks as provided in paragraph (a) above, Borrower shall,
at the request of the applicable Bank, execute supplemental Ratable Loan Notes (the “Supplemental Notes”) evidencing
such increases, as well as such other confirmatory modifications to this Agreement as Administrative Agent shall reasonably request.
In connection with the addition of lenders as a result of solicitations by Administrative Agent and Syndication Agents pursuant to paragraph
(a) above (“New Banks”), Borrower, Administrative Agent and each New Bank shall execute an acceptance
letter in the form of EXHIBIT H (the “Acceptance Letter”), Borrower shall execute a Ratable Loan
Note to each New Bank in the amount of the New Bank’s Loan Commitment (a “New Note”) and Borrower and
Administrative Agent (with the consent of only the New Banks and those Banks increasing their Loan Commitments) shall execute such confirmatory
modifications to this Agreement as Administrative Agent shall reasonably request, whereupon the New Bank shall become, and have the rights
and obligations of, a “Bank”, with a Loan Commitment in the amount set forth in such Acceptance Letter. The Banks shall have
no right of approval with respect to a New Bank’s becoming a Bank or the amount of its Loan Commitment, provided, however, that
Administrative Agent and Syndication Agents shall have such right of approval, not to be unreasonably withheld. Each Supplemental Note
and New Note shall constitute “Ratable Loan Notes” for all purposes of this Agreement.

 

(c)            If
at the time a New Bank becomes a Bank (or a Bank increases its Loan Commitment) pursuant to this Section there is any principal
outstanding under the Ratable Loan Notes of the previously admitted Banks (the “Existing Banks”), such New
Bank (or Bank increasing its Loan Commitment) shall remit to Administrative Agent an amount equal to the Outstanding Percentage (as defined
below) multiplied by the Loan Commitment of the New Bank (or the amount of the increase in the Loan Commitment of a Bank increasing its
Loan Commitment), which amount shall be deemed advanced under the Ratable Loan of the New Bank (or the Bank increasing its Loan Commitment).
Administrative Agent shall pay such amount to the Existing Banks in accordance with the Existing Banks’ respective Pro Rata Shares
(as calculated immediately prior to the admission of the New Bank (or the increase in a Bank’s Loan Commitment)), and such payment
shall effect an automatic reduction of the outstanding principal balance under the respective Ratable Loan Notes of the Existing Banks.
For purposes of this Section, the term “Outstanding Percentage” means the ratio of (i) the aggregate outstanding
principal amount under the Ratable Notes of the Existing Banks, immediately prior to the admission of the New Bank (or the increase in
the Loan Commitment of a Bank), to (ii) the aggregate of the Loan Commitments of the Existing Banks (as increased pursuant to this
Section, if applicable) and the New Bank.

 

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(d)            The
fees payable by the Borrower upon any increase of the Loan Commitments shall be agreed upon by the Borrower, the Administrative Agent,
the Syndication Agents, the New Banks and those Banks increasing their Loan Commitments. Nothing in this Section 2.19 shall constitute
or be deemed to constitute an agreement or commitment by any Bank to increase its Loan Commitment hereunder.

 

Section 2.20     Defaulting
Lenders. (a) Adjustments. Notwithstanding anything to the contrary contained in
this Agreement, if any Bank becomes a Defaulting Lender, then, until such time as that Bank is no longer a Defaulting Lender, to the
extent permitted by applicable Law:

 

(i)            Waivers
and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of “Required Banks” and Section 12.02.

 

(ii)            Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise, and including any amounts made
available to the Administrative Agent by that Defaulting Lender pursuant to Section 12.08), shall be applied at such time or times
as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender
to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender
to the Issuing Bank hereunder; third, if so determined by the Administrative Agent or requested by the Issuing Bank, to be held
as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Letter of Credit; fourth,
as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth,
as the Borrower may request, to the release of Cash Collateral to the Borrower to the extent permitted by the last sentence of Section 2.16(h);
sixth, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and
released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; seventh, to the payment
of any amounts owing to the Banks or the Issuing Bank as a result of any judgment of a court of competent jurisdiction obtained by any
Bank or the Issuing Bank against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under
this Agreement; eighth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower
as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result
of that Defaulting Lender’s breach of its obligations under this Agreement; and ninth, to that Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of
any Loans or participations in Letters of Credit in respect of which that Defaulting Lender has not fully funded its appropriate share
and (y) such Loans or participations in Letters of Credit were made at a time when the conditions set forth in Section 4.02
were satisfied or waived, such payment shall be applied solely to pay the Loans of, and participations in Letters of Credit owed to,
all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or participations in Letters of
Credit owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied
(or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.20(a)(ii) shall
be deemed paid to and redirected by that Defaulting Lender, and each Bank irrevocably consents thereto.

 

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(iii)            Certain
Fees. That Defaulting Lender (x) shall be entitled to receive any facility fee pursuant to Section 2.07(b) for any
period during which that Bank is a Defaulting Lender only to extent allocable to the sum of (1) the outstanding principal amount
of the Loans funded by it and (2) its Pro Rata Share of the stated amount of Letters of Credit for which it has provided Cash Collateral
pursuant to Section 2.16 or Section 2.20(a)(ii), as applicable (and the Borrower shall (A) be required to pay to each
of the Issuing Bank, the amount of such fee allocable to its Fronting Exposure arising from that Defaulting Lender and (B) not be
required to pay the remaining amount of such fee that otherwise would have been required to have been paid to that Defaulting Lender)
and (y) shall be limited in its right to receive Letter of Credit fees as provided in Section 2.16(f).

 

(iv)            Reallocation
of Pro Rata Shares to Reduce Fronting Exposure.

 

(A)            During
any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender
to acquire, refinance or fund participations in Letters of Credit pursuant to Sections 2.16, the “Pro Rata Share” of each
non-Defaulting Lender shall be computed without giving effect to the Loan Commitment of that Defaulting Lender; provided, that,
(i) each such reallocation shall be given effect only if, at the date the applicable Bank becomes a Defaulting Lender, the conditions
set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified
the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied
at such time); and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters
of Credit shall not exceed the positive difference, if any, of (1) the Loan Commitment of that non-Defaulting Lender minus
(2) the aggregate outstanding principal amount of the Loans of that Bank.

 

(B)            If
such reallocation cannot, or can only partially, be effected, the Borrower shall within five (5) Banking Days following notice by
the Administrative Agent, Cash Collateralize for the benefit of the Issuing Bank only the Borrower’s obligations corresponding
to the Fronting Exposure of the Issuing Bank with respect to Letters of Credit (after giving effect to any partial reallocation described
above) in accordance with the procedures set forth in Section 2.16(h) for so long as such Fronting Exposure is outstanding.

 

(C)            So
long as such Bank is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless
it is satisfied that the related Fronting Exposure will be 100% covered by the Loan Commitments of the non-Defaulting Lenders and/or
Cash Collateral will be provided by the Borrower in accordance with Section 2.16(h) and/or Section 2.20(a)(iv), and participating
interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with
the above provisions (and such Defaulting Lender shall not participate therein).

 

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(b)            Defaulting
Lender Cure. If the Borrower, the Administrative Agent and the Issuing Bank agree in writing in their sole discretion that a Defaulting
Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as
of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect
to any Cash Collateral), that Bank will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Banks
or take such other actions as the Administrative Agent may determine to be necessary to cause the Ratable Loans and funded and unfunded
participations in Letters of Credit to be held on a pro rata basis by the Banks in accordance with their Pro Rata Shares (without giving
effect to Section 2.20(a)(iv)), whereupon that Bank will cease to be a Defaulting Lender; provided that no adjustments will
be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Bank was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s
having been a Defaulting Lender.

 

Section 2.21     Sustainability
Adjustments.

 

(a)            Following
the date on which the Borrower provides a Pricing Certificate in respect of the most recently ended calendar year (commencing with the
calendar year ending December 31, 2022), (i) the Applicable Margin for purposes of calculating interest on the Loans and the
Bank’s L/C Fee Rate payable under Section 2.16(f) shall be increased or decreased (or neither increased nor decreased),
as applicable, pursuant to the Sustainability Rate Adjustment as set forth in such Pricing Certificate in the manner and at the times
described in this Section 2.21 and the Sustainability Table (but in no event shall any adjustment result in the Applicable Margin
being less than 0.00%) and (ii) the Facility Fee Rate shall be increased or decreased (or neither increased nor decreased), as applicable,
pursuant to the Sustainability Facility Fee Adjustment as set forth in such Pricing Certificate in the manner and at the times described
in this Section 2.21 and the Sustainability Table (but in no event shall any adjustment result in the Facility Fee Rate being less
than 0.00%). For purposes of the foregoing, each of the Sustainability Rate Adjustment and the Sustainability Facility Fee Adjustment
shall be effective as of the Banking Day following receipt by the Administrative Agent and the Sustainability Structuring Agent of a
Pricing Certificate delivered pursuant to Section 6.09(13) based upon the KPI Metric set forth in such Pricing Certificate and the
calculations of the Sustainability Rate Adjustment and the Sustainability Facility Fee Adjustment, as applicable, therein (such day,
the “Sustainability Pricing Adjustment Date”) and each change in the Applicable Margin and the Facility Fee
Rate resulting from a Pricing Certificate and the Sustainability Rate Adjustment and the Sustainability Facility Fee Adjustment related
thereto shall be effective during the period commencing on and including the applicable Sustainability Pricing Adjustment Date and ending
on the date immediately preceding the next such Sustainability Pricing Adjustment Date (or, in the case of non-delivery of a Pricing
Certificate for the immediately following period, the last day such Pricing Certificate for such following period could have been delivered
pursuant to the terms of Section 6.09(13)) (any such period, an “Applicable Sustainability Pricing Adjustment Period”).

 

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(b)            For
the avoidance of doubt, only one Pricing Certificate may be delivered in respect of any calendar year. It is further understood and agreed
that any Sustainability Rate Adjustment or Sustainability Facility Fee Adjustment made for any Applicable Sustainability Pricing Adjustment
Period shall only be applicable for such Applicable Sustainability Pricing Adjustment Period and any increases or reductions to the Applicable
Margin resulting therefrom shall be reset to “zero” following the conclusion of such Applicable Sustainability Pricing Adjustment
Period. For the avoidance of doubt, the Sustainability Rate Adjustment and the Sustainability Facility Fee Adjustment shall not be cumulative
year-over-year. Each applicable adjustment shall only apply until the date on which the next adjustment is due to take place.

 

(c)            It
is hereby understood and agreed that if no such Pricing Certificate is delivered by the Borrower within the period set forth in Section 6.09(13),
the Sustainability Rate Adjustment will be a positive amount equal to 0.02% and the Sustainability Facility Fee Adjustment will be positive
amount equal to 0.005% (such positive amount, collectively, the “Sustainability Threshold Adjustment”) commencing
on the last day such Pricing Certificate could have been delivered pursuant to the terms of Section 6.09(13) and continuing until
the Borrower delivers a Pricing Certificate to the Administrative Agent and the Sustainability Structuring Agent for the applicable calendar
year.

 

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(d)            If
(i)(A) the Borrower or any Bank becomes aware of any material inaccuracy in the Sustainability Rate Adjustment, the Sustainability
Facility Fee Adjustment, the KPI Metrics Report or the KPI Metric as reported in a Pricing Certificate (any such material inaccuracy,
a “Pricing Certificate Inaccuracy”), and in the case of any Bank, such Bank delivers, not later than ten (10) Banking
Days after obtaining knowledge thereof, a written notice to the Administrative Agent and the Sustainability Structuring Agent describing
such Pricing Certificate Inaccuracy in reasonable detail (which description shall be shared with each Bank and the Borrower), or (B) the
Borrower, the Administrative Agent and the Sustainability Structuring Agent agree that there was a Pricing Certificate Inaccuracy at
the time of delivery of a Pricing Certificate, and (ii) a proper calculation of the Sustainability Rate Adjustment, the Sustainability
Facility Fee Adjustment or the KPI Metric would have resulted in an increase in the Applicable Margin for any period, the Borrower shall
be obligated to pay to the Administrative Agent for the account of the applicable Banks or the applicable Issuing Banks, as the case
may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief
with respect to any Borrower under any Debtor Relief Law, automatically and without further action by the Administrative Agent, any Bank
or any Issuing Bank), but in any event within ten (10) Banking Days after the Borrower has received written notice of, or has agreed
in writing that there was a Pricing Certificate Inaccuracy, an amount equal to the excess of (1) the amount of interest and fees
that should have been paid for such period over (2) the amount of interest and fees actually paid for such period (such amount,
the “True-Up Amount”). If the Borrower becomes aware of any Pricing Certificate Inaccuracy and, in connection
therewith, if a proper calculation of the Sustainability Rate Adjustment, the Sustainability Facility Fee Adjustment or the KPI Metric
would have resulted in a decrease in the Applicable Margin and the Facility Fee Rate for any period, then, upon receipt by the Administrative
Agent and the Sustainability Structuring Agent of notice from the Borrower of such Pricing Certificate Inaccuracy (which notice shall
include corrections to the calculations of the Sustainability Rate Adjustment, the Sustainability Facility Fee Adjustment, or the KPI
Metric, as applicable), commencing on the fifth Banking Day following receipt by the Administrative Agent and the Sustainability Structuring
Agent of such notice, the Applicable Margin and the Facility Fee Rate shall be adjusted to reflect the corrected calculations of the
Sustainability Rate Adjustment, the Sustainability Facility Fee Adjustment and/or the KPI Metric, as applicable. Notwithstanding the
foregoing or anything to the contrary herein, the parties agree that any such adjustment to reflect a decrease in the Applicable Margin
and the Facility Fee Rate for any period shall only be effective on a prospective basis and shall not require any adjustments to amounts
previously paid by the Borrower prior to the discovery of the Pricing Certificate Inaccuracy.

 

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(e)            It
is understood and agreed that any Pricing Certificate Inaccuracy (and any consequences thereof) shall not constitute a Default or Event
of Default; provided, that, the Borrower complies with the terms of the foregoing Section 2.21(d) and this Section 2.21(e) with
respect to such Pricing Certificate Inaccuracy. Notwithstanding anything to the contrary herein, unless such amounts shall be due upon
the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under any Debtor Relief Law, (i) any
additional amounts required to be paid pursuant to the immediately preceding paragraph shall not be due and payable until the date that
is ten (10) Banking Days after a written demand is made for such payment by the Administrative Agent in accordance with such paragraph,
(ii) any nonpayment of such additional amounts prior to or upon the date that is ten (10) Banking Days after such written demand
for payment by the Administrative Agent shall not constitute a Default (whether retroactively or otherwise) and (iii) none of such
additional amounts shall be deemed overdue prior to such date that is ten (10) Banking Days after such written demand or shall accrue
interest at the Default Rate prior to such date that is ten (10) Banking Days after such written demand. In the event the Borrower
fails to comply with Section 2.21(d) or this Section 2.21(e), the Bank’s sole recourse with respect thereto shall
be limited to the True-Up Amount.

 

(f)            Each
party hereto hereby agrees that neither the Administrative Agent nor any Sustainability Structuring Agent (i) shall have any responsibility
for (or liability in respect of) reviewing, auditing or otherwise evaluating any calculation by the Borrower of any KPI Metric, the Sustainability
Report, any Sustainability Facility Fee Adjustment or any Sustainability Rate Adjustment (or any of the data or computations that are
part of or related to any such calculation, including any KPI Metrics Report) set forth in any Pricing Certificate or (ii) makes
any assurances whether this Agreement meets any criteria or expectations of the Borrower or any Bank or any other Person with regard
to environmental or social impact and sustainability performance, or whether the credit facility evidenced by this Agreement, including
the characteristics of the relevant sustainability metrics (including any environmental, social and sustainability criteria or any computation
methodology) meet any industry standards for sustainability-linked credit facilities. The Administrative Agent may rely conclusively
on any such Pricing Certificate, without further inquiry, including when implementing any pricing adjustment.

 

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(g)            To
the extent any event occurs after the Closing Date (which would include, without limitation, a material disposition or material acquisition)
which, in the opinion of the Borrower and the Sustainability Structuring Agent, acting reasonably, means that one or more of the GHG
Emissions Reductions Targets or GHG Emissions Reductions Thresholds set forth in the Sustainability Table is no longer applicable given
changes in the Borrower’s structure, then (i) the Borrower shall negotiate in good faith with the Sustainability Structuring
Agent and the Administrative Agent to amend the GHG Emissions Reductions Targets or GHG Emissions Reductions Thresholds, the Sustainability
Table and this Section 2.21 and any related schedules, exhibits or definitions referred to herein or therein in order to preserve
the original intent of this Section in light of such event (such amendments to subject to the affirmative approval of the Required
Banks) and (ii) if the Borrower, the Administrative Agent, the Sustainability Structuring Agent and the Required Banks are unable
to agree upon such an amendment, the Borrower and the Sustainability Structuring Agent will report to the Banks that such GHG Emissions
Reductions Targets and GHG Emissions Reductions Thresholds will no longer apply, in which case, the Borrower will then cease to refer
to the applicable KPI Metric, GHG Emissions Reductions Targets and GHG Emissions Reductions Thresholds in the Pricing Certificate and
the Borrower will cease to refer to the loan facility evidenced by this Agreement as a sustainability-linked loan facility for such period.

 

(h)            To
the extent the Sustainability Structuring Agent ceases to be a Bank (or an Affiliate thereof), the Borrower shall use commercially reasonable
efforts to seek to appoint another Person that is a Bank to fulfill the role as Sustainability Structuring Agent, subject to Section 10.08(b) (it
being understood and agreed that the provisions of Section 10.08(b) shall supersede the provisions of this clause (h) in
the event of any conflict).

 

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Article III

 

YIELD
PROTECTION; ILLEGALITY, ETC.

 

Section 3.01     Additional
Costs. Borrower shall pay directly to each Bank and Issuing Bank from time to time on demand
such amounts as may be necessary to compensate it for any increased costs incurred by it or reduction of the amount received or receivable
by it which are attributable to its making, Converting, Continuing or maintaining any Loan, or its obligation to make, Convert, Continue
or maintain a Loan, or its obligation to issue, maintain or participate in any Letter of Credit, or any reduction in any amount receivable
by such Bank hereunder in respect of any Loan or such obligations (such increases in costs and reductions in amounts receivable being
herein called “Additional Costs”), in each case resulting from any Regulatory Change which:

 

(1)            subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the
definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(2)            imposes
or modifies any reserve, special deposit, compulsory loan, deposit insurance or assessment, minimum capital, capital ratio or similar
requirements relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, such Bank, or any
commitment of such Bank (including such Bank’s Loan Commitment hereunder); or

 

(3)            imposes
any other condition, cost or expense (other than Taxes) affecting this Agreement, the Loans or the Notes (or any of such extensions of
credit or liabilities or the London interbank market).

 

Without limiting the effect
of the provisions of the first paragraph of this Section, in the event that, by reason of any Regulatory Change, any Bank either (1) incurs
Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits of other liabilities
of such Bank which includes deposits by reference to which SOFR is determined as provided in this Agreement or a category of extensions
of credit or other assets of such Bank which includes loans based on SOFR or (2) becomes subject to restrictions on the amount of
such a category of liabilities or assets which it may hold, then, if such Bank so elects by notice to Borrower (with a copy to Administrative
Agent), the obligation of such Bank to permit Elections of, to Continue, or to Convert Base Rate Loans into, SOFR Loans shall be suspended
(in which case the provisions of Section 3.04 shall be applicable) until such Regulatory Change ceases to be in effect.

 

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Determinations and allocations
by a Bank for purposes of this Section of the effect of any Regulatory Change pursuant to the first or second paragraph of this
Section, on its costs or rate of return of making or maintaining its Loan or portions thereof or on amounts receivable by it in respect
of its Loan or portions thereof, and the amounts required to compensate such Bank under this Section, shall be included in a calculation
of such amounts given to Borrower and shall be conclusive absent manifest error.

 

Section 3.02     Inability
to Determine Rates.

 

(a)            If
in connection with any request for a Term SOFR Loan, Daily SOFR Loan or Term SOFR Bid Rate Loan or a conversion of Base Rate Loans or
Daily SOFR Loans to Term SOFR Loans or Daily SOFR Loans or a continuation of any Term SOFR Loans, as applicable, (i) the Administrative
Agent determines (which determination shall be conclusive absent manifest error) that (A) no Successor Rate has been determined
in accordance with Section 3.02(b), and the circumstances under clause (i) of Section 3.02(b) or the
Scheduled Unavailability Date has occurred, (B) adequate and reasonable means do not otherwise exist for determining Term SOFR for
any requested Interest Period with respect to a proposed Term SOFR Loan or Term SOFR Bid Rate Loan or in connection with an existing
or proposed Base Rate Loan or (C) adequate and reasonable means do not otherwise exist for determining Daily SOFR in connection
with an existing or proposed Daily SOFR Loan, or (ii) the Administrative Agent or the Required Banks determine that for any reason
that Term SOFR for any requested Interest Period or Daily SOFR with respect to a proposed Loan does not adequately and fairly reflect
the cost to such Banks of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Bank.

 

Thereafter, (x) the
obligation of the Banks to make or maintain Term SOFR Loans, Daily SOFR Loans or Term SOFR Bid Rate Loans, or to convert Base Rate Loans
or Daily SOFR Loans to Term SOFR Loans or Daily SOFR Loans, shall be suspended (to the extent of the affected Term SOFR Loans, Daily
SOFR Loans, Term SOFR Bid Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence
with respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR component in determining the Base Rate shall
be suspended, in each case until the Administrative Agent (or, in the case of a determination by the Required Banks described in clause
(ii) of this Section 3.03(a), until the Administrative Agent upon instruction of the Required Banks) revokes such notice.

 

Upon receipt of such notice,
(i) the Borrower may revoke any pending request for a borrowing of, or conversion to, or continuation of Term SOFR Loans, Daily
SOFR Loans, Term SOFR Bid Rate Loans (to the extent of the affected Term SOFR Loans, Daily SOFR Loans, Term SOFR Bid Rate Loans or Interest
Periods) or, failing that, will be deemed to have converted such request into a request for a Ratable Loan of Base Rate Loans in the
amount specified therein, (ii) any outstanding Term SOFR Loans shall be deemed to have been converted to Base Rate Loans immediately
at the end of their respective applicable Interest Period and (iii) any outstanding Daily SOFR Loans shall immediately be deemed
to have been converted to Base Rate Loans.

 

(b)            Replacement
of SOFR or Successor Rate. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative
Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Banks notify the Administrative
Agent (with, in the case of the Required Banks, a copy to the Borrower) that the Borrower or Required Banks (as applicable) have determined,
that:

 

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(i)            adequate
and reasonable means do not exist for ascertaining one month, three month and six month interest periods of Term SOFR, including, without
limitation, because the Term SOFR Screen Rate is not available or published on a current basis and such circumstances are unlikely to
be temporary; or

 

(ii)            CME
or any successor administrator of the Term SOFR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent
or such administrator with respect to its publication of Term SOFR, in each case acting in such capacity, has made a public statement
identifying a specific date after which one month, three month and six month interest periods of Term SOFR or the Term SOFR Screen Rate
shall or will no longer be made available, or permitted to be used for determining the interest rate of U.S. dollar denominated syndicated
loans, or shall or will otherwise cease, provided that, at the time of such statement, there is no successor administrator that is satisfactory
to the Administrative Agent, that will continue to provide such interest periods of Term SOFR after such specific date (the latest date
on which one month, three month and six month interest periods of Term SOFR or the Term SOFR Screen Rate are no longer available permanently
or indefinitely, the “Scheduled Unavailability Date”);

 

then,
on a date and time determined by the Administrative Agent (any such date, the “Term SOFR Replacement Date”), which
date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and,
solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date, Term SOFR will be replaced hereunder
and under any Loan Document with Daily SOFR for any payment period for interest calculated that can be determined by the Administrative
Agent, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document
(the “Successor Rate).

 

If the Successor Rate is
Daily SOFR, all interest payments will be payable on a monthly basis.

 

Notwithstanding anything
to the contrary herein, (i) if the Administrative Agent determines that Daily SOFR is not available on or prior to the Term SOFR
Replacement Date, or (ii) if the events or circumstances of the type described in Section 3.02(b)(i) or (ii) have
occurred with respect to Daily SOFR or the Successor Rate then in effect, then in each case, the Administrative Agent and the Borrower
may amend this Agreement solely for the purpose of replacing Term SOFR, Daily SOFR or any then current Successor Rate in accordance with
this Section 3.02 at the end of any Interest Period, relevant interest payment date or payment period for interest calculated,
as applicable, with an alternative benchmark rate giving due consideration to any evolving or then existing convention for similar U.S.
dollar denominated credit facilities syndicated and agented in the United States for such alternative benchmark. and, in each case, including
any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar
U.S. dollar denominated credit facilities syndicated and agented in the United States for such benchmark, which adjustment or method
for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time
in its reasonable discretion and may be periodically updated. For the avoidance of doubt, any such proposed rate and adjustments, shall
constitute a “Successor Rate”. Any such amendment shall become effective at 5:00 p.m. on the fifth Banking Day
after the Administrative Agent shall have posted such proposed amendment to all Banks and the Borrower unless, prior to such time, Banks
comprising the Required Banks have delivered to the Administrative Agent written notice that such Required Banks object to such amendment.

 

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The Administrative Agent
will promptly (in one or more notices) notify the Borrower and each Bank of the implementation of any Successor Rate.

 

Any Successor Rate shall
be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively
feasible for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative
Agent.

 

Notwithstanding anything
else herein, if at any time any Successor Rate as so determined would otherwise be less than zero%, the Successor Rate will be deemed
to be zero% for the purposes of this Agreement and the other Loan Documents.

 

In connection with the implementation
of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything
to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without
any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected,
the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Banks reasonably
promptly after such amendment becomes effective.

 

Section 3.03     Illegality.
If any Bank determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any
Bank or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to SOFR, Term SOFR or
Daily SOFR, or to determine or charge interest rates based upon SOFR, Term SOFR or Daily SOFR, then, upon notice thereof by such Bank
to the Borrower (through the Administrative Agent), (a) any obligation of such Bank to make or continue Term SOFR Loans, Daily SOFR
Loans or Term SOFR Bid Rate Loans or to convert Base Rate Loans or Daily SOFR Loans to Term SOFR Loans or Daily SOFR Loans shall be suspended,
and (b) if such notice asserts the illegality of such Bank making or maintaining Base Rate Loans the interest rate on which is determined
by reference to the Term SOFR component of the Base Rate, the interest rate on which Base Rate Loans of such Bank shall, if necessary
to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR component of the Base Rate, in
each case until such Bank notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination
no longer exist. Upon receipt of such notice, (i) the Borrower shall, upon demand from such Bank (with a copy to the Administrative
Agent), prepay or, if applicable, convert all Term SOFR Loans and Term SOFR Bid Rate Loans of such Bank to Base Rate Loans (the interest
rate on which Base Rate Loans of such Bank shall, if necessary to avoid such illegality, be determined by the Administrative Agent without
reference to the Term SOFR component of the Base Rate), either on the last day of the Interest Period therefor, if such Bank may lawfully
continue to maintain such Term SOFR Loan to such day, or immediately, if such Bank may not lawfully continue to maintain such Term SOFR
Loan, (ii) the Borrower shall, upon demand from such Bank (with a copy to the Administrative Agent) immediately prepay, or, if applicable,
convert all Daily SOFR Loans of such Bank to Base Rate Loans (the interest rate on which Base Rate Loans of such Bank shall, if necessary
to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR component of the Base Rate) and
(iii) if such notice asserts the illegality of such Bank determining or charging interest rates based upon SOFR, the Administrative
Agent shall during the period of such suspension compute the Base Rate applicable to such Bank without reference to the Term SOFR component
thereof until the Administrative Agent is advised in writing by such Bank that it is no longer illegal for such Bank to determine or
charge interest rates based upon SOFR. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount
so prepaid or converted, together with any additional amounts required pursuant to Section 3.05.

 

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Section 3.04     Treatment
of Affected Loans. If the obligations of any Bank to make or maintain a SOFR Loan or a Term
SOFR Bid Rate Loan, or to permit an Election of a SOFR Loan, to Continue its Term SOFR Loan, or to Convert its Base Rate Loan into a
SOFR Loan, are suspended pursuant to Sections 3.01 or 3.03 (each SOFR Loan or Term SOFR Bid Rate Loan so affected being herein called
an “Affected Loan”), such Bank’s Affected Loan shall be automatically Converted into a Base Rate Loan
(or, in the case of an Affected Loan that is a Term SOFR Bid Rate Loan, the interest rate thereon shall be converted to the rate applicable
to Base Rate Loans) on the last day of the then current Interest Period for the Affected Loan (or, in the case of a Conversion (or conversion)
required by Sections 3.01 or 3.03, on such earlier date as such Bank may specify to Borrower).

 

To the extent that such Bank’s
Affected Loan has been so Converted (or the interest rate thereon so converted), all payments and prepayments of principal which would
otherwise be applied to such Bank’s Affected Loan shall be applied instead to its Base Rate Loan (or to its Term SOFR Bid Rate
Loan bearing interest at the converted rate) and such Bank shall have no obligation to Convert its Base Rate Loan into a SOFR Loan.

 

Section 3.05     Certain
Compensation. Other than in connection with a Conversion of an Affected Loan, Borrower shall
pay to Administrative Agent for the account of the applicable Bank, upon the request of such Bank through Administrative Agent which
request includes a calculation of the amount(s) due, such amount or amounts as shall be sufficient (in the reasonable opinion of
such Bank) to compensate it for any non-administrative, actual loss, cost or expense which such Bank reasonably determines is attributable
to:

 

(1)            any
payment or prepayment of a Term SOFR Loan or Bid Rate Loan made by such Bank, or any Conversion or Continuation of a Term SOFR Loan (or
conversion of the rate of interest on a Term SOFR Bid Rate Loan) made by such Bank, in any such case on a date other than the last day
of an applicable Interest Period, whether by reason of acceleration or otherwise; or

 

(2)            any
failure by Borrower for any reason to Convert or Continue a Term SOFR Loan to be Converted or Continued by such Bank on the date specified
therefor in the relevant notice under Section 2.14; or

 

(3)            any
failure by Borrower to borrow (or to qualify for a borrowing of) a Term SOFR Loan or Bid Rate Loan which would otherwise be made hereunder
on the date specified in the relevant Election notice under Section 2.14 or Bid Rate Quote acceptance under Section 2.02(e) given
or submitted by Borrower.

 

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Without limiting the foregoing,
such compensation shall include any loss incurred in obtaining, liquidating or employing deposits from third parties, but excluding loss
of margin for the period after the date of such payment, prepayment, Conversion or Continuation (or failure to Convert, Continue or borrow).
A determination of any Bank as to the amounts payable pursuant to this Section shall be conclusive absent manifest error. No Bank
shall make any request pursuant to this Section 3.05 unless such amounts due to, and costs incurred by, such Bank are equal to or
greater than $100.

 

Section 3.06     Capital
or Liquidity Adequacy. If any Bank shall have determined that, after the date hereof, any
Regulatory Change regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on capital
of such Bank (or its Parent) as a consequence of such Bank’s obligations hereunder to a level below that which such Bank (or its
Parent) could have achieved but for such adoption, change, request or directive (taking into consideration its policies with respect
to capital adequacy) by an amount deemed by such Bank to be material, then from time to time, within fifteen (15) days after demand by
such Bank (with a copy to Administrative Agent), Borrower shall pay to such Bank such additional amount or amounts as will compensate
such Bank (or its Parent) for such reduction. A certificate of any Bank claiming compensation under this Section, setting forth in reasonable
detail the basis therefor, shall be conclusive absent manifest error.

 

Section 3.07     Substitution
of Banks. If any Bank (an “Affected Bank”) (1) makes demand
upon Borrower for (or if Borrower is otherwise required to pay) Additional Costs pursuant to Section 3.01 or additional amounts
under Section 3.06 or (2) is unable to make or maintain a SOFR Loan or Term SOFR Bid Rate Loan as a result of a condition described
in Section 3.03, or (3) if Borrower is required to pay any Indemnified Taxes or additional amounts to any Bank, any Issuing
Bank or any Governmental Authority for the account of any Bank or Issuing Bank pursuant to Section 3.10, or (4) becomes a Defaulting
Lender, Borrower may, within ninety (90) days of receipt of such demand or notice (or the occurrence of such other event causing Borrower
to be required to pay Additional Costs or causing said Section 3.03 to be applicable) or such Bank becoming a Defaulting Lender,
as the case may be, give written notice (a “Replacement Notice”) to Administrative Agent and to each Bank of
Borrower’s intention either (x) to prepay in full the Affected Bank’s Note and to terminate the Affected Bank’s
entire Loan Commitment or (y) to replace the Affected Bank with another financial institution (the “Replacement Bank”)
designated in such Replacement Notice. In the event Borrower opts to give the notice provided for in clause (x) above, and if the
Affected Bank shall not agree within thirty (30) days of its receipt thereof to waive the payment of the Additional Costs in question
or the effect of the circumstances described in Section 3.03, if applicable, then, so long as no Default or Event of Default shall
exist, Borrower may (notwithstanding the provisions of clause (2) of Section 2.10(a)) terminate the Affected Bank’s entire
Loan Commitment, provided that in connection therewith it pays to the Affected Bank all outstanding principal and accrued and unpaid
interest under the Affected Bank’s Note, together with all other amounts, if any, due from Borrower to the Affected Bank, including
all amounts properly demanded and unreimbursed under Sections 3.01 and 3.05.

 

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In the event Borrower opts
to give the notice provided for in clause (y) above, and if (i) Administrative Agent shall, within thirty (30) days of its
receipt of the Replacement Notice, notify Borrower and each Bank in writing that the Replacement Bank is reasonably satisfactory to Administrative
Agent and (ii) the Affected Bank shall not, prior to the end of such thirty (30)-day period, agree to waive the payment of the Additional
Costs in question or the effect of the circumstances described in Section 3.03 or clause (2) of Section 3.02, if applicable,
then the Affected Bank shall, so long as no Default or Event of Default shall exist, assign its Note and all of its rights and obligations
under this Agreement to the Replacement Bank, and the Replacement Bank shall assume all of the Affected Bank’s rights and obligations,
pursuant to an agreement, substantially in the form of an Assignment and Acceptance, executed by the Affected Bank and the Replacement
Bank. In connection with such assignment and assumption, the Replacement Bank shall pay to the Affected Bank an amount equal to the outstanding
principal amount under the Affected Bank’s Note plus all interest accrued thereon, plus all other amounts, if any (other than the
Additional Costs in question), then due and payable to the Affected Bank; provided, however, that prior to or simultaneously with any
such assignment and assumption, Borrower shall have paid to such Affected Bank all amounts properly demanded and unreimbursed under Sections
3.01 and 3.05. Upon the effective date of such assignment and assumption, the Replacement Bank shall become a Bank party to this Agreement
and shall have all the rights and obligations of a Bank as set forth in such Assignment and Acceptance, and the Affected Bank shall be
released from its obligations hereunder, and no further consent or action by any party shall be required. Upon the consummation of any
assignment pursuant to this Section, a substitute Ratable Loan Note shall be issued to the Replacement Bank by Borrower, in exchange
for the return of the Affected Bank’s Ratable Loan Note. The obligations evidenced by such substitute note shall constitute “Obligations”
for all purposes of this Agreement and the other Loan Documents. In connection with Borrower’s execution of substitute notes as
aforesaid, Borrower shall deliver to Administrative Agent evidence, satisfactory to Administrative Agent, of all requisite corporate
action to authorize Borrower’s execution and delivery of the substitute notes and any related documents. Each Replacement Bank
shall, prior to the first date on which interest or fees are payable hereunder for its account, deliver to Borrower and Administrative
Agent certification as to a reduction in or exemption from deduction or withholding of any United States federal income or withholding
taxes in accordance with Section 3.10. Each Replacement Bank shall be deemed to have made the representations contained in, and
shall be bound by the provisions of, Section 3.10.

 

Borrower, Administrative
Agent and the Banks shall execute such modifications to the Loan Documents as shall be reasonably required in connection with and to
effectuate the foregoing.

 

Section 3.08     Applicability.
The provisions of this Article III shall be applied to Borrower so as not to discriminate against Borrower vis-a-vis similarly situated
customers of the Banks.

 

Section 3.09     Time
for Notices. No Bank shall be entitled to compensation under Section 3.01 or Section 3.06
for any costs incurred or reduction suffered with respect to any date unless such Bank shall have notified the Borrower that it will
demand compensation for such costs or reduction (such notice to provide a computation of such costs or reductions) not more than one
hundred twenty (120) days after such Bank has obtained actual knowledge of an event entitling it to such compensation, except that if
such event giving rise to compensation is retroactive, then the one hundred twenty (120) day period referred to above shall be extended
to include the period of retroactive effect.

 

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Section 3.10     Taxes.

 

(a)            Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document
shall be made without deduction or withholding for any Taxes, except as required by applicable Law. If any applicable Law (as determined
in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment
by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely
pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Law and, if such Tax is
an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and withholdings applicable to additional sums payable under this Section 3.10) the applicable
Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(b)            Payment
of Other Taxes by the Borrower. Without limiting or duplicating the provisions of subsection (a) above, the Borrower shall timely
pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws.

 

(c)            Tax
Indemnifications.

 

(i)            Indemnification
by Borrower. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of
any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.10)
payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Bank (with
a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Bank, shall be conclusive absent
manifest error.

 

(ii)            Indemnification
by the Banks. Each Bank shall severally indemnify (A) the Administrative Agent, within 10 days after demand therefor,
for (i) any Indemnified Taxes attributable to such Bank (but only to the extent that the Borrower has not already indemnified the
Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable
to such Bank’s failure to comply with the provisions of Section 12.05 relating to the maintenance of a Participant Register
and (iii) any Excluded Taxes attributable to such Bank, in each case, that are payable or paid by the Administrative Agent in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority and (B) the Administrative Agent and the Borrower, within 10 days
after demand therefor, for  any Taxes attributable to such Bank’s failure to comply with Section 3.10(e) that are
payable or paid by the Administrative Agent or the Borrower in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Bank by the Administrative Agent or the Borrower
shall be conclusive absent manifest error. Each Bank hereby authorizes the Administrative Agent to set off and apply any and all amounts
at any time owing to such Bank under any Loan Document or otherwise payable by the Administrative Agent to the Bank from any other source
against any amount due to the Administrative Agent under this clause (c)(ii).

 

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(d)            Evidence
of Payments. Upon request by the Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by the Borrower
or by the Administrative Agent to a Governmental Authority as provided in this Section 3.10, the Borrower shall deliver to the Administrative
Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such
payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be.

 

(e)            Status
of Banks; Tax Documentation. (i) Any Bank that is entitled to an exemption from or reduction of withholding Tax with respect
to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably
requested by the Borrower or the Administrative Agent, or as required by applicable law, such properly completed and executed documentation
reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, any Bank, if reasonably requested by the Borrower or the Administrative Agent, shall deliver
such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent to determine whether or not such Bank is subject to backup withholding or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such
documentation (other than such documentation set forth in Section 3.10(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not
be required if in the Bank’s reasonable judgment such completion, execution or submission would subject such Bank to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Bank.

 

 

(ii)            Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person, as defined in Section 7701(a)(30) of
the Code,

 

(A)            any
Bank that is a U.S. Person, as defined in Section 7701(a)(30) of the Code, shall deliver to the Borrower and the Administrative
Agent on or prior to the date on which such Bank becomes a Bank under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Bank is exempt from
U.S. federal backup withholding tax;

 

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(B)            any
Foreign Bank shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a Bank under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following
is applicable:

 

(1)            in
the case of a Foreign Bank claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN (or IRS Form W-8BEN-E, as applicable)
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such
tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (or IRS Form W-8BEN-E,
as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits”
or “other income” article of such tax treaty;

 

(2)            executed
originals of IRS Form W-8ECI;

 

(3)            in
the case of a Foreign Bank claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit J-1 to the effect
that such Foreign Bank is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10-percent
shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
originals of IRS Form W-8BEN (or IRS Form W-8BEN-E, as applicable); or

 

(4)            to
the extent a Foreign Bank is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN (or IRS Form W-8BEN-E, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-2
or Exhibit J-3, IRS Form W-9, and/or other certification
documents from each beneficial owner, as applicable; provided that if the Foreign Bank is a partnership and one or more direct
or indirect partners of such Foreign Bank are claiming the portfolio interest exemption, such Foreign Bank may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit J-4 on behalf of each such
direct and indirect partner;

 

(C)            any
Foreign Bank shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a Bank under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any
other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent
to determine the withholding or deduction required to be made; and

 

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(D)            if
a payment made to a Bank under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Bank were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Bank shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by applicable
Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Bank has complied with such Bank’s obligations under FATCA or to determine the amount to
deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made
to FATCA after the date of this Agreement.

 

(iii)            Each
Bank agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall
update such form or certification or promptly notify Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(f)            Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for
or otherwise pursue on behalf of a Bank or the Issuing Bank, or have any obligation to pay to any Bank or the Issuing Bank, any refund
of Taxes withheld or deducted from funds paid for the account of such Bank or the Issuing Bank, as the case may be. If the Administrative
Agent, any Bank or the Issuing Bank determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this Section 3.10 (including by the payment of additional amounts pursuant to this Section 3.10), it shall pay
to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the
Borrower under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses incurred by
the Administrative Agent, such Bank or the Issuing Bank, as the case may be, and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Administrative
Agent, such Bank or the Issuing Bank, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent, such Bank or the Issuing Bank in the event the Administrative
Agent, such Bank or the Issuing Bank is required to repay such refund to such Governmental Authority. Notwithstanding anything to the
contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant
to this paragraph (f) the amount of which would place the indemnified party in a less favorable net after-Tax position than the
indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection
shall not be construed to require the Administrative Agent, any Bank or the Issuing Bank to make available its tax returns (or any other
information relating to its taxes that it deems confidential) to, or to file for or pursue any refund of Taxes on behalf of, the Borrower
or any other Person.

 

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(g)            Defined
Terms. For purposes of this Section, the term “applicable Laws” shall include FATCA.

 

Section 3.11     Designation
of a Different Lending Office. Each Bank may make any Loan to the Borrower through any Applicable
Lending Office, provided that the exercise of such option shall not affect the Borrower’s obligation to repay such Loan in accordance
with the terms of this Agreement. If any Bank requests compensation under Section 3.01 or 3.06, or requires the Borrower to pay
any Indemnified Taxes or additional amounts to any Bank, any Issuing Bank or any Governmental Authority for the account of any Bank or
any Issuing Bank pursuant to Section 3.10, then such Bank or Issuing Bank shall (at the request of the Borrower) use reasonable
efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the judgment of such Bank or Issuing Bank, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 3.01, 3.06 or 3.10, as the case may be, in the future, and (ii) would
not subject such Bank or Issuing Bank to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Bank or
Issuing Bank. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Bank or any Issuing Bank in connection
with any such designation or assignment.

 

Article IV

 

CONDITIONS
PRECEDENT

 

Section 4.01     Conditions
Precedent to the Closing Date. The effectiveness of this Agreement and the obligation of
each Bank to make the Initial Advance are subject to the condition precedent that Administrative Agent shall have received and approved
on or before the Closing Date each of the following documents, and each of the following requirements shall have been fulfilled:

 

(1)            Fees
and Expenses. The payment of (a) all fees and expenses incurred by Syndication Agents and Administrative Agent (including, without
limitation, the reasonable fees and expenses of legal counsel) and (b) those fees specified in the Fee Letter and the Supplemental
Fee Letters to be paid by Borrower on or before the Closing Date;

 

(2)            Loan
Agreement and Notes. This Agreement, the Ratable Loan Notes for each of the Banks signatory hereto which has requested such Note
and the Bid Rate Loan Note for Administrative Agent, each duly executed by Borrower;

 

(3)            Financial
Statements. Audited Borrower’s Consolidated Financial Statements as of and for the year ended December 31, 2021 and unaudited
Borrower’s Consolidated Financial Statements as of and for the quarter ended June 30, 2022;

 

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(4)            Evidence
of Formation of Borrower. Certified (as of the Closing Date) copies of Borrower’s certificate of incorporation and by-laws,
with all amendments thereto, and a certificate of the Secretary of State of the jurisdiction of formation as to its good standing therein;

 

(5)            Evidence
of All Corporate Action. Certified (as of the Closing Date) copies of all documents evidencing the corporate action taken by Borrower
authorizing the execution, delivery and performance of the Loan Documents and each other document to be delivered by or on behalf of
Borrower pursuant to this Agreement;

 

(6)            Incumbency
and Signature Certificate of Borrower. A certificate (dated as of the Closing Date) of the secretary of Borrower certifying the names
and true signatures of each person authorized to sign on behalf of Borrower;

 

(7)            Solvency
Certificate. A duly executed Solvency Certificate;

 

(8)            Opinion
of Counsel for Borrower. A favorable opinion, dated the Closing Date, of DLA Piper LLP (US), counsel for Borrower, as to such matters
as Administrative Agent may reasonably request;

 

(9)            Authorization
Letter. The Authorization Letter, duly executed by Borrower;

 

(10)            [Reserved];

 

(11)            Certificate.
The following statements shall be true and Administrative Agent shall have received a certificate dated the Closing Date signed by a
duly authorized signatory of Borrower stating, to the best of the certifying party’s knowledge, the following:

 

(a)            All
representations and warranties contained in this Agreement and in each of the other Loan Documents are true and correct on and as of
the Closing Date as though made on and as of such date, and

 

(b)            No
Default or Event of Default has occurred and is continuing, or could result from the transactions contemplated by this Agreement and
the other Loan Documents; and

 

(c)            No
Material Adverse Change exists on and as of the Closing Date;

 

(12)            Fee
Letters. The Fee Letter and Supplemental Fee Letters, duly executed by Borrower;

 

(13)            Covenant
Compliance. A covenant compliance certificate of the sort required by paragraph (3) of Section 6.09 for the most recent
calendar quarter for which Borrower is required to report financial results;

 

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(14)            Know-Your-Customer
Information. (x) Upon the written request of any Bank made at least ten (10) days prior to the Closing Date, the Borrower
shall have provided to such Bank the documentation and other information that such Bank reasonably determines is required by regulatory
authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including, without
limitation, the Patriot Act, in each case at least five (5) days prior to the Closing Date and (y) at least five (5) days
prior to the Closing Date, if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation,
the Borrower shall have delivered, to each Bank that so requests in writing, a Beneficial Ownership Certification in relation to the
Borrower (it being acknowledged by the Administrative Agent and the Banks party hereto that, as of the Closing Date, as a publicly traded
company listed on the New York Stock Exchange, the information required to be provided in the Borrower’s requisite Beneficial Ownership
Certification shall be limited to the information that such Banks are required to obtain under the Beneficial Ownership Regulation in
respect of such publicly traded companies); and

 

(15)            Additional
Materials. Such other approvals, documents, instruments or opinions as Administrative Agent may reasonably request.

 

Section 4.02     Conditions
Precedent to Each Advance. The obligation of each Bank to make each advance of the Loans,
and the obligation of the Issuing Bank to issue or extend any Letter of Credit, shall be subject to satisfaction of the following conditions
precedent:

 

(1)            All
conditions of Section 4.01 shall have been and remain satisfied as of the date of such advance or issuance or extension;

 

(2)            No
Default or Event of Default shall have occurred and be continuing as of the date of the advance or issuance or would result from the
making of such advance, issuance or extension; provided however, that this condition shall not apply to an Excluded Borrowing;

 

(3)            Each
of the representations and warranties contained in this Agreement (other than in the last sentence of Section 5.13) and in each
of the other Loan Documents shall be true and correct in all material respects as of the date of the advance or issuance, except for
representations and warranties which are expressly stated to relate to a specific earlier date, in which case such representations and
warranties were true and correct in all material respects as of such earlier date (or in the case of any representation or warranty that
is qualified as to “materiality”, “Material Adverse Change” or similar language, shall be true and correct in
all respects as of the applicable date, after giving effect to such qualification); provided however, that this condition shall
not apply to an Excluded Borrowing; and

 

(4)            Administrative
Agent shall have received a request for an advance in accordance with Section 2.04 or Administrative Agent and the Issuing Bank
shall have received a request for such Letter of Credit in accordance with Section 2.16.

 

Section 4.03     Deemed
Representations. Each request by Borrower for, and acceptance by Borrower of, an advance
of proceeds of the Loans, and each request by Borrower for, and each issuance or extension by the Issuing Bank of, a Letter of Credit,
shall constitute a representation and warranty by Borrower as to the satisfaction of the conditions in clauses (2) and (3) of
Section 4.02, as of both the date of such request and the date of such advance or issuance.

 

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Article V

 

REPRESENTATIONS
AND WARRANTIES

 

Borrower represents and warrants to Administrative
Agent and each Bank as follows:

 

Section 5.01     Due
Organization. Borrower is duly organized, validly existing and in good standing under the
Laws of the jurisdiction of its organization, has the power and authority to own its assets and to transact the business in which it
is now engaged, and, if applicable, is duly qualified for the conduct of business and in good standing under the Laws of each other jurisdiction
in which such qualification is required and where the failure to be so qualified would cause a Material Adverse Change.

 

Section 5.02     Power
and Authority; No Conflicts; Compliance With Laws. The execution, delivery and performance
of the obligations required to be performed by Borrower of the Loan Documents are within the Borrower’s corporate powers, have
been authorized by all necessary corporate action, and do not and will not (a) require the consent or approval of its shareholders
or such consent or approval has been obtained, (b) contravene either its certificate of incorporation or by-laws, (c) to the
best of Borrower’s knowledge, violate any provision of, or require any filing, registration, consent or approval under, any Law
(including, without limitation, Regulation U), order, writ, judgment, injunction, decree, determination or award presently in effect
having applicability to it, (d) result in a breach of or constitute a default under or require any consent under any indenture or
loan or credit agreement or any other agreement, lease or instrument to which it may be a party or by which it or its properties may
be bound or affected except for consents which have been obtained, (e) result in, or require, the creation or imposition of any
Lien, upon or with respect to any of its properties now owned or hereafter acquired or (f) to the best of Borrower’s knowledge,
cause it to be in default under any such Law, order, writ, judgment, injunction, decree, determination or award or any such indenture,
agreement, lease or instrument; to the best of its knowledge, Borrower is in compliance with all Laws applicable to it and its properties
where failure to be in compliance with such Laws could reasonably be expected to result in a Material Adverse Change.

 

Section 5.03     Legally
Enforceable Agreements. Each Loan Document has been duly executed and delivered by the Borrower
and is a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except to the extent
that such enforcement may be limited by applicable bankruptcy, insolvency and other similar Laws affecting creditors’ rights generally.

 

Section 5.04     Litigation.
There are no actions, suits or proceedings pending or, to its knowledge, threatened against Borrower or any of its Affiliates before
any court or arbitrator or any Governmental Authority which are reasonably likely to result in a Material Adverse Change or challenge
the validity or enforceability of any of the Loan Documents.

 

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Section 5.05     Good
Title to Properties. Borrower and each of its Consolidated Subsidiaries have good, marketable
and legal title to all of the properties and assets each of them purports to own (including, without limitation, those reflected in the
Consolidated Financial Statements referred to in Section 5.13), only with exceptions which do not materially detract from the use
thereof in Borrower’s and such Consolidated Subsidiary’s business, and except to the extent that any such properties and
assets have been encumbered or disposed of since the date of such financial statements without violating any of the covenants contained
in Article VII or elsewhere in this Agreement. Borrower and its Consolidated Subsidiaries enjoy peaceful and undisturbed possession
of all ground leased property necessary in any material respect in the conduct of their respective businesses. All such ground leases
are valid and subsisting and are in full force and effect.

 

Section 5.06     Taxes.
Borrower has filed all tax returns (federal, state and local) required to be filed by it and has paid all taxes, assessments and governmental
charges and levies due and payable without the imposition of a penalty, including interest and penalties, except to the extent they are
the subject of a Good Faith Contest. Borrower qualifies as a real estate investment trust under the Code.

 

Section 5.07     ERISA.
Borrower is in compliance in all material respects with all applicable provisions of ERISA. Neither a Reportable Event nor a Prohibited
Transaction has occurred with respect to any Plan which could result in liability of Borrower; no notice of intent to terminate a Plan
has been filed nor has any Plan been terminated within the past five (5) years; no circumstance exists which constitutes grounds
under Section 4042 of ERISA entitling the PBGC to institute proceedings to terminate, or appoint a trustee to administer, a Plan,
nor has the PBGC instituted any such proceedings; Borrower and the ERISA Affiliates have not completely or partially withdrawn under
Sections 4201 or 4204 of ERISA from a Multiemployer Plan; Borrower and the ERISA Affiliates have met the minimum funding requirements
of Section 412 of the Code and Section 302 of ERISA of each with respect to the Plans of each and there is no material “Unfunded
Current Liability” (as such quoted term is defined in ERISA) with respect to any Plan established or maintained by each; and Borrower
and the ERISA Affiliates have not incurred any liability to the PBGC under ERISA (other than for the payment of premiums under Section 4007
of ERISA). No part of the funds to be used by Borrower in satisfaction of its obligations under this Agreement constitute “plan
assets” of any “employee benefit plan” within the meaning of ERISA or of any “plan” within the meaning
of Section 4975(e)(1) of the Code, as interpreted by the IRS and the U.S. Department of Labor in rules, regulations, releases,
bulletins or as interpreted under applicable case law.

 

Section 5.08     No
Default on Outstanding Judgments or Orders, Etc. Borrower and each of its Consolidated Subsidiaries
have satisfied all judgments which are not being appealed or which are not fully covered by insurance, and are not in default with respect
to any judgment, order, writ, injunction, decree, rule or regulation of any court, arbitrator or federal, state, municipal or other
Governmental Authority, commission, board, bureau, agency or instrumentality, domestic or foreign, where the failure to satisfy such
judgments or any such default thereunder (a) could reasonably be expected to cause a Material Adverse Change or (b) could reasonably
be expected to cause an Event of Default under Article IX of this Agreement (without considering or giving effect to any grace periods
applicable thereto).

 

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Section 5.09     No
Defaults on Other Agreements. Except as disclosed to Administrative Agent in writing (who
shall provide such information, promptly upon receipt, to each of the Banks), Borrower is not a party to any indenture, loan or credit
agreement or any lease or other agreement or instrument or subject to any partnership, trust or other restriction which is likely to
result in a Material Adverse Change. Borrower is not in default in any respect in the performance, observance or fulfillment of any of
the obligations, covenants or conditions contained in any agreement or instrument which is likely to result in a Material Adverse Change.
Borrower and each of its Consolidated Subsidiaries are in compliance in all material respects with all Laws applicable to it, except
where no Material Adverse Change could reasonably be expected to occur as a result of such non-compliance.

 

Section 5.10     Government
Regulation. Borrower is not subject to regulation under the Investment Company Act of 1940
or any statute or regulation limiting its ability to incur indebtedness for money borrowed as contemplated hereby. The Borrower is not
engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock
(within the meaning of Regulation U), or extending credit for the purpose of purchasing or carrying margin stock.

 

Section 5.11     Environmental
Protection. To the best of Borrower’s knowledge, none of Borrower’s or its Consolidated
Subsidiaries’ properties contains any Hazardous Materials that, under any Environmental Law currently in effect, (1) would
impose liability on Borrower that is likely to result in a Material Adverse Change or (2) is likely to result in the imposition
of a Lien on any material assets of Borrower and its Consolidated Subsidiaries (taken as a whole), in each case if not properly handled
in accordance with applicable Law or not covered by insurance or a bond, in either case reasonably satisfactory to Administrative Agent.
To the best of Borrower’s knowledge, neither it nor any of its Consolidated Subsidiaries is in violation of, or subject to any
existing, pending or threatened investigation or proceeding by any Governmental Authority under any Environmental Law, in each case,
that is likely to result in a Material Adverse Change.

 

Section 5.12     Solvency.
Borrower is, and upon consummation of the transactions contemplated by this Agreement, the other Loan Documents and any other documents,
instruments or agreements relating thereto, will be, Solvent.

 

Section 5.13     Financial
Statements. The Borrower’s Consolidated Financial Statements most recently delivered
to the Banks pursuant to the terms of this Agreement are in all material respects complete and correct and fairly present the financial
condition of the subject thereof as of the dates of and for the periods covered by such statements, all in accordance with GAAP. There
has been no Material Adverse Change since the date of such most recently delivered Borrower’s Consolidated Financial Statements.

 

Section 5.14     Valid
Existence of Consolidated Subsidiaries. Except where no Material Adverse Change could reasonably
be expected to occur, each Consolidated Subsidiary is a corporation, partnership or limited liability company duly organized and existing
in good standing under the Laws of the jurisdiction of its formation. Except where no Material Adverse Change could reasonably be expected
to occur, each Consolidated Subsidiary has the power to own its respective properties and to carry on its respective businesses now being
conducted. Each Consolidated Subsidiary is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction
in which the nature of the respective businesses conducted by it or its respective properties, owned or held under lease, make such qualification
necessary and where the failure to be so qualified would cause a Material Adverse Change.

 

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Section 5.15     Insurance.
Borrower and each of its Consolidated Subsidiaries have in force paid insurance with financially sound and reputable insurance companies
or associations, including customary self-insured retention amounts, in such amounts and covering such risks as are usually carried by
companies engaged in the same type of business and similarly situated.

 

Section 5.16     Accuracy
of Information; Full Disclosure. Neither this Agreement nor any documents, financial statements,
reports, notices, schedules, certificates, statements or other writings furnished by or on behalf of Borrower to Administrative Agent
or any Bank in connection with the negotiation of this Agreement or the consummation of the transactions contemplated hereby, or required
herein to be furnished by or on behalf of Borrower (other than projections which are made by Borrower in good faith), contains any untrue
or misleading statement of a material fact or omits a material fact necessary to make the statements herein or therein not misleading.
To the best of Borrower’s knowledge, there is no fact which Borrower has not disclosed to Administrative Agent and the Banks in
writing which materially affects adversely nor, so far as Borrower can now foresee, will materially affect adversely the business affairs
or financial condition of Borrower or the ability of Borrower to perform this Agreement and the other Loan Documents. As of the Closing
Date, the information included in any Beneficial Ownership Certification, if applicable, is true and correct in all respects.

 

Section 5.17     OFAC.
None of the Borrower, any of its Consolidated Businesses, or any of its Consolidated Subsidiaries, or, to the knowledge of the Borrower,
any director, officer, employee or affiliate thereof, is an individual or entity that is, or is owned or controlled by one or more individuals
or entities that are (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially
Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced
by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction. The Borrower and
its Subsidiaries have conducted their businesses in compliance in all material respects with all applicable Sanctions and have instituted
and maintained policies and procedures designed to promote and achieve compliance with such Sanctions.

 

Section 5.18     Anti-Corruption
Laws. The Borrower, its Consolidated Businesses and its Consolidated Subsidiaries have conducted
their businesses in compliance with the United States Foreign Corrupt Practices Act of 1977, and, to the extent the same are applicable
to the Borrower and/or its Consolidated Businesses or to the extent that a Bank notifies Borrower that the same are applicable to the
Loans, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions and, to the extent applicable, have
instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

 

Section 5.19     Affected
Financial Institution. The Borrower is not an Affected Financial Institution.

 

Section 5.20     Covered
Entities. The Borrower is not a Covered Entity.

 

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Article VI

 

AFFIRMATIVE
COVENANTS

 

So long as any of the Loans or any other Obligations
shall remain unpaid or the Loan Commitments or any Letter of Credit (other than a Letter of Credit that has been Cash Collateralized
in accordance with Section 2.16(d) and remains in effect after the Loan Commitments and the Obligations have been paid, except
that the Borrower shall continue to comply with its covenants in Sections 6.09(1) and (2) in such event) shall remain in effect,
or any other amount is owing by Borrower to any Bank Party hereunder or under any other Loan Document, Borrower shall, and, in the case
of Sections 6.01 through 6.07, inclusive, and Section 6.11, shall cause each of its Consolidated Subsidiaries to:

 

Section 6.01     Maintenance
of Existence. Preserve and maintain its legal existence and good standing in the jurisdiction
of its organization, and qualify and remain qualified as a foreign entity in each other jurisdiction in which such qualification is required
except to the extent that failure to do any of the foregoing (other than the preservation and maintenance of Borrower’s legal existence
and good standing in the jurisdiction of its organization) is not likely to result in a Material Adverse Change.

 

Section 6.02     Maintenance
of Records. Keep adequate records and books of account, in which complete entries will be
made reflecting all of its financial transactions, in accordance with GAAP.

 

Section 6.03     Maintenance
of Insurance. At all times, maintain and keep in force insurance with financially sound
and reputable insurance companies or associations, including customary self-insured retention amounts, in such amounts and covering such
risks as are usually carried by companies engaged in the same type of business and similarly situated and will provide satisfactory evidence
of the same as reasonably requested by Administrative Agent. In connection with the foregoing, it is understood that Borrower’s
earthquake insurance coverage in place as of the Closing Date is acceptable to Administrative Agent.

 

Section 6.04     Compliance
with Laws; Payment of Taxes. Comply in all material respects with all Laws applicable to
it or to any of its properties or any part thereof, such compliance to include, without limitation, paying before the same become delinquent
all material taxes, assessments and governmental charges imposed upon it or upon its property, except to the extent they are the subject
of a Good Faith Contest.

 

Section 6.05     Right
of Inspection. At any reasonable time and from time to time upon reasonable notice, permit
Administrative Agent or any Bank or any agent or representative thereof to examine and make copies and abstracts from its records and
books of account and visit its properties and to discuss its affairs, finances and accounts with the independent accountants of Borrower.

 

Section 6.06     Compliance
With Environmental Laws. Comply in all material respects with all applicable Environmental
Laws and timely pay or cause to be paid all costs and expenses incurred in connection with such compliance, except to the extent there
is a Good Faith Contest.

 

Section 6.07     Maintenance
of Properties. Do all things reasonably necessary to maintain, preserve, protect and keep
its properties in good repair, working order and condition except where the cost thereof is not in Borrower’s best interests and
the failure to do so would not result in a Material Adverse Change.

 

Section 6.08     Payment
of Costs. Pay all costs and expenses required for the satisfaction of the conditions of
this Agreement.

 

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Section 6.09     Reporting
and Miscellaneous Document Requirements. Furnish directly to Administrative Agent (who shall
provide, promptly upon receipt, to each of the Banks):

 

(1)            Annual
Financial Statements. As soon as available and in any event within ninety (90) days after the end of each Fiscal Year, Borrower’s
Consolidated Financial Statements as of the end of and for such Fiscal Year, in reasonable detail and stating in comparative form the
respective figures for the corresponding date and period in the prior Fiscal Year and audited by Borrower’s Accountants (without
a “going concern” or other extraordinary qualification or exception);

 

(2)            Quarterly
Financial Statements. As soon as available and in any event within forty-five (45) days after the end of each calendar quarter (other
than the last quarter of the Fiscal Year), the unaudited Borrower’s Consolidated Financial Statements as of the end of and for
such calendar quarter, in reasonable detail and stating in comparative form the respective figures for the corresponding date and period
in the prior Fiscal Year;

 

(3)            Certificate
of No Default and Financial Compliance. Within ninety (90) days after the end of each Fiscal Year and within forty-five (45) days
after the end of each of the first, second, and third calendar quarters, a certificate of Borrower’s chief financial officer or
treasurer (a) stating that, to the best of his or her knowledge, no Default or Event of Default has occurred and is continuing,
or if a Default or Event of Default has occurred and is continuing, specifying the nature thereof and the action which is proposed to
be taken with respect thereto; (b) stating that the covenants contained in Sections 7.03 and 7.04 and in Article VIII have
been complied with (or specifying those that have not been complied with) and including computations demonstrating such compliance (or
non-compliance); and (c) setting forth the details of all items comprising Capitalization Value, Unencumbered Asset Value, Total
Outstanding Indebtedness, Secured Indebtedness, Interest Expense and Unsecured Indebtedness (including amount, maturity, interest
rate and amortization requirements with respect to all Indebtedness);

 

(4)            Certificate
of Borrower’s Accountants. Simultaneously with the delivery of the annual financial statements required by paragraph (1) of
this Section, (a) a statement of Borrower’s Accountants who audited such financial statements comparing the computations set
forth in the financial compliance certificate required by paragraph (3) of this Section to the audited financial statements
required by paragraph (1) of this Section and (b) when the audited financial statements required by paragraph (1) of
this Section have a qualified auditor’s opinion, a statement of Borrower’s Accountants who audited such financial statements
of whether any Default or Event of Default has occurred and is continuing;

 

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(5)            Notice
of Litigation. Promptly after the commencement and knowledge thereof, notice of all actions, suits, and proceedings before any court
or arbitrator, affecting Borrower which, if determined adversely to Borrower is likely to result in a Material Adverse Change;

 

(6)            Notices
of Defaults and Events of Default. As soon as possible and in any event within ten (10) days after Borrower becomes aware of
the occurrence of a material Default or any Event of Default, a written notice (which notice shall state that it is a “Notice of
Default”) setting forth the details of such Default or Event of Default and the action which is proposed to be taken with respect
thereto;

 

(7)            Material
Adverse Change. As soon as is practicable and in any event within five (5) days after knowledge of the occurrence of any event
or circumstance which is likely to result in or has resulted in a Material Adverse Change, written notice thereof;

 

(8)            Offices.
Thirty (30) days’ prior written notice of any change in the chief executive office or principal place of business of Borrower;

 

(9)            Environmental
and Other Notices. As soon as possible and in any event within ten (10) days after receipt, copies of all Environmental Notices
received by Borrower which are not received in the ordinary course of business and which relate to a situation which is likely to result
in a Material Adverse Change;

 

(10)            Insurance
Coverage. Promptly, such information concerning Borrower’s insurance coverage as Administrative Agent may reasonably
request;

 

(11)            Proxy
Statements, Etc. Promptly after the sending or filing thereof, copies of all proxy statements, financial statements and reports which
Borrower or its Consolidated Subsidiaries sends to its shareholders, and copies of all regular, periodic and special reports, and all
registration statements which Borrower or its Consolidated Subsidiaries files with the Securities and Exchange Commission or any Governmental
Authority which may be substituted therefor, or with any national securities exchange;

 

(12)            [Reserved];

 

(13)            Pricing
Certificate. During the period that is between 150 and 240 days following the end of each calendar year (commencing with the calendar
year ending December 31, 2022), the Borrower shall deliver to the Administrative Agent, the Sustainability Structuring Agent and
the Banks, a Pricing Certificate for the most recently-ended calendar year, together with a copy of the Sustainability Report and a review
report of the Sustainability Assurance Provider with respect to GHG Emissions for such year; provided, that for any calendar year the
Borrower may elect not to deliver a Pricing Certificate, such election shall not constitute a Default or Event of Default (but such failure
to so deliver a Pricing Certificate by the end of such 150 to 240-day period shall result in the Sustainability Rate Adjustment and the
Sustainability Facility Fee Adjustment being applied at the Sustainability Threshold Adjustment as set forth in Section 2.21(c)).
Failure of the Borrower to deliver a Pricing Certificate within the time frame specified above shall be deemed to be an election by the
Borrower to not deliver a Pricing Certificate for such period.

 

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(14)            Beneficial
Ownership Updates. Promptly following any written request therefor, information and documentation as the Administrative Agent (or
any Bank through the Administrative Agent) may reasonably request, as required by the Beneficial Ownership Regulation; and

 

(15)            General
Information. Promptly (i) such other information respecting the condition or operations, financial or otherwise, of Borrower
or any properties of Borrower as Administrative Agent may from time to time reasonably request in writing and (ii) such other information
and documentation reasonably requested in writing by the Administrative Agent or any Bank for purposes of compliance with requirements
under applicable “know your customer” and anti-money laundering rules and regulations including the Patriot Act and
the Beneficial Ownership Regulation, if applicable.

 

Documents required to be
delivered pursuant to Sections 6.09(1), (2) or (11) (to the extent any such documents are included in materials otherwise filed
with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which
the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address;
or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each
Bank and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent);
provided that: (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Bank that
requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative
Agent or such Bank and (ii) the Borrower shall notify the Administrative Agent and each Bank (by telecopier or electronic mail)
of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft
copies) of such documents. The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents
referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery,
and each Bank shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

The Borrower hereby acknowledges
that (a) the Administrative Agent and/or the Syndication Agents will make available to the Banks materials and/or information provided
by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials
on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Banks may be
 “public-side” Banks (i.e., Banks that do not wish to receive material non-public information with respect to the Borrower
or its securities) (each, a “Public Lender”). The Borrower hereby agrees that (w) all Borrower Materials
that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall
mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials
 “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Syndication Agents, and the Banks
to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower or its securities
for purposes of United States Federal and state securities laws or any confidentiality agreement entered into by any Bank; (y) all
Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public
Investor;” and (z) the Administrative Agent and the Syndication Agents shall be entitled to treat any Borrower Materials that
are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.”

 

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Section 6.10     Principal
Prepayments as a Result of Reduction in Total Loan Commitment. If the outstanding principal
amount under the Notes at any time exceeds the Total Loan Commitment, Borrower shall, within ten (10) days of Administrative Agent’s
written demand, make a payment in the amount of such excess in reduction of such outstanding principal balance.

 

Section 6.11     Anti-Corruption
Laws. Conduct its businesses in compliance with the United States Foreign Corrupt Practices
Act of 1977, and to the extent the same are applicable to the Borrower and/or its Consolidated Businesses or to the extent a Bank notifies
Borrower that the same are applicable to the Loans, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions
and applicable Sanctions, and, to the extent applicable, maintain policies and procedures designed to promote and achieve compliance
with such laws.

 

Article VII

 

NEGATIVE
COVENANTS

 

So long as any of the Loans
or any other Obligations shall remain unpaid, or the Loan Commitments or any Letter of Credit (other than a Letter of Credit that has
been Cash Collateralized in accordance with Section 2.16(d) and remains in effect after the Loan Commitments and the Obligations
have been paid) shall remain in effect, or any other amount is owing by Borrower to any Bank Party hereunder or under any other Loan
Document, Borrower shall not do any or all of the following:

 

Section 7.01     Mergers
Etc. Merge or consolidate with (except where Borrower is the surviving entity), or sell,
assign, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets
(whether now owned or hereafter acquired).

 

Section 7.02     [Reserved].

 

Section 7.03     Sale
of Assets. Effect (i) a Disposition of any of its now owned or hereafter acquired assets
(including equity interests therein), including assets in which Borrower owns a beneficial interest through its ownership of interests
in joint ventures, if after giving effect to such Disposition, a Default or Event of Default would exist, or (ii) the granting of
a Lien on any Unencumbered Wholly-Owned Assets or Unencumbered Land and Construction-In-Process, if after granting such Lien, a Default
or Event of Default would exist; provided however, that (a) the Borrower may lease or sublease its assets, as lessor or sublessor
(as the case may be), in the ordinary course of its business, and (b) the Borrower or any of its subsidiaries may sell, transfer
or dispose of such assets to the Borrower or to another subsidiary of the Borrower, as the case may be.

 

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Section 7.04     Distributions.
During the existence of any Event of Default, make, declare or pay, directly or indirectly, any dividend or distribution to any of its
equity holders in an amount greater than the minimum dividend or distribution required under the Code to maintain the real estate investment
trust status of Borrower under the Code and to avoid the payment of federal income and excise taxes, as evidenced by a detailed certificate
of Borrower’s chief financial officer or treasurer reasonably satisfactory in form and substance to Administrative Agent.

 

Section 7.05     Sanctions.
Knowingly directly or indirectly use the proceeds of any Loan or Letter of Credit, or lend,
contribute or otherwise make available such proceeds to any Consolidated Business, joint venture partner or other Person, to fund any
activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions,
or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether
as Bank, Issuing Bank, Joint Lead Arranger, Administrative Agent or otherwise) of Sanctions.

 

Section 7.06     Anti-Corruption
Laws. Directly or indirectly use the proceeds of any Loan or Letter of Credit for any purpose
which would breach the United States Foreign Corrupt Practices Act of 1977, or, to the extent the same are applicable to the Borrower
and/or its Consolidated Businesses or to the extent a Bank notifies Borrower that the same are applicable to the Loans, the UK Bribery
Act 2010 and other similar anti-corruption legislation in other jurisdictions.

 

Article VIII

 

FINANCIAL
COVENANTS

 

So long as any of the Loans or any other Obligations
shall remain unpaid, or the Loan Commitments or any Letter of Credit (other than a Letter of Credit that has been Cash Collateralized
in accordance with Section 2.16(d) and remains in effect after the Loan Commitments and the Obligations have been paid) shall
remain in effect, or any other amount is owing by Borrower to any Bank Party under this Agreement or under any other Loan Document, Borrower
shall not permit or suffer any or all of the following:

 

Section 8.01     Relationship
of Total Outstanding Indebtedness to Capitalization Value. As of the last day of any fiscal
quarter, the ratio of Total Outstanding Indebtedness (net of, as of such date of determination, the amount of unrestricted Cash and Cash
Equivalents to the extent that there is an equivalent amount of Total Outstanding Indebtedness that matures within twenty-four (24) months
of such date of determination) to Capitalization Value to exceed 60%; provided that such ratio may exceed 60% from time to time following
an acquisition by Borrower and its Affiliates of real property assets so long as (a) such ratio does not exceed 65%, (b) such
ratio ceases to exceed 60% within four (4) quarters after each date such ratio first exceeded 60%, and (c) the Borrower provides
a certificate of its chief financial officer or treasurer to the Administrative Agent when such ratio first exceeds 60% and when such
ratio ceases to exceed 60%.

 

Section 8.02     Relationship
of Combined EBITDA to Combined Debt Service. As of the last day of any fiscal quarter, the
ratio of (1) Combined EBITDA to (2) Combined Debt Service (each for the twelve (12)-month period ending on such last day of
such quarter), to be less than 1.50 to 1.00.

 

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Section 8.03     Ratio
of Unsecured Indebtedness to Unencumbered Asset Value. As of the last day of any fiscal
quarter, the ratio of (1) Unsecured Indebtedness (net of, as of such date of determination, the amount of unrestricted Cash and
Cash Equivalents to the extent that there is an equivalent amount of Unsecured Indebtedness that matures within twenty-four (24) months
of such date of determination) to (2) Unencumbered Asset Value to exceed 65%.

 

Section 8.04     Relationship
of Secured Indebtedness to Capitalization Value. As of the last day of any fiscal quarter,
Secured Indebtedness (net of, as of such date of determination, the amount of unrestricted Cash and Cash Equivalents to the extent that
there is an equivalent amount of Secured Indebtedness that matures within twenty-four (24) months of such date of determination) to exceed
40% of Capitalization Value.

 

Article IX

 

EVENTS
OF DEFAULT

 

Section 9.01     Events
of Default. Any of the following events shall be an “Event of Default”:

 

(1)            If
Borrower shall fail to pay the principal of any Loans or any reimbursement obligations with respect to a Letter of Credit as and when
due, and such failure to pay shall continue unremedied for five (5) days after the due date of such amount; or fail to pay interest
accruing on any Loans or reimbursement obligations as and when due, and such failure to pay shall continue unremedied for five (5) days
after written notice by Administrative Agent of such failure to pay; or fail to make any payment required under Section 6.10 as
and when due; or fail to pay any fee or any other amount due under this Agreement, any other Loan Document or the Fee Letter or the Supplemental
Fee Letters as and when due and such failure to pay shall continue unremedied for two (2) Banking Days after written notice by Administrative
Agent of such failure to pay; or

 

(2)            If
any representation or warranty made by Borrower in this Agreement or in any other Loan Document or which is contained in any certificate,
document, opinion, financial or other statement furnished at any time under or in connection with a Loan Document shall prove to have
been incorrect in any material respect on or as of the date made; or

 

(3)            If
Borrower shall fail (a) to perform or observe any term, covenant or agreement contained in Section 2.01(e), Article VII
or Article VIII; or (b) to perform or observe any term, covenant or agreement contained in this Agreement (other than obligations
specifically referred to elsewhere in this Section 9.01) or any Loan Document, or any other document executed by Borrower and delivered
to Administrative Agent or the Banks in connection with the transactions contemplated hereby and such failure under this clause (b) shall
remain unremedied for thirty (30) consecutive calendar days after notice thereof (or such shorter cure period as may be expressly prescribed
in the applicable document); provided, however, that if any such default under clause (b) above cannot by its nature be cured within
such thirty (30) day, or shorter, as the case may be, grace period and so long as Borrower shall have commenced cure within such thirty
(30) day, or shorter, as the case may be, grace period and shall, at all times thereafter, diligently prosecute the same to completion,
Borrower shall have an additional period, not to exceed sixty (60) days, to cure such default; in no event, however, is the foregoing
intended to effect an extension of the Maturity Date; or

 

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(4)            If
Borrower or any Consolidated Business shall fail (a) to pay any Recourse Debt of the Borrower or such Consolidated Business (other
than the payment obligations described in paragraph (1) of this Section in an amount equal to or greater than $150,000,000
when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) after the expiration of any applicable
grace period, or (b) to perform or observe any material term, covenant, or condition under any agreement or instrument relating
to any such Debt, when required to be performed or observed, if the effect of such failure to perform or observe is to accelerate, or
to permit the acceleration of, after the giving of notice or the lapse of time, or both (other than in cases where, in the judgment of
the Required Banks, meaningful discussions likely to result in (i) a waiver or cure of the failure to perform or observe, or (ii) otherwise
averting such acceleration are in progress between Borrower and the obligee of such Debt), the maturity of such Debt, or any such Debt
shall be declared to be due and payable, or required to be prepaid or repurchased (other than by a regularly scheduled or otherwise required
prepayment), prior to the stated maturity thereof; or

 

(5)            If
Borrower, or any Subsidiary of Borrower to which five percent (5%) or more of Capitalization Value is attributable, shall (a) generally
not, or be unable to, or shall admit in writing its inability to, pay its debts as such debts become due; or (b) make an assignment
for the benefit of creditors, petition or apply to any tribunal for the appointment of a custodian, receiver or trustee for it or a substantial
part of its assets; or (c) commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution
or liquidation Law of any jurisdiction, whether now or hereafter in effect; or (d) have had any such petition or application filed
or any such proceeding shall have been commenced, against it, in which an adjudication or appointment is made or order for relief is
entered, or which petition, application or proceeding remains undismissed or unstayed for a period of ninety (90) days or more; or (e) be
the subject of any proceeding under which all or a substantial part of its assets may be subject to seizure, forfeiture or divestiture;
or (f) by any act or omission indicate its consent to, approval of or acquiescence in any such petition, application or proceeding
or order for relief or the appointment of a custodian, receiver or trustee for all or any substantial part of its property; or (g) suffer
any such custodianship, receivership or trusteeship for all or any substantial part of its property, to continue undischarged for a period
of ninety (90) days or more; or

 

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(6)            If
one or more judgments, decrees or orders for the payment of money in an amount in excess of 5% of Consolidated Tangible Net Worth (excluding
any such judgments, decrees or orders which are fully covered by insurance) in the aggregate shall be rendered against Borrower or any
of its Consolidated Subsidiaries, and any such judgments, decrees or orders shall continue unsatisfied and in effect for a period of
thirty (30) consecutive days without being vacated, discharged, satisfied or stayed or bonded pending appeal; or

 

(7)            If
any of the following events shall occur or exist with respect to Borrower or any ERISA Affiliate: (a) any Prohibited Transaction
involving any Plan; (b) any Reportable Event with respect to any Plan; (c) the filing under Section 4041 of ERISA of a
notice of intent to terminate any Plan or the termination of any Plan; (d) any event or circumstance which would constitute grounds
for the termination of, or for the appointment of a trustee to administer, any Plan under Section 4042 of ERISA, or the institution
by the PBGC of proceedings for any such termination or appointment under Section 4042 of ERISA; or (e) complete or partial
withdrawal under Section 4201 or 4204 of ERISA from a Multiemployer Plan or the reorganization, insolvency, or termination of any
Multiemployer Plan; and in each case above, if such event or conditions, if any, could in the reasonable opinion of any Bank subject
Borrower to any tax, penalty, or other liability to a Plan, Multiemployer Plan, the PBGC or otherwise (or any combination thereof) which
in the aggregate exceeds or is likely to exceed $150,000,000; or

 

(8)            If
at any time Borrower is not a qualified real estate investment trust under Sections 856 through 860 of the Code or is not a publicly
traded company listed on the New York Stock Exchange; or

 

(9)            If
at any time any portion of Borrower’s assets constitute plan assets for ERISA purposes (within the meaning of C.F.R. §2510.3-101);
or

 

(10)            If,
in the reasonable judgment of all of the Banks (and the basis for such determination is provided to Borrower in writing in reasonable
detail), there shall occur a Material Adverse Change; or

 

(11)            If,
during any period of up to twelve (12) consecutive months commencing on or after the Closing Date, individuals who were directors of
Borrower at the beginning of such period (the “Continuing Directors”), plus any new directors whose election
or appointment was approved by a majority of the Continuing Directors then in office, shall cease for any reason to constitute a majority
of the Board of Directors of Borrower; or

 

(12)            If,
through any transaction or series of related transactions, any Person (including Affiliates of such Person) shall acquire beneficial
ownership, directly or indirectly, of securities of Borrower (or of securities convertible into securities of Borrower) representing
25% or more of the combined voting power of all securities of Borrower entitled to vote in the election of directors; or

 

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(13)            Any
material provision of any Loan Document, at any time after its execution and delivery and for any reason other than in accordance with
the terms hereof or thereof, or satisfaction in full of all the Obligations, is revoked, terminated, cancelled or rescinded, without
the prior written approval of Administrative Agent and such number or percentage of Banks as shall be required hereunder; or the Borrower
commences any legal proceeding at law or in equity to contest, or make unenforceable, cancel, revoke or rescind any of the Loan Documents,
or any court or any other governmental or regulatory agency of competent jurisdiction shall make a determination that, or issue a judgment,
order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable as to any material
terms thereof.

 

Section 9.02     Remedies.
If an Event of Default has occurred and is continuing (other than an Event of Default with respect to the Borrower described in Section 9.01(5)),
the Administrative Agent, at the request of the Required Banks, shall by notice to the Borrower take any or all of the following actions,
at the same or different times:  (i) terminate the Loan Commitments, and thereupon the Loan Commitments shall terminate
immediately, (ii) declare the Loans and other Obligations then outstanding to be due and payable in whole (or in part, in which
case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal
of the Loans and such other Obligations so declared to be due and payable, together with accrued interest thereon and all fees and other
obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by the Borrower, (iii) require the deposit of Cash Collateral for the Letters
of Credit pursuant to Section 2.16(h) and (iv) exercise any remedies provided in any of the Loan Documents or by law;
and in case of any Event of Default with respect to the Borrower described in Section 9.01(5), the Loan Commitments shall automatically
terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations
of the Borrower accrued hereunder, shall automatically become due and payable, and the obligations to deliver Cash Collateral for the
Letters of Credit pursuant to Section 2.16(h) shall automatically become effective, without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by the Borrower. Notwithstanding the foregoing, if an Event of Default under
Section 9.01(10) shall occur and be continuing, Administrative Agent shall not be entitled to exercise the foregoing remedies
until (1) it has received a written notice from all of the Banks (the “Unanimous Bank Notices”) (i) requesting
Administrative Agent exercise such remedies and (ii) indicating each Bank’s conclusion in its reasonable judgment that a Material
Adverse Change has occurred and (2) Administrative Agent has provided notice to Borrower, together with copies of all of the Unanimous
Bank Notices.

 

Article X

 

ADMINISTRATIVE
AGENT; RELATIONS AMONG BANKS

 

Section 10.01     Appointment,
Powers and Immunities of Administrative Agent.

 

(a)            Each
Bank hereby irrevocably appoints and authorizes Administrative Agent to act as its agent hereunder and under any other Loan Document
with such powers as are specifically delegated to Administrative Agent by the terms of this Agreement and any other Loan Document, together
with such other powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative
Agent, the Banks and the Issuing Bank, and the Borrower shall not have rights as a third party beneficiary of any of such provisions.
It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar
term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect
only an administrative relationship between contracting parties.

 

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(b)            The
Administrative Agent and the Sustainability Structuring Agent shall not have any duties or obligations except those expressly set forth
herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent and the Sustainability
Structuring Agent:

 

(i)            shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)            shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Banks (or such other number or percentage of the Banks as shall be expressly provided for herein or in the other Loan Documents),
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law; and

 

(iii)            shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person
serving as the Administrative Agent or any of its Affiliates in any capacity.

 

The Administrative Agent
and the Sustainability Structuring Agent shall not be liable for any action taken or not taken by it (i) with the consent or at
the request of the Required Banks (or such other number or percentage of the Banks as shall be necessary, or as the Administrative Agent
shall believe in good faith shall be necessary, under the circumstances as provided in Sections 12.02 and 9.02) or (ii) in the absence
of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment.

 

The Administrative Agent
and the Sustainability Structuring Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument
or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt
of items expressly required to be delivered to the Administrative Agent.

 

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The Administrative Agent
may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any
one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any
and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of
this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent,
and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well
as activities as Administrative Agent.

 

Section 10.02     Reliance
by Administrative Agent. The Administrative Agent and the Sustainability Structuring Agent
shall be entitled to rely upon, and shall not incur any liability for relying upon, any certification, notice or other communication
(including any thereof by telephone, telex, telegram, cable, electronic message, or internet or intranet website posting) believed by
it to be genuine and correct and to have been signed or sent by or on behalf of the proper Person or Persons, and upon advice and statements
of legal counsel, independent accountants and other experts selected by Administrative Agent. In determining compliance with any condition
hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of
a Bank or the Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Bank or the Issuing Bank
unless the Administrative Agent shall have received notice to the contrary from such Bank or the Issuing Bank prior to the making of
such Loan or the issuance of such Letter of Credit. Administrative Agent may deem and treat each Bank as the holder of the Loan made
by it for all purposes hereof and shall not be required to deal with any Person who has acquired a Participation in any Loan or Participation
from a Bank. As to any matters not expressly provided for by this Agreement or any other Loan Document, Administrative Agent and the
Sustainability Structuring Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder in accordance
with instructions signed by the Required Banks or all Banks, as required by this Agreement, and such instructions of the Required Banks
or all Banks, as the case may be, and any action taken or failure to act pursuant thereto, shall be binding on all of the Banks and any
other holder of all or any portion of any Loan or Participation. The Administrative Agent and the Sustainability Structuring Agent may
consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall
not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

Section 10.03     Defaults.
Administrative Agent shall not be deemed to have knowledge of the occurrence of a Default or Event of Default unless Administrative Agent
has received notice from a Bank or Borrower specifying such Default or Event of Default and stating that such notice is a “Notice
of Default.” In the event that Administrative Agent receives such a notice of the occurrence of a Default or Event of Default,
Administrative Agent shall give prompt notice thereof to the Banks. Administrative Agent, following consultation with the Banks, shall
(subject to Section 10.07 and Section 12.02) take such action with respect to such Default or Event of Default which is continuing
as shall be directed by the Required Banks; provided that, unless and until Administrative Agent shall have received such directions,
Administrative Agent may take such action, or refrain from taking such action, with respect to such Default or Event of Default as it
shall deem advisable in the best interest of the Banks; and provided further that Administrative Agent shall not send a notice of default
or acceleration to Borrower without the approval of the Required Banks. In no event shall Administrative Agent be required to take any
such action which it determines to be contrary to Law or to the Loan Documents. Each of the Banks acknowledges and agrees that no individual
Bank may separately enforce or exercise any of the provisions of any of the Loan Documents, including, without limitation, the Notes,
other than through Administrative Agent.

 

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Section 10.04     Rights
of Administrative Agent as a Bank. With respect to its Loan Commitment and the Loan provided
by it, Administrative Agent in its capacity as a Bank hereunder shall have the same rights and powers hereunder as any other Bank and
may exercise the same as though it were not acting as Administrative Agent, and the term “Bank” or “Banks” shall,
unless the context otherwise indicates, include Administrative Agent in its capacity as a Bank. Administrative Agent and its Affiliates
may (without having to account therefor to any Bank) accept deposits from, lend money to (on a secured or unsecured basis), and generally
engage in any kind of banking, trust or other business with Borrower (and any Affiliates of Borrower) as if it were not acting as Administrative
Agent and without any duty to account therefor to the Banks.

 

Section 10.05     Indemnification
of Administrative Agent. Each Bank agrees to indemnify Administrative Agent and the Sustainability
Structuring Agent (to the extent not reimbursed under Section 12.04 or under the applicable provisions of any other Loan Document,
but without limiting the obligations of Borrower under Section 12.04 or such provisions), for its Pro Rata Share of any and all
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 Administrative Agent or the Sustainability Structuring Agent in any
way relating to or arising out of this Agreement, any other Loan Document or any other documents contemplated by or referred to herein
or the transactions contemplated hereby or thereby (including, without limitation, the costs and expenses which Borrower is obligated
to pay under Section 12.04) or under the applicable provisions of any other Loan Document or the enforcement of any of the terms
hereof or thereof or of any such other documents or instruments; provided that no Bank shall be liable for (1) any of the foregoing
to the extent they arise from the gross negligence or willful misconduct of the party to be indemnified as determined by a court of competent
jurisdiction in a final and non-appealable judgment, (2) any loss of principal or interest with respect to Administrative Agent’s
or the Sustainability Structuring Agent’s Loan or (3) any loss suffered by Administrative Agent or the Sustainability Structuring
Agent in connection with a swap or other interest rate hedging arrangement entered into with Borrower.

 

Section 10.06     Non-Reliance
on Administrative Agent and Other Banks. Each Bank agrees that it has, independently and
without reliance on Administrative Agent, the Sustainability Structuring Agent, the Joint Lead Arrangers or any other Bank, and based
on such documents and information as it has deemed appropriate, made its own credit analysis of Borrower and the decision to enter into
this Agreement and that it will, independently and without reliance upon Administrative Agent, the Sustainability Structuring Agent,
the Joint Lead Arrangers or any other Bank, and based on such documents and information as it shall deem appropriate at the time, continue
to make its own analysis and decisions in taking or not taking action under this Agreement or any other Loan Document. Administrative
Agent shall not be required to keep itself informed as to the performance or observance by Borrower of this Agreement or any other Loan
Document or any other document referred to or provided for herein or therein or to inspect the properties or books of Borrower. Except
for notices, reports and other documents and information expressly required to be furnished to the Banks by Administrative Agent hereunder,
Administrative Agent shall not have any duty or responsibility to provide any Bank with any credit or other information concerning the
affairs, financial condition or business of Borrower (or any Affiliate of Borrower) which may come into the possession of Administrative
Agent or any of its Affiliates. Administrative Agent shall not be required to file this Agreement, any other Loan Document or any document
or instrument referred to herein or therein, for record or give notice of this Agreement, any other Loan Document or any document or
instrument referred to herein or therein, to anyone.

 

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Section 10.07     Failure
of Administrative Agent to Act. Except for action expressly required of Administrative Agent
hereunder, Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall have received
further assurances (which may include Cash Collateral) of the indemnification obligations of the Banks under Section 10.05 in respect
of any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. If any indemnity
furnished by the Banks to Administrative Agent for any purpose shall, in the reasonable opinion of Administrative Agent, be insufficient
or become impaired, Administrative Agent may call for additional indemnity and cease, or not commence, to do the action indemnified against
until such additional indemnity is furnished.

 

Section 10.08     Resignation
or Removal of Administrative Agent. (a)  Administrative Agent hereby agrees not to
unilaterally resign except (1) in the event it becomes an Affected Bank and is removed or replaced as a Bank pursuant to Section 3.07,
in which event it shall have the right to resign or (2) the Administrative Agent may resign by written notice to the Borrower, the
Issuing Banks and the Banks if a Default or Event of Default exists or if a regulator requires such resignation. Bank of America agrees
that it may be replaced as Administrative Agent by the Required Banks if its Loan Commitment is reduced to $25,000,000 or less through
assignments to Assignees. If (x) the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of
the definition thereof or (y) the Person serving as Administrative Agent engages in gross negligence or willful misconduct in its
performance of its duties as Administrative Agent as determined by a court of competent jurisdiction by final and nonappealable judgment,
then the Required Banks may, to the extent permitted by applicable Law, by notice in writing to the Borrower and such Person remove such
Person as Administrative Agent. In the case of any removal of Administrative Agent, Borrower and the Banks shall be promptly notified
thereof. Upon any such resignation or removal of Administrative Agent, the Required Banks shall have the right to appoint a successor
Administrative Agent, which successor Administrative Agent, so long as it is reasonably acceptable to the Required Banks, shall be that
Bank then having the greatest Loan Commitment; if two (2) or more Banks have an equal greatest Loan Commitment, the Required Banks
shall select between or among them. If no successor Administrative Agent shall have been so appointed by the Required Banks and shall
have accepted such appointment within thirty (30) days after the Required Banks’ removal of the retiring Administrative Agent,
then the retiring Administrative Agent may, on behalf of the Banks, appoint a successor Administrative Agent, which shall be one of the
Banks. The Required Banks or the retiring Administrative Agent, as the case may be, shall upon the appointment of a successor Administrative
Agent promptly so notify Borrower and the other Banks. Upon the acceptance of any appointment as Administrative Agent hereunder by a
successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder. After any Administrative Agent’s resignation or removal hereunder as Administrative Agent, the
provisions of this Article X 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 Administrative Agent or after such resignation or removal for so long as it continues to act in such capacity
hereunder or under the other Loan Documents.

 

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(b)            The
Sustainability Structuring Agent may at any time give notice of its resignation to the Administrative Agent, the Banks, the Issuing Banks
and the Borrower. Upon receipt of any such notice of resignation, the Borrower shall have the right, with the consent of the Required
Banks, to appoint a successor, which shall be a bank or financial institution reasonably experienced in serving as a sustainability structuring
agent (or the equivalent) on syndicated bank facilities with an office in the United States, or an Affiliate of any such bank or financial
institution with an office in the United States. If no such successor shall have been so appointed by the Borrower and consented to by
the Required Banks and shall have accepted such appointment within 30 days after the retiring Sustainability Structuring Agent gives
notice of its resignation (or such earlier day as shall be agreed by the Required Banks) (the “Sustainability Agent Resignation
Effective Date”), then the retiring Sustainability Structuring Agent may (but shall not be obligated to), on behalf of
the Administrative Agent, the Banks and the Issuing Banks, appoint a successor Sustainability Structuring Agent meeting the qualifications
set forth above; provided that in no event shall any such successor Sustainability Structuring Agent (or any of its Affiliates) be a
Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice
on the Sustainability Agent Resignation Effective Date. With effect from the Sustainability Agent Resignation Effective Date, (i) the
retiring Sustainability Structuring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents
and (ii) except for any indemnity payments or other amounts then owed to the retiring Sustainability Structuring Agent, all communications
and determinations provided to be made by, to or through the Sustainability Structuring Agent shall instead be made by or to the Administrative
Agent until such time, if any, as the Required Banks appoint and the Borrower consents to (if such consent is required hereby) a successor
Sustainability Structuring Agent as provided for above. Upon the acceptance of a successor’s appointment as Sustainability Structuring
Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
Sustainability Structuring Agent (other than any rights to indemnity payments or other amounts owed to the retiring Sustainability Structuring
Agent as of the Sustainability Agent Resignation Effective Date), and the retiring Sustainability Structuring Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrower to a successor Sustainability
Structuring Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.
After the retiring Sustainability Structuring Agent’s resignation or removal hereunder and under the other Loan Documents, the
provisions of this Article and Section 12.04 shall continue in effect for the benefit of such retiring Sustainability Structuring
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while
the retiring Sustainability Structuring Agent was acting as Sustainability Structuring Agent or relating to its duties as Sustainability
Structuring Agent that are carried out following its retirement.

 

Section 10.09     Amendments
Concerning Agency Function. Notwithstanding anything to the contrary contained herein, neither
the Administrative Agent nor the Sustainability Structuring Agent shall be bound by any waiver, amendment, supplement or modification
hereof or of any other Loan Document which affects its duties, rights, and/or function hereunder or thereunder unless it shall have given
its prior written consent thereto.

 

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Section 10.10     Liability
of Administrative Agent. Neither the Administrative Agent nor the Sustainability Structuring
Agent shall have any liabilities or responsibilities to Borrower on account of the failure of any Bank to perform its obligations hereunder
or to any Bank on account of the failure of Borrower to perform its obligations hereunder or under any other Loan Document.

 

Section 10.11     Transfer
of Agency Function. Without the consent of Borrower or any Bank, Administrative Agent may
at any time or from time to time transfer its functions as Administrative Agent hereunder to any of its offices wherever located in the
United States, provided that Administrative Agent shall promptly notify Borrower and the Banks thereof.

 

Section 10.12     Non-Receipt
of Funds by Administrative Agent. (a) Unless Administrative Agent shall have received
notice from a Bank or Borrower (either one as appropriate being the “Payor”) prior to the date on which such
Bank is to make payment hereunder to Administrative Agent of the proceeds of a Loan or participation in a Letter of Credit or Borrower
is to make payment to Administrative Agent, as the case may be (either such payment being a “Required Payment”),
which notice shall be effective upon receipt, that the Payor will not make the Required Payment in full to Administrative Agent, Administrative
Agent may assume that the Required Payment has been made in full to Administrative Agent on such date, and Administrative Agent in its
sole discretion may, but shall not be obligated to, in reliance upon such assumption, make the amount thereof available to the intended
recipient on such date. If and to the extent the Payor shall not have in fact so made the Required Payment in full to Administrative
Agent, the recipient of such payment shall repay to Administrative Agent forthwith on demand such amount made available to it together
with interest thereon, for each day from the date such amount was so made available by Administrative Agent until the date Administrative
Agent recovers such amount, at the customary rate set by Administrative Agent for the correction of errors among Banks for three (3) Banking
Days and thereafter at the Base Rate.

 

(b)            With
respect to any payment that the Administrative Agent makes for the account of the Banks or any Issuing Bank hereunder as to which the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such
payment referred to as the “Rescindable Amount”): (1) the Borrower has not in fact made such payment; (2) the
Administrative Agent has made a payment in excess of the amount so paid by the Borrower (whether or not then owed); or (3) the Administrative
agent has for any reason otherwise erroneously made such payment; then each of the Banks or the applicable Issuing Bank, as the case
may be, severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Bank
or such Issuing Bank, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed
to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation. A notice of the Administrative
Agent to any Bank or Issuing Bank with respect to any amount owing under this clause (b) shall be conclusive, absent manifest
error.

 

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(c)            If,
after Administrative Agent has paid each Bank’s share of any payment received or applied by Administrative Agent in respect of
the Loan or participation in a Letter of Credit, that payment is rescinded or must otherwise be returned or paid over by Administrative
Agent, whether pursuant to any bankruptcy or insolvency Law, sharing of payments clause of any loan agreement or otherwise, such Bank
shall, at Administrative Agent’s request, promptly return its share of such payment or application to Administrative Agent, together
with such Bank’s proportionate share of any interest or other amount required to be paid by Administrative Agent with respect to
such payment or application. In addition, if a court of competent jurisdiction shall adjudge that any amount received and distributed
by Administrative Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to Administrative
Agent its 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. The provisions of this Section 10.12(c) shall survive payment in full of the Obligations and termination of
this Agreement.

 

Section 10.13     [Reserved].

 

Section 10.14     [Reserved].

 

Section 10.15     Pro
Rata Treatment. Except to the extent otherwise provided, (1) each advance of proceeds
of the Ratable Loans and participation in a Letter of Credit shall be made by the Banks; (2) each reduction of the amount of the
Total Loan Commitment under Section 2.10 shall be applied to the Loan Commitments of the Banks; and (3) each payment of the
fee accruing under paragraph (b) of Section 2.07 and clause (1) of Section 2.16(f) shall be made for the account
of the Banks, ratably according to the amounts of their respective Loan Commitments. Except as otherwise expressly provided in this Agreement,
each payment in respect of principal or interest under the Loans shall be applied to such obligations owing to the Banks pro rata according
to the respective amounts then due and owing to the Banks.

 

Section 10.16     Sharing
of Payments Among Banks. If a Bank shall obtain payment of any principal of or interest
on any Loan or other Obligation made by it through the exercise of any right of setoff, banker’s lien, counterclaim, or by any
other means (including direct payment), and such payment results in such Bank receiving a greater payment than it would have been entitled
to had such payment been paid directly to Administrative Agent for disbursement to the Banks, then such Bank shall promptly purchase
for cash from the other Banks Participations in the Loans made by or other Obligations owed to the other Banks in such amounts, and make
such other adjustments from time to time as shall be equitable to the end that all the Banks shall share ratably the benefit of such
payment. To such end the Banks shall make appropriate adjustments among themselves (by the resale of Participations sold or otherwise)
if such payment is rescinded or must otherwise be restored. Borrower agrees that any Bank so purchasing a Participation in the Loans
made by or other Obligations owed to other Banks may exercise all rights of setoff, banker’s lien, counterclaim or similar rights
with respect to such Participation. Nothing contained herein shall require any Bank to exercise any such right or shall affect the right
of any Bank to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of Borrower.

 

Section 10.17     Possession
of Documents. Each Bank shall keep possession of its own Ratable Loan Note. Administrative
Agent shall hold all the other Loan Documents and related documents in its possession and maintain separate records and accounts with
respect thereto, and shall permit the Banks and their representatives access at all reasonable times to inspect such Loan Documents,
related documents, records and accounts.

 

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Section 10.18     No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Bookrunners,
Arrangers, Sustainability Structuring Agent, Syndication Agents, Documentation Agents, Co-Documentation Agents, Managing Agents or Co-Agents
listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent, a Bank or the Issuing Bank hereunder.

 

Section 10.19     Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any
Debtor Relief Law or any other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal
of any Loan or reimbursement obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective
of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such
proceeding or otherwise:

 

(a)            to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, reimbursement obligations
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have
the claims of the Banks, the Issuing Bank and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Banks and the Administrative Agent and their respective agents and counsel and all other amounts due
the Banks, the Issuing Bank and the Administrative Agent under this Agreement) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Bank and the Issuing
Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Banks and the Issuing Bank, to pay to the Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.07 and 12.04.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Bank or the Issuing
Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Bank or the Issuing
Bank to authorize the Administrative Agent to vote in respect of the claim of any Bank or the Issuing Bank in any such proceeding.

 

Section 10.20     Certain
ERISA Matters.(a)     Each
Bank (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and (y) covenants, from the date
such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the Administrative
Agent and the Joint Lead Arrangers and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the
following is and will be true:

 

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(i)            such
Bank is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans
with respect to such Bank’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit,
the Loan Commitments or this Agreement,

 

(ii)            the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Bank’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Loan Commitments and this Agreement,

 

(iii)            (A) such
Bank is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Bank to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Loan Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Loan Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Bank, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Bank’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Loan Commitments and this Agreement, or

 

(iv)            such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Bank.

 

(b)            In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Bank or (2) a
Bank has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding
clause (a), such Bank further (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and (y) covenants,
from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the
Administrative Agent and the Joint Lead Arrangers and not, for the avoidance of doubt, to or for the benefit of the Borrower, that none
of the Administrative Agent or the Joint Lead Arrangers is a fiduciary with respect to the assets of such Bank involved in such Bank’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Loan Commitments and this
Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any
Loan Document or any documents related hereto or thereto).

 

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Section 10.21     Recovery
of Erroneous Payments. Without limitation of any other provision in this Agreement, if at
any time the Administrative Agent makes a payment hereunder in error to any Lender Recipient Party, whether or not in respect of an Obligation
due and owing by the Borrower at such time, where such payment is a Rescindable Amount, then in any such event, each Lender Recipient
Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount
received by such Lender Recipient Party in immediately available funds in the currency so received, with interest thereon, for each day
from and including the date such Rescindable Amount is received by it to but excluding the date of payment to the Administrative Agent,
at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation. Each Lender Recipient Party irrevocably waives any and all defenses, including any “discharge for value”
(under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another)
or similar defense to its obligation to return any Rescindable Amount.  The Administrative Agent shall inform each Lender Recipient
Party promptly upon determining that any payment made to such Lender Recipient Party comprised, in whole or in part, a Rescindable Amount.

 

Article XI

 

NATURE
OF OBLIGATIONS

 

Section 11.01     Absolute
and Unconditional Obligations. Borrower acknowledges and agrees that its obligations and
liabilities under this Agreement and under the other Loan Documents shall be absolute and unconditional irrespective of (1) any
lack of validity or enforceability of any of the Obligations, any Loan Documents, or any agreement or instrument relating thereto; (2) any
change in the time, manner or place of payment of, or in any other term in respect of, all or any of the Obligations, or any other amendment
or waiver of or consent to any departure from any Loan Documents or any other documents or instruments executed in connection with or
related to the Obligations; (3) any exchange or release of any collateral, if any, or of any other Person from all or any of the
Obligations; or (4) any other circumstances which might otherwise constitute a defense available to, or a discharge of, Borrower
or any other Person in respect of the Obligations.

 

The obligations and liabilities
of Borrower under this Agreement and other Loan Documents shall not be conditioned or contingent upon the pursuit by any Bank or any
other Person at any time of any right or remedy against Borrower or any other Person which may be or become liable in respect of all
or any part of the Obligations or against any collateral or security or guarantee therefor or right of setoff with respect thereto.

 

Section 11.02     Non-Recourse
to Borrower’s Principals. Notwithstanding anything to the contrary contained herein,
in any of the other Loan Documents, or in any other instruments, certificates, documents or agreements executed in connection with the
Loans (all of the foregoing, for purposes of this Section, hereinafter referred to, individually and collectively, as the “Relevant
Documents”), no recourse under or upon any Obligation, representation, warranty, promise or other matter whatsoever shall
be had against any of Borrower’s Principals and each Bank expressly waives and releases, on behalf of itself and its successors
and assigns, all right to assert any liability whatsoever under or with respect to the Relevant Documents against, or to satisfy any
claim or obligation arising thereunder against, any of Borrower’s Principals or out of any assets of Borrower’s Principals,
provided, however, that nothing in this Section shall be deemed to (1) release Borrower from any personal liability pursuant
to, or from any of its respective obligations under, the Relevant Documents, or from personal liability for its fraudulent actions or
fraudulent omissions; (2) release any of Borrower’s Principals from personal liability for its or his own fraudulent actions
or fraudulent omissions; (3) constitute a waiver of any obligation evidenced or secured by, or contained in, the Relevant Documents
or affect in any way the validity or enforceability of the Relevant Documents; or (4) limit the right of Administrative Agent and/or
the Banks to proceed against or realize upon any collateral hereafter given for the Loans or other Obligations or any and all of the
assets of Borrower (notwithstanding the fact that any or all of Borrower’s Principals have an ownership interest in Borrower and,
thereby, an interest in the assets of Borrower) or to name Borrower (or, to the extent that the same are required by applicable Law or
are determined by a court to be necessary parties in connection with an action or suit against Borrower or any collateral hereafter given
for the Loans or other Obligations, any of Borrower’s Principals) as a party defendant in, and to enforce against any collateral
hereafter given for the Loans or other Obligations and/or assets of Borrower any judgment obtained by Administrative Agent and/or the
Banks with respect to, any action or suit under the Relevant Documents so long as no judgment shall be taken (except to the extent taking
a judgment is required by applicable Law or determined by a court to be necessary to preserve Administrative Agent’s and/or Banks’
rights against any collateral hereafter given for the Loans or other Obligations or Borrower, but not otherwise) or shall be enforced
against Borrower’s Principals or their assets.

 

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Article XII

 

MISCELLANEOUS

 

Section 12.01     Binding
Effect of Request for Advance. Borrower agrees that, by its acceptance of any advance of
proceeds of the Loans under this Agreement, it shall be bound in all respects by the request for advance submitted on its behalf in connection
therewith with the same force and effect as if Borrower had itself executed and submitted the request for advance and whether or not
the request for advance is executed and/or submitted by an authorized person.

 

Section 12.02     Amendments
and Waivers. Except as provided in Section 3.02, no amendment or waiver of any provision
of this Agreement or any other Loan Document nor consent to any departure by Borrower (or, in the case of any guaranty executed and delivered
pursuant to clause (y) of the definition of “Unencumbered Assets” in Section 1.01, the Subsidiary Guarantor referred
to therein) therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Banks and, solely
for purposes of its acknowledgment thereof, Administrative Agent, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall (1) increase
or extend the Loan Commitment of any Bank without the written consent of such Bank; (2)  reduce the principal of, or interest on,
the Loans or reimbursement obligations or any fees due hereunder or any other amount due hereunder or under any Loan Document, without
the written consent of each Bank affected thereby; (3) postpone any date fixed for any payment of principal of, or interest on,
the Loans or reimbursement obligations or any fees due hereunder or under any Loan Document without the written consent of each Bank
affected thereby; (4) change the definition of “Required Banks”, without the written consent of each Bank; (5) amend
Section 10.15, Section 10.16, this Section or any other provision requiring the consent of all the Banks, without the
written consent of each Bank; (6) waive any default under paragraph (5) of Section 9.01, without the written consent of
each Bank, (7) release all or substantially all of the guaranties executed and delivered pursuant to clause (y) of the definition
of “Unencumbered Assets” in Section 1.01, without the written consent of each Bank, or (8) extend the expiration
date of any Letter of Credit to a date more than one year after the Maturity Date, without the written consent of each Bank; provided
further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Sustainability
Structuring Agent, or the Issuing Bank hereunder without the prior written consent of the Administrative Agent, the Sustainability Structuring
Agent, or the Issuing Bank, as the case may be. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any
right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires
the consent of all Banks or each affected Bank may be effected with the consent of the applicable Banks other than Defaulting Lenders),
except that (x) the Loan Commitment of any Defaulting Lender may not be increased or extended without the consent of such Bank and
(y) any waiver, amendment or modification requiring the consent of all Banks or each affected Bank that by its terms affects any
Defaulting Lender more adversely than other affected Banks shall require the consent of such Defaulting Lender. Any advance of proceeds
of the Loans made, or any Letter of Credit issued, prior to or without the fulfillment by Borrower of all of the conditions precedent
thereto, whether or not known to Administrative Agent and the Banks, shall not constitute a waiver of any Default or Event of Default
or a waiver of the requirement that all conditions, including the non-performed conditions, shall be required with respect to all future
advances and issuances of Letters of Credit. Neither any failure or delay on the part of Administrative Agent or any Bank to exercise
any right hereunder nor any single or partial exercise of any right or power hereunder or any abandonment or discontinuance of steps
to enforce such right or power shall operate as a waiver thereof or preclude any other or further exercise thereof or the exercise of
any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. All communications from
Administrative Agent to the Banks requesting the Banks’ determination, consent, approval or disapproval (i) shall be given
in the form of a written notice to each Bank, (ii) shall be accompanied by a description of the matter or thing as to which such
determination, approval, consent or disapproval is requested and (iii) shall include Administrative Agent’s recommended course
of action or determination in respect thereof. Each Bank shall reply promptly, but in any event within ten (10) Banking Days (or
five (5) Banking Days with respect to any decision to accelerate or stop acceleration of the Loans and other Obligations) after
receipt of the request therefor by Administrative Agent (the “Bank Reply Period”). Unless a Bank shall give
written notice to Administrative Agent that it objects to the recommendation or determination of Administrative Agent (together with
a written explanation of the reasons behind such objection) within the Bank Reply Period, such Bank shall be deemed to have approved
or consented to such recommendation or determination.

 

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Section 12.03     Usury.
Anything herein to the contrary notwithstanding, the obligations of Borrower under this Agreement and the Loans shall be subject to the
limitation that payments of interest shall not be required to the extent that receipt thereof would be contrary to provisions of Law
applicable to a Bank limiting rates of interest which may be charged or collected by such Bank.

 

Section 12.04     Expenses;
Indemnification. Borrower agrees (i) to reimburse Administrative Agent, the Sustainability
Structuring Agent, the Joint Lead Arrangers, and Syndication Agents on demand for all reasonable costs, expenses, and charges (including,
without limitation, all reasonable fees and charges of engineers, appraisers and legal counsel) incurred by it in connection with the
Loans and Letters of Credit and the preparation, execution, delivery and administration of the Loan Documents and any amendment or waiver
with respect thereto, (ii) to reimburse each of the Issuing Banks for all reasonable out-of-pocket expenses incurred by
such Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder and (iii) to reimburse each of the Banks for reasonable legal costs, expenses and charges incurred by each of the Banks
in connection with the performance or enforcement of this Agreement, the Notes, or any other Loan Documents (including such costs, expenses
and charges incurred during any work-out or restructuring of the Loans); provided, however, that Borrower is not responsible for costs,
expenses and charges incurred by the Bank Parties in connection with the administration or syndication of the Loans (other than the fees
required by the Fee Letter and the Supplemental Fee Letters). Borrower agrees to indemnify Administrative Agent, the Sustainability Structuring
Agent, each Joint Lead Arranger, and each Bank and their respective Affiliates, directors, officers, employees, advisors and agents (each
such Person, an “Indemnitee”) from, and hold each of them harmless against, any and all losses, liabilities,
claims, damages or expenses, except for Taxes (the indemnification for which is addressed in Section 3.10), incurred by any of them
arising out of or by reason of (x) any claims by brokers due to acts or omissions by Borrower, (y) the execution, delivery
and performance of this Agreement and the other Loan Documents (including the Indemnitee’s reliance on any Communications executed
using an Electronic Signature, or in the form of an Electronic Record) or the transactions contemplated hereby and thereby or (z) any
investigation or litigation or other proceedings (including any threatened investigation or litigation or other proceedings) relating
to any actual or proposed use by Borrower of the proceeds of the Loans or the Letters of Credit, including without limitation, the reasonable
fees and disbursements of counsel incurred in connection with any such investigation or litigation or other proceedings; provided that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against
an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower
or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.
No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed
by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other
Loan Documents or the transactions contemplated hereby or thereby other than for direct and actual damages resulting from such Indemnitee’s
breach of Section 12.20. To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim
against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of, in connection with, or as a result of, this Agreement or any transaction, agreement or instrument contemplated
hereby, any Loan or Letter of Credit or the use of the proceeds thereof.

 

The obligations of Borrower
under this Section and under Article III shall survive the repayment of all amounts due under or in connection with any of
the Loan Documents and the termination of the Loans and Letters of Credit, provided, however, that in the case of Article III, such
obligations shall survive only for a period of ninety (90) days after such repayment and termination.

 

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Section 12.05     Assignment;
Participation. This Agreement shall be binding upon, and shall inure to the benefit of,
Borrower, Administrative Agent, the Banks and their respective successors and permitted assigns. Borrower may not assign or transfer
its rights or obligations hereunder without the prior written consent of each Bank (and any attempted assignment or transfer without
such consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other
than the parties hereto, their respective successors and assigns permitted hereby, Indemnitees, Participants to the extent provided
in this Section 12.05 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent,
the Issuing Banks or the Banks) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

Any Bank may, without the
consent of the Borrower, the Administrative Agent, the Sustainability Structuring Agent, or the Issuing Bank, at any time grant to one
or more banks or other institutions (other than a natural person (or a holding company, investment vehicle or trust for, or owned and
operated for the primary benefit of a natural person), a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates
or Consolidated Businesses) (each a “Participant”) participating interests in its Loan (each a “Participation”).
In the event of any such grant by a Bank of a Participation to a Participant, whether or not Borrower or Administrative Agent was given
notice, such Bank shall remain responsible for the performance of its obligations hereunder, and Borrower and Administrative Agent shall
continue to deal solely and directly with such Bank in connection with such Bank’s rights and obligations hereunder. Any agreement
pursuant to which any Bank may grant such a participating interest shall provide that such Bank shall retain the sole right and responsibility
to enforce the obligations of Borrower hereunder and under any other Loan Document including, without limitation, the right to approve
any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that such participation
agreement may provide that such Bank will not agree to any modification, amendment or waiver of this Agreement described in the first
proviso to Section 12.02 without the consent of the Participant. Any Participant hereunder shall have the same benefits as any Bank
with respect to the yield protection, increased cost and tax provisions of Article III, but a Participant shall not be entitled
to receive any greater payment than the Bank granting such Participation would have been entitled to receive. Each Bank that sells a
participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the
Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Bank
shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any
Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of
credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries
in the Participant Register shall be conclusive absent manifest error, and such Bank shall treat each Person whose name is recorded in
the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining
a Participant Register.

 

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Subject to the conditions
set forth below, any Bank may assign to one or more assignees (each such assignee, an “Assignee”) all or a
portion of its rights and obligations under this Agreement (including all or a portion of its Loan Commitment and the Loans at the time
owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of:

 

(i)            the
Borrower, provided that no consent of the Borrower shall be required for an assignment to a Bank, an Affiliate of a Bank, an Approved
Fund or, if an Event of Default has occurred and is continuing, any other Assignee; provided that the Borrower shall be deemed
to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Banking
Days after having received written notice thereof requesting the Borrower’s approval and containing a legend that states “REQUEST
FOR APPROVAL - FAILURE TO OBJECT TO THIS REQUEST WITHIN FIVE (5) BANKING DAYS SHALL BE DEEMED APPROVAL”;

 

(ii)            the
Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of any Loan Commitment
to an Assignee that is a Bank with a Loan Commitment immediately prior to giving effect to such assignment; and

 

(iii)            the
Issuing Bank, provided that no consent of the Issuing Bank shall be required for an assignment of any Loan Commitment to an Assignee
that is a Bank with a Loan Commitment immediately prior to giving effect to such assignment.

 

Such assignments shall be subject to
the following additional conditions:

 

(1)            except
in the case of an assignment to a Bank or an Affiliate of a Bank or an assignment of the entire remaining amount of the assigning Bank’s
Loan Commitment or Loans, the amount of the Loan Commitment or Loans of the assigning Bank subject to each such assignment (determined
as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less
than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the
Borrower shall be required if an Event of Default has occurred and is continuing;

 

(2)            each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Bank’s rights and obligations under
this Agreement;

 

(3)            the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing
and recordation fee of $3,500;

 

(4)            the
Assignee, if it shall not be a Bank, shall deliver to the Administrative Agent an Administrative Questionnaire in which the Assignee
designates one or more contacts to whom all syndicate-level information (which may contain material non-public information about the
Borrower and its related parties or its securities) will be made available and who may receive such information in accordance with the
Assignee’s compliance procedures and applicable laws, including Federal and state securities laws; and

 

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(5)            no
such assignment shall be made (A) to the Borrower or any of the Borrower’s Affiliates or Consolidated Businesses, or (B) to
any Defaulting Lender or any of its Consolidated Businesses, or any Person who, upon becoming a Bank hereunder, would constitute any
of the foregoing Persons described in this clause (B), or (C) to a natural person (or a holding company, investment vehicle or trust
for, or owned and operated for the primary benefit of, a natural person).

 

For the purposes of this Section 12.05,
the term “Approved Fund” has the following meaning:

 

“Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in
bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a
Bank, (b) an Affiliate of a Bank or (c) an entity or an Affiliate of an entity that administers or manages a Bank.

 

Upon (i) execution and
delivery of such Assignment and Acceptance, (ii) payment by such Assignee to the Bank of an amount equal to the purchase price agreed
between the Bank and such Assignee and (iii) payment of the fee described in paragraph (3) above, such Assignee shall be a
Bank Party to this Agreement and shall have all the rights and obligations of a Bank as set forth in such Assignment and Acceptance,
and the assigning Bank shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by
any party shall be required. Upon the consummation of any assignment pursuant to this paragraph, substitute Ratable Loan Notes shall
be issued to the assigning Bank and Assignee by Borrower, in exchange for the return of the original Ratable Loan Note. The obligations
evidenced by such substitute notes shall constitute “Obligations” for all purposes of this Agreement and the other Loan Documents.
In connection with Borrower’s execution of substitute notes as aforesaid, Borrower shall deliver to Administrative Agent evidence,
satisfactory to Administrative Agent, of all requisite corporate action to authorize Borrower’s execution and delivery of the substitute
notes and any related documents. The Assignee shall, prior to the first date on which interest or fees are payable hereunder for its
account, deliver to Borrower and Administrative Agent certification as to exemption from deduction or withholding of any Taxes in accordance
with Section 3.10. Each Assignee shall be deemed to have made the representations contained in, and shall be bound by the provisions
of, Section 3.10.

 

Notwithstanding the foregoing,
any Designated Lender may assign at any time to its Designating Lender, without the consents required by or other limitations set forth
in the first sentence of this paragraph, any or all of the Loans it may have funded hereunder and pursuant to its Designation Agreement.

 

Any Bank may at any time
pledge or assign or grant a security interest in all or any portion of its rights under this Agreement to secure obligations of such
Bank, including without limitation any pledge or assignment or grant to secure obligations to a Federal Reserve Bank, and this Section 12.05
shall not apply to any such pledge or assignment or grant of a security interest; provided that no such pledge or assignment or
grant of a security interest shall release a Bank from any of its obligations hereunder or substitute any such pledgee or assignee or
grantee for such Bank as a party hereto.

 

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Borrower recognizes that
in connection with a Bank’s selling of Participations or making of assignments, any or all documentation, financial statements,
appraisals and other data, or copies thereof, relevant to Borrower or the Loans may be exhibited to and retained by any such Participant
or Assignee or prospective Participant or Assignee. In connection with a Bank’s delivery of any financial statements and appraisals
to any such Participant or Assignee or prospective Participant or Assignee, such Bank shall also indicate that the same are delivered
on a confidential basis. Borrower agrees to provide all assistance reasonably requested by a Bank to enable such Bank to sell Participations
or make assignments of its Loan as permitted by this Section. Each Bank agrees to provide Borrower with notice of all Participations
sold by such Bank to other than its Affiliates. Any Bank or Participant may pledge its Loans or Participations as collateral in accordance
with applicable law.

 

The Administrative Agent,
acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Acceptance delivered to it (or the equivalent thereof in electronic form) and a register
for the recordation of the names and addresses of the Banks, and the Loan Commitments of, and principal amounts of the Loans and L/C
Obligations and any accrued and unpaid interest and any other amounts thereon, owing to, each Bank pursuant to the terms hereof from
time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and
the Borrower, the Administrative Agent and the Banks may treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Bank hereunder for all purposes of this Agreement, notwithstanding notice to the contrary and no transfer of an interest
in the Loans or L/C Obligations shall be effective unless and until recorded in the Register. In addition, the Administrative Agent shall
maintain on the Register information regarding the designation, and revocation of designation, of any Bank as a Defaulting Lender. The
Register shall be available for inspection by the Borrower and any Bank, at any reasonable time and from time to time upon reasonable
prior notice. This paragraph shall be construed so that the Loans are at all times maintained in “registered form” for purposes
of the Code and any applicable regulations (and any other relevant or successor provisions of the Code or such regulations).

 

Section 12.06     Documentation
Satisfactory. All documentation required from or to be submitted on behalf of Borrower in
connection with this Agreement and the documents relating hereto shall be subject to the prior approval of, and be satisfactory in form
and substance to, Administrative Agent, its counsel and, where specifically provided herein, the Banks. In addition, the persons or parties
responsible for the execution and delivery of, and signatories to, all of such documentation, shall be acceptable to, and subject to
the approval of, Administrative Agent and its counsel and the Banks.

 

Section 12.07     Notices.

 

(a)            Unless
the party to be notified otherwise notifies the other party in writing as provided in this Section, and except as otherwise provided
in this Agreement, notices shall be given to Administrative Agent by telephone (to the extent permitted hereby), confirmed by writing,
and to the Banks and to Borrower by electronic mail, ordinary mail or overnight courier, receipt confirmed, addressed to such party at
(x) its address on the signature page of this Agreement, in the case of the Administrative Agent, an Issuing Bank or the Borrower
or (y) the address, electronic mail address or telephone number specified in its Administrative Questionnaire, in the case of a
Bank. Notices shall be effective (1) if by telephone, at the time of such telephone conversation, (2) if given by mail, three
(3) days after mailing; and (3) if given by overnight courier, upon receipt. Notices delivered through electronic communications
to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).

 

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(b)            Electronic
Communications. Notices and other communications to the Banks hereunder may be delivered or furnished by electronic communication
(including e-mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that
the foregoing shall not apply to notices to any Bank pursuant to Section 2 if such Bank, has notified the Administrative Agent that
it is incapable of receiving notices under such section by electronic communication. The Administrative Agent or the Borrower may, in
its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 

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

 

(c)            The
Platform. THE PLATFORM (AS DEFINED IN SECTION 6.09) IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE
AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS (AS DEFINED IN SECTION 6.09)
OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY
OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT
OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER
MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent, the Sustainability Structuring Agent, the Syndication Agents or
any of their Related Parties (collectively, the “Agent Parties”) have any liability to Borrower, any Bank or
any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out
of Borrower’s or the Administrative Agent’s or the Sustainability Structuring Agent’s or the Syndication Agents’
transmission of Borrower Materials through the internet, except to the extent that such losses, claims, damages, liabilities or expenses
are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence
or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability
to Borrower, any Bank or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct
or actual damages).

 

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(d)            Change
of Address, Etc. Each of the Borrower, the Administrative Agent, and each Issuing Bank may change its address, electronic mail address,
telephone number for notices and other communications hereunder by written notice to the other parties hereto. Each other Bank may change
its address, electronic mail address, telephone number for notices and other communications hereunder by notice to the Borrower and the
Administrative Agent. In addition, each Bank agrees to notify the Administrative Agent from time to time to ensure that the Administrative
Agent has on record (i) an effective address, contact name, telephone number and electronic mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such Bank.

 

(e)            Reliance
by Administrative Agent, Issuing Banks and Banks. Absent its gross negligence or willful misconduct as determined by a court
of competent jurisdiction in a final and non-appealable judgment, the Administrative Agent, the Issuing Banks and the Banks shall be
entitled to rely and act upon any notices (including telephonic notices and Ratable Loan Notices) purportedly given by or on behalf of
the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed
by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation
thereof. The Borrower shall indemnify the Administrative Agent, each Issuing Bank, each Bank and the Related Parties of each of them
from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on
behalf of the Borrower, except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment
that such Person acted with gross negligence or willful misconduct. All telephonic notices to and other telephonic communications with
the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

Section 12.08     Setoff.
Borrower agrees that, in addition to (and without limitation of) any right of setoff, bankers’ lien or counterclaim a Bank may
otherwise have, each Bank shall be entitled, at its option, to offset balances (general or special, time or demand, provisional or final)
held by it for the account of Borrower at any of such Bank’s offices, in Dollars or in any other currency, against any amount payable
by Borrower to such Bank under this Agreement or such Bank’s Note, or any other Loan Document which is not paid when due (regardless
of whether such balances are then due to Borrower), in which case it shall promptly notify Borrower and Administrative Agent thereof;
provided that such Bank’s failure to give such notice shall not affect the validity thereof, and provided further, that
in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately
to the Administrative Agent for further application in accordance with the provisions of Section 2.20 and, pending such payment,
shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent
and the Banks, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable
detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.

 

    -103-

     

    

 

Payments by Borrower hereunder
or under the other Loan Documents shall be made without setoff or counterclaim.

 

Section 12.09     Table
of Contents; Headings. Any table of contents and the headings and captions hereunder are
for convenience only and shall not affect the interpretation or construction of this Agreement.

 

Section 12.10     Severability.
The provisions of this Agreement are intended to be severable. If for any reason any provision of this Agreement shall be held invalid
or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent
of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction
or the remaining provisions hereof in any jurisdiction. Without limiting the foregoing provisions of this Section 12.10, if and
to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief
Laws, as determined in good faith by the Administrative Agent or the Issuing Bank, as applicable, then such provisions shall be deemed
to be in effect only to the extent not so limited.

 

Section 12.11     Counterparts.
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument,
and any party hereto may execute this Agreement by signing any such counterpart. Delivery of an executed counterpart of a signature page of
this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this
Agreement.

 

Section 12.12     Integration.
The Loan Documents, the Fee Letter and Supplemental Fee Letters set forth the entire agreement among the parties hereto relating to the
transactions contemplated thereby and supersede any prior oral or written statements or agreements with respect to such transactions.

 

Section 12.13     Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with,
the Laws of the State of New York (without giving effect to New York’s principles of conflicts of Laws).

 

Section 12.14     Waivers.
In connection with the obligations and liabilities as aforesaid, Borrower hereby waives (1) promptness and diligence; (2) notice
of any actions taken by any Bank Party under this Agreement, any other Loan Document or any other agreement or instrument relating thereto
except to the extent otherwise provided herein; (3) all other notices, demands and protests, and all other formalities of every
kind in connection with the enforcement of the Obligations, the omission of or delay in which, but for the provisions of this Section,
might constitute grounds for relieving Borrower of its obligations hereunder; (4) any requirement that any Bank Party protect, secure,
perfect or insure any Lien on any collateral or exhaust any right or take any action against Borrower or any other Person or any collateral;
(5) any right or claim of right to cause a marshalling of the assets of Borrower; and (6) all rights of subrogation or contribution,
whether arising by contract or operation of law (including, without limitation, any such right arising under the Federal Bankruptcy Code)
or otherwise by reason of payment by Borrower, either jointly or severally, pursuant to this Agreement or other Loan Documents.

 

    -104-

     

    

 

Section 12.15     Jurisdiction;
Immunities. Borrower, Administrative Agent and each Bank hereby irrevocably submit to the
exclusive jurisdiction of any New York State court sitting in New York County or the United States District Court for the Southern District
of New York sitting in New York County, and any appellate court from any thereof, over any action or proceeding arising out of or relating
to this Agreement, the Notes or any other Loan Document. Borrower, Administrative Agent, and each Bank irrevocably agree that all claims
in respect of such action or proceeding may be heard and determined in such New York State or United States Federal court. Borrower,
Administrative Agent, and each Bank irrevocably consent to the service of any and all process in any such action or proceeding by the
mailing of copies of such process to Borrower, Administrative Agent or each Bank, as the case may be, at the addresses specified herein.
Borrower, Administrative Agent and each Bank agree that a final judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Borrower, Administrative Agent and
each Bank further waive any objection to venue in the State of New York and any objection to an action or proceeding in the State of
New York on the basis of forum non conveniens. Borrower, Administrative Agent and each Bank agree that any action or proceeding brought
against Borrower, Administrative Agent or any Bank, as the case may be, shall be brought only in a New York State court sitting in New
York County or the United States District Court for the Southern District of New York court sitting in New York County, to the extent
permitted or not expressly prohibited by applicable Law.

 

Nothing in this Section shall
affect the right of Borrower, Administrative Agent or any Bank to serve legal process in any other manner permitted by Law.

 

To the extent that Borrower,
Administrative Agent or any Bank have or hereafter may acquire any immunity from jurisdiction of any court or from any legal process
(whether from service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to
itself or its property, Borrower, Administrative Agent and each Bank hereby irrevocably waive such immunity in respect of its obligations
under this Agreement, the Notes and any other Loan Document.

 

BORROWER, ADMINISTRATIVE
AGENT AND EACH BANK WAIVE ANY RIGHT EACH SUCH PARTY MAY HAVE TO JURY TRIAL IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT
WITH RESPECT TO THIS AGREEMENT, THE NOTES, THE OTHER LOAN DOCUMENTS, THE LOANS, THE LETTERS OF CREDIT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

 

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Section 12.16     Designated
Lender. Any Bank (other than a Bank who is such solely because it is a Designated Lender)
(each, a “Designating Lender”) may at any time designate one (1) Designated Lender to fund Bid Rate Loans
on behalf of such Designating Lender subject to the terms of this Section and the provisions in Section 12.05 shall not apply
to such designation. No Bank may designate more than one (1) Designated Lender. The parties to each such designation shall execute
and deliver to Administrative Agent for its acceptance a Designation Agreement. Upon such receipt of an appropriately completed Designation
Agreement executed by a Designating Lender and a designee representing that it is a Designated Lender, Administrative Agent will accept
such Designation Agreement and give prompt notice thereto to Borrower, whereupon, (i) from and after the “Effective Date”
specified in the Designation Agreement, the Designated Lender shall become a party to this Agreement with a right to make Bid Rate Loans
on behalf of its Designating Lender pursuant to Section 2.02 after Borrower has accepted the Bid Rate Quote of the Designating Lender
and (ii) the Designated Lender shall not be required to make payments with respect to any obligations in this Agreement except to
the extent of excess cash flow of such Designated Lender which is not otherwise required to repay obligations of such Designated Lender
which are then due and payable; provided, however, that regardless of such designation and assumption by the Designated Lender, the Designating
Lender shall be and remain obligated to Borrower, Administrative Agent and the Banks for each and every of the obligations of the Designating
Lender and its related Designated Lender with respect to this Agreement, including, without limitation, any indemnification obligations
under Section 10.05. Each Designating Lender shall serve as the administrative agent of its Designated Lender and shall on behalf
of, and to the exclusion of, the Designated Lender: (i) receive any and all payments made for the benefit of the Designated Lender
and (ii) give and receive all communications and notices and take all actions hereunder, including, without limitation, votes, approvals,
waivers and consents under or relating to this Agreement and the other Loan Documents. Any such notice, communication, vote, approval,
waiver or consent shall be signed by the Designating Lender as administrative agent for the Designated Lender and shall not be signed
by the Designated Lender on its own behalf, but shall be binding on the Designated Lender to the same extent as if actually signed by
the Designated Lender. Borrower, Administrative Agent and the Banks may rely thereon without any requirement that the Designated Lender
sign or acknowledge the same. No Designated Lender may assign or transfer all or any portion of its interest hereunder or under any other
Loan Document, other than assignments to the Designating Lender which originally designated such Designated Lender.

 

Section 12.17     No
Bankruptcy Proceedings. Each of Borrower, the Banks and Administrative Agent hereby agrees
that it will not institute against any Designated Lender or join any other Person in instituting against any Designated Lender any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding under any federal or state bankruptcy or similar Law, for one (1) year
and one (1) day after the payment in full of the latest maturing commercial paper note issued by such Designated Lender.

 

Section 12.18     USA
Patriot Act. Each Bank hereby notifies Borrower that pursuant to the requirements of the
USA Patriot Act (Title III of Pub.L.107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it
is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower
and other information that will allow such Bank to identify Borrower in accordance with the Act.

 

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Section 12.19     Transitional
Arrangements.

 

(a)            2019
Credit Agreement Superseded. This Agreement shall supersede the 2019 Credit Agreement in its entirety, except as provided in this
Section 12.19. On the Closing Date, the rights and obligations of the parties under the 2019 Credit Agreement and the “Notes”
defined therein shall be subsumed within and be governed by this Agreement and the Notes and continue as “Obligations” hereunder
(except to the extent repaid on the Closing Date). The Banks’ interests in such Obligations, including participations in Existing
Letters of Credit, shall be reallocated on the Closing Date in accordance with each Bank’s applicable Pro Rata Share. On the Closing
Date, (A) the loan commitment of each Bank that is a party to the 2019 Credit Agreement but is not a party to this Agreement (an
 “Exiting Bank”) shall be terminated, all outstanding obligations owing to such Exiting Banks under the 2019
Credit Agreement on the Closing Date shall be paid in full, and each Exiting Bank shall cease to be a Bank under this Agreement; provided,
however, that, notwithstanding anything else provided herein or otherwise, any rights of an Exiting Bank under the Loan Documents that
are intended by their express terms to survive termination of the Loan Commitments and/or the repayment, satisfaction or discharge of
obligations under any Loan Document shall survive for such Exiting Bank hereunder, and (B) each Person listed on Schedule 1
attached to this Agreement shall be a Bank under this Agreement with the Loan Commitment set forth opposite its name on such Schedule 1.

 

(b)            Return
and Cancellation of Notes. Upon its receipt of the Notes to be delivered hereunder on the Closing Date, each Bank will promptly return
to Borrower, marked “Cancelled” or “Replaced”, the notes of Borrower held by such Bank pursuant to the 2019 Credit
Agreement.

 

(c)            Interest
and Fees Under 2019 Credit Agreement. All interest and all commitment, facility and other fees and expenses owing or accruing under
or in respect of the 2019 Credit Agreement shall be calculated as of the Closing Date (prorated in the case of any fractional periods),
and shall be paid on the Closing Date in accordance with the methods specified in the 2019 Credit Agreement as if such agreement was
still in effect.

 

Section 12.20     Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Banks and
the Issuing Bank agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed
(a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, consultants,
trustees, advisors and representatives in connection with the transactions contemplated by this Agreement (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory
authority), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to
any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action
or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject
to an agreement containing provisions substantially the same as those of this Section, to (i) any Assignee of or Participant in,
or any prospective Assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the
consent of the Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach
of this Section or (y) becomes available to the Administrative Agent, any Bank, the Issuing Bank or any of their respective
Affiliates on a nonconfidential basis from a source other than the Borrower.

 

    -107-

     

    

 

In addition, the Administrative
Agent and the Banks may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar
service providers to the lending industry and service providers to the Administrative Agent and the Banks in connection with the administration
of this Agreement, the other Loan Documents, and the Loan Commitments.

 

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

 

Each of the Administrative
Agent, the Banks and the Issuing Bank acknowledges that (a) the Information may include material non-public information concerning
the Borrower or a Consolidated Business, as the case may be, (b) it has developed compliance procedures regarding the use of material
non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including
United States Federal and state securities Laws.

 

Section 12.21     Survival
of Representations and Warranties. All representations and warranties made hereunder and
in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive
the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative
Agent and each Bank, regardless of any investigation made by the Administrative Agent or any Bank or on their behalf and notwithstanding
that the Administrative Agent or any Bank may have had notice or knowledge of any Default at the time of any credit extension, and shall
continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter
of Credit shall remain outstanding. Notwithstanding the foregoing, any representation or warranty made hereunder and specified to be
made as of a certain date shall continue to be interpreted as having been made only as of such date.

 

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Section 12.22     No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document),
the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and
other services regarding this Agreement provided by the Administrative Agent, the Sustainability Structuring Agent, the Arrangers, and
the Banks are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative
Agent, the Sustainability Structuring Agent, the Arrangers, and the Banks, on the other hand, (B) the Borrower has consulted its
own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating,
and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents;
(ii) (A) the Administrative Agent, the Sustainability Structuring Agent, each Arranger and each Bank is and has been acting
solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting
as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) neither the Administrative
Agent, the Sustainability Structuring Agent, any Arranger nor any Bank has any obligation to the Borrower or any of its Affiliates with
respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents;
and (iii) the Administrative Agent, the Sustainability Structuring Agent, the Arrangers and the Banks and their respective Affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and
neither the Administrative Agent, the Sustainability Structuring Agent, any Arranger, nor any Bank has any obligation to disclose any
of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases
any claims that it may have against the Administrative Agent, the Sustainability Structuring Agent, any Arranger or any Bank with respect
to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

Section 12.23     Electronic
Execution; Electronic Records; Counterparts. This Agreement, any Loan Document and any other
Communication, including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using
Electronic Signatures. The Borrower and each of the Administrative Agent and the Bank Parties agrees that any Electronic Signature on
or associated with any Communication shall be valid and binding on such Person to the same extent as a manual, original signature, and
that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of such Person enforceable
against such Person in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered.  
Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts,
but all such counterparts are one and the same Communication.  For the avoidance of doubt, the authorization under this paragraph
may include, without limitation, use or acceptance of a manually signed paper Communication which has been converted into electronic
form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery
and/or retention. The Administrative Agent and each of the Bank Parties may, at its option, create one or more copies of any Communication
in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course
of such Person’s business, and destroy the original paper document.  All Communications in the form of an Electronic Record,
including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability
as a paper record. Notwithstanding anything contained herein to the contrary, neither the Administrative Agent nor any Issuing Bank is
under any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by such Person pursuant
to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Administrative Agent and/or
Issuing Bank has agreed to accept such Electronic Signature, the Administrative Agent and each of the Bank Parties shall be entitled
to rely on any such Electronic Signature purportedly given by or on behalf of the Borrower and/or any Bank Party without further verification
and (b) upon the request of the Administrative Agent or any Bank Party, any Electronic Signature shall be promptly followed by such
manually executed counterpart.  For purposes hereof, “Electronic Record” and “Electronic Signature”
shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

 

    -109-

     

    

 

Neither the Administrative
Agent nor any Issuing Bank shall be responsible for or have any duty to ascertain or inquire into the sufficiency, validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document (including, for the avoidance of doubt,
in connection with the Administrative Agent’s or Issuing Bank’s reliance on any Electronic Signature transmitted by telecopy,
emailed .pdf or any other electronic means). The Administrative Agent and each Issuing Bank shall be entitled to rely on, and shall incur
no liability under or in respect of this Agreement or any other Loan Document by acting upon, any Communication (which writing may be
a fax, any electronic message, Internet or intranet website posting or other distribution or signed using an Electronic Signature)
or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated (whether
or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

 

The Borrower and each Bank
Party hereby waives (i) any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement
and/or any other Loan Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and (ii) waives
any claim against the Administrative Agent, each Bank Party and each Related Party for any liabilities arising solely from the Administrative
Agent’s and/or any Bank Party’s reliance on or use of Electronic Signatures, including any liabilities arising as a result
of the failure of the Loan Parties to use any available security measures in connection with the execution, delivery or transmission
of any Electronic Signature.

 

Section 12.24     Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Solely to the extent any Bank
or Issuing Bank that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in
any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that
any liability of any Bank or Issuing Bank that is an Affected Financial Institution arising under any Loan Document, to the extent such
liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by:

 

(a)            the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any Bank or Issuing Bank that is an Affected Financial Institution; and

 

(b)            the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(A)            a
reduction in full or in part or cancellation of any such liability;

 

(B)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any
other Loan Document; or

 

    -110-

     

    

 

(C)            the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

Section 12.25     Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through
a guarantee or otherwise, for any swap contract or any other agreement or instrument that is a QFC (such support, “QFC Credit
Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect
to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that
the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United
States or any other state of the United States):

 

(a)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S.
Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property)
were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of
a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that
might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported
QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event
affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)            As
used in this Section 12.25, the following terms have the following meanings:

 

“BHC Act
Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C.
1841(k)) of such party.

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

 

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“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2
or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

    -112-

     

    

 

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

 

	 	AVALONBAY COMMUNITIES, INC.
	 	 
	 	By:	/s/
    Nika Dufour               
	 	Name: Nika Dufour
	 	Title:   Vice President, Capital Markets
	 	 
	 	Address for Notices:
	 	 
	 	AvalonBay Communities, Inc.
	 	4040 Wilson Blvd.
	 	Suite 1000
	 	Arlington, VA 22203
	 	Attn: Vice Presidents, Capital Markets
	 	Telephone: (703) 317-1014
	 	 
	 	Copy to:
	 	 
	 	AvalonBay Communities, Inc.
	 	4040 Wilson Blvd.
	 	Suite 1000
	 	Arlington, VA 22202
	 	Attn: Legal Department
	 	 
	 	Address of principal place of business,
    if different than above: n/a
	 	 
	 	Taxpayer Identification Number:             77-0404318

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A. (as
    Bank, Issuing Bank and Syndication Agent)
	 	 
	 	By: 	/s/
    Nadelge Dang          
	 	Name: Nadelge Dang
	 	Title:   Executive Director

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	BANK OF AMERICA, N.A. (as
    Administrative Agent)
	 	 
	 	By: 	/s/
    Douglas Fong
	 	Name: Douglas Fong
	 	Title:   Agency Management
    Officer

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	BANK OF AMERICA, N.A. (as Bank and
    Issuing Bank)
	 	 
	 	By: 	/s/
    Thomas W. Nowak
	 	Name: Thomas W. Nowak
	 	Title:   Vice President

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	WELLS FARGO BANK, N.A. (as Bank,
    Issuing Bank and Syndication Agent)
	 	 
	 	By: 	/s/
    Scott S. Solis
	 	Name: Scott S. Solis
	 	Title:   Managing Director

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	TRUIST
    BANK
	 	 
	 	By:
    	/s/
    C. Vincent Hughes, Jr.
	 	Name:
    C. Vincent Hughes, Jr.
	 	Title:
      Director

 

Signature
Page to AvalonBay

Sixth
Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	BARCLAYS BANK PLC
	 	 
	 	By: 	/s/
    Craig Molly
	 	Name: Craig Molly
	 	Title:   Director

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH
	 	 
	 	By: 	/s/
    Ming K. Chu
	 	Name: Ming K. Chu
	 	Title:   Director
	 	 
	 	By: 	/s/ Douglas
    Darman
	 	Name: Douglas Darman
	 	Title:   Director

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA
	 	 
	 	By: 	/s/
    Jonathan Dworkin
	 	Name: Johnathan Dworkin
	 	Title:   Authorized Signatory

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	MORGAN STANLEY BANK, N.A.
	 	 
	 	By: 	/s/
    Michael King
	 	Name: Michael King
	 	Title:   Authorized Signatory

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION
	 	 
	 	By: 	/s/
    Katie Chowdhry
	 	Name: Katie Chowdhry
	 	Title:   Senior Vice President

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	ROYAL BANK OF CANADA
	 	 
	 	By: 	/s/
    Edward McKenna
	 	Name: Edward McKenna
	 	Title:   Authorized Signatory

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	TD BANK, N.A.
	 	 
	 	By: 	/s/
    William M. Brandt, Jr.
	 	Name: William M. Brandt, Jr.
	 	Title:   Vice President

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	By: 	/s/
    Timothy J. Tillman
	 	Name: Timothy J. Tillman
	 	Title:   Senior Vice President

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	THE BANK OF NOVA SCOTIA
	 	 
	 	By: 	/s/
    Sacha Boxill
	 	Name: Sacha Boxill
	 	Title:   Director, Corporate
    Banking- U.S. Real Estate, Gaming & Leisure

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	BNP PARIBAS
	 	 
	 	By: 	/s/
    James Goodall
	 	Name: James Goodall
	 	Title:   Managing Director
	 	 
	 	By: 	/s/ Kyle Fitzpatrick
	 	Name: Kyle Fitzpatrick
	 	Title:   Direct

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	MIZUHO BANK, LTD.
	 	 
	 	By: 	/s/
    Donna DeMagistris
	 	Name: Donna DeMagistris
	 	Title:   Executive Director

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan Agreement

 

     

     

    

 

	 	ASSOCIATED BANK, NATIONAL ASSOCIATION
	 	 
	 	By: 	/s/
    Mitchell Vega
	 	Name: Mitchell Vega
	 	Title:   Senior Vice President

 

Signature Page to AvalonBay

Sixth Amended and Restated Revolving Loan AgreementEX-4.1

 Exhibit 4.1 

INDENTURE 
 NISSAN AUTO
RECEIVABLES 2022-B OWNER TRUST, 
 as Issuer 

and 
 U.S. BANK TRUST COMPANY,
NATIONAL ASSOCIATION, 
 as Indenture Trustee 

Dated as of September 28, 2022 
  

  

					
		  		  	(NAROT 2022-B Indenture)

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  

	DEFINITIONS AND INCORPORATION BY REFERENCE	  

			
	 SECTION 1.01
	 	 Definitions
	  	 	2	 
	 SECTION 1.02
	 	 Usage of Terms
	  	 	2	 
	 SECTION 1.03
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	2	 
	
	ARTICLE II	 

	THE NOTES	 

			
	 SECTION 2.01
	 	 Form
	  	 	3	 
	 SECTION 2.02
	 	 Execution, Authentication and Delivery
	  	 	3	 
	 SECTION 2.03
	 	 Temporary Notes
	  	 	4	 
	 SECTION 2.04
	 	 Registration; Registration of Transfer and Exchange
	  	 	4	 
	 SECTION 2.05
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	6	 
	 SECTION 2.06
	 	 Persons Deemed Owners
	  	 	6	 
	 SECTION 2.07
	 	 Payments of Principal and Interest
	  	 	6	 
	 SECTION 2.08
	 	 Cancellation
	  	 	7	 
	 SECTION 2.09
	 	 Release of Collateral
	  	 	7	 
	 SECTION 2.10
	 	 Book-Entry Notes
	  	 	7	 
	 SECTION 2.11
	 	 Notices to Clearing Agency
	  	 	8	 
	 SECTION 2.12
	 	 Definitive Notes
	  	 	8	 
	 SECTION 2.13
	 	 Tax Treatment
	  	 	9	 
	
	ARTICLE III	 

	COVENANTS, REPRESENTATIONS AND WARRANTIES	 

			
	 SECTION 3.01
	 	 Payment of Principal and Interest
	  	 	10	 
	 SECTION 3.02
	 	 Maintenance of Office or Agency
	  	 	10	 
	 SECTION 3.03
	 	 Money for Payments To Be Held in Trust
	  	 	11	 
	 SECTION 3.04
	 	 Existence
	  	 	12	 
	 SECTION 3.05
	 	 Protection of Owner Trust Estate
	  	 	12	 
	 SECTION 3.06
	 	 Opinions as to Owner Trust Estate
	  	 	13	 
	 SECTION 3.07
	 	 Performance of Obligations; Servicing of Receivables
	  	 	13	 
	 SECTION 3.08
	 	 Negative Covenants
	  	 	15	 
	 SECTION 3.09
	 	 Annual Statement as to Compliance
	  	 	15	 
	 SECTION 3.10
	 	 Issuer May Consolidate, etc., Only on Certain Terms
	  	 	16	 
	 SECTION 3.11
	 	 Successor or Transferee
	  	 	17	 
	 SECTION 3.12
	 	 No Other Business
	  	 	17	 
	 SECTION 3.13
	 	 No Borrowing
	  	 	18	 
	 SECTION 3.14
	 	 Guarantees, Loans, Advances and Other Liabilities
	  	 	18	 
	 SECTION 3.15
	 	 Capital Expenditures
	  	 	18	 
	 SECTION 3.16
	 	 Removal of Administrator
	  	 	18	 
	 SECTION 3.17
	 	 Restricted Payments
	  	 	18	 
	 SECTION 3.18
	 	 Notice of Events of Default
	  	 	18	 
	 SECTION 3.19
	 	 Further Instruments and Actions
	  	 	18	 

  

					
		  	-ii-	  	(NAROT 2022-B Indenture)

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 3.20
	 	 Representations and Warranties
	  	 	18	 
	
	ARTICLE IV	 

	SATISFACTION AND DISCHARGE	 

			
	 SECTION 4.01
	 	 Satisfaction and Discharge of Indenture
	  	 	20	 
	 SECTION 4.02
	 	 Application of Trust Money
	  	 	20	 
	 SECTION 4.03
	 	 Repayment of Moneys Held by Paying Agent
	  	 	21	 
	
	ARTICLE V	 

	REMEDIES	 

			
	 SECTION 5.01
	 	 Events of Default
	  	 	21	 
	 SECTION 5.02
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	21	 
	 SECTION 5.03
	 	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	22	 
	 SECTION 5.04
	 	 Remedies; Priorities
	  	 	24	 
	 SECTION 5.05
	 	 Optional Preservation of the Collateral
	  	 	26	 
	 SECTION 5.06
	 	 Limitation of Suits
	  	 	26	 
	 SECTION 5.07
	 	 Rights of Noteholders to Receive Principal and Interest
	  	 	27	 
	 SECTION 5.08
	 	 Restoration of Rights and Remedies
	  	 	27	 
	 SECTION 5.09
	 	 Rights and Remedies Cumulative
	  	 	27	 
	 SECTION 5.10
	 	 Delay or Omission Not a Waiver
	  	 	27	 
	 SECTION 5.11
	 	 Control by Noteholders
	  	 	28	 
	 SECTION 5.12
	 	 Waiver of Past Defaults
	  	 	28	 
	 SECTION 5.13
	 	 Undertaking for Costs
	  	 	28	 
	 SECTION 5.14
	 	 Waiver of Stay or Extension Laws
	  	 	29	 
	 SECTION 5.15
	 	 Action on Notes
	  	 	29	 
	 SECTION 5.16
	 	 Performance and Enforcement of Certain Obligations
	  	 	29	 
	
	ARTICLE VI	 

	THE INDENTURE TRUSTEE	 

			
	 SECTION 6.01
	 	 Duties of Indenture Trustee
	  	 	30	 
	 SECTION 6.02
	 	 Rights of Indenture Trustee
	  	 	31	 
	 SECTION 6.03
	 	 Individual Rights of Indenture Trustee
	  	 	33	 
	 SECTION 6.04
	 	 Indenture Trustee’s Disclaimer
	  	 	33	 
	 SECTION 6.05
	 	 Notice of Defaults
	  	 	34	 
	 SECTION 6.06
	 	 Reports by Indenture Trustee to Holders
	  	 	34	 
	 SECTION 6.07
	 	 Compensation and Indemnity
	  	 	34	 
	 SECTION 6.08
	 	 Replacement of Indenture Trustee
	  	 	35	 
	 SECTION 6.09
	 	 Successor Indenture Trustee by Merger
	  	 	36	 
	 SECTION 6.10
	 	 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee
	  	 	37	 
	 SECTION 6.11
	 	 Eligibility; Disqualification
	  	 	38	 
	 SECTION 6.12
	 	 Preferential Collection of Claims Against Issuer
	  	 	38	 

  

					
		  	-iii-	  	(NAROT 2022-B Indenture)

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	
	ARTICLE VII	  

	NOTEHOLDERS’ LISTS AND REPORTS	  

			
	 SECTION 7.01
	 	 Note Registrar To Furnish Names and Addresses of Noteholders
	  	 	38	 
	 SECTION 7.02
	 	 Preservation of Information; Communications to Noteholders
	  	 	39	 
	 SECTION 7.03
	 	 Reports by Issuer
	  	 	39	 
	 SECTION 7.04
	 	 Reports by Indenture Trustee
	  	 	39	 
	 SECTION 7.05
	 	 Indenture Trustee Website
	  	 	40	 
	 SECTION 7.06
	 	 Information to be Provided by the Indenture Trustee
	  	 	40	 
	 SECTION 7.07
	 	 Noteholder Demand for Repurchase; Dispute Resolution
	  	 	40	 
	 SECTION 7.08
	 	 Asset Review Voting
	  	 	41	 
	
	ARTICLE VIII	 

	ACCOUNTS, DISBURSEMENTS AND RELEASES	 

			
	 SECTION 8.01
	 	 Collection of Money
	  	 	42	 
	 SECTION 8.02
	 	 Accounts
	  	 	42	 
	 SECTION 8.03
	 	 General Provisions Regarding Accounts
	  	 	43	 
	 SECTION 8.04
	 	 Release of Owner Trust Estate
	  	 	44	 
	 SECTION 8.05
	 	 Release of Receivables Upon Purchase by NMAC or the Servicer
	  	 	44	 
	 SECTION 8.06
	 	 Opinion of Counsel
	  	 	45	 
	
	ARTICLE IX	 

	SUPPLEMENTAL INDENTURES	 

			
	 SECTION 9.01
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	45	 
	 SECTION 9.02
	 	 Supplemental Indentures with Consent of Noteholders
	  	 	46	 
	 SECTION 9.03
	 	 Execution of Supplemental Indentures
	  	 	47	 
	 SECTION 9.04
	 	 Effect of Supplemental Indenture
	  	 	47	 
	 SECTION 9.05
	 	 Conformity with Trust Indenture Act
	  	 	48	 
	 SECTION 9.06
	 	 Reference in Notes to Supplemental Indentures
	  	 	48	 
	
	ARTICLE X	 

	REDEMPTION OF NOTES	 

			
	 SECTION 10.01
	 	 Optional Purchase of All Receivables
	  	 	48	 
	 SECTION 10.02
	 	 Form of Redemption Notice
	  	 	48	 
	 SECTION 10.03
	 	 Notes Payable on Redemption Date
	  	 	49	 
	
	ARTICLE XI	 

	MISCELLANEOUS	 

			
	 SECTION 11.01
	 	 Compliance Certificates and Opinions, etc.
	  	 	49	 
	 SECTION 11.02
	 	 Form of Documents Delivered to Indenture Trustee
	  	 	51	 
	 SECTION 11.03
	 	 Acts of Noteholders
	  	 	51	 
	 SECTION 11.04
	 	 Notices to Indenture Trustee, Issuer and Rating Agencies
	  	 	52	 
	 SECTION 11.05
	 	 Notices to Noteholders; Waiver
	  	 	52	 
	 SECTION 11.06
	 	 Alternate Payment and Notice Provisions
	  	 	53	 

  

					
		  	-iv-	  	(NAROT 2022-B Indenture)

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 11.07
	 	Conflict with Trust Indenture Act	  	 	53	 
	 SECTION 11.08
	 	Effect of Headings and Table of Contents	  	 	53	 
	 SECTION 11.09
	 	Successors and Assigns	  	 	53	 
	 SECTION 11.10
	 	Severability	  	 	53	 
	 SECTION 11.11
	 	Benefits of Indenture	  	 	53	 
	 SECTION 11.12
	 	Governing Law; Submission to Jurisdiction; Wavier of Jury Trial	  	 	54	 
	 SECTION 11.13
	 	Counterparts and Electronic Signature	  	 	54	 
	 SECTION 11.14
	 	Recording of Indenture	  	 	55	 
	 SECTION 11.15
	 	Trust Obligation	  	 	55	 
	 SECTION 11.16
	 	No Petition	  	 	55	 
	 SECTION 11.17
	 	Inspection	  	 	55	 
		
	 EXHIBIT A
	 	FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE	  

	 EXHIBIT B
	 	FORM OF ASSET REPURCHASE DEMAND ACTIVITY REPORT	  

  

					
		  	-v-	  	(NAROT 2022-B Indenture)

 CROSS-REFERENCE TABLE 

(not part of this Indenture) 
  

					
	 TIA

Section
	  	Indenture
Section	 
	 (§)310(a) (1)
	  	 	6.11	 
	 (a) (2)
	  	 	6.11	 
	 (a) (3)
	  	 	6.10(b)(1)	 
	 (a) (4)
	  	 	N.A.	 
	 (a) (5)
	  	 	6.11	 
	 (b)
	  	 	5.04	 
		  	 	6.08	 
		  	 	6.11	 
	 (c)
	  	 	N.A.	 
	 (§)311(a)
	  	 	6.12	 
	 (b)
	  	 	6.12	 
	 (c)
	  	 	N.A.	 
	 (§)312(a)
	  	 	7.01	 
	 (b)
	  	 	7.01	 
		  	 	7.02(b)	 
	 (c)
	  	 	7.02(c)	 
	 (§)313(a)
	  	 	7.04	 
	 (b) (1)
	  	 	N.A.	 
	 (b) (2)
	  	 	7.04	 
	 (c)
	  	 	7.04	 
		  	 	11.04	 
	 (d)
	  	 	7.04	 
	 (§)314(a)
	  	 	7.03	 
		  	 	3.09	 
		  	 	11.04	 
		  	 	7.04	 
	 (b)
	  	 	3.06	 
		  	 	11.14	 
	 (c) (1)
	  	 	11.01	 
		  	 	6.02	 
		  	 	8.05(b)	 
	 (c) (2)
	  	 	11.01	 
		  	 	3.06	 
		  	 	3.10	 
		  	 	6.02	 
		  	 	8.05(b)	 
		  	 	8.06	 
	 (c) (3)
	  	 	11.01	 
	 (d)
	  	 	11.01(c)	 
	 (e)
	  	 	11.01	 

  

					
		  	-vi-	  	(NAROT 2022-B Indenture)

					
	 TIA

Section
	  	Indenture
Section	 
	 (f)
	  	 	N.A.	 
	 (§)315(a)
	  	 	6.01	 
	 (b)
	  	 	6.05	 
	 (c)
	  	 	N.A.	 
	 (d)
	  	 	6.01(c)	 
	 (e)
	  	 	5.13	 
	 (§)316(a)(1) (A)
	  	 	5.11	 
	 (a) (1) (B)
	  	 	5.12	 
	 (a) (2)
	  	 	N.A.	 
	 (b)
	  	 	5.07	 
		  	 	9.02	 
		  	 	5.13(c),	 
	 (c)
	  	 	N.A.	 
	 (§)317(a) (1)
	  	 	5.04	 
	 (a) (2)
	  	 	5.03(c)	 
		  	 	5.03(d)	 
		  	 	5.04	 
	 (b)
	  	 	3.03	 
	 (§)318(a)
	  	 	11.07	 
	 —————
	  			
	 N.A. means not applicable
	  			

  

					
		  	-vii-	  	(NAROT 2022-B Indenture)

 INDENTURE dated as of September 28, 2022 (this “Indenture”), between
NISSAN AUTO RECEIVABLES 2022-B OWNER TRUST, a Delaware statutory trust (the “Issuer”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as trustee and not in
its individual capacity (the “Indenture Trustee”). 
 Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Issuer’s 3.688% Asset Backed Notes, Class A-1 (the “Class A-1
Notes”), 4.50% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), 4.46% Asset Backed Notes, Class A-3 (the “Class A-3 Notes”), 4.45% Asset Backed Notes, Class A-4 (the
“Class A-4 Notes”, and collectively with the Class A-1 Notes, the Class A-2 Notes
and the Class A-3 Notes, the “Notes”): 
 GRANTING CLAUSE 

The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes all of
the Issuer’s right, title and interest, whether now owned or hereafter acquired, in and to the following (collectively, the “Collateral”): 

(i) the Receivables (including all related Receivable Files) and all monies due thereon or paid thereunder or in respect thereof after the Cut-off Date; 
 (ii) the Accounts and amounts on deposit in the Accounts; 

(iii) the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and any related property; 

(iv) any proceeds from claims on any physical damage, credit life, credit disability or other insurance policies covering the Financed Vehicles
or the Obligors; 
 (v) payments in respect of any Dealer Recourse with respect to the Receivables; 

(vi) the Sale and Servicing Agreement, the Purchase Agreement and the Assignment; 

(vii) the right of the Issuer to realize upon any property (including the right to receive future Net Liquidation Proceeds) that shall have
secured a Receivable; 
 (viii) rebates of premiums and other amounts relating to insurance policies and other items financed under the
Receivables in effect as of the Cut-off Date; 
 (ix) all other assets comprising the Owner Trust
Estate; and 
 (x) all proceeds of the foregoing. 

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, and subject to the subordinate claims thereon of the Holders of the Certificates, all as provided in this
Indenture. 

  

					
		  	1	  	(NAROT 2022-B Indenture)

 The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes,
acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Holders
of the Notes may be adequately and effectively protected. 
 ARTICLE I 

Definitions and Incorporation by Reference 

SECTION 1.01 Definitions. Except as otherwise specified herein or if the context may otherwise require, capitalized terms used but not
otherwise defined herein have the meanings ascribed thereto in the Sale and Servicing Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”), by and among Nissan Auto Receivables Company II LLC, as seller,
Nissan Motor Acceptance Company LLC, as servicer, the Issuer and the Indenture Trustee. 
 SECTION 1.02 Usage of Terms. With respect
to all terms in this Indenture, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of
reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements and supplements thereto or changes therein entered into in accordance with their
respective terms and not prohibited by this Indenture; references to Persons include their permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors
thereto; and the term “including” means “including without limitation.” 
 SECTION 1.03 Incorporation by Reference of
Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Indenture Trustee. 

“obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 

All other TIA terms used in this Indenture that are defined in the TIA, defined in the TIA by reference to another statute or defined by
Commission rule have the meanings so assigned to them. 

  

					
		  	2	  	(NAROT 2022-B Indenture)

 ARTICLE II 

The Notes 
 SECTION 2.01
Form. The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes, in each case, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth as Exhibit A, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be
determined by the officers executing such Notes, as evidenced by their execution thereof. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without
steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 Each Note
shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture. 

SECTION 2.02 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized
Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. The Indenture Trustee shall upon Issuer Order
authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $270,000,000, the Class A-2 Notes for original issue in an
aggregate principal amount of $443,300,000, the Class A-3 Notes for original issue in an aggregate principal amount of $443,300,000, and the Class A-4 Notes
for original issue in an aggregate principal amount of $93,400,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05.
The Notes shall be issuable as registered Notes in minimum denominations of $1,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes shall be issued as Definitive Notes and the holder of such Retained Notes
shall be a Note Owner and a Noteholder for all purposes of this Indenture. Each Note shall be dated the date of its authentication. 
 No
Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be,
executed by the Indenture Trustee by the manual or facsimile signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder. 

  

					
		  	3	  	(NAROT 2022-B Indenture)

 SECTION 2.03 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer
may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of
which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. If temporary Notes are issued, the Issuer will cause
Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be
maintained as provided in Section 3.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes of any Class, the Issuer shall execute, and the Indenture Trustee shall authenticate
and deliver in exchange therefor, a like principal amount of Definitive Notes of such Class of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as
Definitive Notes. 
 SECTION 2.04 Registration; Registration of Transfer and Exchange. 

(a) The Note Registrar shall maintain a Note Register in which, subject to such reasonable regulations as it may prescribe, the Note Registrar
shall provide for the registration of Notes and transfers and exchanges of Notes as provided in this Indenture. The Indenture Trustee is hereby initially appointed Note Registrar for the purpose of registering Notes and transfers and exchanges of
Notes as provided in this Indenture. In the event that, subsequent to the Closing Date, the Indenture Trustee notifies the Issuer that it is unable to act as Note Registrar, the Issuer shall appoint another bank or trust company, having an office or
agency located in St. Paul, Minnesota, agreeing to act in accordance with the provisions of this Indenture applicable to it, and otherwise acceptable to the Indenture Trustee, to act as successor Note Registrar under this Indenture. 

If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain
copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Holders of the Notes and the principal amounts
and number of such Notes. 
 (b) Upon the proper surrender for registration of transfer of any Note at the office or agency of the Issuer to
be maintained as provided in Section 3.02, the Issuer shall execute, and the Indenture Trustee shall authenticate in the name of the designated transferee or transferees, one or more new Notes of the same Class in
authorized denominations of a like aggregate principal amount. 
 (c) At the option of the Holder, Notes may be exchanged for other Notes of
the same Class in any authorized denominations, of a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. Every Note presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee and the Note Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. 

  

					
		  	4	  	(NAROT 2022-B Indenture)

 (d) No service charge shall be made for any registration of transfer or exchange of Notes,
but the Indenture Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Notes. 

(e) All Notes surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the Indenture Trustee. 

(f) By acquiring a Note (or any interest therein), each Note Owner (and if the Note Owner is a Plan, its fiduciary) will be deemed to
(i) represent, warrant and covenant that either (A) it is not acquiring and will not hold the Note (or any interest therein) for, on behalf of or with the assets of a Benefit Plan or any Plan that is subject to Similar Law; or (B) the
acquisition, holding and disposition of the Note (or any interest therein) does not and will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code
or a violation of any Similar Law and (ii) acknowledge and agree that Benefit Plans and Plans that are subject to Similar Law may not acquire the Notes at any time that the ratings on the Notes are below investment grade or the Notes have been
characterized as other than indebtedness for applicable local law purposes. 
 (g) The Retained Notes, if any (or interests therein), will
not be transferred (other than to a Person specified in the definition of Retained Notes) unless a written opinion of counsel, which counsel and opinion shall be acceptable to the Indenture Trustee, is delivered to the Indenture Trustee to the
effect that, for federal income tax purposes, such Notes after such transfer will be treated as debt and, if there are other Notes of the same Class as such transferred Notes which are not Retained Notes prior to such transfer, for such
purposes such Notes will be fungible with such other Notes of the same Class; provided, however, that fungibility need not take into account whether Notes are, or are not, Definitive Notes. 

(h) No Retained Note has been or will be registered under the Securities Act or any other applicable securities or “blue sky” laws
of any state or other jurisdiction, and no Retained Note or any interest therein may be resold, assigned, pledged or otherwise transferred except in compliance with the registration requirements of the Securities Act or any other applicable
Securities or “blue sky” laws, pursuant to an exemption therefrom or in a transaction not subject thereto. 
 (i) Each Retained
Note will bear a legend to the following effect: 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR
“BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR
“BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. 

  

					
		  	5	  	(NAROT 2022-B Indenture)

 SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated
Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may
be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer shall execute,
and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class. In connection with the issuance of any new Note under
this Section 2.05, the Issuer may require payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 

If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note, a protected purchaser of the original Note in
lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person
taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent
of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 
 Every replacement Note
issued pursuant to this Section 2.05 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed,
lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes of the same Class duly issued hereunder. 

The provisions of this Section 2.05 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.06 Persons Deemed
Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee shall treat the Person in whose name any Note is registered (as of the day of
determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the
Indenture Trustee shall be affected by notice to the contrary. 
 SECTION 2.07 Payments of Principal and Interest. 

(a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall accrue interest during each Interest Period at the Class A-1 Interest
Rate, the Class A-2 Interest Rate, the Class A-3 Interest Rate and the Class A-4 Interest Rate, respectively, and
such interest shall be payable on each related Distribution Date as specified in the applicable Note by applying amounts available pursuant to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 of this
Indenture. Any installment of interest or principal 

  

					
		  	6	  	(NAROT 2022-B Indenture)

 
payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor
Notes) is registered on the Record Date by wire transfer in immediately available funds to the account designated by such nominee, except for the final installment of principal payable with respect to such Note on a Distribution Date or on the
applicable Final Scheduled Distribution Date, which shall be payable as provided below. 
 (b) The principal of each Note shall be payable
in installments on each Distribution Date by applying amounts available pursuant to Section 5.06 of the Sale and Servicing Agreement. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if
not previously paid, on the earlier of (i) from and after the date on which the Notes have been declared to be immediately due and payable in the manner provided in Section 5.02 in connection with an Event of Default
and (ii) with respect to any Class of Notes, on the Final Scheduled Payment Date or the Redemption Date for that Class. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such
Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Distribution Date on which the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile not less than 10 nor more than 30 days prior to such final Distribution Date, shall specify that such final installment will be payable only upon presentation and
surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. 

SECTION 2.08 Cancellation. All Notes surrendered for payment, registration of transfer or exchange shall, if surrendered to any Person
other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as
provided in this Section, except as expressly permitted by this Indenture. All canceled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer
shall direct by an Issuer Order that they be destroyed or returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee. 

SECTION 2.09 Release of Collateral. Subject to Sections 8.05 and 11.01 and the terms of the Basic Documents, the
Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(l) or an Opinion of
Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. 
 SECTION
2.10 Book-Entry Notes. The Notes (other than any Retained Notes), upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing
Agency, or a custodian therefor, by, or on behalf of, the Issuer. The Book-Entry Notes shall be registered 

  

					
		  	7	  	(NAROT 2022-B Indenture)

 
initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner thereof will receive a Definitive Note representing such Note
Owner’s interest in such Note (other than in the case of any Retained Notes), except as provided in Section 2.12. Except for any Retained Notes, and, otherwise, unless and until definitive, fully registered Notes (the
“Definitive Notes”) have been issued to such Note Owners pursuant to Section 2.12: 
 (a) the provisions
of this Section shall be in full force and effect; 
 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the
Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the authorized representative of the Note Owners; 

(c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section
shall control; 
 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established
by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository Agreement. Unless and until Definitive Notes are issued pursuant to
Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency
Participants; and 
 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of
Notes evidencing a specified percentage of the Outstanding Amount of the Notes or of the Notes of any Class, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from
Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 

SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture,
unless and until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.12, and except with respect to notices and communications to any Holders of Retained Notes, the Indenture Trustee shall give
all such notices and communications specified herein to be given to Holders of the Notes to the Clearing Agency and shall be deemed to have been given as of the date of delivery to the Clearing Agency. 

SECTION 2.12 Definitive Notes. Except for any Retained Notes (which shall be originally issued as Definitive Notes), if (i) the
Seller, the Owner Trustee or the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and the Seller, the Owner
Trustee or the Administrator are unable to locate a qualified successor (and if the Administrator has made such determination, the Administrator has given written notice thereof to the Indenture Trustee), (ii) the Seller, the Indenture Trustee or
the Administrator, at its option and to the extent permitted by law, advises each other such party in writing that it elects to terminate 

  

					
		  	8	  	(NAROT 2022-B Indenture)

 
the book-entry system through the Clearing Agency, or (iii) after the occurrence of an Event of Default or a Servicer Default, Note Owners representing beneficial interests aggregating a
majority of the Outstanding Amount of the Notes of all Classes advise the Indenture Trustee and the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency or a successor thereto is no longer in the best
interests of the Note Owners acting together as a single Class, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of such event and of the availability of Definitive Notes to Note Owners requesting the
same. Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the
Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. The Indenture Trustee, Issuer and Administrator shall not be liable for any
inability to locate a qualified successor Clearing Agency. From and after the date of issuance of Definitive Notes, all notices to be given to Noteholders will be mailed thereto at their addresses of record in the Note Register as of the relevant
Record Date. Such notices will be deemed to have been given as of the date of mailing. Interest and principal payments on the Definitive Notes on each Distribution Date will be made to the holders in whose names the related Definitive Notes, as
applicable, were registered at the close of business on the related Record Date. Payments will be made by check mailed to the address of such holders as they appear on the Note Register, except that a Noteholder having original denominations
aggregating at least $1 million may request payment by wire transfer of funds pursuant to written instructions delivered to the Indenture Trustee at least five Business Days prior to the Distribution Date. The final payment on any Definitive
Notes will be made only upon presentation and surrender of the Definitive Notes at the office or agency specified in the notice of final payment to Noteholders. From and after the Closing Date, the Holder of a Definitive Note (other than any
Retained Note) and the Issuer may elect for such Note to be issued in the form of a Book-Entry Note provided the Clearing Agency is then willing and able to discharge its responsibilities with respect to the Book Entry Notes. In connection with such
election, the Issuer and the Indenture Trustee shall upon Issuer Order execute, authenticate and deliver the Book-Entry Note and documents related thereto in accordance with the terms hereof and the Issuer Order. 

SECTION 2.13 Tax Treatment. 

(a) The Issuer has entered into this Indenture, and the Notes (other than the Retained Notes, if any) will be issued, with the intention that,
for federal, state and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness secured by the Owner Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note
(and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes (other than the Retained Notes, if any) for federal, state and local income, single business and franchise tax purposes as
indebtedness secured by the Owner Trust Estate. 

  

					
		  	9	  	(NAROT 2022-B Indenture)

 (b) Each Note Owner and Noteholder, by the purchase of such Note or its acceptance of a
beneficial interest therein, acknowledges that interest on the Notes will be treated as United States source interest, and, as such, United States withholding tax may apply. Each such Note Owner and each Noteholder further agrees, upon request,
to provide any certifications that may be required under applicable law, regulations or procedures to evidence such status and understands that if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it
under the Notes may be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing, such recipient shall deliver to the Issuer, with a copy to the Indenture
Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by the Issuer or the Indenture Trustee, such documentation prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and
such additional documentation reasonably requested by the Issuer or the Indenture Trustee to comply with their respective obligations under FATCA, to determine that such recipient has complied with such recipient’s obligations under FATCA, or
to determine the amount to deduct and withhold from such payment. 
 (c) Notwithstanding the foregoing, to the extent the Issuer is treated
as a partnership for federal, state or local income or franchise purposes and a Noteholder (or Note Owner, as applicable) is treated as a partner in such partnership, the Noteholders (and Note Owners, as applicable) agree that any tax, penalty,
interest or other obligation imposed under the Code with respect to the income tax items arising from such partnership shall be the sole obligation of the Noteholder (or Note Owner, as applicable) to whom such items are allocated and not of such
partnership. 
 ARTICLE III 

Covenants, Representations and Warranties 

SECTION 3.01 Payment of Principal and Interest. In accordance with the terms of this Indenture, the Issuer will duly and punctually
(i) pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture and (ii) cause the Servicer to direct the Indenture Trustee to release from the Collection Account all other amounts
distributable or payable in accordance with the Sale and Servicing Agreement. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer
to such Noteholder for all purposes of this Indenture. 
 SECTION 3.02 Maintenance of Office or Agency. The Issuer will maintain in
St. Paul, Minnesota, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby
initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at
any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer
hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

  

					
		  	10	  	(NAROT 2022-B Indenture)

 SECTION 3.03 Money for Payments To Be Held in Trust. As provided in Sections
8.02 and 8.03, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Collection Account, the Reserve Account, pursuant to Sections 8.02 and 8.03 shall be made
on behalf of the Issuer by the Indenture Trustee or by the Paying Agent, and no amounts so withdrawn from such accounts for payments of Notes shall be paid over to the Issuer, the Owner Trustee or the Administrator except as provided in this
Section 3.03. 
 On or before each Distribution Date, the Issuer shall deposit in the Collection Account or, in
accordance with the Sale and Servicing Agreement, cause to be deposited (including the provision of instructions to the Indenture Trustee to make any required withdrawals from the Reserve Account, and to deposit such amounts in the Collection
Account) an aggregate sum sufficient to pay the amounts then becoming due under the Notes and the Certificates, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the Paying Agent is the Indenture Trustee)
shall promptly notify the Indenture Trustee of its action or failure so to act. 
 The Indenture Trustee, as Paying Agent, hereby agrees
with the Issuer that it will, and the Issuer will cause each Paying Agent other than the Indenture Trustee, as a condition to its acceptance of its appointment as Paying Agent, to execute and deliver to the Indenture Trustee an instrument in which
such Paying Agent shall agree with the Indenture Trustee, subject to the provisions of this Section 3.03, that such Paying Agent will: 

(a) hold all sums held by it for the payment of amounts due with respect to the Notes or for release to the Issuer for payment on the
Certificates in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay or release such sums to such Persons as herein provided; 

(b) give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in
the making of any payment required to be made with respect to the Notes or the release of any amounts to the Issuer to be paid to the Certificateholders; 

(c) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture
Trustee all sums so held in trust by such Paying Agent; 
 (d) immediately resign as a Paying Agent and forthwith pay to the Indenture
Trustee all sums held by it in trust for the payment of Notes (or for release to the Issuer) if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; 

(e) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes or Certificates (or
assisting the Issuer to withhold from payment to the Certificateholders) of any applicable withholding taxes imposed thereon, including FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments with respect to the
Notes any Tax Information and making any withholdings with respect to the Notes as required by the Code (including FATCA) and paying over such withheld amounts to the appropriate governmental authority); and 

  

					
		  	11	  	(NAROT 2022-B Indenture)

 (f) comply with any applicable reporting requirements in connection with any payments made
by it on any Notes and any withholding of taxes therefrom, and, upon request, provide any Tax Information to the Issuer. 
 The Issuer may
at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be
held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with
respect to such money. 
 Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying
Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed after such amount has become due and payable and after the Indenture Trustee has taken the steps described in this paragraph shall be discharged from
such trust and be paid to Second Harvest Food Bank of Tennessee upon presentation thereto of an Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all
liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease. In the event that any Noteholder shall not surrender its Notes for retirement within six months after the date specified in the written
notice of final payment described in Section 2.07, the Indenture Trustee will give a second written notice to the registered Noteholders that have not surrendered their Notes for final payment and retirement. If within one
year after such second notice any Notes have not been surrendered, the Indenture Trustee shall, at the expense and direction of the Issuer, cause to be published once, in a newspaper published in the English language, customarily published on each
Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such
money then remaining will be paid to Second Harvest Food Bank of Middle Tennessee. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment specified
by the Issuer or the Administrator. 
 SECTION 3.04 Existence. The Issuer will keep in full effect its existence, rights and
franchises under the laws of the state of its formation (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other state or of the United States of America, in which case the Issuer will keep in full
effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity
and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Owner Trust Estate. 

SECTION 3.05 Protection of Owner Trust Estate. The Issuer will from time to time execute and deliver all such supplements and
amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 

  

					
		  	12	  	(NAROT 2022-B Indenture)

 (a) maintain or preserve the lien and security interest (and the priority thereof) of this
Indenture or carry out more effectively the purposes hereof; 
 (b) perfect, publish notice of or protect the validity of any Grant made or
to be made by this Indenture; 
 (c) enforce any of the Collateral; or 

(d) preserve and defend title to the Owner Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Owner Trust Estate
against the claims of all persons and parties. 
 The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to authorize, file and/or execute any financing statement, continuation statement or other instrument required to be executed and/or filed pursuant to this
Section 3.05. 
 SECTION 3.06 Opinions as to Owner Trust Estate. 

(a) On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel either stating that,
in the opinion of such counsel, such action has been taken with respect to the execution, recording and filing of this Indenture, any indentures supplemental hereto, any requisite financing statements and continuation statements and any other
requisite documents necessary to perfect and make effective the lien and security interest of this Indenture or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 

(b) The Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel, dated as of a date within 90 days after
the beginning of each fiscal year of the Issuer, beginning in 2023, either stating that, in the opinion of such counsel, such action has been taken with respect to the execution, recording, filing or
re-recording and refiling of this Indenture, any indentures supplemental hereto, any financing statements and continuation statements and any other requisite documents necessary to maintain the lien and
security interest created by this Indenture or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the execution, recording, filing or re-recording and refiling of this Indenture, any indentures supplemental hereto, any financing statements and continuation statements and any other documents that will, in the opinion of such counsel, be required to
maintain the lien and security interest of this Indenture until the date in the following calendar year on which such Opinion of Counsel must again be delivered. 

SECTION 3.07 Performance of Obligations; Servicing of Receivables. 

(a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any
Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Owner Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as expressly provided in the Basic Documents. 

  

					
		  	13	  	(NAROT 2022-B Indenture)

 (b) The Issuer may contract with other Persons to assist it in performing its duties under
this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the
Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. 
 (c) The Issuer will punctually perform
and observe all of its obligations and agreements contained in the Basic Documents and in the instruments and agreements included in the Owner Trust Estate, including but not limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of the Trust Agreement, this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 

(d) As promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to
Section 8.01 of the Sale and Servicing Agreement, the Indenture Trustee shall appoint a successor servicer (the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in a form
acceptable to the Indenture Trustee. In the event that a Successor Servicer has not been appointed and accepted its appointment as set forth in Section 8.02 of the Sale and Servicing Agreement, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer and shall thereafter be entitled to the Total Servicing Fee. Notwithstanding the above, the Indenture Trustee shall, if it shall be unwilling or legally unable so to act, appoint or petition a court
of competent jurisdiction to appoint, and the predecessor Servicer, if no successor Servicer has been appointed at the time the predecessor Servicer has ceased to act, may petition a court of competent jurisdiction to appoint, any established
institution having a net worth of not less than $100,000,000 and whose regular business shall include the servicing of automobile and/or light-duty truck receivables, as the successor to the Servicer under the Sale and Servicing Agreement. Upon such
appointment, the Indenture Trustee will be released from the duties and obligations of acting as Successor Servicer, such release effective upon the effective date of the servicing agreement entered into between the Successor Servicer and the
Issuer. 
 In connection with any such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor
as it and such Successor Servicer shall agree, subject to the limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section 8.02 of the Sale and Servicing Agreement, the Issuer shall enter into an agreement
with such Successor Servicer for the servicing of the Receivables (such agreement to be in form and substance satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s duties, it shall not be liable for
its failure to perform such duties if such failure is a result of the Servicer’s failure to deliver all documents and data required for servicing of the Receivables. If the Indenture Trustee shall succeed to the Servicer’s duties as
servicer of the Receivables as provided herein, it shall do so in its individual capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in its duties
as Successor Servicer and the servicing of the Receivables. In case the Indenture Trustee shall become the Successor Servicer, the Indenture Trustee shall be entitled to appoint as a subservicer any one of its Affiliates, provided that the
Indenture Trustee, in its capacity as Successor Servicer, shall remain fully liable for the actions and omissions of such Affiliate. 

  

					
		  	14	  	(NAROT 2022-B Indenture)

 (e) Upon any termination of the Servicer’s rights and powers pursuant to the Sale and
Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee and the Owner Trustee. As soon as a Successor Servicer is appointed, the Issuer shall notify the Indenture Trustee and the Owner Trustee of such appointment, specifying in
such notice the name and address of such Successor Servicer. 
 SECTION 3.08 Negative Covenants. So long as any Notes are
Outstanding, the Issuer shall not: 
 (a) except as expressly permitted by Basic Documents, sell, transfer, exchange or otherwise dispose of
any of the properties or assets of the Issuer, including those included in the Owner Trust Estate, unless directed to do so by the Indenture Trustee; 

(b) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly
withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Owner Trust Estate; 

(c) except as may be expressly permitted hereby, (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the
lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture, (B) permit any lien, charge,
excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Owner Trust Estate or any part thereof or any interest therein or the
proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result of an action or omission of the related Obligor), (C) permit
the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Owner Trust Estate, or (D) dissolve or liquidate in whole or in part; or 

(d) assume or incur any indebtedness other than the Notes or as expressly contemplated by this Indenture or by the Basic Documents. 

SECTION 3.09 Annual Statement as to Compliance. The Issuer will cause the Servicer to deliver to the Indenture Trustee concurrently
with its delivery thereof to the Issuer the annual statement of compliance described in Section 4.10 of the Sale and Servicing Agreement. In addition, on the same date annually upon which such annual statement of compliance is to be delivered
by the Servicer, the Issuer shall deliver to the Indenture Trustee an Officer’s Certificate, 
 (a) stating, as to the Authorized
Officer signing such Officer’s Certificate, that a review of the activities of the Issuer during such year and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

(b) furnishing, to the extent of the Authorized Officer’s knowledge, information regarding the Issuer’s compliance with all
conditions and covenants under this Indenture throughout such year in all material respects. 

  

					
		  	15	  	(NAROT 2022-B Indenture)

 SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms. 

(a) The Issuer shall not consolidate or merge with or into any other Person, unless: 

(1) the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under
the laws of the United States of America or any State or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the
duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein;

 (2) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 

(3) the Rating Agency Condition shall have been satisfied with respect to such transaction; 

(4) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder; 
 (5) any
action that is necessary to maintain each lien and security interest created by the Trust Agreement, the Sale and Servicing Agreement or this Indenture shall have been taken; and 

(6) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such
consolidation or merger and any related supplemental indenture complies with this Article III and that all conditions precedent provided in this Indenture relating to such transaction have been complied with (including any filing required by the
Exchange Act). 
 (b) The Issuer shall not convey or transfer any of its properties or assets, including those included in the Owner Trust
Estate, to any Person, unless: 
 (1) the Person that acquires by conveyance or transfer such properties and assets of the Issuer shall
(A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any state or the District of Columbia, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to
the Indenture Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the
part of the Issuer to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of
Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee against and from any loss, liability or expense
arising under or related to this Indenture and the 

  

					
		  	16	  	(NAROT 2022-B Indenture)

 
Notes, and (E) expressly agrees by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings that counsel
satisfactory to such purchaser or transferee and the Indenture Trustee determines must be made with (1) the Commission (and any other appropriate Person) required by the Exchange Act or the appropriate authorities in any state in which the
Notes have been sold pursuant to any qualification or exemption under the securities or “blue sky” laws of such state, in connection with the Notes or (2) the Internal Revenue Service or the relevant state or local taxing authorities
of any jurisdiction; 
 (2) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing; 
 (3) the Rating Agency Condition shall have been satisfied with respect to such transaction; 

(4) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder; 
 (5) any
action that is necessary to maintain each lien and security interest created by the Trust Agreement, the Sale and Servicing Agreement or this Indenture shall have been taken; and 

(6) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such
conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act). 

SECTION 3.11 Successor or Transferee. 

(a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or
surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the
Issuer herein. 
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10(b), Nissan Auto Receivables 2022-B Owner Trust will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer
with respect to the Notes and the Certificates immediately upon the delivery of written notice to the Indenture Trustee stating that Nissan Auto Receivables 2022-B Owner Trust is to be so released. 

SECTION 3.12 No Other Business. Unless and until the Issuer shall have been released from its duties and obligations hereunder, the
Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables and other property comprising the Owner Trust Estate in the manner contemplated by the Basic Documents and activities incidental
thereto. 

  

					
		  	17	  	(NAROT 2022-B Indenture)

 SECTION 3.13 No Borrowing. Unless and until the Issuer shall have been released from
its duties and obligations hereunder, the Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Notes or other obligations permitted hereunder (including the
obligation to reimburse certain expenses of the Servicer) or under another Basic Document (including indemnification expenses of the Issuer and certain fees and expenses of the Administrator). 

SECTION 3.14 Guarantees, Loans, Advances and Other Liabilities. Unless and until the Issuer shall have been released from its duties
and obligations hereunder, except as contemplated by the Sale and Servicing Agreement, this Indenture, or the other Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument
having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or
dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

SECTION 3.15 Capital Expenditures. Unless and until the Issuer shall have been released from its duties and obligations hereunder, the
Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

SECTION 3.16 Removal of Administrator. So long as any Notes are Outstanding, the Issuer shall not remove the Administrator without
cause unless the Rating Agency Condition shall have been satisfied in connection therewith. 
 SECTION 3.17 Restricted Payments. The
Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with the Basic Documents. 

SECTION 3.18 Notice of Events of Default. The Issuer shall give the Indenture Trustee, the Owner Trustee, and the Administrator (and
the Administrator will provide notice thereof to each Rating Agency) prompt written notice of each Event of Default hereunder, each Servicer Default and each default on the part of the Seller of its obligations under the Sale and Servicing Agreement
and NMAC of its obligations under the Purchase Agreement. 
 The Indenture Trustee shall notify each Noteholder of record in writing of any
Event of Default promptly upon an Authorized Officer obtaining actual knowledge thereof. Such notices will be provided in accordance with Section 2.11. 

SECTION 3.19 Further Instruments and Actions. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.20 Representations and Warranties. The Issuer makes the following representations and warranties. Such representations and
warranties speak as of the Closing Date, but shall survive the Closing Date. Notwithstanding anything to the contrary, the Indenture Trustee shall not waive any breach of representations or warranties in this Section 3.20
without the written consent of at least a majority of the Outstanding Amount of the Notes, voting as a single class. 

  

					
		  	18	  	(NAROT 2022-B Indenture)

 (a) This Indenture creates a valid and continuing security interest (as defined in the
applicable UCC) in the Collateral in favor of the Indenture Trustee (to the extent such security interest can be perfected by the filing of a financing statement), which security interest is prior to all other Liens, and is enforceable as such as
against creditors of any purchasers from the Issuer. 
 (b) The Issuer has taken all steps necessary to perfect its security interest against
the Obligor in the property securing the Receivables. 
 (c) The Receivables constitute “tangible chattel paper” or
“electronic chattel paper” within the meaning of the applicable UCC. 
 (d) The Issuer owns and has good and marketable title to
the Collateral free and clear of any Lien, claim or encumbrance of any Person. 
 (e) The Issuer has caused or will have caused, within ten
days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral (to the extent such
security interest can be perfected by the filing of a financing statement) granted to the Indenture Trustee hereunder. 
 (f) Other than the
security interest granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral. The Issuer has not authorized the filing of and
is not aware of any financing statements against the Issuer that includes a description of collateral covering the Collateral other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or a
financing statement as to which the security interest covering the Receivables has been released. The Issuer is not aware of any judgment or tax lien filings against the Issuer. 

(g) The Servicer, as an agent of the Issuer, and to the extent allowed by law, has in its possession all originals or authoritative copies of
the tangible records constituting or forming a part of the Collateral. The Servicer shall at all times maintain control, as defined in Section 9-105 of the UCC, of all electronic chattel paper. The
Receivable Files that constitute or evidence the Collateral do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed by the Issuer to any Person other than the Indenture Trustee. All financing
statements filed or to be filed against the Issuer in favor of the Indenture Trustee in connection herewith describing the Collateral contain a statement to the following effect: “A purchase of or security interest in any collateral described
in this financing statement, except as permitted in the Indenture, will violate the rights of the Indenture Trustee.” 

  

					
		  	19	  	(NAROT 2022-B Indenture)

 ARTICLE IV 

Satisfaction and Discharge 

SECTION 4.01 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes
except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon,
(iv) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under
Section 6.07 and the obligations of the Indenture Trustee under Sections 3.03 and 4.02), and (vi) the rights of the Noteholders and the Certificateholders as beneficiaries hereof with respect to the
property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture
with respect to the Notes, when: 
 (a) either (1) all Notes theretofore authenticated and delivered (other than Notes that have been
destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and
thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation or (2) all Notes not theretofore delivered to the Indenture
Trustee for cancellation have become due and payable or will become due and payable within one year (either because the Final Scheduled Distribution Date for the Class A-4 Notes is within one year or
because the Indenture Trustee has received notice of the exercise of the option granted pursuant to Section 9.01 of the Sale and Servicing Agreement) and the Issuer has irrevocably deposited or caused to be irrevocably deposited with the
Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the
entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due; 
 (b) the Issuer has paid or
caused to be paid all other sums payable hereunder by the Issuer (but without taking into account any payments to the Designated Account for distribution to the Certificateholder); and 

(c) the Issuer has delivered to the Indenture Trustee, an Officer’s Certificate, an Opinion of Counsel (if required by the TIA) and an
Independent Certificate from a firm of certified public accountants (if required by the TIA and if such discharge is not related to a redemption of the Notes in accordance with Article X), each meeting the applicable requirements of
Section 11.01 and, subject to Section 11.02, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 SECTION 4.02 Application of Trust Money. All moneys deposited with the Indenture Trustee pursuant to
Section 4.01 hereof shall be held in trust and (a) applied by it in accordance with the provisions of the Notes and this Indenture to the payment, either directly or through any Paying Agent, as the Indenture Trustee
may determine, to the Holders of the particular Notes for the payment of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest or (b) released to the Owner Trustee
for application pursuant to the Trust Agreement or the Sale and Servicing Agreement; but such moneys need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. 

  

					
		  	20	  	(NAROT 2022-B Indenture)

 SECTION 4.03 Repayment of Moneys Held by Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be
paid to the Indenture Trustee to be held and applied according to Section 3.03 or 4.02 and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 

ARTICLE V 
 Remedies

 SECTION 5.01 Events of Default. “Event of Default,” wherever used herein, means any one of the following
events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (a) default in the payment of any interest on any Note when the same becomes due and payable, and
such default shall continue for a period of five Business Days; 
 (b) default in the payment of the principal of any Note on the Final
Scheduled Distribution Date or the Redemption Date; 
 (c) a material default in the observance or performance of any covenant or agreement
of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with) which shall continue or not be cured for a period of 90 days after
there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least a majority of the Outstanding Amount of the Notes, acting together as a single
class, a written notice specifying such default; 
 (d) any representation or warranty of the Issuer made in this Indenture or in any
certificate or other writing delivered pursuant hereto or in connection herewith shall prove to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the
circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 60 days after there shall have been given, by registered or certified mail, to the
Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least a majority of the Outstanding Amount of the Notes, acting together as a single Class, a written notice specifying such incorrect representation; or

 (e) an Insolvency Event shall have occurred with respect to the Issuer. 

SECTION 5.02 Acceleration of Maturity; Rescission and Annulment. If an Event of Default should occur and be continuing, then and in
every such case the Indenture Trustee or the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class may declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

  

					
		  	21	  	(NAROT 2022-B Indenture)

 At any time after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, by written notice to
the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 
 (a) the Issuer has paid or deposited
with the Indenture Trustee a sum sufficient to pay: 
 (1) all payments of principal of and interest on the Notes and all other amounts that
would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and 
 (2) all
sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

(b) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been
cured or waived as provided in Section 5.12. 
 No such rescission shall affect any subsequent default or impair
any right consequent thereto. 
 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 

(a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the payment of the principal of any Note at the related Final Scheduled Distribution Date or Redemption Date, the Issuer will, upon demand of the Indenture Trustee,
pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal and interest, with interest upon the overdue principal and, to the extent payment at such rate of interest
shall be legally enforceable, upon overdue installments of interest at the rate borne by the Notes and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
 (b) In case the Issuer shall fail
forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or
final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged or
decreed to be payable. 

  

					
		  	22	  	(NAROT 2022-B Indenture)

 (c) If an Event of Default occurs and the maturity of the Notes is accelerated, the
Indenture Trustee may, as more particularly provided in Section 5.04, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders and, incidentally thereto, the Certificateholders, by such
appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law, or the Indenture Trustee may elect to maintain the Collateral and continue to apply the proceeds from the
Collateral in accordance with Section 5.04(b). 
 (d) In case there shall be pending, relative to the Issuer or any
other obligor upon the Notes or any Person having or claiming an ownership interest in the Owner Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law,
or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of
any other comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, then, irrespective of whether the principal of any Notes shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, the Indenture Trustee shall be entitled and empowered, by
intervention in such Proceedings or otherwise: 
 (1) to file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and
each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as
a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings; 
 (2) unless prohibited by applicable law and
regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(3) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with
respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
 (4) to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuer, its creditors and its property. 

Any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders
to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor
Indenture Trustee except as a result of negligence or bad faith. 

  

					
		  	23	  	(NAROT 2022-B Indenture)

 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize
or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in
respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of
the Holders of the Notes. 
 (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation
of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings. 

SECTION 5.04 Remedies; Priorities. 

(a) If an Event of Default shall have occurred and resulted in the acceleration of the Notes, the Indenture Trustee shall make payments as set
forth in Section 5.04(b) of this Indenture, rather than pursuant to Section 5.06(a) of the Sale and Servicing Agreement. 

(b) Notwithstanding the provisions of Section 5.06(a) of the Sale and Servicing Agreement, if the Indenture Trustee collects any money or
property pursuant to this Article V and the Notes have been accelerated, it shall make the following deposits and distributions on such Distribution Date, to the extent of Available Amounts on deposit in the Collection Account for such Distribution
Date, in the following order of priority: 
 (1) pro rata, to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees,
expenses and indemnity payments due pursuant to this Indenture and the Trust Agreement, respectively, but only to the extent that such fees, expenses or indemnity payments have not been paid by the Administrator and have been outstanding for at
least sixty (60) days; 
 (2) to the Asset Representations Reviewer, any accrued and unpaid fees, expenses and indemnity payments due
pursuant to the Asset Representations Review Agreement, but only to the extent that such fees, expenses or indemnity payments have not been paid by the Sponsor and have been outstanding for at least sixty (60) days; 

  

					
		  	24	  	(NAROT 2022-B Indenture)

 (3) to the Servicer, the Base Servicing Fee and any unpaid Base Servicing Fees from one or
more prior Collection Periods; 
 (4) on a pro rata basis (based on the amounts distributable pursuant to this clause to each Class of
Noteholders), to the Class A-1 Noteholders, the Noteholders’ Interest Distributable Amount for such Class, to the Class A-2 Noteholders, the
Noteholders’ Interest Distributable Amount for such Class, to the Class A-3 Noteholders, the Noteholders’ Interest Distributable Amount for such Class, and to the
Class A-4 Noteholders, the Noteholders’ Interest Distributable Amount for such Class; 

(5) to the Class A-1 Noteholders, until the principal amount of the Class A-1 Notes is reduced to zero, and then to the Class A-2 Noteholders, the Class A-3 Noteholders and the Class A-4 Noteholders on a pro rata basis (based on the Outstanding Amount of each such Class), until the principal amount for such Class of Notes is reduced to zero; and 

(6) any remaining Available Amounts to the Designated Account for distribution to the Certificateholders. 

(c) If the Indenture Trustee, as a result of the operation of Section 5.04(a), is deemed to have a conflict of
interest under the TIA and is required to resign as Indenture Trustee hereunder, the Issuer shall, pursuant to Section 6.08, cause the Servicer to appoint a successor Indenture Trustee. 

(d) In accordance with Section 5.03(c), if an Event of Default shall have occurred and resulted in the acceleration
of the Notes, the Indenture Trustee may do one or more of the following (subject to Section 5.05): 
 (1)
institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained,
and collect from the Issuer and any other obligor upon such Notes moneys adjudged due; 
 (2) institute Proceedings from time to time for
the complete or partial foreclosure of this Indenture with respect to the Collateral; 
 (3) exercise any remedies of a secured party under
the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders, including electing to maintain the Collateral and to continue to apply the proceeds from the Collateral in
accordance with Section 5.04(b); and 
 (4) sell the Collateral or any portion thereof or rights or interest
therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Collateral following an Event of Default, other
than an Event of Default described in Section 5.01(a) or (b), unless (A) the Holders of 100% of the Outstanding Amount of the Notes consent thereto, or (B) the proceeds of such sale or liquidation
distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon the Notes for principal and interest at the date of such sale or liquidation, (C) the Indenture Trustee determines that the Owner Trust
Estate may not 

  

					
		  	25	  	(NAROT 2022-B Indenture)

 
continue to provide sufficient funds on an ongoing basis to make all payments of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and
payable, and the Indenture Trustee obtains the consent of Holders of at least 66 2/3% of the Outstanding Amount of the Notes, voting as a single class, or (D) the Servicer exercises its option to purchase the Receivables pursuant to
Section 9.01 of the Sale and Servicing Agreement and Section 10.01 hereof. In determining such sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and
rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Trust Estate for such purpose. 

(e) The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days
before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the related record date, payment date and amount to be paid. 

SECTION 5.05 Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under
Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, unless otherwise directed by the Holders of at least a majority of the
Outstanding Amount of the Notes, voting as a single class, but need not, elect to maintain possession of the Collateral and direct the Issuer, Servicer and Administrator not to take steps to liquidate the Receivables. It is the desire of the parties
hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of
the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 
 SECTION 5.06 Limitation of
Suits. Except to the extent expressly set forth in Section 7.07 of this Indenture or Section 4.4 of the Purchase Agreement, no Holder of any Note shall have any right to institute any Proceeding, judicial or
otherwise, with respect to this Indenture or the other Basic Documents, or for the appointment of a receiver or trustee, or for any other remedy hereunder unless such Holder has previously given written notice to the Indenture Trustee of a
continuing Event of Default or breach of the Basic Documents by a party thereto (an “Action”), and: 
 (a) the Event of
Default or Action, as applicable, arises from the Servicer’s failure to remit payments when due; or 
 (b) the Holders of not less than
25% of the Outstanding Amount of the Notes, voting as a single class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default or Action, as applicable in its own name as Indenture Trustee
hereunder and have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request, the Indenture Trustee for 60 days after its receipt of such notice, request and offer
of indemnity has failed to institute such Proceedings, and no direction inconsistent with that written request has been given to the Indenture Trustee during the 60-day period by the holders of a majority in
principal amount of those outstanding Notes (or relevant class or classes of Notes). 

  

					
		  	26	  	(NAROT 2022-B Indenture)

 It is understood and intended that no one or more Holders of Notes shall have any right in
any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders or to
enforce any right under this Indenture, except in the manner herein provided. 
 In the event the Indenture Trustee shall receive
conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority of the Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture. 
 SECTION 5.07 Rights of Noteholders to Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in
such Note and in this Indenture (in each case with reference to the calculations to be made pursuant to the Sale and Servicing Agreement), and to institute suit for the enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder. 
 SECTION 5.08 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has
instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every
such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.09 Rights and
Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 SECTION 5.10 Delay or Omission Not a Waiver. No delay or
omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or the Noteholders, as
the case may be. 

  

					
		  	27	  	(NAROT 2022-B Indenture)

 SECTION 5.11 Control by Noteholders. The Holders of a majority of the Outstanding
Amount of the Notes, voting as a single class, shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power
conferred on the Indenture Trustee; provided that: 
 (a) such direction shall not be in conflict with any rule of law or with this
Indenture or the other Basic Documents; and 
 (b) any direction to the Indenture Trustee to sell or liquidate the Collateral shall be by
Holders of Notes representing not less than the applicable percentage of the Outstanding Amount of the Notes set forth in Section 5.04(d)(4); and 

(c) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction. 

Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee
need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action. 

SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.02 or the liquidation or sale of the Collateral pursuant to Section 5.04, the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, may waive any past
Default or Event of Default and its consequences except a Default or Event of Default in (a) payment of principal or interest on the Notes or (b) an Event of Default in respect of a covenant or provision hereof that cannot be modified or
amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively. 

Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note or Note Owner by such
Holder’s acceptance of such Note or beneficial interest therein, as the case may be, shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section
shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or a group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes, or
(c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture. 

  

					
		  	28	  	(NAROT 2022-B Indenture)

 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect
the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture
shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired
by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Owner Trust Estate or upon any of the assets of the Issuer. Any money or property collected by
the Indenture Trustee shall be applied in accordance with Section 5.04(a). 
 SECTION 5.16 Performance and
Enforcement of Certain Obligations. 
 (a) Promptly following a request from the Indenture Trustee to do so and at the
Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their obligations to the
Issuer or to each other under or in connection with the Sale and Servicing Agreement, or by the Seller of its remedies under or in connection with the Purchase Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully
available to the Issuer under or in connection with each such agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the
institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Servicer of each of their respective obligations under the Sale and Servicing Agreement or the Purchase Agreement. 

(b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing
or by telephone, confirmed in writing promptly thereafter) of the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the
Seller or the Servicer under or in connection with the Sale and Servicing Agreement, the Purchase Agreement, or against the Administrator under the Administration Agreement, including the right or power to take any action to compel or secure
performance or observance by the Seller, the Servicer or the Administrator, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension, or waiver thereunder and any right of the
Issuer to take such action shall be suspended. 

  

					
		  	29	  	(NAROT 2022-B Indenture)

 ARTICLE VI 

The Indenture Trustee 

SECTION 6.01 Duties of Indenture Trustee. The Indenture Trustee, both prior to and after the occurrence of a Servicer Default under the
Sale and Servicing Agreement, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. 
 (a)
The Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any
provision of this Indenture, shall examine them to determine whether they conform on their face to the requirements of this Indenture. 
 (b)
No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, its own bad faith or its own willful misfeasance; provided, however, that: 

(1) the duties and obligations of the Indenture Trustee shall be determined solely by the express provisions of this Indenture, the Indenture
Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee, the
permissive right of the Indenture Trustee to do things enumerated in this Indenture shall not be construed as a duty and, in the absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Indenture Trustee and conforming on their face to the requirements of this Indenture; 

(2) the Indenture Trustee shall not be personally liable for an error of judgment made in good faith, unless it shall be proved that the
Indenture Trustee was negligent in performing its duties in accordance with the terms of this Indenture; and 
 (3) the Indenture Trustee
shall not be personally liable with respect to any action taken, suffered or omitted to be taken in good faith in accordance with the direction of the Holders of at least a majority of the Outstanding Amount of the Notes, voting as a single class,
relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee under this Indenture. 

(c) The Indenture Trustee shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of
any of its duties under this Indenture, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. 
 (d) All information obtained by the Indenture Trustee regarding the Obligors and the Receivables contained in the Issuer,
whether upon the exercise of its rights under this Indenture or otherwise, shall be maintained by the Indenture Trustee in confidence and shall not be disclosed to any other Person, unless such disclosure is required by any applicable law or
regulation or pursuant to subpoena. 

  

					
		  	30	  	(NAROT 2022-B Indenture)

 (e) If pursuant to Section 4.06 of the Sale and Servicing Agreement, an Authorized
Officer of the Indenture Trustee discovers that a covenant of the Servicer has been breached with respect to a Receivable that would materially and adversely affect such Receivable, the Indenture Trustee shall give prompt written notice to the
Servicer and the Owner Trustee of such incorrectness. 
 (f) The Indenture Trustee shall not be deemed to have knowledge of any Default or
Event of Default, breach of representation or warranty or other event unless an Authorized Officer has actual knowledge thereof or has received written notice thereof in accordance with the provisions of this Indenture. For the avoidance of doubt,
receipt by the Indenture Trustee of a Review Report shall not constitute actual knowledge of any breach of representation or warranty. 
 (g)
In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, epidemics or pandemics, and interruptions, loss or malfunctions of utilities, communications systems or services;
provided, that the Indenture Trustee shall use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

(h) In no event shall the Indenture Trustee be liable for any costs, expenses and/or liabilities that could be allocated to a requesting party.

 (i) The Indenture Trustee shall not be obligated to monitor, supervise or enforce the performance of the Depositor or the Sponsor under
the Basic Documents, except as otherwise expressly specified herein. 
 (j) In no event shall the Indenture Trustee be liable for
failure to perform its obligations hereunder if such failure is a result of another Transaction Party’s failure to perform its responsibilities or obligations in this Indenture or other Basic Documents. 

SECTION 6.02 Rights of Indenture Trustee. 

(a) Except as otherwise provided in Section 6.01: 

(1) the Indenture Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, Officer’s
Certificate, certificate of an authorized signatory, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties, including, without limitation, provided to it via email or other suitable means of electronic distribution as permitted in writing by the Indenture Trustee; 

  

					
		  	31	  	(NAROT 2022-B Indenture)

 (2) the Indenture Trustee may consult with counsel, accountants and experts and the advice
of such counsel, accountants or experts or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it under this Indenture in good faith and in accordance with such
advice or Opinion of Counsel; 
 (3) other than in connection with an Asset Review pursuant to Sections 7.08(a) or (b), the
Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or the Sale and Servicing Agreement, or to institute, conduct or defend any litigation under this Indenture, or in relation to this
Indenture or the Sale and Servicing Agreement, at the request, order or direction of any of the Noteholders pursuant to the provisions of this Indenture or the Sale and Servicing Agreement, unless such Noteholders shall have offered to the Indenture
Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred by it, its agents and its counsel in compliance with such request, order or direction; 

(4) the Indenture Trustee shall not be personally liable for any action taken, suffered or omitted by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (5) the Indenture Trustee shall
not be bound to recalculate, reverify, or make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document,
unless requested in writing to do so by Holders of Notes evidencing not less than 25% of the Outstanding Amount of the Notes; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs,
expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the
Indenture Trustee may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Administrator or, if paid by the Indenture Trustee,
shall be reimbursed by the Administrator upon demand; and nothing in this clause shall derogate from the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors; 

(6) the Indenture Trustee may execute any of the trusts or powers under this Indenture or perform any duties under this Indenture either
directly or by or through agents or attorneys or a custodian, and the Indenture Trustee shall not be liable for the misconduct of such agents or attorneys if such agents or attorneys have been selected by the Indenture Trustee with reasonable care;

 (7) in order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Indenture Trustee is required to obtain, verify and record certain information relating to individuals and entities which
maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide the Indenture Trustee upon its reasonable request from time to time such identifying information and documentation as may be reasonably
available for such party in order to enable the Indenture Trustee to comply with Applicable Law; 

  

					
		  	32	  	(NAROT 2022-B Indenture)

 (8) the rights, privileges, protections, immunities and benefits given to the Indenture
Trustee herein, including the right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in its capacities as Indenture Trustee, Paying Agent and Secured Party under the Basic Documents; and 

(9) all communications, notices, instruction and other documents to be received by the Indenture Trustee (with the exception of those for
which a non-electronic signature is expressly requested by the Indenture Trustee) may be provided to it via email with receipt confirmed via reply email, if requested, or other suitable means of electronic
distribution as permitted in writing by the Indenture Trustee. 
 (10) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer’s Certificate (with respect to factual matters) and/or an Opinion of Counsel (with respect to matters of law), as applicable. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officer’s Certificate or Opinion of Counsel. 
 (11) The Indenture Trustee will not be responsible for special,
indirect, punitive, or consequential damages. 
 (b) No Noteholder will have any right to institute any proceeding with respect to this
Indenture except upon satisfying the conditions set forth in Section 5.06. 
 (c) No provision of this Indenture
shall be deemed to impose any duty or obligation on the Indenture Trustee or take or omit to take any action, suffer any action to be taken or omitted, in the performance of its duties, or to exercise any right or power hereunder, to the extent that
taking or omitting to take such action or suffering such action to be taken or omitted would, in the judgment of the Indenture Trustee, expose it to liability or violate applicable law binding upon it (which determination may be based on an Opinion
of Counsel). 
 SECTION 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity
may become the Holder, beneficial owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, in so doing the Indenture Trustee must comply with Sections 6.11 and 6.12. 

SECTION 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee makes no representations as to the validity or
sufficiency of this Indenture or the Notes (other than the execution by the Indenture Trustee on behalf of the Issuer of, and the certificate of authentication on, the Notes), or of the Certificates. The Indenture Trustee shall have no obligation to
perform any of the duties of the Servicer or the Administrator unless explicitly set forth in this Indenture. The Indenture Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and
enforceability of the Notes or any Receivable, any ownership interest in any Financed Vehicle, or the maintenance of any such ownership interest, or for or with respect to the efficacy of the Issuer or its ability to generate the payments to be
distributed to Noteholders under this Indenture, including without limitation the validity of the assignment of the Receivables to the Issuer or of any intervening assignment; the existence, condition, location and ownership of any

  

					
		  	33	  	(NAROT 2022-B Indenture)

 
Receivable or Financed Vehicle; the existence and enforceability of any physical damage or credit life or credit disability insurance; the existence and contents of any retail installment sales
contract or any computer or other record thereof; the completeness of any retail installment sales contract; the performance or enforcement of any retail installment sales contract; the compliance by the Issuer with any covenant or the breach by the
Issuer, Seller or Servicer of any warranty or representation made under this Indenture or in any Basic Document or other related document and the accuracy of any such warranty or representation prior to the Indenture Trustee’s receipt of notice
or other discovery of any noncompliance therewith or any breach thereof; the acts or omissions of the Issuer, Seller or the Servicer; or any action by the Indenture Trustee taken at the instruction of the Issuer or Servicer, provided,
however, that the foregoing shall not relieve the Indenture Trustee of its obligation to perform its duties under this Indenture. Except with respect to a claim based on the failure of the Indenture Trustee to perform its duties under this
Indenture or based on the Indenture Trustee’s willful misconduct, bad faith or negligence, no recourse shall be had for any claim based on any provision of this Indenture, the Notes or Certificates or assignment thereof against the institution
serving as the Indenture Trustee in its individual capacity. The Indenture Trustee shall not have any personal obligation, liability or duty whatsoever to any Noteholder or any other Person with respect to any such claim, and any such claim shall be
asserted solely against the Issuer or any indemnitor who shall furnish indemnity as provided in this Indenture. The Indenture Trustee shall not be accountable for the use or application by the Issuer of any of the Notes or of the proceeds of such
Notes, or for the use or application of any funds paid to the Servicer in respect of the Notes. 
 SECTION 6.05 Notice of Defaults.
If an Authorized Officer of the Indenture Trustee has actual knowledge or has received written notice that a Default has occurred and is continuing, the Indenture Trustee shall mail to each Noteholder notice of such Default within 10 days of the
occurrence thereof. Except in the case of a Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold such notice if and so long as a committee of its Authorized Officers in good faith determines that withholding
the notice is in the interests of Noteholders. 
 SECTION 6.06 Reports by Indenture Trustee to Holders. The Indenture Trustee shall
deliver or cause to be delivered annually to each Noteholder of record such information as may be required to enable such Person to prepare its federal and state income tax returns. 

SECTION 6.07 Compensation and Indemnity. The Administrator shall pay to the Indenture Trustee from time to time reasonable compensation
for its services as have been separately agreed upon between the Administrator and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Administrator
shall reimburse the Indenture Trustee for all reasonable out-of-pocket expenses (including extraordinary
out-of-pocket expenses) incurred or made by it, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts including in connection with the Indenture Trustee’s performance of its obligations under Section 4.4 of the Purchase
Agreement and Sections 7.07 and 7.08 of this Indenture. The Administrator shall indemnify the Indenture Trustee against any and all loss, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it in
connection with the administration of this Indenture or any of the Basic Documents and the performance of its duties 

  

					
		  	34	  	(NAROT 2022-B Indenture)

 
hereunder or thereunder, including legal fees and expenses incurred in connection with the enforcement by such Person of any indemnification or other obligation of the Issuer or Administrator,
provided, that the Administrator shall not reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. The
Indenture Trustee shall notify the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Administrator shall not relieve the Administrator of its obligations hereunder. The
Administrator shall defend any such claim, and the Indenture Trustee may have separate counsel and the Administrator shall pay the fees and expenses of such counsel. To the extent not paid by the Administrator and outstanding for at least 60 days,
such fees and indemnities, as applicable, shall be paid by the Issuer pursuant to Section 5.06 of the Sale and Servicing Agreement, provided, that prior to such payment pursuant to the Sale and Servicing Agreement, the Indenture Trustee
shall notify the Administrator in writing that such fees and indemnities, as applicable, have been outstanding for at least 60 days. If such fees and indemnities, as applicable, are paid pursuant to Section 5.06 of the Sale and Servicing
Agreement, the Administrator shall reimburse the Issuer in full for such payments. 
 The Administrator’s payment obligations to the
Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(e) with respect to the Issuer,
the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

SECTION 6.08 Replacement of Indenture Trustee. The Indenture Trustee may resign at any time by providing 30 days prior written notice
of its resignation to the Issuer. Noteholders representing a majority of the Outstanding Amount may remove the Indenture Trustee at any time and appoint a successor Indenture Trustee with 30 days prior written notice to the Indenture Trustee and the
Owner Trustee. The Administrator may remove the Indenture Trustee if: 
 (a) the Indenture Trustee fails to comply with
Section 6.11; 
 (b) the Indenture Trustee is adjudged a bankrupt or insolvent; 

(c) a receiver or other public officer takes charge of the Indenture Trustee or its property; or 

(d) the Indenture Trustee otherwise becomes legally or practically incapable of fulfilling its duties hereunder. 

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee
in such event being referred to herein as the retiring Indenture Trustee), the Servicer shall promptly appoint a successor Indenture Trustee. The successor Indenture Trustee shall pay all reasonable costs and expenses incurred in connection with
removing and replacing the Indenture Trustee for a series of Notes and transferring the predecessor Indenture Trustee’s duties and obligations to the successor Indenture Trustee. To the extent not paid by the successor Indenture Trustee, the
Administrator shall pay all reasonable costs and expenses incurred in connection with removing and replacing the Indenture Trustee for a series of Notes and transferring the predecessor Indenture Trustee’s duties and obligations to the
successor Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this
Section 6.08. 

  

					
		  	35	  	(NAROT 2022-B Indenture)

 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee, the Servicer, the Owner Trustee and the Administrator. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers
and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders and the Certificateholders. The retiring Indenture Trustee shall promptly transfer all property held
by it as Indenture Trustee to the successor Indenture Trustee. 
 If a successor Indenture Trustee does not take office within 30 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Administrator or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a
successor Indenture Trustee. 
 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may at
any time thereafter petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations
under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee. 
 SECTION 6.09 Successor
Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another Person, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee if such surviving Person or transferee corporation or banking shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall
provide the Issuer, the Owner Trustee and the Administrator reasonable prior written notice of any such transaction (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(d) of the Administration
Agreement). 
 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall
succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such
Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor
to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 

  

					
		  	36	  	(NAROT 2022-B Indenture)

 SECTION 6.10 Appointment of Co-Indenture Trustee
or Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any
legal requirement of any jurisdiction in which any part of the Owner Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Issuer, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Owner Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or
desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a trustee under Section 6.11 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under Section 6.08 hereof. 

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act
subject to the following provisions and conditions: 
 (1) all rights, powers, duties and obligations conferred or imposed upon such
separate trustee or co-trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it
being understood that such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in and/or directing such act), except to the extent that under any law of any
jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to
the Owner Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee;

 (2) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and 

(3) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or
co-trustee. 
 (c) Any notice, request or other writing given to the Indenture Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or
co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts thereupon
conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

  

					
		  	37	  	(NAROT 2022-B Indenture)

 (d) Any separate trustee or co-trustee may at any
time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and
trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA
Section 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it or its parent shall have a long-term debt rating of
“Baa3” or better by Moody’s and “BBB” or better by S&P, or otherwise acceptable to the Rating Agencies. The Indenture Trustee shall comply with TIA Section 310(b), including the optional provision permitted by the
second sentence of TIA Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if
the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. 
 SECTION 6.12 Preferential Collection of Claims
Against Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent indicated. 
 ARTICLE VII 

Noteholders’ Lists and Reports 

SECTION 7.01 Note Registrar To Furnish Names and Addresses of Noteholders. The Note Registrar shall furnish or cause to be furnished to
the Indenture Trustee, the Owner Trustee, the Servicer or the Administrator, within 15 days after receipt by the Note Registrar of a written request therefrom, a list of the names and addresses of the Noteholders of any Class as of the most
recent Record Date. If three or more Noteholders, or one or more Holders evidencing not less than 25% of the Outstanding Amount of the Notes (hereinafter referred to as “Applicants”), apply in writing to the Indenture Trustee, and such
application states that the Applicants desire to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and such application is accompanied by a copy of the communication that such Applicants propose
to transmit, then the Indenture Trustee shall, within five Business Days after the receipt of such application, afford such Applicants access, during normal business hours, to the current list of Noteholders. Such Indenture Trustee may elect not to
afford the requesting Noteholders access to the list of Noteholders if it agrees to mail the desired communication by proxy, on behalf of and at the expense of the requesting Noteholders, to all Noteholders. Every Noteholder, by receiving and
holding a Note, agrees with the Indenture Trustee and the Issuer that none of the Indenture Trustee, the Owner Trustee, the Issuer, the Servicer or the Administrator shall be held accountable by reason of the disclosure of any such information as to
the names and addresses of the Noteholders under this Indenture, regardless of the source from which such information was derived. 
 If the
Indenture Trustee shall cease to be the Note Registrar, then thereafter the Administrator will furnish or cause to be furnished to the Indenture Trustee not more than five days after the most recent Record Date or at such other times as the
Indenture Trustee reasonably may request in writing, a list, in such form as the Indenture Trustee reasonably may require, of the names and addresses of the Holders of Notes as of such Record Date. 

  

					
		  	38	  	(NAROT 2022-B Indenture)

 SECTION 7.02 Preservation of Information; Communications to Noteholders. 

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The
Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished. 

(b) Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or
under the Notes. 
 (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 3.12(c). 

SECTION 7.03 Reports by Issuer. 

(a) The Issuer shall: 
 (1) file
with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 

(2) file with the Indenture Trustee and the Commission in accordance with the rules and regulations prescribed from time to time by the
Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

(3) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c))
such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed from time to time by the
Commission. 
 (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on March 31 of each year. 

SECTION 7.04 Reports by Indenture Trustee. If required by TIA Section 313(a), within 60 days after the end of each Fiscal Year of
the Issuer, beginning with the fiscal year ending March 31, 2023, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that sets forth information required by TIA
Section 313(a), including any change to its eligibility and qualification to continue as Indenture Trustee under this 

  

					
		  	39	  	(NAROT 2022-B Indenture)

 
Indenture, any amounts advanced by it under this Indenture, the amount, interest rate and maturity date of certain indebtedness owed by the Issuer to such Indenture Trustee, in its individual
capacity, the property and funds physically held by such Indenture Trustee in its capacity as such, and any action taken by it that materially affects the Notes and that has not been previously reported. The Indenture Trustee also shall comply with
TIA Section 313(b). 
 A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the
Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

SECTION 7.05 Indenture Trustee Website. The Indenture Trustee may make available to the Noteholders, via the Indenture Trustee’s
website, all reports or notices required to be provided by the Indenture Trustee under the terms of this Indenture and, with the consent or at the direction of the Servicer, such other information regarding the Notes as the Indenture Trustee may
have in its possession. Any information that is disseminated in accordance with the provisions of this Section 7.05 shall not be required to be disseminated in any other form or manner. Except for documents prepared by the
Indenture Trustee and subject to its obligations under this Indenture, the Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor. 

The Indenture Trustee’s internet website shall be initially located at https://pivot.usbank.com or at such other address as shall be
specified by the Indenture Trustee from time to time in writing to the parties hereto. In connection with providing access to the Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer.

 SECTION 7.06 Information to be Provided by the Indenture Trustee. The Indenture Trustee shall provide the Issuer and the
Servicer (each, a “Nissan Party,” and collectively, the “Nissan Parties”) with (i) notification pursuant to Section 6.01(e), as soon as practicable and in any event within ten Business
Days, (ii) not later than the tenth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning October 11, 2022, a report substantially in the form of Exhibit B with respect to any
demands communicated to an Authorized Officer of the Indenture Trustee during the immediately preceding calendar month (or, in the case of the initial notice, since the Closing Date) for the repurchase of any Receivable pursuant to Section 4.3
of the Purchase Agreement, and (iii) promptly upon the request by a Nissan Party, any information in its possession reasonably requested by a Nissan Party to facilitate compliance by the Nissan Parties with Rule
15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Indenture Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the Exchange
Act, nor shall it have any responsibility for making any filing required to be made by a securitizer under the Exchange Act or Regulation AB. 

SECTION 7.07 Noteholder Demand for Repurchase; Dispute Resolution. 

(a) If an Investor becomes aware of a breach of NMAC’s representations and warranties in Section 3.2(b) of the Purchase Agreement
that would require NMAC to repurchase 

  

					
		  	40	  	(NAROT 2022-B Indenture)

 
a Receivable pursuant to Section 4.3 of the Purchase Agreement, such Investor (the “Requesting Investor”) may, or by written notice to the Indenture Trustee may direct the
Indenture Trustee to, notify NMAC in writing of such breach and request that NMAC repurchase the related Receivable. Any such request, and any related direction to the Indenture Trustee, shall identify the Receivable, as well as the related breach
of representation or warranty. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by Verification Documents. Upon receipt of any written notice of a repurchase request that complies
with the requirements of this Section 7.07(a), the Indenture Trustee shall forward such written notice to NMAC and request that NMAC repurchase the related Receivable pursuant to Section 4.3 of the Purchase Agreement.
For avoidance of doubt, following delivery of such notice and request to NMAC, the Indenture Trustee shall have no responsibility or liability for the determination by NMAC to repurchase or not to repurchase the related Receivable or for monitoring
whether or not such repurchase occurs. 
 (b) If a Requesting Investor requests, or directs the Indenture Trustee to request, the repurchase
of a Receivable pursuant to clause (a) above, and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor, within 180 days of the receipt of notice of the request by
NMAC, the Requesting Investor may, or by written notice to the Indenture Trustee may direct the Indenture Trustee to, refer the matter to either mediation or arbitration pursuant to Section 4.4 of the Purchase Agreement. 

SECTION 7.08 Asset Review Voting. 

(a) If the Delinquency Percentage on any Distribution Date exceeds the Delinquency Trigger, then Noteholders (if the Notes are represented by
Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Amount as of the filing of the Form 10-D that disclosed that the Delinquency
Percentage exceed the Delinquency Trigger (the “Instituting Noteholders”) may elect to initiate a vote to determine whether the Asset Representations Reviewer should conduct an Asset Review by giving written notice to the Indenture
Trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. If any Instituting Noteholder
is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to confirm that such Instituting Noteholder is, in fact, a Note Owner. If the Instituting
Noteholders initiate a vote as described in this clause (a), the Indenture Trustee shall submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are represented by Book-Entry Notes. The
Indenture Trustee may set a Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance with TIA Section 316(c). The vote will remain open until the 120th day after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. The “Noteholder
Direction” shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor of directing an Asset Review of the Subject Receivables by the Asset Representations
Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Seller will disclose whether or not a Noteholder Direction has occurred. 

  

					
		  	41	  	(NAROT 2022-B Indenture)

 (b) Within 5 Business Days of the Review Satisfaction Date, the Indenture Trustee will send
a Review Notice to NMAC, the Seller, the Servicer and the Asset Representations Reviewer. 
 (c) Notwithstanding clauses (a) and
(b) of this Section 7.08, an Investor (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes) need not direct that an Asset Review be performed prior to
(i) notifying (or directing the Indenture Trustee to notify) NMAC of a breach of NMAC’s representations and warranties in Section 3.2(b) of the Purchase Agreement that would require NMAC to repurchase a Receivable pursuant to
Section 4.3 of the Purchase Agreement or (ii) referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 4.4 of the Purchase Agreement. 

(d) For the avoidance of doubt, the Indenture Trustee shall not be required to (i) determine whether, or give notice to Noteholders that,
a Delinquency Trigger has occurred or (ii) determine which assets are subject to an Asset Review by the Asset Representations Reviewer. 

ARTICLE VIII 
 Accounts,
Disbursements and Releases 
 SECTION 8.01 Collection of Money. Except as otherwise expressly provided herein, the Indenture
Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee
pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Owner Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.
Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 

SECTION 8.02 Accounts. 

(a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee until
the Outstanding Amount of the Notes is zero, and thereafter, in the name of the Issuer, the Collection Account as provided in Section 5.01 of the Sale and Servicing Agreement. 

(b) On or prior to the Closing Date, the Issuer will cause the Servicer to establish and maintain in the name of the Indenture Trustee, until
the Outstanding Amount of the Notes is zero, the Reserve Account as provided in Section 5.01 of the Sale and Servicing Agreement. On or prior to the Closing Date, the Issuer shall cause to be deposited an amount equal to the Reserve Account
Initial Deposit into the Reserve Account. 

  

					
		  	42	  	(NAROT 2022-B Indenture)

 (c) The Indenture Trustee shall transfer all amounts remaining on deposit in the Collection
Account on the Distribution Date on which the Notes of all Classes have been paid in full (or substantially all of the Collateral is otherwise released from the lien of this Indenture) to the Designated Account and shall take all necessary or
appropriate actions to transfer all of its right, title and interest in the Collection Account, all funds or investments held therein and all proceeds thereof, whether or not on behalf of the Securityholders, to the Owner Trustee for the benefit of
the Certificateholders, subject to the limitations set forth herein with respect to amounts held for payment to Noteholders that do not promptly deliver a Note for payment on such Distribution Date. 

SECTION 8.03 General Provisions Regarding Accounts. 

(a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall be
invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of
moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection
Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited in the Reserve
Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Indenture
Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer
shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. 
 (b) Subject
to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in the Collection Account or the Reserve Account resulting from any loss on any Eligible Investment included
therein at the direction of the Servicer, except for losses attributable to the Indenture Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not
as trustee, in accordance with the terms thereof. 
 (c) If (i) the Servicer shall have failed to give investment directions for any
funds on deposit in the Collection Account or the Reserve Account to the Indenture Trustee by 5:00 p.m. Eastern Time (or such other time as may be agreed by the Servicer and Indenture Trustee) on any Business Day or (ii) a Default or Event of
Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if such Notes shall have been declared due and
payable following an Event of Default, amounts collected or receivable from the Owner Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a declaration, then the Indenture Trustee
shall, to the fullest extent practicable, invest and reinvest funds in the Accounts in an Eligible Investment specified in an interest-bearing money market deposit account at U.S. Bank National Association. 

  

					
		  	43	  	(NAROT 2022-B Indenture)

 (d) Except as otherwise provided hereunder or agreed in writing among the parties hereto,
the Servicer shall retain the authority to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any securities held hereunder, and, in general, to exercise each and every
other power or right with respect to each such asset or investment as individuals generally have and enjoy with respect to their own assets and investment, including power to vote upon any securities. 

SECTION 8.04 Release of Owner Trust Estate. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when
required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent
with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any moneys. 
 (b) The Indenture Trustee shall, at such time as there are no Notes
outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 (as certified by an authorized officer of the Issuer in the officer’s certificate delivered to the Trustee) have been paid, release any
remaining portion of the Owner Trust Estate that secured the Notes from the lien of this Indenture and release to or to the order of the Issuer, any funds entitled thereto then on deposit in the Collection Account and the Reserve Account. The
Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt of an Officer’s Certificate and (if required by the TIA) Independent Certificates in
accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01. 
 SECTION
8.05 Release of Receivables Upon Purchase by NMAC or the Servicer. 
 (a) Upon repurchase of any Receivable by NMAC pursuant to
Section 4.3 of the Purchase Agreement or any purchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01 of the Sale and Servicing Agreement, the Indenture Trustee, on behalf of the Noteholders, shall, without
further action, be deemed to release from the Lien of this Indenture such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property with respect to such Receivable, and all security
and any documents relating thereto, and NMAC or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and documents, free of any further obligation to the Issuer, the Indenture Trustee or the
Noteholders with respect thereto. 
 (b) The Indenture Trustee shall execute such documents and instruments and take such other actions as
shall be reasonably requested by NMAC or the Servicer, as the case may be, to effect the release of such Receivable pursuant hereto and the assignment of such Receivable by the Issuer pursuant to Section 9.02 of the Sale and Servicing
Agreement. 

  

					
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 SECTION 8.06 Opinion of Counsel. The Indenture Trustee shall receive at least seven
days’ notice when requested by the Issuer to take any action pursuant to Section 8.04(a) (provided that the Indenture Trustee in its discretion may waive such notice), accompanied by copies of any instruments involved,
and the Indenture Trustee may also require (and shall require, to extent required by the TIA), except in connection with any action contemplated by Section 8.04(b), as a condition to such action, an Opinion of Counsel, in
form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied
with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to
express an opinion as to the fair value of the Owner Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee
in connection with any such action. 
 ARTICLE IX 

Supplemental Indentures 

SECTION 9.01 Supplemental Indentures Without Consent of Noteholders. 

(a) Except as provided in Section 9.02, without the consent of any other Person, the Issuer and the Indenture
Trustee (when so directed by an Issuer Order), may enter into one or more amendments or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or
for the purpose of modifying in any manner the rights of the Noteholders under this Indenture; provided that (i) either (A) any amendment or supplemental indenture that materially and adversely affects the Noteholders shall require the
consent of Noteholders holding not less than a majority of the Outstanding Amount voting together as a single class, or (B) such amendment or supplemental indenture shall not materially and adversely affect the Noteholders, and (ii) any
amendment or supplemental indenture that adversely affects the interests of the Servicer, the Certificateholders, the Indenture Trustee, the Owner Trustee or the Administrator shall require the prior consent of the Persons whose interests are
adversely affected, provided that the consent of the Servicer, the Certificateholders, the Owner Trustee or the Administrator, as the case may be, shall be deemed to have been given if the Depositor does not receive a written objection from such
Person within 10 Business Days after a written request for such consent shall have been given. A supplement or amendment shall be deemed not to materially and adversely affect the interests of the Noteholders if (i) the Rating Agency Condition
is satisfied with respect to such supplement or amendment, or (ii) the Depositor delivers an Officer’s Certificate to the Indenture Trustee stating that such supplement or amendment will not materially and adversely affect the Noteholders.

 (b) It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of
any proposed amendment or supplement, but it shall be sufficient if such Person consents to the substance thereof. 

  

					
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 (c) Prior to the execution of any amendment or supplemental indenture pursuant to this
Section or Section 9.02, the Issuer shall provide each Rating Agency, the Certificateholders, the Depositor, the Owner Trustee and the Indenture Trustee with written notice of the substance of such supplement. No later than
10 Business Days after the execution of any supplemental indenture, the Issuer shall furnish a copy of such supplement to each Rating Agency, the Servicer, the Certificateholders, the Indenture Trustee and the Owner Trustee. 

(d) The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations as may be therein contained. 
 (e) Promptly after the execution by the Issuer and the Indenture Trustee of any
supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by the Issuer) setting forth in general terms the substance of
such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

(f) The Indenture Trustee shall be under no obligation to ascertain whether a Rating Agency Condition has been satisfied with respect to any
amendment or supplemental indenture. When the Rating Agency Condition is satisfied with respect to such amendment or supplemental indenture, the Servicer shall deliver to the Indenture Trustee an Officer’s Certificate to that effect, and the
Indenture Trustee may conclusively rely upon the Officer’s Certificate from the Servicer that a Rating Agency Condition has been satisfied with respect to such amendment or supplemental indenture. 

SECTION 9.02 Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when requested by an Issuer
Order, also may, with the consent of Noteholders holding not less than a majority of the Outstanding Amount voting together as a single class, by Action of such Noteholders delivered to the Issuer and the Indenture Trustee, enter into one or more
amendments or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this
Indenture, subject to prior notice to the Rating Agencies and provided that no such supplemental indenture entered into in accordance with this Section 9.02 shall, without the consent of the Noteholder of each Outstanding
Note affected thereby: 
 (1) change the Final Scheduled Distribution Date of or the date of payment of any installment of principal of or
interest on any Note, or reduce the principal amount thereof, the Interest Rate thereon or the Redemption Price with respect thereto; 

(2) reduce the percentage of the Outstanding Amount, the consent of the Noteholders of which is required for any such amendment or
supplemental indenture or the consent of the Noteholders of which is required for any waiver of compliance with provisions of this Indenture or Events of Default hereunder and their consequences provided for in this Indenture; 

(3) modify or alter the provisions of the proviso to the definition of the term “Outstanding;” 

  

					
		  	46	  	(NAROT 2022-B Indenture)

 (4) reduce the percentage of the Outstanding Amount required to direct the Indenture
Trustee to direct the Issuer to sell the Owner Trust Estate pursuant to Section 5.04(d)(4), if the proceeds of such sale would be insufficient to pay the Outstanding Amount plus accrued but unpaid interest on the Notes; 

(5) reduce any percentage required to amend the sections of the Indenture that specify the applicable percentage of Outstanding Amount of the
Notes necessary to amend the Indenture; 
 (6) permit the creation of any lien ranking prior to or on a parity with the lien of this
Indenture with respect to any part of the Owner Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the security provided
by the lien of this Indenture; or 
 (7) impair the right to institute suit for the enforcement of payment as provided in
Section 5.07. 
 The Indenture Trustee may in its discretion determine whether or not any Notes would be affected
by any amendment or supplemental indenture and any such determination shall be conclusive upon all Noteholders, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such
determination made in good faith. 
 It shall not be necessary for any Action of Noteholders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Action shall approve the substance thereof. 
 Promptly
after the execution by the Issuer and the Indenture Trustee of any amendment or supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders and Certificateholders to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the
validity of any such amendment or supplemental indenture. 
 SECTION 9.03 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee and the Owner Trustee shall be entitled to receive upon
request therefor and (in the case of the case of the Indenture Trustee, subject to Sections 6.01 and 6.02) shall be fully protected in relying upon, an Opinion of Counsel from external counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. No amendment or modification of this Indenture which adversely affects the Owner Trustee shall be effective without its prior written consent. The Indenture Trustee and the Owner
Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s or the Owner Trustee’s, as applicable, own rights, duties, liabilities or immunities under this Indenture or
otherwise. 
 SECTION 9.04 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the
provisions hereof, this Indenture shall be deemed to be modified and amended in accordance therewith with respect to the Notes, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of
the Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

  

					
		  	47	  	(NAROT 2022-B Indenture)

 SECTION 9.05 Conformity with Trust Indenture Act. Every amendment of this Indenture
and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

SECTION 9.06 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee
shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee
in exchange for Outstanding Notes. 
 ARTICLE X 

Redemption of Notes 

SECTION 10.01 Optional Purchase of All Receivables. If NMAC, as Servicer, shall notify the Owner Trustee and the Indenture Trustee of
its intention to exercise the option granted to it in Section 9.01 of the Sale and Servicing Agreement to purchase the Collateral (other than the Reserve Account), then the Indenture Trustee shall give written notice thereof to each Noteholder,
in accordance with Section 10.02, as soon as practicable after their receipt of notice from the Servicer. Upon deposit by the Servicer or any successor to the Servicer of the amount necessary to effect such purchase of the
Collateral (other than the Reserve Account), the Indenture Trustee shall make the final distributions to the Noteholders and the other distributions as set forth in Section 5.06 of the Sale and Servicing Agreement and shall promptly transfer
all of its right, title and interest in and to any amounts or investments remaining on deposit in the Accounts to the Owner Trustee (in any event excluding any portion thereof necessary to make distributions to Noteholders described in
Section 3.03), and release from the lien of this Indenture all of the remaining Collateral in accordance with Sections 8.04 and 8.05. The Indenture Trustee shall execute, deliver and file all agreements,
certificates, instruments or other documents necessary or reasonably requested by the Issuer in order to effect such release and the transfer to the Issuer of the Collateral. 

SECTION 10.02 Form of Redemption Notice. Notice of redemption under Section 10.01 shall be given by the
Indenture Trustee by first-class mail, postage prepaid, mailed to each Holder of Notes as of the close of business on the Record Date of the month preceding the month of the applicable Redemption Date at such Holder’s address appearing in the
Note Register. In addition, the Administrator shall notify each Rating Agency upon the redemption of the Notes, pursuant to the Administration Agreement. 

  

					
		  	48	  	(NAROT 2022-B Indenture)

 All notices of redemption shall state: 

(a) the Redemption Date; 
 (b)
the Redemption Price; 
 (c) the place where the Notes to be redeemed are to be surrendered for payment of the Redemption Price (which shall
be the office or agency of the Issuer to be maintained as provided in Section 3.02); and 
 (d) that on the
Redemption Date, the Redemption Price will become due and payable upon each such Note and that interest thereon shall cease to accrue from and after the Redemption Date. 

Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. In addition, the
Issuer shall notify the Owner Trustee upon redemption of the Notes. Failure to give notice of redemption (or any defect therein) to any Noteholder shall not impair or affect the validity of the redemption of any other Note. 

SECTION 10.03 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by
Section 10.02, become due and payable on the Redemption Date at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any
period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 
 ARTICLE XI 

Miscellaneous 
 SECTION
11.01 Compliance Certificates and Opinions, etc. 
 (a) Upon any application or request by the Issuer to the Indenture Trustee to
take any action under any provision of this Indenture, the Issuer shall, upon written request therefor from the Indenture Trustee, furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) (if
required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture, no such written request from the Indenture Trustee need be furnished (and only such expressly required documents need be delivered in connection therewith). 

(b) Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(1) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the
definitions herein relating thereto; 

  

					
		  	49	  	(NAROT 2022-B Indenture)

 (2) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such
signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 

(c) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee (if
so requested by the Indenture Trustee or required by the TIA) an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the
Collateral or other property or securities to be so deposited. 
 Whenever the Issuer would be required to furnish to the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in this clause (c) if such an Officer’s Certificate had been requested by the Indenture Trustee or required by the TIA,
regardless of whether such an Officer’s Certificate was so requested or required, the Issuer shall deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so
deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current calendar year of the Issuer, as set forth in the certificates delivered pursuant to clause (c), is 10% or more of
the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or
less than one percent of the Outstanding Amount of the Notes. 
 Whenever any property or securities are to be released from the lien of
this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or
securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 

Notwithstanding Section 2.09 or any other provision of this Section, the Issuer may, without compliance with the
requirements of the other provisions of this Section, (i) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Basic Documents, and (ii) make cash payments out
of the Accounts as and to the extent permitted or required by the Basic Documents. 

  

					
		  	50	  	(NAROT 2022-B Indenture)

 SECTION 11.02 Form of Documents Delivered to Indenture Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents. 
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such
officer’s certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Servicer, the Seller, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Issuer or the Administrator, unless such
counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in
connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any
term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such
case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon
the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 SECTION 11.03 Acts of
Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly
provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Action” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 

  

					
		  	51	  	(NAROT 2022-B Indenture)

 (b) The fact and date of the execution by any person of any such instrument or writing may
be proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register.

 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the
Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of
such action is made upon such Note. 
 SECTION 11.04 Notices to Indenture Trustee, Issuer and Rating Agencies. Any request, demand,
authorization, direction, notice, consent, waiver or Action of Noteholders or other documents provided or permitted by this Indenture shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail,
postage prepaid, hand delivery, prepaid courier service, by facsimile or electronically by email (if an email address is provided), and addressed in each case as specified on Schedule I to the Sale and Servicing Agreement. Notices required to be
given to the Rating Agencies hereunder shall be in writing, personally delivered or mailed by certified mail, return receipt requested, and addressed in each case as specified on Schedule I to the Sale and Servicing Agreement or at such other
address as shall be designated by written notice to the other parties; provided, however, that all notices, requests, reports, consents or other communications deliverable to any Rating Agency hereunder or under any other Basic Document shall be
deemed to be delivered if a copy of such notice, request, report, consent or other communication has been posted on any website maintained by or on behalf of NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance with
17 C.F.R. 240 17g-5(a)(3). 
 SECTION 11.05 Notices to Noteholders; Waiver. Where this
Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his
address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such
notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to
have been duly given. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled
to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result of
a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be
satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 

  

					
		  	52	  	(NAROT 2022-B Indenture)

 Where this Indenture provides for notice to the Rating Agencies, failure to give such notice
shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 

SECTION 11.06 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 

SECTION 11.07 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

The provisions of TIA Sections 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein
unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
 SECTION
11.08 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

SECTION 11.09 Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its
successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 

SECTION 11.10 Severability. If any one or more of the covenants, agreements, provisions or terms of this Indenture shall be for any
reason whatsoever held invalid or unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Indenture and shall in no way
affect the validity or enforceability of the other provisions of this Indenture or of the Notes or the Certificates or the rights of the Holders thereof. 

SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other
than the parties hereto, the Owner Trustee and their successors hereunder, the Noteholders, any other party secured hereunder and any other Person with an ownership interest in any part of the Owner Trust Estate, any benefit or any legal or
equitable right, remedy or claim under this Indenture. 

  

					
		  	53	  	(NAROT 2022-B Indenture)

 SECTION 11.12 Governing Law; Submission to Jurisdiction; Wavier of Jury Trial. 

(a) THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (b) Each of the parties hereto hereby irrevocably and unconditionally: 

(1) submits for itself and its property in any Proceeding relating to this Indenture or any documents executed and delivered in connection
herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and
appellate courts from any thereof; 
 (2) consents that any such Proceeding may be brought and maintained in such courts and waives any
objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(3) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.04 of this Indenture; 

(4) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (5) to the extent permitted by applicable law, each party hereto irrevocably waives all
right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Basic Document, or any matter arising hereunder or thereunder. 

SECTION 11.13 Counterparts and Electronic Signature. This Indenture may be executed simultaneously in any number of counterparts, each
of which shall be deemed to be an original, and all of which shall constitute but one and the same instrument. Each party agrees that this Indenture and any other documents to be delivered in connection herewith may be digitally or electronically
signed, and that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by a digital signature provider as specified in writing to the Indenture Trustee) appearing on this Indenture or such other
documents shall have the same effect as manual signatures for the purpose of validity, enforceability and admissibility; provided, however, that any documentation with respect to the transfer of Notes or other securities presented to the Indenture
Trustee, the Note Registrar or any other transfer agent must contain original, manually executed signatures. Other than with respect to instances in which manual signatures are expressly required by this paragraph, each party hereto shall be
entitled to conclusively rely upon, and shall have no liability with respect to, any digital or electronic signature appearing on this Agreement or any other documents to be delivered in connection herewith and shall have no duty to investigate,
confirm or otherwise verify the validity or authenticity thereof. 

  

					
		  	54	  	(NAROT 2022-B Indenture)

 SECTION 11.14 Recording of Indenture. If this Indenture is subject to recording in
any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the
Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

 SECTION 11.15 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Owner Trustee or the Indenture Trustee on the Notes or Certificates or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) the Seller, any Certificateholder or other owner of a beneficial interest in the Issuer, (iii) NMAC or (iv) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any Certificateholder or other owner of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this
Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement. 

SECTION 11.16 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby
covenant and agree that they shall not, prior to the date which is one year and one day after the payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party, acquiesce,
petition or otherwise invoke or cause such Bankruptcy Remote Party to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against such Bankruptcy Remote Party under any federal or state
bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of such Bankruptcy Remote Party or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of such Bankruptcy Remote Party. 
 SECTION 11.17 Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause
(at the expense of the requesting party) such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified
public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required
by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

[The remainder of this page intentionally left blank] 

  

					
		  	55	  	(NAROT 2022-B Indenture)

 IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be
duly executed by their respective officers, thereunto duly authorized and duly attested, all as of the day and year first above written. 
  

			
	NISSAN AUTO RECEIVABLES 2022-B OWNER TRUST
		
	By:	 	WILMINGTON TRUST, NATIONAL
		 	ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Beverly D. Capers

	Name:	 	Beverly D. Capers
	Title:	 	Vice President
	
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 /s/ Juan S. Hernandez

	Name:	 	Juan S. Hernandez
	Title:	 	Assistant Vice President

  

					
		  	S-1	  	(NAROT 2022-B Indenture)

 EXHIBIT A 

FORM OF CLASS [A-1] [A-2]
[A-3] [A-4] NOTE 
 [UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY,
ANY GOVERNMENTAL AGENCY OR NISSAN AUTO RECEIVABLES COMPANY II LLC, NISSAN MOTOR ACCEPTANCE COMPANY LLC, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES. THE PRINCIPAL AND INTEREST ON THIS NOTE IS PAYABLE
SOLELY FROM PAYMENTS ON THE RECEIVABLES AND AMOUNTS ON DEPOSIT IN THE RESERVE ACCOUNT. 
 EACH PURCHASER AND TRANSFEREE (AND IF THE
PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) OF THIS NOTE (OR ANY INTEREST HEREIN) WILL BE DEEMED TO (A) REPRESENT, WARRANT AND COVENANT THAT EITHER (I) IT IS NOT ACQUIRING AND WILL NOT HOLD THE NOTE (OR ANY
INTEREST HEREIN) FOR, ON BEHALF OF OR WITH THE ASSETS OF ANY PLAN (AS DEFINED BELOW) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”) (EACH OF THE FOREGOING, A “BENEFIT PLAN”) OR A PLAN (AS DEFINED BELOW) THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE (OR ANY INTEREST HEREIN) DOES NOT AND WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE THAT BENEFIT PLANS OR PLANS THAT ARE SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THE RATINGS
ON THIS NOTE IS BELOW INVESTMENT GRADE OR 
  

	1 	 For Book-Entry Notes only. 

  

					
		  	A-1	  	(NAROT 2022-B Indenture)

 
THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED
IN SECTION 3(3) OF ERISA, WHETHER OR NOT SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE OR ANY ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING. 

[THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR
OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN
EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.] 

  

					
		  	A-2	  	(NAROT 2022-B Indenture)

 NISSAN AUTO RECEIVABLES 2022-B OWNER TRUST 

[____]% ASSET BACKED NOTES, 
 CLASS [A-1] [A-2] [A-3] [A-4] 

 

			
	No. R-___	  	 $_________

CUSIP NO._________
 ISIN No.
____________

 Nissan Auto Receivables 2022-B Owner Trust, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to ____________________, or registered assigns, the principal sum of _______________ DOLLARS
($__________) payable on each Distribution Date in an aggregate amount, if any, payable from the Collection Account in respect of the principal on the Class [A-1] [A-2] [A-3] [A-4] Notes pursuant to Section 3.01 of the Indenture dated as of September 28, 2022 (the “Indenture”), between the Issuer and U.S. Bank Trust
Company, National Association, as Indenture Trustee (the “Indenture Trustee”) and Sections 5.06(a), (b) and (c) of the Sale and Servicing Agreement dated as of September 28, 2022 (the “Sale and Servicing Agreement”),
among the Issuer, NARC II, as Seller, NMAC, as Servicer, and the Indenture Trustee (which amounts shall be limited to the portion of Available Amounts specified in such sections); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the Distribution Date occurring on (the “Class [A-1] [A-2] [A-3] [A-4] Final Scheduled Distribution Date”). Capitalized terms used but not defined herein have the meanings ascribed thereto in the Indenture and the Sale and Servicing Agreement, as the case may be. 

The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained
in Section 3.01 of the Indenture. Interest on this Note will accrue for each Distribution Date, [for the Class A-1 Notes: during the period from (and including) the Distribution Date during the
calendar month preceding such Distribution Date (or in the case of the first Distribution Date, or if no interest has yet been paid, from (and including) the Closing Date) to (but excluding) such Distribution Date] [for the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes: during the period from (and including) the 15th day of the
preceding calendar month (or in the case of the first Distribution Date, or if no interest has yet been paid, from (and including) the Closing Date) to (but excluding) the 15th day of the month in which such Distribution Date occurs.] Interest will
be computed on the basis specified in the Indenture for each Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note. 

  

					
		  	A-3	  	(NAROT 2022-B Indenture)

 Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  

					
		  	A-4	  	(NAROT 2022-B Indenture)

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer, as of the date set forth below. 
 Date: ________________ 

 

			
	NISSAN AUTO RECEIVABLES 2022-B
	OWNER TRUST
		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		 	not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	             

	Name:	 	
	Title:	 	

  

					
		  	A-5	  	(NAROT 2022-B Indenture)

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

Date: _____________ 
  

			
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Indenture Trustee
		
	By:	 	             

		 	Name:
		 	Title:

  

					
		  	A-6	  	(NAROT 2022-B Indenture)

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as [____]% Asset Backed Notes, Class [A-1] [A-2] [A-3] [A-4] (herein called the “Class
[A-1] [A-2] [A-3] [A-4] Notes”), all issued under the Indenture, to which Indentures
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class
[A-1] [A-2] [A-3] [A-4] Notes are subject to all terms of the Indenture. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, (collectively, the “Notes”) are and, except as otherwise provided in the Indenture and the Sale and Servicing
Agreement, will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of
the Class [A-1] [A-2] [A-3] [A-4] Notes will be payable on each Distribution Date in an
amount described in the Indenture. “Distribution Date” means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing October 17, 2022. 

Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of
Default shall have occurred and be continuing and the Indenture Trustee or the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture or following the exercise by the Servicer of its option to purchase the Receivables pursuant to Section 9.01 of the Sale and Servicing Agreement and Section 10.01 of the Indenture. In case of an
unrescinded acceleration upon an Event of Default, all payments of interest and principal will be made to the Noteholders as set forth in Section 5.06(c) of the Sale and Servicing Agreement. In case of the optional purchase of the Receivables,
all interest and all principal payments on the Class [A-1] [A-2] [A-3] [A-4] Notes shall
be made pro rata to the Class [A-1] [A-2] [A-3] [A-4] Noteholders entitled thereto. 

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent
not in full payment of this Note, shall be paid to the Person in whose name of such Note (or one or more Predecessor Notes) is registered on the Record Date by wire transfer in immediately available funds to the account designated by such nominee,
except for the final installment of principal payable with respect to such Note on a Distribution Date or on the applicable Final Scheduled Distribution Date, which shall be payable as provided below. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name
of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile prior to such Distribution Date, and the amount then due
and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in St. Paul,
Minnesota. 

  

					
		  	A-7	  	(NAROT 2022-B Indenture)

 The Issuer shall pay interest on overdue installments of interest at the Class [A-1] [A-2] [A-3] [A-4] Interest Rate to the extent lawful. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee as set forth in Section 2.04 of the Indenture, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will
be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer
or exchange. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note,
covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered
in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) the Seller or any owner of a beneficial interest in the Issuer, (iii) NMAC or (iv) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

 The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an
Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time file, join in the filing of, or cooperate with or encourage others to file against a Bankruptcy Remote Party, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents. 

  

					
		  	A-8	  	(NAROT 2022-B Indenture)

 The Issuer has entered into the Indenture and this Note is issued with the intention that,
for federal, state and local income, single business and franchise tax purposes, the Notes (other than the Retained Notes, if any) will qualify as indebtedness of the Issuer secured by the Owner Trust Estate. Each Noteholder, by acceptance of a Note
(and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes (other than the Retained Notes, if any) for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuer.

 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or
the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer and the Indenture
Trustee, when authorized by an Issuer Order, with prior notice to the Rating Agencies and with the consent of the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class. Section 5.12 of the Indenture also
contains provisions permitting the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is permitted by the
Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set
forth. 
 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its
conflict of law provisions (other than Section 5-1401 of the General Obligations Law of the State of New York), and the obligations, rights and remedies of the parties hereunder and thereunder shall be
determined in accordance with such laws. In the event of any conflict or inconsistency between the terms of this Note and the terms of the Basic Documents, the terms of the Basic Documents shall control. 

  

					
		  	A-9	  	(NAROT 2022-B Indenture)

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

  

					
		  	A-10	  	(NAROT 2022-B Indenture)

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: _____________ 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 

 
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints _____, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

Dated:_____________*/ 

Signature Guaranteed: 

__________________*/ 
  

	*/	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which
requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended. 

  

					
		  	A-1	  	(NAROT 2022-B Indenture)

 Exhibit B 

ASSET REPURCHASE DEMAND ACTIVITY REPORT 

Reporting Period: 
 X Check here if
nothing to report. 
  

									
	 Transaction
	  	 Loan No.
	  	 Activity During Period

	  	 Date of Reputed Demand
	  	 Party Making Reputed Demand
	  	
Date of Withdrawal of Reputed Demand

					
	 NAROT 2022-B
	  		  		  		  	

  

					
		  	B-1	  	(NAROT 2022-B Indenture)

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