Document:

Exhibit 10.1

 

Execution Version

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCING AGREEMENT

 

Dated as of December 22, 2020

 

by and among

 

WHEELER REAL ESTATE INVESTMENT TRUST,
INC.

as Borrower,

 

EACH SUBSIDIARY OF THE BORROWER

LISTED AS A GUARANTOR ON THE SIGNATURE PAGES HERETO,

as Guarantors,

 

THE LENDERS FROM TIME TO TIME PARTY HERETO,

as Lenders,

 

Powerscourt
Investments XXII, LP,

as Administrative Agent and Collateral Agent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      

     

    

 

Table of Contents

 

	 	Page
	Article I DEFINITIONS; CERTAIN TERMS	1
	 	Section 1.01	Definitions	1
	 	Section 1.02	Terms Generally	41
	 	Section 1.03	Certain Matters of Construction	41
	 	Section 1.04	Accounting and Other Terms	42
	 	Section 1.05	Time References	43
	 	Section 1.06	Divisions	43
	 	 	 	 
	Article II THE LOANS	44
	 	Section 2.01	Commitments	43
	 	Section 2.02	Making the Loan	43
	 	Section 2.03	Repayment of Loans; Evidence of Debt	44
	 	Section 2.04	Interest	44
	 	Section 2.05	Prepayment of Loans	45
	 	Section 2.06	Fees	47
	 	Section 2.07	Taxes	47
	 	Section 2.08	Increased Costs and Reduced Return	51
	 	 	 	 
	Article III [INTENTIONALLY OMITTED]	52
	 	 
	Article IV APPLICATION OF PAYMENTS; DEFAULTING LENDERS	52
	 	Section 4.01	Payments; Computations and Statements	52
	 	Section 4.02	Sharing of Payments	53
	 	Section 4.03	Apportionment of Payments	53
	 	Section 4.04	Defaulting Lenders	54
	 	 	 	 
	Article V CONDITIONS TO LOANS	55
	 	Section 5.01	Conditions Precedent to Effectiveness	55
	 	Section 5.02	Conditions Subsequent to Effectiveness	58
	 	 	 	 
	Article VI REPRESENTATIONS AND WARRANTIES	59
	 	Section 6.01	Representations and Warranties	59
	 	 	 	 
	Article VII COVENANTS OF THE LOAN PARTIES AND OTHER COLLATERAL MATTERS	69
	 	Section 7.01	Affirmative Covenants	69
	 	Section 7.02	Negative Covenants	82
	 	Section 7.03	Financial Covenants	88
	 	 	 	 
	Article VIII EVENTS OF DEFAULT	89
	 	Section 8.01	Events of Default	89
	 	 	 	 
	Article IX AGENTS	93
	 	Section 9.01	Appointment	93
	 	Section 9.02	Nature of Duties; Delegation	94
	 	Section 9.03	Rights, Exculpation, Etc.	94

 

    i

     

    

 

	 	Section 9.04	Reliance	95
	 	Section 9.05	Indemnification	95
	 	Section 9.06	Agents Individually	95
	 	Section 9.07	Successor Agent	95
	 	Section 9.08	Collateral Matters	96
	 	Section 9.09	Agency for Perfection	97
	 	Section 9.10	No Reliance on any Agent’s Customer Identification Program	97
	 	Section 9.11	No Third Party Beneficiaries	98
	 	Section 9.12	No Fiduciary Relationship	98
	 	Section 9.13	Reports; Confidentiality; Disclaimers	98
	 	Section 9.14	Collateral Custodian	99
	 	Section 9.15	Agents May File Proofs of Claim	99
	 	 	 	 
	Article X GUARANTY	99
	 	Section 10.01	Guaranty	99
	 	Section 10.02	Guaranty Absolute	100
	 	Section 10.03	Waiver	101
	 	Section 10.04	Continuing Guaranty; Assignments	101
	 	Section 10.05	Subrogation	101
	 	Section 10.06	Contribution	102
	 	 	 	 
	Article XI MISCELLANEOUS	103
	 	Section 11.01	Notices, Etc.	103
	 	Section 11.02	Amendments, Etc.	105
	 	Section 11.03	No Waiver; Remedies, Etc.	107
	 	Section 11.04	Expenses; Attorneys’ Fees	107
	 	Section 11.05	Right of Set-off	108
	 	Section 11.06	Severability	108
	 	Section 11.07	Assignments and Participations.	108
	 	Section 11.08	Counterparts	112
	 	Section 11.09	GOVERNING LAW	112
	 	Section 11.10	CONSENT TO JURISDICTION; SERVICE OF PROCESS AND VENUE	112
	 	Section 11.11	WAIVER OF JURY TRIAL, ETC.	113
	 	Section 11.12	Consent by the Agents and Lenders	114
	 	Section 11.13	No Party Deemed Drafter	114
	 	Section 11.14	Reinstatement; Certain Payments	114
	 	Section 11.15	Indemnification; Limitation of Liability for Certain Damages	114
	 	Section 11.16	Records	115
	 	Section 11.17	Binding Effect	115
	 	Section 11.18	Highest Lawful Rate	116
	 	Section 11.19	Confidentiality	117
	 	Section 11.20	Public Disclosure	118
	 	Section 11.21	Integration	118
	 	Section 11.22	USA PATRIOT Act	118

 

    ii

     

    

 

SCHEDULE AND EXHIBITS

 

	Schedule A	Excluded Tenant Improvements
	Schedule B	Adverse Change
	Schedule C	Harbor Point TIF
	Schedule 1.01(A)	Lenders and Lenders’ Commitments
	Schedule 6.01(e)	Capitalization; Subsidiaries
	Schedule 6.01(f)	Litigation
	Schedule 6.01(i)	ERISA
	Schedule 6.01(l)	Nature of Business
	Schedule 6.01(q)	Environmental Matters
	Schedule 6.01(r)	Insurance
	Schedule 6.01(v)	Material Contracts
	Schedule 6.01(dd)	Leases
	Schedule 6.01(ee)	Property
	Schedule 6.01(hh)	Unencumbered Real Estate
	Schedule 6.01(ii)	Legal Description of Ground Leased Property
	Schedule 7.01(n)	Management
	Schedule 7.02(a)	Existing Liens
	Schedule 7.02(b)	Existing Indebtedness
	Schedule 7.02(e)	Existing Investments
	Schedule 7.02(f)	Sale and Leaseback Transactions
	Schedule 7.02(j)	Limitations on Dividends and Other Payment Restrictions Affecting Subsidiaries

 

 

	Exhibit A	Form of Joinder Agreement
	Exhibit B	Form of Assignment and Acceptance
	Exhibit C	Form of Notice of Borrowing
	Exhibit D	Form of Compliance Certificate
	Exhibit E	Form of Note

 

	Exhibit 2.07(d)-1	U.S Tax Compliance Certificate (Foreign Lenders - Not Partnerships)
	Exhibit 2.07(d)-2	U.S. Tax Compliance Certificate (Foreign Participants - Not Partnerships)
	Exhibit 2.07(d)-3	U.S. Tax Compliance Certificate (Foreign Participants - Partnerships)
	Exhibit 2.07(d)-4	U.S. Tax Compliance Certificate (Foreign Lenders - Partnerships)

 

    iii

     

    

 

FINANCING AGREEMENT

 

Financing Agreement,
dated as of December 22, 2020, by and among Wheeler Real Estate Investment Trust, Inc., a Maryland corporation (the “Borrower”),
each subsidiary listed as a “Guarantor” on the signature pages hereto (together with each other Person that
executes a joinder agreement and becomes a “Guarantor” hereunder, each a “Guarantor” and collectively,
the “Guarantors”), the lenders from time to time party hereto (each a “Lender” and, collectively,
the “Lenders”), Powerscourt Investments XXII, LP (“Powerscourt”), as collateral agent for
the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Collateral Agent”),
and Powerscourt, as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity,
the “Administrative Agent” and, together with the Collateral Agent, each an “Agent” and,
collectively, the “Agents”).

 

RECITALS

The Borrower has asked
the Lenders to extend credit to the Borrower consisting of a term loan in the aggregate principal amount of $25,000,000. The proceeds
of the Loan shall be used (i) to refinance certain existing indebtedness of the Borrower with KeyBank National Association, (ii)
to redeem certain shares of the Borrower’s 8.75% Series D Cumulative Convertible Preferred Stock, and (iii) to pay fees and
expenses in connection with the transactions contemplated hereby. The Lenders are severally, and not jointly, willing to extend
such credit to the Borrower subject to the terms and conditions hereinafter set forth.

 

In consideration of the
premises and the covenants and agreements contained herein, the parties hereto agree as follows:

Article
I

 

DEFINITIONS; CERTAIN TERMS

 

Section
1.01Definitions. As used in this Agreement,
the following terms shall have the respective meanings indicated below:

 

“Account Debtor”
means, with respect to any Person, each debtor, customer or obligor in any way obligated on or in connection with any Account of
such Person.

 

“Acquisition”
means the acquisition (whether by means of a merger, consolidation or otherwise) of (i) all of the Equity Interests of any Person,
or all or substantially all of the assets of (or any division or business line of) any Person or (ii) any Investment, other than
Real Estate, contemplated by clause (g) of the definition of Permitted Investments.

 

“Acquisition
Closing Costs” means the actual deal costs incurred by the Borrower and its Subsidiaries in connection with acquisitions
of Real Estate permitted hereunder and determined in accordance with GAAP. Acquisition Closing Costs shall only include those deal
costs that are associated with Real Estate that is being actively negotiated for purchase, or have been consummated.

 

    1

     

    

 

“Action” has the meaning
specified therefor in Section 11.12.

  

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

 

“Administrative Agent’s Account”
means an account at a bank designated by the Administrative Agent from time to time as the account into which the Loan Parties
shall make all payments to the Administrative Agent for the benefit of the Agents and the Lenders under this Agreement and the
other Loan Documents.

 

“Affiliate” means, with
respect to any Person, any other Person that directly or indirectly through one or more intermediaries, controls, is controlled
by, or is under common control with, such Person; provided, that as to any Loan Party or any Subsidiary thereof, the term
“Affiliate” shall expressly exclude the Persons constituting Lenders as of the Effective Date and their respective
Affiliates (determined as provided herein without regard to this proviso). For purposes of this definition, “control”
of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the Equity Interests having ordinary voting
power for the election of members of the Board of Directors of such Person or (b) direct or cause the direction of the management
and policies of such Person whether by contract or otherwise.

 

“Agent” has the meaning
specified therefor in the preamble hereto.

 

“Agreement” means this
Financing Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of the foregoing,
and shall refer to the Agreement as the same may be in effect at the time such reference becomes operative.

 

“Anti-Corruption Laws”
means all Requirements of Law concerning or relating to bribery or corruption, including, without limitation, the United States
Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act of 2010, and the anti-bribery and anti-corruption laws and
regulations of those jurisdictions in which the Loan Parties and their Subsidiaries do business.

 

“Anti-Money Laundering Laws”
means all Requirements of Law concerning or relating to terrorism or money laundering, including, without limitation, the Money
Laundering Control Act of 1986 (18 U.S.C. §§ 1956-1957), the USA PATRIOT Act and the Currency and Foreign Transactions
Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5332 and 12 U.S.C. §§ 1818(s),
1820(b) and §§ 1951-1959) and the rules and regulations thereunder, and any law prohibiting or directed against the financing
or support of terrorist activities (e.g., 18 U.S.C. §§ 2339A and 2339B).

 

“Applicable Premium” means
the product of (a) the aggregate principal amount of the applicable payment, repayment or prepayment of the Loan, (b) the Interest
Rate (or, if an Event of Default exists, the Post-Default Rate), and (c) a fraction, the numerator of which is the number of days
from the date of the Applicable Premium Trigger Event to the Final Maturity Date and the denominator of which is 360.

 

“Applicable Premium Trigger Event”
means:

 

(a) 
any payment by any Loan Party of all of the principal balance of the Loan for any reason (including, without limitation, any optional
prepayment or mandatory prepayment) whether before or after (i) the occurrence of an Event of Default, or (ii) the commencement
of any Insolvency Proceeding, and notwithstanding any acceleration (for any reason) of the Obligations;

 

    2

     

    

 

(b) the
acceleration of the Obligations for any reason, including, without limitation, acceleration in accordance with Section 8.01, including
as a result of the commencement of an Insolvency Proceeding;

 

(c) the
satisfaction, release, payment, restructuring, reorganization, replacement, reinstatement, defeasance or compromise of any of the
Obligations in any Insolvency Proceeding, foreclosure (whether by power of judicial proceeding or otherwise) or deed in lieu of
foreclosure or the making of a distribution of any kind in any Insolvency Proceeding to the Collateral Agent, for the account of
the Lenders in full or partial satisfaction of the Obligations; or

 

(d) the
termination of this Agreement for any reason.

 

“Appraisal”
means an MAI appraisal of the value of a parcel of Real Estate, performed by an independent appraiser with experience appraising
retail properties selected by the Agents who is not an employee of the Borrower or any of its Subsidiaries, the Agents or a Lender,
the form and substance of such appraisal and the identity of the appraiser to be in compliance with the Financial Institutions
Reform, Recovery and Enforcement Act of 1989, as amended, the rules and regulations adopted pursuant thereto and all other regulatory
laws and policies (both regulatory and internal) applicable to the Lenders and otherwise acceptable to the Agents, as approved
by the Agents.

 

“Appraised Value”
means any property’s value as determined by an Appraisal on an “as-is” basis performed by an appraisal firm reasonably
acceptable to the Agent.

 

“Assignment and Acceptance”
means an assignment and acceptance entered into by an assigning Lender and an assignee, and accepted by the Administrative Agent,
in accordance with Section 11.07 hereof and substantially in the form of Exhibit B hereto or such other form acceptable to the
Administrative Agent.

 

“Authorized Officer” means,
with respect to any Person, the chief executive officer, chief operating officer, chief financial officer, treasurer or other financial
officer performing similar functions, president or executive vice president of such Person.

 

“Bankruptcy Code” means
Title 11 of the United States Code, as amended from time to time and any successor statute or any similar federal or state law
for the relief of debtors.

 

“Board” means the Board
of Governors of the Federal Reserve System of the United States (or any successor).”Board of Directors” means
with respect to (a) any corporation, the board of directors of the corporation or any committee thereof duly authorized to act
on behalf of such board, (b) a partnership, the board of directors of the general partner of the partnership, (c) a limited liability
company, the managing member or members or any controlling committee or board of directors of such company or the sole member or
the managing member thereof, and (d) any other Person, the board or committee of such Person serving a similar function.

 

    3

     

    

 

“Borrower” has the meaning
specified therefor in the preamble hereto.

 

“Building”
means, with respect to each parcel of Real Estate, all of the buildings, structures and improvements now or hereafter located thereon.

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required
to close.

 

“Capitalized
Lease” means, with respect to any Person, any lease of (or other arrangement conveying the right to use) real or personal
property by such Person as lessee that is required under GAAP to be capitalized on the balance sheet of such Person.

 

“Capitalized
Lease Obligations” means, with respect to any Person, obligations of such Person and its Subsidiaries under Capitalized
Leases, and, for purposes hereof, the amount of any such obligation shall be the capitalized amount thereof determined in accordance
with GAAP excluding, for purposes of the financial covenants set out in Section 7.03 hereof and calculating the Consolidated Subordinated
Debt Service Coverage Ratio, Capitalized Leases with a corresponding asset as determined in accordance with GAAP that is reflected
in the financial statements of the Borrower and its Subsidiaries most recently delivered.

 

“Cash Equivalents”
means (a) marketable direct obligations issued or unconditionally guaranteed by the United States Government or issued by any agency
thereof and backed by the full faith and credit of the United States, in each case, maturing within six months from the date of
acquisition thereof; (b) commercial paper, maturing not more than 270 days after the date of issue rated P 1 by Moody’s or
A 1 by Standard & Poor’s; (c) certificates of deposit maturing not more than 270 days after the date of issue, issued
by commercial banking institutions and money market or demand deposit accounts maintained at commercial banking institutions, each
of which is a member of the Federal Reserve System and has a combined capital and surplus and undivided profits of not less than
$500,000,000; (d) repurchase agreements having maturities of not more than 90 days from the date of acquisition which are entered
into with major money center banks included in the commercial banking institutions described in clause (c) above and which are
secured by readily marketable direct obligations of the United States Government or any agency thereof; (e) money market accounts
maintained with mutual funds having assets in excess of $2,500,000,000, which assets are primarily comprised of Cash Equivalents
described in another clause of this definition; (f) marketable tax exempt securities rated A or higher by Moody’s or
A+ or higher by Standard & Poor’s, in each case, maturing within 270 days from the date of acquisition thereof; and (g)
in the case of any Foreign Subsidiary, cash and cash equivalents that are substantially equivalent in such jurisdiction to those
described in clauses (a) through (f) above in respect of each country that is a member of the Organization for Economic Co-operation
and Development.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. 9601 et seq.

 

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

 

    4

     

    

 

“Change
of Control” means the occurrence of any one of the following events:

 

(a) during
any twelve (12) month period on or after the Effective Date, individuals who at the beginning of such period constituted the Board
of Directors of the Borrower (together with any new directors whose election by the Board of Directors or whose nomination for
election by the shareholders of the Borrower was approved by a vote of at least a majority of the members of the Board of Directors
then in office who either were members of the Board of Directors at the beginning of such period or whose election or nomination
for election was previously so approved) cease for any reason (other than death or disability) to constitute a majority of the
members of the Board of Directors then in office;

 

(b) any
Person or group (as that term is used in Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in
its capacity as trustee, agent or other fiduciary or administrator of any such plan and the rules and regulations thereunder) shall
have acquired beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of a percentage (based on voting power,
in the event different classes of stock shall have different voting powers) of the voting stock of the Borrower equal to at least
twenty-five percent (25%);

 

(c) the
Borrower consolidates with, is acquired by, or merges into or with any Person (other than a consolidation or merger in which the
Borrower is the continuing or surviving entity); or

 

(d) the
Borrower fails to own, directly or indirectly, at least 98.40% of the Equity Interests of the Operating Partner and be the sole
general partner of the Operating Partner.

 

“Collateral”
means all of the property and assets and all interests therein and proceeds thereof now owned or hereafter acquired by any Person
upon which a Lien is granted or purported to be granted by such Person as security for all or any part of the Obligations.

 

“Collateral
Agent” has the meaning specified therefor in the preamble hereto.

 

“Collateral Agent Advances”
has the meaning specified therefor in Section 9.08(a).

 

    5

     

    

 

“Collateral Properties”
means each of the properties subject to or required to become subject to a Mortgage; as of the Effective Date, the Collateral Properties
are listed on Schedule 6.01(ee) hereto.

 

“Condemnation”
shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise
of the right of condemnation or eminent domain, of all or any part of any Real Estate, or any interest therein or right accruing
thereto, including any right of access thereto or any change of grade affecting any Real Estate or any part thereof.

 

“Condemnation
Proceeds” means all compensation, awards, damages, judgments and proceeds awarded by reason of any Taking.

 

“Commitments”
means, with respect to each Lender, the commitment of such Lender to make the Loan to the Borrower in the amount set forth in Schedule
1.01(A) hereto or in the Assignment and Acceptance pursuant to which such Lender became a Lender under this Agreement, as the same
may be terminated or reduced from time to time in accordance with the terms of this Agreement.

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

 

“Compliance Certificate”
has the meaning assigned to such term in Section 7.01(a)(iii).

 

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

 

“Consolidated
Adjusted EBITDA” means, for any Reference Period, Consolidated EBITDA less (without duplication) Consolidated
Leasing Costs.

 

“Consolidated
CRE Debt Service” means, for any Reference Period, the sum of (a) Consolidated CRE Interest Expense for such period,
plus (b) all of the scheduled principal payments (other than any balloon payment due at maturity to the extent that the
Borrower has delivered to the Administrative Agent together with the financial statements for such period (i) an executed term
sheet contemplating the refinancing of the Indebtedness relating to such balloon payment or (ii) evidence acceptable to the Administrative
Agent that the Borrower is engaging in good faith negotiations with the lender of the Indebtedness relating to such balloon payment
to extend the maturity of such Indebtedness, at least ninety (90) days prior to the date such balloon payment is due) with respect
to CRE Debt of the Borrower and its Subsidiaries during such period. Such Person’s Equity Percentage in the debt service
referred to above of its Unconsolidated Affiliates and non-Wholly Owned Subsidiaries shall be included (without duplication) in
the determination of Consolidated CRE Debt Service.

 

“Consolidated
CRE Interest Expense” means, for any Reference Period, Consolidated Interest Expense of the Consolidated Group in respect
of CRE Debt for such period.

 

    6

     

    

 

“Consolidated
Debt Service” means, for any Reference Period, the sum of (a) Consolidated Interest Expense for such period, plus
(b) all of the scheduled principal payments (other than any balloon payment due at maturity to the extent that the Borrower has
delivered to the Administrative Agent together with the financial statements for such period (i) an executed term sheet contemplating
the refinancing of the Indebtedness relating to such balloon payment or (ii) evidence acceptable to the Administrative Agent that
the Borrower is engaging in good faith negotiations with the lender of the Indebtedness relating to such balloon payment to extend
the maturity of such Indebtedness, at least ninety (90) days prior to the date such balloon payment is due) with respect to Indebtedness
of the Borrower and its Subsidiaries during such period. Such Person’s Equity Percentage in the debt service referred to
above of its Unconsolidated Affiliates and non-Wholly Owned Subsidiaries shall be included (without duplication) in the determination
of Consolidated Debt Service.

 

“Consolidated
Debt Service Coverage Ratio” means, for any Reference Period, the ratio of Consolidated Adjusted EBITDA to Consolidated
Debt Service.

 

“Consolidated
Group” means, the Borrower and all Subsidiaries which are required to be consolidated with them for financial reporting
purposes under GAAP.

 

“Consolidated
EBITDA” means, with respect to the Borrower and its Subsidiaries for any Reference Period (without duplication), an amount
equal to:

 

(a) Consolidated
Net Income, in accordance with GAAP, plus

 

(b) the
sum of the following amounts to the extent deducted in the calculation of Consolidated Net Income for such period (without duplication):

 

(i) depreciation
and amortization expense;

 

(ii) Consolidated
Interest Expense;

 

(iii) income
tax expense;

 

(iv) Acquisition
Closing Costs;

 

(v) non-recurring
non-cash impairments of Real Estate, in accordance with GAAP;

 

(vi) cash
payments received as reimbursement from lender held reserves on expenses other than tenant improvements;

 

(vii) extraordinary
or non-recurring losses (including losses on the sale of assets outside the ordinary course of business); and

 

(viii) other
non-cash expenditures, charges or losses (excluding write-down, write-offs and bad debt expenses); minus

 

    7

     

    

 

(c) the
sum of the following amounts to the extent included in the calculation of Consolidated Net Income for such period (without duplication):

 

(i) any
credit for income taxes;

 

(ii) any
net after tax gain or income from the early extinguishment of Indebtedness;

 

(iii) any
gain from extraordinary items;

 

(iv) any
net gain from the sale of assets outside the ordinary course of business;

 

(v) any
other non-cash gain, including any reversal of a charge referred to in clause (b)(vi) above; and

 

(vi) all
cash payments made on account of restructuring charges and other non-cash charges.

 

Notwithstanding the foregoing, with respect
to any Unconsolidated Affiliate and non-Wholly Owned Subsidiary, the Consolidated EBITDA with respect to any such Person shall
include the amounts calculated in (a), (b) and (c) above multiplied by the applicable Equity Percentage in such Person.

 

“Consolidated
Indebtedness to EBITDA Ratio” means, for any Reference Period, the ratio of (a) Indebtedness of the Consolidated Group
(adjusted by eliminating any Indebtedness attributable to Unconsolidated Affiliates and non-Wholly-Owned Subsidiaries) plus
the applicable Equity Percentage of Indebtedness of all Unconsolidated Affiliates and non-Wholly Owned Subsidiaries, determined
on a consolidated basis in accordance with GAAP; provided, that for purposes of calculating such Indebtedness, all debt
balances shall be reported on a gross basis (not net of original issue discount, upfront payments or similar discounts or the application
of purchase accounting) to (b) Consolidated Adjusted EBITDA for such period.

 

“Consolidated
Indebtedness to Gross Asset Value Ratio” means, for any Reference Period, the ratio of (a) Indebtedness of the Consolidated
Group (adjusted by eliminating any Indebtedness attributable to Unconsolidated Affiliates and non-Wholly-Owned Subsidiaries) plus
the applicable Equity Percentage of Indebtedness of all Unconsolidated Affiliates and non-Wholly Owned Subsidiaries, to (b) Gross
Asset Value; provided, that for purposes of calculating such Indebtedness, all debt balances shall be reported on a gross
basis (not net of original issue discount, upfront payments or similar discounts or the application of purchase accounting).

 

“Consolidated
Interest Expense” means, for any Reference Period, an amount equal to interest expense (whether accrued or paid) on Indebtedness
of the Consolidated Group, excluding non-cash interest expense, together with (without limitation) the interest portion of payments
on Capitalized Lease Obligations, plus the Equity Percentage (without duplication) of all such interest expense of Unconsolidated
Affiliates and non-Wholly Owned Subsidiaries.

 

“Consolidated
Net Income” means, for any Reference Period, the consolidated net income (or loss) after taxes of the Consolidated Group
(adjusted by eliminating any such earnings or loss attributable to Unconsolidated Affiliates and non-Wholly-Owned Subsidiaries)
plus the applicable Equity Percentage of net earnings (or loss) of all Unconsolidated Affiliates and non-Wholly Owned Subsidiaries
for such period; provided, however, that the following shall be excluded: (a) the net income of any Subsidiary of
such Person that is, on the last day of such period, subject to any restriction or limitation on the payment of dividends or the
making of other distributions, to the extent of such restriction or limitation and (b) the net income of any other Person arising
prior to such other Person becoming a Subsidiary of such Person or merging or consolidating into such Person or its Subsidiaries.

 

    8

     

    

 

“Consolidated
Leasing Costs” means, for any Reference Period, all Consolidated Net Tenant Improvements plus all third party
commissions and other monetary incentives incurred with respect to Leases.

 

“Consolidated
Net Tenant Improvements” means, for any Reference Period, the result of (a) the costs and expenses incurred in respect
of tenant improvements for Real Estate, minus (b) Excluded Tenant Improvements, minus (c) the amount of reserves
used to fund such tenant improvements in clause (a); provided, that amounts in (a) and (c) attributable to Unconsolidated
Affiliates and non-Wholly Owned Subsidiaries shall include only the applicable Equity Percentage of such amounts attributable to
such Persons.

 

“Consolidated
Subordinated Indebtedness Debt Service Coverage Ratio” means, for any Reference Period, the ratio of (a) Consolidated
Adjusted EBITDA to (b) the sum of (i) Consolidated CRE Debt Service, plus (ii) reserve payments of the Consolidated Group
for such period in respect of CRE Debt (adjusted by eliminating any reserve payments attributable to Unconsolidated Affiliates
and non-Wholly Owned Subsidiaries) plus the applicable Equity Percentage of reserve payments of all Unconsolidated Affiliates
and non-Wholly Owned Subsidiaries for such period in respect of CRE Debt, plus (iii) Consolidated Interest Expense in respect
of Indebtedness that is secured by a Lien on assets of the Borrower or its Subsidiaries, plus (iv) Consolidated Subordinated
Indebtedness Interest Expense.

 

“Consolidated
Subordinated Indebtedness Incurrence Net Cash Flow” means, for any Reference Period, the result of (a) Consolidated Adjusted
EBITDA minus (b) the sum of (i) Consolidated CRE Debt Service, plus (ii) reserve payments of the Consolidated Group
for such period in respect of CRE Debt (adjusted by eliminating any reserve payments attributable to Unconsolidated Affiliates
and non-Wholly Owned Subsidiaries) plus the applicable Equity Percentage of reserve payments of all Unconsolidated Affiliates
and non-Wholly Owned Subsidiaries for such period in respect of CRE Debt, plus (iii) Consolidated Interest Expense in respect
of Indebtedness that is secured by a Lien on assets of the Borrower or its Subsidiaries, plus (iv) Consolidated Subordinated
Indebtedness Interest Expense.

 

“Consolidated
Subordinated Indebtedness Interest Expense” means, for any Reference Period, Consolidated Interest Expense of the Consolidated
Group in respect of Subordinated Indebtedness for such period.

 

“Contingent
Indemnity Obligations” means any Obligation constituting a contingent, unliquidated indemnification obligation of any
Loan Party, in each case, to the extent (a) such obligation has not accrued and is not yet due and payable and (b) no claim has
been made or is reasonably anticipated to be made with respect thereto.

 

    9

     

    

 

“Contingent
Obligation” means, with respect to any Person, any obligation of such Person guaranteeing or intending to guarantee any
Indebtedness, leases, dividends or other obligations (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect guaranty,
endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or
sale with recourse by such Person of the obligation of a primary obligor, (b) the obligation to make take-or-pay or similar payments,
if required, regardless of nonperformance by any other party or parties to an agreement, (c) any obligation of such Person, whether
or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor,
(ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain working capital
or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase
property, assets, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder
of such primary obligation against loss in respect thereof; provided, however, that the term “Contingent Obligation”
shall not include any product warranties extended in the ordinary course of business. The amount of any Contingent Obligation shall
be deemed to be an amount equal to the stated or determinable amount of the primary obligation with respect to which such Contingent
Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable pursuant to
the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated
liability with respect thereto (assuming such Person is required to perform thereunder), as determined by such Person in good faith.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Control Agreement”
means, with respect to any deposit account, any securities account, commodity account, securities entitlement or commodity contract,
an agreement, in form and substance satisfactory to the Collateral Agent, among the Collateral Agent, the financial institution
or other Person at which such account is maintained or with which such entitlement or contract is carried and the Loan Party maintaining
such account, effective to grant “control” (as defined under the applicable UCC) over such account to the Collateral
Agent.

 

“Controlled
Cash” means unrestricted cash on-hand of the Loan Parties maintained in deposit accounts (which, for the avoidance of
doubt, are not zero balance accounts) in the name of a Loan Party in the United States, which deposit accounts are subject to Control
Agreements, in each case, that is free and clear of all Liens, other than Liens granted hereunder in favor of the Collateral Agent
and Liens permitted under the applicable Control Agreement.

 

“Controlled
Cash Minimum Amount” means, as of any date of determination, the result of the aggregate amount of Controlled Cash plus
the aggregate amount of Other Cash minus $2,000,000.

 

    10

     

    

 

“CRE Debt”
means Indebtedness of the Borrower and its Subsidiaries that is secured by commercial real property and/or loan interests and all
obligations of the Borrower and its Subsidiaries related to such Indebtedness.

 

“Debt Subordination
Agreement” means an agreement providing for the express subordination of Subordinated Indebtedness in right of payment
to all Obligations, the form and terms of which are reasonably satisfactory to the Agents.

 

“Debt Investment”
means any real estate related loan to a third party, including but not limited to (a) loans secured by a mortgage or deed of trust
or similar security instrument, (b) mezzanine loans, and (c) B-Notes.

 

“Debtor Relief
Law” means the Bankruptcy Code and any other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief law of the United States
or other applicable jurisdiction from time to time in effect.

 

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

 

“Defaulting
Lender” means any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days
of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower
in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding
(each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has
not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it
hereunder within two (2) Business Days of the date when due, (b) has notified the Borrower, or the Administrative Agent in writing
that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless
such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position
is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any
applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed,
within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the
Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided,
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by
the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject
of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including
the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity. Notwithstanding
anything to the contrary herein, a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of
any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such
ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States
or from the enforcement of judgments or writs of attachment on its assets or permits such Lender (or such Governmental Authority)
to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative
Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest
error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the Borrower
and each Lender.

 

    11

     

    

 

“Development
Property” means any property that is currently under construction or is a recently completed construction project that
is not yet 85% leased; notwithstanding the foregoing, a completed construction project may not be included as a Development Property
for more than twelve (12) months.

 

“Disposition”
means any transaction, or series of related transactions, pursuant to which any Person or any of its Subsidiaries sells, assigns,
transfers, leases, licenses (as licensor) or otherwise disposes of any property or assets (whether now owned or hereafter acquired)
to any other Person, in each case, whether or not the consideration therefor consists of cash, securities or other assets owned
by the acquiring Person. For purposes of clarification, “Disposition” shall include (a) the sale or other disposition
for value of any contracts, (b) any disposition of property through a “plan of division” under the Delaware Limited
Liability Company Act or any comparable transaction under any similar law, or (c) the early termination or modification of any
contract resulting in the receipt by any Loan Party of a cash payment or other consideration in exchange for such event (other
than (i) payments received in connection with the termination of a lease in the ordinary course and (ii) payments in the ordinary
course for accrued and unpaid amounts due through the date of termination or modification).

 

“Disqualified
Equity Interests” means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interest
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) matures or
is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset
sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject
to the prior repayment in full of the Loans and all other Obligations and the termination of the Commitments), (b) is redeemable
at the option of the holder thereof, in whole or in part, (c) provides for the scheduled payments of dividends or distributions
in cash, or (d) is convertible into or exchangeable for (i) Indebtedness or (ii) any other Equity Interests that would constitute
Disqualified Equity Interests, in each case of clauses (a) through (d), prior to the date that is five (5) years days after the
Final Maturity Date; provided, that, solely for purposes of the financial covenants set out in Section 7.03 hereof, the foregoing
definition shall not include the Borrower’s (i) 8.75% Series D Cumulative Convertible Preferred Stock or (ii) 9.00% Series
B Convertible Preferred Stock, in each case issued prior to the date hereof.

 

“Dollar,”
“Dollars” and the symbol “$” each means lawful money of the United States of America.

 

“Domestic Subsidiary”
means any Subsidiary that is organized and existing under the laws of the United States or any state or commonwealth thereof or
under the laws of the District of Columbia.

 

    12

     

    

 

“Effective Date” has the
meaning specified therefor in Section 5.01.

 

“Employee Plan” means an
employee benefit plan within the meaning of Section 3(3) of ERISA (other than a Multiemployer Plan), regardless of whether subject
to ERISA, that any Loan Party or any of its ERISA Affiliates maintains, sponsors or contributes to or is obligated to contribute
to.

 

“Environmental Claim” means
any complaint, summons, citation, notice, directive, order, claim, litigation, investigation, judicial or administrative proceeding,
judgment, letter or other communication from any Person or Governmental Authority involving any alleged or actual (a) violation
of or liability under any Environmental Law; or (b) manufacture, use, handling, generation, transportation, storage, treatment,
Release, threatened Release or disposal or exposure to any Hazardous Materials.

 

“Environmental
Engineer” means such firm or firms of independent professional engineers or other scientists generally recognized as
expert in the detection, analysis and remediation of Hazardous Substances and related environmental matters and acceptable to the
Agents.

 

“Environmental
Law” means any Requirement of Law relating to or concerning (i) the protection of the environment, natural resources,
human health or safety, or (ii) the manufacture, use, handling, generation, transportation, storage, treatment, Release, threatened
Release or disposal of or exposure to any Hazardous Material.

 

“Environmental
Liability” means all liabilities (contingent or otherwise, known or unknown), monetary obligations, losses (including
monies paid in settlement), damages, natural resource damages, costs and expenses (including all reasonable fees, costs, client
charges and expenses of counsel, experts and consultants), fines, penalties, sanctions and interest arising directly or indirectly
as a result of or based upon (a) any Environmental Claim; (b) any actual, alleged or threatened non-compliance with Environmental
Law or Environmental Permit; (c) any actual, alleged or threatened Release of or exposure to Hazardous Materials; (d) any Remedial
Action; (f) any environmental condition; or (g) any contract, agreement, or other arrangement pursuant to which liability is assumed
or imposed with respect to any of the foregoing.

 

“Environmental
Lien” means any Lien in favor of any Governmental Authority for Environmental Liability.

 

“Environmental
Permit” means any permit, license, authorization, approval, registration or entitlement required by or issued pursuant
to any Environmental Law or by any Governmental Authority pursuant to Environmental Law.

 

“Equity Interests”
means (a) all shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership
or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless
of how designated) of or in a Person (other than an individual), whether voting or non-voting and (b) all securities convertible
into or exchangeable for any of the foregoing and all warrants, options or other rights to purchase, subscribe for or otherwise
acquire any of the foregoing, whether or not presently convertible, exchangeable or exercisable.

 

    13

     

    

 

“Equity Issuance”
means the sale or issuance by any Loan Party or any of its Subsidiaries of any shares of its Equity Interests.

 

“Equity Percentage”
means, with respect to any Unconsolidated Affiliate or non-Wholly Owned Subsidiary, the pro rata share of the ownership interests
held by the Consolidated Group, in the aggregate, in such Unconsolidated Affiliate or non-Wholly Owned Subsidiary, as applicable,
without duplication.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, and regulations
thereunder, in each case, as in effect from time to time. References to sections of ERISA shall be construed also to refer to any
successor sections.

 

“ERISA Affiliate”
means, with respect to any Person, any trade or business (whether or not incorporated) which is a member of a group of which such
Person is a member and which would be deemed to be a “controlled group” or under “common control” within
the meaning of Sections 414(b), (c), (m) or (o) of the Internal Revenue Code or Sections 4001(a)(14) or 4001(b)(1) of ERISA.

 

“ERISA Event”
means (a) the occurrence of a Reportable Event with respect to any Pension Plan; (b) the failure to meet the minimum funding standards
of Section 412 or 430 of the Internal Revenue Code or Section 302 or 303 of ERISA with respect to any Pension Plan (whether or
not waived in accordance with Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA) or the failure to make a
contribution or installment required under Section 412 or Section 430(j) of the Internal Revenue Code with respect to any Pension
Plan or the failure to make any required contribution to a Multiemployer Plan; (c) a determination that any Pension Plan is, or
is expected to be, in “at risk” status (as defined in Section 430 of the Internal Revenue Code or Section 303 of ERISA);
(d) a determination that any Multiemployer Plan is, or is expected to be, in “critical” or “endangered”
status under Section 432 of the Internal Revenue Code or Section 305 of ERISA; (e) the filing of a notice of intent to terminate
a Pension Plan or the treatment of an amendment to a Pension Plan as a termination under Section 4041 of ERISA; (f) the withdrawal
by any Loan Party or any of its ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination
of any such Pension Plan resulting in liability to any Loan Party or any of its ERISA Affiliates pursuant to Section 4063 or 4064
of ERISA; (g) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition
that might constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan;
(h) the imposition of liability on any Loan Party or any of its ERISA Affiliates pursuant to Section 4062(e) or 4069(a) of ERISA
or by reason of the application of Section 4212(c) of ERISA; (i) the withdrawal of any Loan Party or any of its ERISA Affiliates
in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan or the
receipt by any Loan Party or any of its ERISA Affiliates of notice from any Multiemployer Plan that it is insolvent pursuant to
Section 4245 of ERISA, or that it intends to terminate or has terminated under Section 4041A or 4042 of ERISA; (j) the occurrence
of an act or omission which could give rise to the imposition on any Loan Party or any of its ERISA Affiliates of fines, penalties,
taxes or related charges under Sections 4975 or 4971 of the Internal Revenue Code or under Section 409, Section 502(c), (i) or
(l), or Section 4071 of ERISA in respect of any Employee Plan; (k) the imposition of any liability under Title IV of ERISA, other
than for PBGC premiums due but not delinquent, upon any Loan Party or any of its ERISA Affiliates; (l) the assertion of a claim
(other than routine claims for benefits) against any Employee Plan or the assets thereof, or against any Loan Party or any of its
ERISA Affiliates in connection with any Employee Plan or Multiemployer Plan; (m) receipt from the Internal Revenue Service of notice
of the failure of any Pension Plan (or any other Employee Plan intended to be qualified under Section 401(a) of the Internal Revenue
Code) to qualify under Section 401(a) of the Internal Revenue Code, or the failure of any trust forming part of any such Pension
Plan (or such other Employee Plan) to qualify for exemption from taxation under Section 501(a) of the Internal Revenue Code; (n)
the imposition on any Loan Party of any material fine, excise tax or penalty with respect to any Employee Plan or Multiemployer
Plan resulting from any noncompliance with any Requirements of Law; or (o) the imposition of a Lien pursuant to Section 430(k)
of the Internal Revenue Code or pursuant to ERISA with respect to any Pension Plan.

 

    14

     

    

 

“Event of Default” has
the meaning specified therefor in Section 8.01.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

“Excluded Account” means
(a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments
to or for the benefit of any Loan Party’s employees, (b) any Petty Cash Accounts and (c) any deposit account specifically
and exclusively containing deposits of tenants.

 

“Excluded Taxes” means
any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in
each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the
case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in
effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment or (ii) such Lender changes its lending
office, except in each case to the extent that, pursuant to Section 2.07, amounts with respect to such Taxes were payable either
to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed
its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.07(d) and (d) any U.S. federal
withholding Taxes imposed under FATCA.

 

“Excluded Tenant Improvements”
means, for each Reference Period, with respect to the Real Estate owned by the Borrower and its Subsidiaries identified on Schedule
A, tenant improvements actually made on such Real Estate not to exceed $750,000 in the aggregate per such period and $3,000,000
in the aggregate per fiscal year, in each case as disclosed to the Administrative Agent in the reports and deliverables contemplated
by Section 7.01(a)(i), (ii) and (ii); provided, that, for the avoidance of doubt, such tenant improvements may be funded
with Net Cash Proceeds; provided, further, that, if any such Net Cash Proceeds would be included in clauses (a) or
(b) of the definition of Consolidated EBITDA, then the use of such proceeds to fund tenant improvements shall not qualify as Excluded
Tenant Improvements; provided, further, that, the foregoing caps shall not apply to Net Cash Proceeds consisting
of Extraordinary Receipts. Schedule A may be amended on a quarterly basis with the prior written consent of the Agents from and
after the first anniversary of the Effective Date.

 

    15

     

    

 

“Existing Credit Facility”
means the Amended and Restated Credit Agreement, dated as of December 21, 2017 (as amended prior to the date hereof), by and among
Wheeler REIT, L.P., KeyBank National Association, the other lenders party thereto, and Keybanc Capital Markets.

 

“Existing Lenders” means
the lenders party to the Existing Credit Facility.

 

“Extraordinary Receipts”
means any cash received by any Loan Party not in the ordinary course of business in respect of Insurance Proceeds (other than to
the extent such insurance proceeds are (i) payable to a Person that is not a Loan Party in accordance with applicable Requirements
of Law or with Contractual Obligations entered into in the ordinary course of business or (ii) received by a Loan Party as reimbursement
for any out-of-pocket costs incurred or made by such Person prior to the receipt thereof directly related to the event resulting
from the payment of such proceeds) and Condemnation Proceeds.

 

“Fair Market
Value” means, with respect to any asset, the price (after taking into account any liabilities relating to such asset)
that could be negotiated in an arm’s-length transaction for cash between a willing seller and a willing and able buyer, neither
of which is under any compulsion to complete the transaction. Fair Market Value (other than of any asset with a public trading
market) in excess of $1,000,000 shall be determined by the Board of Directors of the Borrower acting reasonably and in good faith
and shall be evidenced by a board resolution delivered to the Administrative Agent.

 

“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal,
tax or regulatory legislation, rules or official practices adopted pursuant to any intergovernmental agreement, treaty or convention
among Governmental Authorities and implementing Sections 1471 through 1474 of the Internal Revenue Code and the Treasury Regulations
thereunder.

 

“Federal Funds
Rate” means, for any period, a fluctuating interest rate per annum equal to, for each day during such period, the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds
brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative
Agent from three Federal funds brokers of recognized standing selected by it.

 

    16

     

    

 

“Closing Discount
Letter” means the closing discount letter, dated as of the date hereof, among the Borrower and the Agents.

 

“Final Maturity
Date” means March 31, 2023.

 

“Fiscal Year”
means the fiscal year of the Borrower and its Subsidiaries ending on December 31 of each year.

 

“Foreign Subsidiary”
means any Subsidiary of the Borrower that is not a Domestic Subsidiary.

 

“GAAP” means generally
accepted accounting principles in effect from time to time in the United States, applied on a consistent basis; provided
that for the purpose of Section 7.03 hereof and the definitions used therein, “GAAP” shall mean generally accepted
accounting principles in effect on December 31, 2019 and consistent with those used in the preparation of the financial statements;
provided, further, that if there occurs after the date of this Agreement any change in GAAP that affects in any respect
the calculation of any covenant contained in Section 7.03 hereof, the Administrative Agent and the Borrower shall negotiate in
good faith amendments to the provisions of this Agreement that relate to the calculation of such covenant with the intent of having
the respective positions of the Lenders and the Borrower after such change in GAAP conform as nearly as possible to their respective
positions as of the date of this Agreement, as determined by the Administrative Agent in its good faith judgment, and, until any
such amendments have been agreed upon, the covenants in Section 7.03 hereof shall be calculated as if no such change in GAAP has
occurred.

 

“Governing Documents” means,
(a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive
documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles
of formation or organization, and the operating agreement; (c) with respect to any partnership, joint venture, trust or other form
of business entity, the partnership, joint venture, declaration or other applicable agreement or documentation evidencing or otherwise
relating to its formation or organization, governance and capitalization; and (d) with respect to any of the entities described
above, any other agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization
with the applicable Governmental Authority in the jurisdiction of its formation or organization.

 

“Governmental Authority”
means any nation or government, any foreign, Federal, state, territory, provincial, city, town, municipality, county, local or
other political subdivision thereof or thereto and any department, commission, board, bureau, instrumentality, agency or other
entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central Bank).

 

    17

     

    

 

“Gross
Asset Value” means, on a consolidated basis for the Borrower and its Subsidiaries, the sum of (without duplication):

 

	 	i.	the lesser of (A) the total book value plus accumulated depreciation and accumulated amortization of Real Estate as determined in accordance with GAAP, or (B) the Appraised Value of such Real Estate, plus

 

	 	ii.	the total cost determined in accordance with GAAP of all Development Properties owned by Borrower or any of its Subsidiaries, plus

 

	 	iii.	the book value determined in accordance with GAAP of all undeveloped Real Estate of Borrower and its Subsidiaries, plus

 

	 	iv.	the book value determined in accordance with GAAP of all Investments consisting of Indebtedness which are not in default, plus

 

	 	v.	the aggregate amount of all cash and Cash Equivalents of Borrower and its Subsidiaries as of the date of determination, minus

 

	 	vi.	the book value of Real Estate to the extent a corresponding Off-Balance Sheet Obligation constitutes Non-Recourse Indebtedness.

 

Gross Asset Value will be adjusted, as
appropriate, for acquisitions, dispositions and other changes to the portfolio during the calendar quarter most recently ended
prior to a date of determination. All income, expense and value associated with assets included in Gross Asset Value disposed of
during the calendar quarter period most recently ended prior to a date of determination will be eliminated from calculations. Gross
Asset Value will be adjusted to include an amount equal to the Borrower’s or any of its Subsidiaries’ pro rata share
(based upon the greater of such Person’s Equity Percentage in such Unconsolidated Affiliate non-Wholly Owned Subsidiary or
such Person’s pro rata liability for the Indebtedness of such Unconsolidated Affiliate or Subsidiary of Borrower that is
not a Wholly Owned Subsidiary) of the Gross Asset Value attributable to any of the items listed above in this definition owned
by such Unconsolidated Affiliate or Subsidiary of Borrower that is not a Wholly Owned Subsidiary. Notwithstanding anything herein
to the contrary, Real Estate that has transitioned from a Development Property to a Stabilized Property and all Real Estate recently
acquired by or any of its Subsidiaries may be included at the total cost determined in accordance with GAAP for a period of ninety
(90) calendar days from the date of such transition or acquisition, as applicable.

 

Notwithstanding the foregoing, in the event
that an adverse change occurs with respect to a Major Tenant(s) (individually or in the aggregate) at Real Estate (e.g., amendment
to a lease without the Administrative Agent’s prior written consent, lease termination, default of base rent or other material
payment obligations under its respective Lease for more than seventy-five (75) days beyond the date upon which such payment obligations
were due, assignment or sublease of a material portion of the space without the Administrative Agent’s prior written consent;
provided, that any Major Tenant vacancy existing as of the Effective Date and set forth in Schedule B will not independently
be considered an adverse change with respect to the related Real Estate), then for the purposes of the covenant calculations, at
the Borrower’s election, such Real Estate will immediately after the end of such seventy-five (75)-day period be valued at
either (i) the book value of such Real Estate less the percentage of Rent lost as the result of the adverse change, (ii) the current
Appraised Value as determined by an updated Appraisal acceptable to the Administrative Agent, or (iii) book value of such Real
Estate to the extent that a letter of intent has been executed requiring a new Major Tenant to begin paying Rent no later than
180 days from the date that the adverse change occurred. Additionally, if performance of the Real Estate improves or the adverse
change is otherwise cured to Administrative Agent’s reasonable satisfaction, then the Borrower will have the right to obtain
a new Appraisal acceptable to the Administrative Agent. Once the new Appraisal is accepted by the Administrative Agent, then the
value of the Real Estate shall be updated for purposes of this Agreement.

 

    18

     

    

 

“Ground
Leased Property” shall mean, collectively, (a) that certain real property located at 100 Main Street, Moncks Corner,
South Carolina and (b) that certain real property located at 3818 Devine Street, Columbia, South Carolina; each of which is more
particularly described on Exhibit A.

 

“Ground
Leases” shall mean, collectively, (a) Ground Lease between Marguerite W. West, individually, and Paula W. Raspberry,
Trustee of the Ralph D. West Family Trust B, and Marguerite W. West, Trustee of the Ralph D. West Family Trust B, as landlord,
and A-C Development Club, LLC, a South Carolina limited liability company, as tenant, dated October 1, 2000, as amended by First
Amendment to Lease Agreement dated December 29, 2000, and Second Amendment to Lease dated February 26, 2001, as assigned to Mortgagor
pursuant to that certain Assignment and Assumption of Ground Lease dated as of April 12, 2016 between A-C Development Club, LLC,
a South Carolina limited liability company, and WHLR - MONCKS CORNER, LLC, a Delaware limited liability company; and (b) Ground
Lease between The Niggel Family LLC, a South Carolina limited liability company, as landlord, and A-C Development Club, LLC, a
South Carolina limited liability company, as tenant, dated June 28, 2000, as assigned to Devine Center Financing, LLC, a pursuant
to that certain Assignment of Ground Lease dated as of August 27, 2002 between A-C Development Club, LLC, a South Carolina limited
liability company, as assignor to Devine Center Financing, LLC, a South Carolina limited liability company, as amended by that
certain Lease Amendment Agreement dated December 28, 2012, between The Niggel Family LLC, a South Carolina limited liability company
and Devine Center Financing, LLC, a South Carolina limited liability company, as assigned to Mortgagor pursuant to that certain
Assignment and Assumption of Ground Lease dated as of April 12, 2016 between Devine Center Financing, LLC, a South Carolina limited
liability company and WHLR - DEVINE STREET, LLC, a Delaware limited liability company.

 

“Ground
Lessee” shall mean, collectively, (a) WHLR - MONCKS CORNER, LLC, a Delaware limited liability company and (b) WHLR -
DEVINE STREET, LLC, a Delaware limited liability company.

 

“Ground
Lessor” shall mean, collectively, (a) Marguerite W. West, individually, and Paula W. Raspberry, Trustee of the Ralph
D. West Family Trust B, and Marguerite W. West, Trustee of the Ralph D. West Family Trust B and (b) The Niggel Family LLC, a South
Carolina limited liability company.

 

“Guaranteed Obligations”
has the meaning specified therefor in Section 10.01.

 

    19

     

    

 

“Guarantor”
means (a) each Subsidiary of the Borrower listed as a “Guarantor” on the signature pages hereto and (b) each other
Person which guarantees, pursuant to any Joinder Agreement, a Guaranty or otherwise, all or any part of the Obligations.

 

“Guaranty” means (a) the
guaranty of each Guarantor party hereto contained in Article X hereof and (b) each other guaranty, in form and substance satisfactory
to the Collateral Agent, made by any other Guarantor in favor of the Collateral Agent for the benefit of the Agents and the Lenders
guaranteeing all or part of the Obligations.

 

“Harbor Point TIF” means
the obligations described on Schedule C.

 

“Hazardous Material” means
any element, compound or chemical that is defined, listed or otherwise classified as a contaminant, pollutant, toxic or hazardous
substance, hazardous waste, special waste, or solid waste or words of similar import under any Environmental Law or that is otherwise
regulated under or for which liability or standards of care are imposed pursuant to any Environmental Law, including, without limitation,
petroleum, polychlorinated biphenyls; asbestos-containing materials, urea formaldehyde-containing materials radioactive materials
and toxic mold.

 

“Hedging Agreement” means
any interest rate, foreign currency, commodity or equity swap, collar, cap, floor or forward rate agreement, or other agreement
or arrangement designed to protect against fluctuations in interest rates or currency, commodity or equity values (including, without
limitation, any option with respect to any of the foregoing and any combination of the foregoing agreements or arrangements), and
any confirmation executed in connection with any such agreement or arrangement.

 

“Highest Lawful Rate” means,
with respect to any Agent or any Lender, the maximum non-usurious interest rate, if any, that at any time or from time to time
may be contracted for, taken, reserved, charged or received on the Obligations under laws applicable to such Agent or such Lender
which are currently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and
which allow a higher maximum non-usurious interest rate than applicable laws now allow.

 

“Holdout Lender” has the
meaning specified therefor in Section 11.02(c).

 

“Indebtedness” means, with
respect to any Person, without duplication, (a) all indebtedness of such Person for borrowed money; (b) all obligations of such
Person for the deferred purchase price of property or services (other than trade payables or other accounts payable incurred in
the ordinary course of such Person’s business and not outstanding for more than 180 days after the date such payable was
created and any earn-out, purchase price adjustment or similar obligation until such obligation appears in the liabilities section
of the balance sheet of such Person); (c) all obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments or upon which interest payments are customarily made; (d) all reimbursement, payment or other obligations and liabilities
of such Person created or arising under any conditional sales or other title retention agreement with respect to property used
and/or acquired by such Person, even though the rights and remedies of the lessor, seller and/or lender thereunder may be limited
to repossession or sale of such property; (e) all Capitalized Lease Obligations of such Person; (f) all obligations and liabilities,
contingent or otherwise, of such Person, in respect of letters of credit, acceptances and similar facilities; (g) all obligations
and liabilities, calculated on a basis satisfactory to the Agents and in accordance with accepted practice, of such Person under
Hedging Agreements; (h) all monetary obligations under any receivables factoring, receivable sales or similar transactions and
all monetary obligations under any synthetic lease, tax ownership/operating lease, off-balance sheet financing or similar financing
(including, without limitation, all Off-Balance Sheet Obligations; provided, that, for purposes of the financial covenants
set out in Section 7.03 and the Consolidated Subordinated Debt Service Coverage Ratio, Off-Balance Sheet Obligations relating to
that certain Harbor Point TIF shall not constitute Indebtedness ); (i) all Contingent Obligations; (j) all Disqualified Equity
Interests; and (k) all obligations referred to in clauses (a) through (j) of this definition of another Person secured by (or for
which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) a Lien upon property owned
by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness. The Indebtedness
of any Person shall include the Indebtedness of any partnership of or joint venture in which such Person is a general partner or
a joint venturer.

 

    20

     

    

 

“Indemnified Matters” has
the meaning specified therefor in Section 11.15.

 

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

 

“Indemnitees” has the meaning
specified therefor in Section 11.15.

 

“Insolvency Proceeding”
means any proceeding commenced by or against any Person under any provision of any Debtor Relief Law.

 

“Insurance Proceeds” means
all insurance proceeds, damages and claims and the right thereto under any insurance policies relating to any portion of any properties.

 

“Intellectual Property”
has the meaning specified therefor in the Security Agreement.

 

“Intellectual Property Contracts”
means all agreements concerning Intellectual Property, including without limitation license agreements, technology consulting agreements,
confidentiality agreements, co-existence agreements, consent agreements and non-assertion agreements.

 

“Intercompany Subordination Agreement”
means an Intercompany Subordination Agreement made by the Borrower and its Subsidiaries in favor of the Agents for the benefit
of the Agents and the Lenders, in form and substance satisfactory to the Agents.

 

“Interest Rate” has the
meaning specified therefor in Section 2.04(a).

 

“Internal Revenue Code”
means the Internal Revenue Code of 1986, as amended.

 

    21

     

    

 

“Investment” means, with
respect to any Person, (a) any investment by such Person in any other Person (including Affiliates) in the form of loans, guarantees,
advances or other extensions of credit (excluding Accounts arising in the ordinary course of business), capital contributions or
acquisitions of Indebtedness (including, any bonds, notes, debentures or other debt securities), Equity Interests, or all or substantially
all of the assets of such other Person (or of any division or business line of such other Person), (b) the purchase or ownership
of any futures contract or liability for the purchase or sale of currency or other commodities at a future date in the nature of
a futures contract, or (c) any investment in any other items that are or would be classified as investments on a balance sheet
of such Person prepared in accordance with GAAP.

 

“Joinder Agreement” means
a Joinder Agreement, substantially in the form of Exhibit A, duly executed by a Subsidiary of a Loan Party made a party hereto.

 

“Key Man Event”
means the failure of any of the following individuals to continue to be employed by the Borrower in senior management positions:
Dan Khoshaba (Chief Executive Officer), Andy Franklin (Chief Operating Officer) and Crystal Plum (Chief Financial Officer), unless
individuals reasonably acceptable to the Agents have been appointed to replace such parties within thirty (30) days of such occurrence;
provided, that the Agents may agree to extend such deadline for an additional thirty (30) days if the Borrower delivers
evidence reasonably acceptable to the Agents that the Borrower has identified a replacement for the applicable individual and is
diligently negotiating an employment agreement for such purpose; provided, further, that in the event the Agents agree to
extend such deadline for an additional thirty (30) days in accordance with the preceding proviso, the Agents may agree to extend
such deadline for a further thirty (30) days (for a total of ninety (90) days) if, as of the date which is sixty (60) days after
such occurrence, the Borrower has delivered evidence reasonably acceptable to the Agents that the Borrower is still diligently
negotiating an employment agreement with an identified replacement for the applicable individual.

 

“Lease”
means any lease, sublease or license of, or other agreement granting a possessory interest in, real property to which any Loan
Party or any of its Subsidiaries is a party as lessor, lessee, sublessor, sublessee, licensor or licensee.

 

“Lender”
has the meaning specified therefor in the preamble hereto.

 

“Lien”
means any mortgage, deed of trust, deed to secure debt, pledge, lien (statutory or otherwise), security interest, charge or other
encumbrance or security or preferential arrangement of any nature, including, without limitation, any conditional sale or title
retention arrangement, any Capitalized Lease and any assignment, deposit arrangement or financing lease intended as, or having
the effect of, security.

 

“Loan” means the term loan
made by a Lender to the Borrower pursuant to Article II hereof.

 

“Loan Document” means this
Agreement, any Note, any Control Agreement, the Closing Discount Letter, the Warrant, any Intercompany Subordination Agreement,
any Joinder Agreement, any Management Subordination Agreement, any Mortgage, any Security Agreement, any Guaranty, any Debt Subordination
Agreement, any landlord waiver, any collateral access agreement, any Perfection Certificate and any other agreement, instrument,
certificate, report and other document executed and delivered pursuant hereto or thereto or otherwise evidencing or securing any
Loan or any other Obligation.

 

    22

     

    

 

“Loan Party” means the
Borrower and any Guarantor.

 

“Major Lease” means, for
any Real Estate, a Lease with a Major Tenant.

 

“Major Tenant” means a
tenant of the Borrower or any Subsidiary which leases space on Real Estate pursuant to a Lease which entitles it to occupy (i)
fifty percent (50%) or more of the Net Rentable Area of such Real Estate or (ii) 20,000 square feet or more of the Net Rentable
Area of such Real Estate. Administrative Agent may in its reasonable discretion aggregate any and all Leases to Affiliates to determine
whether any tenant should be deemed to be a Major Tenant.

 

“Management Agreements”
means any written property management agreements providing for the management of Real Estate.

 

“Management Subordination Agreement”
means any subordination agreement made by the managers or related parties under any Management Subordination Agreement in favor
of the Agents, in form and substance satisfactory to the Agents.

 

“Material Adverse Effect”
means a material adverse effect on any of (a) the business, operations, assets, properties, liabilities or condition of the Borrower
and its Subsidiaries taken as a whole, (b) the ability of the Loan Parties, taken as a whole, to perform their obligations under
the Loan Documents, (c) the legality, validity or enforceability of this Agreement or any other Loan Document, (d) the rights and
remedies of any Agent or any Lender under any Loan Document, or (e) the validity, perfection or priority of a Lien in favor of
the Collateral Agent for the benefit of the Agents and the Lenders on Collateral having a fair market value in excess of $250,000.

 

“Material Contract” means,
with respect to any Person, (a) each contract or agreement listed on Schedule 6.01(v) hereto, (b) each contract or agreement to
which such Person or any of its Subsidiaries is a party which is material to the business of such Person or any of its Subsidiaries,
when taken as a whole, including any contract or agreement involving aggregate consideration payable to or by such Person or such
Subsidiary of $500,000 or more in any Fiscal Year (other than purchase orders in the ordinary course of the business of such Person
or such Subsidiary and other than contracts that by their terms may be terminated by such Person or Subsidiary in the ordinary
course of its business upon less than sixty (60) days’ notice without penalty or premium), and (c) all other contracts or
agreements as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected
to have a Material Adverse Effect; provided, that no Major Lease shall be a Material Contract.

 

“Material Subsidiary” means,
as of any date of determination, a Subsidiary of the Operating Partner that (a) is a Guarantor, or (b) owns Real Estate that is
either (i) unencumbered or (ii) securing Indebtedness having an aggregate amount outstanding greater than or equal to $6,100,000.

 

    23

     

    

 

“Minimum Unrestricted Cash Amount”
means, as of any date of determination, the minimum amount of Qualified Cash required to be held by the Loan Parties pursuant to
Section 7.03(a).

 

“Moody’s” means Moody’s
Investors Service, Inc. and any successor thereto.

 

“Mortgage” means a mortgage
(including, without limitation, a leasehold mortgage), deed of trust or deed to secure debt, in form and substance satisfactory
to the Collateral Agent, made by a Loan Party in favor of the Collateral Agent for the benefit of the Agents and the Lenders, securing
the Obligations and delivered to the Collateral Agent.

 

“Multiemployer Plan” means
a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Loan Party or any of its ERISA Affiliates
has contributed, or has been obligated to contribute, to at any time during the preceding the six calendar years.

 

“Net Cash Proceeds” means,
with respect to the receipt of any Extraordinary Receipts or the proceeds of any Disposition by any Loan Party, the aggregate amount
of cash received (directly or indirectly) from time to time (whether as initial consideration or through the payment or disposition
of deferred consideration) by or on behalf of such Person or such Subsidiary, in connection therewith after deducting therefrom
only (a) in the case of any Disposition or the receipt of any Extraordinary Receipts consisting of insurance proceeds or condemnation
awards, the amount of any Indebtedness secured by any Permitted Lien on any asset (other than Indebtedness (i) assumed by the purchaser
of such asset, (ii) under the Loan Documents, or (iii) secured by a Lien that is junior to the Lien securing the Obligations) which
is required to be, and is, repaid in connection therewith, (b) reasonable expenses related thereto incurred by such Loan Party
in connection therewith, (c) transfer taxes paid to any taxing authorities by such Loan Party in connection therewith, and (d)
net income taxes to be paid in connection therewith (after taking into account any tax credits or deductions and any tax sharing
arrangements), in each case, to the extent, but only to the extent, that the amounts so deducted are (i) actually paid to a Person
that, except in the case of reasonable out-of-pocket expenses, is not an Affiliate of such Loan Party and (ii) properly attributable
to such transaction or to the asset that is the subject thereof.

 

“Net Rentable Area” means,
with respect to any Real Estate, the net rentable square footage as determined in accordance with the Appraisal.

 

“Non-Recourse Exclusions”
means, with respect to any Non-Recourse Indebtedness of any Person, any industry standard exclusions from the non-recourse limitations
governing such Indebtedness, including, without limitation, exclusions for claims that (i) are based on fraud, intentional misrepresentation,
misapplication or misappropriation of funds, gross negligence or willful misconduct, (ii) result from intentional mismanagement
of or waste at the Real Estate securing such Non-Recourse Indebtedness, or (iii) arise from the presence of Hazardous Substances
on the Real Estate securing such Non-Recourse Indebtedness (whether contained in a loan agreement, promissory note, indemnity agreement
or other document), or (iv) are the result of any unpaid real estate taxes and assessments (whether contained in a loan agreement,
promissory note, indemnity agreement or other document).

 

    24

     

    

 

“Non-Recourse Indebtedness”
means Indebtedness of Subsidiaries of the Borrower or an Unconsolidated Affiliate or non-Wholly Owned Subsidiary which is secured
by one or more parcels of Real Estate (other than a Collateral Property) or interests therein or equipment and which is not a general
obligation of such Subsidiary or Unconsolidated Affiliate, the holder of such Indebtedness having recourse solely to the parcels
of Real Estate, or interests therein, securing such Indebtedness or the direct owner of such real estate, the leases thereon and
the rents, profits and equity thereof or equipment, as applicable (except for recourse against the general credit of the Borrower
or its Subsidiaries or an Unconsolidated Affiliate for any Non-Recourse Exclusions), provided, that in calculating the amount
of Non-Recourse Indebtedness at any time, the Borrower’s reasonable estimate of the amount of any Non-Recourse Exclusions
which are the subject of a claim and action shall not be included in the Non-Recourse Indebtedness but shall constitute Recourse
Indebtedness. Non-Recourse Indebtedness shall also include Indebtedness of a Subsidiary of Borrower that is not a Guarantor or
of an Unconsolidated Affiliate which is a special purpose entity that is recourse solely to such Subsidiary or Unconsolidated Affiliate,
which is not cross-defaulted to other Indebtedness of the Borrower and which does not constitute Indebtedness of any other Person
(other than such Subsidiary or Unconsolidated Affiliate which is the borrower thereunder).

 

“Note” means a promissory
note of the Borrower, substantially in the form of Exhibit E hereto, evidencing the Indebtedness resulting from the making of the
Loans and delivered to any Lender that requests such Note pursuant to Section 2.03(d) hereof, as such promissory note may be modified
or extended from time to time, and any promissory note or notes issued in exchange or replacement therefor.

 

“Notice of Borrowing” has
the meaning specified therefor in Section 2.02(a).

 

“Off-Balance Sheet Obligations”
means liabilities and obligations of the Borrower, any Subsidiary or any other Person in respect of “off-balance sheet arrangements”
(as defined in the SEC Off-Balance Sheet Rules) which Borrower would be required to disclose in the “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” section of Borrower’s report on Form 10 Q or Form 10
K (or their equivalents) which Borrower is required to file with the Securities and Exchange Commission or would be required to
file if it were subject to the jurisdiction of the SEC (or any Governmental Authority substituted therefore). As used in this definition,
the term “SEC Off-Balance Sheet Rules” means the Disclosure in Management’s Discussion and Analysis about Off
Balance Sheet Arrangements, Securities Act Release No. 33-8182, 68 Fed. Reg. 5982 (Feb. 5, 2003) (codified at 17 CFR pts. 228,
229 and 249).

 

“Obligations” means all
present and future indebtedness, obligations (including all Warrant Obligations), and liabilities of each Loan Party to the Agents
and the Lenders arising under or in connection with this Agreement or any other Loan Document, whether or not the right of payment
in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal,
equitable, secured, unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred
to in Section 8.01. Without limiting the generality of the foregoing, the Obligations of each Loan Party under the Loan Documents
include (a) the obligation (irrespective of whether a claim therefor is allowed in an Insolvency Proceeding) to pay principal,
interest, charges, expenses, fees, premiums (including the Applicable Premium), attorneys’ fees and disbursements, indemnities
and other amounts payable by such Person under the Loan Documents, and (b) the obligation of such Person to reimburse any amount
in respect of any of the foregoing that any Agent or any Lender (in its sole discretion) may elect to pay or advance on behalf
of such Person.

 

    25

     

    

 

“OFAC” means the Office
of Foreign Assets Control of the U.S. Department of the Treasury.

 

“Operating Partner” means
Wheel REIT, LP.

 

“Other Cash” means unrestricted
cash on-hand of the Loan Parties in the United States that is free and clear of all Liens and is not Controlled Cash.

 

“Other Cash Maximum Amount”
means, as of any date of determination, the greater of the Minimum Unrestricted Cash Amount minus the Controlled Cash Minimum Amount
and zero (0).

 

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

 

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

 

“PACE Financing” shall
mean any assessment, bond, loan, financing, or other debt incurred pursuant to “property assessed clean energy, “special
energy financing district,” or similar provisions of Applicable Laws.

 

“PACE Lien” shall mean
a Lien securing PACE Financing.

 

“Participant Register”
has the meaning specified therefor in Section 11.07(i).

 

“Payment Office”
means the Administrative Agent’s office located at Maples Fiduciary Services (Delaware) Inc. Suite 302, 4001 Kennett Pike
Wilmington, DE 19807, or at such other office or offices of the Administrative Agent as may be designated in writing from time
to time by the Administrative Agent to the Collateral Agent and the Borrower.

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any successor thereto.

 

    26

     

    

 

“Pension Plan”
means an Employee Plan that is subject to Section 412 of the Internal Revenue Code, Section 302 of ERISA or Title IV of ERISA maintained,
sponsored or contributed to, or for which there is an actual or contingent, direct or indirect obligation to contribute to, by
any Loan Party or any of its ERISA Affiliates at any time during the preceding six calendar years.

 

“Perfection
Certificate” means a certificate in form and substance satisfactory to the Collateral Agent providing information with
respect to the property of each Loan Party.

 

“Permitted Acquisition
Conditions” means, in respect of any Acquisition by a Loan Party or any Subsidiary thereof, each of the following conditions:

 

(a) no
Default or Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition;

 

(b) the
Borrower shall have furnished to the Agents at least ten (10) Business Days prior to the consummation of such Acquisition (i) an
executed term sheet and/or commitment letter (setting forth in reasonable detail the terms and conditions of such Acquisition)
and, at the request of any Agent, such other information and documents that any Agent may request, including, without limitation,
executed counterparts of the respective agreements, instruments or other documents pursuant to which such Acquisition is to be
consummated (including, without limitation, any related management, non-compete, employment, option or other material agreements),
any schedules to such agreements, instruments or other documents and all other material ancillary agreements, instruments or other
documents to be executed or delivered in connection therewith, (ii) pro forma financial statements of the Borrower and its Subsidiaries
after the consummation of such Acquisition, and (iii) a quality of earnings report from an independent firm reasonably acceptable
to the Agents in respect of the assets being acquired or the Person whose Equity Interests are being acquired;

 

(c) the
agreements, instruments and other documents referred to in paragraph (c) above shall provide that (i) neither the Loan Parties
nor any of their Subsidiaries shall, in connection with such Acquisition, assume or remain liable in respect of any Indebtedness
of the Seller or Sellers (except for Permitted Indebtedness), and (ii) all property to be so acquired in connection with such Acquisition
shall be free and clear of any and all Liens, except for Permitted Liens (and if any such property is subject to any Lien not permitted
by this clause (ii) then concurrently with such Acquisition such Lien shall be released);

 

(d) such
Acquisition shall be effected in such a manner so that the acquired assets or Equity Interests are owned either by the Operating
Partner or a direct Wholly Owned Subsidiary of the Operating Partner and, if effected by merger or consolidation involving a Loan
Party, such Loan Party shall be the continuing or surviving Person;

 

(e) the
assets being acquired or the Person whose Equity Interests are being acquired did not have negative Consolidated EBITDA during
the twelve (12) consecutive month period concluding with the most recently concluded fiscal quarter prior to the date of the proposed
Acquisition;

 

    27

     

    

 

(f) the
assets being acquired (other than a de minimis amount of assets in relation to the Loan Parties’ and their Subsidiaries’
total assets), or the Person whose Equity Interests are being acquired, are useful in or engaged in, as applicable, the business
of the Loan Parties and their Subsidiaries or a business reasonably related thereto;

 

(g) the
assets being acquired (other than a de minimis amount of assets in relation to the assets being acquired) are located within
the United States or the Person whose Equity Interests are being acquired is organized in a jurisdiction located within the United
States; and

 

(h) such
Acquisition shall be consensual and shall have been approved by the board of directors of the Person whose Equity Interests or
assets are proposed to be acquired and shall not have been preceded by an unsolicited tender offer for such Equity Interests by,
or proxy contest initiated by, Borrower or any of its Subsidiaries or an Affiliate thereof.

 

“Permitted Disposition”
means:

 

(a) leasing
or subleasing assets in the ordinary course of business;

 

(b) any
involuntary loss, damage or destruction of property;

 

(c) any
involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition
of use of property;

 

(d) so
long as no Event of Default has occurred and is continuing or would result therefrom, transfers of assets (i) from the Borrower
or any of its Subsidiaries to a Loan Party (other than the Borrower), and (ii) from any Subsidiary of the Borrower that is not
a Loan Party to any Subsidiary of the Operating Partner;

 

(e) Disposition
of obsolete or worn-out equipment in the ordinary course of business;

 

(f) so
long as no Event of Default has occurred and is continuing or would result therefrom, Disposition of a Collateral Property; provided,
that any such Disposition must be approved by all Lenders in writing;

 

(g) Dispositions
of assets or property of any Subsidiary that is not a Loan Party for cash in an aggregate amount not less than the Fair Market
Value of such assets or property; provided, that the Net Cash Proceeds of such Dispositions are used to reinvest in assets
used in the business of any Subsidiary of the Borrower in accordance with clause (g) of the definition of Permitted Investments;

 

(h) Dispositions
of Equity Interests in any Subsidiary that is not a Loan Party for cash in an aggregate amount not less than the Fair Market Value
of such Equity Interests; provided, that the Net Cash Proceeds of such Dispositions are used to reinvest in assets used
in the business of the parent of any Subsidiary of the Borrower in accordance with clause (g) of the definition of Permitted Investments;
and

 

    28

     

    

 

(i) any
other Disposition that is approved in writing by the Required Lenders.

 

“Permitted Equity
Issuance” means (a) in the event that the Borrower or any of its Subsidiaries forms or acquires any Subsidiary in accordance
with this Agreement, the issuance by such Subsidiary of Equity Interests to the Borrower or such Subsidiary, as applicable, (b)
the issuance of Equity Interests of the Borrower to directors, officers and employees of the Borrower and its Subsidiaries pursuant
to employee stock option plans (or other employee incentive plans or other compensation arrangements) approved by the Board of
Directors of the Borrower, (c) the issuance of Equity Interests by a Subsidiary of the Borrower to its parent or member in connection
with the contribution by such parent or member to such Subsidiary of the proceeds of an issuance described in clauses (a) –
(b) above, (d) the issuance of common share Equity Interests of the Borrower and (e) any rights offering in connection with a Permitted
Restricted Payment pursuant to clause (f) thereof.

 

“Permitted Indebtedness”
means:

 

(a) any
Indebtedness owing to any Agent or any Lender under this Agreement and the other Loan Documents;

 

(b) any
other Indebtedness listed on Schedule 7.02(b), and any Permitted Refinancing Indebtedness in respect of such Indebtedness;

 

(c) current
liabilities incurred in the ordinary course of business but not incurred through (i) the borrowing of money, or (ii) the obtaining
of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases
of goods and services;

 

(d) endorsements
for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of
business;

 

(e) Indebtedness
incurred to any other landowners, government or quasi-government or entity or similar entity in the ordinary course of business
in connection with the construction or development of any Real Estate, including, without limitation, subdivision improvement agreements,
development agreements, reimbursement agreements, infrastructure development agreements, agreements to construct or pay for on-site
or off-site improvements and similar agreements incurred in the ordinary course of business in connection with the development
of Real Estate or construction of infrastructure in connection therewith;

 

(f) Indebtedness
in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that
payment therefor shall not at the time be required to be made in accordance with the provisions of Section 7.01(b)(ii)

 

(g) Indebtedness
in respect of judgments only to the extent, for the period and for an amount not resulting in an Event of Default;

 

    29

     

    

 

(h) Indebtedness
of the Borrower and the Operating Partner with respect to customary Non-Recourse Exclusions and environmental indemnities in connection
with Indebtedness permitted to be incurred under clause (i) below;

 

(i) so
long as no Event of Default has occurred and is continuing or would result therefrom, Non-Recourse Indebtedness incurred by a Subsidiary
of the Borrower that is not a Loan Party to the extent that (i) such Indebtedness constitutes CRE Debt and (ii) (x) the proceeds
of such CRE Debt are used to fund Permitted Investments under clause (g) of the definition thereof or (y) such CRE Debt constitutes
Permitted Refinancing Indebtedness relating to an existing Permitted Investment under clauses (e) or (g) of the definition thereof;

 

(j) Subordinated
Indebtedness incurred by the Borrower so long as the following conditions are satisfied: (i) no Default or Event of Default has
occurred and is continuing or would result from the incurrence thereof; (ii) such Subordinated Indebtedness does not mature prior
to the date that is ninety (90) days after the Final Maturity Date; and (iii) both before and after giving effect to the incurrence
of such Indebtedness, (A) the Borrower is in compliance with the financial covenants in Section 7.03 and (B) (1) if the terms of
the Subordinated Indebtedness shall include a cash interest component: either (x) the Consolidated Subordinated Indebtedness Debt
Service Coverage Ratio for the twelve (12)-month period concluding with the most recently concluded fiscal quarter preceding the
time that such Subordinated Indebtedness is incurred is greater than 1.15:1.00 or (y) the Consolidated Subordinated Indebtedness
Incurrence Net Cash Flow is greater than $4,500,000 as of the last fiscal quarter immediately preceding the time that such Subordinated
Indebtedness is incurred and (2) the Borrower shall be permitted to pay such cash component if the Consolidated Subordinated Indebtedness
Debt Service Coverage Ratio for the twelve (12)-month period concluding with the most recently concluded fiscal quarter preceding
the time that such Subordinated Indebtedness is incurred is greater than 1.10:1.00; and

 

(k) any
other Indebtedness that is approved in writing by the Required Lenders.

 

“Permitted Intercompany
Investments” means Investments made by (a) a Loan Party to or in another Loan Party, (b) a Subsidiary that is not a Loan
Party to or in another Subsidiary that is not a Loan Party, and (c) a Subsidiary that is not a Loan Party to or in a Loan Party,
so long as, in the case of a loan or advance, the parties thereto are party to an Intercompany Subordination Agreement.

 

“Permitted Investments”
means:

 

(a) Investments
in cash and Cash Equivalents;

 

(b) Investments
in negotiable instruments deposited or to be deposited for collection in the ordinary course of business;

 

(c) advances
made in connection with purchases of goods or services in the ordinary course of business;

 

(d) Investments
received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary course of business
or owing to any Loan Party or any of its Subsidiaries as a result of Insolvency Proceedings involving an Account Debtor or upon
the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries;

 

    30

     

    

 

(e) Investments
existing on the date hereof, as set forth on Schedule 7.02(e) hereto, but not any increase in the amount thereof as set forth in
such Schedule or any other modification of the terms thereof;

 

(f) Permitted
Intercompany Investments;

 

(g) the
following Investments made by the Operating Partner or a direct Subsidiary of the Operating Partner so long as (x) no Default or
Event of Default exists or would result therefrom, (y) if the subject Investment constitutes all or any part of an Acquisition,
the Permitted Acquisition Conditions are satisfied and (z) the subject Investment is acquired for an aggregate amount not more
than its Fair Market Value:

 

(i) Investments
in unimproved land not to exceed (unless such Investment relates to Real Estate that is managed by the Property Manager) five percent
(5%) of Gross Asset Value;

 

(ii) Investments
in “ground up” construction and “ground up” development projects not to exceed fifteen percent (15%) of
Gross Asset Value;

 

(iii) Debt
Investments (including mezzanine debt and mortgage notes) not to exceed five percent (5%) of Gross Asset Value;

 

(iv) Investments
in Real Estate which are not retail Properties not to exceed ten percent (10%) of Gross Asset Value;

 

(v) Investments
in non-Wholly Owned Subsidiaries and Unconsolidated Affiliates (including real estate funds or privately held companies), to the
extent that such non-Wholly Owned Subsidiaries and Unconsolidated Affiliates use the proceeds of those Investments to make Investments
in accordance with clauses (g)(i), (ii), (iv), (vi) and (vii) of this definition, together with Investments in assets or properties
of such Persons permitted by the other clauses of this definition of Permitted Investments, not to exceed (unless such Investment
relates to Real Estate that is managed by the Property Manager) ten percent (10%) of Gross Asset Value;

 

(vi) Investments
in Real Estate constituting retail properties that are managed by the Property Manager; and

 

(vii) any
other Investment that is approved in writing by the Required Lenders.

 

Notwithstanding the foregoing, in no event
shall the aggregate value of the Investments described in clauses (g)(i) through (v) above exceed twenty percent (20%) of Gross
Asset Value at any time.

 

For the purposes of Permitted Investments and Section 7.02(e),
the Investment of Loan Parties in any non-Wholly Owned Subsidiaries and Unconsolidated Affiliates will equal (without duplication)
the sum of (i) such Person’s Equity Percentage of their Unconsolidated Affiliate’s Investment in undeveloped land plus
(ii) such Person’s Equity Percentage of any other Investments valued at the GAAP book value.

 

    31

     

    

 

“Permitted Liens”
means:

 

(a) Liens
securing the Obligations;

 

(b) Liens
for taxes, assessments and governmental charges the payment of which is not required under Section 7.01(b)(ii);

 

(c) Liens
imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s and other similar Liens arising
in the ordinary course of business and securing obligations (other than Indebtedness for borrowed money) that are not overdue by
more than 30 days or are being contested in good faith and by appropriate proceedings promptly initiated and diligently conducted,
and a reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made therefor;

 

(d) Liens
described on Schedule 7.02(a), provided, that any such Lien shall only secure the Indebtedness that it secures on the Effective
Date and any Permitted Refinancing Indebtedness in respect thereof;

 

(e) deposits
and pledges of cash securing (i) obligations incurred in respect of workers’ compensation, unemployment insurance or other
forms of governmental insurance or benefits, (ii) the performance of bids, tenders, leases, contracts (other than for the payment
of money) and statutory obligations or (iii) obligations on surety or appeal bonds, but only to the extent such deposits or pledges
are made or otherwise arise in the ordinary course of business and secure obligations not past due;

 

(f) with
respect to any Collateral Property, easements, zoning restrictions and similar encumbrances on real property and minor irregularities
in the title thereto that do not (i) secure obligations for the payment of money or (ii) materially impair the value of such property
or its use by any Loan Party in the normal conduct of such Person’s business;

 

(g) Liens
of landlords and mortgagees of landlords (i) arising by statute or under any Lease or related Contractual Obligation entered into
in the ordinary course of business, (ii) on fixtures and movable tangible property located on the real property leased or subleased
from such landlord, or (iii) for amounts not yet due or that are being contested in good faith by appropriate proceedings diligently
conducted and for which adequate reserves or other appropriate provisions are maintained on the books of such Person in accordance
with GAAP;

 

(h) the
title and interest of a lessor or sublessor in and to personal property leased or subleased (other than through a Capitalized Lease),
in each case extending only to such personal property;

 

(i) judgment
liens (other than for the payment of taxes, assessments or other governmental charges) securing judgments and other proceedings
not constituting an Event of Default under Section 8.01(j);

 

    32

     

    

 

(j) rights
of set-off or bankers’ liens upon deposits of cash in favor of banks or other depository institutions, solely to the extent
incurred in connection with the maintenance of such deposit accounts in the ordinary course of business;

 

(k) Liens
granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance premiums
to the extent the financing is permitted under the definition of Permitted Indebtedness; and

 

(l) Liens
relating to Non-Recourse Indebtedness of any Loan Party permitted to be incurred under clause (i) of the definition of Permitted
Indebtedness.

 

“Permitted Refinancing
Indebtedness” means the extension of maturity, refinancing or modification of the terms of Indebtedness so long as:

 

(a) after
giving effect to such extension, refinancing or modification, the loan-to-value ratio of such Indebtedness is not less than the
loan-to-value ratio required to be maintained under its original documentation;

 

(b) such
extension, refinancing or modification (x) does not result in a shortening of the average weighted maturity (measured as of the
extension, refinancing or modification) of the Indebtedness so extended, refinanced or modified or (y) does not result in the average
weighted maturity (measured as of the extension, refinancing or modification) of the Indebtedness so extended, refinanced or modified
occurring prior to the Final Maturity Date;

 

(c) such
extension, refinancing or modification is pursuant to terms that do not increase the advance rate or effective cost (inclusive
of all fees and interest) of the subject Indebtedness and the terms are otherwise not less favorable to the Loan Parties and their
Subsidiaries than the terms of the Indebtedness (including, without limitation, terms relating to the collateral (if any) and subordination
(if any)) being extended, refinanced or modified and such terms are otherwise not adverse to the Lenders; and

 

(d) the
Indebtedness that is extended, refinanced or modified is not recourse to any Loan Party or any of its Subsidiaries that is liable
on account of the obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced,
renewed, or extended.

 

“Permitted Restricted
Payments” means:

 

(a) Restricted
Payments made by any Subsidiary of any Loan Party to such Loan Party,

 

(b) Restricted
Payments made by each Subsidiary of the Borrower (other than the Operating Partnership) to the holders of such Subsidiary’s
Equity Interests according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment
is being made;

 

(c) Restricted
Payments made with respect to required redemptions of preferred Equity Interests of the Borrower that are outstanding as of the
Effective Date;

 

    33

     

    

 

(d) Restricted
Payments made by the Borrower and its Subsidiaries in amounts necessary for the Borrower to maintain its status as a real estate
investment trust; provided, however, no Restricted Payments shall be permitted under this clause (d) following an acceleration
of the Obligations pursuant to Section 8.01 or during the continuance of an Event of Default under Section 8.01 (a), (f) or (g);

 

(e) Restricted
Payments made by the Borrower to holders of its 8.75% Series D Cumulative Convertible Preferred Stock to discharge such holdings
pursuant to one or a series of cash tender offers therefor;

 

(f) Restricted
Payments made by the Borrower pursuant to any rights offering the net proceeds of which are to be used to fund one or a series
of cash tender offers pursuant to clause (e) of this definition;

 

(g) any
other Restricted Payment that is approved in writing by the Required Lenders; and

 

(h) the
payment of customary management fees disclosed to the Agents; provided, however, no Restricted Payments shall be
permitted under this clause (h) following an acceleration of the Obligations pursuant to Section 8.01 or during the continuance
of an Event of Default under Section 8.01 (a), (f) or (g).

 

“Permitted Specified
Liens” means Permitted Liens described in clauses (a), (b), (c), and (l) of the definition of Permitted Liens.

 

“Person”
means an individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated
organization, joint venture or other enterprise or entity or Governmental Authority.

 

“Petty Cash
Accounts” means deposit accounts with deposits at any time in an aggregate amount not in excess of $10,000 for any one
account and $50,000 in the aggregate for all such accounts.

 

“Post-Default
Rate” means the Interest Rate plus 3.00%.

 

“Pro Rata Share”
means, with respect to:

 

(a) a
Lender’s obligation to make the Loan and the right to receive payments of interest, fees and principal with respect thereto,
the percentage obtained by dividing (i) such Lender’s Commitment, by (ii) the Total Commitment, provided that if the Total
Commitment has been reduced to zero, the numerator shall be the aggregate unpaid principal amount of such Lender’s portion
of the Loan and the denominator shall be the aggregate unpaid principal amount of the Loan, and

 

(b) all
other matters (including, without limitation, the indemnification obligations arising under Section 9.05), the percentage obtained
by dividing (i) the unpaid principal amount of such Lender’s portion of the Loan, by (ii) the aggregate unpaid principal
amount of the Loan.

 

    34

     

    

 

“Projections” means financial
projections of the Borrower and its Subsidiaries delivered pursuant to Section 6.01(g)(ii), as updated from time to time pursuant
to Section 7.01(a)(ii).

 

“Property Manager” means
Wheeler Real Estate, LLC, a Wholly Owned Subsidiary of the Borrower, or such other manager of Real Estate approved by the Agents.

 

“Qualified Cash” means,
as of any date of determination, the aggregate amount of Controlled Cash plus the aggregate amount of Other Cash up to the Other
Cash Maximum Amount.

 

“Real Estate” means all
real property at any time owned or leased (as lessee or sublessee) by a Loan Party or any of their respective Subsidiaries, including,
without limitation, the Collateral Properties.

 

“Real Property
Deliverables” means each of the following agreements, instruments and other documents in respect of each Collateral Property,
each in form and substance reasonably satisfactory to the Collateral Agent:

 

(a) a
Mortgage duly executed by the applicable Loan Party;

 

(b) evidence
of the recording of each Mortgage in such office or offices as may be necessary or, in the reasonable opinion of the Collateral
Agent, desirable to perfect the Lien purported to be created thereby or to otherwise protect the rights of the Collateral Agent
and the Lenders thereunder;

 

(c) a
Title Insurance Policy or bring-down of the existing Title Insurance Policy with respect to each Mortgage, dated as of the Effective
Date;

 

(d) an
affidavit of no change with respect to the ALTA survey in respect of each Collateral Property;

 

(e) a
zoning report issued by a provider reasonably satisfactory to the Collateral Agent or a copy of each letter issued by the applicable
Governmental Authority, evidencing each Collateral Property’s compliance with all applicable Requirements of Law, together
with a copy of all certificates of occupancy issued with respect to each Collateral Property;

 

(f) an
opinion of counsel, satisfactory to the Collateral Agent, in the state where such Collateral Property is located with respect to
the enforceability of the Mortgage to be recorded and such other matters as the Collateral Agent may reasonably request;

 

(g) a
current ASTM 1527-13 Phase I Environmental Site Assessment (“Phase I ESA”) (and if reasonably requested by the Collateral
Agent based upon the results of such Phase I, a Phase II Environmental Site Assessment), by an independent firm reasonably satisfactory
to the Collateral Agent;

 

(h) Ground
Lessor estoppel with respect to each of the Ground Leased Properties;

 

    35

     

    

 

(i) Non-Disturbance
Agreement executed by Marguerite W. West, the fee mortgagee of Ground Leased Property located at 100 Main Street, Moncks Corner,
South Carolina; and

 

(j) such
other agreements, instruments, appraisals and other documents (including guarantees and opinions of counsel) as the Collateral
Agent may reasonably require.

 

“Recipient”
means any Agent and any Lender, as applicable.

 

“Recourse Indebtedness”
means, as of any date of determination, any Indebtedness (whether secured or unsecured) with respect to which the liability of
the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness, subject to Non-Recourse
Exclusions. Recourse Indebtedness shall not include Non-Recourse Indebtedness.

 

“Reference Period”
means any period of twelve (12) consecutive months of the Borrower and its Subsidiaries ending with the fiscal quarter then most
recently ended.

 

“Register” has the meaning
specified therefor in Section 11.07(f).

 

“Registered Intellectual Property”
means Intellectual Property that is issued, registered, renewed or the subject of a pending application.

 

“Registered Loans” has
the meaning specified therefor in Section 11.07(f).

 

“Registration Rights Agreement”
means the registration rights agreement dated as of the Effective Date and delivered pursuant to Section 5.01(n), as amended, replaced
or otherwise modified pursuant to the terms thereof.

 

“Regulation T”, “Regulation
U” and “Regulation X” mean, respectively, Regulations T, U and X of the Board or any successor, as
the same may be amended or supplemented from time to time.

 

“REIT” shall mean a Person
satisfying the conditions and limitations set forth in Section 856(b), Section 856(c), and Section 857(a) of the
Code, and Treasury Regulations promulgated thereunder, and qualifying as a real estate investment trust, as defined in Section 856(a)
of the Code.

 

“Related Fund” means, with
respect to any Person, an Affiliate of such Person, or a fund or account managed by such Person or an Affiliate of such Person.

 

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

 

“Release” means any spilling,
leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, seeping, migrating, dumping or disposing
of any Hazardous Material (including the abandonment or discarding of barrels, containers and other closed receptacles containing
any Hazardous Material) into the indoor or outdoor environment, including, without limitation, the movement of Hazardous Materials
through or in the ambient air, soil, surface or ground water, or property.

 

    36

     

    

 

“Remedial Action” means
any action (a) to correct or address any actual, alleged or threatened non-compliance with any Environmental Law or Environmental
Permit, or (b) to clean up, remove, remediate, contain, treat, monitor, assess, evaluate, investigate, prevent, minimize or in
any other way address any environmental condition or the presence, Release or threatened Release of any Hazardous Material (including
the performance of pre-remedial studies and investigations and post-remedial operation and maintenance activities).

 

“Rent Roll”
means a report prepared by the Borrower showing for each Real Estate property owned by a Loan Party or a Material Subsidiary, its
occupancy, tenants, lease expiration dates, lease rent and other information in form reasonably satisfactory to the Agents.

 

“Rents”
shall have the meaning set forth in Article 1 of each Mortgage.

 

“Replacement Lender” has
the meaning specified therefor in Section 11.02(c).

 

“Reportable Event” means
an event described in Section 4043 of ERISA (other than an event not subject to the provision for 30-day notice to the PBGC under
the regulations promulgated under such Section).

 

“Required Lenders” means
Lenders whose Pro Rata Shares (calculated in accordance with clause (a) of the definition thereof) aggregate at least 50.1%.

 

“Required Prepayment Date”
has the meaning specified therefor in Section 2.05(f).

 

“Requirements of Law” means,
with respect to any Person, collectively, the common law and all federal, state, provincial, local, foreign, multinational or international
laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions,
decrees (including administrative or judicial precedents or authorities) and the interpretation or administration thereof by, and
other determinations, directives, requirements or requests of, any Governmental Authority, in each case that are applicable to
or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Restricted Payment” means
(a) the declaration or payment of any dividend or other distribution, direct or indirect, on account of any Equity Interests of
any Loan Party or any of its Subsidiaries, now or hereafter outstanding, together with any payment or distribution pursuant to
a “plan of division” under the Delaware Limited Liability Company Act or any comparable transaction under any similar
law, (b) the making of any repurchase, redemption, retirement, defeasance, sinking fund or similar payment, purchase or other acquisition
for value, direct or indirect, of any Equity Interests of any Loan Party or any of its Subsidiaries or any direct or indirect parent
of any Loan Party or any of its Subsidiaries,, now or hereafter outstanding, (c) the making of any payment to retire, or to obtain
the surrender of, any outstanding warrants, options or other rights for the purchase or acquisition of shares of any class of Equity
Interests of any Loan Party or any of its Subsidiaries, now or hereafter outstanding, (d) the return of any Equity Interests to
any shareholders or other equity holders of any Loan Party or any of its Subsidiaries, or make any other distribution of property,
assets, shares of Equity Interests, warrants, rights, options, obligations or securities thereto as such or (e) the payment of
any management, consulting, monitoring or advisory fees or any other fees or expenses (including the reimbursement thereof by any
Loan Party or any of its Subsidiaries) pursuant to any management, consulting, monitoring, advisory or other services agreement
to any of the shareholders or other equityholders of any Loan Party or any of its Subsidiaries or other Affiliates, or to any other
Subsidiaries or Affiliates of any Loan Party.

 

    37

     

    

 

“Sale
and Leaseback Transaction” means, with respect to the Borrower or any of its Subsidiaries, any arrangement, directly
or indirectly, with any Person whereby the Borrower or any of its Subsidiaries shall sell or transfer any property used or useful
in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it
intends to use for substantially the same purpose or purposes as the property being sold or transferred.

 

“Sanctioned
Country” means, at any time, a country or territory that is the subject or target of any Sanctions that broadly prohibit
dealings with that country or territory (which, as of the Effective Date, include Crimea, Cuba, Iran, North Korea and Syria).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in OFAC’s Specially Designated Nationals and Blocked Persons
List, OFAC’s Sectoral Sanctions Identification List, and any other Sanctions-related list of designated Persons maintained
by OFAC, the U.S. Department of State, or other relevant sanctions authority, (b) a Person that resides in, is organized
in or located in, or has a place of business in, a country or territory named on any list referred to in clause (a) of this definition
or a country or territory that is designated as a “Non-Cooperative Jurisdiction” by the Financial Action Task Force
on Money Laundering, or whose subscription funds are transferred from or through any such jurisdiction (each of the foregoing
in this clause (b), a “Sanction Target”), or a Person that owns 50% or more of the Equity Interests of, or
is otherwise controlled by, or is acting on behalf of, one or more Sanction Targets, (c) any Person with whom or with which a
U.S. Person is prohibited from dealing under any of the Sanctions, or (d) any Person owned or controlled by any Person or
Persons described in clause (a) or (b).

 

“Sanctions”
means Requirements of Law concerning or relating to economic or financial sanctions or trade embargoes imposed, administered or
enforced from time to time by OFAC, the U.S. Department of State, or other relevant sanctions authority.

 

“SEC”
means the Securities and Exchange Commission or any other similar or successor agency of the Federal government administering
the Securities Act.

 

“Secured
Party” means any Agent and any Lender.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any similar Federal statute, and the rules and regulations of
the SEC thereunder, all as the same shall be in effect from time to time.

 

“Securitization”
has the meaning specified therefor in Section 11.07(l).

 

    38

     

    

 

“Security
Agreement” means each Pledge and Security Agreement, in form and substance satisfactory to the Collateral Agent, made
by a Loan Party in favor of the Collateral Agent for the benefit of the Secured Parties securing the Obligations.

 

“Seller”
means any Person that sells Equity Interests or other property or assets to a Loan Party or a Subsidiary of a Loan Party in a
Permitted Acquisition.

 

“Solvent”
means, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is
not less than the total amount of the liabilities of such Person, (b) the present fair salable value of the assets of such Person
is not less than the amount that will be required to pay the probable liability of such Person on its existing debts as they become
absolute and matured, (c) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations
and other commitments as they mature in the normal course of business, (d) such Person does not intend to, and does not believe
that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature, and (e)
such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such
Person’s property would constitute unreasonably small capital.

 

“Stabilized
Property” means any Property that is (a) 85% leased or (b) has been a completed construction property for more than
twelve (12) months.

 

“Standard
& Poor’s” means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc.
and any successor thereto.

 

“Subordinated
Indebtedness” means Indebtedness of any Loan Party the terms of which (including, without limitation, payment terms,
interest rates, covenants, remedies, defaults and other material terms) are reasonably satisfactory to the Administrative Agent
and which has been expressly subordinated in right of payment to all Obligations of such Loan Party under the Loan Documents (a)
by the execution and delivery of a Debt Subordination Agreement or (b) otherwise on terms and conditions reasonably satisfactory
to the Collateral Agent.

 

“Subsidiary”
means, with respect to any Person at any date, any corporation, limited or general partnership, limited liability company, trust,
estate, association, joint venture or other business entity (a) the accounts of which would be consolidated with those of such
Person in such Person’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP or (b) of which more than 50% of (i) the outstanding Equity Interests having (in the absence of contingencies) ordinary voting
power to elect a majority of the Board of Directors of such Person, (ii) in the case of a partnership or limited liability company,
the interest in the capital or profits of such partnership or limited liability company or (iii) in the case of a trust, estate,
association, joint venture or other entity, the beneficial interest in such trust, estate, association or other entity business
is, at the time of determination, owned or controlled directly or indirectly through one or more intermediaries, by such Person.
References to a Subsidiary shall mean a Subsidiary of the Borrower unless the context expressly provides otherwise.

 

“Taking”
means the taking or appropriation (including by deed in lieu of condemnation) of any Real Estate, or any part thereof or interest
therein, whether permanently or temporarily, for public or quasi-public use under the power of eminent domain, by reason of any
public improvement or condemnation proceeding, or in any other manner or any customarily recognized and compensated damage or
injury or diminution in value through condemnation, inverse condemnation or other exercise of the power of eminent domain.

 

    39

     

    

 

“Taxes”
means any and all present or future taxes (including social security contributions and value added taxes), levies, imposts, duties
(including stamp duties), deductions, charges (including ad valorem charges) withholdings (including backup withholding), assessments,
fees or other charges of any nature whatsoever imposed by any Governmental Authority, including any interest, additions to tax
or penalties applicable thereto.

 

“Termination
Date” means the first date on which all of the Obligations are paid in full in cash and the Commitments of the Lenders
are terminated.

 

“Title
Insurance Policy” means a mortgagee’s loan policy, in form and substance satisfactory to the Collateral Agent,
together with all endorsements made from time to time thereto, issued to the Collateral Agent by or on behalf of a title insurance
company selected by or otherwise satisfactory to the Collateral Agent, insuring the Lien created by a Mortgage in an amount and
on terms and with such endorsements satisfactory to the Collateral Agent, delivered to the Collateral Agent.

 

“Total
Commitment” means the sum of the amounts of the Lenders’ Commitments.

 

“Treasury
Regulations” means the U.S. Treasury regulations promulgated under the Internal Revenue Code.

 

“Unconsolidated
Affiliate” means, in respect of any Person, (a) any other Person in whom such Person holds an Investment, whose financial
results would not be consolidated under GAAP with the financial results of such first Person on the consolidated financial statements
of such first Person, or (b) which is not a Subsidiary of such first Person; provided, that, Unconsolidated Affiliates
shall not include Persons with Investments in the Borrower or the Operating Partner.

 

“Uniform
Commercial Code” or “UCC” has the meaning specified therefor in Section 1.04.

 

“USA
PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (PATRIOT) Act of 2001 (Title III of Pub. L. 107-56, Oct. 26, 2001)) as amended by the USA Patriot Improvement and Reauthorization
Act of 2005 (Pub. L. 109-177, March 9, 2006) and as the same may have been or may be further renewed, extended, amended, or replaced.

 

“U.S.
Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal
Revenue Code.

 

“Waivable
Mandatory Prepayment” has the meaning specified therefor in Section 2.05(f).

 

    40

     

    

 

“Warrant”
means the warrant dated as of the Effective Date and delivered pursuant to Section 5.01(n), as amended, replaced or otherwise
modified pursuant to the terms thereof.

 

“Warrant
Obligations” means all Obligations of Borrower arising out of, under or in connection with the Warrant.

 

“Wholly
Owned Subsidiary” means, as to the Operating Partner, any Subsidiary of the Operating Partner that is directly or indirectly
owned 100% by the Operating Partner.

 

“Withholding
Agent” means any Loan Party and the Administrative Agent.

 

Section
1.02 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”.
Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, and (e) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any right or interest in or
to assets and properties of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible.

 

Section
1.03 Certain Matters of Construction. References in this Agreement to “determination” by any Agent include
good faith estimates by such Agent (in the case of quantitative determinations) and good faith beliefs by such Agent (in the case
of qualitative determinations). A Default or Event of Default shall be deemed to exist at all times during the period commencing
on the date that such Default or Event of Default occurs to the date on which such Default or Event of Default is waived in writing
pursuant to this Agreement or, in the case of a Default, is cured within any period of cure expressly provided for in this Agreement;
and an Event of Default shall “continue” or be “continuing” until such Event of Default has been waived
in writing by the Required Lenders. Any Lien referred to in this Agreement or any other Loan Document as having been created in
favor of any Agent, any agreement entered into by any Agent pursuant to this Agreement or any other Loan Document, any payment
made by or to or funds received by any Agent pursuant to or as contemplated by this Agreement or any other Loan Document, or any
act taken or omitted to be taken by any Agent, shall, unless otherwise expressly provided, be created, entered into, made or received,
or taken or omitted, for the benefit or account of the Agents and the Lenders. Wherever the phrase “to the knowledge of
any Loan Party” or words of similar import relating to the knowledge or the awareness of any Loan Party are used in this
Agreement or any other Loan Document, such phrase shall mean and refer to (i) the actual knowledge of a senior officer of any
Loan Party or (ii) the knowledge that a senior officer would have obtained if such officer had engaged in good faith and diligent
performance of such officer’s duties, including the making of such reasonably specific inquiries as may be necessary of
the employees or agents of such Loan Party and a good faith attempt to ascertain the existence or accuracy of the matter to which
such phrase relates. All covenants hereunder shall be given independent effect so that if a particular action or condition is
not permitted by any of such covenants, the fact that it would be permitted by an exception to, or otherwise within the limitations
of, another covenant shall not avoid the occurrence of a default if such action is taken or condition exists. In addition, all
representations and warranties hereunder shall be given independent effect so that if a particular representation or warranty
proves to be incorrect or is breached, the fact that another representation or warranty concerning the same or similar subject
matter is correct or is not breached will not affect the incorrectness of a breach of a representation or warranty hereunder.

 

    41

     

    

 

Section
1.04 Accounting and Other Terms.

 

(a) Unless
otherwise expressly provided herein, each accounting term used herein shall have the meaning given it under GAAP. For purposes
of determining compliance with any incurrence or expenditure tests set forth in Section 7.01, Section 7.02 and Section 7.03, any
amounts so incurred or expended (to the extent incurred or expended in a currency other than Dollars) shall be converted into
Dollars on the basis of the exchange rates (as shown on the Bloomberg currency page for such currency or, if the same does not
provide such exchange rate, by reference to such other publicly available service for displaying exchange rates as may be reasonably
selected by the Agents or, in the event no such service is selected, on such other basis as is reasonably satisfactory to the
Agents) as in effect on the date of such incurrence or expenditure under any provision of any such Section that has an aggregate
Dollar limitation provided for therein (and to the extent the respective incurrence or expenditure test regulates the aggregate
amount outstanding at any time and it is expressed in terms of Dollars, all outstanding amounts originally incurred or spent in
currencies other than Dollars shall be converted into Dollars on the basis of the exchange rates (as shown on the Bloomberg currency
page for such currency or, if the same does not provide such exchange rate, by reference to such other publicly available service
for displaying exchange rates as may be reasonably selected by the Agents or, in the event no such service is selected, on such
other basis as is reasonably satisfactory to the Agents) as in effect on the date of any new incurrence or expenditures made under
any provision of any such Section that regulates the Dollar amount outstanding at any time). Notwithstanding the foregoing, for
purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness
of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the
effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

 

(b) All
terms used in this Agreement which are defined in Article 8 or Article 9 of the Uniform Commercial Code as in effect from time
to time in the State of New York (the “Uniform Commercial Code” or the “UCC”) and which
are not otherwise defined herein shall have the same meanings herein as set forth therein, provided that terms used herein which
are defined in the Uniform Commercial Code as in effect in the State of New York on the date hereof shall continue to have the
same meaning notwithstanding any replacement or amendment of such statute except as any Agent may otherwise determine.

 

    42

     

    

 

Section
1.05 Time References. Unless otherwise indicated herein, all references to time of day refer to Eastern Standard Time
or Eastern daylight saving time, as in effect in New York City on such day. For purposes of the computation of a period of time
from a specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each means “to but excluding”; provided, however, that with
respect to a computation of fees or interest payable to any Secured Party, such period shall in any event consist of at least
one (1) full day.

 

Section
1.06 Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under
Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability
of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred
from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed
to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.

 

Article
II

THE LOANS

 

Section
2.01 Commitments. (a) Subject to the terms and conditions and relying upon the representations and warranties herein
set forth, each Lender severally agrees to make the Loan to the Borrower on the Effective Date, in an aggregate principal amount
not to exceed the amount of such Lender’s Commitment.

 

(b) Notwithstanding
the foregoing, the aggregate principal amount of the Loan made on the Effective Date shall not exceed the Total Commitment. The
Total Commitment and each Lender’s Commitment shall be permanently terminated immediately and without further action upon
the funding of the Loan on the Effective Date. Any principal amount of the Loan which is repaid or prepaid may not be reborrowed.

 

Section
2.02 Making the Loan. (a) The Borrower shall give the Administrative Agent notice (in substantially the form of Exhibit
C hereto (a “Notice of Borrowing”)), not later than 12:00 noon (New York City time) on the date which is one
(1) Business Day prior to the date of the proposed Loan (or such shorter period as the Administrative Agent is willing to accommodate,
but in no event later than 12:00 noon (New York City time) on the borrowing date of the proposed Loan). Such Notice of Borrowing
shall be irrevocable. The Administrative Agent and the Lenders may act without liability upon the basis of written, telecopied
or telephonic notice believed by the Administrative Agent in good faith to be from the Borrower (or from any Authorized Officer
thereof designated in writing purportedly from the Borrower to the Administrative Agent). The Administrative Agent and each Lender
shall be entitled to rely conclusively on any Authorized Officer’s authority to request a Loan on behalf of the Borrower
until the Administrative Agent receives written notice to the contrary. The Administrative Agent and the Lenders shall have no
duty to verify the authenticity of the signature appearing on any written Notice of Borrowing.

 

    43

     

    

 

(b) The
Loan shall be made by the Lenders simultaneously and proportionately to their Pro Rata Shares of the Total Commitment, as the
case may be, it being understood that no Lender shall be responsible for any default by any other Lender in that other Lender’
obligations to make the Loan, nor shall the Commitment of any Lender be increased or decreased as a result of the default by any
other Lender in that other Lender’s obligation to make a Loan requested hereunder, and each Lender shall be obligated to
make the Loans required to be made by it by the terms of this Agreement regardless of the failure by any other Lender.

 

Section
2.03 Repayment of Loans; Evidence of Debt. (a) The outstanding unpaid principal amount of the Loan, and all accrued
and unpaid interest thereon, and all other amounts (including any Applicable Premium), shall be due and payable on the earliest
of (i) the Final Maturity Date and (ii) the date on which the Loan is declared due and payable pursuant to the terms of this Agreement.

 

(a) Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower
to such Lender resulting from the Loan made by such Lender, including the amounts of principal and interest payable and paid to
such Lender from time to time hereunder.

 

(b) The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of the Loan, (ii) the amount of any principal
or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, and (iii) the amount of any
sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.

 

(c) The
entries made in the accounts maintained pursuant Section 11.07(f) or Section 2.03(b) shall be prima facie evidence of the
existence and amounts of the obligations recorded therein; provided, that (i) the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the
Loans in accordance with the terms of this Agreement and (ii) in the event of any conflict between the entries made in the accounts
maintained pursuant to Section 11.07(f) and the accounts maintained pursuant to Section 2.03(b), the accounts maintained pursuant
to Section 11.07(f) shall govern and control.

 

(d) Any
Lender may request that Loans made by it be evidenced by a Note. In such event, the Borrower shall execute and deliver to such
Lender a Note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns),
in the form annexed hereto as Exhibit E. Thereafter, the Loans evidenced by such Note and interest thereon shall at all times
(including after assignment pursuant to Section 11.07) be represented by one or more Notes in such form payable to the order of
the payee named therein (or, if such Note is a registered note, to such payee and its registered assigns).

 

Section
2.04 Interest.

 

(a) Loan.
Subject to the terms of this Agreement, the Loan shall bear interest on the principal amount thereof from time to time outstanding,
from the Effective Date until repaid, at a rate per annum equal to 13.50% (the “Interest Rate”).

 

    44

     

    

 

(b) Default
Interest. To the extent permitted by law and notwithstanding anything to the contrary in this Section, upon the occurrence
and during the continuance of an Event of Default, at the election of the Required Lenders (except no election shall be required
upon an Event of Default under clauses (a), (f) or (g) of Section 8.01) the principal of, and all accrued and unpaid interest
on, all Loans, fees, indemnities or any other Obligations of the Loan Parties under this Agreement and the other Loan Documents,
shall bear interest, from the date such Event of Default occurred until the date such Event of Default is cured or waived in writing
in accordance herewith, at a rate per annum equal at all times to the Post-Default Rate.

 

(c) Interest
Payment. Interest on the Loan shall be payable (i) quarterly, in arrears, on the fifteenth (15th) day of each January,
April, July and October of each Fiscal Year, or if such date us not a Business Day, then on the immediately succeeding Business
Day and (ii) at maturity (whether upon demand, by acceleration or otherwise). Interest at the Post-Default Rate shall be payable
on demand.

 

(d) General.
All interest shall be computed on the basis of a year of 360 days for the actual number of days, including the first day but excluding
the last day, elapsed.

 

Section
2.05 Prepayment of Loans.

 

(a) Optional
Prepayment. The Borrower may, upon at least ten (10) Business Days’ prior written notice to the Administrative Agent
(or such shorter period as the Administrative Agent is willing to accommodate), terminate this Agreement by paying to the Administrative
Agent, in cash, the Obligations in full, plus the Applicable Premium payable in connection with such termination of this Agreement.
If the Borrower has sent a notice of termination pursuant to this Section 2.05(a), then the Borrower shall be obligated to repay
the Obligations, in full, plus the Applicable Premium payable in connection with such termination of this Agreement on the date
set forth as the date of termination of this Agreement in such notice.

 

(b) Mandatory
Prepayment.

 

(i) [Reserved].

 

(ii) [Reserved].

 

(iii) Within
three (3) Business Days of the receipt by any Loan Party or any of its Subsidiaries of any Extraordinary Receipts relating to
any Collateral Property, the Borrower shall prepay the outstanding principal of the Loans in accordance with Section 2.05(c) in
an amount equal to 100% of the Net Cash Proceeds received by such Person in connection therewith; provided, that such Net
Cash Proceeds shall not be required to be so used to prepay the Obligations to the extent that (A) no Default or Event of Default
has occurred and is continuing on the date such Person receives such Net Cash Proceeds, (B) the Borrower delivers a certificate
to the Administrative Agent within five (5) days after such Extraordinary Receipt stating that such Net Cash Proceeds shall be
used to replace, repair, restore or improve such Collateral Property within a period specified in such certificate not to exceed
one hundred eighty (180) days after the date of receipt of such Net Cash Proceeds (which certificate shall set forth estimates
of the Net Cash Proceeds to be so expended), (C) such Net Cash Proceeds are deposited in an account subject to a Control Agreement,
and (D) such Net Cash Proceeds are used to replace, repair, restore or improve such Collateral Property prior to the period specified
in the certificate furnished pursuant to clause (B) above. Notwithstanding the foregoing, upon the earlier of (1) the expiration
of the period specified in the relevant certificate furnished to the Administrative Agent pursuant to clause (B) above and (2)
the occurrence of a Default or an Event of Default, such Net Cash Proceeds, if not theretofore so used, shall be used to prepay
the Obligations in accordance herewith.

 

    45

     

    

 

(c) Application
of Payments. Each prepayment pursuant to subsection (b) above shall be applied to the Loan, until paid in full. Notwithstanding
the foregoing, after the occurrence and during the continuance of an Event of Default, if the Administrative Agent has elected,
or has been directed by the Collateral Agent or the Required Lenders, to apply payments in respect of any Obligations in accordance
with Section 4.03(b), prepayments required under Section 2.05(b) shall be applied in the manner set forth in Section 4.03(b).

 

(d) Interest
and Fees. Any payment, repayment prepayment made pursuant to this Section 2.05 shall be accompanied by (i) accrued interest
on the principal amount being prepaid to the date of prepayment and (ii) the Applicable Premium payable in connection with such
payment, repayment or prepayment of the Loans (if applicable).

 

(e) Cumulative
Prepayments. Except as otherwise expressly provided in this Section 2.05, payments with respect to any subsection of this
Section 2.05 are in addition to payments made or required to be made under any other subsection of this Section 2.05.

 

(f) Waivable
Mandatory Prepayments. Anything contained herein to the contrary notwithstanding, in the event that the Borrower is required
to make any mandatory prepayment (a “Waivable Mandatory Prepayment”) of the Loans pursuant to Section 2.05(c),
not less than one (1) Business Day prior to the date on which the Borrower is required to make such Waivable Mandatory Prepayment
(the “Required Prepayment Date”), the Borrower shall notify the Administrative Agent of the amount of such
prepayment, and the Administrative Agent will promptly thereafter notify each Lender of the amount of such Lender’s Pro
Rata Share of such Waivable Mandatory Prepayment and such Lender’s option to refuse such amount. Each such Lender may exercise
such option by giving written notice to the Borrower and the Administrative Agent of its election to do so on or before the first
Business Day prior to the Required Prepayment Date (it being understood that any Lender that does not notify the Borrower and
the Administrative Agent of its election to exercise such option on or before the first Business Day prior to the Required Prepayment
Date shall be deemed to have elected, as of such date, not to exercise such option). On the Required Prepayment Date, the Borrower
shall pay to the Administrative Agent the amount of the Waivable Mandatory Prepayment, which amount shall be applied (i) in an
amount equal to that portion of the Waivable Mandatory Prepayment payable to those Lenders that have elected not to exercise such
option, to prepay the Loans of such Lenders (which prepayment shall be applied to prepay the outstanding principal amount of the
Obligations in accordance with Section 2.05(c)) and (ii) to the extent of any excess, to the Borrower for working capital and
general corporate purposes.

 

    46

     

    

 

Section
2.06 Fees.

 

(a) Applicable
Premium.

 

(i) Upon
the occurrence of an Applicable Premium Trigger Event, the Borrower shall pay to the Administrative Agent, for the account of
the Lenders in accordance with their Pro Rata Shares, the Applicable Premium.

 

(ii) Any
Applicable Premium payable in accordance with this Section 2.06(a) shall be presumed to be equal to the liquidated damages sustained
by the Lenders as the result of the occurrence of the Applicable Premium Trigger Event and the Loan Parties agree that it is reasonable
under the circumstances currently existing. THE LOAN PARTIES EXPRESSLY WAIVE THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR
LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING APPLICABLE PREMIUM IN CONNECTION WITH ANY ACCELERATION.

 

(iii) The
Loan Parties expressly agree that: (A) the Applicable Premium is reasonable and is the product of an arm’s length transaction
between sophisticated business people, ably represented by counsel; (B) the Applicable Premium shall be payable notwithstanding
the then prevailing market rates at the time payment is made; (C) there has been a course of conduct between the Lenders and the
Loan Parties giving specific consideration in this transaction for such agreement to pay the Applicable Premium; (D) the Loan
Parties shall be estopped hereafter from claiming differently than as agreed to in this paragraph; (E) their agreement to pay
the Applicable Premium is a material inducement to Lenders to provide the Commitments and make the Loans; and (F) the Applicable
Premium represents a good faith, reasonable estimate and calculation of the lost profits or damages of the Agents and the Lenders
and that it would be impractical and extremely difficult to ascertain the actual amount of damages to the Agents and the Lenders
or profits lost by the Agents and the Lenders as a result of such Applicable Premium Trigger Event.

 

(iv) Nothing
contained in this Section 2.06(a) shall permit any prepayment of the Loans or reduction of the Commitments not otherwise permitted
by the terms of this Agreement or any other Loan Document.

 

(b) Closing
Discount Letter. As and when due and payable under the terms of the Closing Discount Letter, the Borrower shall pay the fees
set forth in the Closing Discount Letter.

 

Section
2.07 Taxes. (a) Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other
Loan Document shall be made free and clear of and without deduction or withholding for any and all Taxes, except as required by
applicable law. If any applicable law (as determined in the good faith discretion of any Withholding Agent) requires the deduction
or withholding of any Taxes from or in respect of any such payment, (i) the applicable Withholding Agent shall make such deduction
or withholding, (ii) the applicable Withholding Agent shall timely pay the full amount deducted or withheld to the relevant Governmental
Authority in accordance with applicable law and (iii) if such Tax is an Indemnified Tax, then the sum payable by the applicable
Loan Party shall be increased by the amount necessary such that after making all required deductions and withholdings (including
deductions and withholdings applicable to additional sums payable under this Section 2.07) the applicable Recipient receives the
amount equal to the sum it would have received had no such deduction or withholding been made.

 

    47

     

    

 

(b) In
addition, each Loan Party shall timely pay to the relevant Governmental Authority in accordance with applicable law any Other
Taxes, or at the option of the Administrative Agent timely reimburse it for the payment of any Other Taxes by any Secured Party.
Each Loan Party shall deliver to each Secured Party official receipts in respect of any Taxes or Other Taxes payable hereunder
promptly after payment of such Taxes or Other Taxes.

 

(c) The
Loan Parties hereby jointly and severally indemnify and agree to hold each Secured Party harmless from and against Indemnified
Taxes and Other Taxes (including, without limitation, Indemnified Taxes and Other Taxes imposed on or asserted on or attributable
to any amounts payable under this Section 2.07) paid or payable by such Secured Party or required to be withheld or deducted from
a payment to such Secured Party and any expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
or Other Taxes were correctly or legally asserted. Such indemnification shall be paid within ten (10) days from the date on which
any such Person makes written demand therefore specifying in reasonable detail the nature and amount of such Indemnified Taxes
or Other Taxes. A certificate as to the amount of such payment or liability delivered to the Borrower by a Secured Party (with
a copy to the Administrative Agent) or by the Administrative Agent on its own behalf or on behalf of another Secured Party shall
be conclusive absent manifest error.

 

(d) (i) Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as
will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or
reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to
the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation
set forth in Section 2.07(d)(ii)(A), Section 2.07(B) and (D) below) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender.

 

(ii) Without
limiting the generality of the foregoing,

 

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

 

(B) any
Lender that is not a U.S. Person (a “Foreign Lender”) shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be reasonably requested by the recipient)
on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

 

    48

     

    

 

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

 

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

 

(3) in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal
Revenue Code, (x) a certificate substantially in the form of Exhibit 2.07(d)-1 hereto to the effect that such Foreign Lender is
not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder”
of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y)
executed copies of IRS Form W-8BEN or W-8BEN-E; or

 

(4) to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.07(d)-2 or Exhibit 2.07(d)-3,
IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign
Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest
exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.07(d)-4 on
behalf of each such direct and indirect partner;

 

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

 

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

 

    49

     

    

 

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

 

(e) Each
Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified
Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent
for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 11.07(i) relating to the maintenance of a Participant Register,
and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in
connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of
such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under
any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due
to the Administrative Agent under this paragraph (e).

 

(f) If
any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it
has been indemnified pursuant to this Section 2.07 (including by the payment of additional amounts pursuant to this Section 2.07),
it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Section 2.07 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of
such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (f) the payment of which would place the indemnified party in a less favorable net after-Tax
position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had
not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax
had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns
(or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

    50

     

    

 

(g) The
obligations of the Loan Parties under this Section 2.07 shall survive the termination of this Agreement and the payment of the
Loans and all other amounts payable hereunder.

 

Section
2.08 Increased Costs and Reduced Return. (a) If any Secured Party shall have determined that any Change in Law shall
(i) subject such Secured Party, or any Person controlling such Secured Party to any Tax (other than (A) Indemnified Taxes, (B)
Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loan, loan
principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto, (ii) impose, modify or deem applicable any reserve, special deposit or similar requirement against any Loan or against
assets of or held by, or deposits with or for the account of, or credit extended by, such Secured Party or any Person controlling
such Secured Party, or (iii) impose on such Secured Party or any Person controlling such Secured Party any other condition regarding
this Agreement or any Loan, and the result of any event referred to in clauses (i), (ii) or (iii) above shall be to increase the
cost to such Secured Party of making any Loan or agreeing to make any Loan, or to reduce any amount received or receivable by
such Secured Party hereunder, then, upon demand by such Secured Party, the Borrower shall pay to such Secured Party such additional
amounts as will compensate such Secured Party for such increased costs or reductions in amount.

 

(b) If
any Secured Party shall have determined that any Change in Law either (i) affects or would affect the amount of capital required
or expected to be maintained by such Secured Party or any Person controlling such Secured Party, and such Secured Party determines
that the amount of such capital is increased as a direct or indirect consequence of any Loans made or maintained, such Secured
Party’s or such other controlling Person’s other obligations hereunder, or (ii) has or would have the effect of reducing
the rate of return on such Secured Party’s or such other controlling Person’s capital to a level below that which
such Secured Party or such controlling Person could have achieved but for such circumstances as a consequence of any Loans made
or maintained, or any agreement to make Loans, or such Secured Party’s or such other controlling Person’s other obligations
hereunder (in each case, taking into consideration, such Secured Party’s or such other controlling Person’s policies
with respect to capital adequacy), then, upon demand by such Secured Party, the Borrower shall pay to such Secured Party from
time to time such additional amounts as will compensate such Secured Party for such cost of maintaining such increased capital
or such reduction in the rate of return on such Secured Party’s or such other controlling Person’s capital.

 

(c) All
amounts payable under this Section 2.08 shall bear interest from the date that is ten (10) days after the date of demand by any
Secured Party until payment in full to such Secured Party at the Reference Rate. A certificate of such Secured Party claiming
compensation under this Section 2.08, specifying the event herein above described and the nature of such event shall be submitted
by such Secured Party to the Borrower, setting forth the additional amount due and an explanation of the calculation thereof,
and such Secured Party’s reasons for invoking the provisions of this Section 2.08, and shall be final and conclusive absent
manifest error.

 

    51

     

    

 

(d) Failure
or delay on the part of any Secured Party to demand compensation pursuant to the foregoing provisions of this Section 2.08 shall
not constitute a waiver of such Secured Party’s right to demand such compensation; provided, that the Borrower shall
not be required to compensate a Secured Party pursuant to the foregoing provisions of this Section 2.08 for any increased costs
incurred or reductions suffered more than nine (9) months prior to the date that such Secured Party notifies the Borrower of the
Change in Law giving rise to such increased costs or reductions and of such Secured Party’s intention to claim compensation
therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9)-month
period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e) The
obligations of the Loan Parties under this Section 2.08 shall survive the termination of this Agreement and the payment of the
Loans and all other amounts payable hereunder, and any assignment of rights by, or the replacement of, a Lender.

 

Article
III

[INTENTIONALLY OMITTED]

 

Article
IV

APPLICATION OF PAYMENTS; DEFAULTING LENDERS

 

Section
4.01 Payments; Computations and Statements. The Borrower will make each payment under this Agreement not later than
12:00 noon (New York City time) on the day when due, in lawful money of the United States of America and in immediately available
funds, to the Administrative Agent’s Account. All payments received by the Administrative Agent after 12:00 noon (New York
City time) on any Business Day will be credited on the next succeeding Business Day. All payments shall be made by the Borrower
without set-off, counterclaim, recoupment, deduction or other defense to the Agents and the Lenders. Except as provided in Section
2.02, after receipt, the Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment
of principal ratably to the Lenders in accordance with their Pro Rata Shares and like funds relating to the payment of any other
amount payable to any Lender to such Lender, in each case to be applied in accordance with the terms of this Agreement. Whenever
any payment to be made under any such Loan Document shall be stated to be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day and such extension of time shall in such case be included in the computation
of interest or fees, as the case may be. All computations of fees shall be made by the Administrative Agent on the basis of a
year of 360 days for the actual number of days. Each determination by the Administrative Agent of an interest rate or fees hereunder
shall be conclusive and binding for all purposes in the absence of manifest error.

 

    52

     

    

 

Section
4.02 Sharing of Payments. If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise
of any right of set-off, or otherwise) on account of any Obligation in excess of its ratable share of payments on account of similar
obligations obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in such
similar obligations held by them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with
each of them; provided, however, that (a) if all or any portion of such excess payment is thereafter recovered from
such purchasing Lender, such purchase from each Lender shall be rescinded and each Lender shall repay to the purchasing Lender
the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according
to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing
Lender) of any interest or other amount paid by the purchasing Lender in respect of the total amount so recovered and (b) the
provisions of this Section shall not be construed to apply to (i) any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender
and any payment of an amendment, consent or waiver fee to consenting Lenders pursuant to an effective amendment, consent or waiver
with respect to this Agreement), or (ii) any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans, other than to any Loan Party or any Subsidiary thereof (as to which the provisions of this
Section shall apply). The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section
may, to the fullest extent permitted by law, exercise all of its rights (including the Lender’s right of set-off) with respect
to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation.

 

Section
4.03 Apportionment of Payments. Subject to Section 2.02 hereof:

 

(a) All
payments of principal and interest in respect of outstanding Loans, all payments of fees (other than the fees set forth in Section
2.06 hereof) and all other payments in respect of any other Obligations, shall be allocated by the Administrative Agent among
such of the Lenders as are entitled thereto, in proportion to their respective Pro Rata Shares or otherwise as provided herein
or, in respect of payments not made on account of Loans, as designated by the Person making payment when the payment is made.

 

(b) After
the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and upon the direction of the
Collateral Agent or the Required Lenders shall, apply all payments in respect of any Obligations, including without limitation,
all proceeds of the Collateral, subject to the provisions of this Agreement, (i) first, ratably to pay the Obligations
in respect of any fees, expense reimbursements, indemnities and other amounts then due and payable to the Agents until paid in
full; (ii) second, to pay interest then due and payable in respect of the Collateral Agent Advances until paid in full;
(iii) third, to pay principal of the Collateral Agent Advances until paid in full; (iv) fourth, ratably to pay the
Obligations in respect of any fees (other than the Applicable Premium), expense reimbursements, indemnities and other amounts
then due and payable to the Lenders until paid in full; (viii) fifth, ratably to pay interest then due and payable in respect
of the Loan until paid in full; (ix) sixth, ratably to pay principal of the Loan until paid in full; (x) seventh,
ratably to pay the Obligations in respect of any Applicable Premium then due and payable to the Lenders until paid in full; and
(xi) eighth, to the ratable payment of all other Obligations then due and payable.

 

(c) For
purposes of Section 4.03(b), “paid in full” means payment in cash of all amounts owing under the Loan Documents according
to the terms thereof, including loan fees, service fees, professional fees, interest otherwise provided for under the Loan Documents
(and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest
on interest, and expense reimbursements, whether or not same would be or is allowed or disallowed in whole or in part in any Insolvency
Proceeding.

 

    53

     

    

 

(d) In
the event of a direct conflict between the priority provisions of this Section 4.03 and other provisions contained in any other
Loan Document, it is the intention of the parties hereto that both such priority provisions in such documents shall be read together
and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict
that cannot be resolved as aforesaid, the terms and provisions of Section 4.03 shall control and govern.

 

Section
4.04 Defaulting Lenders. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes
a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable
law:

 

(a) Such
Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall
be restricted as set forth in Section 11.02.

 

(b) The
Administrative Agent shall not be obligated to transfer to such Defaulting Lender any payments made by the Borrower to the Administrative
Agent for such Defaulting Lender’s benefit, and, in the absence of such transfer to such Defaulting Lender, the Administrative
Agent shall transfer any such payments to each other non-Defaulting Lender ratably in accordance with their Pro Rata Shares (without
giving effect to the Pro Rata Shares of such Defaulting Lender) (but only to the extent that such Defaulting Lender’s Loans
were funded by the other Lenders) or, if so directed by the Borrower and if no Default or Event of Default has occurred and is
continuing (and to the extent such Defaulting Lender’s Loans were not funded by the other Lenders), retain the same to be
re-advanced to the Borrower as if such Defaulting Lender had made such Loans to the Borrower. Subject to the foregoing, the Administrative
Agent may hold and, in its discretion, re-lend to the Borrower for the account of such Defaulting Lender the amount of all such
payments received and retained by the Administrative Agent for the account of such Defaulting Lender.

 

(c) The
operation of this Section shall not be construed to increase or otherwise affect the Commitments of any Lender, to relieve or
excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to relieve or
excuse the performance by the Borrower of its duties and obligations hereunder to the Administrative Agent or to the Lenders other
than such Defaulting Lender.

 

(d) This
Section shall remain effective with respect to such Lender until either (i) the Obligations under this Agreement shall have been
declared or shall have become immediately due and payable or (ii) the non-Defaulting Lenders, the Agents, and the Borrower shall
have waived such Defaulting Lender’s default in writing, and the Defaulting Lender makes its Pro Rata Share of the applicable
defaulted Loans and pays to the Agents all amounts owing by such Defaulting Lender in respect thereof; provided, that no
adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such
Lender was a Defaulting Lender; provided, further, that except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from such Lender’s having been a Defaulting Lender.

 

    54

     

    

 

Article
V

CONDITIONS TO LOANS

 

Section
5.01 Conditions Precedent to Effectiveness and Loan. The effectiveness of this Agreement, and the obligation of any
Agent or Lender to make any Loan, shall be subject to the satisfaction of each of the following conditions precedent in a manner
satisfactory to the Agents (the date of such satisfaction, which shall be a Business Day, the “Effective Date”):

 

(a) Payment
of Fees, Etc. The Borrower shall have paid on or before the Effective Date all fees, costs, expenses and taxes then payable
pursuant to Section 2.06 and Section 11.04.

 

(b) Representations
and Warranties; No Event of Default. The following statements shall be true and correct: (i) the representations and warranties
contained in Article VI and in each other Loan Document, certificate or other writing delivered to any Secured Party pursuant
hereto or thereto on or prior to the Effective Date are true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to materiality
or “Material Adverse Effect” in the text thereof, which representations and warranties shall be true and correct in
all respects subject to such qualification) on and as of the Effective Date as though made on and as of such date, except to the
extent that any such representation or warranty expressly relates solely to an earlier date (in which case such representation
or warranty shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable
to any representations or warranties that already are qualified or modified as to materiality or “Material Adverse Effect”
in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification)
on and as of such earlier date) and (ii) no Default or Event of Default shall have occurred and be continuing on the Effective
Date or would result from this Agreement or the other Loan Documents becoming effective in accordance with its or their respective
terms.

 

(c) Legality.
The making of the Loan shall not contravene any law, rule or regulation applicable to any Secured Party.

 

(d) Notices.
The Administrative Agent shall have received a Notice of Borrowing pursuant to Section 2.02 hereof.

 

(e) Delivery
of Documents. The Agents shall have received on or before the Effective Date the following, each in form and substance satisfactory
to the Agents and, unless indicated otherwise, dated the Effective Date and, if applicable, duly executed by the Persons party
thereto:

 

(i) this
Agreement;

 

    55

     

    

 

(ii) a
Security Agreement, together with the original stock certificates representing all of the Equity Interests and all promissory
notes required to be pledged thereunder, accompanied by undated stock powers executed in blank and other proper instruments of
transfer;

 

(iii) the
results of searches for any effective UCC financing statements, tax Liens or judgment Liens filed against any Loan Party or its
property, which results shall not show any such Liens (other than Permitted Liens acceptable to the Collateral Agent);

 

(iv) a
Perfection Certificate;

 

(v) the
Closing Discount Letter;

 

(vi) Notes
made in favor of the Lenders;

 

(vii) each
Control Agreement for each deposit account held by any Guarantor and that certain designated deposit account held by the Operating
Partner (in each case, other than Excluded Accounts);

 

(viii) each
Mortgage for each Collateral Property and each of the other Real Property Deliverables (other than clauses (c), (g), (h) and (i)
of such defined term) related to such Collateral Property;

 

(ix) a
certificate of an Authorized Officer of each Loan Party, certifying (A) as to copies of the Governing Documents of such Loan Party,
together with all amendments thereto (including, without limitation, (1) a true and complete copy of the charter, certificate
of formation, certificate of limited partnership or other publicly filed organizational document of each Loan Party certified
as of a recent date by an appropriate official of the jurisdiction of organization of such Loan Party which shall set forth the
same complete name of such Loan Party as is set forth herein and the organizational number of such Loan Party, if an organizational
number is issued in such jurisdiction and (2) the inclusion of provisions in the applicable Governing Documents permitting the
Liens and other rights of the Secured Parties), (B) as to a copy of the resolutions or written consents of such Loan Party authorizing
(1) the borrowing hereunder and the transactions contemplated by the Loan Documents to which such Loan Party is or will be a party,
and (2) the execution, delivery and performance by such Loan Party of each Loan Document to which such Loan Party is or will be
a party and the execution and delivery of the other documents to be delivered by such Person in connection herewith and therewith,
and (C) the names and true signatures of the representatives of such Loan Party authorized to sign each Loan Document (in the
case of a Borrower, including, without limitation, Notices of Borrowing and all other notices under this Agreement and the other
Loan Documents) to which such Loan Party is or will be a party and the other documents to be executed and delivered by such Loan
Party in connection herewith and therewith, together with evidence of the incumbency of such authorized officers;

 

(x) a
certificate of the chief financial officer of the Borrower, certifying as to the solvency of the Loan Parties (after giving effect
to the Loans made on the Effective Date);

 

(xi) an
opinion of (A) Cadwalader Wickersham & Taft LLP, counsel to the Loan Parties, (B) Graybill, Lansche & Vinzani, LLC, Georgia
and South Carolina counsel to the Loan Parties, and (C) Saul Ewing Arnstein & Lehr LLP, Maryland, Virginia and Delaware counsel
to the Loan Parties;

 

    56

     

    

 

(xii) evidence
of the insurance coverage required by Section 7.01 and the terms of each Security Agreement and each Mortgage and such other insurance
coverage with respect to the business and operations of the Loan Parties as the Collateral Agent may reasonably request; and

 

(xiii) evidence
of the payment in full of all Indebtedness under the Existing Credit Facility, together with (A) a termination and release agreement
with respect to the Existing Credit Facility and all related documents, duly executed by the Loan Parties and the Existing Lenders,
(B) a satisfaction of mortgage for each mortgage filed by the Existing Lender on each Collateral Property, (C) if applicable,
a termination of security interest in Intellectual Property for each assignment for security recorded by the Existing Lenders
at the United States Patent and Trademark Office or the United States Copyright Office and covering any intellectual property
of the Loan Parties, (D) UCC 3 termination statements for all UCC-1 financing statements filed by the Existing Lenders, and (E)
evidence of such other terminations and releases of security in connection with the Existing Credit Facility as the Agents may
request.

 

(xiv) such
other agreements, instruments, approvals, opinions and other documents, each satisfactory to the Agents in form and substance,
as any Agent may reasonably request.

 

(f) Material
Adverse Effect. The Administrative Agent shall have determined, in its sole judgment, that no event or development shall have
occurred since December 31, 2019 which would reasonably be expected to have a Material Adverse Effect.

 

(g) Approvals.
All consents, authorizations and approvals of, and filings and registrations with, and all other actions in respect of, any Governmental
Authority or other Person required in connection with the making of the Loans or the conduct of the Loan Parties’ business
shall have been obtained and shall be in full force and effect.

 

(h) Proceedings;
Receipt of Documents. All proceedings in connection with the making of the initial Loans and the other transactions contemplated
by this Agreement and the other Loan Documents, and all documents incidental hereto and thereto, shall be satisfactory to each
Agent and its counsel, and each Agent and such counsel shall have received all such information and such counterpart originals
or certified or other copies of such documents as each Agent or such counsel may reasonably request.

 

(i) No
Litigation. No litigation or other proceeding that is reasonably likely to impair or prevent the consummation of the Effective
Date and the making of the Loans on the Effective Date shall be pending.

 

(j) Management
Reference Checks. The Agents shall have received satisfactory reference checks for, and shall have had an opportunity to meet
with, key management of each Loan Party.

 

    57

     

    

 

(k) [Reserved].

 

(l) KYC.
The Agents and the Lenders shall have each received a W-9 and all documentation and other information required by regulatory authorities
with respect to the Loan Parties under applicable “know your customer” and anti-money laundering rules and regulations,
including, without limitation, the PATRIOT Act, in form and substance reasonably satisfactory to the Agents and the Lenders.

 

(m) [Reserved].

 

(n) Warrants;
Registration Rights Agreement. The Borrower shall have executed, issued and delivered the Warrant and the Registration Rights
Agreement to the initial Lender.

 

Section
5.02 Conditions Subsequent to Effectiveness. As an accommodation to the Loan Parties, the Agents and the Lenders have
agreed to execute this Agreement and to make the Loan on the Effective Date notwithstanding the failure by the Loan Parties to
satisfy the condition set forth below on or before the Effective Date. In consideration of such accommodation, the Loan Parties
agree that, in addition to all other terms, conditions and provisions set forth in this Agreement and the other Loan Documents,
including, without limitation, those conditions set forth in Section 5.01, the Loan Parties shall satisfy the condition subsequent
set forth in Section 5.02(a) below on or before January 15, 2021 and the condition subsequent set forth in Section 5.02(b) below
on or before February 15, 2021 (it being understood that (i) the failure by the Loan Parties to perform or cause to be performed
such condition subsequent on or before the applicable deadline shall constitute an Event of Default and (ii) to the extent that
the existence of such condition subsequent would otherwise cause any representation, warranty or covenant in this Agreement or
any other Loan Document to be breached, the Required Lenders hereby waive such breach for the period from the Effective Date until
the date on which such condition subsequent is required to be fulfilled pursuant to this Section 5.02):

 

(a) Insurance.
The Collateral Agent shall have received the Lenders’ loss payable and additional insured endorsements with respect to each
insurance policy of the Loan Parties as the Collateral Agent may reasonably request, and providing that such policy may be terminated
or canceled (by the insurer or the insured thereunder) only upon thirty (30) days’ prior written notice to the Collateral
Agent and each such named insured or loss payee, together with evidence of the payment of all premiums due in respect thereof
for such period as the Collateral Agent may request.

 

(b) Other
Real Estate Deliverables. The Collateral Agent shall have received each other Real Estate Deliverable not previously provided,
including (i) a current Phase I ESA (and if reasonably requested by the Collateral Agent based upon the results of such Phase
I, a Phase II Environmental Site Assessment), by an independent firm reasonably satisfactory to the Collateral Agent, and (ii)
the deliverables set out in clauses (c), (g), (h) and (i) of the definition of Real Property Deliverables.

 

    58

     

    

 

Article
VI

REPRESENTATIONS AND WARRANTIES

 

Section
6.01 Representations and Warranties. Each Loan Party hereby represents and warrants to the Secured Parties as follows:

 

(a) Organization,
Good Standing, Etc. Each Loan Party and each of its Subsidiaries (i) is a corporation, limited liability company or limited
partnership duly organized, validly existing and in good standing under the laws of the state or jurisdiction of its organization,
(ii) has all requisite power and authority to conduct its business as now conducted and as presently contemplated and, in the
case of the Borrower, to make the borrowings hereunder, and to execute and deliver each Loan Document to which it is a party,
and to consummate the transactions contemplated thereby, and (iii) is duly qualified to do business and is in good standing in
each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes
such qualification necessary, except (solely for the purposes of this subclause (iii)) where the failure to be so qualified and
in good standing would not reasonably be expected to have a Material Adverse Effect.

 

(b) Authorization,
Etc. The execution, delivery and performance by each Loan Party of each Loan Document to which it is or will be a party, (i)
have been duly authorized by all necessary action, (ii) do not and will not contravene (A) any of its Governing Documents, (B)
any applicable material Requirement of Law, or (C) any material Contractual Obligation binding on or otherwise affecting it or
any of its properties, (iii) do not and will not result in or require the creation of any Lien (other than pursuant to any Loan
Document) upon or with respect to any of its properties, and (iv) do not and will not result in any default, noncompliance, suspension,
revocation, impairment, forfeiture or nonrenewal of any permit, license, authorization or approval applicable to its operations
or any of its properties, except, in the case of clause (iv), to the extent where such contravention, default, noncompliance,
suspension, revocation, impairment, forfeiture or nonrenewal would not reasonably be expected to have a Material Adverse Effect.

 

(c) Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is
required in connection with the due execution, delivery and performance by any Loan Party of any Loan Document to which it is
or will be a party other than filings and recordings with respect to Collateral to be made, or otherwise delivered to the Collateral
Agent for filing or recordation, on the Effective Date, and customary 8-K filings made with the SEC.

 

(d) Enforceability
of Loan Documents. This Agreement is, and each other Loan Document to which any Loan Party is or will be a party, when delivered
hereunder, will be, a legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

 

    59

     

    

 

(e) Capitalization;
Subsidiaries. The authorized Equity Interests of the Borrower and each of its Subsidiaries and the issued and outstanding
Equity Interests of the Borrower and each of its Subsidiaries are as set forth on Schedule 6.01(e). Schedule 6.01(e) sets forth,
as of the Effective Date, all of the Guarantors, the form and jurisdiction of organization of each of their Subsidiaries, and
the owners of the direct ownership interests therein. No Person owns any legal, equitable or beneficial interest in any of the
Guarantors except as set forth on such Schedules. As of the Effective Date, the Borrower owns 98.40% of the Equity Interests in
the Operating Partner. All of the issued and outstanding shares of Equity Interests of the Borrower and each of its Subsidiaries
have been validly issued and are fully paid and nonassessable, and the holders thereof are not entitled to any preemptive, first
refusal or other similar rights. All Equity Interests of such Subsidiaries of the Borrower are owned by the Borrower or the Operating
Partner, as applicable, free and clear of all Liens (other than Permitted Specified Liens). Except as described on Schedule 6.01(e),
there are no outstanding debt or equity securities of the Borrower or any of its Subsidiaries and no outstanding obligations of
the Borrower or any of its Subsidiaries convertible into or exchangeable for, or warrants, options or other rights for the purchase
or acquisition from the Borrower or any of its Subsidiaries, or other obligations of the Borrower or any of its Subsidiaries to
issue, directly or indirectly, any shares of Equity Interests of the Borrower or any of its Subsidiaries.

 

(f) Litigation.
Except as set forth in Schedule 6.01(f), there is no pending or, to the best knowledge of any Loan Party, threatened action, suit
or proceeding affecting any Loan Party or any of its properties before any court or other Governmental Authority or any arbitrator
that (i) if adversely determined, would reasonably be expected to have a Material Adverse Effect or (ii) relates to this Agreement
or any other Loan Document or any transaction contemplated hereby or thereby.

 

(g) Financial
Statements.

 

(i) The
financial statements for the Fiscal Year ending on December 31, 2019, copies of which have been delivered to each Agent and each
Lender, fairly present the consolidated financial condition of the Borrower and its Subsidiaries as at the respective dates thereof
and the consolidated results of operations of the Borrower and its Subsidiaries for the fiscal periods ended on such respective
dates, all in accordance with GAAP. All material indebtedness and other liabilities (including, without limitation, Indebtedness,
liabilities for taxes, long-term leases and other unusual forward or long-term commitments), direct or contingent, of the Borrower
and its Subsidiaries are set forth in the financial statements. Since December 31, 2019, no event or development has occurred
that has had or could reasonably be expected to have a Material Adverse Effect.

 

(ii) The
Borrower has heretofore furnished to each Agent and each Lender (A) projected annual balance sheets and statements of cash flows
of the Borrower and its Subsidiaries for the Fiscal Years ending in 2020 through 2023 and (B) projected monthly income statements
of the Borrower and its Subsidiaries for the Fiscal Years ending in 2020 through 2023; in each case, such projected financial
statements shall be updated from time to time pursuant to Section 7.01(a)(ii).

 

(h) Compliance
with Law, Etc. No Loan Party or any of its Subsidiaries is in violation of (i) any of its Governing Documents, (ii) any Requirement
of Law, or (iii) any term of any Contractual Obligation (including, without limitation, any Material Contract) binding on or otherwise
affecting it or any of its properties, except where the failure to so comply with any material obligation would not reasonably
be expected to have a Material Adverse Effect, and no default or event of default has occurred and is continuing thereunder.

 

    60

     

    

 

(i) ERISA.
Except as would not reasonably be expected to have a Material Adverse Effect, (i) each Employee Plan is in compliance with all
Requirements of Law, including ERISA, the Internal Revenue Code and the Patient Protection and Affordable Care Act of 2010, as
amended by the Health Care and Education Reconciliation Act of 2010, (ii) no ERISA Event has occurred nor is reasonably expected
to occur with respect to any Employee Plan or Multiemployer Plan, (iii) the most recent annual report (Form 5500 Series) with
respect to each Pension Plan, including any required Schedule SB (Actuarial Information) thereto, copies of which have been filed
with the Internal Revenue Service and delivered to the Agents, is complete and correct and fairly presents the funding status
of such Pension Plan, and since the date of such report, there has been no change in such funding status, (iv) each Employee
Plan that is intended to be a qualified plan under Section 401(a) of the Internal Revenue Code has been determined by the Internal
Revenue Service to be qualified under Section 401(a) of the Internal Revenue Code and the trust related thereto is exempt from
federal income tax under Section 501(a) of the Internal Revenue Code, (v) no Loan Party or any of its ERISA Affiliates has incurred
any liability to the PBGC which remains outstanding other than the payment of premiums, and there are no premium payments which
have become due which are unpaid, (vi) there are no pending or, to the best knowledge of any Loan Party, threatened claims, actions,
proceedings or lawsuits (other than claims for benefits in the normal course) asserted or instituted against (A) any Employee
Plan or its assets, (B) any fiduciary with respect to any Employee Plan, or (C) any Loan Party or any of its ERISA Affiliates
with respect to any Employee Plan and (vii) except as required by Section 4980B of the Internal Revenue Code, no Loan Party or
any of its ERISA Affiliates maintains an employee welfare benefit plan (as defined in Section 3(1) of ERISA) that provides health
benefits (through the purchase of insurance or otherwise) for any retired or former employee of any Loan Party or any of its ERISA
Affiliates or has any obligation to provide any such benefits for any current employee after such employee’s termination
of employment.

 

(j) Taxes,
Etc. (i) All Tax returns and other reports required by applicable Requirements of Law to be filed by any Loan Party and their
Subsidiaries have been timely filed and (ii) all Taxes imposed upon any Loan Party and their Subsidiaries or any property of any
Loan Party or any Subsidiary which have become due and payable on or prior to the date hereof have been paid, except Taxes contested
in good faith by proper proceedings which stay the imposition of any Lien resulting from the non-payment thereof and with respect
to which adequate reserves have been set aside for the payment thereof on the financial statements in accordance with GAAP. All
transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by any Person
under applicable Legal Requirements currently in effect in connection with the transfer of the Real Estate to Borrower have been
paid in full. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under
applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration,
perfection or enforcement of any of the Loan Documents, including, without limitation, the Mortgage, have been paid or will be
paid at or prior to the filing or recordation of the Mortgage or any other Loan Document.

 

    61

     

    

 

(k) Regulations
T, U and X. No Loan Party is or will be engaged in the business of extending credit for the purpose of purchasing or carrying
margin stock (as defined in Regulation U), and no proceeds of any Loan will be used to purchase or carry any margin stock or to
extend credit to others for the purpose of purchasing or carrying any margin stock or for any purpose that violates, or is inconsistent
with, the provisions of Regulation T, U and X.

 

(l) Nature
of Business.

 

(i) No
Loan Party or any Subsidiary is engaged in any business other than as set forth on Schedule 6.01(l).

 

(ii) Except
as set forth in Schedule 6.01(l), the Borrower does not have any material liabilities (other than liabilities arising under the
Loan Documents), own any material assets (other than the Equity Interests of its Subsidiaries), or engage in any operations or
business (other than the ownership of its Subsidiaries).

 

(m) Adverse
Agreements, Etc. No Loan Party or any of its Subsidiaries is a party to any Contractual Obligation or subject to any restriction
or limitation in any Governing Document or any judgment, order, regulation, ruling or other requirement of a court or other Governmental
Authority, which (either individually or in the aggregate) has, or in the future would reasonably be expected (either individually
or in the aggregate) to have, a Material Adverse Effect.

 

(n) Permits,
Etc. Each Loan Party and each of its Subsidiaries has, and is in compliance with, all permits, licenses, authorizations, approvals,
entitlements and accreditations required for such Person lawfully to own, lease, manage or operate, or to acquire, each business
and Collateral Property currently owned, leased, managed or operated, or to be acquired, by such Person, except to the extent
the failure to have or be in compliance therewith could not reasonably be expected to have a Material Adverse Effect. No condition
exists or event has occurred which, in itself or with the giving of notice or lapse of time or both, would result in the suspension,
revocation, impairment, forfeiture or non-renewal of any such permit, license, authorization, approval, entitlement or accreditation,
and there is no claim that any thereof is not in full force and effect.

 

(o) Properties.
Each Loan Party and each of its Subsidiaries has good and marketable title to all property and assets material to its business
(including the Collateral Property), free and clear of all Liens, except Permitted Liens. All such properties and assets are in
good working order and condition, ordinary wear and tear excepted. The Real Estate (a) is located on or adjacent to a public road
and has direct legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress
and egress to/from a public road, and (b) is served by or has uninhibited access rights to public or private water and sewer (or
well and septic) and all required utilities, all of which are appropriate for the current use of the Real Estate. All public utilities
necessary or convenient to the full use and enjoyment of the Real Estate are located either in the public right-of-way abutting
the Real Estate (which are connected so as to serve the Property without passing over other property) or in recorded easements
serving the Real Estate and such easements are set forth in and insured by the Title Insurance Policy. All roads necessary for
the use of the Real Estate for its current purposes have been completed, are physically open and are dedicated to public use and
have been accepted by all Governmental Authorities. The Real Estate is comprised of one or more parcels which constitute a separate
tax lot or lots and does not constitute a portion of any other tax lot not a part of the Real Estate. There are no taxes, pending
or proposed special or other governmental assessments for public improvements, PACE Liens or other outstanding governmental charges
(including, without limitation, water and sewage charges) otherwise affecting the Property, nor are there any contemplated improvements
to the Property that may result in such special or other assessments.

 

    62

     

    

 

(p) Employee
and Labor Matters. (i) Each Loan Party and its Subsidiaries is in compliance with all Requirements of Law in all material
respects pertaining to employment and employment practices, terms and conditions of employment, wages and hours, and occupational
safety and health, (ii) no Loan Party is party to any collective bargaining agreement, nor has any labor union been recognized
as the representative of the employees of any Loan Party, (iii) there is no unfair labor practice complaint pending or, to the
best knowledge of any Loan Party, threatened against any Loan Party before any Governmental Authority and no grievance or arbitration
proceeding pending or threatened against any Loan Party which arises out of or under any collective bargaining agreement, (iv)
there has been no strike, work stoppage, slowdown, lockout, or other labor dispute pending or threatened against any Loan Party
or any Subsidiary, and (v) to the best knowledge of each Loan Party, no labor organization or group of employees has made a pending
demand for recognition or certification, and there are no representation or certification proceedings or petitions seeking a representation
proceeding presently pending or threatened to be brought or filed, with the National Labor Relations Board or any other labor
relations tribunal or authority. All material payments due from any Loan Party on account of wages and employee health and welfare
insurance and other benefits have been paid or accrued as a liability on the books of such Loan Party.

 

(q) Environmental
Compliance. Except as set forth on Schedule 6.01(q),

 

(i) None
of the Real Estate (including the Collateral Properties), nor to the Borrower’s knowledge, any tenant or operations thereon,
is in violation, or alleged violation, of any Environmental Law, which violation would reasonably be expected to have a Material
Adverse Effect.

 

(ii) None
of the Loan Parties has received written notice from any third party including, without limitation, any federal, state or local
governmental authority, (i) that it has been identified by the United States Environmental Protection Agency as a potentially
responsible party under CERCLA with respect to a site listed on the National Priorities List, 40 C.F.R. Part 300 Appendix B (1986),
(ii) that any Hazardous Substance(s) which it has generated, transported or disposed of have been found at any site at which a
federal, state or local agency or other third party has conducted, or has demanded that any Loan Party conduct a remedial investigation,
removal or other response action pursuant to any Environmental Law, or (iii) that it is or shall be a named party to any claim,
action, cause of action, complaint, or legal or administrative proceeding (in each case, contingent or otherwise) arising out
of any third party’s incurrence of costs, expenses, losses or damages in connection with the release of Hazardous Substances,
which would reasonably be expected to have a Material Adverse Effect.

 

    63

     

    

 

(iii) (A)
No portion of the Real Estate (including the Collateral Properties) is used for the handling, processing, storage or disposal
of Hazardous Substances except in compliance with applicable Environmental Laws, and no underground tank or other underground
storage receptacle for Hazardous Substances is located on any portion of such Real Estate except those which are being operated
and maintained, and, if required, remediated, in compliance with Environmental Laws; (B) in the course of any business activities
conducted by the Loan Parties or the tenants and operators of their properties, no Hazardous Substances have been generated or
are being used on such Real Estate except in the ordinary course of any such Loan Party’s or its tenants’ and operators’
business and in compliance with applicable Environmental Laws; (C) there has been no past or present releasing, spilling, leaking,
pumping, pouring, emitting, emptying, discharging, injecting, escaping, disposing or dumping (other than in reasonable quantities
to the extent necessary in the ordinary course of operation of the Loan Parties’, their tenants’ or operators’
business and, in any event, in compliance with all Environmental Laws) (a “Release”) or threatened Release
of Hazardous Substances on, upon, into or from such Real Estate, which Release could reasonably be expected to have a Material
Adverse Effect; (D) there have been no Releases on, upon, from or into any real property in the vicinity of any of such Real Estate
which, through soil or groundwater contamination, have come to be located on any Real estate, and which would be reasonably anticipated
to have a Material Adverse Effect; and (E) any Hazardous Substances that have been generated on any of such Real Estate have been
transported off-site in accordance with all applicable Environmental Laws and in a manner that would not reasonably be expected
to have a Material Adverse Effect.

 

(iv) Except
for such matters that shall be complied with as of the Effective Date, by virtue of the transactions set forth herein and contemplated
hereby, or as a condition to the recording of the Mortgages or to the effectiveness of any other transactions contemplated hereby,
none of the Loan Parties, nor the Real Estate will become subject to any applicable Environmental Law requiring the performance
of environmental site assessments, or the removal or remediation of Hazardous Substances, or the giving of notice to any governmental
agency or the recording or delivery to other Persons of an environmental disclosure document or statement pursuant to applicable
Environmental Laws, which would reasonably be expected to have a Material Adverse Effect.

 

(v) There
are no existing or closed sanitary waste landfills, or hazardous waste treatment, storage or disposal facilities on the Real Estate
except where such existence would not reasonably be expected to have a Material Adverse Effect.

 

(vi) The
Loan Parties have not received any written notice from any party that any use, operation, or condition of any Real Estate has
caused any adverse condition on any other property that could reasonably be expected to result in a claim under applicable Environmental
Law that would have a Material Adverse Effect, nor does any Loan Party have actual knowledge of any existing facts or circumstances
that could reasonably be expected to form the basis for such a claim.

 

(r) Insurance.
Each Loan Party maintains all insurance required by Section 7.01(g). Schedule 6.01(r) sets forth a list of all such insurance
maintained by or for the benefit of each Loan Party on the Effective Date.

 

(s) Use
of Proceeds. The proceeds of the Loan made on the Effective Date shall be used in accordance with Section 7.01(s).

 

    64

     

    

 

(t) Solvency.
After giving effect to the transactions contemplated by this Agreement and before and after giving effect to each Loan, each Loan
Party is, and the Loan Parties on a consolidated basis are, Solvent. No transfer of property is being made by any Loan Party and
no obligation is being incurred by any Loan Party in connection with the transactions contemplated by this Agreement or the other
Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of such Loan Party.

 

(u) Intellectual
Property. Each Loan Party owns or licenses or otherwise has the right to use all Intellectual Property rights that are necessary
for the operation of its business, without infringement upon or conflict with the rights of any other Person with respect thereto,
except where such failure or conflict would not reasonably be expected to have a Material Adverse Effect. No trademark or other
advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed,
by any Loan Party infringes upon or conflicts with any rights owned by any other Person, and no claim or litigation regarding
any of the foregoing is pending or threatened, except where such failure or conflict would not reasonably be expected to have
a Material Adverse Effect. None of the Collateral Properties is owned or operated under or by reference to any registered or protected
trademark, trade name, service mark or logo, except where such failure or conflict would not reasonably be expected to have a
Material Adverse Effect.

 

(v) Material
Contracts. Set forth on Schedule 6.01(v) is a complete and accurate list as of the Effective Date of all Material Contracts
of each Loan Party and each Material Subsidiary thereof, showing the parties and subject matter thereof and amendments and modifications
thereto. Each such Material Contract (i) is in full force and effect and is binding upon and enforceable against each Loan Party
and each Subsidiary thereof that is a party thereto and, to the best knowledge of such Loan Party, all other parties thereto in
accordance with its terms, (ii) has not been otherwise amended or modified, and (iii) is not in default due to the action of any
Loan Party or any Subsidiary thereof or, to the best knowledge of any Loan Party, any other party thereto.

 

(w) Investment
Company Act. The Loan Parties are not required to register as an “investment company”, as such term is defined
in the Investment Company Act of 1940, as amended, or (ii) subject to regulation under any Requirement of Law that limits in any
respect its ability to incur Indebtedness or which may otherwise render all or a portion of the Obligations unenforceable.

 

(x) Sanctions;
Anti-Corruption and Anti-Money Laundering Laws. None of any Loan Party, any Subsidiary thereof, any of their respective directors,
officers, or employees, shareholders or owners, nor, to the knowledge of any Loan Party, any of their respective agents or Affiliates,
(i) is a Sanctioned Person or currently the subject or target of any applicable Sanctions, (ii) has assets located in
a Sanctioned Country, (iii) conducts any business with or for the benefit of any Sanctioned Person, (iv) directly or to its knowledge
indirectly derives revenues from investments in, or transactions with, Sanctioned Persons, (v) is a “Foreign Shell Bank”
within the meaning of the USA PATRIOT Act, i.e., a foreign bank that does not have a physical presence in any country and that
is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision, or (vi) is a
Person that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury
under Section 311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns. Each Loan
Party and its Subsidiaries has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance
by each Loan Party and its Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all applicable
Anti-Corruption Laws and Anti-Money Laundering Law. Each Loan Party and each Subsidiary is in compliance with all applicable Sanctions,
Anti-Money Laundering Laws and Anti-Corruption Laws. Each Loan Party and each Affiliate, officer, employee or director acting
on behalf of any Loan Party is (and is taking no action that would result in any such Person not being) in compliance with all
applicable Sanctions.

 

    65

     

    

 

(y) Anti-Bribery
and Corruption.

 

(i) Neither
any Loan Party nor, to the best knowledge of any Loan Party, any director, officer, employee, or any other Person acting on behalf
of any Loan Party, has offered, promised, paid, given or authorized the payment or giving of any money or other thing of value,
directly or indirectly, to or for the benefit of any Person, including without limitation, any employee, official or other Person
acting on behalf of any Governmental Authority, or otherwise engaged in any activity that may violate any Anti-Corruption Law.

 

(ii) Neither
any Loan Party nor, to the best knowledge of any Loan Party, any director, officer, employee, or any other Person acting on behalf
of any Loan Party, has engaged in any activity that would breach any Anti-Corruption Laws.

 

(iii) To
the best of each Loan Party’s knowledge and belief, there is no pending or, to the best knowledge of any Loan Party, threatened
action, suit, proceeding or investigation before any court or other Governmental Authority against any Loan Party or any of its
directors, officers, employees or other Person acting on its behalf that relates to a potential violation of any Anti-Corruption
Laws, Anti-Money Laundering Laws or Sanctions.

 

(iv) The
Loan Parties will not directly or indirectly use, lend or contribute the proceeds of the Loans for any purpose that would breach
the Anti-Bribery and Corruption Laws.

 

(z) Absence
of UCC Financing Statements. Except with respect to Permitted Liens, there is no financing statement (but excluding any financing
statements that may be filed against any Loan Party without the consent or agreement of such Loan Party), security agreement,
chattel mortgage, real estate mortgage or other document filed or recorded with any applicable filing records, registry, or other
public office, that purports to cover, affect or give notice of any present or possible future lien on, or security interest or
security title in, any Collateral or other assets of the Loan Parties.

 

(aa) Setoff.
The Collateral and the rights of the Agents and the Lenders with respect to the Collateral are not subject to any setoff, claims,
withholdings or other defenses by the Loan Parties or any of their Affiliates or, to the best knowledge of the Loan Parties, any
other Person other than Permitted Liens described in Schedule 7.02(a).

   

    66

     

    

 

(bb) Trade Name;
Place of Business. No Loan Party uses any trade name and conducts business under any name other than its actual name set forth
in the Loan Documents. The principal place of business of the Borrower is 2529 Virginia Beach Boulevard, Virginia Beach, VA 23452.

 

(cc) Full Disclosure.

 

(i) Each
Loan Party has disclosed to the Agents all agreements, instruments and corporate or other restrictions to which it is subject,
and all other matters known to it, that, individually or in the aggregate, would reasonably be expected to result in a Material
Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of any Loan
Party to the Agents (other than forward-looking information and projections and information of a general economic nature and general
information about Borrower's industry) in connection with the negotiation of this Agreement or delivered hereunder (as modified
or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, in the light of the circumstances under which it was made, not misleading.

 

(ii) The
Projections have been diligently prepared on a basis consistent with the financial statements delivered to the Lenders and the
Agent on or prior to the Effective Date, and are based on good faith estimates and assumptions believed by management of the Borrower
to be reasonable as of the date of the Projections and as of the Effective Date, and there are no statements or conclusions in
any of the Projections that are based upon or include information known to any Loan Party or any of its Subsidiaries to be misleading
in any material respect or which fail on the Effective Date to take into account material information regarding the matters reported
therein. On the Effective Date, the Borrower believes that the Projections are reasonable, it being recognized by the Lenders and
the Agents, however, that projections as to future events are not to be viewed as facts and that the actual results during the
period or periods covered by Projections may differ from the projected results and such differences may be material.

 

(dd) Leases.
The Loan Parties have delivered to the Agents true and complete copies of the Leases and any amendments thereto relating to each
Real Estate property owned by the Loan Parties or Material Subsidiaries. An accurate and complete Rent Roll of each such property
has been provided to the Agents. The Leases delivered to the Agents as described in the preceding sentence constitute the sole
material agreements relating to leasing or licensing of space at such property and in the Buildings relating thereto. No tenant
under any Lease is entitled to any free rent, partial rent, rebate of rent payments, credit, offset or deduction in rent, including,
without limitation, lease support payments or lease buy-outs, except as reflected in such Leases or such Rent Roll. Except as set
forth in Schedule 6.01(dd), the Leases reflected therein are in full force and effect in accordance with their respective terms,
without any payment default or any other material default thereunder, nor are there any defenses, counterclaims, offsets, concessions
or rebates available to any tenant thereunder, and except as reflected in Schedule 6.01(dd), no Loan Party or Material Subsidiary
has given or made, any notice of any payment or other material default, or any claim, which remains uncured or unsatisfied, with
respect to any of the Leases, and to the best of the knowledge and belief of the Loan Parties, there is no basis for any such claim
or notice of default by any tenant. No Loan Party knows of any condition which with the giving of notice or the passage of time
or both would constitute a default on the part of any tenant with respect to the terms under a Lease or of the respective Loan
Party or Material Subsidiary as landlord under the Lease. No security deposit or advance rental or fee payment (more than one (1)
month in advance) has been made by any lessee or licensor under the Leases except as may be specifically designated in the copies
of the Leases furnished to the Agents or as otherwise disclosed to Agent in writing. No other property is necessary to comply with
the requirements (including, without limitation, parking requirements) contained in such Lease. Other than as disclosed to the
Agents in writing prior to the date hereof and with respect to the fee mortgage on Ground Leased Property located at 100 Main Street,
Moncks Corner, South Carolina, there are no prior assignments of (i) the Leases or (ii) any portion of the Rents due and payable
or to become due and payable which are presently outstanding.

 

    67

     

    

 

(ee) Property.
Except as set forth in Schedule 6.01(ee), all of the Real Estate properties owned by the Loan Parties or Material Subsidiaries,
and all major building systems located thereon, are structurally sound, in good condition and working order and free from material
defects, subject to ordinary wear and tear, except for such portion of such Real Estate which is not occupied by any tenant and
which may not be in final working order pending final build-out of such space. Each of the Real Estate properties owned by the
Loan Parties or Material Subsidiaries, and the use and operation thereof, is in material compliance with all applicable federal
and state law and governmental regulations and any local ordinances, orders or regulations, including without limitation, laws,
regulations and ordinances relating to zoning, building codes, subdivision, fire protection, health, safety, handicapped access,
historic preservation and protection, wetlands, tidelands, and Environmental Laws. All water, sewer, electric, gas, telephone and
other utilities necessary for the use and operation of each Real Estate property owned by the Loan Parties or Material Subsidiaries
are installed to the property lines of such property through dedicated public rights of way or through perpetual private easements
with respect to which the applicable Mortgage creates a valid and enforceable first lien subject to Permitted Liens and, except
in the case of drainage facilities, are connected to the Building located thereon with valid permits and are adequate to service
the Building in compliance with applicable law. There are no material unpaid or outstanding real estate or other taxes or assessments
on or against any of the properties which are payable by any Loan Party (except only real estate or other taxes or assessments,
that are not yet delinquent or are being protested as permitted by this Agreement) or Material Subsidiary. Except as otherwise
disclosed to the Agents in writing, there are no pending, or to the knowledge of Loan Parties threatened or contemplated, eminent
domain proceedings against any of the properties. Except as otherwise disclosed to the Agents in writing, none of the Real Estate
properties owned by the Loan Parties or Material Subsidiaries is now damaged as a result of any fire, explosion, accident, flood
or other casualty. Except as otherwise disclosed to the Agents in writing, none of the Loan Parties has received any outstanding
notice from any insurer or its agent requiring performance of any work with respect to any of the Real Estate properties owned
by the Loan Parties or Material Subsidiaries or canceling or threatening to cancel any policy of insurance, and each of the properties
complies with the material requirements of all of the Loan Parties' and Material Subsidiaries' insurance carriers. Except as otherwise
disclosed to the Agents, the Loan Parties and Material Subsidiaries have no Management Agreements for any of the Real Estate properties
owned by the Loan Parties or Material Subsidiaries. To the best knowledge of the Loan Parties, there are no materials claims or
any bases for material claims in respect of any Real Estate property owned by the Loan Parties or Material Subsidiaries or its
operation by any party to any service agreement or Management Agreement. No person or entity has any right or option to acquire
any Collateral Property or any Building thereon or any portion thereof or interest therein.

 

(ff) REIT Status.
The Borrower has elected status as a REIT under Section 856 of the Internal Revenue Code and currently is in compliance with all
provisions of the Internal Revenue Code, and Treasury Regulations promulgated thereunder, applicable to the qualification of the
Borrower as a REIT.

 

(gg) Condemnation.
No Condemnation or other similar proceeding has been commenced or, to Borrower’s knowledge, is threatened or contemplated
with respect to all or any portion of any Real Estate or for the relocation of roadways providing access to any Real Estate.

 

(hh) No Unencumbered
Real Estate. Except as set forth in Schedule 6.01(hh), no Real Estate owned by the Loan Parties and their Subsidiaries is subject
to Liens securing Indebtedness other than the Obligations.

 

(ii) Ground
Leases.

 

(i) (1)
The Ground Leases are in full force and effect and have not been modified or amended in any manner whatsoever, (2) there are no
events of default under the Ground Leases by Ground Lessee or Ground Lessor, and no event has occurred which but for the passage
of time, or notice, or both would constitute an event of default under the Ground Leases, (3) all rents, additional rents and other
sums due and payable under the Ground Leases have been paid in full, (4) neither Ground Lessee nor Ground Lessor has commenced
any action or given or received any notice for the purpose of terminating the Ground Leases, (5) the Ground Lessor, as debtor in
possession or by a trustee for the Ground Lessor, has not given any notice of, and Ground Lessee has not consented to, any attempt
to transfer its interest free and clear of the Ground Leases under section 363(f) of the Bankruptcy Code, (6) the Ground Lessor
is not subject to any voluntary or involuntary bankruptcy, reorganization or insolvency proceeding and the Fee Estate is not an
asset in any voluntary or involuntary bankruptcy, reorganization or insolvency proceeding, and (7) the Ground Leases or a memorandum
thereof has been duly recorded, and the Ground Leases permit the interest of the lessee thereunder to be encumbered.

 

(ii) Other
than as disclosed to the Agents in writing prior to the date hereof with respect to the fee mortgage on Ground Leased Property
located at 100 Main Street, Moncks Corner, South Carolina, Ground Lessee's interest in the Ground Leases are not subject to any
Lien superior to, or of equal priority with, the Mortgage on the related Real Estate.

 

    68

     

    

 

Article
VII

 

COVENANTS OF THE LOAN PARTIES AND OTHER COLLATERAL MATTERS

 

Section 7.01 Affirmative
Covenants. So long as any principal of or interest on any Loan or any other Obligation (whether or not due) shall remain unpaid
(other than Contingent Indemnity Obligations and Warrant Obligations) or any Lender shall have any Commitment hereunder, each Loan
Party shall:

 

(a) Reporting
and Notice Requirements. Furnish to each Agent and each Lender:

 

(i) (A)
as soon as available and in any event within forty five (45) days after the end of the first three fiscal quarters of the Borrower
and its Subsidiaries in each Fiscal Year, consolidated and consolidating balance sheets, statements of operations and retained
earnings and statements of cash flows of the Borrower and its Subsidiaries as at the end of such quarter, and for the period commencing
at the end of the immediately preceding Fiscal Year and ending with the end of such quarter, setting forth in each case in comparative
form the figures for the corresponding date or period set forth in the financial statements for the immediately preceding Fiscal
Year, all in reasonable detail and certified by an Authorized Officer of the Borrower as fairly presenting, in all material respects,
the financial position of the Borrower and its Subsidiaries as of the end of such quarter and the results of operations and cash
flows of the Borrower and its Subsidiaries for such quarter and for such year-to-date period, in accordance with GAAP applied in
a manner consistent with that of the most recent audited financial statements of the Borrower and its Subsidiaries furnished to
the Agents and the Lenders, subject to the absence of footnotes and normal year-end adjustments and (B) within forty five (45)
days after the end of each fiscal quarter, (1) an operating statement for each of such properties for each such calendar month
and year to date and a consolidated operating statement for such properties for each such calendar month and year to date (such
statements and reports to be in form reasonably satisfactory to Agents) and (2) a statement listing the Real Estate owned by the
Loan Parties and their Subsidiaries (or in which the Loan Parties or their Subsidiaries owns an interest) and stating the location
thereof and the date acquire (or confirmation that there have been no changes to the information contained in the statement last
delivered pursuant to this clause);

 

(ii) as
soon as available, and in any event within (A) one hundred twenty (120) days after the end of each Fiscal Year of the Borrower
and its Subsidiaries, consolidated and consolidating balance sheets, statements of operations and retained earnings and statements
of cash flows of the Borrower and its Subsidiaries as at the end of such Fiscal Year, setting forth in each case in comparative
form the figures for the corresponding date or period set forth in (A) the financial statements for the immediately preceding Fiscal
Year, and (B) the Projections, all in reasonable detail and prepared in accordance with GAAP and substantially in the form delivered
prior to the Effective Date;

 

(iii) (A)
simultaneously with the delivery of the financial statements of the Borrower and its Subsidiaries required by clauses (i) and (ii)
of this Section 7.01(a) and (B) within seventy five (75) days after the end of the fourth fiscal quarter, a certificate of an Authorized
Officer of the Borrower in substantially similar form as that annexed hereto as Exhibit D (a "Compliance Certificate"):

 

(A) stating
that such Authorized Officer has reviewed the provisions of this Agreement and the other Loan Documents and has made or caused
to be made under his or her supervision a review of the condition and operations of the Borrower and its Subsidiaries during the
period covered by such financial statements with a view to determining whether the Borrower and its Subsidiaries were in compliance
with all of the provisions of this Agreement and such Loan Documents at the times such compliance is required hereby and thereby,
and that such review has not disclosed, and such Authorized Officer has no knowledge of, the occurrence and continuance during
such period of a Default or an Event of Default or, if a Default or an Event of Default had occurred and continued or is continuing,
describing the nature and period of existence thereof and the action which the Borrower and its Subsidiaries proposes to take or
have taken with respect thereto,

 

    69

     

    

 

(B) 
(1) attaching a schedule showing the calculation of the financial covenants specified in Section 7.03 and (2) including a discussion
and analysis of the financial condition and results of operations of the Borrower and its Subsidiaries for the portion of the Fiscal
Year then elapsed and discussing the reasons for any significant variations from the Projections for such period and the figures
for the corresponding period in the previous Fiscal Year, and

 

(C) in
the case of the delivery of the financial statements of the Borrower and its Subsidiaries required by clause (ii) of this Section
7.01(a), attaching (1) a summary of all material insurance coverage maintained as of the date thereof by any Loan Party and evidence
that such insurance coverage meets the requirements set forth in Section 7.01, each Security Agreement and each Mortgage, together
with such other related documents and information as the Administrative Agent may reasonably require and (2) confirmation that
there have been no changes to the information contained in the Perfection Certificate delivered on the Effective Date or the date
of the most recently updated Perfection Certificate delivered pursuant to this clause (iii) and/or attaching an updated Perfection
Certificate identifying any such changes to the information contained therein;

 

(iv) simultaneously
with the delivery of the financial statements required by clauses (i) and (ii) of this Section 7.01(a):

 

(A) the
statement of all contingent liabilities involving amounts of $1,000,000 or more of the Loan Parties which are not reflected in
such financial statements or referred to in the notes thereto (including, without limitation, all guaranties, endorsements and
other contingent obligations in respect of the indebtedness of others, and obligations to reimburse the issuer in respect of any
letters of credit, but excluding any customary carve-out guaranties and environmental indemnities); and

 

(B) if,
as a result of any change in accounting principles and policies from those used in the preparation of the financial statements
that is permitted by Section 7.02(p), the consolidated financial statements of the Borrower and its Subsidiaries delivered pursuant
to clauses (i) and (ii) of this Section 7.01(a) will differ from the consolidated financial statements that would have been delivered
pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first
delivery of such financial statements after such change, one or more statements of reconciliation for all such prior financial
statements in form and substance satisfactory to the Agents.

 

(v) [Reserved]:

 

(vi) as
soon as possible and in any event within ten (10) days after the end of each calendar month, a Rent Roll for each of the Real Estate
properties and a summary thereof as of the end of such month;

 

    70

     

    

 

(vii) promptly
after submission to any Governmental Authority, all documents and information furnished to such Governmental Authority in connection
with any investigation of any Loan Party other than routine inquiries by such Governmental Authority;

 

(viii) as
soon as possible, and in any event within three (3) days after the occurrence of a Default or an Event of Default, the written
statement of an Authorized Officer of the Borrower setting forth the details of such Default or Event of Default and the action
which the affected Loan Party proposes to take with respect thereto;

 

(ix) as
soon as possible and in any event at least ten (10) days prior to any event or development that could reasonably be expected to
result in or constitute an ERISA Event that could reasonably be expected to have a Material Adverse Effect, and, to the extent
not reasonably expected, within five (5) days after the occurrence of any ERISA Event that could reasonably be expected to have
a Material Adverse Effect, notice of such ERISA Event (in reasonable detail);

 

(x) as
soon as possible and in any event within five (5) days after execution, receipt or delivery thereof, copies of any material notices
that any Loan Party executes or receives in connection with any Major Lease;

 

(xi) as
soon as possible and in any event within five (5) days after execution, receipt or delivery thereof, copies of any material agreements
or notices that any Loan Party or any Subsidiary thereof executes or receives in connection with the sale or other Disposition
of the Equity Interests of, or all or substantially all of the assets of, any Loan Party or any Subsidiary thereof;

 

(xii) copies
of all reports or other information delivered to the Borrower's Board of Directors in accordance with Section 7.01(r);

 

(xiii) promptly
after (A) the sending or filing thereof, copies of all statements, reports and other information any Loan Party sends to any holders
of its Indebtedness or its securities or files with the SEC or any national (domestic or foreign) securities exchange and (B) the
receipt thereof, a copy of any material notice received from any holder of its Indebtedness;

 

(xiv) promptly
upon receipt thereof, copies of all financial reports (including, without limitation, management letters), if any, submitted to
any Loan Party by its auditors in connection with any annual or interim audit of the books thereof;

 

(xv) promptly
upon request, any certification or other evidence requested from time to time by any Lender in its sole discretion, confirming
the Borrower's compliance with Section 7.02(q);

 

(xvi) as
soon as possible and in any event within five (5) days after becoming aware of any claim, litigation, action, suit or proceedings
affecting any Loan Party or any Subsidiary or any of their assets or properties that could either cause an Event of Default or
would reasonably be expected to have a Material Adverse Effect and stating the nature and status of such claim, litigation, action,
suit or proceedings;

 

    71

     

    

 

(xvii) evidence
reasonably satisfactory to Agent of the timely payment of all real estate taxes for the Collateral Properties;

 

(xviii) as
soon as possible and in any event within five (5) days after becoming aware of any material setoff, claims (including, with respect
to the Collateral Property, Environmental Claims), withholdings or other defenses to which any of the Collateral, or the rights
of the Agents or the Lenders with respect to the Collateral, are subject, which would have a Material Adverse Effect; and

 

(xix) from
time to time such other information concerning the condition or operations, financial or otherwise, of any Loan Party or its Subsidiaries
(including, without limitation, auditors’ management letters, status of litigation or investigations against the Loan Parties
and any settlement discussions relating thereto (unless the Borrower in good faith believe that such disclosure could result in
a waiver or loss of attorney work product, attorney-client or any other applicable privilege), third-party property inspection
and environmental reports with respect to the Collateral Properties and information as to zoning and other legal and regulatory
changes affecting the Collateral Properties) as the Agents may reasonably request.

 

Documents required to
be delivered pursuant to Section 7.01(a)(i), (ii) or (xiii) (to the extent any such documents are included in materials otherwise
filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i)
on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the following
website address: https://ir.whlr.us/; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet
or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website
or whether sponsored by the Administrative Agent); provided that: (i) the Borrower shall deliver paper copies of such documents
to the Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies until a written request
to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative
Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative
Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation
to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility
to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible
for requesting delivery to it or maintaining its copies of such documents.

 

(b) Compliance
with Laws; Payment of Taxes.

 

(i) Comply,
and cause each of its Subsidiaries to comply, in all material respects, with all Requirements of Law, judgments and awards (including
any settlement of any claim that, if breached, could give rise to any of the foregoing).

 

(ii) Pay,
and cause each of its Subsidiaries to pay, in full before delinquency or before the expiration of any extension period, all Taxes
imposed upon any Loan Party or any of its Subsidiaries or any property of any Loan Party or any of its Subsidiaries (including,
without limitation, state, county and municipal recording, mortgage, intangible, and all other taxes imposed upon the execution
and recordation of the Mortgage and/or upon the execution and delivery of the Note), except (i) unpaid Taxes in an aggregate amount
at any one time not in excess of $250,000, and (ii) Taxes contested in good faith by proper proceedings which stay the imposition
of any Lien resulting from the non-payment thereof and with respect to which adequate reserves have been set aside for the payment
thereof in accordance with GAAP.

 

    72

     

    

 

(c) Preservation
of Existence, Etc. (i) Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights
and privileges, and (ii) become or remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good standing
in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business
makes such qualification necessary, except to the extent that the failure to be so qualified could not reasonably be expected to
have a Material Adverse Effect.

 

(d) Keeping
of Records and Books of Account. Keep, and cause each of its Subsidiaries to keep, adequate records and books of account, with
complete entries made to permit the preparation of financial statements in accordance with GAAP.

 

(e) Inspection
Rights; Lender Meetings.

 

(i) Permit,
and cause each of its Subsidiaries to permit, the agents and representatives of any Agent, prior to the occurrence of an Event
of Default, once per calendar year per each applicable property, and upon the occurrence and continuation of an Event of Default,
at any time and from time to time, during normal business hours, all at the expense of the Borrower, to examine and make copies
of and abstracts from its records and books of account, to visit and inspect its properties, to verify materials, leases, notes,
accounts receivable, deposit accounts and its other assets, to conduct audits, physical counts, valuations, appraisals or examinations
and to discuss its affairs, finances and accounts with any of its directors, officers, managerial employees, independent accountants
or any of its other representatives. In furtherance of the foregoing, each Loan Party hereby authorizes its independent accountants,
and the independent accounts of its Subsidiaries, to discuss the affairs, finances and accounts of such Person (independently or
together with representatives of such Person) with the agents and representatives of any Agent in accordance with this Section
7.01(e).

 

(ii) No
less than once during each fiscal quarter, upon the request of the Administrative Agent or the Required Lenders, upon reasonable
prior notice, participate in a meeting with Administrative Agent and the Lenders at a mutually agreeable location and time or,
at the option of Administrative Agent, by conference calls with all Lenders who choose to attend such meeting to discuss the financial
performance of the Loan Parties.

 

(f) Maintenance
of Properties, Etc. Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties
which are necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear and tear
and casualty excepted, and comply, and cause each of its Subsidiaries to comply, at all times with the provisions of all leases
to which it is a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture thereof or thereunder,
except to the extent the failure to so maintain and preserve or so comply could not reasonably be expected to have a Material Adverse
Effect.

 

    73

     

    

 

(g) Maintenance
of Insurance.

 

(i) Maintain,
and cause each of its Subsidiaries to be covered by, insurance with responsible and reputable insurance companies or associations
(including, without limitation, comprehensive general liability, hazard, flood, rent, worker's compensation and business interruption
insurance) with respect to the Collateral and its other properties (including all real property leased or owned by it) and business,
in such amounts and covering such risks as is (w) carried generally in accordance with sound business practice by companies in
similar businesses similarly situated, (x) required by any Requirement of Law, (y) required by any Material Contract, and (z) in
any event in amount, adequacy and scope reasonably satisfactory to the Collateral Agent. Without limiting the foregoing, the following
types of insurance shall cover each Collateral Property:

 

(A) “All
Risks” or “Special Form” property insurance, coverage from loss or damage arising from flood, earthquake, and
acts of terrorism (with such coverage satisfactory to Collateral Agent), and comprehensive boiler and machinery (if applicable)
or “breakdown” coverages on each Building that forms part of the Collateral Property in an amount not less than the
full insurable replacement cost of each Building. As approved by the Collateral Agent, flood, earthquake and boiler and machinery/breakdown
coverages may be subject to sublimits less than the Building’s insurable replacement cost. Losses shall be valued on a replacement
cost basis, and coinsurance (if any) shall be waived. The deductibles shall not to exceed $1,000,000 for physical damage, a 24-hour
waiting period for business interruption and five percent (5%) of the insured value per location for earthquake or named windstorm.
Full insurable replacement cost as used herein means the cost of replacing the Building (exclusive of the cost of excavations,
foundations and footings below the lowest basement floor) without deduction for physical depreciation thereof;

 

(B) if
not covered by or under the terms or provisions of the policies required in clause (A) above, during the course of construction
or repair of any Building or of any renovations or repairs that are not covered by the Loan Parties’ property insurance,
the insurance required in this Section 7.01(g) shall be written on a builder’s risk, completed value, non-reporting form,
with recovery not affected by interim reports of value submitted for premium accounting purposes, meeting all of the terms required
above in this Section 7.01(g), covering the total value of work performed, materials, equipment, machinery and supplies furnished,
existing structures, and temporary structures being erected on or near the Collateral Property, including coverage against collapse
and damage during transit or while being stored off-site, and containing a soft costs (including loss of rents) coverage endorsement
and a permission to occupy endorsement;

 

(C) if
not insured by the flood insurance required in clause (A), flood insurance if at any time any Building is located in any federally
designated “special hazard area” (including any area having special flood, mudslide and/or flood-related erosion hazards,
and shown on a Flood Hazard Boundary Map or a Flood Insurance Rate Map published by the Federal Emergency Management Agency as
Zone A, AO, Al-30, AE, A99, AH, VO, V1-30, VE, V, M or E), in an amount equal to the full replacement cost or the maximum amount
then available under the National Flood Insurance Program;

 

    74

     

    

 

(D) rent
loss insurance in an amount sufficient to recover at least the total estimated gross receipts from all sources of income of the
Loan Parties, including without limitation, rental income for the Collateral Property for a twelve (12)-month period, including
a provision for an extended period of indemnity of not less than one year;

 

(E) commercial
general liability insurance against claims for bodily injury and property damage liability, on an occurrence basis, including personal
injury and advertising injury liability, contractual liability coverage, and completed operations coverage with a general aggregate
limit of not less than $2,000,000, a completed operations aggregate limit of not less than $2,000,000, a combined single limit
of not less than $1,000,000 per occurrence for bodily injury, and property damage liability, and a limit of not less than $1,000,000
for personal injury and advertising injury;

 

(F) umbrella
liability insurance with limits of not less than $10,000,000 to be in excess of the limits of the insurance required by clause
(E) above, with coverage at least as broad as the primary coverages, with any excess liability insurance to be at least as broad
as the coverages of the lead umbrella policy. All such policies shall include language to provide defense coverage obligations;
and

 

(G) such
other insurance in such form and in such amounts as may from time to time be reasonably required by the Agent against other insurable
hazards and casualties which at the time are commonly insured against in the case of properties of similar character and location
to the Collateral Properties.

 

(ii) The
insurance policies with respect to all Collateral Property provided for in clauses (E), (F) and (G) above, shall contain standard
mortgagee clauses or endorsements to the effect that (A) no act or omission of the Loan Parties or anyone acting for the Loan Parties
(including, without limitation, any representations made in the procurement of such insurance), which might otherwise result in
a forfeiture of such insurance or any part thereof, no occupancy or use of the property for purposes more hazardous than permitted
by the terms of the policy, and no foreclosure or any other change in title to the property or any part thereof, shall affect the
validity or enforceability of such insurance insofar as the Collateral Agent is concerned, (B) such policies shall not be canceled
or terminated prior to the scheduled expiration date thereof without the insurer thereunder giving at least thirty (30) days prior
written notice except in cases of non-payment of premium, ten (10) days prior written notice, to the Collateral Agent, (C) that
the Collateral Agent or the Lenders shall have the right but not any obligation to pay any premiums thereon or any assessments
thereunder, and to file claims under all policies, (D) the insurer waives any right of subrogation, and (E) such insurance is primary
and without right of contribution from any other insurance which may be available.

 

(iii) In
the event of any loss or damage to the Collateral Property, the Borrower shall give immediate written notice to the insurance carrier
and the Collateral Agent.

 

    75

     

    

 

(iv) All
policies covering the Collateral are to be made payable to the Collateral Agent for the benefit of the Agents and the Lenders,
as their interests may appear, in case of loss, under a standard non-contributory "lender" or "secured party"
clause and are to contain such other provisions as the Collateral Agent may require to fully protect the Lenders' interest in the
Collateral and to any payments to be made under such policies. All certificates of insurance are to be delivered to the Collateral
Agent and the policies are to be premium prepaid, with the loss payable and additional insured endorsement in favor of the Collateral
Agent for the benefit of the Agents and the Lenders, as their respective interests may appear, and such other Persons as the Collateral
Agent may designate from time to time, and shall provide for not less than thirty (30) days' (ten (10) days' in the case of non-payment)
prior written notice to the Collateral Agent of the exercise of any right of cancellation. If any Loan Party fails to maintain
such insurance, the Collateral Agent may arrange for such insurance, but at the Borrower's expense and without any responsibility
on the Collateral Agent's part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage,
or the collection of claims. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall
have the sole right, in the name of the Lenders and any Loan Party, to file claims under any insurance policies, to receive, receipt
and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases,
assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims
under any such insurance policies.

 

(h) Obtaining
of Permits, Etc. Obtain, maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, and take all necessary
action to timely renew, all permits, licenses, authorizations, approvals, entitlements and accreditations that are necessary or
useful in the proper conduct of its business, in each case, except to the extent the failure to obtain, maintain, preserve or take
such action could not reasonably be expected to have a Material Adverse Effect.

 

(i) Environmental.

 

(i) Keep
the Real Estate free of any Environmental Lien;

 

(ii) Obtain,
maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, and take all necessary action to timely renew,
all Environmental Permits that are necessary or useful in the proper conduct of its business, and comply, and cause each of its
Subsidiaries to comply, with all Environmental Laws and Environmental Permits, except to the extent the failure to so obtain, maintain,
preserve or comply could not reasonably be expected to result in a material Environmental Claim or Environmental Liability;

 

(iii) Take
all commercially reasonable steps to prevent any Release of Hazardous Materials in violation of any Environmental Law or Environmental
Permit at, on, under or from any property owned, leased or operated by any Loan Party or its Subsidiaries that could reasonably
be expected to result in material Environmental Liabilities;

 

(iv) Provide
the Collateral Agent with written notice within ten (10) days of any of the following: (A) discovery of any Release of a Hazardous
Material or environmental condition at, on, under or from any property currently or formerly owned, leased or operated by any Loan
Party, Subsidiary or predecessor in interest or any violation of Environmental Law or Environmental Permit that in any case could
reasonably be expected to result in any material Environmental Claim or Environmental Liability; (B) notice that an Environmental
Lien has been filed against any Collateral; or (C) a material Environmental Claim or Environmental Liabilities; and provide such
reports, documents and information as the Collateral Agent may reasonably request from time to time with respect to any of the
foregoing.

 

    76

     

    

 

In addition to the foregoing, at any time
after an Event of Default shall have occurred hereunder, the Collateral Agent may at its election (and will at the request of the
Required Lenders) obtain, and the Loan Parties shall assist in the Collateral Agent obtaining, such environmental assessments of
any or all of the Collateral Properties prepared by an Environmental Engineer as may be reasonably necessary or advisable for the
purpose of evaluating or confirming (i) whether any Hazardous Substances are present in the soil or water at any such Collateral
Property in a quantity or condition that is required to be contained, corrected or otherwise remediated by the owner or operator
of the Collateral Property pursuant to applicable Environmental Laws and (ii) whether the use and operation of any such Collateral
Property complies with all Environmental Laws to the extent required by the Loan Documents. Additionally, at any time that the
Collateral Agent or the Required Lenders shall have reasonable and objective grounds to believe that a Release or threatened Release
of Hazardous Substances may have occurred at or from any Collateral Property which the owner or operator of such property would
be obligated to contain, correct or otherwise remediate pursuant to applicable Environmental Laws, or that any of the Collateral
Property is not in compliance with Environmental Laws to the extent required by the Loan Documents, the Borrower shall promptly
upon the request of the Collateral Agent obtain and deliver to the Collateral Agent such environmental assessments of such Collateral
Property prepared by an Environmental Engineer as may be reasonably necessary or advisable for the purpose of evaluating or confirming
(i) whether any Hazardous Substances are present in the soil or water at such Collateral Property and (ii) whether the use and
operation of such Collateral Property complies with all Environmental Laws. Environmental assessments may include detailed visual
inspections of such Collateral Property including, without limitation, any and all storage areas, storage tanks, drains, dry wells
and leaching areas, and the taking of soil samples, as well as such other investigations or analyses as are reasonably necessary
or appropriate for a complete determination of the compliance of such Collateral Property and the use and operation thereof with
all applicable Environmental Laws. All reasonable expenses of environmental assessments contemplated hereby shall be at the sole
cost and expense of the Borrower.

 

(j) [Reserved].

 

(k) Anti-Corruption
Laws; Anti-Money Laundering Laws; Sanctions.

 

(i) Maintain,
and cause each of its Subsidiaries to maintain, policies and procedures reasonably designed to promote compliance by each Loan
Party, its Subsidiaries and their respective directors, officers, employees and agents with all applicable Anti-Corruption Laws
and Anti-Money Laundering Laws.

 

(ii) Comply,
and cause each of its Subsidiaries to comply, with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

 

(iii) Ensure
that neither any Loan Party, any Subsidiary nor, to the best knowledge of any Loan Party, any director, officer, employee or any
Person acting on behalf of any Loan Party or any Subsidiary will engage in any activity that would breach any Anti-Corruption Law.

 

    77

     

    

 

(iv) Promptly
notify the Administrative Agent of any action, suit or investigations by any court or Governmental Authority in relation to an
alleged breach of the Anti-Corruption Law.

 

(v) Not
directly or to its knowledge indirectly use, lend or contribute the proceeds of any Loan for any purpose that would breach any
Anti-Corruption Law.

 

(vi) Cause
each Loan Party and Affiliate, officer, employee or director, acting on behalf of such Loan Party to be (and will take no action
which would result in any such Person not being) in compliance with all applicable Sanctions and all applicable provisions
of the USA PATRIOT Act.

 

(vii) Ensure
that none of the activities or business of any Loan Party includes any kind of activities or business of or with any Person or
in any country or territory that is subject to any Sanctions.

 

(viii) In
order to comply with the "know your customer/borrower" requirements of the Anti-Money Laundering Laws, promptly provide
to the Administrative Agent upon its reasonable request from time to time (A) information relating to individuals and entities
affiliated with any Loan Party that maintain a business relationship with the Administrative Agent, and (B) such identifying information
and documentation as may be available for such Loan Party in order to enable the Administrative Agent or any Lender to comply with
applicable Anti-Money Laundering Laws.

 

(l) [Reserved].

 

(m) Further
Assurances. Take such action and execute, acknowledge and deliver, at its sole cost and expense, such agreements, instruments
or other documents as any Agent may reasonably require from time to time in order (i) to carry out more effectively the purposes
of this Agreement and the other Loan Documents, (ii) to subject to valid and perfected first priority Liens (subject to Permitted
Liens) any of the Collateral of any Loan Party, (iii) to establish and maintain the validity and effectiveness of any of the Loan
Documents and the validity, perfection and priority of the Liens intended to be created thereby, and (iv) to better assure, convey,
grant, assign, transfer and confirm unto each Secured Party the rights now or hereafter intended to be granted to it under this
Agreement or any other Loan Document. In furtherance of the foregoing, to the maximum extent permitted by applicable law, each
Loan Party (i) authorizes each Agent to execute any such agreements, instruments or other documents in such Loan Party's name and
to file such agreements, instruments or other documents, in the case of each of the foregoing in this clause (i) in any appropriate
filing office, (ii) authorizes each Agent to file any financing statement required hereunder or under any other Loan Document,
and any continuation statement or amendment with respect thereto, in any appropriate filing office without the signature of such
Loan Party, and (iii) ratifies the filing of any financing statement, and any continuation statement or amendment with respect
thereto, filed without the signature of such Loan Party prior to the date hereof.

 

    78

     

    

 

(n) Management.
Not enter into any Management Agreement for any Real Estate, other than with the Property Manager, without the prior written consent
of the Agents. Not enter into any new Management Agreement with the Property Manager, without the prior written consent of the
Agents, unless on terms substantially similar to the then-existing Management Agreements involving such Property Manager for any
Real Estate. No Management Agreement shall be modified in any material respect or terminated without the Agents' prior written
approval. The Agents may condition any approval of a new Property Manager and new Management Agreement on the execution and delivery
to the Agents of a collateral assignment of such Management Agreement to the Collateral Agent and a subordination of the manager’s
rights thereunder to the rights of the Collateral Agent and the Lenders under the Loan Documents pursuant to a Management Subordination
Agreement. All existing Management Agreements are described on Schedule 7.01(n) hereto, which Schedule shall be updated from time
to time with any new Management Agreements.

 

(o) Leases
of the Property.

 

(i) Give
notice to the Collateral Agent of any proposed new Major Lease at any Real Estate (including any Collateral Property) and shall
provide to the Agents a copy of such proposed Lease and any and all material agreements or documents related thereto, current financial
information for the proposed tenant and any guarantor of the proposed Lease and such other information as the Agents may reasonably
request.

 

(ii) Not
lease all or any portion of Real Estate (including the Collateral Property) pursuant to a Major Lease or amend, supplement or otherwise
modify any material economic term of any Major Lease, terminate or cancel, or accept the surrender of, or consent to the assignment
or subletting of, or grant any material monetary concessions to or waive the performance of any material monetary obligations of
any tenant, lessee or licensee under, any now existing or future Major Lease without, (x) with respect to any Collateral Property,
the prior written consent of the Collateral Agent, and (y) with respect to any Real Estate that is not Collateral Property, providing
written notice to the Collateral Agent no less than five (5) Business Days prior to the consummation of any such transaction.

 

(iii) Use
commercially reasonable best efforts to cause each Major Tenant of a Collateral Property to enter into a subordination and non-disturbance
agreement in form and substance reasonably acceptable to the Collateral Agent and such Major Tenant with respect to each Major
Lease, and Agent agrees, upon request, to enter into such agreement.

 

(p) Real
Estate. Without limiting the further covenants contained in the Security Documents, at all times, cause the Loan Parties to,
or cause the applicable tenant to:

 

(i) pay
all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions,
and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Real
Estate (including any Collateral Property), now or hereafter levied or assessed or imposed against any Real Estate (including any
Collateral Property) or any part thereof (except those which are being contested in good faith by appropriate proceedings diligently
conducted where the failure to pay any of the foregoing would reasonably be expected to have a Material Adverse Effect);

 

    79

     

    

 

(ii) promptly
pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in
connection with any Real Estate (including any Collateral Property) (except those which are being contested in good faith by appropriate
proceedings diligently conducted where the failure to pay any of the foregoing would reasonably be expected to have a Material
Adverse Effect), and in any event never permit to be created or exist in respect of any Real Estate (including any Collateral Property)
or any part thereof any other or additional Lien or security interest other than Liens permitted hereunder; and

 

(iii) operate
the Real Estate (including the Collateral Properties) in a good and workmanlike manner and in all material respects in accordance
with all legal requirements in accordance with the Borrower’s prudent business judgment, except where the failure to do so
would not reasonably be expected to have a Material Adverse Effect.

 

(q) REIT
and Public Company Covenants.

 

(i) Cause
the Borrower at all times to comply with all applicable provisions of the Internal Revenue Code, and Treasury Regulations promulgated
thereunder, necessary to allow the Borrower to qualify currently for status as a REIT and to continue to qualify for status as
a REIT; provided, that if the Borrower reasonably determines that it no longer desires to qualify for status as a REIT,
the Borrower shall notify the Lenders, and if (x) the Lenders have determined that the Borrower ceasing to qualify for such status
will not result in any adverse effect on the Lenders' interests (including, if necessary, after consulting with tax counsel), (y)
no Default or Event of Default exists or would result therefrom, and (z) this Agreement is amended to reflect any necessary or
desirable changes in connection with the change in the Borrower’s REIT status, the Lenders shall permit the Borrower to cease
to qualify for status as a REIT.

 

(ii) Cause
the common stock of the Borrower at all times to be listed for trading and be traded on the NASDAQ or another national exchange
approved by the Administrative Agent, unless otherwise consented to in writing by the Required Lenders.

 

(r) Board
Materials. Deliver to the Administrative Agent (A) copies of any agenda and other written materials provided to the Board of
Directors (or any committee thereof) of the Borrower prior to any meeting of the Board of Directors (or such committee thereof),
at the time or promptly (but no later than two (2) Business Days) after such materials are furnished to the members of the Board
of Directors (or such committee thereof), (B) copies of all minutes of meetings of the Board of Directors (or any committee thereof)
of the Borrower at the time or promptly (but no later than two (2) Business Days) after such minutes are furnished to the members
of the Board of Directors (or such committee thereof), (C) copies of all material written consents duly passed by the Board of
Directors (or any committee thereof) of the Borrower, and (D) promptly (but no later than two (2) Business Days) upon presentation
of any regular periodic materials to the Board of Directors (or any committee thereof) of the Borrower reporting on the current,
past or future financial performance and business and operations of the Borrower or any of its Subsidiaries (which shall include,
among other things, development updates with respect to material Investments, Real Estate (including the Collateral Properties),
and updates with respect to material events relating to other Material Contracts), copies of all such materials; provided,
that any such materials may be redacted by the Borrower to preserve attorney-client privilege; provided, further
that such redactions are restricted so as to be only as extensive as is reasonably necessary in order to exclude such information.

 

    80

     

    

 

(s) Use
of Proceeds. The proceeds of the Loan shall be used to (a) refinance the Existing Credit Facility, (b) redeem certain shares
of its 8.75% Series D Cumulative Convertible Preferred Stock, and (c) pay fees and expenses in connection with this Agreement and
the transactions contemplated hereby. In connection with clause (b), the tender offer to redeem certain shares of the Borrower’s
8.75% Series D Cumulative Convertible Preferred Stock (the “Tender Offer”) shall be launched by the filing of
a Schedule TO on or before January 31, 2021, shall be diligently pursued by the Borrower in good faith after such launch, and shall
be completed on or before March 31, 2021. The Borrower shall offer to purchase the Borrower’s 8.75% Series D Cumulative Convertible
Preferred Stock in the Tender Offer at a price no higher than 120% of the average daily closing price of such shares during the
fifteen (15) day period prior to the launch date of such Tender Offer. The Tender Offer shall be subject to redemption of such
shares held by at least one holder that is not an insider or other Affiliate of the Borrower, and on other terms that are reasonably
consistent with market terms for similar transactions for similar companies. To the extent any proceeds of the Loan remain unapplied
after the Tender Offer, the Borrower shall diligently pursue in good faith subsequent tender offers (or other redemptions) to apply
such remaining proceeds to redeem the Borrower’s 8.75% Series D Cumulative Convertible Preferred Stock on terms consistent
with the two immediately preceding sentences and otherwise in consultation with the Agents. Prior to the use of the applicable
proceeds of the Loan to redeem the Borrower's 8.75% Series D Cumulative Convertible Preferred Stock, such proceeds shall be deposited
and remain in an account subject to a Control Agreement.

 

(t) Ground
Lease. Without limitation of the other provisions herein, Ground Lessee makes the following covenants with respect to the Ground
Leases:

 

(i) Ground
Lessee shall (1) pay (or cause to be paid) all rents, additional rents and other sums required to be paid by Ground Lessee, as
tenant under and pursuant to the provisions of the Ground Leases, (2) diligently perform and observe (or cause to be performed
and observed) all of the terms, covenants and conditions of the Ground Leases on the part of Ground Lessee, as tenant thereunder,
(3) promptly notify Administrative Agent of the giving of any notice by the Ground Lessor under the Ground Lease to Ground Lessee
of any event of default (whether or not any applicable notice and cure periods have expired) by Ground Lessee and deliver to Agent
a true copy of each such notice within two (2) Business Days of receipt, and (4) promptly notify Administrative Agent of any bankruptcy,
reorganization or insolvency of the Ground Lessor under the Ground Leases or of any notice thereof, and deliver to Administrative
Agent a true copy of such notice within two (2) Business Days of Ground Lessee's receipt, together with copies of all notices,
pleadings, schedules and similar matters received by Ground Lessee in connection with such bankruptcy, reorganization or insolvency
within two (2) Business Days after receipt.

 

    81

     

    

 

(ii) Ground
Lessee shall not, without the prior written consent of Administrative Agent, surrender the leasehold estate created by the Ground
Leases or sublet (unless on terms acceptable to the Administrative Agent), terminate or cancel the Ground Leases or modify, change,
supplement, alter or amend the Ground Leases, and if Ground Lessee shall default in the performance or observance of any term,
covenant or condition of the Ground Leases on the part of Ground Lessee and shall fail to cure the same prior to the expiration
of any applicable cure period provided thereunder, Administrative Agent shall have the right, but shall be under no obligation,
to pay any sums and to perform any act or take any action as may be appropriate to cause all of the terms, covenants and conditions
of the Ground Leases on the part of Ground Lessee to be performed or observed on behalf of Ground Lessee, to the end that the rights
of Ground Lessee in, to and under the Ground Lease shall be kept unimpaired and free from default. If the Ground Lessor under the
Ground Leases shall deliver to Administrative Agent a copy of any notice of default under the Ground Leases, such notice shall
constitute full protection to Administrative Agent for any action taken or omitted to be taken by Administrative Agent, in good
faith, in reliance thereon. Ground Lessee shall exercise each individual option, if any, to extend or renew the term of the Ground
Leases upon demand by Administrative Agent made at any time within one (1) year prior to the last day upon which any such
option may be exercised, and Ground Lessee hereby expressly authorizes and appoints Administrative Agent its attorney-in-fact to
exercise any such option in the name of and on behalf of Ground Lessee, which power of attorney shall be irrevocable and shall
be deemed to be coupled with an interest.

 

Section 7.02 Negative
Covenants. So long as any principal of or interest on any Loan or any other Obligation (whether or not due) shall remain unpaid
(other than Contingent Indemnity Obligations and Warrant Obligations) or any Lender shall have any Commitment hereunder, each Loan
Party shall not:

 

(a) Liens,
Etc. Create, incur, assume or suffer to exist, or permit any of its Subsidiaries to create, incur, assume or suffer to exist,
any Lien upon or with respect to any of its properties, whether now owned or hereafter acquired; file or suffer to exist under
the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that
names it or any of its Subsidiaries as debtor; sign or suffer to exist any security agreement authorizing any secured party thereunder
to file such financing statement (or the equivalent thereof) other than, as to all of the above, Permitted Liens.

 

(b) Indebtedness.
Create, incur, assume, guarantee or suffer to exist, or otherwise become or remain liable with respect to, or permit any of its
Subsidiaries to create, incur, assume, guarantee or suffer to exist or otherwise become or remain liable with respect to, any Indebtedness
(including, without limitation, preferred Equity Interests) other than Permitted Indebtedness.

 

(c) Fundamental
Changes; Dispositions.

 

(i) Wind-up,
liquidate or dissolve, or merge, consolidate or amalgamate with any Person, including by means of a "plan of division"
under the Delaware Limited Liability Company Act or any comparable transaction under any similar law, or permit any of its Subsidiaries
to do (or agree to do) any of the foregoing; provided, however, that any Wholly Owned Subsidiary of any Loan Party
(other than the Borrower) may be merged into such Loan Party or another Wholly Owned Subsidiary of such Loan Party, or may consolidate
or amalgamate with another Wholly Owned Subsidiary of such Loan Party, so long as (A) no other provision of this Agreement would
be violated thereby, (B) such Loan Party gives the Agents at least thirty (30) days' prior written notice of such merger,
consolidation or amalgamation accompanied by true, correct and complete copies of all material agreements, documents and instruments
relating to such merger, consolidation or amalgamation, including, without limitation, the certificate or certificates of merger
or amalgamation to be filed with each appropriate Secretary of State (with a copy as filed promptly after such filing), (C) no
Default or Event of Default shall have occurred and be continuing either before or after giving effect to such transaction, (D)
the Lenders' rights in any Collateral, including, without limitation, the existence, perfection and priority of any Lien thereon,
are not adversely affected by such merger, consolidation or amalgamation, and (E) in the case of a transaction involving a Loan
Party, the surviving Subsidiary, if any, if not already a Loan Party, is joined as a Loan Party hereunder pursuant to a Joinder
Agreement and is a party to a Security Agreement and the respective assets and Equity Interests of and in such Subsidiary are the
subject of a Security Agreement, in each case, which is in full force and effect on the date of and immediately after giving effect
to such merger, consolidation or amalgamation; and

 

    82

     

    

 

(ii) Make
any Disposition, whether in one transaction or a series of related transactions, of all or any part of its business, property or
assets, whether now owned or hereafter acquired (or agree to do any of the foregoing), or permit any of its Subsidiaries to do
any of the foregoing, directly or indirectly; provided, however, that any Loan Party and its Subsidiaries may make
Permitted Dispositions.

 

(d) Change
in Nature of Business. Make, or permit any of its Subsidiaries to make, any change in the nature of its business as described
in Section 6.01(l).

 

(e) Loans,
Advances, Investments, Etc. Make or commit or agree to make, or permit any of its Subsidiaries to make or commit or agree to
make, directly or indirectly, any Investment except for Permitted Investments.

 

(f) Sale
and Leaseback Transactions. Enter into, or permit any of its Subsidiaries to enter into, any Sale and Leaseback Transaction
other than Sale and Leaseback Transactions set forth in Schedule 7.02(f).

 

(g) Restricted
Payments; Equity Issuances.

 

(i) Make
or permit any of its Subsidiaries to make, directly or indirectly, any Restricted Payment other than Permitted Restricted Payments.

 

(ii) Make
or permit any of its Subsidiaries to make, directly or indirectly, any Equity Issuance other than Permitted Equity Issuances.

 

(h) Federal
Reserve Regulations. Permit any Loan or the proceeds of any Loan under this Agreement to, directly or indirectly, be used for
any purpose that would cause such Loan to be a margin loan under the provisions of Regulation T, U or X of the Board.

 

    83

     

    

 

(i) Transactions
with Affiliates. Enter into, renew, extend or be a party to, or permit any of its Subsidiaries to enter into, renew, extend
or be a party to, any transaction or series of related transactions (including, without limitation, the purchase, sale, lease,
transfer or exchange of property or assets of any kind or the rendering of services of any kind) with any Affiliate, except (i)
transactions consummated in the ordinary course of business in a manner and to an extent consistent with past practice, for fair
consideration and on terms no less favorable to it or its Subsidiaries than would be obtainable in a comparable arm's length transaction
with a Person that is not an Affiliate thereof, and that are fully disclosed to the Agents prior to the consummation thereof, if
they involve one or more payments by the Borrower or any of its Subsidiaries in excess of $250,000 for any single transaction or
series of related transactions, (ii) transactions with another Loan Party, (iii) transactions permitted by Section 7.02(e) and
Section 7.02(g), (iv) reasonable and customary director and officer compensation (including bonuses and stock option programs),
benefits and indemnification arrangements, in each case approved by the Board of Directors (or a committee thereof) of such Loan
Party or such Subsidiary; provided, that any such director and officer compensation will be deemed to be reasonable and customary
for purposes of this clause (iii) if approved by the Board of Directors of the Borrower in writing or at a meeting of the board
recorded in the minutes therefor, and (v) reimbursement of any Affiliate’s out-of-pocket expenses incident to the solicitation
of proxies, to the extent approved by the Board of Directors (or a committee thereof) of the Borrower and consistent with its Governing
Documents.

 

(j) Limitations
on Dividends and Other Payment Restrictions Affecting Subsidiaries. Create or otherwise cause, incur, assume, suffer or permit
to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary of any Loan
Party (i) to pay dividends or to make any other distribution on any shares of Equity Interests of such Subsidiary owned by any
Loan Party or any of its Subsidiaries, (ii) to pay or prepay or to subordinate any Indebtedness owed to any Loan Party or any of
its Subsidiaries, (iii) to make loans or advances to any Loan Party or any of its Subsidiaries, or (iv) to transfer any of
its property or assets to any Loan Party or any of its Subsidiaries, or permit any of its Subsidiaries to do any of the foregoing;
provided, however, that nothing in any of clauses (i) through (iv) of this Section 7.02(j) shall prohibit or restrict
compliance with:

 

(A) this
Agreement and the other Loan Documents;

 

(B) any
agreement in effect on the date of this Agreement and described on Schedule 7.02(j), or any extension, replacement or continuation
of any such agreement; provided, that, any such encumbrance or restriction contained in such extended, replaced or continued
agreement is no less favorable to the Agents and the Lenders than the encumbrance or restriction under or pursuant to the agreement
so extended, replaced or continued;

 

(C) any
applicable law, rule or regulation (including, without limitation, applicable currency control laws and applicable state corporate
statutes restricting the payment of dividends in certain circumstances);

 

(D) in
the case of clause (iv), (1) customary restrictions on the subletting, assignment or transfer of any specified property or asset
set forth in a lease, license, asset sale agreement or similar contract for the conveyance of such property or asset and (2) instrument
or other document evidencing a Permitted Lien (or the Indebtedness secured thereby) from restricting on customary terms the transfer
of any property or assets subject thereto;

 

(E) customary
restrictions on dispositions of real property interests in reciprocal easement agreements;

 

    84

     

    

 

(F) customary
restrictions in agreements for the sale of assets on the transfer or encumbrance of such assets during an interim period prior
to the closing of the sale of such assets; or

 

(G) customary
restrictions in contracts that prohibit the assignment of such contract.

 

(k) Limitations
on Negative Pledges. Enter into, incur or permit to exist, or permit any Subsidiary to enter into, incur or permit to exist,
directly or indirectly, any agreement, instrument, deed, lease or other arrangement that prohibits, restricts or imposes any condition
upon the ability of any Loan Party or any Subsidiary of any Loan Party to create, incur or permit to exist any Lien upon any of
its property or revenues, whether now owned or hereafter acquired, or that requires the grant of any security for an obligation
if security is granted for another obligation, except the following: (i) this Agreement and the other Loan Documents, (ii) restrictions
or conditions imposed by any agreement relating to secured Indebtedness permitted by Section 7.02(b) of this Agreement if such
restrictions or conditions apply only to the property or assets securing such Indebtedness, (iii) any customary restrictions and
conditions contained in agreements relating to the sale or other disposition of assets or of a Subsidiary pending such sale or
other disposition; provided, that such restrictions and conditions apply only to the assets or Subsidiary to be sold or
disposed of and such sale or disposition is permitted hereunder, and (iv) customary provisions in leases restricting the assignment
or sublet thereof.

 

(l) Modifications
of Indebtedness, Organizational Documents and Certain Other Agreements; Etc.

 

(i) Amend,
modify or otherwise change (or permit the amendment, modification or other change in any manner of) any of the provisions of any
of its Indebtedness or of any instrument or agreement (including, without limitation, any purchase agreement, indenture, loan agreement
or security agreement) relating to any such Indebtedness if, after giving effect to such amendment, modification or change, such
Indebtedness would not qualify as Permitted Refinancing Indebtedness;

 

(ii) except
for the Obligations, (A) make any voluntary or optional payment, prepayment, redemption, defeasance, sinking fund payment or other
acquisition for value of any of its Indebtedness (including, without limitation, by way of depositing money or securities with
the trustee therefor before the date required for the purpose of paying any portion of such Indebtedness when due) (other than
Permitted Restricted Payments contemplated by clause (c) of the definition thereof), (B) refund, refinance, replace or exchange
any other Indebtedness for any such Indebtedness (other than with respect to Permitted Refinancing Indebtedness), (C) make any
payment, prepayment, redemption, defeasance, sinking fund payment or repurchase of any Subordinated Indebtedness in violation of
the subordination provisions thereof or any subordination agreement with respect thereto (except as permitted by clause (j) of
the definition of Permitted Indebtedness), or (D) make any payment, prepayment, redemption, defeasance, sinking fund payment or
repurchase of any of its Indebtedness as a result of any asset sale, change of control, issuance and sale of debt or equity securities
or similar event, or give any notice with respect to any of the foregoing;

 

    85

     

    

 

(iii) amend,
modify or otherwise change any of its Governing Documents (including, without limitation, by the filing or modification of any
certificate of designation, or any agreement or arrangement entered into by it) with respect to any of its Equity Interests (including
any shareholders' agreement), or enter into any new agreement with respect to any of its Equity Interests, except any such amendments,
modifications or changes or any such new agreements or arrangements pursuant to this clause (iii) that either individually or in
the aggregate would not reasonably be expected to have a Material Adverse Effect, provided, that no such amendment, modification
or change or new agreement or arrangement shall provide for any plan of division pursuant to Section 18-217 of the Delaware Limited
Liability Company Act (or any similar statute or provision under applicable law); or

 

(iv) agree
to any amendment, modification or other change to or waiver of any of its rights under any Material Contract if such amendment,
modification, change or waiver would be adverse in any material respect to any Loan Party or any Material Subsidiary or the Agents
and the Lenders.

 

(m) Investment
Company Act of 1940. Engage in any business, enter into any transaction, use any securities or take any other action, or permit
any of its Subsidiaries to do any of the foregoing, that would cause it or any of its Subsidiaries to become subject to the registration
requirements of the Investment Company Act of 1940, as amended.

 

(n) ERISA.
Except as would not reasonably be expected to have a Material Adverse Effect, (i) cause or fail to prevent, or permit any of its
ERISA Affiliates to cause or fail to prevent, an ERISA Event, or (ii) adopt, or permit any of its ERISA Affiliates to adopt, any
employee welfare benefit plan within the meaning of Section 3(1) of ERISA that provides benefits to employees after termination
of employment other than as required by Section 601 of ERISA or other Requirements of Law.

 

(o) Environmental.

 

(i) Permit
(A) the use of any of the Real Estate or any portion thereof as a facility for the handling, processing, storage or disposal of
Hazardous Substances, except for quantities of Hazardous Substances used in the ordinary course of such Guarantor’s or its
tenants’ business and in material compliance with all applicable Environmental Laws, (B) to be located on any of the Real
Estate any underground tank or other underground storage receptacle for Hazardous Substances except in material compliance with
Environmental Laws, (C) any Hazardous Substances on any of the Real Estate except in material compliance with Environmental Laws,
(D) any activity at any of the Real Estate or use any Real Estate in any manner that could reasonably be expected to cause a Release
of Hazardous Substances on, upon or into the Real Estate or any surrounding properties which would reasonably be expected to give
rise to liability under CERCLA or any other Environmental Law, or (E) directly or indirectly the transport or arrange for the transport
of any Hazardous Substances (except in compliance with all Environmental Laws) in connection with any Real Estate, except any such
use, generation, conduct or other activity described in clauses (A) to (E) of this Section 7.02(o) that could not reasonably be
expected to have a Material Adverse Effect.

 

    86

     

    

 

(ii) 
Fail to cause the Loan Parties or their Subsidiaries to: (A) in the event of any change in applicable Environmental Laws governing
the assessment, release or removal of Hazardous Substances with respect to any Real Estate, take all reasonable action as required
by such Laws, (ii) if any Release or disposal of Hazardous Substances which Loan Parties are legally obligated to contain, correct
or otherwise remediate shall occur or shall have occurred on any Real Estate (including without limitation any such Release or
disposal occurring prior to the acquisition or leasing of such Real Estate), cause the performance of actions required by applicable
Environmental Laws at the Real Estate in material compliance with all applicable Environmental Laws; provided, that each
of the Loan Parties shall be deemed to be in compliance with Environmental Laws for the purpose of this clause so long as it or
a responsible third party with sufficient financial resources is taking reasonable action to remediate or manage such event to
the reasonable satisfaction of the Collateral Agent or has taken and is diligently pursuing a challenge to any such alleged legal
obligation through appropriate administrative or judicial proceedings; provided, further, that the Collateral Agent
may engage its own Environmental Engineer to review the environmental assessments and the compliance with the covenants contained
herein.

 

(p) Accounting
Methods. Modify or change, or permit any of its Subsidiaries to modify or change, its method of accounting or accounting principles
from those utilized in the preparation of the financial statements (other than as may be required to conform to GAAP).

 

(q) Sanctioned
Persons; Anti-Corruption Laws; Anti-Money Laundering Laws.

 

(i) Conduct,
or permit any of its Subsidiaries to conduct, any business or engage in any transaction or deal with or for the benefit of any
Sanctioned Person, including the making or receiving of any contribution of funds, goods or services to, from or for the benefit
of any Sanctioned Person; or

 

(ii) use,
or permit any of its Subsidiaries to use, directly or indirectly, any of the proceeds of any Loan, (A) to fund any activities or
business of or with any Sanctioned Person or in any other manner that would result in a violation of any applicable Sanctions by
any Person (including by any Person participating in any Loan, whether as underwriter, advisor, investor or otherwise), or (B)
for the purpose of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value,
to any Person in violation of any Anti-Corruption Law.

 

(r) Real
Estate.

 

(i) Use
or occupy or conduct any activity on, or knowingly permit the use or occupancy of or the conduct of any activity on any Real Estate
owned by the Loan Parties or Material Subsidiaries (including any Collateral Properties) by any tenant, in any manner which violates
any Legal Requirement or which constitutes a public or private nuisance in any manner which could (or could reasonably be expected
to) have a Material Adverse Effect or which makes void, voidable, or cancelable any insurance then in force with respect thereto
or makes the maintenance of insurance in accordance with this Agreement commercially unreasonable (including by way of increased
premium);

 

    87

     

    

 

(ii) without
the prior written consent of the Agents, except in connection with any construction, development or redevelopment of any real estate,
initiate or permit any zoning reclassification of any Real Estate owned by the Loan Parties or Material Subsidiaries or seek any
variance under existing zoning ordinances applicable to any Real Estate owned by the Loan Parties or Material Subsidiaries or in
any event use or knowingly permit the use of any Real Estate owned by the Loan Parties or Material Subsidiaries in such a manner
which would result in such use becoming a nonconforming use under applicable zoning ordinances or other legal requirements if such
nonconforming use could reasonably be expected to have a Material Adverse Effect;

 

(iii) without
the prior written consent of the Agents, except in connection with any construction, development or redevelopment of any real estate,
(i) impose any material easement, restrictive covenant, or encumbrance upon any Real Estate owned by the Loan Parties or Material
Subsidiaries, other than the easements entered into the ordinary course of business and that would customarily be agreed to by
a reasonably prudent land owner, (ii) execute or file any subdivision plat or condominium declaration affecting any Real Estate
owned by the Loan Parties or Material Subsidiaries, or (iii) consent to the annexation of any Real Estate owned by the Loan Parties
or Material Subsidiaries to any municipality;

 

(iv) do
or permit any act which could reasonably be expected to materially decrease the value of any Real Estate owned by the Loan Parties
as reflected in the most-recent appraisal (including by way of negligent act);

 

(v) without
the prior written consent of all the Lenders, take any affirmative action to permit any drilling or exploration for or extraction,
removal or production of any mineral, hydrocarbon, gas, natural element, compound or substance (including sand and gravel) from
the surface or subsurface of any Real Estate owned by the Loan Parties or Material Subsidiaries regardless of the depth thereof
or the method of mining or extraction thereof;

 

(vi) without
the prior consent of the Lenders, surrender the leasehold estate created by any applicable ground lease (accepted by the Agents
and the Lenders) respecting any Real Estate or terminate or cancel any such ground lease or materially modify, change, supplement,
alter, or amend any such ground lease, either orally or in writing.

 

Section 7.03 Financial
Covenants. So long as any principal of or interest on any Loan or any other Obligation (whether or not due) shall remain unpaid
(other than Contingent Indemnity Obligations and Warrant Obligations) or any Lender shall have any Commitment hereunder, each Loan
Party shall not:

 

(a) Minimum
Unrestricted Cash. Permit the Loan Parties to maintain or hold, at any time prior to March 31, 2021, Qualified Cash in an aggregate
amount less than $3,000,000, and at any time thereafter, Qualified Cash in an aggregate amount less than $5,000,000.

 

(b) Minimum
Debt Service Coverage Ratio. Permit, as of the end of each fiscal quarter, the Consolidated Debt Service Coverage Ratio to
be less than 1.00:1.00.

 

    88

     

    

 

(c) Maximum
Indebtedness to Gross Asset Value Ratio. Permit, as of the end of each fiscal quarter, the Consolidated Indebtedness to Gross
Asset Value Ratio to exceed seventy five percent (75%).

 

(d) Maximum
Indebtedness to EBITDA Ratio. Permit, as of the end of each fiscal quarter, the Consolidated Indebtedness to EBITDA Ratio to
exceed 11.00:1.00.

 

Article
VIII

 

EVENTS OF DEFAULT

 

Section 8.01 Events
of Default. Each of the following events shall constitute an event of default (each, an "Event of Default"):

 

(a) any
Loan Party shall fail to pay, when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise),
(i) any interest on any Loan, or any fee, indemnity or other amount payable under this Agreement or any other Loan Document (other
than any portion thereof constituting principal of the Loans) or (ii) all or any portion of the principal of the Loans or any Collateral
Agent Advance; provided, that, in the case of any failure to pay any amount in clause (i), other than any amount due and
payable on the Final Maturity Date, such failure continues for two (2) or more Business Days;

 

(b) any
representation or warranty made or deemed made by or on behalf of any Loan Party or by any officer of the foregoing under or in
connection with any Loan Document or under or in connection with any certificate or other writing delivered to any Secured Party
pursuant to any Loan Document shall have been incorrect in any material respect (or in any respect if such representation or warranty
is qualified or modified as to materiality or "Material Adverse Effect" in the text thereof) when made or deemed made;

 

(c) any
Loan Party shall fail to perform or comply with any covenant or agreement contained in Section 5.02, Section 7.01(a), Section 7.01(c),
Section 7.01(e), Section 7.01(g), Section 7.01(l), Section 7.01(m), Section 7.01(n), Section 7.01(p), Section 7.01(q), Section
7.01(r), Section 7.01(s), Section 7.01(t), Section 7.02 or Section 7.03, or any Loan Party shall fail to perform or comply with
any covenant or agreement contained in any Security Agreement or any Mortgage to which it is a party; provided, that in respect
of any failure to comply with Section 7.03(a), such failure (i) occurs more than one (1) time in any calendar month or (ii) continues
for three (3) or more Business Days (and Borrower fails to (x) provide immediate notice to the Agents on the first day of such
failure and its intent to cure same or (y) provide information to the Agents relating to the Borrower's cash position (or any other
financial information requested by the Agents) on any day during such three-(3) Business Day period);

 

(d) any
Loan Party shall fail to perform or comply with any other term, covenant or agreement contained in any Loan Document to be performed
or observed by it and, except as set forth in subsections (a), (b) and (c) of this Section 8.01, such failure, if capable of being
remedied, shall remain unremedied for fifteen (15) days after the earlier of the date a senior officer of any Loan Party has knowledge
of such failure and the date written notice of such default shall have been given by any Agent to such Loan Party;

 

    89

     

    

 

(e) any
Loan Party or any Subsidiary thereof shall fail to pay when due (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise) any principal, interest or other amount payable in respect of Indebtedness (excluding Indebtedness evidenced
by this Agreement) having an aggregate amount outstanding in excess of $1,000,000 (or, in the case of any Non-Recourse Indebtedness,
the lesser of (i) $8,000,000 and (ii) the aggregate amount of CRE Debt (other than the Obligations) outstanding in respect of any
ten (10) Real Estate properties (other than Collateral Properties) of the Borrower and its Subsidiaries), and such failure shall
continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness, or
any other default under any agreement or instrument relating to any such Indebtedness, or any other event, shall occur and shall
continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such default or
event is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be
declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed,
purchased or defeased or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each
case, prior to the stated maturity thereof; provided, that, notwithstanding the foregoing, the Borrower may from time to time request
that the Agents permit the Borrower (or its applicable Subsidiary) to dispose of Real Estate that is secured by Indebtedness to
the holder of such Indebtedness without resulting in an Event of Default under this clause (e) by delivering to the Agents a written
request therefor accompanied by one or more projections and supporting detail reflecting that such disposition will not be materially
adverse to any Loan Party and, in the event that the Agents grant such permission (not to be unreasonably withheld or delayed),
such disposition (and the underlying default in respect of such Indebtedness) shall not cause an Event of Default under this clause
(e);

 

(f) any
Loan Party or any of its Subsidiaries (i) shall institute any proceeding or voluntary case seeking to adjudicate it a bankrupt
or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition
of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking the entry
of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person or for
any substantial part of its property, (ii) shall be generally not paying its debts as such debts become due or shall admit in writing
its inability to pay its debts generally, (iii) shall make a general assignment for the benefit of creditors, or (iv) shall take
any action to authorize or effect any of the actions set forth above in this subsection (f);

 

(g) any
proceeding shall be instituted against any Loan Party or any of its Subsidiaries seeking to adjudicate it a bankrupt or insolvent,
or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief of debtors, or seeking
the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person
or for any substantial part of its property, and either such proceeding shall remain undismissed or unstayed for a period of sixty
(60) days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against
any such Person or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part
of its property) shall occur;

 

    90

     

    

 

(h) any
material provision of any Loan Document shall at any time for any reason (other than pursuant to the express terms thereof) cease
to be valid and binding on or enforceable against any Loan Party intended to be a party thereto, or the validity or enforceability
thereof shall be contested by any party thereto, or a proceeding shall be commenced by any Loan Party or any Governmental Authority
having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or any Loan Party shall
deny in writing that it has any liability or obligation purported to be created under any Loan Document;

 

(i) any
Security Agreement, any Mortgage or any other security document, after delivery thereof pursuant hereto, shall for any reason fail
or cease to create a valid and perfected and, except to the extent permitted by the terms hereof or thereof (including pursuant
to the definition of Permitted Lien), first priority Lien in favor of the Collateral Agent for the benefit of the Agents and the
Lenders on any Collateral purported to be covered thereby;

 

(j) one
or more judgments, orders or awards (or any settlement of any litigation or other proceeding that, if breached, could result in
a judgment, order or award) for the payment of money exceeding (i) in the case of any such judgment, order or award in respect
of the Borrower and/or Operating Partner, $1,500,000 in the aggregate, (ii) in the case of any such judgment, order or award in
respect of any other individual Loan Party or Subsidiary thereof, $250,000, and/or (iii) in the case of any such judgment,
order or award in respect of the Borrower and its Subsidiaries, taken together, $3,000,000 in the aggregate (except, in each case,
to the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has
been notified and has not denied coverage) shall be rendered and remain unsatisfied and (i) enforcement proceedings shall have
been commenced by any creditor upon any such judgment, order, award or settlement or (ii) there shall be a period of ten (10) consecutive
days after entry thereof during which (A) a stay of enforcement thereof is not be in effect or (B) the same is not vacated, stayed
or bonded pending appeal;

 

(k) [Reserved];

 

(l) [Reserved];

 

(m) [Reserved];

 

(n) the
indictment of any Loan Party or any senior officer thereof under any criminal statute, or commencement of criminal or civil proceedings
against any Loan Party or any senior officer thereof, pursuant to which statute or proceedings the penalties or remedies sought
or available include forfeiture to any Governmental Authority of any material portion of the property of such Loan Party;

 

(o) (i)
there shall occur one or more ERISA Events that individually or in the aggregate results in, or could reasonably be expected to
result in, liability of any Loan Party or any of its ERISA Affiliates in excess of $1,000,000, or (ii) there exists any fact or
circumstance that could reasonably be expected to result in the imposition of a Lien pursuant to Section 430(k) of the Internal
Revenue Code or Section 4068 of ERISA upon the property or rights to property of any Loan Party or any of its ERISA Affiliates
that would reasonably be expected to have a Material Adverse Effect;

 

    91

     

    

 

(p) (i)
there shall occur and be continuing any "Event of Default" (or any comparable term) under, and as defined in the documents
evidencing or governing any Subordinated Indebtedness, (ii) any of the Obligations for any reason shall cease to be "Senior
Indebtedness" or "Designated Senior Indebtedness" (or any comparable terms) under, and as defined in the documents
evidencing or governing any Subordinated Indebtedness, (iii) any Indebtedness other than the Obligations shall constitute "Designated
Senior Indebtedness" (or any comparable term) under, and as defined in, the documents evidencing or governing any Subordinated
Indebtedness, (iv) any holder of Subordinated Indebtedness shall fail to perform or comply with any of the subordination provisions
of the documents evidencing or governing such Subordinated Indebtedness, or (v) the subordination provisions of the documents evidencing
or governing any Subordinated Indebtedness shall, in whole or in part, terminate, cease to be effective or cease to be legally
valid, binding and enforceable against any holder of the applicable Subordinated Indebtedness;

 

(q) a
Change of Control shall have occurred;

 

(r) there
shall occur any event that results in, or would reasonably be expected to result in, a Material Adverse Effect; or

 

(s) a
Key Man Event shall occur;

 

then, during the continuance of an Event
of Default, any Agent may, and shall at the request of the Required Lenders, by notice to the Borrower, (i) terminate or reduce
all Commitments, whereupon all Commitments shall immediately be so terminated or reduced, (ii) declare all or any portion of the
Loans then outstanding to be accelerated and due and payable, whereupon all or such portion of the aggregate principal of all Loans,
all accrued and unpaid interest thereon, all fees and all other amounts payable under this Agreement and the other Loan Documents
shall become due and payable immediately, together with the payment of the Applicable Premium with respect to the Commitments so
terminated and the Loans so repaid, without presentment, demand, protest or further notice of any kind, all of which are hereby
expressly waived by each Loan Party, (iii) replace any Property Manager, and (iv) exercise any and all of its other rights
and remedies under applicable law, hereunder and under the other Loan Documents; provided, however, that upon the
occurrence of any Event of Default described in subsection (f) or (g) of this Section 8.01 with respect to any Loan Party, without
any notice to any Loan Party or any other Person or any act by any Agent or any Lender, all Commitments shall automatically terminate
and all Loans then outstanding, together with all accrued and unpaid interest thereon, all fees and all other amounts due under
this Agreement and the other Loan Documents, including, without limitation, the Applicable Premium, shall be accelerated and become
due and payable automatically and immediately, without presentment, demand, protest or notice of any kind, all of which are expressly
waived by each Loan Party.

 

    92

     

    

 

Article
IX

 

AGENTS

 

Section 9.01 Appointment.
Each Lender (and each subsequent maker of any Loan by its making thereof) hereby irrevocably appoints, authorizes and empowers
the Administrative Agent and the Collateral Agent to perform the duties of each such Agent as set forth in this Agreement and the
other Loan Documents, together with such actions and powers as are reasonably incidental thereto, including: (i) to receive on
behalf of each Lender any payment of principal of or interest on the Loans outstanding hereunder and all other amounts accrued
hereunder for the account of the Lenders and paid to such Agent, and, subject to Section 2.02 of this Agreement, to distribute
promptly to each Lender its Pro Rata Share of all payments so received; (ii) to distribute to each Lender copies of all material
notices and agreements received by such Agent and not required to be delivered to each Lender pursuant to the terms of this Agreement;
provided, that the Agents shall not have any liability to the Lenders for any Agent's inadvertent failure to distribute
any such notices or agreements to the Lenders; (iii) to maintain, in accordance with its customary business practices, ledgers
and records reflecting the status of the Obligations, the Loans, and related matters and to maintain, in accordance with its customary
business practices, ledgers and records reflecting the status of the Collateral and related matters; (iv) to execute or file any
and all financing or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim,
notices and other written agreements with respect to this Agreement or any other Loan Document; (v) to make the Loans and Collateral
Agent Advances, for such Agent or on behalf of the applicable Lenders as provided in this Agreement or any other Loan Document;
(vi) to perform, exercise, and enforce any and all other rights and remedies of the Lenders with respect to the Loan Parties, the
Obligations, or otherwise related to any of same to the extent reasonably incidental to the exercise by such Agent of the rights
and remedies specifically authorized to be exercised by such Agent by the terms of this Agreement or any other Loan Document; (vii)
to incur and pay such fees necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to
this Agreement or any other Loan Document; (viii) subject to Section 9.03, to take such action as such Agent deems appropriate
on its behalf to administer the Loans and the Loan Documents and to exercise such other powers delegated to such Agent by the terms
hereof or the other Loan Documents (including, without limitation, the power to give or to refuse to give notices, waivers, consents,
approvals and instructions and the power to make or to refuse to make determinations and calculations); and (ix) to act with respect
to all Collateral under the Loan Documents, including for purposes of acquiring, holding and enforcing any and all Liens on Collateral
granted by any of the Loan Parties to secure any of the Obligations. As to any matters not expressly provided for by this Agreement
and the other Loan Documents (including, without limitation, enforcement or collection of the Loans), the Agents shall not be required
to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected
in so acting or refraining from acting) upon the instructions of the Required Lenders (or such other number or percentage of the
Lenders as shall be expressly provided for herein or in the other Loan Documents), and such instructions of the Required Lenders
(or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents) shall
be binding upon all Lenders and all makers of Loans; provided, however, the Agents shall not be required to take
any action which, in the reasonable opinion of any Agent, exposes such Agent to liability or which is contrary to this Agreement
or any other Loan Document or applicable law.

 

    93

     

    

 

Section 9.02 Nature
of Duties; Delegation. (a) The Agents shall have no duties or responsibilities except those expressly set forth in this Agreement
or in the other Loan Documents. The duties of the Agents shall be mechanical and administrative in nature. The Agents shall not
have by reason of this Agreement or any other Loan Document a fiduciary relationship in respect of any Lender. Nothing in this
Agreement or any other Loan Document, express or implied, is intended to or shall be construed to impose upon the Agents any obligations
in respect of this Agreement or any other Loan Document except as expressly set forth herein or therein. Each Lender shall make
its own independent investigation of the financial condition and affairs of the Loan Parties in connection with the making and
the continuance of the Loans hereunder and shall make its own appraisal of the creditworthiness of the Loan Parties and the value
of the Collateral without reliance upon the Administrative Agent or any other Lender or any of their Related Parties, and neither
the Agents nor any of their Related Parties shall have any duty or responsibility, either initially or on a continuing basis,
to provide any Lender with any credit or other information with respect thereto, whether coming into their possession before the
initial Loan hereunder or at any time or times thereafter; provided, that, upon the reasonable request of a Lender, each
Agent shall provide to such Lender any documents or reports delivered to such Agent by the Loan Parties pursuant to the terms
of this Agreement or any other Loan Document. If any Agent seeks the consent or approval of the Required Lenders (or such other
number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents) to the taking or
refraining from taking any action hereunder, such Agent shall send notice thereof to each Lender. Each Agent shall promptly notify
each Lender any time that the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents) have instructed such Agent to act or refrain from acting pursuant hereto.

 

(b) Each
Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate
or perform any of its duties or any other action with respect to, any Loan Document by or through any of its Related Parties or
any other trustee, co-agent or other Person (including any Lender). Any such Related Party, trustee, co-agent or other Person shall
benefit from this Article IX to the extent provided by the applicable Agent.

 

Section 9.03 Rights,
Exculpation, Etc. The Agents and their Related Parties shall not be liable for any action taken or omitted to be taken by
them under or in connection with this Agreement or the other Loan Documents, except for their own gross negligence or willful
misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. Without limiting the generality
of the foregoing, the Agents (i) may treat the payee of any Loan as the owner thereof until the Agents receive written notice
of the assignment or transfer thereof, pursuant to Section 11.07 hereof, signed by such payee and in form satisfactory to the
Agents; (ii) may consult with legal counsel (including, without limitation, counsel to any Agent or counsel to the Loan Parties),
independent public accountants, and other experts selected by any of them and shall not be liable for any action taken or omitted
to be taken in good faith by any of them in accordance with the advice of such counsel or experts; (iii) make no warranty or representation
to any Lender and shall not be responsible to any Lender for any statements, certificates, warranties or representations made
in or in connection with this Agreement or the other Loan Documents; (iv) shall not have any duty to ascertain or to inquire as
to the performance or observance of any of the terms, covenants or conditions of this Agreement or the other Loan Documents on
the part of any Person, the existence or possible existence of any Default or Event of Default, or to inspect the Collateral or
other property (including, without limitation, the books and records) of any Person; (v) shall not be responsible to any Lender
for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or the other Loan
Documents or any other instrument or document furnished pursuant hereto or thereto; and (vi) shall not be deemed to have made
any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or
perfection of the Collateral Agent's Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor
shall the Agents be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.
The Agents shall not be liable for any apportionment or distribution of payments made in good faith pursuant to Section 4.03,
and if any such apportionment or distribution is subsequently determined to have been made in error, and the sole recourse of
any Lender to whom payment was due but not made shall be to recover from other Lenders any payment in excess of the amount which
they are determined to be entitled. The Agents may at any time request instructions from the Lenders with respect to any actions
or approvals which by the terms of this Agreement or of any of the other Loan Documents the Agents are permitted or required to
take or to grant, and if such instructions are promptly requested, the Agents shall be absolutely entitled to refrain from taking
any action or to withhold any approval under any of the Loan Documents until they shall have received such instructions from the
Required Lenders. Without limiting the foregoing, no Lender shall have any right of action whatsoever against any Agent as a result
of such Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the
instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents).

 

    94

     

    

 

Section 9.04 Reliance.
Each Agent shall be entitled to rely upon any written notices, statements, certificates, orders or other documents or any telephone
message believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person, and
with respect to all matters pertaining to this Agreement or any of the other Loan Documents and its duties hereunder or thereunder,
upon advice of counsel selected by it.

 

Section 9.05 Indemnification.
To the extent that any Agent or any Related Party of the foregoing is not reimbursed and indemnified by any Loan Party, and whether
or not such Agent has made demand on any Loan Party for the same, the Lenders will, within five (5) days of written demand by such
Agent, reimburse such Agent and such Related Parties for and indemnify such Agent and such Related Parties from and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without limitation,
client charges and expenses of counsel or any other advisor to such Agent and such Related Parties), advances or disbursements
of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against such Agent and the Related Parties in
any way relating to or arising out of this Agreement or any of the other Loan Documents or any action taken or omitted by such
Agent and such Related Parties under this Agreement or any of the other Loan Documents, in proportion to each Lender's Pro Rata
Share, including, without limitation, advances and disbursements made pursuant to Section 9.08; provided, however,
that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses, advances or disbursements for which there has been a final non-appealable judicial determination that such
liability resulted from such Agent's or such Related Party's gross negligence or willful misconduct. The obligations of the Lenders
under this Section 9.05 shall survive the payment in full of the Loans and the termination of this Agreement. This Section 9.05
shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax
claim.

 

Section 9.06 Agents
Individually. With respect to its Pro Rata Share of the Total Commitment hereunder and the Loans made by it, each Agent shall
have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the
extent set forth herein for any other Lender or maker of a Loan. The terms "Lenders" or "Required Lenders"
or any similar terms shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity as a
Lender or one of the Required Lenders. Each Agent and its Affiliates may accept deposits from, lend money to, and generally engage
in any kind of banking, trust or other business with the Borrower as if it were not acting as an Agent pursuant hereto without
any duty to account to the other Lenders.

 

Section 9.07 Successor
Agent. (a)  Any Agent may at any time give at least thirty (30) days prior written notice of its resignation to the Lenders
and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right to appoint a successor
Agent. If no such successor Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment
within thirty (30) days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the
Required Lenders) (the "Resignation Effective Date"), then the retiring Agent may (but shall not be obligated
to), on behalf of the Lenders, appoint a successor Agent. Whether or not a successor Agent has been appointed, such resignation
shall become effective in accordance with such notice on the Resignation Effective Date.

 

(b) With
effect from the Resignation Effective Date, (i) the retiring Agent shall be discharged from its duties and obligations hereunder
and under the other Loan Documents (except that in the case of any Collateral held by such Agent on behalf of the Lenders under
any of the Loan Documents, the retiring Agent shall continue to hold such collateral security until such time as a successor Agent
is appointed) and (ii) all payments, communications and determinations provided to be made by, to or through such retiring Agent
shall instead be made by or to each Lender directly, until such time, if any, as a successor Agent shall have been appointed as
provided for above. Upon the acceptance of a successor's Agent's appointment as Agent hereunder, such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents. After the retiring Agent's resignation
hereunder and under the other Loan Documents, the provisions of this Article, Section 11.04 and Section 11.15 shall continue in
effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by it while the retiring Agent was acting as Agent.

 

    95

     

    

 

Section 9.08 Collateral
Matters.

 

(a) [Reserved].

 

(b) The
Lenders hereby irrevocably authorize the Collateral Agent, at its option and in its discretion, to release any Lien granted to
or held by the Collateral Agent upon any Collateral upon termination of the Total Commitment and payment and satisfaction of all
Loans and all other Obligations (other than Contingent Indemnification Obligations and Warrant Obligations) in accordance with
the terms hereof; or constituting property being sold or disposed of in the ordinary course of any Loan Party's business or otherwise
in compliance with the terms of this Agreement and the other Loan Documents; or constituting property in which the Loan Parties
owned no interest at the time the Lien was granted or at any time thereafter; or if approved, authorized or ratified in writing
by the Lenders in accordance with Section 11.02. Upon request by the Collateral Agent at any time, the Lenders will confirm in
writing the Collateral Agent's authority to release particular types or items of Collateral pursuant to this Section 9.08(b).

 

(c) Without
in any manner limiting the Collateral Agent's authority to act without any specific or further authorization or consent by the
Lenders (as set forth in Section 9.08(b)), each Lender agrees to confirm in writing, upon request by the Collateral Agent, the
authority to release Collateral conferred upon the Collateral Agent under Section 9.08(b). Upon receipt by the Collateral Agent
of confirmation from the Lenders of its authority to release any particular item or types of Collateral, and upon prior written
request by any Loan Party, the Collateral Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents
as may be necessary to evidence the release of the Liens granted to the Collateral Agent for the benefit of the Agents and the
Lenders upon such Collateral; provided, however, that (i) the Collateral Agent shall not be required to execute any
such document on terms which, in the Collateral Agent's opinion, would expose the Collateral Agent to liability or create any obligations
or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in
any manner discharge, affect or impair the Obligations or any Lien upon (or obligations of any Loan Party in respect of) all interests
in the Collateral retained by any Loan Party.

 

(d) Anything
contained in any of the Loan Documents to the contrary notwithstanding, the Loan Parties, each Agent and each Lender hereby agree
that (i) no Lender shall have any right individually to realize upon any of the Collateral under any Loan Document or to enforce
any Guaranty, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely
by the Collateral Agent for the benefit of the Lenders in accordance with the terms thereof, (ii) in the event of a foreclosure
by the Collateral Agent on any of the Collateral pursuant to a public or private sale, the Administrative Agent, the Collateral
Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale, and (iii) the Collateral Agent, as
agent for and representative of the Agents and the Lenders (but not any other Agent or any Lender or Lenders in its or their respective
individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled (either directly or through
one or more acquisition vehicles) for the purpose of bidding and making settlement or payment of the purchase price for all or
any portion of the Collateral to be sold (A) at any public or private sale, (B) at any sale conducted by the Collateral Agent under
the provisions of the Uniform Commercial Code (including pursuant to Sections 9-610 or 9-620 of the Uniform Commercial Code), (C)
at any sale or foreclosure conducted by the Collateral Agent (whether by judicial action or otherwise) in accordance with applicable
law, or (D) at any sale conducted pursuant to the provisions of any Debtor Relief Law (including Section 363 of the Bankruptcy
Code), to use and apply all or any of the Obligations as a credit on account of the purchase price for any Collateral payable by
the Collateral Agent at such sale.

 

    96

     

    

 

(e) The
Collateral Agent shall have no obligation whatsoever to any Lender to assure that the Collateral exists or is owned by the Loan
Parties or is cared for, protected or insured or has been encumbered or that the Lien granted to the Collateral Agent pursuant
to this Agreement or any other Loan Document has been properly or sufficiently or lawfully created, perfected, protected or enforced
or is entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure
or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to the Collateral Agent
in this Section 9.08 or in any other Loan Document, it being understood and agreed that in respect of the Collateral, or any act,
omission or event related thereto, the Collateral Agent may act in any manner it may deem appropriate, in its sole discretion,
given the Collateral Agent's own interest in the Collateral as one of the Lenders and that the Collateral Agent shall have no duty
or liability whatsoever to any other Lender, except as otherwise provided herein.

 

Section 9.09 Agency
for Perfection. Each Agent and each Lender hereby appoints each other Agent and each other Lender as agent and bailee for the
purpose of perfecting the security interests in and liens upon the Collateral in assets which, in accordance with Article 9 of
the Uniform Commercial Code, can be perfected only by possession or control (or where the security interest of a secured party
with possession or control has priority over the security interest of another secured party) and each Agent and each Lender hereby
acknowledges that it holds possession of or otherwise controls any such Collateral for the benefit of the Agents and the Lenders
as secured party. Should the Administrative Agent or any Lender obtain possession or control of any such Collateral, the Administrative
Agent or such Lender shall notify the Collateral Agent thereof, and, promptly upon the Collateral Agent's request therefor shall
deliver such Collateral to the Collateral Agent or in accordance with the Collateral Agent's instructions. In addition, the Collateral
Agent shall also have the power and authority hereunder to appoint such other sub-agents as may be necessary or required under
applicable state law or otherwise to perform its duties and enforce its rights with respect to the Collateral and under the Loan
Documents. Each Loan Party by its execution and delivery of this Agreement hereby consents to the foregoing.

 

Section 9.10 No
Reliance on any Agent's Customer Identification Program. Each Lender acknowledges and agrees that neither such Lender, nor
any of its Affiliates, participants or assignees, may rely on any Agent to carry out such Lender's, Affiliate's, participant's
or assignee's customer identification program, or other requirements imposed by the USA PATRIOT Act or the regulations issued thereunder,
including the regulations set forth in 31 C.F.R. §§ 1010.100(yy), (iii), 1020.100, and 1020.220 (formerly 31 C.F.R.
§ 103.121), as hereafter amended or replaced ("CIP Regulations"), or any other Anti-Terrorism Laws,
including any programs involving any of the following items relating to or in connection with any of the Loan Parties, their Affiliates
or their agents, the Loan Documents or the transactions hereunder or contemplated hereby: (1) any identity verification procedures,
(2) any recordkeeping, (3) comparisons with government lists, (4) customer notices, or (5) other procedures required
under the CIP Regulations or other regulations issued under the USA PATRIOT Act. Each Lender, Affiliate, participant or assignee
subject to Section 326 of the USA PATRIOT Act will perform the measures necessary to satisfy its own responsibilities under the
CIP Regulations.

 

    97

     

    

 

Section 9.11 No
Third Party Beneficiaries. The provisions of this Article are solely for the benefit of the Secured Parties, and no Loan Party
shall have rights as a third-party beneficiary of any of such provisions.

 

Section 9.12 No
Fiduciary Relationship. It is understood and agreed that the use of the term "agent" herein or in any other Loan
Document (or any other similar term) with reference to any Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom,
and is intended to create or reflect only an administrative relationship between contracting parties.

 

Section 9.13 Reports;
Confidentiality; Disclaimers. By becoming a party to this Agreement, each Lender:

 

(a) is
deemed to have requested that each Agent furnish such Lender, promptly after it becomes available, a copy of each field audit or
examination report with respect to the Borrower or any of its Subsidiaries (each, a "Report") prepared by or at
the request of such Agent, and each Agent shall so furnish each Lender with each such Report;

 

(b) expressly
agrees and acknowledges that the Agents (i) do not make any representation or warranty as to the accuracy of any Reports, and (ii)
shall not be liable for any information contained in any Reports;

 

(c) expressly
agrees and acknowledges that the Reports are not comprehensive audits or examinations, that any Agent or other party performing
any audit or examination will inspect only specific information regarding the Borrower and its Subsidiaries and will rely significantly
upon the Borrower's and its Subsidiaries' books and records, as well as on representations of their personnel;

 

(d) agrees
to keep all Reports and other material, non-public information regarding the Borrower and its Subsidiaries and their operations,
assets, and existing and contemplated business plans in a confidential manner in accordance with Section 11.19; and

 

(e) without
limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to hold any Agent and any
other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail to take or any conclusion the
indemnifying Lender may reach or draw from any Report in connection with any loans or other credit accommodations that the indemnifying
Lender has made or may make to the Borrower, or the indemnifying Lender's participation in, or the indemnifying Lender's purchase
of, a loan or loans of the Borrower, and (ii) to pay and protect, and indemnify, defend and hold any Agent and any other Lender
preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including,
attorneys' fees and costs) incurred by any such Agent and any such other Lender preparing a Report as the direct or indirect result
of any third parties who might obtain all or part of any Report through the indemnifying Lender.

 

    98

     

    

 

Section 9.14 Collateral
Custodian. Upon the occurrence and during the continuance of any Default or Event of Default, the Collateral Agent or its designee
may at any time and from time to time employ and maintain on the premises of any Loan Party a custodian selected by the Collateral
Agent or its designee who shall have full authority to do all acts necessary to protect the Agents' and the Lenders' interests.
Each Loan Party hereby agrees to, and to cause its Subsidiaries to, cooperate with any such custodian and to do whatever the Collateral
Agent or its designee may reasonably request to preserve the Collateral. All costs and expenses incurred by the Collateral Agent
or its designee by reason of the employment of the custodian shall be the responsibility of the Borrower as set forth in Section
11.04.

 

Section 9.15 Agents
May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding
relative to any Loan Party, the Agents (irrespective of whether the principal of any Loan shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether any Agent shall have made any demand on the Borrower) shall
be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

(a) to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Secured Parties (including any claim for the compensation, expenses, disbursements and advances of the Secured Parties and
their respective agents and counsel and all other amounts due the Secured Parties hereunder and under the other Loan Documents)
allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Secured
Party to make such payments to each Agent and, in the event that the Agents shall consent to the making of such payments directly
to the Secured Parties, to pay to each Agent any amount due for the reasonable compensation, expenses, disbursements and advances
of each Agent and its agents and counsel, and any other amounts due the Agent hereunder and under the other Loan Documents.

 

Article
X

 

GUARANTY

 

Section 10.01 Guaranty.
Each Guarantor hereby jointly and severally and unconditionally and irrevocably guarantees the punctual payment in cash when due,
whether at stated maturity, by acceleration or otherwise, of all Obligations of the Borrower now or hereafter existing under any
Loan Document, whether for principal, interest (including, without limitation, all interest and other amounts that accrue after
the commencement of any Insolvency Proceeding of the Borrower or its Affiliates, whether or not a claim for post-filing interest
or other amounts is allowed in such Insolvency Proceeding), fees, commissions, expense reimbursements, indemnifications or otherwise
(all such obligations, the "Guaranteed Obligations"), and agrees to pay any and all expenses (including reasonable
counsel fees and expenses) incurred by the Secured Parties in enforcing any rights under the guaranty set forth in this Article
X as set forth in Section 11.04. Without limiting the generality of the foregoing, each Guarantor's liability shall extend to all
amounts that constitute part of the Guaranteed Obligations and would be owed by the Borrower to the Secured Parties under any Loan
Document but for the fact that they are unenforceable or not allowable due to the existence of an Insolvency Proceeding.

 

    99

     

    

 

Section 10.02 Guaranty
Absolute. Each Guarantor jointly and severally guarantees that the Guaranteed Obligations will be paid in full in cash strictly
in accordance with the terms of the Loan Documents, regardless of any law, regulation or order now or hereafter in effect in any
jurisdiction affecting any of such terms or the rights of the Secured Parties with respect thereto. Each Guarantor agrees that
this Article X constitutes a guaranty of payment when due and not of collection and waives any right to require that any resort
be made by any Agent or any Lender to any other Person or any Collateral. The obligations of each Guarantor under this Article
X are independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor
to enforce such obligations, irrespective of whether any action is brought against any Loan Party or whether any Loan Party is
joined in any such action or actions. The liability of each Guarantor under this Article X shall be irrevocable, absolute and unconditional
irrespective of, and each Guarantor hereby irrevocably waives any defenses it may now or hereafter have in any way relating to,
any or all of the following:

 

(a) any
lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto;

 

(b) any
change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any other
amendment or waiver of or any consent to departure from any Loan Document, including, without limitation, any increase in the Guaranteed
Obligations resulting from the extension of additional credit to any Loan Party or otherwise;

 

(c) any
taking, exchange, release or non-perfection of any Collateral, or any taking, release or amendment or waiver of or consent to departure
from any other guaranty, for all or any of the Guaranteed Obligations;

 

(d) the
existence of any claim, set-off, defense or other right that any Guarantor may have at any time against any Person, including,
without limitation, any Secured Party;

 

(e) any
change, restructuring or termination of the corporate, limited liability company or partnership structure or existence of any Loan
Party; or

 

(f) any
other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation
by the Secured Parties that might otherwise constitute a defense available to, or a discharge of, any Loan Party or any other guarantor
or surety.

 

    100

     

    

 

This Article X shall continue to be effective
or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise
be returned by Secured Parties or any other Person upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise,
all as though such payment had not been made.

 

Section 10.03 Waiver.
Each Guarantor hereby waives (i) promptness and diligence, (ii) notice of acceptance and any other notice with respect to any of
the Guaranteed Obligations and this Article X and any requirement that the Secured Parties exhaust any right or take any action
against any Loan Party or any other Person or any Collateral, (iii) any right to compel or direct any Secured Party to seek payment
or recovery of any amounts owed under this Article X from any one particular fund or source or to exhaust any right or take any
action against any other Loan Party, any other Person or any Collateral, (iv) any requirement that any Secured Party protect, secure,
perfect or insure any security interest or Lien on any property subject thereto or exhaust any right to take any action against
any Loan Party, any other Person or any Collateral, and (v) any other defense available to any Guarantor. Each Guarantor agrees
that the Secured Parties shall have no obligation to marshal any assets in favor of any Guarantor or against, or in payment of,
any or all of the Obligations. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing
arrangements contemplated herein and that the waiver set forth in this Section 10.03 is knowingly made in contemplation of such
benefits. Each Guarantor hereby waives any right to revoke this Article X, and acknowledges that this Article X is continuing in
nature and applies to all Guaranteed Obligations, whether existing now or in the future.

 

Section 10.04 Continuing
Guaranty; Assignments. This Article X is a continuing guaranty and shall (a) remain in full force and effect until the later
of the cash payment in full of the Guaranteed Obligations (other than Contingent Indemnity Obligations and Warrant Obligations)
and all other amounts payable under this Article X and the Final Maturity Date, (b) be binding upon each Guarantor, its successors
and assigns, and (c) inure to the benefit of and be enforceable by the Secured Parties and their successors, pledgees, transferees
and assigns. Without limiting the generality of the foregoing clause (c), any Lender may pledge, assign or otherwise transfer all
or any portion of its rights and obligations under this Agreement (including, without limitation, all or any portion of its Commitments,
its Loans owing to it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect
thereof granted such Lender herein or otherwise, in each case as provided in Section 11.07.

 

Section 10.05 Subrogation.
No Guarantor will exercise any rights that it may now or hereafter acquire against any Loan Party or any other guarantor that arise
from the existence, payment, performance or enforcement of such Guarantor's obligations under this Article X, including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate
in any claim or remedy of the Secured Parties against any Loan Party or any other guarantor or any Collateral, whether or not such
claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take
or receive from any Loan Party or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any
other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations
(other than Contingent Indemnity Obligations and Warrant Obligations) and all other amounts payable under this Article X shall
have been paid in full in cash and the Final Maturity Date shall have occurred. If any amount shall be paid to any Guarantor in
violation of the immediately preceding sentence at any time prior to the later of the payment in full in cash of the Guaranteed
Obligations (other than Contingent Indemnity Obligations and Warrant Obligations) and all other amounts payable under this Article
X and the Final Maturity Date, such amount shall be held in trust for the benefit of the Secured Parties and shall forthwith be
paid to the Secured Parties to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Article
X, whether matured or unmatured, in accordance with the terms of this Agreement, or to be held as Collateral for any Guaranteed
Obligations or other amounts payable under this Article X thereafter arising. If (i) any Guarantor shall make payment to the Secured
Parties of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all other amounts payable
under this Article X shall be paid in full in cash, and (iii) the Final Maturity Date shall have occurred, the Secured Parties
will, at such Guarantor's request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and
without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed
Obligations resulting from such payment by such Guarantor.

 

    101

     

    

 

Section 10.06 Contribution.
All Guarantors desire to allocate among themselves, in a fair and equitable manner, their obligations arising under this Guaranty.
Accordingly, in the event any payment or distribution is made on any date by a Guarantor under this Guaranty such that its Aggregate
Payments exceeds its Fair Share as of such date, such Guarantor shall be entitled to a contribution from each of the other Guarantors
in an amount sufficient to cause each Guarantor's Aggregate Payments to equal its Fair Share as of such date. "Fair Share"
means, with respect to any Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution
Amount with respect to such Guarantor, to (ii) the aggregate of the Fair Share Contribution Amounts with respect to all Guarantors
multiplied by, (b) the aggregate amount paid or distributed on or before such date by all Guarantors under this Guaranty in respect
of the obligations Guaranteed. "Fair Share Contribution Amount" means, with respect to any Guarantor as of any
date of determination, the maximum aggregate amount of the obligations of such Guarantor under this Guaranty that would not render
its obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United
States Code or any comparable applicable provisions of state law; provided, solely for purposes of calculating the "Fair
Share Contribution Amount" with respect to any Guarantor for purposes of this Section 10.06, any assets or liabilities of
such Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations
of contribution hereunder shall not be considered as assets or liabilities of such Guarantor. "Aggregate Payments"
means, with respect to any Guarantor as of any date of determination, an amount equal to (A) the aggregate amount of all payments
and distributions made on or before such date by such Guarantor in respect of this Guaranty (including, without limitation, in
respect of this Section 10.06), minus (B) the aggregate amount of all payments received on or before such date by such Guarantor
from the other Guarantors as contributions under this Section 10.06. The amounts payable as contributions hereunder shall be determined
as of the date on which the related payment or distribution is made by the applicable Guarantor. The allocation among Guarantors
of their obligations as set forth in this Section 10.06 shall not be construed in any way to limit the liability of any Guarantor
hereunder. Each Guarantor is a third party beneficiary to the contribution agreement set forth in this Section 10.06.

 

    102

     

    

 

Article
XI

 

MISCELLANEOUS

 

Section 11.01 Notices,
Etc.

 

(a) Notices
Generally. All notices and other communications provided for hereunder shall be in writing and shall be delivered by hand,
sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier, or telecopier. In the case
of notices or other communications to any Loan Party, Administrative Agent or the Collateral Agent, as the case may be, they shall
be sent to the respective address set forth below (or, as to each party, at such other address as shall be designated by such party
in a written notice to the other parties complying as to delivery with the terms of this Section 11.01):

 

if to any Loan Party, to it at the following
address:

 

Wheeler Real Estate Investment Trust,
Inc.

2529 Virginia Beach Boulevard

Virginia Beach, VA 23452

Attention: Chief Financial Officer

Telephone: (757) 627-9088 

Email: cplum@whlr.us

 

with a copy to:

 

Cadwalader, Wickersham
& Taft LLP

200 Liberty Street,
New York, NY 10281

Attention:
Daniel Raglan

Telephone:
212-504-6790

Email: Daniel.Raglan@cwt.com

 

if to the Administrative Agent or the
Collateral Agent, to it at the following address:

 

Powerscourt Investments XXII, LP

c/o: Maples Fiduciary Services (Delaware)
Inc.

Suite 302, 4001 Kennett Pike

Wilmington, DE 19807

Attention: Powerscourt Investments GP,
LLC

Telephone: 303-365-0973

Facsimile: 302-300-4063

Email: delawareservices@maples.com

 

    103

     

    

 

in each case, with a copy to:

 

Clifford Chance US LLP

31 West 52nd Street

New York, NY 10019

Attention: James Cotins

     Andrew J. Young

Telephone: 212-878-5000

Email: James.Cotins@CliffordChance.com

     Andrew.Young@CliffordChance.com

 

All notices or other communications sent
in accordance with this Section 11.01, shall be deemed received on the earlier of the date of actual receipt or three (3) Business
Days after the deposit thereof in the mail; provided, that (i) notices sent by overnight courier service shall be deemed
to have been given when received and (ii) notices by facsimile shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next
Business Day for the recipient), provided, further that notices to any Agent pursuant to Article II shall not be
effective until received by such Agent.

 

(b) Electronic
Communications.

 

(i) Each
Agent and the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided, that approval of such procedures may be limited to particular notices or
communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agents; provided, that the foregoing
shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Agents that it is incapable of
receiving notices under such Article by electronic communication.

 

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

 

    104

     

    

 

Section 11.02 Amendments,
Etc. (a) No amendment or waiver of any provision of this Agreement or any other Loan Document (excluding the Warrant, which
may be amended, waived or supplemented in accordance with the terms thereof), and no consent to any departure by any Loan Party
therefrom, shall in any event be effective unless the same shall be in writing and signed (x) in the case of an amendment, consent
or waiver to cure any ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the Agents and the
Lenders or extending an existing Lien over additional property, by the Agents and the Borrower, (y) in the case of any other waiver
or consent, by the Required Lenders (or by the Administrative Agent or Collateral Agent with the consent of the Required Lenders)
and (z) in the case of any other amendment, by the Required Lenders (or by the Administrative Agent or Collateral Agent with the
consent of the Required Lenders) and the Borrower, and then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall:

 

(i) increase
the Commitment of any Lender, reduce the principal of, or interest on, the Loans payable to any Lender, reduce the amount of any
fee payable for the account of any Lender, or postpone or extend any scheduled date fixed for any payment of principal of, or interest
or fees on, the Loans payable to any Lender, in each case, without the written consent of such Lender;

 

(ii) increase
the Total Commitment without the written consent of each Lender;

 

(iii) change
the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans that is required for the Lenders or
any of them to take any action hereunder without the written consent of each Lender;

 

(iv) amend
the definition of "Required Lenders" or "Pro Rata Share" without the written consent of each Lender;

 

(v) release
all or a substantial portion of the Collateral (except as otherwise provided in this Agreement and the other Loan Documents), subordinate
any Loan, right of payment or any Lien granted in favor of the Administrative Agent or the Collateral Agent for the benefit of
the Agents and the Lenders, or release the Borrower or any Guarantor (except in connection with a Disposition of the Equity Interests
thereof permitted by Section 7.02(c)(ii)), in each case, without the written consent of each Lender; or

 

(vi) amend,
modify or waive Section 4.02, Section 4.03 or this Section 11.02 of this Agreement without the written consent of each Lender.

 

(b) Notwithstanding
anything to the contrary in Section 11.02(a):

 

(i) no
amendment, waiver or consent shall, unless in writing and signed by an Agent, affect the rights or duties of such Agent (but not
in its capacity as a Lender) under this Agreement or the other Loan Documents;

 

(ii) any
amendment, waiver or consent to any provision of this Agreement (including Sections 4.01 and 4.02) that permits any Loan Party,
any equity holder of the Borrower or any of their respective Affiliates to purchase Loans on a non-pro rata basis, become an eligible
assignee pursuant to Section 11.07 and/or make offers to make optional prepayments on a non-pro rata basis shall require the prior
written consent of the Required Lenders rather than the prior written consent of each Lender directly affected thereby;

 

    105

     

    

 

(iii) any
Control Agreement, Guaranty, Mortgage, Security Agreement, collateral access agreement, landlord waiver or other agreement or document
purporting to create or perfect a security interest in any of the Collateral (a "Collateral Document") may be
amended, waived or otherwise modified with the consent of the applicable Agent and the applicable Loan Party without the need to
obtain the consent of any Lender or any other Person if such amendment, modification, supplement or waiver is delivered in order
(A) to comply with local Requirements of Law (including foreign law or regulatory requirements) or advice of local counsel, (B)
to cure any ambiguity, inconsistency, omission, mistake or defect or (C) to cause such Collateral Document to be consistent with
this Agreement and the other Loan Documents, and if the Administrative Agent and the Borrower shall have jointly identified an
ambiguity, inconsistency, omission, mistake or defect, in each case, in any provision of any Loan Document (other than a Collateral
Document), then the Administrative Agent and the Borrower shall be permitted to amend such provision; any amendment, waiver or
modification pursuant to this paragraph shall become effective without any further action or consent of any other party to any
Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt
of notice thereof;

 

(iv) no
consent of any Loan Party shall be required to change any order of priority set forth in Section 2.05(c) and Section 4.03; and

 

(v) no
Defaulting Lender, Loan Party, equity holder of the Borrower or any of their respective Affiliates that is a Lender shall have
any right to approve or disapprove any amendment, waiver or consent under the Loan Documents and any Loans held by such Person
for purposes hereof shall be automatically deemed to be voted pro rata according to the Loans of all other Lenders in the aggregate
(other than such Defaulting Lender, Loan Party, equity holder of the Borrower or Affiliate).

 

(c) If
any action to be taken by the Lenders hereunder requires the consent, authorization, or agreement of all of the Lenders or any
Lender affected thereby, and a Lender (the "Holdout Lender") fails to give its consent, authorization, or agreement,
then the Agents, upon at least five (5) Business Days prior irrevocable notice to the Holdout Lender, may permanently replace the
Holdout Lender with one or more substitute lenders (each, a "Replacement Lender"), and the Holdout Lender shall
have no right to refuse to be replaced hereunder. Such notice to replace the Holdout Lender shall specify an effective date for
such replacement, which date shall not be later than fifteen (15) Business Days after the date such notice is given. Prior to the
effective date of such replacement, the Holdout Lender and each Replacement Lender shall execute and deliver an Assignment and
Acceptance, subject only to the Holdout Lender being repaid its share of the outstanding Obligations without any premium or penalty
of any kind whatsoever. If the Holdout Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior
to the effective date of such replacement, the Holdout Lender shall be deemed to have executed and delivered such Assignment and
Acceptance. The replacement of any Holdout Lender shall be made in accordance with the terms of Section 11.07. Until such time
as the Replacement Lenders shall have acquired all of the Obligations, the Commitments, and the other rights and obligations of
the Holdout Lender hereunder and under the other Loan Documents, the Holdout Lender shall remain obligated to make its Pro Rata
Share of Loans.

 

    106

     

    

 

Section 11.03 No
Waiver; Remedies, Etc. No failure on the part of any Agent or any Lender to exercise, and no delay in exercising, any right
hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right
under any Loan Document preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies
of the Agents and the Lenders provided herein and in the other Loan Documents are cumulative and are in addition to, and not exclusive
of, any rights or remedies provided by law. The rights of the Agents and the Lenders under any Loan Document against any party
thereto are not conditional or contingent on any attempt by the Agents and the Lenders to exercise any of their rights under any
other Loan Document against such party or against any other Person.

 

Section 11.04 Expenses;
Attorneys' Fees. The Borrower will promptly pay all reasonable and documented out-of-pocket costs and expenses incurred by
or on behalf of each Agent (and, in the case of clauses (b) through (m) below, each Lender), including, without limitation, reasonable
and documented out-of-pocket fees, costs, client charges and expenses of counsel and other consultants for each Agent (and, in
the case of clauses (b) through (m) below, each Lender), accounting, due diligence, periodic field audits, physical counts, valuations,
investigations, searches and filings, monitoring of assets, appraisals of Collateral, the rating of the Loans, title searches and
reviewing environmental assessments, miscellaneous disbursements, examination, travel, lodging and meals, arising from or relating
to: (a) the negotiation, preparation, execution, delivery, performance and administration of this Agreement and the other Loan
Documents (including, without limitation, the preparation of any additional Loan Documents or the review of any of the agreements,
instruments and documents referred to in Section 7.01(e)), (b) any requested amendments, waivers or consents to this Agreement
or the other Loan Documents whether or not such documents become effective or are given, (c) the preservation and protection of
the Agents' or any of the Lenders' rights under this Agreement or the other Loan Documents, (d) the defense of any claim or action
asserted or brought against any Agent or any Lender by any Person that arises from or relates to this Agreement, any other Loan
Document, the Agents' or the Lenders' claims against any Loan Party, or any and all matters in connection therewith, (e) the commencement
or defense of, or intervention in, any court proceeding arising from or related to this Agreement or any other Loan Document, (f)
the filing of any petition, complaint, answer, motion or other pleading by any Agent or any Lender, or the taking of any action
in respect of the Collateral or other security, in connection with this Agreement or any other Loan Document, (g) the protection,
collection, lease, sale, taking possession of or liquidation of, any Collateral or other security in connection with this Agreement
or any other Loan Document, (h) any attempt to enforce any Lien or security interest in any Collateral or other security in connection
with this Agreement or any other Loan Document, (i) any attempt to collect from any Loan Party, (j) any Environmental Claim, Environmental
Liability or Remedial Action arising from or in connection with the past, present or future operations of, or any property currently,
formerly or in the future owned, leased or operated by, any Loan Party, any of its Subsidiaries or any predecessor in interest,
(k) any Environmental Lien, (l) the rating of the Loans by one or more rating agencies in connection with any Lender's Securitization,
or (m) the receipt by any Agent or any Lender of any advice from professionals with respect to any of the foregoing. Without limitation
of the foregoing or any other provision of any Loan Document: (x) the Borrower agrees to pay all reasonable broker fees that may
become due in connection with the transactions contemplated by this Agreement and the other Loan Documents and (y) if the Borrower
fails to perform any covenant or agreement contained herein or in any other Loan Document, any Agent may itself perform or cause
performance of such covenant or agreement, and the reasonable and documented out-of-pocket expenses of such Agent incurred in connection
therewith shall be reimbursed on demand by the Borrower. The obligations of the Borrower under this Section 11.04 shall survive
the repayment of the Obligations and discharge of any Liens granted under the Loan Documents.

 

    107

     

    

 

Section 11.05 Right
of Set-off. Upon the occurrence and during the continuance of any Event of Default, any Agent or any Lender may, and is hereby
authorized to, at any time and from time to time, without notice to any Loan Party (any such notice being expressly waived by the
Loan Parties) and to the fullest extent permitted by law, set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other Indebtedness at any time owing by such Agent or such Lender or any of their respective
Affiliates to or for the credit or the account of any Loan Party against any and all obligations of the Loan Parties either now
or hereafter existing under any Loan Document, irrespective of whether or not such Agent or such Lender shall have made any demand
hereunder or thereunder and although such obligations may be contingent or unmatured; provided, that in the event that any
Defaulting Lender shall exercise any such right of set-off, (a) all amounts so set off shall be paid over immediately to the Administrative
Agent for further application in accordance with the provisions of Section 4.04 and, pending such payment, shall be segregated
by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agents and the Lenders, and (b)
the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations
owing to such Defaulting Lender as to which it exercised such right of set-off. Each Agent and each Lender agrees to notify such
Loan Party promptly after any such set-off and application made by such Agent or such Lender or any of their respective Affiliates;
provided, that the failure to give such notice shall not affect the validity of such set-off and application. The rights
of the Agents and the Lenders under this Section 11.05 are in addition to the other rights and remedies (including other rights
of set-off) which the Agents and the Lenders may have under this Agreement or any other Loan Documents of law or otherwise.

 

Section 11.06 Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity
or enforceability of such provision in any other jurisdiction.

 

Section 11.07 Assignments
and Participations.

 

(a) This
Agreement and the other Loan Documents shall be binding upon and inure to the benefit of each Loan Party and each Agent and each
Lender and their respective successors and assigns; provided, however, that none of the Loan Parties may assign or
transfer any of its rights hereunder or under the other Loan Documents without the prior written consent of each Lender and any
such assignment without the Lenders' prior written consent shall be null and void.

 

    108

     

    

 

(b) Subject
to the conditions set forth in clause (c) below, each Lender may assign to one or more other lenders or other entities all or a
portion of its rights and obligations under this Agreement with respect to:

 

(i) all
or a portion of its Commitment and any Loan made by it with the written consent of the Administrative Agent, and

 

provided, however, that no
written consent of any Agent shall be required if such assignment is in connection with any merger, consolidation, sale, transfer,
or other disposition of all or any substantial portion of the business or loan portfolio of such Lender.

 

(c) Assignments
shall be subject to the following additional conditions:

 

(i) Each
such assignment shall be in an amount which is at least $1,000,000 or a multiple of $100,000 in excess thereof (or the remainder
of such Lender's Commitment) (except such minimum amount shall not apply to an assignment by a Lender to (A) a Lender, an Affiliate
of such Lender or a Related Fund of such Lender or (B) a group of new Lenders, each of whom is an Affiliate or Related Fund of
each other to the extent the aggregate amount to be assigned to all such new Lenders is at least $1,000,000 or a multiple of $100,000
in excess thereof);

 

(ii) The
parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance, an Assignment and Acceptance,
together with any promissory note subject to such assignment and such parties shall deliver to the Administrative Agent, for the
benefit of the Administrative Agent, a processing and recordation fee of $5,000 (except the payment of such fee shall not be required
in connection with an assignment by a Lender to a Lender, an Affiliate of such Lender or a Related Fund of such Lender); and

 

(iii) The
consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed) shall be required (provided,
however, that Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written
notice to the Administrative Agent within give (5) Business Days after having received notice thereof) unless (A) a Default or
Event of Default has occurred and is continuing at the time of such assignment or (B) such assignment is to a Lender or an Affiliate
or Related Fund of a Lender;

 

(iv) No
such assignment shall be made to (A) any Loan Party or any of their respective Affiliates or (B) any Defaulting Lender or
any of its Affiliates, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described
in this clause (B).

 

(d) Upon
such execution, delivery and acceptance, from and after the effective date specified in each Assignment and Acceptance and recordation
on the Register, which effective date shall be at least three (3) Business Days after the delivery thereof to the Administrative
Agent (or such shorter period as shall be agreed to by the Administrative Agent and the parties to such assignment), (A) the assignee
thereunder shall become a "Lender" hereunder and, in addition to the rights and obligations hereunder held by it immediately
prior to such effective date, have the rights and obligations hereunder that have been assigned to it pursuant to such Assignment
and Acceptance and (B) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned
by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender's rights and obligations
under this Agreement, such Lender shall cease to be a party hereto).

 

    109

     

    

 

(e) By
executing and delivering an Assignment and Acceptance, the assigning Lender and the assignee thereunder confirm to and agree with
each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, the assigning
Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations
made in or in connection with this Agreement or any other Loan Document or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other Loan Document furnished pursuant hereto; (ii) the assigning Lender makes no
representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or any of its
Subsidiaries or the performance or observance by any Loan Party of any of its obligations under this Agreement or any other Loan
Document furnished pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement and the other Loan
Documents, together with such other documents and information it has deemed appropriate to make its own credit analysis and decision
to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon the assigning Lender,
any Agent or any Lender and based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents; (v) such assignee appoints
and authorizes the Agents to take such action as agents on its behalf and to exercise such powers under this Agreement and the
other Loan Documents as are delegated to the Agents by the terms hereof and thereof, together with such powers as are reasonably
incidental hereto and thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations
which by the terms of this Agreement and the other Loan Documents are required to be performed by it as a Lender.

 

(f) The Administrative
Agent shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain, or cause to be maintained at the
Payment Office, a copy of each Assignment and Acceptance delivered to and accepted by it and a register (the “Register”)
for the recordation of the names and addresses of the Lenders and the Commitments of, and the principal amount of the Loans (and
stated interest thereon) (the “Registered Loans”) owing to each Lender from time to time. The entries
in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agents and the
Lenders shall treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement.
The Register shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon
reasonable prior notice.

 

(g) Upon
receipt by the Administrative Agent of a completed Assignment and Acceptance, and subject to any consent required from the Administrative
Agent or the Collateral Agent pursuant to Section 11.07(b) (which consent of the applicable Agent must be evidenced by such Agent's
execution of an acceptance to such Assignment and Acceptance), the Administrative Agent shall accept such assignment, record the
information contained therein in the Register (as adjusted to reflect any principal payments on or amounts capitalized and added
to the principal balance of the Loans and/or Commitment reductions made subsequent to the effective date of the applicable assignment,
as confirmed in writing by the corresponding assignor and assignee in conjunction with delivery of the assignment to the Administrative
Agent) and provide to the Administrative Agent a copy of the fully executed Assignment and Acceptance.

 

    110

     

    

 

(h) A
Registered Loan (and the registered note, if any, evidencing the same) may be assigned or sold in whole or in part only by registration
of such assignment or sale on the Register (and each registered note shall expressly so provide). Any assignment or sale of all
or part of such Registered Loan (and the registered note, if any, evidencing the same) may be effected only by registration of
such assignment or sale on the Register, together with the surrender of the registered note, if any, evidencing the same duly endorsed
by (or accompanied by a written instrument of assignment or sale duly executed by) the holder of such registered note, whereupon,
at the request of the designated assignee(s) or transferee(s), one or more new registered notes in the same aggregate principal
amount shall be issued to the designated assignee(s) or transferee(s).

 

(i) If
any Lender sells participations in a Registered Loan, such Lender shall, acting for this purpose as a non-fiduciary agent on behalf
of the Borrower, maintain, or cause to be maintained, a register, on which it enters the name of all participants in the Registered
Loans held by it and the principal amount (and stated interest thereon) of the portion of the Registered Loan that is the subject
of the participation (the "Participant Register"). A Registered Loan (and the registered note, if any, evidencing
the same) may be participated in whole or in part only by registration of such participation on the Participant Register (and each
registered note shall expressly so provide). Any participation of such Registered Loan (and the registered note, if any, evidencing
the same) may be effected only by the registration of such participation on the Participant Register. The Participant Register
shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior
notice.

 

(j) [Reserved].

 

(k) Each
Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and obligations under
this Agreement and the other Loan Documents (including, without limitation, all or a portion of its Commitments and the Loans made
by it); provided, that (i) such Lender's obligations under this Agreement (including without limitation, its Commitments
hereunder) and the other Loan Documents shall remain unchanged; (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations, and the Borrower, the Agents and the other Lenders shall continue to deal solely
and directly with such Lender in connection with such Lender's rights and obligations under this Agreement and the other Loan Documents;
and (iii) a participant shall not be entitled to require such Lender to take or omit to take any action hereunder except (A) actions
directly effecting an extension of the maturity dates or decrease in the principal amount of the Loans, (B) actions directly effecting
an extension of the due dates or a decrease in the rate of interest payable on the Loans or the fees payable under this Agreement,
or (C) actions directly effecting a release of all or a substantial portion of the Collateral or any Loan Party (except as set
forth in Section 9.08 of this Agreement or any other Loan Document). The Loan Parties agree that each participant shall be entitled
to the benefits of Section 2.07 and Section 2.08 of this Agreement with respect to its participation in any portion of the Commitments
and the Loans as if it was a Lender.

 

    111

     

    

 

(l) Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or loans made to,
or other indebtedness issued by, such Lender pursuant to a securitization transaction (including any structured warehouse credit
facility, collateralized loan obligation transaction or similar facility or transaction, and including any further securitization
of the indebtedness or equity issued under such a transaction) (a "Securitization"); provided that no such
pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee
for such Lender as a party hereto. The Loan Parties shall cooperate with such Lender and its Affiliates to effect a Securitization,
including, without limitation, by providing such information as may be reasonably requested by such Lender in connection with the
rating of its Loans or any Securitization.

 

Section 11.08 Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of this Agreement by telecopier or electronic mail shall be equally as effective as delivery of an original
executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telecopier or electronic
mail also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart
shall not affect the validity, enforceability, and binding effect of this Agreement. The words “execution,” “signed,”
“signature,” and words of like import shall be deemed to include electronic signatures or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or
the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act. The foregoing shall apply to each other Loan
Document mutatis mutandis.

 

Section 11.09 Governing
Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT
IN RESPECT OF SUCH OTHER LOAN DOCUMENT) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK.

 

Section 11.10 Consent
to Jurisdiction; Service of Process and Venue.

 

(a) ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK IN THE COUNTY OF NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION
AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY HEREBY IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
THE JURISDICTION OF THE AFORESAID COURTS. EACH LOAN PARTY HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE
AFOREMENTIONED COURTS AND IN ANY SUCH ACTION OR PROCEEDING BY ANY MEANS PERMITTED BY APPLICABLE LAW, INCLUDING, WITHOUT LIMITATION,
BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE BORROWER AT ITS ADDRESS FOR NOTICES AS
SET FORTH IN Section 11.01, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH
MAILING. THE LOAN PARTIES AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING HEREIN SHALL AFFECT THE RIGHT OF
THE AGENTS AND THE LENDERS TO SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST ANY LOAN PARTY IN ANY OTHER JURISDICTION. EACH LOAN PARTY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE JURISDICTION OR LAYING OF VENUE OF ANY SUCH LITIGATION
BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO
THE EXTENT THAT ANY LOAN PARTY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS
(WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO
ITSELF OR ITS PROPERTY, EACH LOAN PARTY HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS.

 

    112

     

    

 

(b) Each
Loan Party irrevocably and unconditionally agrees that it will not commence any action or proceeding of any kind or description,
whether in law or equity, whether in contract or in tort or otherwise, against any Agent, any Lender or any Related Party of the
foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any
forum other than the courts 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.

 

(c) Each
Loan Party irrevocably consents to the service of process out of the said courts by mailing copies thereof by registered United
States air mail postage prepaid to it at its address (or such other manner of notice) specified in Section 11.01. Nothing in this
Section 11.10 shall affect the right of any Secured Party to (i) commence legal proceedings or otherwise sue any Loan Party in
any other court having jurisdiction over such Loan Party or (ii) serve process upon any Loan Party in any manner authorized by
the laws of any such jurisdiction.

 

Section 11.11 Waiver
of Jury Trial, Etc. EACH LOAN PARTY, EACH AGENT AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER,
CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, OR
ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION, PROCEEDINGS
OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH LOAN PARTY CERTIFIES THAT NO OFFICER, REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY AGENT OR ANY LENDER WOULD NOT,
IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS. EACH LOAN PARTY HEREBY ACKNOWLEDGES
THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENTS AND THE LENDERS ENTERING INTO THIS AGREEMENT.

 

    113

     

    

 

Section 11.12 Consent
by the Agents and Lenders. Except as otherwise expressly set forth herein to the contrary or in any other Loan Document, if
the consent, approval, satisfaction, determination, judgment, acceptance or similar action (an "Action") of any
Agent or any Lender shall be permitted or required pursuant to any provision hereof or any provision of any other agreement to
which any Loan Party is a party and to which any Agent or any Lender has succeeded thereto, such Action shall be required to be
in writing and may be withheld or denied by such Agent or such Lender, in its sole discretion, with or without any reason, and
without being subject to question or challenge on the grounds that such Action was not taken in good faith.

 

Section 11.13 No
Party Deemed Drafter. Each of the parties hereto agrees that no party hereto shall be deemed to be the drafter of this Agreement.

 

Section 11.14 Reinstatement;
Certain Payments. If any claim is ever made upon any Secured Party for repayment or recovery of any amount or amounts received
by such Secured Party in payment or on account of any of the Obligations, such Secured Party shall give prompt notice of such claim
to each other Agent and Lender and the Borrower, and if such Secured Party repays all or part of such amount by reason of (i) any
judgment, decree or order of any court or administrative body having jurisdiction over such Secured Party or any of its property,
or (ii) any good faith settlement or compromise of any such claim effected by such Secured Party with any such claimant, then and
in such event each Loan Party agrees that (A) any such judgment, decree, order, settlement or compromise shall be binding upon
it notwithstanding the cancellation of any Indebtedness hereunder or under the other Loan Documents or the termination of this
Agreement or the other Loan Documents, and (B) it shall be and remain liable to such Secured Party hereunder for the amount so
repaid or recovered to the same extent as if such amount had never originally been received by such Secured Party.

 

Section 11.15 Indemnification;
Limitation of Liability for Certain Damages.

 

(a) In
addition to each Loan Party's other Obligations under this Agreement, each Loan Party agrees to, jointly and severally, defend,
protect, indemnify and hold harmless each Secured Party and all of their respective Related Parties (collectively called the "Indemnitees")
from and against any and all losses, damages, liabilities, obligations, penalties, fees, reasonable costs and expenses (including,
without limitation, reasonable attorneys' fees, costs and expenses) incurred by such Indemnitees, whether prior to or from and
after the Effective Date, whether direct, indirect or consequential, as a result of or arising from or relating to or in connection
with any of the following: (i) the negotiation, preparation, execution or performance or enforcement of this Agreement, any other
Loan Document or of any other document executed in connection with the transactions contemplated by this Agreement, (ii) any Agent's
or any Lender's furnishing of funds to the Borrower under this Agreement or the other Loan Documents, including, without limitation,
the management of any such Loans or the Borrower's use of the proceeds thereof, (iii) the Agents and the Lenders relying on any
instructions of the Borrower or the handling of Collateral as herein provided, (iv) any matter relating to the financing transactions
contemplated by this Agreement or the other Loan Documents or by any document executed in connection with the transactions contemplated
by this Agreement or the other Loan Documents, or (v) any claim, litigation, investigation or proceeding relating to any of the
foregoing, whether or not any Indemnitee is a party thereto (collectively, the "Indemnified Matters"); provided,
however, that the Loan Parties shall not have any obligation to any Indemnitee under this subsection (a) for any Indemnified
Matter caused by the gross negligence, willful misconduct or willful material breach of the Loan Documents of such Indemnitee,
as determined by a final non-appealable judgment of a court of competent jurisdiction. This Section 11.15(a) shall not apply with
respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

    114

     

    

 

(b) The
indemnification for all of the foregoing losses, damages, fees, costs and expenses of the Indemnitees set forth in this Section
11.15 are chargeable against the Loan Parties and their accounts. To the extent that the undertaking to indemnify, pay and hold
harmless set forth in this Section 11.15 may be unenforceable because it is violative of any law or public policy, each Loan Party
shall, jointly and severally, contribute the maximum portion which it is permitted to pay and satisfy under applicable law, to
the payment and satisfaction of all Indemnified Matters incurred by the Indemnitees.

 

(c) No
Loan Party shall assert, and each Loan Party hereby waives, any claim against the Indemnitees, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor
is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result
of, or in any way related to, this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby
or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof
or any act or omission or event occurring in connection therewith, and each Loan Party hereby waives, releases and agrees not to
sue upon any such claim or seek any such damages, whether or not accrued and whether or not known or suspected to exist in its
favor.

 

(d) The
indemnities and waivers set forth in this Section 11.15 shall survive the repayment of the Obligations and discharge of any Liens
granted under the Loan Documents.

 

Section 11.16 Records.
The unpaid principal of and interest on the Loans, the interest rate or rates applicable to such unpaid principal and interest,
the duration of such applicability, the Commitments, and the accrued and unpaid fees payable pursuant to Section 2.06 hereof, shall
at all times be ascertained from the records of the Agents, which shall be conclusive and binding absent manifest error.

 

Section 11.17 Binding
Effect. This Agreement shall become effective when it shall have been executed by each Loan Party, each Agent and each Lender
and when the conditions precedent set forth in Section 5.01 hereof have been satisfied or waived in writing by the Agents, and
thereafter shall be binding upon and inure to the benefit of each Loan Party, each Agent and each Lender, and their respective
successors and assigns, except that the Loan Parties shall not have the right to assign their rights hereunder or any interest
herein without the prior written consent of each Agent and each Lender, and any assignment by any Lender shall be governed by Section
11.07 hereof.

 

    115

     

    

 

Section 11.18 Highest
Lawful Rate. It is the intention of the parties hereto that each Agent and each Lender shall conform strictly to usury laws
applicable to it. Accordingly, if the transactions contemplated hereby or by any other Loan Document would be usurious as to any
Agent or any Lender under laws applicable to it (including the laws of the United States of America and the State of New York or
any other jurisdiction whose laws may be mandatorily applicable to such Agent or such Lender notwithstanding the other provisions
of this Agreement), then, in that event, notwithstanding anything to the contrary in this Agreement or any other Loan Document
or any agreement entered into in connection with or as security for the Obligations, it is agreed as follows: (i) the aggregate
of all consideration which constitutes interest under law applicable to any Agent or any Lender that is contracted for, taken,
reserved, charged or received by such Agent or such Lender under this Agreement or any other Loan Document or agreements or otherwise
in connection with the Obligations shall under no circumstances exceed the maximum amount allowed by such applicable law, any excess
shall be canceled automatically and if theretofore paid shall be credited by such Agent or such Lender on the principal amount
of the Obligations (or, to the extent that the principal amount of the Obligations shall have been or would thereby be paid in
full, refunded by such Agent or such Lender, as applicable, to the Borrower); and (ii) in the event that the maturity of the Obligations
is accelerated by reason of any Event of Default under this Agreement or otherwise, or in the event of any required or permitted
prepayment, then such consideration that constitutes interest under law applicable to any Agent or any Lender may never include
more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise
shall, subject to the last sentence of this Section 11.18, be canceled automatically by such Agent or such Lender, as applicable,
as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Agent or such Lender, as
applicable, on the principal amount of the Obligations (or, to the extent that the principal amount of the Obligations shall have
been or would thereby be paid in full, refunded by such Agent or such Lender to the Borrower). All sums paid or agreed to be paid
to any Agent or any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable
to such Agent or such Lender, be amortized, prorated, allocated and spread throughout the full term of the Loans until payment
in full so that the rate or amount of interest on account of any Loans hereunder does not exceed the maximum amount allowed by
such applicable law. If at any time and from time to time (x) the amount of interest payable to any Agent or any Lender on any
date shall be computed at the Highest Lawful Rate applicable to such Agent or such Lender pursuant to this Section 11.18 and (y)
in respect of any subsequent interest computation period the amount of interest otherwise payable to such Agent or such Lender
would be less than the amount of interest payable to such Agent or such Lender computed at the Highest Lawful Rate applicable to
such Agent or such Lender, then the amount of interest payable to such Agent or such Lender in respect of such subsequent interest
computation period shall continue to be computed at the Highest Lawful Rate applicable to such Agent or such Lender until the total
amount of interest payable to such Agent or such Lender shall equal the total amount of interest which would have been payable
to such Agent or such Lender if the total amount of interest had been computed without giving effect to this Section 11.18.

 

    116

     

    

 

For purposes of this
Section 11.18, the term "applicable law" shall mean that law in effect from time to time and applicable to the loan transaction
between the Borrower, on the one hand, and the Agents and the Lenders, on the other, that lawfully permits the charging and collection
of the highest permissible, lawful non-usurious rate of interest on such loan transaction and this Agreement, including laws of
the State of New York and, to the extent controlling, laws of the United States of America.

 

The right to accelerate
the maturity of the Obligations does not include the right to accelerate any interest that has not accrued as of the date of acceleration.

 

Section 11.19 Confidentiality.
Each Agent and each Lender agrees (on behalf of itself and its Related Parties) to keep confidential, in accordance with its customary
procedures for handling confidential information of this nature and in accordance with safe and sound practices of comparable commercial
finance companies, any non-public information supplied to it by the Loan Parties pursuant to this Agreement or the other Loan Documents
which is identified in writing by the Loan Parties as being confidential at the time the same is delivered to such Person (and
which at the time is not, and does not thereafter become, publicly available or available to such Person from another source not
known to be subject to a confidentiality obligation to such Person not to disclose such information); provided, that nothing
herein shall limit the disclosure by any Agent or any Lender of any such information (i) to its Affiliates, its Related Parties
or the Related Parties of any Person described in clause (ii) or (iii) below) (it being understood that the Persons to whom such
disclosure is made either will be informed of the confidential nature of such information and instructed to keep such information
confidential in accordance with this Section 11.19 or is subject to other customary confidentiality obligations); (ii) to any other
party hereto; (iii) to any assignee or participant (or prospective assignee or participant) or any party to a Securitization, so
long as such assignee or participant (or prospective assignee or participant) or party to a Securitization agrees, in writing,
to be bound by or is otherwise subject to customary confidentiality obligations (including, without limitation, confidentiality
provisions similar in substance to this Section 11.19); (iv) to the extent required by any Requirement of Law or judicial process
or as otherwise requested by any Governmental Authority; (v) to the National Association of Insurance Commissioners or any similar
organization, any examiner, auditor or accountant or any nationally recognized rating agency; (vi) in connection with any litigation
to which any Agent or any Lender is a party; (vii) in connection with the exercise of any remedies hereunder or under any other
Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder; (viii) to any other Person if such information is general portfolio information that does not identity the Loan
Parties, or (ix) with the consent of the Borrower. In addition, the Agents and the Lenders may disclose the existence of this Agreement
and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers
to any Agent or any Lender in connection with the administration of this Agreement, the other Loan Documents and the Commitments.
Notwithstanding the foregoing or anything to the contrary contained herein or in any other Loan Document, the parties hereto may
disclose to any and all Persons, without limitation of any kind, the federal, state and local tax treatment of the Loan, any fact
relevant to understanding the federal, state and local tax treatment of the Loan, and all materials of any kind (including opinions
or other tax analyses) relating to such federal, state and local tax treatment and that may be relevant to understanding such tax
treatment; provided, however, that no party shall disclose any names or other identifying information of the parties or the Loan
that are unrelated to the federal, state and local tax treatment of the Loan and are not relevant to understanding the federal,
state and local tax treatment of the Loan, without the prior written consent of the Administrative Agent.

 

    117

     

    

 

Section 11.20 Public
Disclosure. Each Loan Party agrees that neither it nor any of its Affiliates will now or in the future issue any press release
or other public disclosure using the name of an Agent, any Lender or any of their respective Affiliates or referring to this Agreement
or any other Loan Document without the prior written consent of such Agent or such Lender, except to the extent that such Loan
Party or such Affiliate is required to do so under applicable law (in which event, such Loan Party or such Affiliate will consult
with such Agent or such Lender before issuing such press release or other public disclosure). Each Loan Party hereby authorizes
each Agent and each Lender, after consultation with the Borrower, to advertise the closing of the transactions contemplated by
this Agreement, and to make appropriate announcements of the financial arrangements entered into among the parties hereto, as such
Agent or such Lender shall deem appropriate, including, without limitation, on a home page or similar place for dissemination of
information on the Internet or worldwide web, or in announcements commonly known as tombstones, in such trade publications, business
journals, newspapers of general circulation and to such selected parties as such Agent or such Lender shall deem appropriate.

 

Section 11.21 Integration.
This Agreement, together with the other Loan Documents, reflects the entire understanding of the parties with respect to the transactions
contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof.

 

Section 11.22 USA
PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies the Borrower that pursuant
to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of each entity and other information that will allow such Lender to identify the
Borrower in accordance with the USA PATRIOT Act. Each Loan Party agrees to take such action and execute, acknowledge and deliver
at its sole cost and expense, such instruments and documents as any Lender may reasonably require from time to time in order to
enable such Lender to comply with the USA PATRIOT Act.

 

[REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK]

 

    118

     

    

 

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

 

	 	BORROWER:
	 	 
	 	WHEELER REAL ESTATE INVESTMENT TRUST, INC., a Maryland corporation 
	 	 
	 	By:	/s/ Daniel Khoshaba
	 	 	Name: Daniel Khoshaba
	 	 	Title: President and CEO

 

[Signature Page - Financing Agreement]

 

     

     

    

 

	 	GUARANTORS:
	 	 
	 	WHEELER REIT, L.P.  a Virginia limited partnership
	 	 
	 	By:	/s/ Daniel Khoshaba
	 	 	Name: Daniel Khoshaba
	 	 	Title: President and CEO

 

[Signature Page - Financing Agreement]

 

     

     

    

 

	 	WHLR – DARIEN, LLC  
	 	 
	 	By:	Wheeler REIT, L.P., a Virginia limited partnership
	 	 	 
	 	By:	Wheeler Real Estate Investment Trust, Inc., a Maryland corporation
	 	 	 
	 	By:	/s/ Daniel Khoshaba
	 	 	Name: Daniel Khoshaba
	 	 	Title: President and CEO

 

[Signature Page - Financing Agreement]

 

     

     

    

 

	 	WHLR – DEVINE STREET, LLC  
	 	 	 
	 	By:	Wheeler REIT, L.P., a Virginia limited partnership
	 	 	 
	 	By:	Wheeler Real Estate Investment Trust, Inc., a Maryland corporation
	 	 	 
	 	By:	/s/ Daniel Khoshaba
	 	 	Name: Daniel Khoshaba
	 	 	Title: President and CEO

 

[Signature Page - Financing Agreement]

 

     

     

    

 

	 	WHLR - LAKE MURRAY, LLC  
	 	 	 
	 	By:	Wheeler REIT, L.P., a Virginia limited partnership
	 	 	 
	 	By:	Wheeler Real Estate Investment Trust, Inc., a Maryland corporation
	 	 	 
	 	By:	/s/ Daniel Khoshaba
	 	 	Name: Daniel Khoshaba
	 	 	Title: President and CEO

 

[Signature Page - Financing Agreement]

 

     

     

    
 

	 	WHLR – MONCKS CORNER, LLC  
	 	 	 
	 	By:	Wheeler REIT, L.P., a Virginia limited partnership
	 	 	 
	 	By:	Wheeler Real Estate Investment Trust, Inc., a Maryland corporation
	 	 	 
	 	By:	/s/ Daniel Khoshaba
	 	 	Name: Daniel Khoshaba
	 	 	Title: President and CEO

 

[Signature Page - Financing Agreement]

 

     

     

    
 

	 	WHLR – SOUTH LAKE POINTE, LLC  
	 	 	 
	 	By:	Wheeler REIT, L.P., a Virginia limited partnership
	 	 	 
	 	By:	Wheeler Real Estate Investment Trust, Inc., a Maryland corporation
	 	 	 
	 	By:	/s/ Daniel Khoshaba
	 	 	Name: Daniel Khoshaba
	 	 	Title: President and CEO  

 

[Signature Page - Financing Agreement]

 

     

     

    

 

	 	COLLATERAL AGENT ADMINISTRATIVE AGENT AND LENDER:
	 	 
	 	Powerscourt Investments XXII, LP  
	 	 	 
	 	By:	Powerscourt Investments GP, LLC
	 	 	 
	 	By:	Maples Fiduciary Services (Delaware) Inc., its Managing Member
	 	 	 
	 	By:	/s/ Edward Truitt
	 	 	Name: Edward Truitt
	 	 	Title: Authorized Signatory

 

[Signature Page - Financing Agreement]Exhibit 10.2

 

This
warrant and the securities issuable upon exercise of this warrant HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR
SALE, SOLD, or otherwise TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT in accordance with applicable state securities laws OR (B) AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS TRANSFER
AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

	Warrant
    No. 1	Date
    of Issuance: December 22, 2020

 

WHEELER
REAL ESTATE INVESTMENT TRUST, INC.

 

COMMON
STOCK PURCHASE WARRANT

 

FOR
VALUE RECEIVED, Wheeler Real Estate Investment Trust, Inc., a Maryland corporation (the “Company”), hereby
certifies that Powerscourt Investments XXII, LP, a Delaware limited partnership (together with its successors and assigns, the
“Holder”), is entitled to purchase from the Company, at any time or from time to time on or after the date
hereof and before 5:00 p.m., Eastern time, on the 36-month anniversary of the date of issuance hereof (such date, the “Expiration
Date,” and such period, the “Exercise Period”), all or any portion of an aggregate amount equal to
496,415 shares of the Company’s common stock, $0.01 par value per share (“Common Stock”), outstanding
immediately prior to the Effective Date (such shares, the “Warrant Shares,” and together with this Warrant,
the “Securities”) for $3.12 per share (subject to adjustment as provided herein, the “Exercise Price”),
upon the terms and subject to the conditions set forth herein.

 

This
Warrant is hereby issued in connection with, and is a condition precedent to, the Financing Agreement, dated as of December 22,
2020 (the “Financing Agreement”), by and among the Company as borrower, each Subsidiary of the Company party
thereto as a guarantor, the lenders from time to time party thereto, and Powerscourt Investments XXII, LP as administrative agent
and collateral agent. Unless otherwise separately defined herein, all capitalized terms used in this Warrant shall have the respective
meanings ascribed to them in the Financing Agreement.

 

		1.	REGISTER. 
                                         The Company shall properly maintain books for the registration and any transfer of this
                                         Warrant.  Upon the initial issuance of this Warrant, the Company shall issue and
                                         register this Warrant in the name of the Holder.

 

		2.	No
                                         Impairment.

 

		2.1	The
                                         Company shall not, by amendment of its organizational documents or through any reorganization,
                                         transfer of assets, consolidation, merger, dissolution, issue or sale of securities,
                                         or any other action, avoid or seek to avoid the observance or performance of any of the
                                         terms of this Warrant but will at all times in good faith take any and all action as
                                         may be necessary, appropriate, or reasonably requested by the Holder, in order to protect
                                         the rights of the Holder against dilution or other impairment.

 

     

     

    

 

		2.2	Without
                                         limiting the generality of the foregoing, the Company (a) will at all times reserve
                                         and keep available, solely for issuance and delivery upon exercise of this Warrant, the
                                         maximum number of authorized but unissued Warrant Shares issuable from time to time upon
                                         the exercise of this Warrant; (b) will not increase the par value of the shares
                                         receivable upon exercise of this Warrant above the amount payable in respect thereof
                                         upon such exercise; (c) will take all such action as may be necessary or appropriate
                                         to ensure that upon the exercise of this Warrant (or any portion of it), the Company
                                         duly authorizes, and validly and legally issues, fully paid and nonassessable Warrant
                                         Shares, owned of record and beneficially by the Holder (or its designee), free and clear
                                         of all liens, charges, encumbrances, or other adverse claims or restrictions on title
                                         or transfer of any nature whatsoever, and without violation of any preemptive or similar
                                         rights; and (d) will use its commercially reasonable efforts to obtain any authorization,
                                         consent, order or exemption of or from any governmental authority as may be necessary
                                         to enable the Company to perform its obligations hereunder.

 

		3.	Exercise
                                         of Warrant.

 

		3.1	Exercise
                                         for Cash. At
                                         any time and from time to time during the Exercise Period, the Holder may exercise this
                                         Warrant as to all or any portion of the whole number of unexercised Warrant Shares by:
                                         (a) surrender of this Warrant (in whole or in part) (or, in the event of its loss,
                                         theft, destruction, or mutilation, evidence thereof), accompanied by an executed exercise
                                         notice, in the form attached hereto as Exhibit A (an “Exercise Notice”),
                                         to the Company at its principal office at 2529 Virginia Beach Boulevard, Suite 200, Virginia
                                         Beach, Virginia 23452, and (b) payment, in the amount of the aggregate Exercise
                                         Price in respect of the Warrant Shares as to which this Warrant is being exercised, made
                                         by (solely at the Holder’s option) cash, check payable to the order of the Company,
                                         or wire transfer of funds to an account designated in writing by the Company) (each date
                                         of delivery of such Exercise Notice, a “Cash Exercise Date”).

 

		3.2	CASHLESS
                                         EXERCISE. Notwithstanding any other provision hereof to the contrary, the Holder
                                         may elect to receive, without payment by the Holder of the aggregate Exercise Price in
                                         respect of the shares of Common Stock to be acquired, shares of Common Stock of equal
                                         value to the value of all or any portion of the whole number of unexercised Warrant Shares
                                         by: surrender of this Warrant (in whole or in part) (or, in the event of its loss, theft,
                                         destruction, or mutilation, evidence thereof), accompanied by an executed Exercise Notice,
                                         to the Company at its principal office at 2529 Virginia Beach Boulevard, Suite 200, Virginia
                                         Beach, Virginia 23452 (each date of delivery of such Exercise Notice, a “Cashless
                                         Exercise Date,” and together with any “Cash Exercise Date,”
                                         an “Exercise Date”).  Upon delivery thereof, the Company shall
                                         issue to the Holder the number of fully paid, validly and legally issued and nonassessable
                                         shares of Common Stock, as is computed using the following formula:

 

 

where

 

X
= the number of shares of Common Stock that the Holder is entitled to acquire;

Y
= the total number of shares of Common Stock for which the Holder has elected to exercise this Warrant on the applicable Cashless
Exercise Date (including, for the avoidance of doubt, shares to be issued to the Holder and shares as to which the purchase rights
are to be canceled as payment therefor);

A
= the volume-weighted average price per share of Common Stock on the Nasdaq Capital Market (or any other national securities exchange
on which the shares of Common Stock are then listed) reported by Bloomberg L.P. for the twenty (20) trading days immediately prior
to (but not including) the applicable Cashless Exercise Date (or, if such volume-weighted
average price per share of Common Stock during such twenty (20)-trading day period is unavailable, the market value of one (1)
share of Common Stock during such twenty (20)-trading day period as determined in good faith by the Company’s Board of Directors
and the Holder, using a volume-weighted average price method); and

B
= the Exercise Price in effect under this Warrant on the applicable Cashless Exercise Date.

 

    - 2 -

     

    

 

		3.3	Issuance
                                         VIA BOOK-ENTRY OR CertificateD FORM; dELIVERY OF NEW WARRANT. Upon
                                         the exercise of this Warrant (in whole or in part), the Company will, as promptly as
                                         practicable (and in any event within ten (10) days after the applicable Exercise Date),
                                         at its expense (including the payment by the Company of any applicable issue or transfer
                                         taxes), issue in book-entry form and deliver (or cause to be issued and delivered) to
                                         the Holder (or the Holder’s designee, as specified in the Exercise Notice) the
                                         number of duly authorized, validly and legally issued, fully paid and nonassessable Warrant
                                         Shares to which the Holder is entitled upon such exercise of this Warrant; provided,
                                         however, that (solely at the Holder’s option) the Company will execute, issue,
                                         and deliver (or cause to be executed, issued, and delivered) to the Holder a certificate
                                         or certificates for such Warrant Shares. This Warrant shall be deemed to have been so
                                         exercised, and the Warrant Shares so purchased shall be deemed to have been issued to
                                         the Holder (or the Holder’s designee, as specified in the Exercise Notice) as the
                                         record owner of such shares, each as of the close of business on the applicable Exercise
                                         Date. The Warrant Shares (and, if applicable, certificate(s) representing the Warrant
                                         Shares) so delivered shall be in such denomination(s) as may be requested by the Holder
                                         and shall be registered in the name of the Holder (or such other name as may be designated
                                         by the Holder, as specified in the Exercise Notice).  Any such certificate(s) shall
                                         be dated and shall be deemed to be effective as of the date of the for applicable Exercise
                                         Date, notwithstanding any delays in the actual execution, issuance, or delivery of the
                                         certificate(s). In the event that this Warrant is exercised as to less than the aggregate
                                         amount of all shares issuable upon exercise of this Warrant held by the Holder, the Company
                                         shall, at its expense, concurrently with the delivery of the exercised Warrant Shares
                                         (and, if applicable, certificate(s) representing such Warrant Shares) issue and deliver
                                         a new Warrant to the Holder evidencing the right to purchase the aggregate number of
                                         shares as to which this Warrant remains unexercised.

 

		3.4	FRACTIONAL
                                         SHARES. In respect of any fractional Warrant Share, upon the Holder’s exercise
                                         of this Warrant (in whole or in part), the Company shall pay the Holder an amount in
                                         cash equal to the product of such fraction, multiplied by the Market Price (as
                                         defined below in Section 3.5) of one (1) full share of Common Stock on the applicable
                                         Exercise Date, in lieu of issuance of any share of Common Stock.

 

    - 3 -

     

    

 

		3.5	ADJUSTMENTS.
                                         Pursuant to the provisions of this Section 3.5, the Exercise Price and number
                                         of Warrant Shares subject to this Warrant shall be subject to adjustment from time to
                                         time as set forth herein.

 

		3.5.1	If
                                         the Company, at any time or from time to time while this Warrant is outstanding, pays
                                         a dividend or makes a distribution on its Common Stock in shares of Common Stock, subdivides
                                         its outstanding shares of Common Stock into a greater number of shares, combines its
                                         outstanding shares of Common Stock into a smaller number of shares, or issues by reclassification
                                         of its outstanding shares of Common Stock any shares of its capital stock (including
                                         in connection with a consolidation or merger in which the Company is the continuing corporation),
                                         then: (i) the Exercise Price in effect immediately prior to (but not including) the date
                                         on which such change becomes effective shall be reduced (and in no event increased) to
                                         an Exercise Price equal to the product of (x) such Exercise Price and (y) a
                                         fraction, (A) the numerator of which is the number of shares of Common Stock outstanding
                                         immediately prior to such change and (B) the denominator of which is the number
                                         of shares of Common Stock outstanding immediately after giving effect to such change;
                                         and (ii) the number of Warrant Shares purchasable upon exercise of this Warrant
                                         shall be increased to a number equal to the product of (x) the number of Warrant
                                         Shares purchasable upon exercise immediately prior to (but not including) the date on
                                         which such change becomes effective and (y) a fraction, (A) the numerator of which
                                         is the Exercise Price in effect immediately prior to the date on which such change becomes
                                         effective and (B) the denominator of which is the Exercise Price in effect immediately
                                         after giving effect to such change, calculated in accordance with clause (i) above. 
                                         Such adjustments shall be made successively whenever any event described in this subsection occurs.

 

		3.5.2	In
                                         the event of any (i) capital reorganization or reclassification of the capital stock
                                         of the Compay, or any winding up or liquidation of the Company, (ii) consolidation
                                         or merger of the Company with another entity in which the Company is not the survivor,
                                         (iii) sale, transfer, or other disposition of all or substantially all of the Company’s
                                         assets to another entity, or (iv) purchase offer, tender offer, or exchange offer
                                         pursuant to which holders of Common Stock are permitted to sell, tender, or exchange
                                         their shares for other securities or assets, and such offer has been accepted by the
                                         holders of fifty percent (50%) or more of the outstanding shares of Common Stock (each,
                                         a “Fundamental Transaction”), then as a condition of such Fundamental
                                         Transaction, lawful and adequate provision shall be made whereby the Holder shall thereafter
                                         have the right to purchase and receive upon the terms applicable thereto, and upon the
                                         terms and conditions specified herein, and in lieu of the Warrant Shares immediately
                                         issuable upon exercise of this Warrant, the aggregate amount of such securities or assets
                                         as would have been issuable or payable with respect to or in exchange for a number of
                                         Warrant Shares equal to the number of Warrant Shares immediately theretofore issuable
                                         upon exercise of this Warrant, had such Fundamental Transaction not taken place, and
                                         in any such case appropriate provision shall be made with respect to the rights and interests
                                         of the Holder such that the provisions hereof shall thereafter be applicable, as nearly
                                         equivalent as may be practicable in relation to any securities or assets thereafter deliverable
                                         upon the exercise hereof.  The Company shall not effect any Fundamental Transaction
                                         unless, prior to or simultaneously with the consummation thereof, the survivor (if not
                                         the Company) resulting from such consolidation or merger, the corporation acquiring such
                                         assets, or another appropriate entity, shall assume the obligation to deliver to the
                                         Holder, at the last address of the Holder appearing on the books of the Company, such
                                         securities and assets as, in accordance with the foregoing, the Holder may be entitled
                                         to purchase, and the other obligations under this Warrant.  The provisions of this
                                         subsection shall similarly apply to any successive Fundamental Transactions.  Notwithstanding
                                         the foregoing, in the event of a Fundamental Transaction, at the request of the Holder
                                         before the ninetieth (90th) day after such Fundamental Transaction, the Company (or the
                                         survivor) shall purchase this Warrant from the Holder by paying to the Holder, within
                                         five (5) Business Days after such request (or, if later, on the effective date of the
                                         Fundamental Transaction), cash in an amount equal to the Black Scholes Value (as defined
                                         below in subsection 3.5.7) of the remaining unexercised portion of this Warrant
                                         on the date of such Fundamental Transaction; provided that the foregoing shall
                                         not apply to a Fundamental Transaction in which a successor entity (a “Public
                                         Successor”) whose common stock is quoted or listed for trading on an Eligible
                                         Market (as defined below in subsection 3.5.7) assumes this Warrant and the Warrant Shares
                                         immediately issuable upon exercise of this Warrant may be exercisable for the publicly
                                         traded common stock of such Public Successor.

 

    - 4 -

     

    

 

		3.5.3	In
                                         the event that the Company fixes a payment date for making a distribution to all holders
                                         of Common Stock (including any such distribution made in connection with a consolidation
                                         or merger in which the Company is the surviving entity) of evidences of indebtedness
                                         or assets (other than cash dividends or cash distributions payable out of consolidated
                                         earnings or earned surplus or dividends or distributions referred to in subsection 3.5.1),
                                         or subscription rights or warrants, then the Exercise Price to be in effect after such
                                         payment date shall be an amount equal to the product of (x) the Exercise Price in
                                         effect immediately prior to (but not including) such payment date and (y) a fraction,
                                         (A) the numerator of which is the total number of shares of Common Stock outstanding,
                                         multiplied by the Market Price (as defined below in subsection 3.5.7) per share
                                         of Common Stock immediately prior to (but not including) such payment date, less
                                         the fair market value (as determined in good faith by the Company’s Board of Directors)
                                         of such assets or evidences of indebtedness so distributed, or of such subscription rights
                                         or warrants, and (B) the denominator of which is the total number of shares of Common
                                         Stock outstanding, multiplied by such Market Price per share of Common Stock immediately
                                         prior to (but not including) such payment date.  Such adjustment shall be made successively
                                         whenever such a payment date is fixed.

 

		3.5.4	If,
                                         after the date of issuance of this Warrant, the Company issues and sells in a public
                                         offering or a private placement shares of Common Stock or other securities convertible
                                         into or exchangeable for Common Stock for cash at a net price per share (i.e., after
                                         the deduction of any underwriting discounts or commissions or placement agent fees, as
                                         applicable, and any other expenses incurred by the Company that are attributable to the
                                         offering) that is less than: (i) in the case of a public offering, the most recently
                                         reported closing price of the Common Stock prior to the announcement of such public
                                         offering, or (ii) in the case of a private placement, the most recently reported
                                         closing price of the Common Stock prior to the execution of the purchase agreement for
                                         such private placement (in either case, a “Secondary Capital Raise”),
                                         the Exercise Price in effect immediately after the Secondary Capital Raise shall be adjusted
                                         to equal the product of (x) the Exercise Price in effect immediately prior to announcement
                                         of the Secondary Capital Raise and (y) a fraction, (A) the numerator of which is
                                         the net cash proceeds received by the Company per share in such Secondary Capital Raise
                                         (i.e., after the deduction of any underwriting discounts or commissions or placement
                                         agent fees, as applicable, and any other expenses incurred by the Company that are attributable
                                         to the offering) and (B) the denominator of which is the last reported closing price
                                         of the Common Stock prior to either (i) the announcement of the Secondary Capital
                                         Raise in the case of a public offering or (ii) the execution of the applicable purchase
                                         agreement in the case of a private placement.  This subsection 3.5.4 does not
                                         apply to (i) any of the transactions described in subsections 3.5.1–3.5.3
                                         hereof, (ii) the exercise of this Warrant, or the conversion or exchange of other
                                         securities convertible or exchangeable for Common Stock, or the issuance of Common Stock
                                         upon the exercise of this Warrant or other securities convertible or exchangeable for
                                         Common Stock, or (iii) Common Stock (and options exercisable therefor) issued to the
                                         Company’s employees, officers, directors, consultants, or advisors (regardless
                                         of whether in such capacity on the date of exercise) under bona fide employee benefit
                                         plans or stock option plans adopted by the Company’s Board of Directors and approved
                                         by the holders of Common Stock when required by law, if such Common Stock would otherwise
                                         be covered by this subsection 3.5.4.  For any shares of Common Stock that may
                                         be issued pursuant to any at-the-market offering, controlled equity or similar programs
                                         (an “ATM Program”), this subsection 3.5.4 shall apply but the
                                         Exercise Price shall be adjusted solely by the percentage sales commission payable to
                                         the sales agent pursuant to the sales or other similar agreement entered into by and
                                         between the Company and such agent in connection with the establishment of such ATM Program
                                         and only as a one-time adjustment made as of the date of execution of any such agreement. 
                                         For the avoidance of doubt, any offering of securities by a party unaffiliated to the
                                         Company and for which the Company does not receive any proceeds will not be subject to
                                         an adjustment as described in this subsection 3.5.4.

 

    - 5 -

     

    

 

		3.5.5	An
                                         adjustment to the Exercise Price shall become effective immediately after the payment
                                         date in the case of each dividend or distribution and immediately after the effective
                                         date of each other event that requires an adjustment.

 

		3.5.6	In
                                         the event that as a result of an adjustment made pursuant to this Section 3.5, the
                                         Holder becomes entitled to receive any shares of capital stock of the Company other than
                                         shares of Common Stock, the number of such other shares so receivable upon exercise of
                                         this Warrant shall be subject thereafter to adjustment from time to time in a manner
                                         and on terms as nearly equivalent as practicable to the provisions with respect to the
                                         Warrant Shares contained in this Warrant.

 

		3.5.7	Not
                                         less than ten (10) Business Days prior to the record date or effective date, as the case
                                         may be, of any event that requires or might require an adjustment pursuant to this Section 3.5,
                                         the Company shall give to the Holder written notice of such event, describing such event
                                         in reasonable detail and specifying the record date or effective date, as the case may
                                         be. Such notice shall include the Company’s certification of the computations,
                                         which shall have been made by the Company in good faith, of the required adjustment and
                                         the computation thereof (provided that if the required adjustment is not determinable
                                         at the time of the notice, the Company shall give such notice to the Holder promptly
                                         after such adjustment becomes determinable).

 

		3.5.8	Certain
                                         Definitions.

 

		(a)	“Black
                                         Scholes Value” means the value of this Warrant based on the Black and Scholes
                                         Option Pricing Model obtained from the “OV” function on Bloomberg using (i) a
                                         price per share of Common Stock equal to the weighted average price of the Common Stock
                                         for the trading day immediately preceding the date of consummation of the applicable
                                         Fundamental Transaction, (ii) a risk-free interest rate corresponding to the U.S.
                                         Treasury rate for a period equal to the remaining term of this Warrant as of the date
                                         of consummation of the applicable Fundamental Transaction, and (iii) an expected
                                         volatility equal to the greater of thirty percent (30%) and the 100-day volatility obtained
                                         from the HVT function on Bloomberg determined as of the trading day next following the
                                         date of the public announcement of the applicable Fundamental Transaction.

 

		(b)	“Eligible
                                         Market” means the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq
                                         Global Select Market, the New York Stock Exchange, or the NYSE American (or any successors
                                         to any of the foregoing).

 

    - 6 -

     

    

 

		(c)	“Market
                                         Price” as of a particular date (the “Valuation Date”) means: 
                                         (i) if the Common Stock is then listed on the Nasdaq Capital Market or any other
                                         national securities exchange, the closing sale price of one (1) share of Common Stock
                                         on such exchange on the last trading day prior to the Valuation Date; (ii) if the
                                         Common Stock is then quoted on the Over-the-Counter Bulletin Board (the “Bulletin
                                         Board”) or any similar quotation system or association, the closing sale price
                                         of one (1) share of Common Stock on the Bulletin Board or such other quotation system
                                         or association on the last trading day prior to the Valuation Date or, if no such closing
                                         sale price is available, the average of the high bid and the low asked price quoted thereon
                                         on the last trading day prior to the Valuation Date; or (iii) if the Common Stock
                                         is not then listed on a national securities exchange or quoted on the Bulletin Board
                                         or such other quotation system or association, the fair market value of one (1) share
                                         of Common Stock as of the Valuation Date, as determined in good faith by the Company’s
                                         Board of Directors and the Holder.  If the Common Stock is not then listed on a
                                         national securities exchange, the Bulletin Board, or any other quotation system or association,
                                         the Company’s Board of Directors shall respond promptly in writing to an inquiry
                                         by the Holder prior to the exercise hereunder as to the fair market value of a share
                                         of Common Stock as determined by the Company’s Board of Directors.  In the
                                         event that the Company’s Board of Directors and the Holder are unable to agree
                                         upon the fair market value in respect of subpart (iii) of this subsection,
                                         the Company and the Holder shall jointly select an appraiser who is experienced in such
                                         matters.  The decision of such appraiser shall be final and conclusive, and the
                                         cost of such appraiser shall be borne equally by the Company and the Holder.

 

		4.	LIMITATIONS
                                         ON EXERCISE. Notwithstanding any other provision
                                         hereof to the contrary, the number of Warrant Shares that may be acquired by the Holder
                                         upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to
                                         the extent necessary to ensure that following such exercise (or other issuance) the total
                                         number of shares of Common Stock then beneficially owned by such Holder and any other
                                         persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s
                                         ownership thereof pursuant to Sections 542(a)(2) and 544 of the U.S. Internal Revenue
                                         Code of 1986, as amended (the “Code”) (as those sections are used
                                         in Section 856(h) of the Code), does not exceed 9.8% of the total number of issued
                                         and outstanding shares of Common Stock (including for such purpose the shares of Common
                                         Stock issuable upon such exercise) unless the Company’s Board of Directors has,
                                         in its sole discretion, granted the Holder a waiver from the stock ownership limitations
                                         set forth in the Company’s Governing Documents. This Section shall not restrict
                                         the number of shares of Common Stock that the Holder may receive or beneficially own
                                         in order to determine the amount of securities or other consideration that such Holder
                                         may receive in the event of a transaction contemplated by Section 3.5 hereof. 
                                         This restriction may not be waived.

 

		5.	CONDITIONAL
                                         EXERCISE.  Notwithstanding
                                         any other provision hereof to the contrary, if an exercise of any portion of this Warrant
                                         is to be made in connection with a public offering or a sale of the Company (pursuant
                                         to a merger, sale of securities, or otherwise), such exercise may (at the Holder’s
                                         election) be conditioned upon the consummation of such transaction, in which case such
                                         exercise shall not be deemed to be effective until immediately prior to the consummation
                                         of such transaction.

 

    - 7 -

     

    

 

		6.	Payment
                                         of Taxes.  The Company
                                         will pay all expenses in connection with, and all taxes attributable to, the issuance
                                         or delivery of Warrant Shares issuable upon the exercise of this Warrant; provided,
                                         however, that the Company shall not be required to pay any tax that may be payable
                                         in respect of any transfer involved in the issuance or delivery of any certificates for
                                         Warrant Shares in a name other than that of the Holder in respect of which such shares
                                         are issued, and in such case, the Company shall not be required to issue or deliver any
                                         certificate for Warrant Shares until the person requesting such issuance or delivery
                                         has paid to the Company the amount of such tax or has established that such tax has been
                                         paid.

 

		7.	REPRESENTATIONS
                                         AND WARRANTIES oF THE COMPANY. The
                                         Company hereby represents and warrants to the Holder as follows:

 

		7.1.1	The
                                         Company is a corporation duly incorporated, validly existing, and in good standing under
                                         the laws of the State of Maryland. The Company has all requisite power and authority
                                         to own and operate its assets and properties and to conduct its business as now conducted
                                         and as presently contemplated, and it is duly qualified to do business and is in good
                                         standing (in each case to the extent that such concepts are recognized) in each jurisdiction
                                         where such qualification or good standing is required. The Company has all requisite
                                         power and authority to execute and deliver this Warrant and that certain Registration
                                         Rights Agreement, of even date herewith, the form of which is attached as Exhibit
                                         C hereto (the “Registration Rights Agreement” and together with
                                         this Warrant, the “Transaction Documents”), to perform its obligations
                                         hereunder and thereunder, and to consummate the transactions contemplated hereby and
                                         thereby, including the issuance of the Warrant Shares. Assuming the due authorization,
                                         execution, and delivery of this Warrant and each other Transaction Document (and any
                                         Warrant issued in substitution for or replacement of this Warrant) by the Holder and
                                         any other parties thereto, this Warrant and each other Transaction Document constitutes
                                         (and any such substitute or replacement Warrant will constitute), respectively, a valid,
                                         legal, and binding obligation of the Company, enforceable against the Company in accordance
                                         with its or their terms, except as enforceability may be limited by applicable bankruptcy,
                                         insolvency, reorganization, moratorium or other similar laws affecting the enforcement
                                         of creditors’ rights generally and by general principles of equity.

 

		7.1.2	The
                                         Company’s execution and delivery of the Transaction Documents, its performance
                                         of its obligations hereunder and thereunder, and the consummation of the transactions
                                         contemplated hereby and thereby: (a) have been duly authorized by all requisite
                                         action of the Company and of Wheeler REIT, L.P., a Virginia limited partnership (the
                                         “Partnership”), and no other action on the part of the Company or
                                         the Partnership is required with respect thereto; (b) do not and will not contravene,
                                         conflict with, result in a breach or violation of, constitute a default (with or without
                                         notice, the lapse of time, or both, would constitute a default) under, or permit any
                                         termination, amendment, or acceleration of the provisions of, in each case as applicable:
                                         (i) any material Requirement of Law or any rules or regulations of the
                                         Nasdaq Capital Market applicable to the Company, its Subsidiaries, the Partnership,
                                         or their properties or assets, (ii) the Governing Documents of the Company or the Partnership,
                                         or (iii) any material Contractual Obligation to which the Company or the Partnership
                                         is party or by which their properties or assets are bound or affected; (c) do not
                                         and will not result in the creation of any Lien upon or with respect to any of its properties
                                         or assets.

 

    - 8 -

     

    

 

		7.1.3	Neither
                                         the Company nor any of its Subsidiaries is required to obtain any consent, authorization
                                         or order of, or make any filing or registration with, any court, governmental agency
                                         or any regulatory commission, board, body, authority, or self-regulatory agency, or any
                                         other Person in order for the Company to execute, deliver, or perform any of its obligations
                                         under or contemplated by the Transaction Documents, in each case in accordance with the
                                         terms hereof or thereof (other than (x) any consent, authorization, or order that
                                         has been obtained as of the date hereof, (y) any filing or registration that has
                                         been made as of the date hereof, or (z) any filings which may be required to be
                                         made by the Company with the Securities and Exchange Commission (the “SEC”),
                                         state securities administrators, or the
                                         Nasdaq Capital Market pursuant to the Registration
                                         Rights Agreement; provided that, for purposes of the representation made
                                         in this sentence, the Company is assuming and relying upon the accuracy of the representations
                                         and warranties of the Holder herein). The Company is unaware of any facts or circumstances
                                         that might prevent the Company from obtaining or effecting any registration, application,
                                         or filing pursuant to the preceding sentence. The Company is not in violation of the
                                         listing requirements of the Nasdaq Capital Market and
                                         has no knowledge of any facts that would reasonably be expected to lead to delisting
                                         or suspension of the shares of Common Stock in the foreseeable future.

 

		7.1.4	This
                                         Warrant is (and any Warrant issued in substitution for or replacement of this Warrant
                                         will be) duly authorized and validly and legally issued. All Warrant Shares issuable
                                         upon the exercise of this Warrant, when issued in accordance with the terms hereof, will
                                         be duly authorized, validly and legally issued, fully paid, and nonassessable, without
                                         violation of any preemptive or similar rights, and free and clear of all liens, charges,
                                         encumbrances, or other adverse claims or restrictions on title or transfer of any nature
                                         whatsoever.

 

		7.1.5	The
                                         Company has reserved, solely for issuance and delivery upon exercise of this Warrant,
                                         the maximum number of authorized but unissued Warrant Shares issuable from time to time
                                         upon the exercise of this Warrant.

 

		7.1.6	None
                                         of the Company, its Subsidiaries, its or their Affiliates, or, to the Company’s
                                         knowledge, any Person acting on its or their behalf, has engaged or will engage in any
                                         form of general solicitation or general advertising (within the meaning of Regulation
                                         D under the Securities Act (“Regulation D”)) in connection with the
                                         offer or sale of the Securities. Neither the Company nor any of its Subsidiaries has
                                         engaged any placement agent or other agent in connection with the sale of the Securities.

 

		7.1.7	None
                                         of the Company, its Subsidiaries, its or their Affiliates, or, to the Company’s
                                         knowledge, any Person acting on its or their behalf, has directly or indirectly made
                                         any offer or sale of any security or solicited any offer to buy any security, under circumstances
                                         that would require registration of the issuance of any of the Securities under the Securities
                                         Act, whether through integration with prior offerings or otherwise, or caused this offering
                                         of the Securities to require approval of the stockholders of the Company for purposes
                                         of any applicable stockholder approval provisions, including under the rules and regulations
                                         of the
                                         Nasdaq Capital Market. None of the Company, its
                                         Subsidiaries, its or their Affiliates or, to the Company’s knowledge, any Person
                                         acting on its or their behalf, will take directly or indirectly any action or step referred
                                         to in the preceding sentence that would require registration of the issuance of any of
                                         the Securities under the Securities Act or cause the offering of the Securities to be
                                         integrated with other offerings for purposes of any such applicable stockholder approval
                                         provisions.

 

    - 9 -

     

    

 

		7.1.8	The
                                         Company has timely filed all reports, schedules, forms, statements, and other documents
                                         required to be filed by it with the SEC pursuant to the reporting requirements of the
                                         Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”)
                                         (all of the foregoing filed prior to the date hereof, all exhibits included therein,
                                         and all financial statements, notes, and schedules thereto and documents incorporated
                                         by reference therein, collectively, the “SEC Documents”). As of their
                                         respective filing dates, the SEC Documents conformed in all material respects with the
                                         requirements of the Securities Exchange Act and the rules and regulations of the SEC
                                         promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents,
                                         at the time that they were filed with the SEC, contained any untrue statement of a material
                                         fact or omitted to state a material fact necessary in order to make the statements therein,
                                         in the light of the circumstances under which they were made, not misleading.

 

		8.	REPRESENTATIONS
                                         AND WARRANTIES OF THE HOLDER. The
                                         Holder hereby represents and warrants to the Company that, as of the date hereof, the
                                         Holder is an “accredited investor” (as defined in Regulation D). The Holder
                                         is acquiring this Warrant, and the Warrant Shares issuable upon the exercise hereof,
                                         for its own account, for investment purposes only and not with a view towards, or for
                                         resale in connection with, any public sale or distribution thereof, except pursuant to
                                         sales registered or exempted under the Securities Act; provided, however, that
                                         by making the representations herein, the Holder does not agree to hold any of the Securities
                                         for any minimum or other specific term and reserves the right to dispose of the Securities
                                         at any time in accordance with or pursuant to a registration statement or an exemption
                                         under the Securities Act and pursuant to the applicable terms of the Transaction Documents.

 

		9.	Restrictive
                                         Legend. Executed copies of
                                         this Warrant shall be filed in the principal office of the Company. Instruments evidencing
                                         all or part of this Warrant shall contain a legend in substantially the form set forth
                                         on the first page of this Warrant.

 

		10.	Successors
                                         and Assigns; Binding Effect. This
                                         Warrant shall be binding upon and inure to the benefit of the Holder and the Company
                                         and their respective successors and permitted assigns.

 

		11.	Notices.

 

		11.1	Notices
                                         Generally. All notices and other communications provided for hereunder shall be in
                                         writing and shall be delivered by hand, sent by registered or certified mail (postage
                                         prepaid, return receipt requested), overnight courier, or telecopier. In the case of
                                         notices or other communications to the Company or the Holder, as the case may be, they
                                         shall be sent to the respective address set forth below (or, as to each party, at such
                                         other address as shall be designated by such party in a written notice to the other parties
                                         complying as to delivery with the terms of this Section 5.4):

 

If
to the Company:

 

Wheeler
Real Estate Investment Trust, Inc.

2529
Virginia Beach Boulevard

Virginia
Beach, VA 23452

Attention: Chief Financial Officer

Telephone: (757) 627-9088

Email: cplum@whlr.us

 

With
a copy (which shall not constitute notice) to:

 

Cadwalader,
Wickersham & Taft LLP

200
Liberty Street, New York, NY 10281

Attention:
Daniel Raglan

Telephone:
212-504-6790

Email:
Daniel.Raglan@cwt.com

 

    - 10 -

     

    

 

If
to the Holder:

 

Powerscourt
Investments XXII, LP

c/o:
Maples Fiduciary Services (Delaware) Inc.

Suite
302, 4001 Kennett Pike

Wilmington,
DE 19807

Attention:
Powerscourt Investments GP, LLC

Telephone:
303-365-0973

Facsimile:
302-300-4063

Email:
delawareservices@maples.com

 

With
a copy (which shall not constitute notice) to:

 

Clifford
Chance US LLP

31
West 52nd Street

New
York, NY 10019

Attention:
James Cotins

Andrew
J. Young

Telephone:
212-878-5000

Email:
James.Cotins@CliffordChance.com

Andrew.Young@CliffordChance.com

 

All
notices or other communications sent in accordance with this Section 11.1, shall be deemed received on the earlier of the date
of actual receipt or three (3) Business Days after the deposit thereof in the mail; provided, that (i) notices sent by overnight
courier service shall be deemed to have been given when received and (ii) notices by facsimile shall be deemed to have been given
when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next Business Day for the recipient).

 

		11.2	Electronic
                                         Communications. 

 

		11.2.1	The
                                         Company and the Holder may, in its discretion, agree to accept notices and other communications
                                         to it hereunder by electronic communications pursuant to procedures approved by it; provided,
                                         that approval of such procedures may be limited to particular notices or communications.
                                         Notices and other communications to the Holder hereunder may be delivered or furnished
                                         by electronic communication (including e-mail and Internet or intranet websites) pursuant
                                         to procedures approved by the Holder.

 

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

 

    - 11 -

     

    

 

		12.	Severability.
                                         Every provision of this Warrant
                                         is intended to be severable. If any term or provision hereof is illegal or invalid for
                                         any reason whatsoever, such illegality or invalidity shall not affect the remainder of
                                         this Warrant.

 

		13.	Assignment
                                         OR TRANSFER; Replacement of Warrant. Subject
                                         to the restrictions of the Securities Act, and relevant state securities law, and the
                                         terms of this Warrant, this Warrant is assignable and all rights hereunder are transferable,
                                         in whole or part, by the Holder (or by a duly authorized attorney-in-fact) from time
                                         to time without charge to the Holder, upon surrender of this Warrant duly endorsed, accompanied
                                         by and effected in accordance with the form of Assignment attached hereto as Exhibit
                                         B, to the Company at its principal office. Upon such
                                         surrender, the Company shall transfer this Warrant on the books maintained by the Company
                                         for that purpose; execute and deliver a new Warrant(s) in the name of the assignee(s)
                                         and in the denominations specified in such instrument of assignment; issue to the assignee(s)
                                         a new Warrant evidencing the portion of this Warrant (if any) not so assigned; and promptly
                                         cancel the surrendered Warrant. If this Warrant is assigned, in whole or in part, this
                                         Warrant shall be surrendered at the principal office of the Company, and thereupon, in
                                         the case of a partial assignment, a new Warrant shall be issued to the holder thereof
                                         covering the number of shares not assigned, and the assignee shall be entitled to receive
                                         a new Warrant covering the number of shares so assigned. Upon receipt of evidence reasonably
                                         satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant
                                         and appropriate bond or indemnification protection, the Company shall, at its expense,
                                         issue a new Warrant of like tenor and exercisable for an equivalent number of Warrant
                                         Shares as this Warrant so lost, stolen, mutilated, or destroyed.

 

		14.	Resale
                                         Registration. In connection
                                         with the execution of this Warrant, the Company and the Holder shall enter into the Registration
                                         Rights Agreement by which the Company shall agree, among other things, to register the
                                         resale of the shares of Common Stock underlying this Warrant.

 

		15.	Rights
                                         of STOCKholders; LIMITATIONS ON LIABILITY. Until
                                         this Warrant is exercised, this Warrant shall not entitle the Holder to any of the rights
                                         of a stockholder of the Company, except as otherwise specifically provided herein. Nothing
                                         contained in this Warrant shall be construed as imposing any liabilities on the Holder
                                         to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder
                                         of the Company, whether such liabilities are asserted by the Company or by creditors
                                         thereof. Notwithstanding this Section 15 or any other provision hereof to the contrary,
                                         the Company shall contemporaneously provide the Holder with copies of the same notices
                                         and other information given to the stockholders of the Company generally.

 

		16.	Amendment. 
                                         Any
                                         term of this Warrant may be amended or waived with the written consent of the Company
                                         and the Holder.

 

		17.	Governing
                                         Law; Disputes.

 

		(a)	Governing
                                         Law.   This Agreement and any claims, controversy, dispute, or cause of
                                         action (whether in contract or tort or otherwise) based upon, arising out of, or relating
                                         to this Agreement and the transactions contemplated hereby shall be governed by, and
                                         construed in accordance with, the laws of the State of New York.

 

    - 12 -

     

    

 

		(b)	Jurisdiction.  
                                         Each party hereto hereby irrevocably and unconditionally agrees that it will not commence
                                         any action, litigation, or proceeding of any kind or description, whether in law or equity,
                                         whether in contract or tort or otherwise, against any other party hereto in any way relating
                                         to this Agreement or the transactions relating hereto or thereto, in any forum other
                                         than the courts 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 thereof,
                                         and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction
                                         of such courts and agrees that all claims in respect of any such action, litigation,
                                         or proceeding may be heard and determined in such New York State court or, to the fullest
                                         extent permitted by applicable Law, in such federal court. Each party hereto agrees that
                                         a final judgment in any such action, litigation, or proceeding shall be conclusive and
                                         may be enforced in other jurisdictions by suit upon judgment or in any other manner provided
                                         by law.

 

		(c)	Waiver
                                         of Venue.   Each party hereto irrevocably waives to the fullest extent
                                         permitted by law any objection that it may now or hereafter have to the laying of the
                                         venue of any suit, action, or proceeding arising out of or relating to this Agreement
                                         and hereby further irrevocably waives to the fullest extent permitted by law any claim
                                         that any such suit, action, or proceeding brought in any such court has been brought
                                         in an inconvenient forum. A final judgment (in respect of which time for all appeals
                                         has elapsed) in any such suit, action, or proceeding shall be conclusive and may be enforced
                                         in any court to the jurisdiction of which such party is or may be subject, by suit upon
                                         judgment.

 

		(d)	Waiver
                                         of Jury Trial.   EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO
                                         THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN
                                         ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
                                         OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE).  EACH
                                         PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PERSON
                                         HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON 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 17.

 

		(e)	Service
                                         of Process.   Each party hereto irrevocably consents to service of process
                                         in the manner provided for notices in Section 11.1.

 

		18.	Headings.
                                         The headings herein are for
                                         purposes of reference only and shall not limit or otherwise affect the meaning of any
                                         of the provisions hereof.

 

		19.	TERMS
                                         GENERALLY. The definitions
                                         of terms herein shall apply equally to the singular and plural forms of the terms defined.
                                         Whenever the context may require, any pronoun shall include the corresponding masculine,
                                         feminine, and neuter forms. The words “include,” “includes,”
                                         and “including” shall be deemed to be followed by the phrase “without
                                         limitation.” The word “will” shall be construed to have the same meaning
                                         and effect as the word “shall.” Unless the context requires otherwise, (a) any
                                         definition of or reference to any agreement, instrument, or other document herein shall
                                         be construed as referring to such agreement, instrument, or other document as from time
                                         to time amended, supplemented, or otherwise modified (subject to any restrictions on
                                         such amendments, supplements or modifications set forth herein), (b) any reference herein
                                         to any Person shall be construed to include such Person’s successors and assigns,
                                         (c) the words “herein,” “hereof,” and “hereunder,”
                                         and words of similar import, shall be construed to refer to this Agreement in its entirety
                                         and not to any particular provision hereof, and (d) all references herein to Sections
                                         and Exhibits shall be construed to refer to Sections of and Exhibits to this Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    - 13 -

     

    

 

IN
WITNESS WHEREOF, the Company has duly executed this Warrant as of the date of issuance first set forth above.

 

	 	By:	WHEELER
    REAL ESTATE INVESTMENT TRUST, INC. 

    a Maryland corporation
	 	 	 
	 	 	By:	/s/
    Daniel Khoshaba
	 	 	 	Name: 	Daniel
    Khoshaba
	 	 	 	Title:	President and CEO

 

[Signature
Page - Warrant]

 

     

     

    

 

	 	Accepted and agreed as of the date of issuance:
	 	 
	 	 
	 	HOLDER:
	 	 
	 	POWERSCOURT INVESTMENTS XXII, LP
	 	 	 
	 	By:	Powerscourt Investments GP, LLC
	 	 	 
	 	By:	Maples Fiduciary Services (Delaware) Inc., its Managing Member 
	 	 	 
	 	By:  	/s/ Edward Truitt
	 	 	Name: 	Edward Truitt
	 	 	Title:	Authorized Signatory

 

[Signature
Page - Warrant]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]