Document:

Lien Subordination and Intercreditor Agreement, dated August 13, 2009

 Exhibit 4.6 
 EXECUTION COPY 
  
  
  
 LIEN SUBORDINATION AND INTERCREDITOR AGREEMENT

 dated as of 
 August 13,
2009, 
 among 
 BANK OF AMERICA,
N.A., 
 as Collateral Agent, 
 WILMINGTON TRUST FSB, 
 as Trustee and Noteholder Collateral Agent, 
 AFFINIA GROUP INC., 
 AFFINIA GROUP INTERMEDIATE HOLDINGS INC., 
 and 
 the Subsidiaries of Affinia Group Inc.
listed on Schedule I hereto 
  
  
  

 LIEN SUBORDINATION AND INTERCREDITOR AGREEMENT dated as of August 13, 2009 among BANK OF AMERICA,
N.A., as collateral agent for the Revolving Facility Secured Parties referred to herein, WILMINGTON TRUST FSB, as trustee under the Indenture referred to herein and as collateral agent for the Noteholder Secured Parties referred to herein, AFFINIA
GROUP INC, AFFINIA GROUP INTERMEDIATE HOLDINGS INC and the subsidiaries of Affinia Group Inc. listed on Schedule I hereto (as well as each future Domestic Subsidiary of Affinia Group Inc. that becomes a party hereto pursuant to the terms hereof).

 Reference is made to (a) the Credit Agreement (such term and each other capitalized term used and not otherwise defined herein having
the meaning assigned to it in Article I), under which the Revolving Facility Lenders have extended and agreed to extend credit to the Borrowers, and (b) the Indenture governing the Notes. In consideration of the mutual agreements herein
contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Collateral Agent (for itself and on behalf of the Revolving Facility Secured Parties), the Trustee (for itself and on behalf of
the Noteholders), the Noteholder Collateral Agent (for itself and on behalf of the Noteholder Secured Parties), the Company, Affinia Group Intermediate Holdings Inc. (“Holdings”) and the subsidiaries of the Company party
hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Construction; Certain Defined Terms. (a) The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended,
supplemented or otherwise modified, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is
made to such subsidiaries, (iii) the words “herein”, “hereof and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vi) the term “or” is
not exclusive. 

 (b) As used in this Agreement, the following terms have the meanings specified below: 
 “Administrative Agent” means Bank of America, N.A., acting through one or more of its branches or affiliates, in its capacity as
Administrative Agent under the Credit Agreement, and its successors in such capacity. 
 “Agent” means the Collateral
Agent or the Noteholder Collateral Agent, as the context may require, and “Agents” means the Collateral Agent and the Noteholder Collateral Agent. 
 “Asset Sale Proceeds Account” means one or more deposit accounts or securities accounts holding the proceeds of any Disposition of any Noteholder First Lien Collateral that are required to be
held in such account or accounts pursuant to the terms of the Indenture as in effect on the date hereof (or as modified from time to time to the extent such modifications, taken as a whole, are not adverse to the Revolving Facility Secured Parties
in any material respect). 
 “Bankruptcy Code” means Title 11 of the United States Code. 
 “Borrowers” means the Company and the subsidiaries of the Company that are borrowers under the Credit Agreement. 
 “Capital Stock” means (a) in the case of a corporation, corporate stock, (b) in the case of an association or business
entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (c) in the case of a partnership or limited liability company, partnership or membership interests (whether general or
limited), and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Collateral” means the Revolving Facility Collateral and the Noteholder Collateral. 
 “Collateral Access Agreement” shall have the collective meaning of such term set forth in the Security Documents. 
 “Collateral Agent” means Bank of America, N.A., in its capacity as Collateral Agent under the Revolving Facility Documents, and
its successors in such capacity. 
 “Company” means Affinia Group Inc., a Delaware corporation. 
 “Computer Software” shall have the collective meaning of such term set forth in the Security Documents. 
  

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 “Copyrights” shall have the collective meaning of such term set forth in the
Security Documents. 
 “Credit Agreement” means the ABL Credit Agreement dated as of August 13, 2009, among
Holdings, the Borrowers from time to time party thereto, the Guarantors from time to time party thereto, the Revolving Facility Lenders and the Administrative Agent, as amended, extended, renewed, restated, supplemented, waived, replaced,
restructured, repaid, refunded, refinanced or otherwise modified from time to time, in each case with the same or different lenders and agents. 
 “Disposition” shall mean any sale, lease, sale and leaseback, assignment, conveyance, exchange, transfer or other disposition. “Dispose” shall have a correlative meaning. 
 “Domestic Subsidiary” of any Person shall mean any subsidiary of such Person incorporated or organized in the United States or
any State thereof or the District of Columbia. 
 “Enforcement Action” means (a) the taking of any action to
enforce or realize upon any Lien on the Collateral, including the institution of any foreclosure proceedings or the noticing of any public or private sale or other Disposition pursuant to Article 8 or Article 9 of the New York UCC or other
applicable law, (b) the exercise of any right or remedy provided to a secured creditor or otherwise on account of a Lien on the Collateral under the Revolving Facility Documents, the Noteholder Documents, or applicable law, including the
election to retain any Collateral in satisfaction of a Lien or credit bid, (c) the taking of any action or the exercise of any right or remedy in respect of the collection on, set off against, marshaling of, or foreclosure on the Collateral or
the proceeds of Collateral, (d) the sale, lease, license, or other Disposition of all or any portion of the Collateral, at a private or public sale, other Disposition or any other means permissible under applicable law at any time that an event
of default shall have occurred which is continuing, and (e) the exercise of any other right of liquidation against any Collateral (including the exercise of any right of recoupment or set-off or any rights against Collateral obtained pursuant
to or by foreclosure of a judgment Lien obtained against any Grantor) whether under the Revolving Facility Documents, the Noteholder Documents, applicable law, in a proceeding or otherwise, it being acknowledged and agreed that the exercise of cash
dominion over the Deposit Accounts of any Grantor and application of funds in connection therewith will not constitute an Enforcement Action for purposes of this Agreement. 
 “Event of Default” means an “Event of Default” under and as defined in the Credit Agreement or the Indenture, as the
context may require. 
 “Grantor” means Holdings, the Company and each wholly-owned Domestic Subsidiary of the
Company that shall have granted any Lien in favor of the Collateral Agent or the Noteholder Collateral Agent on any of its assets or properties to secure any of the Obligations. 
  

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 “Indenture” means the Indenture dated as of August 13, 2009, among the
Company, the other Grantors named therein and the Trustee, as amended, extended, renewed, restated, supplemented, waived, replaced, restructured, repaid, refunded, refinanced or otherwise modified from time to time, in each case with the same or
different Trustee. 
 “Independent Qualified Party” shall have the meaning of such term set forth in the Indenture.

 “Insolvency Proceeding” means any voluntary or involuntary insolvency, bankruptcy, receivership, custodianship,
liquidation, dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding for the liquidation, dissolution or other winding up of any
Grantor under the Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law. 
 “IP Agreements” shall have the collective meaning of such term set forth in the Security Documents. 
 “Junior Documents” means (a) in respect of the Noteholder First Lien Collateral, the Revolving Facility Documents, and (b) in respect of the Revolving Facility First Lien Collateral, the Noteholder
Documents. 
 “Junior Liens” means (a) in respect of the Revolving Facility First Lien Collateral, the
Noteholder Liens on such Collateral, and (b) in respect of the Noteholder First Lien Collateral, the Revolving Facility Liens on such Collateral. 
 “Junior Representative” means (a) with respect to the Noteholder First Lien Collateral, the Collateral Agent, and (b) with respect to the Revolving Facility First Lien Collateral, the
Noteholder Collateral Agent. 
 “Junior Secured Obligations” means (a) with respect to the Noteholder
Obligations (to the extent such Obligations are secured by the Noteholder First Lien Collateral), the Revolving Facility Obligations, and (b) with respect to Revolving Facility Obligations (to the extent such Obligations are secured by the
Revolving Facility First Lien Collateral), the Noteholder Obligations. 
 “Junior Secured Obligations Collateral”
means the Collateral in respect of which the Junior Representative (on behalf of itself and the Junior Secured Obligations Secured Parties) holds a Junior Lien. 
 “Junior Secured Obligations Secured Parties” means (a) with respect to the Noteholder First Lien Collateral, the Revolving Facility Secured Parties, and (b) with respect to the
Revolving Facility First Lien Collateral, the Noteholder Secured Parties. 
 “Junior Secured Obligations Security
Documents” means (a) with respect to the Revolving Facility First Lien Collateral, the Noteholder Security Documents, and (b) with respect to the Noteholder First Lien Collateral, the Revolving Facility Security Documents.

  

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 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge,
security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof,
any other agreement to give a security interest therein and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes of any jurisdiction) with respect thereto; provided,
however, that in no event shall an operating lease be deemed to constitute a Lien. 
 “New York UCC” means the
Uniform Commercial Code as from time to time in effect in the State of New York. 
 “Noteholder Collateral” means all
assets and properties of the Grantors subject to Liens created by the Noteholder Security Documents to secure the Noteholder Obligations. 
 “Noteholder Collateral Agent” means Wilmington Trust FSB, in its capacity as noteholder collateral agent under the Noteholder Security Documents, and its successors in such capacity. 
 “Noteholder Documents” means the Indenture, the Notes and guarantees issued thereunder or pursuant thereto and the Noteholder
Security Documents. 
 “Noteholder First Lien Collateral” means any and all Noteholder Collateral other than the
Revolving Facility First Lien Collateral. 
 “Noteholder Liens” means Liens on the Noteholder Collateral created
under the Noteholder Security Documents to secure the Noteholder Obligations. 
 “Noteholder Mortgages” means the
mortgages, deeds of trust, leasehold mortgages, assignments of leases and rents, modifications and other security documents that convey or evidence a Lien in favor of the Trustee or the Noteholder Collateral Agent (in each case on behalf of the
Noteholder Secured Parties) on fee or leasehold interests in real property of a Grantor to secure Noteholder Obligations, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from
time to time. 
 “Noteholder Obligations” means all obligations under the Noteholder Documents. 
 “Noteholder Secured Parties” means, at any time, the Trustee, the Noteholder Collateral Agent, each Noteholder, the beneficiaries
of each indemnification obligation undertaken by any Grantor under any Noteholder Document and each other holder of, or obligee in respect of, any Noteholder Obligations outstanding at such time. 
  

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 “Noteholder Security Agreement” means the Collateral Agreement dated as of
August 13, 2009, among Holdings, the Company, the subsidiaries of the Company party thereto and the Noteholder Collateral Agent, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise
modified from time to time. 
 “Noteholder Security Documents” means the Noteholder Security Agreement, the
Noteholder Mortgages, the Intellectual Property Security Agreements (as defined in the Noteholder Security Agreement) and any other documents now existing or entered into after the date hereof that create (or purport to create) Liens on any assets
or properties of any Grantor to secure any Noteholder Obligations. 
 “Noteholder UK Mortgage of Shares” means the
mortgage of shares dated August 13, 2009, between Brake Parts Inc. and Wilmington Trust FSB. 
 “Noteholders”
means the Holders under and as defined in the Indenture. 
 “Notes” means the 10.75% Senior Secured Notes due 2016
issued under the Indenture. 
 “Obligations” means the Noteholder Obligations and the Revolving Facility Obligations.

 “Paid In Full” and “Payment In Full” shall mean, with respect to the Revolving Facility
Obligations, payment in full in cash of all of the Revolving Facility Obligations (except for contingent indemnity obligations to the extent no claim therefor has been made) or, in each case, cash collateralization thereof (including through a
satisfactory supporting letter of credit) on terms satisfactory to the holders thereof and termination of all commitments to extend credit under the Credit Agreement and, with respect to the Noteholder Obligations, payment in full in cash of all of
the Noteholder Obligations (except for contingent indemnity obligations to the extent no claim therefor has been made). 
 “Patents” shall have the collective meaning of such term set forth in the Security Documents. 
 “Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, joint-stock company, trust, unincorporated organization, association, corporation, government or any agency
or political subdivision thereof or any other entity. 
 “Representative” means (a) in the case of any
Noteholder Obligations, the Noteholder Collateral Agent, and (b) in the case of any Revolving Facility Obligations, the Collateral Agent. 
 “Revolving Facility Collateral” means all assets and properties of the Grantors subject to Liens created by the Revolving Facility Security Documents to secure the Revolving Facility Obligations. 
  

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 “Revolving Facility Documents” means the “Credit Documents” as defined
in the Credit Agreement, as amended, extended, renewed, restated, supplemented, waived, replaced, restructured, repaid, refunded, refinanced or otherwise modified from time to time in connection with refinancing, refunding or replacement of the
Credit Agreement, including with different lenders or agents. 
 “Revolving Facility First Lien Collateral” means any
and all of the following Revolving Facility Collateral now owned or at any time hereafter acquired by the Company or any other Grantor or in which any such Person may have now or in the future any right, title or interest: 
 (a) all Accounts and all rights to receive payments, indebtedness and other obligations (whether constituting an Account, Chattel Paper
(including Electronic Chattel Paper), Instrument, Document or General Intangible) which arise as a result of the sale or lease of Inventory, Goods or merchandise or provision of services, including the right to payment of any interest or finance
charges, 
 (b) all Inventory; 
 (c) all Payment Intangibles (including corporate and other tax refunds), other than any Payment Intangibles that represent tax refunds in respect of or otherwise relate to real property, Fixtures or Equipment;

 (d) all collection accounts, Deposit Accounts, disbursement accounts, lock-boxes, Securities Accounts and Commodity
Accounts (excluding the Asset Sales Proceeds Account) and any cash or other assets including all “Cash Equivalents” as defined in the Credit Agreement on the date hereof (or as modified from time to time to the extent such modifications,
taken as a whole, are not materially adverse to the Noteholder Secured Parties) in, or credited to, any such accounts (other than (i) identifiable cash proceeds in respect of real estate, Fixtures or Equipment and (ii) the Asset Sale
Proceeds Account and all cash, checks or other property properly held therein or properly credited thereto in accordance with the Indenture (as in effect on the date hereof) and any other identifiable cash proceeds in respect of Noteholder First
Lien Collateral plus interest, dividends, earnings and other proceeds thereof, and minus withdrawals thereof that are applied as provided in the Indenture); 
 (e) to the extent evidencing, governing, securing or otherwise related to the items referred to in the preceding clauses, all Documents,
Letter-of-Credit Rights and Supporting Obligations; 
 (f) all Liens purporting to secure any of the foregoing; 
 (g) all books and records related to the foregoing; 
 (h) all collateral and guarantees given by any other Person with respect to any of the foregoing; and 
  

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 (i) all products, proceeds and Supporting Obligations of any and all of the foregoing in
whatever form received, including proceeds of insurance policies related to Inventory and accounts of any Grantor and business interruption insurance; provided, however, that proceeds of Revolving First Lien Collateral described in
clause (e) above shall not constitute Revolving First Lien Collateral unless such proceeds would otherwise constitute Revolving First Lien Collateral in any of the foregoing clauses (a) - (h). 
 All capitalized terms used in this definition and not defined elsewhere in this Agreement have the meanings assigned to them in the New York UCC. 
 “Revolving Facility First Lien Collateral Transition Date” means the earlier of (a) the date on which all the Revolving
Facility Obligations shall have been Paid in Full and (b) the date on which all Senior Liens on the Revolving Facility First Lien Collateral shall have been released from the Liens created under the Revolving Facility Documents in accordance
with the terms of the Revolving Facility Documents. 
 “Revolving Facility Lenders” means the Lenders under and as
defined in the Credit Agreement. 
 “Revolving Facility Liens” means Liens on the Revolving Facility Collateral
created under Revolving Facility Security Documents to secure the Revolving Facility Obligations. 
 “Revolving Facility
Mortgages” means the mortgages, deeds of trust, leasehold mortgages, assignments of leases and rents, modifications and other security documents that convey or evidence a Lien in favor of the Collateral Agent or any trustee on its
behalf (in either case, on behalf of the Revolving Facility Secured Parties) on fee or leasehold interests in real property of a Grantor to secure the Revolving Facility Obligations, as amended, extended, renewed, restated, supplemented, waived,
replaced, restructured, repaid, refunded, refinanced or otherwise modified from time to time, including with different lenders or agents. 
 “Revolving Facility Obligations” means, collectively, (i) all “Obligations” (as such term is defined in the Credit Agreement) under the Revolving Facility Documents and (ii) all amounts owing to
each Revolving Facility Secured Party pursuant to the terms of any Qualified Secured Hedging Agreement or Qualified Secured Cash Management Agreement (as such terms are defined in the Credit Agreement), including all amounts in respect of any
principal, premium (if any), interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the respective Qualified Secured Hedging Agreement or
Qualified Secured Cash Management Agreement, whether or not such interest is an allowed claim under any such proceeding or under applicable state, federal or foreign law), penalties, fees, expenses, indemnifications, reimbursements, damages or other
liabilities and guarantees of the foregoing amounts. 
  

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 “Revolving Facility Secured Parties” means, at any time, the Collateral Agent,
the Administrative Agent, each Revolving Facility Lender, each Issuing Lender (as defined in the Credit Agreement), each counterparty under any Qualified Secured Hedging Agreements and Qualified Secured Cash Management Agreements (each as defined in
the Credit Agreement), the beneficiaries of each indemnification obligation undertaken by any Grantor under any Revolving Facility Document and each other holder of, or obligee in respect of, any Revolving Facility Obligations outstanding at such
time. 
 “Revolving Facility Security Documents” means the Credit Agreement (insofar as the same grants a Lien on
Collateral), the U.S. Security Agreement (as defined in the Credit Agreement), the Revolving Facility Mortgages, the Intellectual Property Security Agreements (as defined in the U.S. Security Agreement) and any other documents now existing or
entered into after the date hereof that create (or purport to create) Liens on any assets or properties of any Grantor to secure any Revolving Facility Obligations, as amended, extended, renewed, restated, supplemented, waived, replaced,
restructured, repaid, refunded, refinanced or otherwise modified from time to time, including with different lenders or agents. 
 “Secured Parties” means the Noteholder Secured Parties and the Revolving Facility Secured Parties. 
 “Security Documents” means the Noteholder Security Documents and the Revolving Facility Security Documents. 
 “Senior Documents” means (a) in respect of the Noteholder First Lien Collateral, the Noteholder Documents, and (b) in respect of the Revolving Facility First Lien Collateral, the Revolving Facility
Documents. 
 “Senior Liens” means (a) in respect of the Revolving Facility First Lien Collateral, the Revolving
Facility Liens on such Collateral, and (b) in respect of the Noteholder First Lien Collateral, the Noteholder Liens on such Collateral. 
 “Senior Representative” means (a) with respect to the Noteholder First Lien Collateral, the Noteholder Collateral Agent, and (b) with respect to the Revolving Facility First Lien Collateral, the Collateral
Agent. 
 “Senior Secured Obligations” means (a) with respect to the Revolving Facility Obligations (to the
extent such Obligations are secured by the Noteholder First Lien Collateral), the Noteholder Obligations, and (b) with respect to the Noteholder Obligations (to the extent such Obligations are secured by the Revolving Facility First Lien
Collateral), the Revolving Facility Obligations. 
 “Senior Secured Obligations Collateral” means the Collateral in
respect of which the Senior Representative (on behalf of itself and the applicable Senior Secured Obligations Secured Parties) holds a Senior Lien. 
  

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 “Senior Secured Obligations Secured Parties” means (a) with respect to the
Noteholder First Lien Collateral, the Noteholder Secured Parties, and (b) with respect to the Revolving Facility First Lien Collateral, the Revolving Facility Secured Parties. 
 “Senior Secured Obligations Security Documents” means (a) with respect to the Revolving Facility First Lien Collateral, the
Revolving Facility Security Documents, and (b) with respect to the Noteholder First Lien Collateral, the Noteholder Security Documents. 
 “subsidiary” means, with respect to any Person, (a) any corporation, association or other business entity (other than a partnership, joint venture or limited liability company) of which more than 50% of the
total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by
such Person or one or more of the other subsidiaries of that Person or a combination thereof, and (b) any partnership, joint venture or limited liability company of which (i) more than 50% of the capital accounts, distribution rights,
total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of that Person or a combination thereof, whether
in the form of membership, general, special or limited partnership interests or otherwise, and (ii) such Person or any subsidiary of such person is a controlling general partner or otherwise controls such entity. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on the date hereof. 
 “Trademarks” shall have the collective meaning of such term set forth in the Security Documents. 
 “Trade Secrets” shall mean all confidential and proprietary information of any Grantor, including know-how, trade secrets,
manufacturing and production processes and techniques, inventions, research and development information, databases and data, including technical data, financial, marketing and business data, pricing and cost information, business and marketing plans
and customer and supplier lists and information. 
 “Trustee” means Wilmington Trust FSB, in its capacity as trustee
under the Indenture, and its successors in such capacity. 
 ARTICLE II 
 Subordination of Junior Liens; Certain Agreements 
 SECTION 2.01.
Subordination of Junior Liens. (a) Notwithstanding the date, manner or order of creation, attachment, or perfection of the security interests and Liens granted to the Collateral Agent and the Noteholder Collateral Agent, and
notwithstanding any provisions of the Uniform Commercial Code, or any applicable law 

  

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or decision or this Agreement, the Noteholder Documents, the Revolving Facility Documents or any other agreement or instrument to the contrary, or whether
and irrespective of whether any Senior Secured Obligations Secured Party hold possession of all or any part of the Collateral or of the time or any failure, defect or deficiency or alleged failure, defect or deficiency in any of the foregoing or of
any avoidance, invalidation or subordination by any third party or court of competent jurisdiction of the Senior Liens, all Junior Liens in respect of any Collateral are expressly subordinated and made junior in right, priority, operation and effect
to any and all Senior Liens in respect of such Collateral. The following, as between the Collateral Agent, on the one hand, and the Noteholder Collateral Agent, on the other hand, shall be the relative priority of the security interests and Liens of
the Collateral Agent, on the one hand, and the Noteholder Collateral Agent, on the other hand, in the Collateral: 
 (A) The
Collateral Agent shall have a first priority Lien on the Revolving Facility First Lien Collateral and the Noteholder Collateral Agent shall have a second priority Lien on the Revolving Facility First Lien Collateral; and 
 (B) The Noteholder Collateral Agent shall have a first priority Lien on the Noteholder First Lien Collateral and the Collateral Agent
shall have a second priority Lien on the Noteholder First Lien Collateral. 
 Notwithstanding anything to the foregoing, with respect to any security
interest or Lien on the collateral pledged pursuant to the Noteholder UK Mortgage of Shares, the Collateral Agent shall not file or register its security interest or Lien in the United Kingdom until after the Noteholder Collateral Agent has filed or
registered its security interest or Lien in the United Kingdom; provided, however, that upon the fifteenth calendar day after the date hereof, the Collateral Agent my file or register its security interest or Lien in the United Kingdom
at any time. 
 (b) It is acknowledged that (i) the aggregate amount of the Senior Secured Obligations may, subject to the limitations
set forth in the Credit Agreement and the Indenture, be increased from time to time, (ii) all or a portion of the Revolving Facility Obligations consists or may consist of Indebtedness that is revolving in nature, and the amount thereof that
may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) the Senior Secured Obligations may, subject to the limitations set forth in the Credit Agreement and the Indenture, be
increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, all without affecting the subordination of the Junior Liens hereunder or the provisions of
this Agreement defining the relative rights of the Revolving Facility Secured Parties and the Noteholder Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement,
extension, increase, replacement, renewal, restatement or refinancing of either the Junior Secured Obligations (or any part thereof) or the Senior Secured Obligations (or any part thereof), by the release of any Collateral or of any guarantees for
any Senior Secured Obligations or by any action that any Representative or Secured Party may take or fail to take in respect of any Collateral. 
  

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 (c) The subordination of all Junior Liens to all Senior Liens as set forth in this Agreement is with
respect to only the priority of the Liens held by or on behalf of the Senior Secured Obligations Secured Parties and shall not constitute a subordination of the Revolving Facility Obligations to the Noteholder Obligations or of the Noteholder
Obligations to the Revolving Facility Obligations. 
 (d) The parties hereto agree that it is their intention that the Collateral held by
each Agent is identical to the Collateral held by the other Agent. In furtherance of the foregoing and subject to the other provisions of this Agreement: 
 (1) upon request by either Agent, such parties shall cooperate in good faith (and direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the Collateral
held by each Agent, the steps taken to perfect the Liens thereon and the identity of the Grantors; and 
 (2) that the
Revolving Facility Security Documents and the Noteholder Security Documents shall be in all material respects the same forms of documents; and the guarantees issued with respect to the Revolving Facility Obligations and the guarantees issued with
respect to the Noteholder Obligations, shall contain the same material provisions with respect to waivers of the guarantors’ rights, the discharge thereof, reinstatement thereof and the release of guarantors thereunder. 
 SECTION 2.02. New Liens. Until the Senior Secured Obligations shall have been Paid in Full, (i) each Agent agrees, on behalf of the
applicable Secured Parties, that neither Agent, on behalf of the applicable Secured Parties, nor any other Secured Party, shall acquire or hold any Lien on any assets of any Grantor (or any Domestic Subsidiary thereof) which assets are not also
subject to a Lien in favor of the other Agent on behalf of the applicable Secured Parties and (ii) each Grantor agrees not to grant any Lien on any of its assets, or permit any of its Domestic Subsidiaries to grant a Lien on any of its assets,
in favor of any of either Agent, on behalf of the applicable Secured Parties unless it, or such Domestic Subsidiary, has granted a Lien on such assets in favor of the other Agent, on behalf of the applicable Secured Parties. If any Agent shall
(nonetheless and in breach hereof) acquire any Lien on any assets of any Grantor or any of its Domestic Subsidiaries to secure any Obligations, which assets are not also subject to a Lien in favor of the other Agent to secure the applicable
Obligations, then the Agent acquiring such Lien shall, without the need for any further consent of any other Person and notwithstanding anything to the contrary in any Security Documents, either (x) release such Lien or (y) (1) also
hold and be deemed to have held such Lien for the benefit of the other Agent and Secured Parties subject to the priorities set forth herein, with any amounts received in respect thereof subject to distribution and turnover hereunder and (2) in
the case of the Junior Representative acquiring a Lien, assign such Lien to the Senior Representative to secure the Senior Secured Obligations (in which case 

  

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the Junior Representative may retain a Junior Lien on such assets subject to the terms hereof). Notwithstanding the foregoing, the Collateral Agent may hold
a Lien on assets of any Canadian Subsidiary of the Company, which interests or assets are not also subject to a Lien in favor of the Noteholder Collateral Agent. 
 SECTION 2.03. No Action With Respect to Junior Secured Obligations Collateral Subject to Senior Liens. (a) Except to the extent expressly permitted by Section 2.07, no Junior
Representative or other Junior Secured Obligations Secured Party shall commence or instruct any Junior Representative to commence any Enforcement Action available to it in respect of any Junior Secured Obligations Collateral under any Junior Secured
Obligations Security Document, applicable law or otherwise, at any time when such Junior Secured Obligations Collateral shall be subject to any Senior Lien and any Senior Secured Obligations secured by such Senior Lien shall remain outstanding or
any commitment to extend credit that would constitute Senior Secured Obligations secured by such Senior Lien shall remain in effect, it being agreed that only the Senior Representative, acting in accordance with the applicable Senior Secured
Obligations Security Documents, shall be entitled to take any Enforcement Actions. The Senior Representative shall provide written notice to the Junior Representative in the event that the Senior Representative takes any Enforcement Action;
provided, however, that failure to give such notice shall not affect the lien subordination or other rights of the Senior Representative under this Agreement. Notwithstanding the foregoing, any Junior Representative may, subject to
Section 2.06, take all such actions as it shall reasonably deem necessary to perfect or continue the perfection of (but not enforce) its Junior Liens. 
 (b) Notwithstanding anything contained herein to the contrary, each of the Agents retains the right to: 
 (A) file a proof of claim or statement of interest with respect to the Revolving Facility Obligations or Noteholder Obligations, as applicable, 
 (B) take any action in order to preserve or protect its Lien on its Junior Secured Obligations Collateral not adverse to the other
Agent’s rights to exercise any Enforcement Action against its Senior Secured Obligations Collateral, except to the extent inconsistent with the provisions hereof, 
 (C) file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made
by any person objecting to or otherwise seeking the disallowance of the claims or Liens of such Agent or any of the Secured Parties for whom it acts as Agent, 
 (D) in any Insolvency Proceeding, file any pleadings, objections, motions or agreements which assert rights or interests available to
unsecured creditors of the Holdings, the Company or any of its Domestic Subsidiaries, except to the extent inconsistent with the provisions hereof, and 
  

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 (E) in any Insolvency Proceeding, vote on any plan of reorganization, except to the
extent inconsistent with the provisions hereof. 
 SECTION 2.04. No Duties of Senior Representative. (a) Following
Dispositions and Payment In Full. Each Junior Secured Obligations Secured Party acknowledges and agrees that neither the Senior Representative nor any other Senior Secured Obligations Secured Party shall have any duties or other obligations to
such Junior Secured Obligations Secured Party with respect to any Senior Secured Obligations Collateral, other than to transfer to the Junior Representative (i) any proceeds of any such Collateral that constitutes Junior Secured Obligations
Collateral remaining in its possession following any Disposition of such Collateral and the Payment in Full of the Senior Secured Obligations secured thereby (in each case, unless the Junior Liens on all such Junior Secured Obligations Collateral
are terminated and released prior to or concurrently with such Disposition and Payment In Full) or (ii) if the Senior Representative shall be in possession of all or any part of such Collateral after such Payment in Full, such Collateral or any
part thereof remaining, in each case without representation or warranty on the part of the Senior Representative or any Senior Secured Obligations Secured Party. 
 (b) Prior to Payment In Full. In furtherance of the foregoing, each Junior Secured Obligations Secured Party acknowledges and agrees that until the Senior Secured Obligations secured by any Collateral in
respect of which such Junior Secured Obligations Secured Party holds a Junior Lien shall have been Paid In Full, the Senior Representative shall be entitled, for the benefit of the holders of such Senior Secured Obligations, to Dispose of or deal
with such Collateral as provided herein and in the Senior Secured Obligations Security Documents without regard to any Junior Lien or any rights to which the holders of the Junior Secured Obligations would otherwise be entitled as a result of such
Junior Lien. Such permitted actions shall include the rights of an agent appointed by the Senior Representative and Senior Secured Obligations Secured Parties to Dispose of such Senior Secured Obligations Collateral upon foreclosure, to incur
expenses in connection with such Disposition, and to exercise all the rights and remedies of a secured creditor under the Uniform Commercial Code of any applicable jurisdiction and of a secured creditor under the Bankruptcy Code or the laws of any
applicable jurisdiction. Without limiting the foregoing, each Junior Secured Obligations Secured Party agrees that neither the Senior Representative nor any other Senior Secured Obligations Secured Party shall have any duty or obligation first to
marshal or realize upon any type of Senior Secured Obligations Collateral (or any other collateral securing the Senior Secured Obligations), or to Dispose of or otherwise liquidate all or any portion of such Collateral (or any other collateral
securing the Senior Secured Obligations), in any manner that would maximize the return to the Junior Secured Obligations Secured Parties, notwithstanding that the order and timing of any such Disposition or liquidation may affect the amount of
proceeds actually received by the Junior Secured Obligations Secured Parties from such Disposition or liquidation. 
  

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 (c) Waiver. Each of the Junior Secured Obligations Secured Parties waives any claim such Junior
Secured Obligations Secured Party may now or hereafter have against the Senior Representative or any other Senior Secured Obligations Secured Party (or their representatives) arising out of (i) any actions which the Senior Representative or the
Senior Secured Obligations Secured Parties take or omit to take (including actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of,
or failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the Senior Secured Obligations from any account debtor, guarantor or any other party) in accordance with the Senior
Secured Obligations Security Documents or any other agreement related thereto or to the collection of the Senior Secured Obligations or the valuation, use, protection or release of any security for the Senior Secured Obligations, (ii) any
election by the Senior Representative or any Senior Secured Obligations Secured Parties, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) subject to
Section 2.07, any borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code by, Holdings, the Company or any of its Domestic Subsidiaries, as
debtor-in-possession; provided, however, that the foregoing shall not serve as a waiver by any Secured Party of the breach by any other Secured Party of any provision of this Agreement. 
 SECTION 2.05. Application of Proceeds; No Interference; Payment Over; Reinstatement. (a) So long as the Senior Secured Obligations have not
been Paid in Full, any Senior Secured Obligations Collateral or proceeds thereof received by the Senior Representative in connection with any Disposition of, or collection on, such Senior Secured Obligations Collateral upon the taking of any
Enforcement Action (including any right of setoff and including as a result of any distribution of or in respect of any Senior Secured Obligations Collateral (whether or not expressly characterized as such) or in any Insolvency Proceeding) shall be
applied by the Senior Representative to the Senior Secured Obligations in accordance with the Senior Documents. Upon the Payment in Full of the Senior Secured Obligations, the Senior Representative shall deliver to the Junior Representative any
remaining Senior Secured Obligations Collateral and any proceeds thereof then held by it in the same form as received, together with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct, to be applied by the
Junior Representative to the Junior Secured Obligations in accordance with the Junior Documents. 
 (b) In the event that Revolving Facility
First Lien Collateral and Noteholder First Lien Collateral are Disposed of in a single transaction or series of related transactions in which the aggregate sales price is not allocated between the Revolving Facility First Lien Collateral, on the one
hand, and the Noteholder First Lien Collateral, on the other hand, being sold, including in connection with or as a result of the sale by a Grantor of the Capital Stock of the Company or a Domestic Subsidiary that owns assets constituting Noteholder
First Lien Collateral or Revolving Facility First Lien Collateral , then, solely for purposes of this Agreement, the portion of the aggregate sales price deemed to be proceeds of the Revolving Facility First Lien Collateral, on the one hand, and the
Noteholder First Lien Collateral, on the other hand, shall be allocated to the Noteholder First Lien Collateral or Revolving Facility First Lien Collateral in accordance with their respective fair market values, which shall be determined by the
Board of Directors of the Company in good faith or, in the case of a disposition of assets involving an amount in excess of $25.0 million, an Independent Qualified Party. 
  

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 (c) Until the Junior Representative has received written notice from the Senior Representative that the
Senior Secured Obligations have been Paid In Full, each Junior Secured Obligations Secured Party agrees that (i) it will not take, cause to be taken, or support any other Person in taking any action the purpose or effect of which is, or could
be, to make any Junior Lien pari passu with, or to give such Junior Secured Obligations Secured Party any preference or priority relative to, any Senior Lien with respect to the Collateral subject to such Senior Lien and Junior Lien or any
part thereof, (ii) it will not contest, challenge or otherwise oppose or support any other Person in contesting, challenging or otherwise opposing in any proceeding (including any Insolvency Proceeding) the validity, extent, perfection,
priority or enforceability of any Senior Secured Obligations or Senior Secured Obligations Security Document, or the validity, attachment, perfection or priority of any Senior Lien, or the validity or enforceability of the priorities, rights or
duties established by or other provisions of this Agreement, (iii) it will not take or cause to be taken or support any other Person in taking any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any
manner, whether by judicial proceedings or otherwise, any sale, transfer or other Disposition of the Collateral subject to any Junior Lien by any Senior Secured Obligations Secured Parties secured by Senior Liens on such Collateral or any Senior
Representative acting on their behalf, (iv) it shall have no right to (A) direct any Senior Representative or any holder of Senior Secured Obligations to exercise any right, remedy or power with respect to the Collateral subject to any
Junior Lien or (B) consent to the exercise by any Senior Representative or any other Senior Secured Obligations Secured Party of any right, remedy or power with respect to the Collateral subject to any Junior Lien, (v) it will not
institute or support any other Person in instituting any suit or assert or support any other Person in asserting in any suit, bankruptcy, insolvency or other proceeding any claim against any Senior Representative or other Senior Secured Obligations
Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to, and neither any Senior Representative nor any other Senior Secured Obligations Secured Party shall be liable for, any
action taken or omitted to be taken by such Senior Representative or other Senior Secured Obligations Secured Party with respect to any Collateral securing such Senior Secured Obligations that is subject to any Junior Lien, (vi) it will not
seek, and hereby waives any right, to have any Senior Secured Obligations Collateral subject to any Junior Lien or any part thereof marshaled upon any foreclosure or other Disposition of such Collateral and (vii) it will not attempt, directly
or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; provided, however, that the foregoing provisions shall not prevent any Secured Party from enforcing its
rights or remedies under this Agreement. 
 (d) The Junior Representative and each other Junior Secured Obligations Secured Party hereby
agrees that if it shall obtain possession of any Senior Secured Obligations Collateral or shall realize any proceeds or payment in respect of any such Collateral, pursuant to any Junior Secured Obligations Security Document or by the exercise of any
rights available to it under applicable law or in any Insolvency 

  

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Proceeding or through any other exercise of remedies, at any time when any Senior Secured Obligations secured or intended to be secured by such Collateral
shall remain outstanding or any commitment to extend credit that would constitute Senior Secured Obligations secured or intended to be secured by such Senior Lien shall remain in effect, then it shall segregate and hold such Collateral, proceeds or
payment in trust for the Senior Secured Obligations Secured Parties and transfer such Collateral, proceeds or payment, as the case may be, to the Senior Representative reasonably promptly after obtaining actual knowledge or notice from the Senior
Secured Obligations Secured Parties that it has possession of such Senior Secured Obligations Collateral or proceeds or payments in respect thereof. 
 (e) Each Junior Secured Obligations Secured Party agrees that if, at any time, it receives notice or obtains actual knowledge that all or part of any payment with respect to any Senior Secured Obligations previously
made shall be rescinded for any reason whatsoever, such Junior Secured Obligations Secured Party shall promptly pay over to the Senior Representative any payment received by it and then in its possession or under its control in respect of any
Collateral subject to any Senior Lien securing such Senior Secured Obligations and shall promptly turn any Collateral subject to any such Senior Lien then held by it over to the Senior Representative, and the provisions set forth in this Agreement
shall be reinstated as if such payment had not been made, until the payment and satisfaction in full of the Senior Secured Obligations. 
 (f) Anything contained herein to the contrary notwithstanding, Sections 2.05(d) and (e) shall not apply to any proceeds of Senior Secured Obligations Collateral realized in a transaction not prohibited by the Senior
Documents and as to which the possession or receipt thereof by the Junior Representative or other Junior Secured Obligations Secured Party is otherwise permitted by the Senior Documents. 
 SECTION 2.06. Automatic Release of Junior Liens. (a) The Junior Representative and each other Junior Secured Obligations Secured Party agree
to the following with respect to releases of Liens:(1) in the event the Senior Secured Obligations Secured Parties release their Lien on any Senior Secured Obligations Collateral subject to any Junior Lien (other than a release (x) in
connection with a Disposition of Senior Secured Obligations Collateral, which shall be governed by clause (a)(2) below, or (y) granted following the Payment in Full of the Senior Secured Obligations), such Junior Lien on such Collateral (but
not on the proceeds thereof) shall terminate and be released automatically and without further action unless, at the time of such release by the Senior Secured Obligations Secured Parties, an Event of Default shall then have occurred and be
continuing (or would result therefrom) under the Junior Documents (provided that any Junior Lien that would have otherwise been released and terminated pursuant to this clause (a)(1) in the absence of such an Event of Default under the Junior
Documents shall terminate and be released automatically and without further action when such Event of Default (and all other Events of Default under the Junior Documents) cease to exist); and (2) in the event of a Disposition of Senior Secured
Obligations Collateral subject to any Junior Lien (regardless of whether or not an Event of Default has occurred and is continuing under the Junior Documents at the time of such sale, transfer or other Disposition), such Junior Lien on such
Collateral (but not on the 

  

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proceeds thereof) shall terminate and be released automatically and without further action if the applicable Senior Liens on such Collateral are released;
provided, however, that such automatic release shall not apply to any release granted (A) upon or after the Payment in Full of the Senior Secured Obligations or (B) if such Disposition is then prohibited by the Junior
Documents and occurs other than in connection with any Enforcement Actions with respect to such Senior Secured Obligations Collateral; and provided further, that the Junior Secured Parties shall retain the right to assert any Event of Default
arising under the Junior Documents caused by such Disposition. 
 In addition, for the avoidance of doubt, the Junior Representative and each Junior Secured
Obligations Secured Party agree that, with respect to any property or assets that would otherwise constitute Senior Secured Obligations Collateral, the requirement that a Junior Lien attach to, or be perfected with respect to, such property or
assets shall be waived automatically and without further action so long as the requirement that a Senior Lien attach to, or be perfected with respect to, such property or assets is waived by the Senior Secured Obligations Secured Parties (or the
Senior Representative) in accordance with the Senior Documents and so long as no Event of Default under the Junior Documents shall have occurred, be continuing or would result therefrom at such time. 
 (b) The Junior Representative agrees to execute and deliver (at the sole cost and expense of the Grantors) all such releases and other instruments as
shall reasonably be requested by the Senior Representative to evidence and confirm any release of Junior Secured Obligations Collateral provided for in this Section. 
 SECTION 2.07. Certain Agreements With Respect to Bankruptcy or Insolvency Proceedings. (a) This Agreement shall continue in full force and effect notwithstanding the commencement of any proceeding under
the Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law by or against Holdings, the Company or any of its Domestic Subsidiaries. All references in this Agreement to any Grantor shall include
such Grantor as a debtor-in-possession and any receiver or trustee for such Grantor in any Insolvency Proceeding. 
 (b) If Holdings, the
Company or any of its subsidiaries shall become subject to a case under the U.S. Bankruptcy Code and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders
(the “DIP Lenders”) under Section 364 of the U.S. Bankruptcy Code or the use of cash collateral under Section 363 of the U.S. Bankruptcy Code, each Junior Secured Obligations Secured Party agrees that it will raise
no objection to any such financing or to the Liens on the Senior Secured Obligations Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral that constitutes Senior Secured Obligations
Collateral, unless the Senior Secured Obligations Secured Parties, or a representative authorized by the Senior Secured Obligations Secured Parties, shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash
collateral (and, to the extent that such DIP Financing Liens are senior to, or rank pari passu with, the Senior Liens, the Junior Representative will, for itself and on behalf of the other Junior Secured Obligations Secured Parties,
subordinate the Junior Liens on the Senior Secured Obligations Collateral to the Senior Liens and the DIP Financing Liens), 

  

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so long as the Junior Secured Obligations Secured Parties retain Liens on all the Junior Secured Obligations Collateral, including proceeds thereof arising
after the commencement of such proceeding, with the same priority as existed prior to the commencement of the case under the U.S. Bankruptcy Code. 
 (c) Each Junior Secured Obligations Secured Party agrees that it will not object to or oppose a Disposition of any Senior Secured Obligations Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code if the Senior
Secured Obligations Secured Parties shall have consented to such Disposition of such Senior Secured Obligations Collateral, so long as the Liens held by the Junior Representative on such Collateral attach to the proceeds thereof subject to the
relative priorities set forth in this Agreement. 
 (d) Each Agent, on behalf of itself and the Secured Parties for whom it acts as agent,
may seek adequate protection of its interest in its respective Senior Secured Obligations Collateral in the form of replacement Liens on post-petition collateral of the same type as the Senior Secured Obligations Collateral, and agrees that none of
them shall contest or support any other Person contesting any request for such Liens. Each Agent, on behalf of itself and the Secured Parties for whom it acts as agent, may seek adequate protection of its junior interest in Junior Secured
Obligations Collateral, subject to the provisions of this Agreement; provided, that if (A) the Senior Representative is granted adequate protection in the form of a replacement Lien on post-petition collateral of the same type as the
Senior Secured Obligations Collateral, and (B) such adequate protection requested by the Junior Representative is in the form of a replacement Lien on such post-petition collateral of the same type as the Senior Secured Obligations Collateral,
such Lien, if granted, will be subordinated to the adequate protection Liens granted in favor of the Senior Representative on such post-petition collateral, and, if applicable, the Liens securing any DIP Financing (and all obligations relating
thereto) secured by such Senior Secured Obligations Collateral and provided by the Senior Representative or one or more Senior Secured Obligations Secured Parties on the same basis as the Liens of the Junior Representative on such Senior Secured
Obligations Collateral are subordinated to the Liens of the Senior Representative on such Senior Secured Obligations Collateral under this Agreement. In the event that an Agent, on behalf of itself and the Secured Parties for whom it acts as agent,
seeks or requests (or is otherwise granted) adequate protection of its junior interest in the Collateral in the form of a replacement Lien on post-petition assets of the same type as such junior Collateral, then such Agent, on behalf of itself and
the Secured Parties for whom it acts as Agent, agrees that the Senior Representative for such type of Collateral shall also be granted a replacement Lien on such post-petition assets as adequate protection of its senior interest in such type of
Collateral and that the Junior Representative’s replacement Lien shall be subordinated to the replacement Lien of the Senior Representative. If any Agent or Secured Party receives as adequate protection a Lien on post-petition assets of the
same type as its pre-petition Senior Secured Obligations Collateral, then such post-petition assets shall also constitute Senior Secured Obligations Collateral of such Person to the extent of any allowed claim secured by such adequate protection
Lien and shall be subject to the terms of this Agreement. 
  

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 (e) Each Agent, on behalf of itself and the Secured Parties for whom it acts as Agent, agrees that none
of them shall (i) seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any Collateral which does not constitute its Senior Secured Obligations Collateral, without the prior written consent of the
Senior Representative, or (ii) oppose any request by the Senior Representative or any Senior Secured Obligations Secured Party to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of their respective
Senior Secured Obligations Collateral. 
 SECTION 2.08. Reinstatement. In the event that any of the Senior Secured Obligations shall
be Paid In Full and payment or any part thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference under Title 11 of the Bankruptcy Code, or any similar law, or the settlement of any claim in
respect thereof), be required to be returned or repaid, the terms and conditions of this Article II shall be fully applicable thereto until all such Senior Secured Obligations shall again have been Paid In Full. If this Agreement shall have been
terminated prior to such return or repayment, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such
date of reinstatement. Senior Secured Obligations Collateral or proceeds thereof received by the Junior Representative or any other Junior Secured Obligations Secured Party after the Payment in Full of the Senior Secured Obligations and prior to the
reinstatement of such Obligations shall be delivered to the Senior Representative upon such reinstatement in accordance with the terms hereof. 
 SECTION 2.09. Entry Upon Premises by the Collateral Agent and the Revolving Facility Lenders. 
 (a) Rights to Enter Upon
Premises. If (i) the Noteholder Collateral Agent acquires an ownership or possessory interest in any of the Noteholder First Lien Collateral pursuant to the exercise of its rights under the Noteholder Documents or under applicable law or
(ii) the Noteholder Collateral Agent shall, through the exercise of remedies under the Noteholder Documents or otherwise, sell any of the Noteholder First Lien Collateral to any third party (a “Third Party Purchaser” and
the earliest date on which any of the foregoing events occurs the “Entry Date”) as permitted by the terms of this Agreement, then, subject to the rights of any landlords under real estate leases and to the limitations and
restrictions with respect to use of and entry upon the premises as set forth in the applicable Collateral Access Agreements, the Noteholder Secured Parties shall or, in the case of clause (ii) shall require as a condition of such sale to the
Third Party Purchaser that the Third Party Purchaser shall: (w) use commercially reasonable efforts to notify the Collateral Agent of the Entry Date, (x) cooperate with the Collateral Agent, its employees, agents, advisers and
representatives (at the sole cost and expense of the Grantors, or, failing payment thereof by the Grantors, the Collateral Agent, and subject to the condition that the Noteholder Secured Parties or Third Party Purchaser, as applicable, shall have no
obligation or duty to take any action or refrain from taking any action that could reasonably be expected to result in the incurrence of any liability or damage to the Noteholder Secured Parties or Third Party Purchaser, as applicable) in its

  

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efforts to enforce its security interest in the Revolving Facility First Lien Collateral and to finish any work-in-process and assemble the Revolving
Facility First Lien Collateral without any interference by the Noteholder, (y) not take any action designed or intended to hinder or restrict in any respect the Collateral Agent from enforcing its security interest in the Revolving Facility
First Lien Collateral or from finishing any work-in-process or assembling the Revolving Facility First Lien Collateral, and (z) permit the Collateral Agent, its employees, agents, advisors and representatives, at the sole cost and expense of
the Revolving Facility Secured Parties and upon reasonable advance notice, to enter upon and use the Noteholder First Lien Collateral (including (A) equipment, processors, computers and other machinery related to the storage or processing of
records, documents or files and (B) intellectual property) for a period not to exceed 180 days after the earlier to occur of (i) the date the Collateral Agent receives written notice from the Noteholder Collateral Agent that it has
acquired an ownership or possessory interest in any of the Noteholder First Lien Collateral pursuant to the exercise of its rights under the Noteholder Documents or under applicable law or that the Noteholder Collateral Agent shall have, through the
exercise of remedies under the Noteholder Documents or otherwise, sold any of the Noteholder First Lien Collateral to a Third Party Purchaser as permitted by the terms of this Agreement, and (ii) the date the Collateral Agent first enforces its
security interests in the Revolving Facility First Lien Collateral located on the premises included in the Noteholder First Lien Collateral (such period, the “Disposition Period” and such premises, the
“Premises”) for the purposes of: 
 (1) inspecting, removing or enforcing the Collateral Agent’s
rights as a secured creditor in the Revolving Facility First Lien Collateral, including the examination and removal of Revolving Facility First Lien Collateral and the examination and duplication of any Collateral (to the extent not Revolving
Facility First Lien Collateral) consisting of books and records of any Grantor (or such Person’s subsidiaries) related to the Revolving Facility First Lien Collateral, 
 (2) assembling and storing the Revolving Facility First Lien Collateral and completing the processing of and manufacturing or processing
raw materials or work-in-process into finished inventory for the purpose of selling any or all of the Revolving Facility First Lien Collateral located on such Noteholder First Lien Collateral, whether in bulk, in lots or to customers in the ordinary
course of business or otherwise, 
 (3) to use any of the Collateral under such control or possession (or sold to a Third
Party Purchaser) consisting of computers or other data processing equipment related to the storage or processing of records, documents or files pertaining to the Revolving Facility First Lien Collateral and use any Collateral under such control or
possession (or sold to a Third Party Purchaser) consisting of other equipment to handle or Dispose of any Revolving Facility First Lien Collateral pursuant to the Collateral Agent’s rights as a secured creditor in the Revolving Facility First
Lien Collateral, or 
  

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 (4) taking reasonable actions to protect, secure and otherwise enforce the rights of the
Revolving Facility Secured Parties in and to the Revolving Facility First Lien Collateral. 
 If any stay or other order prohibiting the exercise of remedies
with respect to the Revolving Facility First Lien Collateral has been entered in connection with an Insolvency Proceeding or by a court of competent jurisdiction, such Disposition Period shall be tolled during the pendency of any such stay or other
order. If the Collateral Agent conducts a public auction or private sale of the Revolving Facility First Lien Collateral at any of the real property included within the Noteholder First Lien Collateral, the Collateral Agent shall provide the
Noteholder Collateral Agent with reasonable notice and use reasonable efforts to hold such auction or sale in a manner which would not unduly disrupt the Noteholder Collateral Agent’s use of such real property. Nothing contained in this
Agreement shall restrict the rights of the Noteholder Collateral Agent from selling, assigning or otherwise transferring any Noteholder First Lien Collateral prior to the expiration of the Disposition Period if the purchaser, assignee or transferee
thereof agrees to be bound by the provisions of this Section. 
 (b) Closing Date License. The Noteholder Collateral Agent shall, to
the extent permitted by law and any applicable contractual obligations binding on the Noteholder First Lien Collateral, and to the extent the Noteholder Collateral Agent has an ownership interest therein or other assignable right of use thereto,
permit the Collateral Agent and its agents or representatives (or shall require as a condition of such sale to the Third Party Purchaser that the Third Party Purchaser agree, to the extent permitted by law and any applicable contractual obligations
binding on the Noteholder First Lien Collateral, to permit the Collateral Agent and its agents or representatives) at the Collateral Agent’s option to use on a nonexclusive basis any of the Noteholder First Lien Collateral consisting of
Intellectual Property Collateral as is or may be necessary for the Collateral Agent to sell or otherwise liquidate the Revolving Facility First Lien Collateral. In furtherance of the foregoing, to the extent the Noteholder Collateral Agent has an
ownership interest therein or other assignable right of use thereto, the Noteholder Collateral Agent hereby grants to the Collateral Agent a nonexclusive, irrevocable, royalty-free, worldwide license to use any and all copyrights, trademarks,
customer lists, patents or other intellectual property rights included as part of the Noteholder First Lien Collateral as is or may be necessary to sell or otherwise liquidate the Revolving Facility First Lien Collateral. The Noteholder Collateral
Agent (i) acknowledges and consents to the grant to the Collateral Agent by the Grantors upon and during the continuance of an Event of Default of a limited, non-exclusive royalty-free license in the form of Exhibit A hereto (the
“Closing Date License”) and (ii) agrees that its Liens in the Noteholder First Lien Collateral shall be subject to the Closing Date License. Furthermore, the Noteholder Collateral Agent agrees that, in connection with
any foreclosure sale conducted by the Noteholder Collateral Agent in respect of Noteholder First Lien Collateral of the type described in the Closing Date License, (x) any notice required to be given by the Noteholder Collateral Agent in
connection with such foreclosure shall contain an acknowledgement that the Noteholder Collateral Agent’s Lien is subject to the Closing Date License and (y) the Noteholder Collateral Agent shall deliver a copy of the Closing Date License
to any Third Party Purchaser at such foreclosure and provide written notice to such Third Party Purchaser that the Noteholder Collateral Agent’s Lien and the Third Party Purchaser’s rights in the such transferred Collateral are subject to
the Closing Date License. 
  

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 (c) Expenses and Repair. During the period of actual occupation, use and/or control by the
Revolving Facility Secured Parties or their agents or representatives of any Noteholder First Lien Collateral, the Revolving Facility Secured Parties shall be responsible for the ordinary course third-party expenses related thereto, including costs
with respect to heat, light, electricity, water and real property taxes with respect to that portion of any premises so used or occupied, in each case to the extent not paid for by Holdings, the Company or any of its Domestic Subsidiaries and be
obligated to repair at their expense any physical damage to such Noteholder First Lien Collateral or other assets or property resulting from such occupancy, use or control, and to leave such Noteholder First Lien Collateral or other assets or
property in substantially the same condition as it was at the commencement of such occupancy, use or control, ordinary wear and tear excepted. 
 (d) Indemnification by Revolving Facility Secured Parties. The Revolving Facility Secured Parties jointly and severally agree to pay, indemnify and hold the Trustee and the Noteholder Collateral Agent and their respective officers,
directors, employees and agents harmless from and against any liability, cost, expense, loss or damages, including reasonable legal fees and expenses resulting from the gross negligence or willful misconduct of the Collateral Agent or any of its
agents, representatives or invitees in its or their occupation or use of the Noteholder First Lien Collateral. Notwithstanding the foregoing, in no event shall the Revolving Facility Secured Parties have any liability to the Noteholder Secured
Parties pursuant to this Section as a result of any condition (including any environmental condition, claim or liability) on or with respect to the Noteholder First Lien Collateral existing prior to the date of the exercise by the Revolving Facility
Secured Parties of their rights under this Section and the Revolving Facility Secured Parties shall have no duty or liability to maintain the Noteholder First Lien Collateral in a condition or manner better than that in which it was maintained prior
to the use thereof by the Revolving Facility Secured Parties, or for any diminution in the value of the Noteholder First Lien Collateral that results solely from the removal of any of the Revolving Facility First Lien Collateral from any Premises or
from the ordinary wear and tear resulting from the use of the Noteholder First Lien Collateral by the Revolving Facility Secured Parties, in each case, in the manner and for the time periods specified under this Section. Without limiting the rights
granted in this paragraph, the Collateral Agent, to the extent that rights have been exercised under this Section by the Collateral Agent, shall cooperate with the Noteholder Secured Parties in connection with any efforts made by the Noteholder
Secured Parties to sell the Noteholder First Lien Collateral. It is further agreed that the Revolving Facility Secured Parties shall not be liable for any special, indirect, consequential or punitive damages, except to the extent any Noteholder
Secured Party is liable therefor. 
  

 23 

 SECTION 2.10. Insurance. Unless and until written notice by the Collateral Agent to the Trustee
that the Revolving Facility Obligations have been Paid In Full, as between the Collateral Agent, on the one hand, and the Trustee and the Noteholder Collateral Agent, as the case may be, on the other hand, only the Collateral Agent will have the
right (subject to the rights of the Grantors under the Revolving Facility Documents and the Noteholder Documents) to adjust or settle any insurance policy or claim covering or constituting Revolving Facility First Lien Collateral in the event of any
loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Revolving Facility First Lien Collateral. Unless and until written notice by the Trustee to the Collateral Agent that the Noteholder Obligations
have been Paid In Full, as between the Collateral Agent, on the one hand, and the Trustee and the Noteholder Collateral Agent, as the case may be, on the other hand, only the Noteholder Collateral Agent will have the right (subject to the rights of
the Grantors under the Revolving Facility Documents and the Noteholder Documents) to adjust or settle any insurance policy covering or constituting Noteholder First Lien Collateral in the event of any loss thereunder and to approve any award granted
in any condemnation or similar proceeding solely affecting the Noteholder First Lien Collateral. To the extent that an insured loss covers or constitutes both Revolving Facility First Lien Collateral and Noteholder First Lien Collateral, then the
Collateral Agent and the Noteholder Collateral Agent will work jointly and in good faith to collect, adjust or settle (subject to the rights of the Grantors under the Revolving Facility Documents and the Noteholder Documents) under the relevant
insurance policy. 
 SECTION 2.11. Refinancings. The Revolving Facility Obligations and the Noteholder Obligations may be refinanced
or replaced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is otherwise required to permit the refinancing transaction under any Revolving Facility Document or any Noteholder Document) of any
Revolving Facility Secured Party or any Noteholder Secured Party, all without affecting the Lien priorities provided for herein or the other provisions hereof; provided, however, that the holders of any such refinancing or replacement
indebtedness (or an authorized agent or trustee on their behalf) bind themselves in writing to the terms of this Agreement pursuant to such documents or agreements (including amendments or supplements to this Agreement) as the Collateral Agent or
the Noteholder Collateral Agent, as the case may be, shall reasonably request and in form and substance reasonably acceptable to the Collateral Agent or the Noteholder Collateral Agent, as the case may be. In connection with any refinancing or
replacement contemplated by this Section, this Agreement may be amended at the request and sole expense of the Company, and without the consent of either Representative, (a) to add parties (or any authorized agent or trustee therefor) providing
any such refinancing or replacement indebtedness, (b) to establish that Liens on any Noteholder First Lien Collateral securing such refinancing or replacement indebtedness shall have the same priority as the Liens on any Noteholder First Lien
Collateral securing the indebtedness being refinanced or replaced, and (c) to establish that the Liens on any Revolving Facility First Lien Collateral securing such refinancing or replacement indebtedness shall have the same priority as the
Liens on any Revolving Facility First Lien Collateral securing the indebtedness being refinanced or replaced, all on the terms provided for herein immediately prior to such refinancing or replacement. 
  

 24 

 SECTION 2.12. Amendments to Documents. (a) Without the prior written consent of the Senior
Representative, no Junior Secured Obligations Security Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Junior Secured Obligations Security
Document, would be prohibited by, or would require any Grantor to act or refrain from acting in a manner that would violate, any of the terms of this Agreement. 
 (b) In the event that the Senior Secured Obligations Secured Parties or the Senior Representative enters into any amendment, waiver or consent in respect of any of the Senior Secured Obligations Security Documents for
the purpose of making additions to the Senior Secured Obligations Collateral, then such amendment, waiver or consent shall apply automatically to any comparable provision of the comparable Junior Secured Obligations Security Document as it relates
to the Junior Secured Obligations Collateral without the consent of the Junior Representative or any Junior Secured Obligations Secured Party and without any action by the Junior Representative, the Company or any other Grantor; provided,
however, that written notice of such amendment, waiver or consent shall have been given to the Junior Representative. 
 SECTION 2.13.
Legends. The Collateral Agent acknowledges with respect to the Credit Agreement and the Revolving Facility Security Documents, and the Trustee and the Noteholder Collateral Agent acknowledge with respect to the Indenture and the Noteholder
Security Documents, that the Credit Agreement, the Indenture and each Security Document will contain the appropriate legend set forth on Annex I. 
 ARTICLE III 
 Gratuitous Bailment for Perfection of Certain Security Interests; Rights 
 Under Permits and Licenses 
 SECTION
3.01. General. The Senior Representative agrees that if it shall at any time hold a Senior Lien on any Junior Secured Obligations Collateral that can be perfected by the possession or control of such Collateral or of any account in which such
Collateral is held, and if such Collateral or any such account is in fact in the possession or under the control of the Senior Representative, the Senior Representative will serve as gratuitous bailee for the Junior Representative for the sole
purpose of perfecting the Junior Lien of the Junior Representative on such Collateral. It is agreed that the obligations of the Senior Representative and the rights of the Junior Representative and the other Junior Secured Obligations Secured
Parties in connection with any such bailment arrangement will be in all respects subject to the provisions of Article II. Notwithstanding anything to the contrary herein, the Senior Representative will be deemed to make no representation as to
the adequacy of the steps taken by it to perfect the Junior Lien on any such Collateral and shall have no responsibility, duty, obligation or liability to the Junior Representative or other Junior Secured Obligations Secured Party or any other
person for such perfection or failure to perfect, it being understood that the sole purpose of this Article is to enable the Junior Secured Obligations Secured Parties to obtain a perfected Junior Lien on such Collateral to the extent, if any, that
such perfection results from the possession or control of such Collateral or any such account by the Senior Representative. Subject to Section 2.08, at such time as the Senior Secured 

  

 25 

 
Obligations secured by the Senior Lien of the Senior Representative shall have been Paid in Full, the Senior Representative shall take all such actions in
its power as shall reasonably be requested by the Junior Representative (at the sole cost and expense of the Grantors) to transfer possession or control of such Collateral or any such account (in each case to the extent the Junior Representative has
a Lien on such Collateral or account after giving effect to any prior or concurrent releases of Liens) to the Junior Representative. 
 SECTION 3.02. Deposit Accounts. The Company and its Domestic Subsidiaries, to the extent required by the Credit Agreement, may from time to time have deposit accounts (the “Deposit Accounts”) with certain
depositary banks in which collections from Inventory and Accounts may be deposited. To the extent that any such Deposit Account is under the control of the Collateral Agent at any time, the Collateral Agent will act as gratuitous bailee for the
Trustee and the Noteholder Collateral Agent for the purpose of perfecting the Liens of the Noteholder Secured Parties in such Deposit Accounts and the cash and other assets therein as provided in Section 3.01 (but will have no
duty, responsibility or obligation to the Noteholder Secured Parties (including any duty, responsibility or obligation as to the maintenance of such control, the effect of such arrangement or the establishment of such perfection) except as set forth
in the last sentence of this Section). Unless the Junior Liens on such Revolving Facility First Lien Collateral shall have been or concurrently are released, after the occurrence of the Revolving Facility First Lien Collateral Transition Date, the
Collateral Agent shall (a) to the extent that the same are then under the sole dominion and control of the Collateral Agent and that such action is otherwise within the power and authority of the Collateral Agent pursuant to the Revolving
Facility Documents, at the request of the Trustee, transfer control over all cash and other assets in any such Deposit Account maintained with the Collateral Agent to the Noteholder Collateral Agent (and each Grantor hereby authorizes and consents
to any such transfer) and (b) at the request of the Noteholder Collateral Agent, cooperate with the Company and the Noteholder Collateral Agent (at the expense of the Company) in permitting control of any other Deposit Accounts to be
transferred to the Noteholder Collateral Agent (or for other arrangements with respect to each such Deposit Accounts satisfactory to the Noteholder Collateral Agent to be made). 
 SECTION 3.03. Rights under Permits and Licenses. In addition to the Closing Date License granted hereunder, the Trustee agrees that if the
Collateral Agent shall require rights available under any permit or license controlled by the Trustee (as certified to the Trustee by the Collateral Agent, upon which the Trustee may rely) in order to realize on any Revolving Facility First Lien
Collateral, the Trustee shall (subject to the terms of the Indenture, including the Trustee’s rights to indemnification thereunder) take all such actions as shall be available to it (at the sole expense of the Grantors), consistent with
applicable law and contractual obligations and reasonably requested by the Collateral Agent in writing, to make such rights available to the Collateral Agent, subject to the Noteholder Liens. The Collateral Agent agrees that if the Trustee shall
require rights available under any permit or license controlled by the Collateral Agent (as certified to the Collateral Agent by the Trustee, upon which the Collateral Agent may rely) in order to realize on any Noteholder First Lien Collateral, the
Collateral Agent shall (subject to the terms of the Credit Agreement, including the Collateral Agent’s rights to indemnification thereunder) take all such actions as shall be available to it (at the sole expense of the Grantors), consistent
with applicable law and contractual obligations and reasonably requested by the Trustee in writing, to make such rights available to the Trustee, subject to the Revolving Facility Liens. 
  

 26 

 ARTICLE IV 
 Existence and Amounts of Liens and Obligations 
 Whenever a Representative shall be required, in
connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Senior Secured Obligations (or the existence of any commitment to extend credit that would constitute Senior
Secured Obligations) or Junior Secured Obligations, or the existence of any Lien securing any such obligations, or the Collateral subject to any such Lien, it may request that such information be furnished to it in writing by the other
Representative and shall be entitled to make such determination on the basis of the information so furnished; provided, however, that if a Representative shall fail or refuse reasonably promptly to provide the requested information,
the requesting Representative shall be entitled to make any such determination by such method as it may, in the exercise its good faith judgment, determine, including by reliance upon a certificate of the Company. Each Representative may rely
conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to
Holdings, the Company or any of its subsidiaries, any Secured Party or any other person as a result of such determination. 
 ARTICLE V

 Consent of Grantors 
 Each Grantor hereby consents to the provisions of this Agreement and the intercreditor arrangements provided for herein and agrees that the obligations of the Grantors under the Security Documents will in no way be diminished or otherwise
affected by such provisions or arrangements (except as expressly provided herein). 
 ARTICLE VI 
 Representations and Warranties 
 SECTION 6.01. Representations and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto as follows: 
 (a) Such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all
requisite power and authority to enter into and perform its obligations under this Agreement. 
 (b) This Agreement has been
duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms. 
  

 27 

 (c) The execution, delivery and performance by such party of this Agreement (i) do
not require any consent or approval of, registration or filing with or any other action by any governmental authority of which the failure to obtain could reasonably be expected to have a material adverse effect on the ability of such party to
perform its obligations under this Agreement, (ii) will not violate any applicable law or regulation or any order of any governmental authority or any indenture, agreement or other instrument binding upon such party which could reasonably be
expected to have a material adverse effect on the ability of such party to perform its obligations under this Agreement and (iii) will not violate the charter, by-laws or other organizational documents of such party. 
 SECTION 6.02. Representations and Warranties of Each Representative. Each of the Trustee, the Noteholder Collateral Agent and the Collateral Agent
represents and warrants to the other parties hereto that it is authorized under the Indenture and the Credit Agreement, respectively, to enter into this Agreement. 
 ARTICLE VII 
 Miscellaneous 
 SECTION 7.01. Notices. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (a) if to the Collateral Agent, to
it at Bank of America, N.A., Bank of America Business Capital, 2600 West Big Beaver Road, Troy, Michigan 48084; 
 (b) if to
the Trustee or the Noteholder Collateral Agent, to it at Wilmington Trust FSB, Corporate Capital Markets, 50 South Sixth Street, Suite 1290, Minneapolis MN 55402, Attention: Jane Y. Schweiger; 
 (c) if to Holdings or the Company, to it at 1101 Technology Drive, Suite 200, Ann Arbor, Michigan 48108; and 
 (d) if to any other Grantor, to it in care of the Company as provided in clause (c) above. 
 Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto (and for this purpose a
notice to the Company shall be deemed to be a notice to each Grantor). All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a
Business Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by telecopy or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Section 7.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 7.01. As
agreed to in writing among the Company, the Trustee, the Noteholder Collateral 

  

 28 

 
Agent and the Collateral Agent from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative
of the applicable person provided from time to time by such person. 
 SECTION 7.02. Waivers; Amendment. (a) No failure or delay
on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right
or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement nor any provision hereof may be terminated, waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by each Representative, Holdings and the Company; provided, however, that this Agreement may be amended from time to time (x) as provided in Section 2.11 and (y) at the sole request and
expense of the Company, and without the consent of either Representative, (i) (A) to add other parties (or any authorized agent thereof or trustee therefor) holding Other Pari Passu Lien Obligations (as defined in the Indenture) that are
incurred in compliance with the Revolving Facility Documents and the Noteholder Documents, (B) to establish that the Liens on any Noteholder First Lien Collateral securing such Other Pari Passu Lien Obligations shall be pari passu hereunder
with the Liens on such Noteholder First Lien Collateral securing the Noteholder Obligations and senior to the Liens on such Noteholder First Lien Collateral securing any Revolving Facility Obligations, all on the terms provided for herein
immediately prior to such amendment and (C) to establish that the Liens on any Revolving Facility First Lien Collateral securing such Other Pari Passu Lien Obligations shall be pari passu hereunder with the Liens on such Revolving Facility
First Lien Collateral securing the Noteholder Obligations and junior and subordinated to the Liens on such Revolving Facility First Lien Collateral securing any Revolving Facility Obligations, all on the terms provided for herein immediately prior
to such amendment, and (ii) (A) to add other parties (or any authorized agent thereof or trustee therefor) holding Lenders Debt (as defined in the Indenture) that is incurred in compliance with the Revolving Facility Documents and the
Noteholder Documents, (B) to establish that the Liens on any Revolving Facility First Lien Collateral securing such Lenders Debt shall be pari passu hereunder with the Liens on such Revolving Facility First Lien Collateral securing the
Revolving Facility Obligations and senior to the Liens on such Revolving Facility First Lien Collateral securing any Noteholder Obligations, all on the terms provided for herein immediately prior to such amendment and (C) to establish that the
Liens on any Noteholder First Lien Collateral securing such Lenders Debt shall be pari passu hereunder with the Liens on such Noteholder First Lien Collateral securing the Revolving Facility Obligations and junior and subordinated to the Liens on
such Noteholder First Lien Collateral securing 

  

 29 

 
any Noteholder Obligations, all on the terms provided for herein immediately prior to such amendment. Any such additional party and each party hereto shall
be entitled to rely upon a certificate delivered by an officer of the Company certifying that such Other Pari Passu Lien Obligations or Lenders Debt, as the case may be, were issued or borrowed in compliance with the Revolving Facility Documents and
the Noteholder Documents. Any amendment of this Agreement that is proposed to be effected without the consent of a Representative as permitted by the proviso to the preceding sentence shall be submitted to such Representative for its review at least
5 Business Days prior to the proposed effectiveness of such amendment. 
 SECTION 7.03. Parties in Interest. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Noteholder Secured Parties and Revolving Facility Secured Parties, all of whom are intended to be bound by, and to be third
party beneficiaries of, this Agreement. 
 SECTION 7.04. Survival of Agreement. All covenants, agreements, representations and
warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 
 SECTION 7.05. Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original but all of which when taken
together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 SECTION 7.06. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of
which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 7.07. Governing Law;
Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
 (b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the
United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally 

  

 30 

 
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in
such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in
this Agreement shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any jurisdiction. 
 (c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it
may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to
the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 7.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve
process in any other manner permitted by law. 
 SECTION 7.08. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 7.09. Headings. Article,
Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
 SECTION 7.10. Conflicts. In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any of the
other Revolving Facility Documents and/or Noteholder Documents, the provisions of this Agreement shall control; provided, however, that if any of the provisions of the Noteholder Security Documents limit, qualify or conflict with the
duties imposed by the provisions of the TIA, the TIA shall control. 
  

 31 

 SECTION 7.11. Provisions Solely to Define Relative Rights. The provisions of this Agreement are
and are intended solely for the purpose of defining the relative rights of the Revolving Facility Secured Parties, on the one hand, and the Noteholder Secured Parties, on the other hand. None of Holdings, the Company, any other Grantor or any other
creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other than Sections 2.05, 2.06, 2.10,
2.11 or Article VII to the extent expressly provided therein) is intended to or will amend, waive or otherwise modify the provisions of the Credit Agreement or the Indenture), and neither the Company nor any other Grantor may rely on
the terms hereof (other than Sections 2.05, 2.06, 2.10, 2.11, Article VI and Article VII). Nothing in this Agreement is intended to or shall impair the obligations of Holdings,
the Company or any other Grantor, which are absolute and unconditional, to pay the Obligations under the Noteholder Documents and the Revolving Facility Documents as and when the same shall become due and payable in accordance with their terms.
Notwithstanding anything to the contrary herein, in any Noteholder Document or any Revolving Facility Document, the Grantors shall not be required to act or refrain from acting (a) pursuant to this Agreement or any Noteholder Document with
respect to any Revolving Facility First Lien Collateral in any manner that would cause a default under any Revolving Facility Document, or (b) pursuant to this Agreement or any Revolving Facility Document with respect to any Noteholder First
Lien Collateral in any manner that would cause a default under any Noteholder Document. 
 SECTION 7.12. Certain Terms Concerning Trustee
and Noteholder Collateral Agent. Each of the Trustee and Noteholder Collateral Agent is executing and delivering this Agreement solely in its capacity as such and pursuant to direction set forth in the Indenture; and in so doing, neither the
Trustee nor the Noteholder Collateral Agent shall be responsible for the terms or sufficiency of this Agreement for any purpose. Neither the Trustee nor the Noteholder Collateral Agent shall have any duties or obligations under or pursuant to this
Agreement other than such duties as may be expressly set forth in this Agreement as duties on its part to be performed or observed. In entering into this Agreement, or in taking (or forbearing from) any action under or pursuant to the Agreement,
each of the Trustee and the Noteholder Collateral Agent shall have and be protected by all of the rights, immunities, indemnities and other protections granted to it under the Indenture (including Sections 7.01, 7.02, 7.07, 10.10 and 10.12
thereof) and, in the case of the Noteholder Collateral Agent, the Noteholder Security Agreement. 
 SECTION 7.13. Certain Terms Concerning
Collateral Agent and Noteholder Collateral Agent. Neither the Collateral Agent nor the Noteholder Collateral Agent shall have any liability or responsibility for the actions or omissions of any other Secured Party, or for any other Secured
Party’s compliance with (or failure to comply with) the terms of this Agreement. Neither the Collateral Agent nor the Noteholder Collateral Agent shall have individual liability to any Person if it shall mistakenly pay over or distribute to any
Secured Party (or the Company) any amounts in violation of the terms of this Agreement, so long as the Collateral Agent or Noteholder Collateral Agent, as the case may be, is acting in good faith. 
  

 32 

 SECTION 7.14. Additional Subsidiaries. Any Domestic Subsidiary of Holdings that is required to
become a party hereto pursuant to Section 9.10 of the Credit Agreement and Section 4.11 of the Indenture shall enter into this Agreement as a Grantor upon becoming such a Domestic Subsidiary. Upon execution and
delivery by (i) the Collateral Agent and such Domestic Subsidiary of a Joinder Agreement (as defined in the Credit Agreement) and (ii) the Trustee and such Domestic Subsidiary of each of the documents required under
Section 4.16(a) of the Indenture, such Domestic Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instruments shall not
require the consent of any other Grantor or any other Secured Party. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 

 

 33 

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

					
	BANK OF AMERICA, N.A., as Collateral Agent,
			
		 	by	 	/s/ Philip Debush
		 		 	 Name: Philip Debush
 Title: Vice
President

  

					
	 WILMINGTON TRUST FSB, as Trustee
 and
Noteholder Collateral Agent,

			
		 	by	 	/s/ Jane Schweiger
		 		 	 Name: Jane Schweiger
 Title: Vice
President

  

 Signature Page to the Lien Subordination and Intercreditor Agreement 

					
	AFFINIA GROUP INC.,
			
		 	by	 	/s/ Thomas Kaczynski
		 		 	 Name: Thomas Kaczynski
 Title:
Treasurer

  

					
	AFFINIA GROUP INTERMEDIATE HOLDINGS INC.,
			
		 	by	 	/s/ Thomas Kaczynski
		 		 	 Name: Thomas Kaczynski
 Title:
Treasurer

  

					
	AFFINIA PRODUCTS CORP LLC
			
		 	by	 	/s/ Thomas Kaczynski
		 		 	 Name: Thomas Kaczynski
 Title:
Treasurer

  

					
	AFFINIA CANADA GP CORP.
			
		 	by	 	/s/ Thomas Kaczynski
		 		 	 Name: Thomas Kaczynski
 Title:
Treasurer

  

					
	AFFINIA INTERNATIONAL HOLDINGS CORP.
			
		 	by	 	/s/ Thomas Kaczynski
		 		 	 Name: Thomas Kaczynski
 Title:
Treasurer

  

					
	AUTOMOTIVE BRAKE COMPANY INC.
			
		 	by	 	/s/ Thomas Kaczynski
		 		 	 Name: Thomas Kaczynski
 Title:
Treasurer

  

 Signature Page to the Lien Subordination and Intercreditor Agreement 

					
	BRAKE PARTS INC.
			
		 	by	 	/s/ Thomas Kaczynski
		 		 	 Name: Thomas Kaczynski
 Title:
Treasurer

  

					
	IROQUOIS TOOL SYSTEMS, INC.
			
		 	by	 	/s/ Thomas Kaczynski
		 		 	 Name: Thomas Kaczynski
 Title:
Treasurer

  

					
	KRIZMAN INTERNATIONAL, INC.
			
		 	by	 	/s/ Thomas Kaczynski
		 		 	 Name: Thomas Kaczynski
 Title:
Treasurer

  

					
	WIX FILTRATION CORP LLC
			
		 	by	 	/s/ Thomas Kaczynski
		 		 	 Name: Thomas Kaczynski
 Title:
Treasurer

  

					
	WIX FILTRATION MEDIA SPECIALISTS, INC.
			
		 	by	 	/s/ Thomas Kaczynski
		 		 	 Name: Thomas Kaczynski
 Title:
Treasurer

  

 Signature Page to the Lien Subordination and Intercreditor Agreement 

 Schedule I to the 
 Lien Subordination and 
 Intercreditor Agreement 
 Schedule I to Lien Subordination and Intercreditor Agreement 
  

	
	 Affinia Products Corp LLC

	
	 Affinia Canada GP Corp.

	
	 Affinia International Holdings Corp.

	
	 Automotive Brake Company Inc.

	
	 Brake Parts Inc.

	
	 Iroquois Tool Systems, Inc.

	
	 Krizman International, Inc.

	
	 Wix Filtration Corp LLC

	
	 Wix Filtration Media Specialists, Inc.

 EXHIBIT A 
 Closing Date License 
 LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS 
 For the purpose of enabling Bank of America, as Collateral Agent (in such capacity, the “Agent”) under the ABL Credit Agreement, dated as of August 13,
2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among Affinia Group Intermediate Holdings Inc., a Delaware corporation (“Holdings”), Affinia Group Inc., a Delaware
corporation (the “Company”), the other subsidiaries of Holdings from time to time party thereto, the various lenders from time to time party thereto (the “Lender”), and the Collateral Agent, to enforce any Lien held by the Agent
upon any of the Revolving Facility First Lien Collateral (as such term is defined in the Intercreditor Agreement, dated as of even date herewith, by and among the Agent, Wilmington Trust FSB, as Trustee and Noteholder Collateral Agent under the
Indenture (as defined therein) (in such capacity and together with any successor, the “Noteholder Collateral Agent”), Holdings, the Company, and certain subsidiaries of Holdings party thereto; capitalized terms used herein but not defined
shall have the meanings assigned to such terms in the Intercreditor Agreement), to the extent appropriate, in the good faith opinion of the Agent, to process, ship, produce, store, complete, supply, lease, sell, or otherwise dispose of any of the
Revolving Facility First Lien Collateral or to collect or otherwise realize upon any Accounts comprising Revolving Facility First Lien Collateral, at such time as the Agent shall be lawfully entitled to exercise such rights and remedies, the
Grantors shall grant to the Agent, for the benefit of the Lenders, and only to the extent set forth above, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to the Grantors) to use, license, or
sublicense any intellectual property rights now owned or hereafter acquired by the Grantors (except to the extent the terms of any of the agreements granting the foregoing rights prohibit such grant to the Agent and except to the extent such grant
is prohibited by any rule of law, statute or regulation), and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout
thereof, provided, however, that such license to be granted hereunder with respect to Trademarks (as defined in the U.S. Security Agreement) shall be subject to the maintenance of quality standards with respect to the goods and
services on which such Trademarks are used sufficient to preserve the validity of such Trademarks. The Grantors agree and acknowledge that no further performance is required of the Agent under the terms of the license granted pursuant hereto and
that this license shall not constitute an executory contract. 
 THIS LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS SHALL BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 Dated:                             , 2009 

 ANNEX I 
 Provision for the Credit Agreement and the Indenture 
 Reference is made to the Lien Subordination and Intercreditor
Agreement dated as of August 13, 2009, among Bank of America, N.A., as collateral agent for the Revolving Facility Secured Parties referred to therein; Wilmington Trust FSB, as Trustee and as Noteholder Collateral Agent; Affinia Group Inc.;
Affinia Group Intermediate Holdings Inc.; and the other subsidiaries of Affinia Group Inc. from time to time party thereto (the “Intercreditor Agreement”). Each [Lender hereunder] [Holder, by its acceptance of a Note,] (a) consents to
the subordination of Liens provided for in the Intercreditor Agreement, (b) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement and (c) authorizes and instructs the [Collateral
Agent] [Trustee] to enter into the Intercreditor Agreement as [Collateral Agent] [Trustee] and on behalf of such [Lender] [Holder]. The foregoing provisions are intended as an inducement to the [lenders under the Credit Agreement] [Holders] to
[extend credit] [to acquire the Notes of the Company] and such [lenders] [Holders] are intended third party beneficiaries of such provisions and the provisions of the Intercreditor Agreement. 
 Provision for Revolving Facility Security Documents and Noteholder Security Documents 
 Reference is made to the Lien Subordination and Intercreditor Agreement dated as of August 13, 2009, among Bank of America, N.A., as Collateral
Agent for the Revolving Facility Secured Parties referred to therein; Wilmington Trust FSB, as Trustee and as Noteholder Collateral Agent; Affinia Group Inc.; Affinia Group Intermediate Holdings Inc.; and the other subsidiaries of Affinia Group Inc.
from time to time party thereto (the “Intercreditor Agreement”). Notwithstanding any other provision contained herein, this Agreement, the Liens created hereby and the rights, remedies, duties and obligations provided for herein are
subject in all respects to the provisions of the Intercreditor Agreement and, to the extent provided therein, the applicable Senior Secured Obligations Security Documents (as defined in the Intercreditor Agreement). In the event of any conflict or
inconsistency between the provisions of this Agreement and the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control.First Amended and Restated Limited Partnership Agreement

 Exhibit 10.1 
 FIRST AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 THE GC NET LEASE REIT OPERATING
PARTNERSHIP, L.P. 

 FIRST AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P. 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	 Page

	 ARTICLE 1
	  	DEFINED TERMS	  	1
			
	 ARTICLE 2
	  	PARTNERSHIP FORMATION AND IDENTIFICATION	  	7
	     2.1
	  	Formation	  	7
	     2.2
	  	Name, Office and Registered Agent	  	7
	     2.3
	  	Partners	  	8
	     2.4
	  	Term and Dissolution	  	8
	     2.5
	  	Filing of Certificate and Perfection of Limited Partnership	  	8
	     2.6
	  	Certificates Describing Partnership Units	  	8
			
	 ARTICLE 3

	  	BUSINESS OF THE PARTNERSHIP	  	9
			
	 ARTICLE 4
	  	CAPITAL CONTRIBUTIONS AND ACCOUNTS	  	9
	     4.1
	  	Capital Contributions	  	9
	     4.2
	  	Additional Capital Contributions and Issuances of Additional Partnership Interests	  	9
	     4.3
	  	Additional Funding	  	11
	     4.4
	  	Capital Accounts	  	11
	     4.5
	  	Percentage Interests	  	11
	     4.6
	  	No Interest on Contributions	  	12
	     4.7
	  	Return of Capital Contributions	  	12
	     4.8
	  	No Third Party Beneficiary	  	12
			
	 ARTICLE 5
	  	PROFITS AND LOSSES; DISTRIBUTIONS	  	12
	     5.1
	  	Allocation of Profit and Loss	  	12
	     5.2
	  	Distribution of Cash	  	14
	     5.3
	  	REIT Distribution Requirements	  	15
	     5.4
	  	No Right to Distributions In Kind	  	15
	     5.5
	  	Limitations of Return of Capital Contributions	  	15
	     5.6
	  	Distributions Upon Liquidation	  	15
	     5.7
	  	Substantial Economic Effect	  	16
			
	 ARTICLE 6
	  	RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	  	16
	     6.1
	  	Management of the Partnership	  	16
	     6.2
	  	Delegation of Authority	  	18
	     6.3
	  	Indemnification and Exculpation of Indemnitees	  	18
	     6.4
	  	Liability of the General Partner	  	20
	     6.5
	  	Reimbursement of General Partner	  	21
	     6.6
	  	Outside Activities	  	21
	     6.7
	  	Employment or Retention of Affiliates	  	21
	     6.8
	  	General Partner Participation	  	22
	     6.9
	  	Title to Partnership Assets	  	22
	     6.10
	  	Miscellaneous	  	22

  

 i 

					
	 ARTICLE 7
	 	CHANGES IN GENERAL PARTNER	  	22
	     7.1
	 	Transfer of the General Partner’s Partnership Interest	  	22
	     7.2
	 	Admission of a Substitute or Additional General Partner	  	24
	     7.3
	 	Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner	  	24
	     7.4
	 	Removal of a General Partner	  	25
			
	 ARTICLE 8
	 	RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	  	26
	     8.1
	 	Management of the Partnership	  	26
	     8.2
	 	Power of Attorney	  	26
	     8.3
	 	Limitation on Liability of Limited Partners	  	26
	     8.4
	 	Exchange Right	  	26
			
	 ARTICLE 9
	 	TRANSFERS OF LIMITED PARTNERSHIP INTERESTS	  	28
	     9.1
	 	Purchase for Investment	  	28
	     9.2
	 	Restrictions on Transfer of Limited Partnership Interests	  	28
	     9.3
	 	Admission of Substitute Limited Partner	  	29
	     9.4
	 	Rights of Assignees of Partnership Interests	  	30
	     9.5
	 	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	  	30
	     9.6
	 	Joint Ownership of Interests	  	31
	     9.7
	 	Redemption of Partnership Units	  	31
			
	 ARTICLE 10
	 	ADMISSION OF ADDITIONAL LIMITED PARTNERS	  	31
	     10.1
	 	Admission of Additional Limited Partners	  	31
	     10.2
	 	Allocations to Additional Limited Partners	  	31
	     10.3
	 	Amendment of Agreement and Certificate of Limited Partnership	  	32
			
	 ARTICLE 11
	 	BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	  	32
	     11.1
	 	Books and Records	  	32
	     11.2
	 	Custody of Partnership Funds; Bank Accounts	  	32
	     11.3
	 	Fiscal and Taxable Year	  	32
	     11.4
	 	Annual Tax Information and Report	  	32
	     11.5
	 	Tax Matters Partner; Tax Elections; Special Basis Adjustments	  	32
	     11.6
	 	Reports Made Available to Limited Partners	  	33
			
	 ARTICLE 12
	 	AMENDMENT OF AGREEMENT; MERGER	  	33
			
	 ARTICLE 13
	 	GENERAL PROVISIONS	  	34
	     13.1
	 	Notices	  	34
	     13.2
	 	Survival of Rights	  	34
	     13.3
	 	Additional Documents	  	34
	     13.4
	 	Severability	  	34
	     13.5
	 	Entire Agreement	  	34
	     13.6
	 	Pronouns and Plurals	  	34
	     13.7
	 	Headings	  	34
	     13.8
	 	Counterparts	  	34
	     13.9
	 	Governing Law	  	35
			
	 EXHIBIT A
	 	General Partner and Original Limited Partner, Capital Contributions and Percentage Interests	  	37
			
	 EXHIBIT B
	 	NOTICE OF EXERCISE OF EXCHANGE RIGHT	  	38

  

 ii 

 FIRST AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 THE GC NET LEASE REIT OPERATING PARTNERSHIP, L.P. 
 The GC Net Lease REIT Operating Partnership, L.P. (the “Partnership”) was formed as a limited partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with
the Office of the Secretary of State of the State of Delaware on August 29, 2008. This First Amended and Restated Limited Partnership Agreement (“Agreement”) is entered into effective as of June 18, 2009 between The GC Net Lease
REIT, Inc., a Maryland corporation (the “General Partner”) and the Limited Partners set forth on Exhibit A hereto. Capitalized terms used herein but not otherwise defined shall have the meanings given them in Article 1. 

WHEREAS, the General Partner and the Original Limited Partner entered into an Agreement of Limited Partnership of The GC Net Lease REIT Operating
Partnership, L.P. dated as of August 29, 2008, pursuant to which the Partnership was formed (the “Original Agreement”); and 
 WHEREAS, the Additional Limited Partners have, pursuant to the Contribution Agreements agreed to contribute their respective membership interests in Renfro Properties LLC, which owns the Renfro Property, and Plainfield Partners, LLC, which
owns the CB&I Property, to the Partnership in exchange for Partnership Interests; 
 NOW, THEREFORE, in consideration of the foregoing,
of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the Original Agreement in its entirety and
continue the Partnership as a limited partnership under the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, as follows: 
 ARTICLE 1 
 DEFINED TERMS 
 The following defined terms used in this Agreement shall have the meanings specified below: 
 Act means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time. 
 Additional Funds has the meaning set forth in Section 4.3. 
 Additional Limited Partner means a Person admitted to the Partnership as a Limited Partner pursuant to Section 10.2 hereof and who is shown as a Limited Partner on the Partnership Registry. 
 Additional Securities means any additional REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to Section 8.4
hereof or REIT Shares issued pursuant to a distribution reinvestment plan of the General Partner) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in
Section 4.2(a)(ii). 
 Administrative Expenses means (i) all administrative and operating costs and expenses incurred by the
Partnership, (ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner,
which expenses, the Partners have agreed, are expenses of the 
  

 1 

 Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT
Expenses; provided, however, that Administrative Expenses shall not include any administrative costs and expenses incurred by the General Partner that are attributable to Properties or partnership interests in a Subsidiary Partnership (other than
this Partnership) that are owned by the General Partner directly. 
 Advisor or Advisors means the Person or Persons, if any,
appointed, employed or contracted with by the General Partner and responsible for directing or performing the day-to-day business affairs of the General Partner, including any Person to whom the Advisor subcontracts substantially all of such
functions. 
 Advisory Agreement means the agreement between the General Partner and the Advisor pursuant to which the Advisor will
direct or perform the day-to-day business affairs of the General Partner. 
 Affiliate or Affiliated means, as to any individual,
corporation, partnership, trust, limited liability company or other legal entity (other than this Partnership), (i) any Person, directly or indirectly through one or more intermediaries controlling, controlled by, or under common control with
another person; (ii) any Person, directly or indirectly owning, controlling, or holding with power to vote ten percent (10%) or more of the outstanding voting securities of another Person; (iii) any officer, director, general partner
or trustee of such Person; (iv) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person; and (v) if such other Person
is an officer, director, general partner, or trustee of a Person, the Person for which such Person acts in any such capacity. For purposes of this definition, “under common control” shall mean that one Person or group (within the meaning
of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) owns 10% or more of the outstanding voting securities of two or more Persons, in which case the Person so owned would be affiliates of each other. 
 Agreed Value means the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution as agreed to by such
Partner and the General Partner. The names and addresses of the General Partner, the Original Limited Partner and the Additional Limited Partners, the number of Partnership Units issued to each of them, and their respective Capital Contributions as
of the date of contribution is set forth on Exhibit A. 
 Agreement means this First Amended and Restated Limited Partnership
Agreement, as amended, modified, supplemented or restated from time to time, as the context requires. 
 Articles of Incorporation
means the Second Articles of Amendment and Restatement of the General Partner filed with the Maryland State Department of Assessments and Taxation, as amended or restated from time to time. 
 Capital Account has the meaning provided in Section 4.4 hereof. 
 Capital Contribution means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset (other than cash)
contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution made by a
predecessor holder of the Partnership Interest of such Partner. 
 Cash Amount means an amount of cash equal to the product of the
Value of one REIT Share and the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Exchange. 
  

 2 

 CB&I Property means that certain three-story officel laboratory property containing a total of
approximately 176,000 rentable square feet located in Plainfield, Illinois and leased to Chicago Bridge & Iron, Co. 
 Certificate means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by the Partners of the Partnership
(either by themselves or pursuant to the power-of-attorney granted to the General Partner in Section 8.2 hereof) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or
maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of
Delaware or such other jurisdiction. 
 Code means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time
to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 
 Contribution Agreements means that certain Contribution Agreement (Renfro Property) dated April 21, 2009 and that certain Contribution Agreement (CB&I Property) dated April 21, 2009. 

Conversion Factor means 1.0, provided that in the event that the General Partner (i) declares or pays a dividend on its outstanding REIT
Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares, or (iii) combines its outstanding REIT Shares into a smaller number of REIT Shares,
the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares issued and outstanding on the record date for such dividend, distribution, subdivision or
combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of REIT Shares (determined without the above assumption)
issued and outstanding on such date and, provided further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant to any merger, consolidation or combination of the General Partner with
or into another entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into which one REIT Share is converted pursuant to such merger,
consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the Conversion Factor shall become effective immediately after the effective date of such event retroactive to the record date,
if any, for such event; provided, however, that if the General Partner receives a Notice of Exchange after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, the Conversion Factor shall be
determined as if the General Partner had received the Notice of Exchange immediately prior to the record date for such dividend, distribution, subdivision or combination. 
 Event of Bankruptcy as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except
if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; filing by such Person of a petition or application to accomplish the same or
for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or
liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his approval of such 
  

 3 

 proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been
finally dismissed within 90 days. 
 Exchange Amount means either the Cash Amount or the REIT Shares Amount, as selected by the
General Partner in its sole and absolute discretion pursuant to Section 8.5(b) hereof. 
 Exchange Right has the meaning provided
in Section 8.5(a) hereof. 
 Exchanging Partner has the meaning provided in Section 8.5(a) hereof. 
 General Partner means The GC Net Lease REIT, Inc., a Maryland corporation, and any Person who becomes a substitute or additional General Partner
as provided herein, and any of their successors as General Partner. 
 General Partnership Interest means a Partnership Interest held
by the General Partner that is a general partnership interest. 
 Indemnitee means (i) the General Partner or a director, officer
or employee of the General Partner or Partnership, (ii) the Advisor or a director, officer, manager, member, employee of the Advisor or another agent of the Advisor if such agent is an Affiliate of the Advisor and (iii) such other Persons
(including Affiliates of the General Partner, the Advisor or the Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion. 
 “Independent Director” means a director of the General Partner who is not an officer or employee of the General Partner and meets the requirements for independence as defined by the General
Partner’s Articles of Incorporation. 
 Limited Partner means any Person named as a Limited Partner on Exhibit A attached
hereto, and any Person who becomes a Substitute Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 
 Limited Partnership Interest means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such
Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such Act. 
 Listing means the approval of the REIT Shares, issued by the General Partner pursuant to an effective registration statement, on a National
Securities Exchange or over-the-counter market. Upon Listing, the shares shall be deemed Listed. 
 Loss has the meaning provided in
Section 5.1(f) hereof. 
 National Securities Exchange means any securities exchange registered with the SEC pursuant to
Section 6 of the Securities Exchange Act of 1934, as amended. 
 Notice of Exchange means the Notice of Exercise of Exchange
Right substantially in the form attached as Exhibit B hereto. 
 Offer has the meaning set forth in Section 7.1(b)(ii)
hereof. 
 OP Unitholders means all holders of Partnership Interests. 
  

 4 

 Original Limited Partner means the Limited Partner designated as “Original Limited
Partner” on Exhibit A hereto. 
 Partner means any General Partner or Limited Partner. 
 Partner Nonrecourse Debt Minimum Gain has the meaning set forth in Regulations Section 1.704-2(i). A Partner’s share of Partner
Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5). 
 Partnership means The
GC Net Lease REIT Operating Partnership, L.P., a Delaware limited partnership. 
 Partnership Interest means an ownership interest in
the Partnership held by either a Limited Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person
to comply with the terms and provisions of this Agreement. 
 Partnership Minimum Gain has the meaning set forth in Regulations
Section 1.704-2(d). In accordance with Regulations Section 1.704-2(d), the amount of Partnership Minimum Gain is determined by first computing, for each Partnership nonrecourse liability, any gain the Partnership would realize if it
disposed of the property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. A Partner’s share of Partnership Minimum Gain shall be determined in
accordance with Regulations Section 1.704-2(g)(1). 
 Partnership Record Date means the record date established by the General
Partner for the distribution of cash pursuant to Section 5.2 hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such
distribution. 
 Partnership Unit means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder.
The allocation of Partnership Units among the Partners shall be as set forth on Exhibit A, as such Exhibit may be amended from time to time. 
 Percentage Interest means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. 

Person means any individual, partnership, limited liability company, corporation, joint venture, trust or other entity. 
 Profit has the meaning provided in Section 5.1(f) hereof. 
 Property means the Renfro Property and the CB&I Property and any future real estate property or other investment in which the Partnership holds an ownership interest. 
 Regulations means the Federal income tax regulations promulgated under the Code, as amended and as hereafter amended from time to time. Reference
to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations. 
 Regulatory Allocations has the meaning set forth in Section 5.1(i) hereof. 
  

 5 

 REIT means a real estate investment trust under Sections 856 through 860 of the Code. 

REIT Expenses means (i) costs and expenses relating to the formation and continuity of existence and operation of the General Partner and
any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any director,
officer, or employee of the General Partner, (ii) costs and expenses relating to any offering and registration of securities by the General Partner and all statements, reports, fees and expenses incidental thereto, including, without
limitation, underwriting discounts and sales commissions applicable to any such offering of securities, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents thereof,
(iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and communications by the General Partner
under federal, state or local laws or regulations, including filings with the SEC, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body, including the SEC
and any National Securities Exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees of the General Partner, (vii) costs and expenses incurred
by the General Partner relating to any issuance or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary course of its business on behalf of or in connection
with the Partnership. 
 REIT Share means a share of common stock, par value $0.001 per share, in the General Partner (or successor
entity, as the case may be). 
 REIT Shares Amount means a number of REIT Shares equal to the product of the number of Partnership
Units offered for exchange by an Exchanging Partner, multiplied by the Conversion Factor as adjusted to and including the Specified Exchange Date; provided that in the event the General Partner issues to all holders of REIT Shares rights, options,
warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “rights”), and the rights have not expired at the Specified
Exchange Date, then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights. 
 Renfro Property means that certain single-story warehouse/distribution property containing approximately 565,000 rentable square feet located in
Clinton, South Carolina and leased to Renfro Corporation. 
 SEC means the Securities and Exchange Commission. 
 Securities Act means the Securities Act of 1933, as amended. 
 Service means the Internal Revenue Service. 
 Specified Exchange Date means the first business
day of the month that is at least 60 business days after the receipt by the General Partner of the Notice of Exchange. 
 Subsidiary
means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.

  

 6 

 Subsidiary Partnership means any partnership of which the partnership interests therein are owned
by the General Partner or a direct or indirect subsidiary of the General Partner. 
 Substitute Limited Partner means any Person
admitted to the Partnership as a Limited Partner pursuant to Section 9.3 hereof. 
 Successor Entity has the meaning provided in
the definition of “Conversion Factor” contained herein. 
 Surviving General Partner has the meaning set forth in
Section 7.1(c) hereof. 
 Transaction has the meaning set forth in Section 7.1(b) hereof. 
 Transfer has the meaning set forth in Section 9.2(a) hereof. 
 Value means, with respect to REIT Shares, the average of the daily market price of such REIT Share for the ten (10) consecutive trading days immediately preceding the date of such valuation. The market
price for each such trading day shall be: (i) if the REIT Shares are Listed, the sale price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices, regular way, on such day;
(ii) if the REIT Shares are not Listed, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the
General Partner; or (iii) if the REIT Shares are not Listed and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable
quotation source designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the
date in question) for which prices have been so reported; provided that if there are no bid and asked prices reported during the ten (10) days prior to the date in question, the value of the REIT Shares shall be determined by the General
Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. In the event the REIT Shares Amount includes rights that a holder of REIT Shares would be entitled to
receive, then the value of such rights shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. 
 ARTICLE 2 
 PARTNERSHIP FORMATION AND
IDENTIFICATION 
 2.1      Formation. The Partnership was formed as a limited partnership pursuant
to the Act for the purposes and upon the terms and conditions set forth in this Agreement. 
 2.2      Name,
Office and Registered Agent. The name of the Partnership is The GC Net Lease REIT Operating Partnership, L.P. The specified office and place of business of the Partnership shall be 2121 Rosecrans Avenue, Suite 3321, El Segundo, CA 90245
(telephone number (310) 606-5900; facsimile number (310) 606-5910). The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address
of the Partnership’s registered agent is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership any notice that is
served on him as registered agent. 
  

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 2.3      Partners. 
 (a)        The General Partner of the Partnership is The GC Net Lease REIT, Inc., a Maryland corporation. Its
principal place of business is the same as that of the Partnership. 
 (b)        The Limited
Partners are those Persons identified as Limited Partners on Exhibit A hereto, as amended from time to time. 
 2.4      Term and Dissolution. 
 (a)      The Partnership shall
have perpetual duration, except that the Partnership shall be dissolved upon the first to occur of any of the following events: 
 (i)      The occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner unless the business of the Partnership is continued pursuant to
Section 7.3(b) hereof; provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in
such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners, either alone or with additional partners, and such General Partner and such partners
comply with any other applicable requirements of this Agreement; 
 (ii)      The passage of 90 days after the
sale or other disposition of all or substantially all of the assets of the Partnership (provided that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless
sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid in full); 
 (iii)      The exchange of all Limited Partnership Interests (other than any of such interests held by the General Partner or Affiliates of the General Partner) for REIT Shares or the securities of any other
entity; or 
 (iv)      The election by the General Partner that the Partnership should be dissolved.

 (b)      Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant
to Section 7.3(b) hereof), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in
accordance with Section 5.6 hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those
necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 
 2.5      Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, the Certificate any and all
amendments thereto and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each
state or other jurisdiction in which the Partnership conducts business. 
 2.6      Certificates Describing
Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may issue a certificate summarizing the terms of such Limited Partner’s 
  

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 interest in the Partnership, including the number of Partnership Units owned and the Percentage Interest represented by
such Partnership Units as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect:

 This certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable
only in accordance with the provisions of the First Amended and Restated Limited Partnership Agreement of The GC Net Lease REIT Operating Partnership, L.P., as amended from time to time. 
 ARTICLE 3 
 BUSINESS OF THE PARTNERSHIP 
 The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited
partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to
qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing, and (iii) to do anything
necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the General
Partner’s current status as a REIT and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners agree
that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner shall also be empowered to do any and all acts and things necessary or
prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code. 
 ARTICLE 4 
 CAPITAL CONTRIBUTIONS AND ACCOUNTS 
 4.1      Capital Contributions. The General Partner and the Limited Partners have made Capital Contributions to the
Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A, as amended from time to time. 
 4.2      Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in this Section 4.2 or in Section 4.3, the Partners shall have no right or
obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the
manner contemplated in this Section 4.2. 
 (a)      Issuances of Additional Partnership Interests.

 (i)      General. The General Partner is hereby authorized to cause the Partnership to issue such
additional Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and
conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Any additional Partnership Interests issued thereby may be issued in one or more classes, or one or more
series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be
determined by the General Partner in its sole and absolute discretion and without 
  

 9 

 the approval of any Limited Partner, subject to Delaware law, including, without limitation: (i) the allocations of
items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the
rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless: 
 (1)      (A) the additional Partnership Interests are issued in connection with an issuance of REIT Shares of or other
interests in the General Partner, which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights of the additional
Partnership Interests issued to the General Partner by the Partnership in accordance with this Section 4.2 and (B) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to the proceeds raised in
connection with the issuance of such shares of stock of or other interests in the General Partner; 
 (2)      the additional Partnership Interests are issued in exchange for property owned by the General Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value
of the Partnership Interests; or 
 (3)      additional Partnership Interests are issued to all Partners
holding Partnership Units in proportion to their respective Percentage Interests. 
 In addition, the General Partner may acquire Partnership
Interests from other Partners pursuant to this Agreement. In the event that the Partnership issues Partnership Interests pursuant to this Section 4.2(a), the General Partner shall make such revisions to this Agreement (without any requirement
of receiving approval of the Limited Partners) as it deems necessary to reflect the issuance of such additional Partnership Interests and any special rights, powers, and duties associated therewith. 
 Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than fair market
value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. 
 (ii)      Upon Issuance of Additional Securities. The General Partner shall not issue any additional REIT Shares (other than REIT Shares issued in connection with an exchange
pursuant to Section 8.5 hereof) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares (collectively, “Additional Securities”) other than to all holders of
REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the
Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner contributes the net proceeds from the issuance of
such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership; provided, however, that the General Partner is allowed to issue Additional Securities
in connection with an acquisition of a property to be held directly by the General Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in the best interests of the
General Partner and the Partnership by a majority of the Independent Directors (as defined in the General Partner’s Articles of Incorporation). Without limiting the foregoing, the General Partner is expressly authorized to issue Additional
Securities for less than fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as (x) the General Partner concludes in good faith that such issuance is in 
  

 10 

 the best interests of the General Partner and the Partnership, including without limitation, the issuance of REIT Shares
and corresponding Partnership Units pursuant to an employee share purchase plan providing for employee purchases of REIT Shares at a discount from fair market value or employee stock options that have an exercise price that is less than the fair
market value of the REIT Shares, either at the time of issuance or at the time of exercise, and (y) the General Partner contributes all proceeds from such issuance to the Partnership. For example, in the event the General Partner issues REIT
Shares for a cash purchase price and contributes all of the proceeds of such issuance to the Partnership as required hereunder, the General Partner shall be issued a number of additional Partnership Units equal to the product of (A) the number
of such REIT Shares issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the denominator of which is the Conversion Factor in effect on the date of such
contribution. 
 (b)      Certain Deemed Contributions of Proceeds of Issuance of REIT Shares. In
connection with any and all issuances of REIT Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the proceeds actually received and contributed by the General Partner are less
than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions to the
Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.5 hereof and in connection with the required issuance
of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.2(a) hereof. 
 4.3      Additional Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership funds (“Additional Funds”) for any
Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, or (ii) elect to have the General Partner or any of its Affiliates provide such Additional Funds to the Partnership
through loans or otherwise. 
 4.4      Capital Accounts. A separate capital account (a “Capital
Account”) shall be established and maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional Partnership Interest in exchange for more than a de
minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimis amount of Partnership property as consideration for a Partnership Interest, (iii) the Partnership is liquidated within the meaning of
Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) a Partnership Interest (other than a de minimis interest) is granted as consideration for the provisions of services to or for the benefit of the Partnership by an existing Partner acting in
a partner capacity, or by a new Partner acting in a partner capacity in anticipation of being a Partner, the General Partner shall revalue the property of the Partnership to its fair market value (as determined by the General Partner, in its sole
and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership’s property is revalued by the General Partner, the Capital Accounts of the
Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that
has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General Partner, in
its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. 
 4.5      Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General
Partner effective as of the effective date of each such increase or decrease to a percentage equal to the 
  

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 number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after
giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.5, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of
the year ending on the day when the Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or
(ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The
allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

 4.6      No Interest on Contributions. No Partner shall be entitled to interest on its Capital
Contribution. 
 4.7      Return of Capital Contributions. No Partner shall be entitled to withdraw any
part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any
Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence. 
 4.8      No Third Party Beneficiary. No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital
Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties
hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any
creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In
addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the
provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a
deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership and upon a liquidation within the meaning of Treas. Reg. Section 1.704-1(b)(2)(ii)(g), if any Partner has a
deficit Capital Account (after giving effect to all contributions, distributions, allocations and other Capital Account adjustments for all taxable years, including the year during which such liquidation occurs), such Partner shall have no
obligation to make any Capital Contribution to reduce or eliminate the negative balance of such Partner’s Capital Account. 
 ARTICLE
5 
 PROFITS AND LOSSES; DISTRIBUTIONS 
 5.1      Allocation of Profit and Loss. 
 (a)      General. Profit and Loss of the Partnership for each fiscal year or other applicable period of the Partnership shall be allocated among the Partners in accordance with their respective
Percentage Interests. 
  

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 (b)      Minimum Gain Chargeback. Notwithstanding any provision to
the contrary, (i) any expense of the Partnership that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’ respective Percentage Interests,
(ii) any expense of the Partnership that is a “partner nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the “economic risk of loss” with respect
to the “partner nonrecourse debt” within the meaning of Regulations Section 1.704-2(b)(4) to which such partner nonrecourse deduction is attributable in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a
net decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items
of gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse
Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-(2)(g), items of gain and income shall be allocated among
the Partners in accordance with Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership profits” for purposes of determining its share of the
nonrecourse liabilities of the Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 
 (c)      Qualified Income Offset. If a Partner unexpectedly receives in any taxable year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or
(6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt
Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner
sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d); provided, that an allocation pursuant to this Section 5.1(c) shall be made only if and to the
extent that such Partner would have a deficit Capital Account balance after all other allocations provided for in Article 5 have been tentatively made as if this Section 5.1(c) were not in this Agreement. This Section 5.1(c) is intended to
constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 
 (d)      Capital Account Deficits. Loss shall not be allocated to a Limited Partner to the extent that such allocation would cause or increase a deficit in such Partner’s
Capital Account at the end of any fiscal year (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) in excess of the sum of such Partner’s shares of Partnership Minimum Gain
and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i). 
 (e)      Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership Interest, the distributive shares of the various items of Profit and Loss allocable among
the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the Partnership’s fiscal year had ended on the date of the transfer, or (ii) based on the
number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor and the transferee were Partners. The General Partner, in its
sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the transferee Partner. 
  

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 (f)      Definition of Profit and Loss. “Profit” and
“Loss” and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that
Profit and Loss shall not include items of income, gain and expense that are specially allocated pursuant to Sections 5.1(b), 5.1(c) or 5.1(d). All allocations of income, Profit, gain, Loss and expense (and all items contained therein) for federal
income tax purposes shall be identical to all allocations of such items set forth in this Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The General Partner shall have
the authority to elect the method to be used by the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code including a method that may result in a Partner receiving a disproportionately larger
share of the Partnership tax depreciation deductions, and such election shall be binding on all Partners. 
 (g)      Curative Allocations. The allocations set forth in Section 5.1(c), (d) and (e) of this Agreement (the “Regulatory Allocations”) are intended to comply with certain
requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to
this Section 5.1(g). Therefore, notwithstanding any other provision of this Section 5.1 (other than the Regulatory Allocations), the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or
deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory
Allocations were not part of this Agreement and all Partnership items were allocated pursuant to Section 5.1(a) and (e). 
 5.2      Distribution of Cash. 
 (a)      The Partnership shall
distribute cash on a quarterly (or, at the election of the General Partner, more frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date
with respect to such quarter (or other distribution period) in accordance with their respective Percentage Interests on the Partnership Record Date; provided, however, that if a new or existing Partner acquires an additional Partnership Interest in
exchange for a Capital Contribution on any date other than the next day after a Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next following the issuance
of such additional Partnership Interest (or relating to the Partnership Record Date if such Partnership Interest was acquired on a Partnership Record Date) shall be reduced in the proportion to (i) the number of days that such additional
Partnership Interest is held by such Partner bears to (ii) the number of days between such Partnership Record Date (including such Partnership Record Date) and the immediately preceding Partnership Record Date. 
 (b)      Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that
it determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442,
1445 and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner or assignee (including by reason of
Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be treated as a distribution of cash in the
amount of such withholding to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership, the excess of the amount required to be withheld over the actual
amount to be distributed shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through withholding
by the Partnership with 
  

 14 

 respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner (a
“Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with respect to the Partnership Loan within 15 days after demand for payment thereof is made by the Partnership on the Limited Partner, the General Partner, in
its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have extended a loan (a “General
Partner Loan”) to the Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that amount. Without
limitation, the General Partner shall have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting Limited Partner until such time as the General Partner Loan has been paid in full, and any such
distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General Partner. 
 Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this Section 5.2(b) shall bear interest at the lesser of (i) the base rate on corporate loans at large United States money
center commercial banks, as published from time to time in The Wall Street Journal, or (ii) the maximum lawful rate of interest on such obligation, such interest to accrue from the date the Partnership or the General Partner, as applicable, is
deemed to extend the loan until such loan is repaid in full. 
 (c)      In no event may a Partner receive a
distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged. 
 5.3      REIT Distribution Requirements. The General Partner shall use its commercially reasonable efforts to cause
the Partnership to distribute amounts sufficient to enable the General Partner to pay stockholder dividends that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in
Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 
 5.4      No Right to Distributions In Kind. No Partner shall be entitled to demand property other than cash in connection with any distributions by the Partnership. 
 5.5      Limitations of Return of Capital Contributions. Notwithstanding any of the provisions of this Article 5, no
Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital
Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership’s assets. 
 5.6      Distributions Upon Liquidation. Upon liquidation of the Partnership, after payment of, or adequate
provision for, debts and obligations of the Partnership, including any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners with positive Capital Accounts in accordance with their respective positive Capital
Account balances. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after all adjustments have been made in accordance with Sections 4.4, 5.1 and 5.2 resulting from Partnership operations and from all
sales and dispositions of all or any part of the Partnership’s assets. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds are
available to pay any contingent debts or obligations. 
  

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 5.7      Substantial Economic Effect. It is the intent of the
Partners that the allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses attributable to nonrecourse debt)
within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent. 

ARTICLE 6 
 RIGHTS, OBLIGATIONS
AND 
 POWERS OF THE GENERAL PARTNER 
 6.1      Management of the Partnership. 
 (a)      Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business of the Partnership for the purposes
herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the General Partner shall include, without limitation, the
authority to take the following actions on behalf of the Partnership: 
 (i)      to acquire, purchase, own,
operate, lease and dispose of any real property and any other property or assets including, but not limited to notes and mortgages, that the General Partner determines are necessary or appropriate or in the best interests of the business of the
Partnership; 
 (ii)      to construct buildings and make other improvements on the Properties owned or leased
by the Partnership; 
 (iii)      to authorize, issue, sell, redeem or otherwise purchase any Partnership
Interests or any securities (including secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights
relating to any Partnership Interests) of the Partnership; 
 (iv)      to borrow or lend money for the
Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by
mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 
 (v)      to pay, either
directly or by reimbursement, for all Administrative Expenses to third parties or to the General Partner or its Affiliates as set forth in this Agreement; 
 (vi)      to guarantee or become a co-maker of indebtedness of the General Partner or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or
extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 
 (vii)      to use assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with
this Agreement, including, without limitation, payment, either directly or by reimbursement, of all Administrative Expenses of the General Partner, the Partnership or any Subsidiary of either, to third parties or to the General Partner as set forth
in this Agreement; 
 (viii)      to lease all or any portion of any of the Partnership’s assets, whether
or not the terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others,
for such consideration and on such terms as the General Partner may determine; 
  

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 (ix)      to prosecute, defend, arbitrate, or compromise any and all
claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or
the Partnership’s assets; 
 (x)      to file applications, communicate, and otherwise deal with any and
all governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 
 (xi)      to make or revoke any election permitted or required of the Partnership by any taxing authority; 
 (xii)      to maintain such insurance coverage for public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of
Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such types, as it shall determine from time to time; 
 (xiii)      to determine whether or not to apply any insurance proceeds for any Property to the restoration of such Property or to distribute the same; 
 (xiv)      to establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any
division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefor
such reasonable remuneration as the General Partner may deem reasonable and proper; 
 (xv)      to retain
other services of any kind or nature in connection with the Partnership business, and to pay therefor such remuneration as the General Partner may deem reasonable and proper; 
 (xvi)      to negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and
authority conferred upon the General Partner; 
 (xvii)      to maintain accurate accounting records and to
file promptly all federal, state and local income tax returns on behalf of the Partnership; 
 (xviii)      to
distribute Partnership cash or other Partnership assets in accordance with this Agreement; 
 (xix)      to
form or acquire an interest in, and contribute property to, any further limited or general partnerships, limited liability companies, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of
interests in, and the contributions of property to, its Subsidiaries and any other Person in which it has an equity interest from time to time); 
 (xx)      to establish Partnership reserves for working capital, capital expenditures, contingent liabilities, or any other valid Partnership purpose; 
  

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 (xxi)      to merge, consolidate or combine the Partnership with or into
another Person; 
 (xxii)      to do any and all acts and things necessary or prudent to ensure that the
Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; and 
 (xxiii)      to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all other acts that the General Partner deems necessary or appropriate
for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner
voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 
 (b)      Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations
hereunder except to the extent that Partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its
individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 
 6.2      Delegation of Authority. The General Partner may delegate any or all of its powers, rights and obligations hereunder, and may appoint, employ, contract or otherwise deal with any Person for the
transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve. 
 6.3      Indemnification and Exculpation of Indemnitees. 
 (a)      The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities,
joint or several, expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative,
that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise. 
 Notwithstanding the foregoing, the Partnership shall not provide for indemnification for an Indemnitee for any liability or loss suffered by any of them
in contravention of Delaware law and unless all of the following conditions are met: 
 (i)      The
Indemnitee determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Partnership. 
 (ii)      The Indemnitee was acting on behalf of or performing services for the Partnership. 
 (iii)      Such liability or loss was not the result of: 
 (A)      negligence or misconduct by the Indemnitee (excluding the Independent Directors); or 
  

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 (B)      gross negligence or willful misconduct by the Independent
Directors. 
 Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership. 
 (b)      Notwithstanding the foregoing, the Partnership shall not indemnify an Indemnitee or any Person acting as a
broker-dealer for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication
on the merits of each count involving alleged material securities law violations as to the particular Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular
Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the
request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for
violations of securities laws. 
 (c)      The Partnership shall pay or reimburse reasonable legal expenses and
other costs incurred by the Indemnitee in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Act) all of the following are satisfied: (a) the proceeding relates to acts or omissions with
respect to the performance of duties or services on behalf of the Partnership, (b) the legal proceeding was initiated by a third party who is not a Limited Partner or, if by a Limited Partner acting in his or her capacity as such, a court of
competent jurisdiction approves such advancement, and (c) the Indemnitee undertakes to repay the amount paid or reimbursed by the Partnership, together with the applicable legal rate of interest thereon, if it is ultimately determined that the
Indemnitee is not entitled to indemnification. 
 (d)      The indemnification provided by this
Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee
who has ceased to serve in such capacity. 
 (e)      The Partnership may purchase and maintain insurance, on
behalf of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities,
regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 
 (f)      For purposes of this Section 6.3, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to
the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall
constitute fines within the meaning of this Section 6.3; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of
the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership. 
 (g)      In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth in this Agreement. 
  

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 (h)      An Indemnitee shall not be denied indemnification in whole or in
part under this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 
 (i)      The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns
and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
 (j)      Neither the amendment nor repeal of this Section 6.3, nor the adoption or amendment of any other provision of the Agreement inconsistent with Section 6.3, shall apply to or affect in any
respect the applicability with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. 
 6.4      Liability of the General Partner. 
 (a)      Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the Partnership or any Partners for losses sustained or liabilities
incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach of any duty that the General Partner may owe to the Limited Partners or the Partnership or
any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement. 
 (b)      The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself
and its stockholders collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some,
but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the Limited Partners on the other, the
General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in the
Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the stockholders. The
General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith.

 (c)      Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the
General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or
negligence on the part of any such agent appointed by it in good faith. 
 (d)      Notwithstanding any other
provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action
or omission is necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or
any other provision of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
  

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 (e)      Any amendment, modification or repeal of this Section 6.4 or
any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such
amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 
 6.5      Reimbursement of General Partner. 
 (a)      Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles
5 and 6 regarding distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 
 (b)      The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may
determine in its sole and absolute discretion, for all Administrative Expenses. 
 6.6      Outside
Activities. Subject to the Articles of Incorporation and any agreements entered into by the General Partner or its Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of the
General Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the
Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement in any such business ventures, interest or activities. None of the Limited Partners nor any other Person shall have any rights by
virtue of this Agreement or the partnership relationship established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such
business ventures, interests and activities to the Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 
 6.7      Employment or Retention of Affiliates. 
 (a)      Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with
the Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner
determines to be fair and reasonable. 
 (b)      The Partnership may lend or contribute to its Subsidiaries or
other Persons in which it has an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any
right or benefit in favor of any Subsidiary or any other Person. 
 (c)      The Partnership may transfer
assets to joint ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement and
applicable law. 
 (d)      Except as expressly permitted by this Agreement, neither the General Partner nor
any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are on terms that are fair and reasonable to the Partnership.

  

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 6.8      General Partner Participation. The General Partner agrees
that all business activities of the General Partner, including activities pertaining to the acquisition, development or ownership of Properties, shall be conducted through the Partnership or one or more Subsidiary Partnerships; provided, however,
that the General Partner is allowed to make a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of Additional Securities, which direct acquisition and issuance have been approved and determined to be in
the best interests of the General Partner and the Partnership by a majority of the Independent Directors. 
 6.9      Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no
Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more
nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee
or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause
beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which
legal title to such Partnership assets is held. 
 6.10      Miscellaneous. In the event the General
Partner redeems any REIT Shares (other than REIT Shares redeemed in accordance with the share redemption program of the General Partner through proceeds received from the General Partner’s distribution reinvestment plan), then the General
Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units as determined based on the application of the Conversion Factor on the same terms that the General Partner exchanged such REIT Shares. Moreover,
if the General Partner makes a cash tender offer or other offer to acquire REIT Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the General Partner to acquire a equal number of Partnership Units held by
the General Partner. In the event any REIT Shares are exchanged by the General Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General Partner’s Partnership Units for an equivalent purchase price based
on the application of the Conversion Factor. 
 ARTICLE 7 
 CHANGES IN GENERAL PARTNER 
 7.1      Transfer of the General
Partner’s Partnership Interest. 
 (a)      The General Partner shall not transfer all or any portion
of its General Partnership Interest or withdraw as General Partner except as provided in or in connection with a transaction contemplated by Section 7.1(b), (c) or (d). 
 (b)      Except as otherwise provided in Section 7.1(c) or (d) hereof, the General Partner shall not engage in
any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in connection with a change in the General Partner’s state of incorporation or organizational form) in
each case which results in a change of control of the General Partner (a “Transaction”), unless: 
 (i)      the approval of the holders of a majority of the Partnership Units (including the Partnership Units held by the General Partner or an Affiliate thereof) is obtained; 
  

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 (ii)      as a result of such Transaction all Limited Partners will
receive for each Partnership Unit an amount of cash, securities, or other property equal to the product of the Conversion Factor and the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share in
consideration of one REIT Share, provided that if, in connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each
holder of Partnership Units shall be given the option to exchange its Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner would have received had it (A) exercised its Exchange Right and
(B) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Exchange Right immediately prior to the expiration of the Offer; or 
 (iii)      the General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares
do not receive cash, securities, or other property in the Transaction or (B) all Limited Partners (other than the General Partner or any Subsidiary) receive an amount of cash, securities, or other property (expressed as an amount per REIT
Share) that is no less than the product of the Conversion Factor and the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares. 
 (c)      Notwithstanding Section 7.1(b), the General Partner may merge with or into or consolidate with another entity
if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Surviving General Partner”), other than Partnership Units held by the General Partner, are contributed,
directly or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Surviving General Partner in good faith and
(ii) the Surviving General Partner expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Surviving General Partner shall have the right and duty to amend this
Agreement as set forth in this Section 7.1(c). The Surviving General Partner shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT Shares Amount and Conversion Factor for a Partnership Unit after any such
merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that
was receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants or other rights relating thereto, and to which a holder of Partnership Units could have acquired had such Partnership Units been exchanged immediately
prior to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to the
Conversion Factor. The Surviving General Partner also shall in good faith modify the definition of REIT Shares and make such amendments to Sections 8.5 and 8.7 hereof so as to approximate the existing rights and obligations set forth in Sections 8.5
and 8.7 as closely as reasonably possible. The above provisions of this Section 7.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder. 
 In respect of any transaction described in the preceding paragraph, the General Partner is required to use its commercially reasonable efforts to
structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or their participation in such transaction, provided such efforts are consistent with the exercise of
the Board of Directors’ fiduciary duties to the stockholders of the General Partner under applicable law. 
  

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 (d)      Notwithstanding Section 7.1(b), 
 (i)      a General Partner may transfer all or any portion of its General Partnership Interest to (A) a wholly-owned
Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner; and 
 (ii)      the General Partner may engage in Transactions not required by law or by the rules of any National Securities
Exchange on which the REIT Shares are listed to be submitted to the vote of the holders of the REIT Shares. 
 7.2      Admission of a Substitute or Additional General Partner. A Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions
are satisfied: 
 (a)      the Person to be admitted as a substitute or additional General Partner shall have
accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a
General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 hereof in connection with such admission shall have been
performed; 
 (b)      if the Person to be admitted as a substitute or additional General Partner is a
corporation or a partnership it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement;
and 
 (c)      counsel for the Partnership shall have rendered an opinion (relying on such opinions from other
counsel and the state or any other jurisdiction as may be necessary) that the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none of the actions taken in connection with the
admission of such Person as a substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal income tax purposes, or (ii) the loss of any Limited Partner’s limited
liability. 
 7.3      Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner.

 (a)      Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to
Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or
removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated
unless the Partnership is continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be
deemed to be the withdrawal, dissolution or removal of the General Partner. 
 (b)      Following the
occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such
occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is

  

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 continued by the remaining partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to
continue the business of the Partnership for the balance of the term specified in Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement, a substitute General Partner by consent of a
majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a
Partner in the Partnership shall be governed by this Agreement. 
 7.4      Removal of a General
Partner. 
 (a)      Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General
Partner, such General Partner shall be deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a
partner in such partnership shall be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or
without cause. 
 (b)      If a General Partner has been removed pursuant to this Section 7.4 and the
Partnership is continued pursuant to Section 7.3 hereof, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the
Limited Partners in accordance with Section 7.3(b) hereof and otherwise admitted to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the
substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an
appraiser mutually agreed upon by the General Partner and a majority in interest of the Limited Partners within 10 days following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed
General Partner and a majority in interest of the Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within 30
days of the General Partner’s removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower
appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the
removed General Partner’s General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership Interest shall be the average
of the two appraisals closest in value. 
 (c)      The General Partnership Interest of a removed General
Partner, during the time after default until transfer under Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and
affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General
Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b).

 (d)      All Partners shall have given and hereby do give such consents, shall take such actions and shall
execute such documents as shall be legally necessary and sufficient to effect all the foregoing provisions of this Section. 
  

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 ARTICLE 8 
 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 
 8.1      Management
of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such
powers being vested solely and exclusively in the General Partner. 
 8.2      Power of Attorney. Each
Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file
or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with
their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. 

8.3      Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts,
liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no
Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 
 8.4      Exchange Right. 
 (a)      Subject to Sections 8.4(b), 8.4(c), 8.4(d), 8.4(e) and 8.4(f) and the provisions of any agreements between the Partnership and one or more Limited Partners with respect to
Partnership Units held by them, each Limited Partner shall have the right (the “Exchange Right”) to require the Partnership to redeem on a Specified Exchange Date all or a portion of the Partnership Units held by such Limited Partner at an
exchange price equal to and in the form of the Cash Amount to be paid by the Partnership, provided that such Partnership Units shall have been outstanding for at least one year. The Exchange Right shall be exercised pursuant to a Notice of Exchange
delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Exchange Right (the “Exchanging Partner”); provided, however, that the Partnership shall not be obligated to satisfy such
Exchange Right if the General Partner elects to purchase the Partnership Units subject to the Notice of Exchange pursuant to Section 8.4(b); and provided, further, that no Limited Partner may deliver more than two Notices of Exchange during
each calendar year. A Limited Partner may not exercise the Exchange Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner. The Exchanging
Partner shall have no right, with respect to any Partnership Units so exchanged, to receive any distribution paid with respect to Partnership Units if the record date for such distribution is on or after the Specified Exchange Date. 
 (b)      Notwithstanding the provisions of Section 8.4(a), a Limited Partner that exercises the Exchange Right shall
be deemed to have offered to sell the Partnership Units described in the Notice of Exchange to the General Partner, and the General Partner may, in its sole and absolute discretion, elect to purchase directly and acquire such Partnership Units by
paying to the Exchanging Partner either the Cash Amount or the REIT Shares Amount, as elected by the General Partner (in its sole and absolute discretion), on the Specified Exchange Date, whereupon the General Partner shall acquire the Partnership
Units offered for exchange by the Exchanging Partner and shall be treated for all purposes of this Agreement as the owner of such Partnership Units. If the General Partner shall elect to exercise its right 
  

 26 

 to purchase Partnership Units under this Section 8.4(b) with respect to a Notice of Exchange, it shall so notify the
Exchanging Partner within five Business Days after the receipt by the General Partner of such Notice of Exchange. Unless the General Partner (in its sole and absolute discretion) shall exercise its right to purchase Partnership Units from the
Exchanging Partner pursuant to this Section 8.4(b), the General Partner shall have no obligation to the Exchanging Partner or the Partnership with respect to the Exchanging Partner’s exercise of the Exchange Right. In the event the General
Partner shall exercise its right to purchase Partnership Units with respect to the exercise of a Exchange Right in the manner described in the first sentence of this Section 8.4(b), the Partnership shall have no obligation to pay any amount to
the Exchanging Partner with respect to such Exchanging Partner’s exercise of such Exchange Right, and each of the Exchanging Partner, the Partnership, and the General Partner, as the case may be, shall treat the transaction between the General
Partner, as the case may be, and the Exchanging Partner for federal income tax purposes as a sale of the Exchanging Partner’s Partnership Units to the General Partner, as the case may be. Each Exchanging Partner agrees to execute such documents
as the General Partner may reasonably require in connection with the issuance of REIT Shares upon exercise of the Exchange Right. 
 (c)      Notwithstanding the provisions of Section 8.4(a) and 8.4(b), a Limited Partner shall not be entitled to exercise the Exchange Right if the delivery of REIT Shares to such Partner on the Specified
Exchange Date by the General Partner pursuant to Section 8.4(b) (regardless of whether or not the General Partner would in fact exercise its rights under Section 8.4(b)) would (i) result in such Partner or any other person owning,
directly or indirectly, REIT Shares in excess of the Ownership Limit (as defined in the Articles of Incorporation and calculated in accordance therewith), except as provided in the Articles of Incorporation, (ii) result in REIT Shares being
owned by fewer than 100 persons (determined without reference to any rules of attribution), except as provided in the Articles of Incorporation, (iii) result in the General Partner being “closely held” within the meaning of
Section 856(h) of the Code, or (iv) cause the General Partner to own, directly or constructively, 9.9% or more of the ownership interests in a tenant within the meaning of Section 856(d)(2)(B) of the Code. The General Partner, in its
sole and absolute discretion, may waive the restriction on exchange set forth in this Section 8.4(c). 
 (d)      Any Cash Amount to be paid to an Exchanging Partner pursuant to this Section 8.4 shall be paid on the Specified Exchange Date; provided, however, that the General Partner may elect to cause the
Specified Exchange Date to be delayed for up to an additional 180 days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount.
Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of exchanged Partnership Units hereunder to occur as quickly as reasonably possible. 
 (e)      Notwithstanding any other provision of this Agreement, the General Partner shall place appropriate restrictions on
the ability of the Limited Partners to exercise their Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded partnership” under section 7704 of the Code. If and when the General
Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a “Restriction Notice”) to each of the Limited Partners, which notice shall be accompanied by a copy of an
opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid the Partnership being treated as a “publicly traded partnership” under section 7704 of the Code.

 (f)      Notwithstanding anything else in this Agreement to the contrary, The GC Net Lease REIT Advisor, LLC
is prohibited from exchanging or otherwise transferring the Partnership Units purchased by it on December 26, 2008 for $200,000 cash, so long as it acting as the Advisor pursuant to the Advisory Agreement. 
  

 27 

 (g)      Each Limited Partner covenants and agrees with the General Partner
that all Partnership Units delivered for exchange shall be delivered to the Partnership or the General Partner, as the case may be, free and clear of all liens; and, notwithstanding anything contained herein to the contrary, neither the General
Partner nor the Partnership shall be under any obligation to acquire Partnership Units which are or may be subject to any liens. Each Limited Partner further agrees that, if any state or local property transfer tax is payable as a result of the
transfer of its Partnership Units to the Partnership or the General Partner, such Limited Partner shall assume and pay such transfer tax. 
 ARTICLE 9 
 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 
 9.1      Purchase for Investment. 
 (a)      Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of its Partnership Interests is made as a principal for its
account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 
 (b)      Each Limited Partner agrees that it will not sell, assign or otherwise transfer its Partnership Interest or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or
otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer such Partnership Interest or fraction thereof to any
Person who does not similarly represent, warrant and agree. 
 9.2      Restrictions on Transfer of Limited
Partnership Interests. 
 (a)      Subject to the provisions of 9.2(b), (c) and (d), no Limited
Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of its Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law
or at judicial sale or otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such
consent shall be considered to be null and void ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in
connection therewith. 
 (b)      No Limited Partner may withdraw from the Partnership other than as a result
of a permitted Transfer (i.e., a Transfer consented to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Units pursuant to this Article 9 or pursuant to an
exchange of all of its Partnership Units pursuant to Section 8.4. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 
 (c)      Subject to 9.2(d), (e) and (f) below, a Limited Partner may Transfer, with the consent of the General
Partner, all or a portion of its Partnership Units to (i) a parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner for the
benefit of such Limited Partner and/or any such Person(s), of which trust such Limited Partner or any such Person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited
Partner is an entity, its beneficial owners. 
 (d)      No Limited Partner may effect a Transfer of its
Limited Partnership Interest, in whole or in part, if, in the opinion of legal counsel for the Partnership, such proposed Transfer would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability
standards). 
  

 28 

 (e)      No Transfer by a Limited Partner of its Partnership Units, in
whole or in part, may be made to any Person if (i) in the opinion of legal counsel for the Partnership, the transfer would result in the Partnership’s being treated as an association taxable as a corporation (other than a qualified REIT
subsidiary within the meaning of Section 856(i) of the Code), (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General
Partner to any additional taxes under Section 857 or Section 4981 of the Code, or (iii) such transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent
thereof)” within the meaning of Section 7704 of the Code. 
 (f)      No transfer of any Partnership
Units may be made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of
Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender will be required to enter into an arrangement
with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership
for purposes of allocating liabilities to such lender under Section 752 of the Code. 
 (g)      Any
Transfer in contravention of any of the provisions of this Article 9 shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership. 
 (h)      Prior to the consummation of any Transfer under this Article 9, the transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other
documents as the General Partner shall request in connection with such Transfer. 
 9.3      Admission of
Substitute Limited Partner. 
 (a)      Subject to the other provisions of this Article 9, an assignee of
the Limited Partnership Interest of a Limited Partner (which shall be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner
of the Partnership only with the consent of the General Partner and upon the satisfactory completion of the following: 
 (i)      The assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement by executing a counterpart or an amendment thereof, including a revised Exhibit A, and such
other documents or instruments as the General Partner may require in order to effect the admission of such Person as a Limited Partner. 
 (ii)      To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act.

 (iii)      The assignee shall have delivered a letter containing the representation set forth in
Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 
  

 29 

 (iv)      If the assignee is a corporation, partnership or trust, the
assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and provisions of this Agreement. 
 (v)      The assignee shall have executed a power of attorney containing the terms and provisions set forth in
Section 8.2 hereof. 
 (vi)      The assignee shall have paid all legal fees and other expenses of the
Partnership and the General Partner and filing and publication costs in connection with its substitution as a Limited Partner. 
 (vii)      The assignee has obtained the prior written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General
Partner’s sole and absolute discretion. 
 (b)      For the purpose of allocating Profits and Losses and
distributing cash received by the Partnership, a Substitute Limited Partner shall be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii)
hereof or, if no such filing is required, the later of the date specified in the transfer documents or the date on which the General Partner has received all necessary instruments of transfer and substitution. 
 (c)      The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing
the documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such
Person as a Limited Partner of the Partnership. 
 9.4      Rights of Assignees of Partnership
Interests. 
 (a)      Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by
operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 
 (b)      Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but
does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner
desiring to make an assignment of its Limited Partnership Interest. 
 9.5      Effect of Bankruptcy, Death,
Incompetence or Termination of a Limited Partner. The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not
be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or
receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or
managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of
the assignee as a Substitute Limited Partner. 
  

 30 

 9.6      Joint Ownership of Interests. A Partnership Interest may be
acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly
held Partnership Interest shall be required to constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence
satisfactory to the counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a
joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held
Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall
thereafter be owned separately by each of the former owners. 
 9.7      Redemption of Partnership
Units. The General Partner will cause the Partnership to redeem Partnership Units, to the extent it shall have legally available funds therefor, at any time the General Partner redeems shares of beneficial interest in itself. The number and
class or series of Partnership Units redeemed and the redemption price shall equal the number (multiplied by the Conversion Factor) of shares of beneficial interest the General Partner redeems and the redemption price at which the General Partner
redeems such shares, respectively. 
 ARTICLE 10 
 ADMISSION OF ADDITIONAL LIMITED PARTNERS 
 10.1      Admission of
Additional Limited Partners. No Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent shall be given or withheld in the General Partner’s sole and absolute discretion. A Person
who makes a Capital Contribution to the Partnership in accordance with this Agreement or who exercises an option to receive Partnership Units shall be admitted to the Partnership as an Additional Limited Partner only with the consent of the General
Partner and only upon furnishing to the General Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in
Section 8.2 and (ii) such other documents or instruments as may be required in the discretion of the General Partner to effect such Person’s admission as an Additional Limited Partner. The admission of any Person as an Additional
Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the consent of the General Partner to such admission. 
 10.2      Allocations to Additional Limited Partners. If any Additional Limited Partner is admitted to the
Partnership on any day other than the first day of a Fiscal Year, then Net Income, Net Losses, each item thereof and all other items allocable among Partners and assignees for such Fiscal Year shall be allocated among such Additional Limited Partner
and all other Partners and assignees by taking into account their varying interests during the Fiscal Year in accordance with Section 706(d) of the Code, using the interim closing of the books method (unless the General Partner, in its sole and
absolute discretion, elects to adopt a daily, weekly or monthly proration method, in which event Net Income, Net Losses, and each item thereof would be prorated based upon the applicable period selected by the General Partner). Solely for purposes
of making such allocations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all the Partners and assignees including such Additional Limited Partner. All distributions
of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners 
  

 31 

 and assignees other than the Additional Limited Partner, and all Distributions of Cash thereafter shall be made to all
the Partners and assignees including such Additional Limited Partner. 
 10.3      Amendment of Agreement
and Certificate of Limited Partnership. For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare
as soon as practical an amendment of this Agreement (including an amendment to the Partner Registry) and, if required by law, shall prepare and file an amendment to the Certificate of Limited Partnership and may for this purpose exercise the power
of attorney granted pursuant to Section 8.2 hereof. 
 ARTICLE 11 
 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 
 11.1      Books and Records. At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership’s specified office true and complete books of
account in accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy of the Certificate of Limited Partnership and all certificates
of amendment thereto, (c) copies of the Partnership’s federal, state and local income tax returns and reports, (d) copies of this Agreement and amendments thereto and any financial statements of the Partnership for the three most
recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during
ordinary business hours. 
 11.2      Custody of Partnership Funds; Bank Accounts. 
 (a)      All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such
banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 
 (b)      All deposits and other funds not needed in the operation of the business of the Partnership may be invested by the
General Partner in investment grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and municipal notes and bonds. The funds of the
Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment in those investment companies permitted by this Section 11.2(b). 
 11.3      Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year.

 11.4      Annual Tax Information and Report. Within 75 days after the end of each fiscal year of the
Partnership, the General Partner shall furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited Partner’s individual tax returns as shall be reasonably required by law.

 11.5      Tax Matters Partner; Tax Elections; Special Basis Adjustments. 
 (a)      The General Partner shall be the Tax Matters Partner of the Partnership within the meaning of
Section 6231(a)(7) of the Code. As Tax Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General Partner shall have
the right to retain professional assistance in respect of 
  

 32 

 any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on
behalf of the Partnership as Tax Matters Partner shall constitute Partnership expenses. In the event the General Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either
(i) file a court petition for judicial review of such final adjustment within the period provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or
(ii) mail a written notice to all Limited Partners, within such period, that describes the General Partner’s reasons for determining not to file such a petition. 
 (b)      All elections required or permitted to be made by the Partnership under the Code or any applicable state or local
tax law shall be made by the General Partner in its sole and absolute discretion. 
 (c)      In the event of a
transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership’s assets. Notwithstanding
anything contained in Article 5 of this Agreement, any adjustments made pursuant to Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in establishing,
maintaining or computing Capital Accounts for the other Partners for any purpose under this Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election. 
 (d)      The Partnership shall elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over
a sixty (60) month period as provided in Section 709 of the Code. 
 11.6      Reports Made
Available to Limited Partners. 
 (a)      As soon as practicable after the close of each fiscal quarter
(other than the last quarter of the fiscal year), upon written request by a Limited Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner a quarterly report containing financial statements of
the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal quarter, presented in accordance with generally accepted accounting principles. As soon as
practicable after the close of each fiscal year, upon written request by a Limited Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner an annual report containing financial statements of the
Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. 
 (b)      Any Partner shall further have the right to a private audit of the books and records of the Partnership at the
expense of such Partner, provided such audit is made for Partnership purposes and is made during normal business hours. 
 ARTICLE 12 

 AMENDMENT OF AGREEMENT; MERGER 
 The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with
or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to Section 7.1(b), (c) or (d) hereof; provided, however, that the following amendments and any other merger or
consolidation of the Partnership shall require the consent of the holders of a majority of the Partnership Units (excluding the Partnership Units held by the General Partner or an Affiliate thereof): 
 (a)      any amendment affecting the operation of the Conversion Factor or the Exchange Right (except as provided in
Section 8.4(d) or 7.1(c) hereof) in a manner adverse to the Limited Partners; 
  

 33 

 (b)      any amendment that would adversely affect the rights of the
Limited Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.2 hereof; 
 (c)      any amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners,
other than with respect to the issuance of additional Partnership Units pursuant to Section 4.2 hereof; or 
 (d)      any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership. 
 ARTICLE 13 
 GENERAL PROVISIONS 
 13.1      Notices. All communications required or permitted under this Agreement shall be in writing and shall be
deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth in Exhibit A attached hereto; provided, however,
that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office. 
 13.2      Survival of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding
upon and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns. 
 13.3      Additional Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable, necessary, appropriate or
desirable to carry out the provisions of this Agreement or the Act. 
 13.4      Severability. If any
provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality,
invalidity or unenforceability shall not affect the remainder hereof. 
 13.5      Entire Agreement.
This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter
hereof. 
 13.6      Pronouns and Plurals. When the context in which words are used in the Agreement
indicates that such is the intent, words in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require. 
 13.7      Headings. The Article headings or sections in this Agreement are for convenience only and shall not be
used in construing the scope of this Agreement or any particular Article. 
 13.8      Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall
not have signed the same counterpart. 
  

 34 

 13.9      Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware; provided, however, that causes of action for violations of federal or state securities laws shall not be governed by this Section 13.9. 
  

 35 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to
this First Amended and Restated Limited Partnership Agreement, all as of the 18th
day of June, 2009. 
  

			
	GENERAL PARTNER:
	
	THE GC NET LEASE REIT, INC.
		
	By:	 	/s/ Kevin A. Shields
		 	Kevin A. Shields, President

			
	  
 LIMITED PARTNERS:
  
 THE GC NET LEASE REIT ADVISOR, LLC

		
	 By:
	 	/s/ Kevin A. Shields
		 	Kevin A. Shields, President
	
	PLAINFIELD ACQUISITIONS, LLC
		
	By:	 	/s/ Kevin A. Shields
		 	Kevin A. Shields, Managing Member
	
	/s/ Kevin A. Shields
	Kevin A. Shields
	
	/s/ Don G. Pescara
	Don G. Pescara
	
	/s/ David C. Rupert
	 David C. Rupert

  

 36 

 EXHIBIT A 
 GENERAL PARTNER AND ORIGINAL LIMITED PARTNER, CAPITAL CONTRIBUTIONS AND PERCENTAGE INTERESTS AS OF JUNE 18, 2009 
  

												
	Name	  	 Cash/Property
 Contribution
	  	 Agreed Value of
 Capital
 Contribution
	  	 Partnership
 Units
	  	Percentage Interest	 
	 GENERAL PARTNER:
  
 The GC Net Lease REIT, Inc.
 2121 Rosecrans Avenue
 Suite 3321
 El Segundo, CA 90245
	  	$	1,695,000	  	$	1,695,000	  	169,500	  	7.67	% 
					
	 ORIGINAL LIMITED
 PARTNER:
 The GC Net Lease REIT Advisor, LLC
 2121 Rosecrans Avenue
 Suite 3321
 El Segundo, CA 90245
	  	$	200,000	  	$	200,000	  	20,000	  	0.90	% 
					
	 ADDITIONAL LIMITED
 PARTNERS:
 Kevin A. Shields
 2121 Rosecrans Avenue
 Suite 3321
 El Segundo, CA 90245
	  	$	17,210,000	  	$	17,210,000	  	1,721,000	  	77.89	% 
					
	 Plainfield Acquisitions, LLC
 2121 Rosecrans Avenue
 Suite 3321
 El Segundo, CA 90245
	  	$	115,000	  	$	115,000	  	11,500	  	0.52	% 
					
	 Don G. Pescara
 2121 Rosecrans Avenue
 Suite 3321
 El Segundo, CA 90245
	  	$	2,012,500	  	$	2,012,500	  	201,250	  	9.11	% 
					
	 David C. Rupert
 173 Hamilton Avenue
 Greenwich, CT 06830
	  	$	862,500	  	$	862,500	  	86,250	  	3.91	% 
		  	 	 	  	 	 	  	 	  		
	 Totals
	  	$	    22,095,000	  	$	22,095,000	  	2,209,500	  	100.00	% 
		  	 	 	  	 	 	  	 	  		

  

 37 

 EXHIBIT B 
 NOTICE OF EXERCISE OF EXCHANGE RIGHT 
 In accordance with Section 8.4 of the First Amended and
Restated Limited Partnership Agreement (the “Agreement”) of The GC Net Lease REIT Operating Partnership, L.P., the undersigned hereby irrevocably (i) presents for exchange
                     Partnership Units in The GC Net Lease REIT Operating Partnership,\, L.P. in accordance with the terms of the Agreement
and the Exchange Right referred to in Section 8.4 thereof, (ii) surrenders such Partnership Units and all right, title and interest therein, and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as
determined by the General Partner deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the
name(s) and at the address(es) specified below. 
  

	
	 Dated:                ,     

	
	  
 (Name of Limited Partner)

	
	  
 (Signature of Limited Partner)

	
	  
 (Mailing Address)

	
	  
 (City) (State) (Zip Code)

	
	 Signature Guaranteed by:
  

	
	 If REIT Shares are to be issued, issue to:

	
	 Name:
  

	
	 Social Security or Tax I.D. Number:
  

  

 38

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]