Document:

Eighth Amended and Restated Credit Agreement

 EXECUTION COPY 
  
 Exhibit 10.1 
  

  
 EIGHTH AMENDED AND RESTATED CREDIT AGREEMENT 
  
 Dated as of December 13, 2005 
  
 by and among 
  
 COMMERCIAL NET LEASE REALTY, INC., 
  

as Borrower 
  
 WACHOVIA CAPITAL MARKETS, LLC, 
  
 as Sole Lead Arranger 
 and 
 Book Manager, 
  
 WACHOVIA BANK,
NATIONAL ASSOCIATION, 
  
 as Administrative Agent, 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
  
 and 
  
 AMSOUTH BANK, 
  
 each as Co-Syndication Agent, 
  
 SUNTRUST BANK 
  
 and 
  
 BANK
OF AMERICA, N.A., 
  
 each as Co-Documentation Agent, 

 
 and 
  
 THE FINANCIAL INSTITUTIONS PARTY HERETO 
 AND THEIR ASSIGNEES UNDER SECTION 12.5., 
  
 as Lenders 
  

 TABLE OF CONTENTS 
  

			
	 Article I. Definitions
	  	1
		
	 Section 1.1. Definitions
	  	1
	 Section 1.2. General; References to Times
	  	23
		
	 Article II. Credit Facility
	  	23
		
	 Section 2.1. Revolving Loans
	  	23
	 Section 2.2. Bid Rate Loans
	  	24
	 Section 2.3. Swingline Loans
	  	28
	 Section 2.4. Letters of Credit
	  	30
	 Section 2.5. Rates and Payment of Interest on Loans
	  	34
	 Section 2.6. Number of Interest Periods
	  	35
	 Section 2.7. Repayment of Loans
	  	35
	 Section 2.8. Prepayments
	  	35
	 Section 2.9. Continuation
	  	36
	 Section 2.10. Conversion
	  	36
	 Section 2.11. Notes
	  	36
	 Section 2.12. Extension of Termination Date
	  	37
	 Section 2.13. Expiration or Maturity Date of Letters of Credit Past Termination Date
	  	37
	 Section 2.14. Voluntary Reductions of the Commitment
	  	38
	 Section 2.15. Increase of Commitments
	  	38
	 Section 2.16. Amount Limitations
	  	39
		
	 Article III. Payments, Fees and Other General Provisions
	  	39
		
	 Section 3.1. Payments
	  	39
	 Section 3.2. Pro Rata Treatment
	  	40
	 Section 3.3. Sharing of Payments, Etc.
	  	40
	 Section 3.4. Several Obligations
	  	41
	 Section 3.5. Minimum Amounts
	  	41
	 Section 3.6. Fees
	  	41
	 Section 3.7. Computations
	  	42
	 Section 3.8. Usury
	  	42
	 Section 3.9. Agreement Regarding Interest and Charges
	  	43
	 Section 3.10. Statements of Account
	  	43
	 Section 3.11. Defaulting Lenders
	  	43
	 Section 3.12. Taxes
	  	44
		
	 Article IV. Yield Protection, Etc.
	  	46
		
	 Section 4.1. Additional Costs; Capital Adequacy
	  	46
	 Section 4.2. Suspension of LIBOR Loans
	  	47
	 Section 4.3. Illegality
	  	48
	 Section 4.4. Compensation
	  	48
	 Section 4.5. Affected Lenders
	  	49
	 Section 4.6. Treatment of Affected Loans
	  	49

  

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	 Section 4.7. Change of Lending Office
	  	50
	 Section 4.8. Assumptions Concerning Funding of LIBOR Loans
	  	50
		
	 Article V. Conditions Precedent
	  	50
		
	 Section 5.1. Initial Conditions Precedent
	  	50
	 Section 5.2. Conditions Precedent to All Loans and Letters of Credit
	  	53
	 Section 5.3. Conditions as Covenants
	  	53
		
	 Article VI. Representations and Warranties
	  	53
		
	 Section 6.1. Representations and Warranties
	  	53
	 Section 6.2. Survival of Representations and Warranties, Etc.
	  	59
		
	 Article VII. Affirmative Covenants
	  	60
		
	 Section 7.1. Preservation of Existence and Similar Matters
	  	60
	 Section 7.2. Compliance with Applicable Law
	  	60
	 Section 7.3. Maintenance of Property
	  	60
	 Section 7.4. Insurance
	  	60
	 Section 7.5. Payment of Taxes and Claims
	  	60
	 Section 7.6. Visits and Inspections
	  	61
	 Section 7.7. Use of Proceeds; Letters of Credit
	  	61
	 Section 7.8. Environmental Matters
	  	61
	 Section 7.9. Books and Records
	  	62
	 Section 7.10. Further Assurances
	  	62
	 Section 7.11. New Subsidiaries/Guarantors
	  	62
	 Section 7.12. REIT Status
	  	63
	 Section 7.13. Exchange Listing
	  	63
		
	 Article VIII. Information
	  	63
		
	 Section 8.1. Quarterly Financial Statements
	  	63
	 Section 8.2. Year-End Statements
	  	64
	 Section 8.3. Compliance Certificate; Additional Information
	  	64
	 Section 8.4. Other Information
	  	64
		
	 Article IX. Negative Covenants
	  	66
		
	 Section 9.1. Financial Covenants
	  	67
	 Section 9.2. Restricted Payments
	  	67
	 Section 9.3. Debt
	  	68
	 Section 9.4. Certain Permitted Investments
	  	68
	 Section 9.5. Conduct of Business
	  	69
	 Section 9.6. Liens; Negative Pledges; Other Matters
	  	69
	 Section 9.7. Merger, Consolidation, Sales of Assets and Other Arrangements
	  	69
	 Section 9.8. Fiscal Year
	  	70
	 Section 9.9. Modifications of Organizational Documents
	  	70
	 Section 9.10. Transactions with Affiliates
	  	70
	 Section 9.11. ERISA Exemptions
	  	70

  

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	 Article X. Default
	  	71
		
	 Section 10.1. Events of Default
	  	71
	 Section 10.2. Remedies Upon Event of Default
	  	74
	 Section 10.3. Remedies Upon Default
	  	75
	 Section 10.4. Allocation of Proceeds
	  	75
	 Section 10.5. Collateral Account
	  	76
	 Section 10.6. Performance by Agent
	  	77
	 Section 10.7. Rights Cumulative
	  	77
		
	 Article XI. The Agent
	  	77
		
	 Section 11.1. Authorization and Action
	  	77
	 Section 11.2. Agent’s Reliance, Etc.
	  	78
	 Section 11.3. Notice of Defaults
	  	79
	 Section 11.4. Wachovia as Lender
	  	79
	 Section 11.5. Approvals of Lenders
	  	79
	 Section 11.6. Lender Credit Decision, Etc.
	  	80
	 Section 11.7. Indemnification of Agent
	  	80
	 Section 11.8. Successor Agent
	  	81
	 Section 11.9. Titled Agents
	  	82
		
	 Article XII. Miscellaneous
	  	82
		
	 Section 12.1. Notices
	  	82
	 Section 12.2. Expenses
	  	83
	 Section 12.3. Setoff
	  	84
	 Section 12.4. Litigation; Jurisdiction; Other Matters; Waivers
	  	84
	 Section 12.5. Successors and Assigns
	  	85
	 Section 12.6. Amendments
	  	88
	 Section 12.7. Nonliability of Agent and Lenders
	  	89
	 Section 12.8. Confidentiality
	  	89
	 Section 12.9. Indemnification
	  	90
	 Section 12.10. Termination; Survival
	  	92
	 Section 12.11. Severability of Provisions
	  	93
	 Section 12.12. GOVERNING LAW
	  	93
	 Section 12.13. Patriot Act
	  	93
	 Section 12.14. Counterparts
	  	93
	 Section 12.15. Obligations with Respect to Loan Parties
	  	93
	 Section 12.16. Limitation of Liability
	  	93
	 Section 12.17. Entire Agreement
	  	94
	 Section 12.18. Construction
	  	94
	 Section 12.19. NO NOVATION
	  	94

  

			
	 SCHEDULE 1.1(A)
	 	Existing Letters of Credit
	 SCHEDULE 1.1(B)
	 	List of Loan Parties
	 SCHEDULE 6.1.(b)
	 	Ownership Structure
	 SCHEDULE 6.1.(f)
	 	Title to Properties; Liens

  

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	 SCHEDULE 6.1.(g)
	 	Existing Debt
	 SCHEDULE 6.1.(h)
	 	Litigation
	 SCHEDULE 6.1.(x)
	 	Unencumbered Assets
		
	 EXHIBIT A
	 	Form of Assignment and Acceptance Agreement
	 EXHIBIT B
	 	Form of Designation Agreement
	 EXHIBIT C
	 	Form of Notice of Borrowing
	 EXHIBIT D
	 	Form of Notice of Continuation
	 EXHIBIT E
	 	Form of Notice of Conversion
	 EXHIBIT F
	 	Form of Notice of Swingline Borrowing
	 EXHIBIT G
	 	Form of Swingline Note
	 EXHIBIT H
	 	Form of Bid Rate Quote Request
	 EXHIBIT I
	 	Form of Bid Rate Quote
	 EXHIBIT J
	 	Form of Bid Rate Quote Acceptance
	 EXHIBIT K
	 	Form of Revolving Note
	 EXHIBIT L
	 	Form of Bid Rate Note
	 EXHIBIT M
	 	Form of Opinion of Counsel
	 EXHIBIT N
	 	Form of Compliance Certificate
	 EXHIBIT O
	 	Form of Guaranty

  

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 EXECUTION COPY 
  
 THIS EIGHTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of December 13, 2005 by and among COMMERCIAL NET LEASE
REALTY, INC., a corporation formed under the laws of the State of Maryland (the “Borrower”), WACHOVIA CAPITAL MARKETS, LLC, as Sole Lead Arranger and Book Manager (the “Arranger”), WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent,
each of WELLS FARGO BANK, NATIONAL ASSOCIATION and AMSOUTH BANK as Co-Syndication Agent (the “Co-Syndication Agents”), each of SUNTRUST BANK and BANK OF AMERICA, N.A., as Co-Documentation Agent (the “Co-Documentation Agents”),
and each of the financial institutions initially a signatory hereto together with their assignees pursuant to Section 12.5.(d). 
  
 WHEREAS, certain of the Lenders and other financial institutions have made available to Borrower a $225,000,000 revolving credit facility, on the terms
and conditions contained in that certain Seventh Amended and Restated Credit Agreement dated as of May 9, 2003 (as amended and in effect immediately prior to the date hereof, the “Existing Credit Agreement”) by and among the Borrower,
such Lenders, certain other financial institutions, the Agent and the other parties thereto; 
  
 WHEREAS, the Agent and the Lenders desire to amend and restate the terms of the Existing Credit Agreement to make available to the Borrower a revolving credit facility in the initial amount of $300,000,000, which will
include a $30,000,000 letter of credit subfacility and a $20,000,000 swingline subfacility, on the terms and conditions contained herein. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto agree that the Existing Credit Agreement is amended and restated in its entirety as follows: 
  
 ARTICLE I. DEFINITIONS 
  
 Section 1.1. Definitions. 
  
 In addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement: 
  
 “Absolute Rate” has the meaning given that term in
Section 2.2.(c)(ii)(C). 
  
 “Absolute Rate
Auction” means a solicitation of Bid Rate Quotes setting forth Absolute Rates pursuant to Section 2.2. 
  
 “Absolute Rate Loan” means a Bid Rate Loan, the interest rate on which is determined on the basis of an Absolute Rate pursuant to an
Absolute Rate Auction. 
  
 “Accession Agreement”
means an Accession Agreement substantially in the form of Annex I to the Guaranty. 
  
 “Additional Costs” has the meaning given that term in Section 4.1. 

 “Adjusted Eurodollar Rate” means, with respect to each Interest Period for any LIBOR
Loan, the rate obtained by dividing (a) LIBOR for such Interest Period by (b) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained against “Eurocurrency
liabilities” as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or
any category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America to residents of the United States of America). Any change in such maximum rate shall result in a change in
the Adjusted Eurodollar Rate on the date on which such change in such maximum rate becomes effective. 
  
 “Affiliate” means any Person (other than the Agent or any Lender): (a) directly or indirectly controlling, controlled by, or under
common control with, the Borrower; (b) directly or indirectly owning or holding ten percent (10.0%) or more of any Equity Interest in the Borrower; or (c) ten percent (10.0%) or more of whose voting stock or other Equity Interest
is directly or indirectly owned or held by the Borrower. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling”, “controlled by” and “under common control
with”) means the possession directly or indirectly of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or by contract or otherwise. The Affiliates of a
Person shall include any executive officer or director of such Person. 
  
 “Agent” means Wachovia Bank, National Association, as contractual representative for the Lenders under the terms of this Agreement, and any of its successors. 
  
 “Agreement Date” means the date as of which this Agreement is dated. 
  
 “Applicable Law” means all applicable provisions of
constitutions, statutes, rules, regulations and orders of all governmental bodies and all orders and decrees of all courts, tribunals and arbitrators. 
  
 “Applicable Margin” means the percentage per annum determined, at any time, based on the range into which the Borrower’s Credit
Rating then falls, in accordance with the levels in the table set forth below (each a “Level”). Any change in the Borrower’s Credit Rating which would cause it to move to a different Level in such table shall effect a change in the
Applicable Margin on the Business Day on which such change occurs. During any period for which the Borrower has received a Credit Rating from only one Rating Agency, then the Applicable Margin shall be determined based on such Credit Rating. During
any period that the Borrower has received two Credit Ratings, the Applicable Margin shall be determined by the lower of such two Credit Ratings. During any period that the Borrower has received three Credit Ratings, the Applicable Margin shall be
determined by the lower of the highest two such Credit Ratings. During any period for which the Borrower has not received a Credit Rating from any Rating Agency, then the Applicable Margin shall be determined based on Level 5. As of the
Agreement Date, the Applicable Margin is determined based on Level 4. 
  

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	 Level

	  	 Borrower’s Credit Rating
 (S&P/Moody’s)

	  	Applicable Margin for
LIBOR Loans

	 	 	Applicable Margin for
Base Rate Loans

	 
	 1
	  	 A-/A3 (or equivalent)
	  	0.55	%	 	0.0	%
	 2
	  	 BBB+/Baa1 (or equivalent)
	  	0.60	%	 	0.0	%
	 3
	  	 BBB/Baa2 (or equivalent)
	  	0.65	%	 	0.0	%
	 4
	  	 BBB-/Baa3 (or equivalent)
	  	0.80	%	 	0.0	%
	 5
	  	 < BBB-/Baa3 (or equivalent)
	  	1.125	%	 	0.25	%

  
 “Arranger” means Wachovia Capital Markets, LLC, together with its successors and permitted assigns. 
  
 “Assignee” has the meaning given that term in Section 12.5.(d). 
  
 “Assignment and Acceptance Agreement” means an Assignment and Acceptance Agreement among a Lender, an
Assignee and the Agent, substantially in the form of Exhibit A. 
  
 “Bankruptcy Proceeding” means a case, proceeding or condition of any of the types described in Section 10.1.(f) or (g). 
  
 “Base Rate” means the per annum rate of interest equal to the greater of (a) the Prime Rate or (b) the Federal Funds Rate plus
one-half of one percent (0.5%). Any change in the Base Rate resulting from a change in the Prime Rate or the Federal Funds Rate shall become effective as of 12:01 a.m. on the Business Day on which each such change occurs. The Base Rate is a
reference rate used by the Lender acting as the Agent in determining interest rates on certain loans and is not intended to be the lowest rate of interest charged by the Lender acting as the Agent or any other Lender on any extension of credit to
any debtor. 
  
 “Base Rate Loan” means a
Revolving Loan bearing interest at a rate based on the Base Rate. 
  
 “Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member
of the ERISA Group. 
  
 “Bid Rate Borrowing” has
the meaning given that term in Section 2.2.(b). 
  
 “Bid Rate Loan” means a loan made by a Lender under Section 2.2. 
  
 “Bid Rate Notes” has the meaning given that term in Section 2.11.(b). 
  
 “Bid Rate Quote” means an offer in accordance with Section 2.2.(c) by a Lender to make a Bid Rate Loan
with one single specified interest rate. 
  
 “Bid Rate
Quote Request” has the meaning given that term in Section 2.2.(b). 
  
 “Borrower” has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s successors and permitted assigns. 
  

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 “Business Day” means (a) any day other than a Saturday, Sunday or other day on
which banks in Charlotte, North Carolina are authorized or required to close and (b) with reference to a LIBOR Loan or LIBOR Margin Loan, any such day that is also a day on which dealings in Dollar deposits are carried out in the London
interbank market. 
  
 “Capital Expenditure”
means, with respect to any Person and for a given period, the aggregate of all expenditures by such Person for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment that should be capitalized
under GAAP on a consolidated balance sheet of such Person. 
  
 “Capital Lease Obligation” means Debt represented by obligations under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capital Lease Obligation is the
capitalized amount of such obligation determined in accordance with GAAP. 
  
 “Capitalization Rate” means 7.25% with respect to that certain office Property owned in Arlington, Virginia leased to the United States of America and 8.75% with respect to all other Properties.

  
 “Cash Equivalents” means: (a) securities
issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired
issued by a United States federal or state chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development, or a
political subdivision of any such country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000.00 and which bank or its holding company has a short-term commercial paper rating of at least A-2
or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above and
entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State thereof and rated at least
A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered under the
Investment Company Act of 1940, which have net assets of at least $500,000,000.00 and at least 85.0% of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 
  
 “Collateral Account” means a special non-interest bearing
deposit account maintained by the Agent at the Principal Office and under its sole dominion and control. 
  
 “Commitment” means, as to each Lender (other than the Swingline Lender), such Lender’s obligation (a) to make Revolving Loans
pursuant to Section 2.1., (b) to issue (in the case of the Lender then acting as Agent) or participate in (in the case of the other Lenders) Letters of Credit pursuant to Section 2.4.(a) and 2.4.(i), respectively (but in the case of
the 

  

 - 4 - 

 
Lender acting as the Agent excluding the aggregate amount of participations in the Letters of Credit held by the other Lenders), and (c) to participate
in Swingline Loans pursuant to Section 2.3(e), collectively, in an amount up to, but not exceeding, the amount set forth for such Lender on its signature page hereto as such Lender’s “Commitment Amount” or as set forth in the
applicable Assignment and Acceptance Agreement, as the same may be reduced from time to time pursuant to Section 2.14. or increased or reduced as appropriate to reflect any assignments to or by such Lender effected in accordance with
Section 12.5. 
  
 “Commitment Percentage”
means, as to each Lender, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Commitment to (b) the aggregate amount of the Commitments of all Lenders hereunder; provided, however, that if at the time of
determination the Commitments have terminated or been reduced to zero, the “Commitment Percentage” of each Lender shall be the Commitment Percentage of such Lender in effect immediately prior to such termination or reduction. 

 
 “Compliance Certificate” has the meaning given that term
in Section 8.3. 
  
 “Construction Budget”
means the fully budgeted costs associated with the acquisition and construction of real property (including, but not limited to, the cost of acquiring such real property) as reasonably determined by the Borrower in good faith. 
  
 “Continue”, “Continuation” and
“Continued” each refers to the continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant to Section 2.9. 
  

“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type into a
Loan of another Type pursuant to Section 2.10. 
  
 “Credit Event” means any of the following: (a) the making (or deemed making) of any Loan, (b) the Conversion of a Loan and (c) the issuance of a Letter of Credit. 
  
 “Credit Rating” means the rating assigned by a Rating Agency
to the senior unsecured long term indebtedness of the Borrower. 
  
 “Debt” means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) obligations of such Person in respect of money borrowed; (b) obligations of such Person
(other than trade debt incurred in the ordinary course of business), whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds,
debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that
are issued or assumed as full or partial payment for property; (c) Capital Lease Obligations of such Person; (d) all reimbursement obligations of such Person under any letters of credit or acceptances (whether or not the same have been
presented for payment); (e) obligations of such Person with respect to any Equity Issuance of such Person which is convertible into or exchangeable for Debt of such Person, valued at the amount of Debt resulting from such conversion or
exchange; (f) all obligations of such Person to purchase, redeem, retire, 

  

 - 5 - 

 
defease or otherwise make any payment in respect of any Equity Interests in such Person or any other Person (other than obligations of such Person to make
payments in respect of such Equity Interests in order to maintain its status as a REIT), valued, in the case of redeemable Preferred Equity Interests, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid
dividends (excluding, (i) in the case of the Borrower and its Subsidiaries, any obligation to acquire limited partnership interests in any Subsidiary of the Borrower or the UPREIT which can be satisfied in full by exchanging shares of common
stock of the Borrower for such limited partnership interests, and (ii) in the case of the Borrower, dividends declared and paid to holders of common shares of the Borrower); (g) net obligations of such Person under Swap Agreements; and
(h) all Debt of other Persons which (i) such Person has guaranteed or is otherwise recourse to such Person or (ii) is secured by a Lien on any property of such Person. The amount of any net obligation under any Swap Agreement on any
date shall be deemed to be the Swap Termination Value thereof as of such date. 
  
 “Default” means any of the events specified in Section 10.1., whether or not there has been satisfied any requirement for the giving of notice, the lapse of time, or both. 
  
 “Defaulting Lender” has the meaning set forth in
Section 3.11. 
  
 “Designated Lender” means
a special purpose corporation which is sponsored by a Lender, that is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business and that issues (or the parent of which issues) commercial paper
rated at least P-1 (or the then equivalent grade) by Moody’s or A-1 (or the then equivalent grade) by S&P that, in either case, (a) is organized under the laws of the United States of America or any state thereof, (b) shall have
become a party to this Agreement pursuant to Section 12.5.(e) and (c) is not otherwise a Lender. 
  
 “Designated Lender Note” means a Bid Rate Note of the Borrower evidencing the obligation of the Borrower to repay Bid Rate Loans made by
a Designated Lender. 
  
 “Designating Lender” has
the meaning given that term in Section 12.5.(e). 
  
 “Designation Agreement” means a Designation Agreement between a Lender and a Designated Lender and accepted by the Agent, substantially in the form of Exhibit B or such other form as may be agreed to by such Lender,
such Designated Lender and the Agent. 
  
 “Dollars” or “$” means the lawful currency of the United States of America. 
  
 “EBITDA” means for any period for the Borrower and its Subsidiaries, net income (prior to the payment of any preferred dividends)
excluding the following amounts (but only to the extent included in determining net income for such period): (a) Interest Expense; (b) all provisions for any federal, state or other income taxes; (c) depreciation, amortization and
other non-recurring or non-cash charges; (d) extraordinary gains and losses; and (e) taxes on such excluded gains and tax deductions or credits on account of such excluded losses, in each case on a consolidated basis determined in
accordance with GAAP. 
  

 - 6 - 

 “Effective Date” means the later of: (a) the Agreement Date; and (b) the date
on which all of the conditions precedent set forth in Section 5.1. shall have been fulfilled or waived in writing by the Requisite Lenders. 
  
 “Eligible Assignee” means any Person who is: (i) currently a Lender or an affiliate of a Lender; (ii) a commercial bank, trust,
trust company, insurance company, investment bank or pension fund organized under the laws of the United States of America, or any state thereof, and having total assets in excess of $5,000,000,000; (iii) a savings and loan association or
savings bank organized under the laws of the United States of America, or any state thereof, and having a tangible net worth of at least $500,000,000; or (iv) a commercial bank organized under the laws of any other country which is a member of
the Organization for Economic Cooperation and Development, or a political subdivision of any such country, and having total assets in excess of $10,000,000,000, provided that such bank is acting through a branch or agency located in the United
States of America. If such Person is not currently a Lender or an affiliate of a Lender, such Person’s senior unsecured long term indebtedness must be rated BBB or higher by S&P, Baa2 or higher by Moody’s, or the equivalent or higher
of either such rating by another rating agency acceptable to the Agent. Notwithstanding the foregoing, while an Event of Default under subsections (a), (b), (f) or (g) of Section 10.1. exists, the term “Eligible
Assignee” shall mean any Person that is not an individual. 
  
 “Eligible Mortgage Income” means, for any given period, the aggregate income of the Borrower and the Guarantors from Eligible Mortgage Notes Receivable. 
  
 “Eligible Mortgage Note Receivable” means a promissory note which satisfies all of the following
requirements: (a) such promissory note is owned solely by the Borrower or a Guarantor; (b) such promissory note is secured by a Mortgage; (c) neither such promissory note, nor any interest of any of the Borrower or such Guarantor
therein, is subject to (i) any Lien other than Permitted Liens of the types described in clauses (a) through (c) of the definition thereof or (ii) any Negative Pledge; (d) the real property subject to such Mortgage is not
subject to any other Lien other than Permitted Liens of the types described in clauses (a) through (c) of the definition thereof; (e) the real property subject to such Mortgage is free of all structural defects, environmental
conditions or other adverse matters except for defects, conditions or matters individually or collectively which are not material to the profitable operation of such real property; (f) such real property is occupied and is in operation (or will
be in operation after the completion of construction (which is otherwise permitted hereunder) with respect to such real property); (g) any required principal, interest or other payment due under such promissory note is not more than 60 days
past due; and (h) there exists no default or event of default under such promissory note. 
  
 “Environmental Laws” means any Applicable Law relating to environmental protection or the manufacture, storage, disposal or clean-up of Hazardous Materials including, without limitation, the
following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.;
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency and 

  

 - 7 - 

 
any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials. 
  
 “Equity Interest” means, with respect to any Person, any
share of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in)
such Person, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares
(or such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right
or other interest is authorized or otherwise existing on any date of determination. 
  
 “Equity Issuance” means any issuance or sale by a Person of any Equity Interest. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from time to time. 
  
 “ERISA Group” means the Borrower, any Subsidiary and all
members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any Subsidiary, are treated as a single employer under Section 414 of the
Internal Revenue Code. 
  
 “Event of Default”
means any of the events specified in Section 10.1., provided that any requirement for notice or lapse of time or any other condition has been satisfied. 
  
 “Excluded Asset” means either a lease by the Borrower or any Guarantor, as lessor, of a real property asset, or a promissory note held by
the Borrower or any Guarantor which is secured by a Mortgage on real property, in either case where (a) any required base rental payment, or principal or interest payment, as the case may be, is more than 60 days past due or (b) in the
case of a lease wherein the tenant is the subject of a Bankruptcy Proceeding, such lease has been rejected in bankruptcy; provided that assets with respect to real property subject to a lease rejected in bankruptcy shall cease to be considered
Excluded Assets once such real property has been re-leased to a third-party which is not otherwise subject to clause (a) or (b) above. 
  
 “Excluded Subsidiary” means any Subsidiary (a) either (i) formed for the specific purpose of holding title to assets which are
collateral for any outstanding Secured Debt of such Subsidiary and which is prohibited from Guarantying the Debt of any other Person pursuant to (x) any document, instrument or agreement evidencing such Secured Debt or (y) a provision of
such Person’s organizational documents which provision was included in such Person’s organizational documents as a condition to the extension of such Secured Debt or (ii) that is not a Wholly Owned Subsidiary and cannot become a party
to the Guaranty without violating (x) terms of its articles of incorporation, operating agreement, partnership agreement, declaration of trust, shareholders agreement, member agreement or other similar organizational document, which terms
expressly prohibit such Subsidiary from providing Guarantees of Debt of any other 

  

 - 8 - 

 
Person or (y) any fiduciary obligation owing to the holders of an Equity Interest in such Subsidiary and imposed under Applicable Law and (b) for
which none of the Borrower, any Subsidiary (other than another Excluded Subsidiary) or any other Loan Party has Guaranteed any of the Debt of such Subsidiary or has any direct obligation to maintain or preserve such Subsidiary’s financial
condition or to cause such Subsidiary to achieve any specified levels of operating results, except for customary exceptions for fraud, misapplication of funds, environmental indemnities, and other similar exceptions to recourse liability. A
Subsidiary shall only remain an Excluded Subsidiary for so long as (A) the above requirements are satisfied and (B) such Subsidiary does not Guarantee any Debt of any Person (other than another Excluded Subsidiary). 
  
 “Existing Credit Agreement” has the meaning given that term
in the first “WHEREAS” clause of this Agreement. 
  
 “Existing Letters of Credit” means each of the letters of credit issued by the Agent under the Existing Credit Agreement and described on Schedule 1.1.(A). 
  
 “Facility Fee” means the per annum percentage set forth in the table below corresponding to the Level at
which the “Applicable Margin” is determined in accordance with the definition thereof: 
  

						
	 Level

	  	 Borrower’s Credit Rating
 (S&P/Moody’s)

	  	Facility Fee

	 
	 1
	  	 A-/A3 (or equivalent)
	  	0.15	%
	 2
	  	 BBB+/Baa1 (or equivalent)
	  	0.15	%
	 3
	  	 BBB/Baa2 (or equivalent)
	  	0.20	%
	 4
	  	 BBB-/Baa3 (or equivalent)
	  	0.20	%
	 5
	  	 < BBB-/Baa3 (or equivalent)
	  	0.25	%

  
 As of the Agreement Date, the Facility
Fee equals 0.20%. 
  
 “Fair Market Value” means,
with respect to (a) a security listed on a national securities exchange or the NASDAQ National Market, the price of such security as reported on such exchange by any widely recognized reporting method customarily relied upon by financial
institutions and (b) with respect to any other property, the price which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or
compulsion to complete the transaction. 
  
 “Federal Funds
Rate” means, for any day, the rate per annum (rounded upward to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal
funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the Agent by federal funds dealers selected
by the Agent on such day on such transaction as determined by the Agent. 
  

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 “Fees” means the fees and commissions provided for or referred to in Section 3.6.
and any other fees payable by the Borrower hereunder or under any other Loan Document. 
  
 “Finance Lease” means a lease of a real property asset which would be categorized as a capital lease under GAAP other than a lease categorized as a capital lease solely because such lease contains a
bargain purchase option. 
  
 “Fitch” means Fitch,
Inc. and its successors. 
  
 “Fixed Charges”
means for any period, the sum of (a) Interest Expense plus (b) regularly scheduled principal payments on Debt during such period (excluding any balloon, bullet or similar principal payment payable on any Debt which repays such Debt
in full) plus (c) all cash dividends and distributions on Preferred Equity Interests of the Borrower or any Subsidiary paid during such period to any Person other than the Borrower or a Subsidiary, all on a consolidated basis determined
in accordance with GAAP. 
  
 “Funds Available for
Distribution” means, for any accounting period, (a) Funds From Operations for such period minus (b) the aggregate amount of Capital Expenditures actually incurred by the Borrower and its Subsidiaries during such period,
excluding (i) Capital Expenditures which directly result in an aggregate increase in the square footage of real property assets owned by the Borrower or any Subsidiary which are available for lease, (ii) Capital Expenditures resulting from
tenant improvement and leasing commissions incurred for new tenants and (iii) Capital Expenditures made in connection with the acquisition of real property assets, provided that such Capital Expenditures are fully reflected in the budget
relating to such acquisition, and provided further that such capital expenditures are made within twelve months following consummation of such acquisition of real property assets. 
  
 “Funds From Operations” means, for any period, (a) net income (before preferred dividends) of the
Borrower and its Subsidiaries for such period determined on a consolidated basis exclusive of the following (to the extent included in the determination of such net income): (i) depreciation and amortization and other non-cash charges;
(ii) gains and losses from extraordinary or non-recurring items; (iii) gains and losses on sales of real estate excluding gains and losses through entities whose primary business is the acquisition/development of assets for sale,
plus (b) the Borrower’s share of Funds From Operations from Unconsolidated Affiliates. 
  
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting
profession, which are applicable to the circumstances as of the date of determination. 
  
 “Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 
  

 - 10 - 

 “Governmental Authority” means any national, state or local government (whether domestic
or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity (including, without limitation, the Federal Deposit Insurance
Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law. 
  
 “Gross Lease Revenues” means, for a given period, the aggregate gross revenue of the Borrower and its
Subsidiaries from leases of real property assets, (a) excluding with respect to such leases that are not Finance Leases, straight line rent adjustments (reported in the consolidated financial statements of the Borrower and its Subsidiaries for
purposes of GAAP) in respect of such leases for such period, and (b) including the principal component of all payments actually received in respect of Finance Leases during such period. 
  
 “Ground Lease” means a ground lease containing the following
terms and conditions: (a) either (i) a remaining term (taking into account extensions which may be effected by the lessee without the consent of the lessor) of no less than 30 years from the Agreement Date, or (ii) the right of the
lessee to purchase the property on terms reasonably acceptable to the Agent; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation of the lessor to
give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosures, and
fails to do so; (d) free transferability of the lessee’s interest under such lease, including ability to sublease, subject to only reasonable consent provisions; and (e) other rights customarily required by mortgagees making a loan
secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease. 
  
 “Guarantor” means any Person that is a party to the Guaranty as a “Guarantor” and in any event shall include each Subsidiary
(unless an Excluded Subsidiary). 
  
 “Guaranty”,
“Guaranteed”, “Guarantying” or to “Guarantee” as applied to any obligation means and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary
course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to
assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or
lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of
any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn
down by beneficiaries of letters of credit (including Letters of Credit), or (v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any obligation or
indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. As the 

  

 - 11 - 

 
context requires, “Guaranty” shall also mean the Guaranty to which the Guarantors are parties substantially in the form of Exhibit O. 

 
 “Hazardous Materials” means all or any of the following:
(a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic
substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity or
“EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of
crude oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric
fluid containing levels of polychlorinated biphenyls in excess of fifty parts per million. 
  
 “Immaterial Subsidiary” means any Subsidiary (i) to which less than $15,000,000 of Real Property Value is attributable on an individual basis and (ii) to which, together with all other
Immaterial Subsidiaries, less than $50,000,000 of Real Property Value is attributable on an aggregate basis. 
  
 “Intellectual Property” has the meaning given that term in Section 6.1.(s). 
  
 “Interest Expense” means, for any period, the total interest
expense (including, without limitation, capitalized interest expense and interest expense attributable to Capital Lease Obligations) of the Borrower and its Subsidiaries determined in accordance with GAAP. 
  
 “Interest Period” means: 
  
 (a) with respect to any LIBOR Loan, each period commencing on the date such
LIBOR Loan is made or the last day of the immediately preceding Interest Period for such Loan and ending one week (if available from all of the Lenders), or one, two or three months thereafter, as the Borrower may select in a Notice of Borrowing,
Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month, or on a day for which there is no corresponding day in the appropriate subsequent
calendar month, shall end on the last Business Day of the appropriate subsequent calendar month; and 
  
 (b) with respect to any Bid Rate Loan, the period commencing on the date such Bid Rate Loan is made and ending 30, 60 or 90 days thereafter, as the
Borrower may select as provided in Section 2.2.(b). 
  
 Notwithstanding the
foregoing: (i) if any Interest Period would otherwise end after the Termination Date, such Interest Period shall end on the Termination Date; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall
end on the immediately following Business Day (or, if such immediately following Business Day falls in the next calendar month, on the immediately preceding Business Day). 
  

 - 12 - 

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

 
 “Investment” means, (x) with respect to any Person,
any acquisition or investment (whether or not of a controlling interest) by such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of
credit to, capital contribution to, Guaranty of Debt of, or purchase or other acquisition of any Debt of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one
transaction or a series of transactions) of assets of another Person that constitute the business or a division or operating unit of another Person and (y) with respect to any Property or other asset, the acquisition thereof. Any binding
commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall be deemed to be an Investment. Except as expressly provided otherwise, for purposes of determining
compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 
  
 “Investment Grade Rating” shall mean a rating of BBB-/Baa3
(or equivalent) or higher from two of the Rating Agencies. 
  
 “L/C Commitment Amount” equals $30,000,000. 
  
 “Lender” means each financial institution from time to time party hereto as a “Lender” or a “Designated Lender,” together with its respective successors and permitted assigns, and as the context
requires, includes the Swingline Lender; provided, however, that the term “Lender” shall exclude each Designated Lender when used in reference to any Loan other than a Bid Rate Loan, the Commitments or terms relating to any
Loan other than a Bid Rate Loan and shall further exclude each Designated Lender for all other purposes under the Loan Documents except that any Designated Lender which funds a Bid Rate Loan shall, subject to Section 12.5.(e), have the rights
(including the rights given to a Lender contained in Sections 12.2. and 12.9.) and obligations of a Lender associated with holding such Bid Rate Loan. 
  
 “Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender specified as such on its signature page
hereto or in the applicable Assignment and Acceptance Agreement, or such other office of such Lender as such Lender may notify the Agent in writing from time to time. 
  
 “Letter of Credit” has the meaning given that term in Section 2.4.(a). 
  
 “Letter of Credit Documents” means, with respect to any
Letter of Credit, collectively, any application therefor, any certificate or other document presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document governing or providing for
(a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations. 
  

 - 13 - 

 “Letter of Credit Liabilities” means, without duplication, at any time and in respect of
any Letter of Credit, the sum of (a) the Stated Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and payable in respect of all drawings made
under such Letter of Credit. For purposes of this Agreement, a Lender (other than the Lender acting as the Agent) shall be deemed to hold a Letter of Credit Liability in an amount equal to its participation interest in the related Letter of Credit
under Section 2.4.(i), and the Lender acting as the Agent shall be deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related Letter of Credit after giving effect to the acquisition by the Lenders
other than the Lender acting as the Agent of their participation interests under such Section. 
  
 “Level” has the meaning given that term in the definition of the term “Applicable Margin.” 
  
 “LIBOR” means, for any LIBOR Loan or LIBOR Margin Loan for any Interest Period therefor, the rate per annum (rounded upwards, if
necessary, to the nearest 1/100 of 1%) appearing on Telerate Page 3750 (or any successor page) as the London interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such
Interest Period for a term comparable to such Interest Period. If for any reason such rate is not available, the term “LIBOR” shall mean, for any LIBOR Loan for any Interest Period therefor, the rate per annum (rounded upwards, if
necessary, to the nearest 1/100 of 1%) appearing on the Reuters Screen LIBO Page as the London interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period
for a term comparable to such Interest Period; provided, however, if more than one rate is specified on the Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of all such rates. If for any reason none of the foregoing rates
is available, LIBOR shall be, for any Interest Period, the rate per annum reasonably determined by the Agent as the rate of interest at which Dollar deposits in the approximate amount of the LIBOR Loan comprising part of such borrowing or LIBOR
Margin Loan would be offered by the Agent to major banks in the London interbank eurodollar market at their request at or about 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such
Interest Period. 
  
 “LIBOR Auction” means a
solicitation of Bid Rate Quotes setting forth LIBOR Margin Loans based on LIBOR pursuant to Section 2.2. 
  
 “LIBOR Loan” means a Revolving Loan bearing interest at a rate based on LIBOR. 
  
 “LIBOR Margin” has the meaning given that term in
Section 2.2.(c)(ii)(D). 
  
 “LIBOR Margin
Loan” means a Bid Rate Loan the interest rate on which is determined on the basis of LIBOR pursuant to a LIBOR Auction. 
  
 “Lien” as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed
of trust, pledge, lien, charge, Negative Pledge, conditional sale or other title retention agreement, or other security title or encumbrance of any 

  

 - 14 - 

 
kind in respect of any property of such Person, or upon the income or profits therefrom; (b) any arrangement, express or implied, under which any
property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Debt or performance of any other obligation in priority to the payment of the general, unsecured creditors of such
Person; (c) the filing of any financing statement under the Uniform Commercial Code or its equivalent in any jurisdiction; and (d) any agreement by such Person to grant, give or otherwise convey any of the foregoing. 
  
 “Loan” means a Revolving Loan, a Bid Rate Loan or a
Swingline Loan. 
  
 “Loan Document” means this
Agreement, each Note, each Letter of Credit Document, the Guaranty and each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement. 
  
 “Loan Party” means each of the Borrower, any Guarantor and
each other Person who guarantees all or a portion of the Obligations and/or who pledges any collateral security to secure all or a portion of the Obligations. Schedule 1.1.(B) sets forth the Loan Parties in addition to the Borrower as of the
Agreement Date. 
  
 “Material Adverse Effect”
means a materially adverse effect on (a) the business, assets, liabilities, condition (financial or otherwise), results of operations or business prospects of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the
Borrower or any other Loan Party to perform its obligations under any Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents, (d) the rights and remedies of the Lenders and the Agent under any
of the Loan Documents or (e) the timely payment of the principal of or interest on the Loans or other amounts payable in connection therewith or the timely payment of all Reimbursement Obligations. 
  
 “Material Debt” has the meaning given that term in
Section 10.1.(e)(i). 
  
 “Material Plan”
means at any time a Plan or Plans having aggregate Unfunded Liabilities in excess of $1,000,000. 
  
 “Mezzanine Investment” means (a) a promissory note secured by a second Mortgage of which the Borrower, a Guarantor or one of their
respective Subsidiaries is the holder and retains the rights of collection of all payments thereunder or (b) a promissory note of which the Borrower, a Guarantor or one of their respective Subsidiaries is the holder and retains the rights of
collection of all payments thereunder which promissory note is secured by a pledge of Equity Interests in a Person that owns a parcel (or group of related parcels) of real property subject to a Mortgage. 
  
 “Moody’s” means Moody’s Investors Service, Inc.
and its successors. 
  
 “Mortgage” means a
mortgage, deed of trust, deed to secure debt or similar security instrument made by a Person owning an interest in real property granting a Lien on such interest in real property as security for the payment of Debt of such Person or another Person.

  

 - 15 - 

 “Mortgage Receivable” means a promissory note secured by a Mortgage of which the
Borrower, a Guarantor or one of their respective Subsidiaries is the holder and retains the rights of collection of all payments thereunder. 
  
 “Multiemployer Plan” means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any member of
the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such five
year period. 
  
 “Negative Pledge” means a
provision of any agreement (other than this Agreement or any other Loan Document) that prohibits or limits the creation or assumption of any Lien on any assets of a Person or entitles another Person to obtain or claim the benefit of a Lien on any
assets of such Person; provided, however, that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do
not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge for purposes of this Agreement. 
  
 “Net Proceeds” means with respect to any Equity Issuance by a Person, the aggregate amount of all cash and
the Fair Market Value of all other property received by such Person in respect of such Equity Issuance net of investment banking fees, legal fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses
actually incurred by such Person in connection with such Equity Issuance. 
  
 “Note” means a Revolving Note, a Bid Rate Note or a Swingline Note. 
  
 “Notice of Borrowing” means a notice in the form of Exhibit C to be delivered to the Agent pursuant to Section 2.1.(b)
evidencing the Borrower’s request for a borrowing of Revolving Loans. 
  
 “Notice of Continuation” means a notice in the form of Exhibit D to be delivered to the Agent pursuant to Section 2.9. evidencing the Borrower’s request for the Continuation of a LIBOR
Loan. 
  
 “Notice of Conversion” means a notice
in the form of Exhibit E to be delivered to the Agent pursuant to Section 2.10. evidencing the Borrower’s request for the Conversion of a Loan from one Type to another Type. 
  
 “Notice of Swingline Borrowing” means a notice in the form
of Exhibit F to be delivered to the Agent pursuant to Section 2.3. evidencing the Borrower’s request for a Swingline Loan. 
  
 “Obligations” means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on,
all Loans; (b) all Reimbursement Obligations and all 

  

 - 16 - 

 
other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan
Parties owing to the Agent or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether direct or
indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. 
  
 “OFAC” means U.S. Department of the Treasury’s Office of Foreign Assets Control and any successor Governmental Authority.

  
 “Participant” has the meaning given that term
in Section 12.5.(c). 
  
 “PBGC” means the
Pension Benefit Guaranty Corporation and any successor agency. 
  
 “Permitted Liens” means, as to any Person: (a) Liens securing taxes, assessments and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA)
or the claims of materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which are not at the time required to be paid or discharged under Section 7.5.;
(b) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws; (c) Liens
consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or impair the use thereof in the business
of such Person; and (d) Liens, if any, in favor of the Agent for the benefit of the Lenders. 
  
 “Person” means an individual, corporation, partnership, limited liability company, association, trust or unincorporated organization, or
a government or any agency or political subdivision thereof. 
  
 “Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue
Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or (b) has at any time within the preceding five years been maintained, or contributed to, by any Person
which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group. 
  
 “Post-Default Rate” means, in respect of any principal of any Loan or any other Obligation that is not paid when due (whether at stated
maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin for Base Rate Loans plus four percent (4.0%). 

 

 - 17 - 

 “Preferred Equity Interests” means, with respect to any Person, Equity Interests in such
Person which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both. 
  
 “Prime Rate” means the rate of interest per annum announced
publicly by the Lender acting as the Agent as its prime rate from time to time. The Prime Rate is not necessarily the best or the lowest rate of interest offered by the Lender acting as the Agent or any other Lender. 
  
 “Principal Office” means the office of the Agent located at
One Wachovia Center, Charlotte, North Carolina, or such other office of the Agent as the Agent may designate from time to time. 
  
 “Property” means any parcel of real property, together with all improvements thereon, owned or leased pursuant to a Ground Lease by the
Borrower or any Subsidiary. 
  
 “Rating Agency”
means S&P, Moody’s or Fitch. 
  
 “Real Property
Value” means the annualized Gross Lease Revenues as of the last day of the fiscal quarter of the Borrower most recently ended of all Properties in place at the end of such fiscal quarter divided by the applicable Capitalization Rate.

  
 “Register” has the meaning given that term in
Section 12.5.(f). 
  
 “Regulatory Change”
means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any
interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental
Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding capital adequacy. 
  
 “Reimbursement Obligation” means the absolute, unconditional and irrevocable obligation of the Borrower to
reimburse the Agent for any drawing honored by the Agent under a Letter of Credit. 
  
 “REIT” means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue Code. 
  
 “Requisite Lenders” means, as of any date, Lenders having at least 66-2/3% of the aggregate amount of the
Commitments (not held by Defaulting Lenders who are not entitled to vote), or, if the Commitments have been terminated or reduced to zero, Lenders holding at least 66-2/3% of the principal amount of the aggregate outstanding Loans and Letter of
Credit Liabilities (not held by Defaulting Lenders who are not entitled to vote). For purposes of this definition, a Lender (other than the Swingline Lender) shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such
Lender has acquired a participation therein under 

  

 - 18 - 

 
the terms of this Agreement and has not failed to perform its obligations in respect of such participation. 
  
 “Responsible Officer” means with respect to the Borrower or
any Subsidiary, the chief executive officer, the chief financial officer and the chief operating officer of the Borrower or such Subsidiary. 
  
 “Restricted Payment” means: (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of the
Borrower or any Subsidiary now or hereafter outstanding, except a dividend payable solely in Equity Interests of identical class to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar
payment, purchase or other acquisition for value, direct or indirect, of any Equity Interest of the Borrower or any Subsidiary now or hereafter outstanding; and (c) any payment made to retire, or to obtain the surrender of, any outstanding
warrants, options or other rights to acquire any Equity Interests of the Borrower or any Subsidiary now or hereafter outstanding. 
  
 “Revolving Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1.(a). 
  
 “Revolving Note” has the meaning given that term in
Section 2.11.(a). 
  
 “Sanctioned Entity”
means (a) an agency of the government of, (b) an organization directly or indirectly controlled by, or (c) a Person resident in, in each case, a country that is subject to a sanctions program identified on the list maintained by the
OFAC and published from time to time, as such program may be applicable to such agency, organization or Person. 
  
 “Sanctioned Person” means a Person named on the list of Specially Designated Nationals or Blocked Persons maintained by the OFAC as
published from time to time. 
  
 “Secured Debt”
means, with respect to a Person as of any given date, the aggregate principal amount of all Debt of such Person outstanding at such date and that is secured in any manner by a Mortgage or any other Lien. 
  
 “Securities Act” means the Securities Act of 1933, as
amended from time to time, together with all rules and regulations issued thereunder. 
  
 “Solvent” means, when used with respect to any Person, that (a) the fair value and the fair salable value of its assets (excluding any Debt due from any affiliate of such Person) are each in
excess of the fair valuation of its total liabilities (including all contingent liabilities computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that could reasonably be expected to
become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business
in which it proposes to be engaged. 
  

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 “S&P” means Standard & Poor’s Rating Services, a division of The
McGraw-Hill Companies, Inc. and its successors. 
  
 “Stated Amount” means the amount available to be drawn by a beneficiary under a Letter of Credit from time to time, as such amount may be increased or reduced from time to time in accordance with the terms of such Letter of
Credit. 
  
 “Subsidiary” means, for any Person,
any corporation, partnership or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing
similar functions of such corporation, partnership or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such
Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. 
  
 “Swap Agreement” has the meaning given the term “swap agreement” in 11 U.S.C. §101, as
in effect on the Agreement Date. 
  
 “Swap Termination
Value” means, in respect of any one or more Swap Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements
have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a) the amount(s) determined as the mark-to-market value(s) for such
Swap Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Agreements (which may include the Agent or any Lender). 
  
 “Swingline Commitment” means the Swingline Lender’s
obligation to make Swingline Loans pursuant to Section 2.3. in an amount up to, but not exceeding, $20,000,000, as such amount may be reduced from time to time in accordance with the terms hereof. 
  
 “Swingline Lender” means Wachovia Bank, National
Association, together with its respective successors and assigns. 
  
 “Swingline Loan” means a loan made by the Swingline Lender to the Borrower pursuant to Section 2.3.(a). 
  
 “Swingline Note” means the promissory note of the Borrower payable to the order of the Swingline Lender in a principal amount equal to
the amount of the Swingline Commitment as originally in effect and otherwise duly completed, substantially in the form of Exhibit G. 
  
 “Tangible Net Worth” means total stockholders’ equity of the Borrower and its Subsidiaries determined in accordance with GAAP,
plus (a) accumulated depreciation and amortization to the extent reflected in the determination of stockholders’ equity of the Borrower and its Subsidiaries, plus (b) the accumulated principal component of all payments
made to the 

  

 - 20 - 

 
Borrower and its Subsidiaries in respect of Finance Leases to the extent reflected in the determination of stockholders’ equity of the Borrower and its
Subsidiaries, minus (c) the aggregate value of all intangible assets of the Borrower and its Subsidiaries. 
  
 “Taxes” has the meaning given that term in Section 3.12. 
  
 “Termination Date” means May 8, 2009, or such later date to which the Termination Date may be extended
pursuant to Section 2.12. 
  
 “Titled
Agents” means each of the Arranger, the Co-Syndication Agents and the Co-Documentation Agents and their respective successors and permitted assigns. 
  
 “Total Assets” means (without duplication): (a) Real Property Value plus (b) 50.0% of the undepreciated cost of
Properties that are developed but that are unleased and vacant plus (c) the book value of all other tangible assets of the Borrower and its Subsidiaries less (d) cash and cash equivalents of the Borrower and its Subsidiaries the
disposition of which is restricted in any way. 
  
 “Total
Liabilities” means the total liabilities of the Borrower and its Subsidiaries (including, without limitation, all obligations or indebtedness of any other Person which the Borrower or any Subsidiary has assumed, guaranteed, or endorsed or
in connection with which the Borrower or any Subsidiary has otherwise become directly or contingently liable and the amount of any outstanding Letters of Credit) computed in accordance with GAAP. 
  
 “Type” with respect to any Revolving Loan, refers to whether
such Loan is a LIBOR Loan or Base Rate Loan. 
  
 “Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person holds an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of
accounting and whose financial results would not be consolidated under GAAP with the financial results of such Person on the consolidated financial statements of such Person. 
  
 “Unencumbered Asset Value” means the sum (without duplication) of (a) the Real Property Value of all
Unencumbered Assets which are not Excluded Assets and which are not vacant; plus (b) aggregate book value of all Eligible Mortgage Notes Receivable; provided, however, that if the aggregate book value of Eligible Mortgage
Notes Receivable would exceed 15.0% of Unencumbered Asset Value, the value of such Eligible Mortgage Notes Receivable in excess of 15.0% of Unencumbered Asset Value shall be excluded in the determination of Unencumbered Asset Value hereunder;
plus (c) all of the Borrower’s and Guarantors’ cash and cash equivalents (excluding tenant deposits and other cash and cash equivalents the disposition of which is restricted in any way); provided, however, that
if the aggregate value of such cash and cash equivalents would exceed 2.0% of Unencumbered Asset Value, the value of such cash and cash equivalents in excess of 2.0% of Unencumbered Asset Value shall be excluded in the determination of Unencumbered
Asset Value hereunder; plus (d) 50.0% of the book value of all Unencumbered Assets which are vacant but which have not been vacant for more than 12 

  

 - 21 - 

 
months; provided, however, that if the aggregate value of such Unencumbered Assets would exceed 5.0% of Unencumbered Asset Value, the value of such
Unencumbered Assets in excess of 5.0% shall be excluded in the determination of Unencumbered Asset Value hereunder; all as determined in accordance with GAAP. 
  

“Unencumbered Assets” means, collectively, each Property of the Borrower or any Guarantor which meets the following criteria:
(a) the Property is owned, or leased under a Ground Lease, entirely by the Borrower and/or a Guarantor; (b) neither such Property, nor any interest of the Borrower or such Guarantor therein, is subject to any Lien (other than Permitted
Liens of the types described in clauses (a) through (c) of the definition thereof) or to any Negative Pledge; and (c) if such Property is owned or leased by Person other than the Borrower (i) none of the Borrower’s direct or
indirect ownership interest in such Person is subject to any Lien (other than Permitted Liens of the types described in clauses (a) through (c) of the definition thereof) or to any Negative Pledge; and (ii) the Borrower directly, or
indirectly through a Subsidiary, has the right to take the following actions without the need to obtain the consent of any Person: (x) to sell, transfer or otherwise dispose of such Property and (y) to create a Lien on such Property as
security for Debt of the Borrower or such Guarantor, as applicable. 
  
 “Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (a) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions
prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (b) the fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of
the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA. 
  
 “Unsecured Debt” means, with respect to a Person as of any
given date, the aggregate principal amount of all Debt of such Person outstanding at such date and that is not Secured Debt. 
  
 “UPREIT” means a limited partnership which is a Subsidiary of the Borrower formed by the Borrower to function as an umbrella partnership
REIT and which becomes a Guarantor hereunder pursuant to Section 7.11. 
  
 “Wachovia” means Wachovia Bank, National Association together with its successors and assigns. 
  
 “Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the equity securities or other ownership interests
(other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other
Subsidiaries of such Person. 
  

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 Section 1.2. General; References to Times. 
  
 Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance
with GAAP consistently applied; provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Requisite Lenders shall so request,
the Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Requisite Lenders); provided further
that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Agent and the Lenders financial statements and other documents
required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. References in this Agreement to
“Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or
agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document,
instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified as of the date of this Agreement and from time to time thereafter to the extent not prohibited hereby and in effect at any given
time. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the
feminine and the neuter. Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the Borrower or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an
Affiliate of the Borrower. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to
time are references to Charlotte, North Carolina time. 
  
 ARTICLE II. CREDIT FACILITY 
  
 Section 2.1. Revolving Loans. 
  
 (a) Generally. Subject to the terms and conditions hereof, during the period from the Effective Date to but excluding the Termination Date, each Lender severally and not jointly agrees to make Revolving Loans
to the Borrower in an aggregate principal amount at any one time outstanding up to, but not exceeding, the amount of such Lender’s Commitment. Subject to the terms and conditions of this Agreement, during the period from the Effective Date to
but excluding the Termination Date, the Borrower may borrow, repay and reborrow Revolving Loans hereunder. 
  
 (b) Requesting Revolving Loans. The Borrower shall give the Agent notice pursuant to a Notice of Borrowing or telephonic notice of each borrowing
of Revolving Loans. Each Notice of Borrowing shall be delivered to the Agent before 10:00 a.m. (i) in the case of LIBOR Loans, on the date three Business Days prior to the proposed date of such borrowing and (ii) in 

  

 - 23 - 

 
the case of Base Rate Loans, on the date one Business Day prior to the proposed date of such borrowing. Any such telephonic notice shall include all
information to be specified in a written Notice of Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Borrowing sent to the Agent by telecopy on the same day of the giving of such telephonic notice. The
Agent will transmit by telecopy the Notice of Borrowing (or the information contained in such Notice of Borrowing) to each Lender promptly upon receipt by the Agent. Each Notice of Borrowing or telephonic notice of each borrowing shall be
irrevocable once given and binding on the Borrower. 
  
 (c)
Disbursements of Revolving Loan Proceeds. No later than 1:00 p.m. on the date specified in the Notice of Borrowing, each Lender will make available for the account of its applicable Lending Office to the Agent at the Principal Office, in
immediately available funds, the proceeds of the Revolving Loan to be made by such Lender. With respect to Revolving Loans to be made after the Effective Date, unless the Agent shall have been notified by any Lender prior to the specified date of
borrowing that such Lender does not intend to make available to the Agent the Revolving Loan to be made by such Lender on such date, the Agent may assume that such Lender will make the proceeds of such Revolving Loan available to the Agent on the
date of the requested borrowing as set forth in the Notice of Borrowing and the Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower the amount of such Revolving Loan to be provided by such
Lender. Subject to satisfaction of the applicable conditions set forth in Article V. for such borrowing, the Agent will make the proceeds of such borrowing available to the Borrower no later than 2:00 p.m. on the date and at the account
specified by the Borrower in such Notice of Borrowing. 
  
 Section 2.2.
Bid Rate Loans. 
  
 (a) Bid Rate Loans. So long as the
Borrower maintains an Investment Grade Rating, in addition to borrowings of Revolving Loans, at any time during the period from the Effective Date to but excluding the Termination Date the Borrower may, as set forth in this Section, request the
Lenders to make offers to make Bid Rate Loans to the Borrower in Dollars. The Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in
this Section. 
  
 (b) Requests for Bid Rate Loans. When the
Borrower wishes to request from the Lenders offers to make Bid Rate Loans, it shall give the Agent notice (a “Bid Rate Quote Request”) so as to be received no later than 10:00 a.m. on (x) the Business Day immediately preceding the
date of borrowing proposed therein, in the case of an Absolute Rate Auction and (y) the date four Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction. The Agent shall deliver to each Lender a copy of each Bid
Rate Quote Request promptly upon receipt thereof by the Agent. The Borrower may request offers to make Bid Rate Loans for up to three (3) different Interest Periods in each Bid Rate Quote Request; provided that the request for each separate
Interest Period shall be deemed to be a separate Bid Rate Quote Request for a separate borrowing (a “Bid Rate Borrowing”). Each Bid Rate Quote Request shall be substantially in the form of Exhibit H and shall specify as to each Bid
Rate Borrowing: 
  
 (i) the proposed date of such
Bid Rate Borrowing, which shall be a Business Day; 
  

 - 24 - 

 (ii) the aggregate amount of such Bid Rate Borrowing, which (x) shall be in the
minimum amount of $10,000,000 and integral multiples of $1,000,000 and (y) shall not cause any of the limits specified in Section 2.16. to be violated; 
  
 (iii) whether the Bid Rate Quote Request is for LIBOR Margin Loans or Absolute Rate Loans; and 

 
 (iv) the duration of the Interest Period applicable
thereto, which shall not extend beyond the Termination Date. 
  
 Except as
otherwise provided in this subsection (b), no Bid Rate Quote Request shall be given within five Business Days (or such other number of days as the Borrower and the Agent, with the consent of the Requisite Lenders, may agree) of the giving of
any other Bid Rate Quote Request. 
  
 (c) Bid Rate Quotes.

  
 (i) Each Lender may submit one or more Bid
Rate Quotes, each containing an offer to make a Bid Rate Loan in response to any Bid Rate Quote Request; provided that, if the Borrower’s request under Section 2.2.(b) specified more than one Interest Period, such Lender may make a single
submission containing one or more Bid Rate Quotes for each such Interest Period. Each Bid Rate Quote must be submitted to the Agent not later than 10:00 a.m. (x) on the proposed date of borrowing in the case of an Absolute Rate Auction and
(y) on the date three Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction; provided that the Lender then acting as Agent may submit a Bid Rate Quote only if it notifies the Borrower of the terms of the offer
contained therein not later than 9:45 a.m. (x) on the proposed date of such borrowing, in the case of an Absolute Rate Auction and (y) on the date three Business Days prior to the proposed date of borrowing, in the case of a LIBOR
Auction. Subject to Articles V. and X., any Bid Rate Quote so made shall be irrevocable except with the consent of the Agent given at the request of the Borrower. Any Bid Rate Loan may be funded by a Lender’s Designated Lender (if any) as
provided in Section 12.5.(e), however such Lender shall not be required to specify in its Bid Rate Quote whether such Bid Rate Loan will be funded by such Designated Lender. 
  
 (ii) Each Bid Rate Quote shall be substantially in the form of Exhibit I and shall specify: 

 
 (A) the proposed date of borrowing and the Interest
Period therefor; 
  
 (B) the principal amount of
the Bid Rate Loan for which each such offer is being made; provided that the aggregate principal amount of all Bid Rate Loans for which a Lender submits Bid Rate Quotes (x) may be greater or less than the Commitment of such Lender but
(y) shall not exceed the principal amount of the Bid Rate Borrowing for a particular Interest Period for which offers were requested; 
  

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 (C) in the case of an Absolute Rate Auction, the rate of interest per annum (rounded
upwards, if necessary, to the nearest 1/10,000th of 1%) offered for each such Bid Rate Loan (the “Absolute Rate”); 
  
 (D) in the case of a LIBOR Auction, the margin above or below applicable LIBOR (the “LIBOR Margin”) offered for each such LIBOR
Margin Loan, expressed as a percentage (rounded upwards, if necessary, to the nearest 1/1,000th of 1%) to be added to (or subtracted from) the applicable LIBOR; and 
  
 (E) the identity of the quoting Lender. 
  
 Unless otherwise agreed by the Agent and the Borrower, no Bid Rate Quote shall contain qualifying, conditional or similar
language or propose terms other than or in addition to those set forth in the applicable Bid Rate Quote Request and, in particular, no Bid Rate Quote may be conditioned upon acceptance by the Borrower of all (or some specified minimum) of the
principal amount of the Bid Rate Loan for which such Bid Rate Quote is being made. 
  
 (d) Notification by Agent. The Agent shall, as promptly as practicable after the Bid Rate Quotes are submitted (but in any event not later than 10:30 a.m. (x) on the proposed date of borrowing, in the case
of an Absolute Rate Auction or (y) on the date three Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction), notify the Borrower of the terms (i) of any Bid Rate Quote submitted by a Lender that is in
accordance with Section 2.2.(c) and (ii) of any Bid Rate Quote that amends, modifies or is otherwise inconsistent with a previous Bid Rate Quote submitted by such Lender with respect to the same Bid Rate Quote Request. Any such subsequent
Bid Rate Quote shall be disregarded by the Agent unless such subsequent Bid Rate Quote is submitted solely to correct a manifest error in such former Bid Rate Quote. The Agent’s notice to the Borrower shall specify (A) the aggregate
principal amount of the Bid Rate Borrowing for which offers have been received and (B) the principal amounts and Absolute Rates or LIBOR Margins, as applicable, so offered by each Lender (identifying the Lender that made each Bid Rate Quote).

  
 (e) Acceptance by Borrower. 
  
 (i) Not later than 11:00 a.m. (x) on the proposed
date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Agent of its acceptance or nonacceptance
of the offers so notified to it pursuant to Section 2.2.(d) which notice shall be in the form of Exhibit J. In the case of acceptance, such notice shall specify the aggregate principal amount of offers for each Interest Period that are
accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that: 

 
 (A) the aggregate principal amount of each Bid Rate
Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request; 
  

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 (B) the aggregate principal amount of each Bid Rate Borrowing shall not cause the limits
specified in Section 2.16. to be violated; 
  
 (C) acceptance of offers may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered; 
  
 (D) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.2.(c) or
otherwise fails to comply with the requirements of this Agreement); and 
  
 (E) any acceptance in part shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof. 
  

(ii) If offers are made by two or more Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate
principal amount than the amount in respect of which offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such offers are accepted shall be allocated by the Agent among such
Lenders in proportion to the aggregate principal amount of such offers. Determinations by the Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error. 
  
 (f) Obligation to Make Bid Rate Loans. The Agent shall promptly (and in any event not later than 12:00 noon
(x) on the proposed date of borrowing of Absolute Rate Loans and (y) on the date three Business Days prior to the proposed date of borrowing of LIBOR Margin Loans) notify each Lender whose Bid Rate Quote has been accepted and the amount
and rate thereof. A Lender who is notified that it has been selected to make a Bid Rate Loan may designate its Designated Lender (if any) to fund such Bid Rate Loan on its behalf, as described in Section 12.5.(e). Any Designated Lender which
funds a Bid Rate Loan shall on and after the time of such funding become the obligee under such Bid Rate Loan and be entitled to receive payment thereof when due. No Lender shall be relieved of its obligation to fund a Bid Rate Loan, and no
Designated Lender shall assume such obligation, prior to the time the applicable Bid Rate Loan is funded. Any Lender whose offer to make any Bid Rate Loan has been accepted shall, not later than 1:30 p.m. on the date specified for the making of such
Loan, make the amount of such Loan available to the Agent at its Principal Office in immediately available funds, for the account of the Borrower. The amount so received by the Agent shall, subject to the terms and conditions of this Agreement, be
made available to the Borrower no later than 2:00 p.m. on such date by depositing the same, in immediately available funds, in an account of the Borrower designated by the Borrower. 
  
 (g) No Effect on Commitment. Except for the purpose and to the extent expressly stated in Section 2.14. the
amount of any Bid Rate Loan made by any Lender shall not constitute a utilization of such Lender’s Commitment. 
  

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 Section 2.3. Swingline Loans. 
  
 (a) Swingline Loans. Subject to the terms and conditions hereof, during the period from the Effective Date to but
excluding the Termination Date, the Swingline Lender agrees to make Swingline Loans to the Borrower in an aggregate principal amount at any one time outstanding up to, but not exceeding, the amount of the Swingline Commitment. If at any time the
aggregate principal amount of the Swingline Loans outstanding at such time exceeds the Swingline Commitment in effect at such time, the Borrower shall immediately pay the Agent for the account of the Swingline Lender the amount of such excess.
Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Swingline Loans hereunder. 
  
 (b) Procedure for Borrowing Swingline Loans. The Borrower shall give the Agent and the Swingline Lender notice pursuant to a Notice of Swingline
Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender no later than 3:00 p.m. on the proposed date of such borrowing. Any such notice given telephonically
shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline Lender by telecopy on the same day
of the giving of such telephonic notice. On the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Article V. for such borrowing, the Swingline Lender will make the proceeds of such
Swingline Loan available to the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing not later than 4:00 p.m. on such date. 
  
 (c) Interest. Swingline Loans shall bear interest at a per annum rate
equal to the Base Rate plus the Applicable Margin for Base Rate Loans (or at such other rate or rates as the Borrower and the Swingline Lender may agree from time to time in writing). Interest payable on Swingline Loans is solely for the
account of the Swingline Lender (except to the extent a Lender acquires a participating interest in a Swingline Loan pursuant to the immediately following subsection (e)). All accrued and unpaid interest on Swingline Loans shall be payable on the
dates and in the manner provided in Section 2.5. with respect to interest on Base Rate Loans (except as the Swingline Lender and the Borrower may otherwise agree in writing in connection with any particular Swingline Loan). 
  
 (d) Swingline Loan Amounts, Etc. Each Swingline Loan shall be in the
minimum amount of $100,000 and integral multiples of $25,000 or such other minimum amounts agreed to by the Swingline Lender and the Borrower. Any voluntary prepayment of a Swingline Loan must be in integral multiples of $100,000 or the aggregate
principal amount of all outstanding Swingline Loans (or such other minimum amounts upon which the Swingline Lender and the Borrower may agree) and in connection with any such prepayment, the Borrower must give the Swingline Lender prior written
notice thereof no later than 10:00 a.m. on the date of such prepayment. The Swingline Loans shall, in addition to this Agreement, be evidenced by the Swingline Note. 
  

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 (e) Repayment and Participations of Swingline Loans. The Borrower agrees to repay each Swingline
Loan within one Business Day of demand therefor by the Swingline Lender and in any event, within 5 Business Days after the date such Swingline Loan was made; provided, that the proceeds of a Swingline Loan may not be used to repay a Swingline Loan.
Notwithstanding the foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Swingline Loans on the Termination Date (or such earlier date as the Swingline Lender and the Borrower
may agree in writing). In lieu of demanding repayment of any outstanding Swingline Loan from the Borrower, the Swingline Lender may, on behalf of the Borrower (which hereby irrevocably directs the Swingline Lender to act on its behalf for such
purpose), request a borrowing of Base Rate Loans from the Lenders in an amount equal to the principal balance of such Swingline Loan. The amount limitations of Section 3.5.(a) shall not apply to any borrowing of Base Rate Loans made pursuant to
this subsection. The Swingline Lender shall give notice to the Agent of any such borrowing of Base Rate Loans not later than 12:00 noon on the proposed date of such borrowing and the Agent shall give prompt notice of such borrowing to the Lenders.
No later than 2:00 p.m. on such date, each Lender will make available to the Agent at the Principal Office for the account of Swingline Lender, in immediately available funds, the proceeds of the Base Rate Loan to be made by such Lender and, to
the extent of such Base Rate Loan, such Lender’s participation in the Swingline Loan so repaid shall be deemed to be funded by such Base Rate Loan. The Agent shall pay the proceeds of such Base Rate Loans to the Swingline Lender, which shall
apply such proceeds to repay such Swingline Loan. At the time each Swingline Loan is made, each Lender shall automatically (and without any further notice or action) be deemed to have purchased from the Swingline Lender, without recourse or
warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage in such Swingline Loan. If the Lenders are prohibited from making Loans required to be made under this subsection for any reason, including
without limitation, the occurrence of any Default or Event of Default described in Section 10.1.(f) or 10.1.(g), upon notice from the Agent or the Swingline Lender, each Lender severally agrees to pay to the Agent for the account of the
Swingline Lender in respect of such participation the amount of such Lender’s Commitment Percentage of each outstanding Swingline Loan. If such amount is not in fact made available to the Agent by any Lender, the Swingline Lender shall be
entitled to recover such amount on demand from such Lender, together with accrued interest thereon for each day from the date of demand thereof, at the Federal Funds Rate. If such Lender does not pay such amount forthwith upon demand therefor by the
Agent or the Swingline Lender, and until such time as such Lender makes the required payment, the Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of such unpaid participation obligation for all purposes
of the Loan Documents (other than those provisions requiring the other Lenders to purchase a participation therein). Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, and any
other amounts due such Lender hereunder, to the Swingline Lender to fund Swingline Loans in the amount of the participation in Swingline Loans that such Lender failed to purchase pursuant to this Section until such amount has been purchased (as a
result of such assignment or otherwise). A Lender’s obligation to make payments in respect of a participation in a Swingline Loan shall be absolute and unconditional and shall not be affected by any circumstance whatsoever, including without
limitation, (i) any claim of setoff, counterclaim, recoupment, defense or other right which such Lender or any other Person may have or claim against the Agent, the Swingline Lender or any other Person 
  

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whatsoever, (ii) the occurrence or continuation of a Default or Event of Default (including without limitation, any of the Defaults or Events of Default
described in Sections 10.1.(f) or 10.1.(g)) or the termination of any Lender’s Commitment, (iii) the existence (or alleged existence) of an event or condition which has had or could have a Material Adverse Effect, (iv) any breach
of any Loan Document by the Agent, any Lender or the Borrower or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 
  
 Section 2.4. Letters of Credit. 
  
 (a) Letters of Credit. Subject to the terms and conditions of this Agreement, the Agent, on behalf of the Lenders, agrees to issue for the account
of the Borrower (or the Borrower and any other Loan Party) during the period from and including the Effective Date to, but excluding, the date 30 days prior to the Termination Date one or more standby letters of credit (each a “Letter of
Credit”) up to a maximum aggregate Stated Amount at any one time outstanding not to exceed the L/C Commitment Amount. The parties hereto agree that the Existing Letters of Credit shall be deemed to be Letters of Credit hereunder. 
  
 (b) Terms of Letters of Credit. At the time of issuance, the amount,
form, terms and conditions of each Letter of Credit, and of any drafts or acceptances thereunder, shall be subject to approval by the Agent and the Borrower. At the time of issuance of each Letter of Credit, the Agent and the Borrower shall
determine whether such Letter of Credit will be subject to (x) the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may
be in effect at the time of issuance) or (y) the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication No. 500 (or such later version thereof as may be in effect at the time of
issuance). Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the earlier of (A) the date one year from its date of issuance or (B) the Termination Date or (ii) any Letter
of Credit contain an automatic renewal provision (other than renewal provisions which are automatic in the absence of a notice of non-renewal from the Agent which may be given at least once during any 12-month period, so long as any such renewal
provision does not provide for a renewal period that extends beyond the Termination Date). 
  
 (c) Requests for Issuance of Letters of Credit. The Borrower shall give the Agent written notice (or telephonic notice promptly confirmed in writing) at least 3 Business Days prior to the requested date of
issuance of a Letter of Credit, such notice to describe in reasonable detail the proposed terms of such Letter of Credit and the nature of the transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set
forth with respect to such Letter of Credit the proposed (i) Stated Amount, (ii) beneficiary, and (iii) expiration date. The Borrower shall also execute and deliver such customary letter of credit application forms as requested from
time to time by the Agent. Provided the Borrower has given the notice prescribed by the first sentence of this subsection and subject to the other terms and conditions of this Agreement, including the satisfaction of any applicable conditions
precedent set forth in Article V., the Agent shall issue the requested Letter of Credit on the requested date of issuance for the benefit of the stipulated beneficiary. Upon the written request of the Borrower, the Agent shall deliver to the
Borrower a copy of each issued Letter of Credit within a reasonable time after 

  

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the date of issuance thereof. To the extent any term of a Letter of Credit Document is inconsistent with a term of any Loan Document, the term of such Loan
Document shall control. 
  
 (d) Reimbursement Obligations.
Upon receipt by the Agent from the beneficiary of a Letter of Credit of any demand for payment under such Letter of Credit, the Agent shall promptly notify the Borrower of the amount to be paid by the Agent as a result of such demand and the date on
which payment is to be made by the Agent to such beneficiary in respect of such demand; provided, however, the Agent’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the
applicable Reimbursement Obligation. The Borrower hereby unconditionally and irrevocably agrees to pay and reimburse the Agent for the amount of each demand for payment under such Letter of Credit on or prior to the date on which payment is to be
made by the Agent to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind (other than notice as provided in this subsection). Upon receipt by the Agent of any payment in respect of any Reimbursement
Obligation, the Agent shall promptly pay to each Lender that has acquired a participation therein under the second sentence of Section 2.4.(i) such Lender’s Commitment Percentage of such payment. 
  
 (e) Manner of Reimbursement. Upon its receipt of a notice referred to
in the immediately preceding subsection (d), the Borrower shall advise the Agent whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse the Agent for the amount of the related demand for payment and, if
it does, the Borrower shall submit a timely request for such borrowing as provided in the applicable provisions of this Agreement. If the Borrower fails to so advise the Agent, or if the Borrower fails to reimburse the Agent for a demand for payment
under a Letter of Credit by the date of such payment, then (i) if the applicable conditions contained in Article V. would permit the making of Revolving Loans, the Borrower shall be deemed to have requested a borrowing of Revolving Loans
(which shall be Base Rate Loans) in an amount equal to the unpaid Reimbursement Obligation and the Agent shall give each Lender prompt notice of the amount of the Revolving Loan to be made available to the Agent not later than 1:00 p.m. and
(ii) if such conditions would not permit the making of Revolving Loans, the provisions of subsection (j) of this Section shall apply. The minimum amount limitations of Section 3.5.(a) shall not apply to any borrowing of Base Rate
Loans under this subsection. 
  
 (f) Effect of Letters of
Credit on Commitments. Upon the issuance by the Agent of any Letter of Credit and until such Letter of Credit shall have expired or been terminated, the Commitment of each Lender shall be deemed to be utilized for all purposes of this Agreement
in an amount equal to the product of (i) such Lender’s Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding. 
  
 (g) Agent’s Duties Regarding Letters of Credit; Unconditional Nature
of Reimbursement Obligations. In examining documents presented in connection with drawings under Letters of Credit and making payments under such Letters of Credit against such documents, the Agent shall only be required to use the same standard
of care as it uses in connection with examining documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of credit. 

  

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The Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit.
In furtherance and not in limitation of the foregoing, neither the Agent nor any of the Lenders shall be responsible for, and the Borrower’s obligations in respect of the Letters of Credit shall not be affected in any manner by, (i) the
form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of or any drawing honored under any Letter of Credit even if it should in fact prove to be
in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit, or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon such
Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telex, telecopy or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms;
(vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any Letter of Credit, or the
proceeds of any drawing under any Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Agent or the Lenders. None of the above shall affect, impair or prevent the vesting of any of the Agent’s or any
Lender’s rights or powers hereunder. Any action taken or omitted to be taken by the Agent under or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct (as determined by a court
of competent jurisdiction in a final, non-appealable judgment), shall not create against the Agent or any Lender any liability to the Borrower or any Lender. In this connection, the obligation of the Borrower to reimburse the Agent for any drawing
made under any Letter of Credit shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement and any other applicable Letter of Credit Document under all circumstances whatsoever,
including without limitation, the following circumstances: (A) any lack of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver of or any consent to departure from all
or any of the Letter of Credit Documents; (C) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against the Agent, any Lender, any beneficiary of a Letter of Credit or any other Person, whether
in connection with this Agreement, the transactions contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of contract or dispute between the Borrower, the Agent, any Lender or any other Person;
(E) any demand, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein or made in connection therewith being untrue or inaccurate in
any respect whatsoever; (F) any non-application or misapplication by the beneficiary of a Letter of Credit of the proceeds of any drawing under such Letter of Credit; (G) payment by the Agent under any Letter of Credit against presentation
of a draft or certificate which does not strictly comply with the terms of such Letter of Credit, unless such payment constituted gross negligence of the Agent as actually and finally determined by a court of competent jurisdiction; and (H) any
other act, omission to act, delay or circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable defense to or discharge of the Borrower’s Reimbursement Obligations. Notwithstanding anything to
the contrary contained in this Section or Section 12.9., but not in limitation of the Borrower’s 
  

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unconditional obligation to reimburse the Agent for any drawing made under a Letter of Credit as provided in this Section and to repay a Revolving Loan made
pursuant to the second sentence of the immediately preceding subsection (e), the Borrower shall have no obligation to indemnify the Agent or any Lender in respect of any liability incurred by the Agent or a Lender arising solely out of the gross
negligence or willful misconduct of the Agent or a Lender in respect of a Letter of Credit as actually and finally determined by a court of competent jurisdiction. Except as otherwise provided in this Section, nothing in this Section shall affect
any rights the Borrower may have with respect to the gross negligence or willful misconduct of the Agent or any Lender with respect to any Letter of Credit. 
  
 (h) Amendments, Etc. The issuance by the Agent of any amendment, supplement or other modification to any Letter of Credit shall be subject to the
same conditions applicable under this Agreement to the issuance of new Letters of Credit (including, without limitation, that the request therefor be made through the Agent), and no such amendment, supplement or other modification shall be issued
unless either (i) the respective Letter of Credit affected thereby would have complied with such conditions had it originally been issued hereunder in such amended, supplemented or modified form or (ii) the Requisite Lenders (or all of the
Lenders if required by Section 12.6.) shall have consented thereto. In connection with any such amendment, supplement or other modification, the Borrower shall pay the Fees, if any, payable under the last sentence of Section 3.6.(b).

  
 (i) Lenders’ Participation in Letters of Credit.
Immediately upon the issuance by the Agent of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Agent, without recourse or warranty, an undivided interest and participation to
the extent of such Lender’s Commitment Percentage of the liability of the Agent with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and
shall be unconditionally obligated to the Agent to pay and discharge when due, such Lender’s Commitment Percentage of the Agent’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent
in respect of any Letter of Credit pursuant to the immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agent or such Lender, acquire (i) a participation in an amount
equal to such payment in the Reimbursement Obligation owing to the Agent by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other
amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Agent pursuant to the third and last sentences of Section 3.6.(b)). 
  
 (j) Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent on demand in immediately
available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Agent under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.4.(d); provided,
however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Commitment Percentage of such
drawing. Each such Lender’s obligation to make such payments to the Agent under this subsection, and the Agent’s right to receive the same, shall be 

  

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absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the
failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other Loan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described
in Section 10.1.(f) or 10.1.(g) or (iv) the termination of the Commitments. Each such payment to the Agent shall be made without any offset, abatement, withholding or deduction whatsoever. 
  
 (k) Information to Lenders. Upon the request of any Lender from time
to time, the Agent shall deliver to such Lender information reasonably requested by such Lender with respect to each Letter of Credit then outstanding. Other than as set forth in this subsection, the Agent shall have no duty to notify the Lenders
regarding the issuance or other matters regarding Letters of Credit issued hereunder. The failure of the Agent to perform its requirements under this subsection shall not relieve any Lender from its obligations under Section 2.4.(j).

  
 Section 2.5. Rates and Payment of Interest on Loans. 

 
 (a) Rates. The Borrower promises to pay to the Agent for the
account of each Lender interest on the unpaid principal amount of each Loan made by such Lender for the period from and including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per
annum rates: 
  
 (i) during such periods as such
Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time) plus the Applicable Margin; 
  
 (ii) during such periods as such Loan is a LIBOR Loan, at the Adjusted Eurodollar Rate for such Loan for the Interest Period therefor plus
the Applicable Margin; 
  
 (iii) if such Loan is
an Absolute Rate Loan, at the Absolute Rate for such Loan for the Interest Period therefor quoted by the Lender making such Loan in accordance with Section 2.2.; and 
  
 (iv) if such Loan is a LIBOR Margin Loan, at LIBOR for such Loan for the Interest Period therefor plus the
LIBOR Margin for such Loan quoted by the Lender making such Loan in accordance with Section 2.2. 
  
 Notwithstanding the foregoing, while an Event of Default exists, the Borrower shall pay to the Agent for the account of each Lender interest at the Post-Default Rate on the outstanding principal amount of any Loan
made by such Lender, on all Reimbursement Obligations and on any other amount payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to
the extent permitted under Applicable Law). 
  
 (b) Payment of
Interest. Accrued and unpaid interest on each Loan shall be payable (i) in the case of a Base Rate Loan, monthly in arrears on the first day of each calendar month, (ii) in the case of a LIBOR Loan or a Bid Rate Loan, in arrears on the
last day of each Interest Period therefor, and (iii) in the case of any Loan, in arrears upon the payment, prepayment or 

  

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Continuation thereof or the Conversion of such Loan to a Loan of another Type (but only on the principal amount so paid, prepaid, Continued or Converted).
Interest payable at the Post-Default Rate shall be payable from time to time on demand. Promptly after the determination of any interest rate provided for herein or any change therein, the Agent shall give notice thereof to the Lenders to which such
interest is payable and to the Borrower. All determinations by the Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error. 
  
 Section 2.6. Number of Interest Periods. 
  
 There may be no more than 6 different Interest Periods for LIBOR Loans and
Bid Rate Loans, collectively outstanding at the same time (for which purpose Interest Periods described in different lettered clauses of the definition of the term “Interest Period” shall be deemed to be different Interest Periods even if
they are coterminous). 
  
 Section 2.7. Repayment of Loans.

  
 (a) Revolving Loans. The Borrower shall repay the
entire outstanding principal amount of, and all accrued but unpaid interest on, the Revolving Loans on the Termination Date. 
  
 (b) Bid Rate Loans. The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, each Bid Rate Loan
on the last day of the Interest Period of such Bid Rate Loan. 
  
 Section 2.8. Prepayments. 
  
 (a)
Optional. Subject to Section 4.4., the Borrower may prepay any Loan (other than a Bid Rate Loan) in whole or in part at any time without premium or penalty. Bid Rate Loans may not be prepaid at the option of the Borrower. The Borrower
shall give the Agent notice of any prepayment of a Loan before 10:00 a.m. (i) in the case of LIBOR Loans, on the date three Business Days prior to the proposed date of such prepayment and (ii) in the case of any other Loans, on the
date one Business Day prior to the proposed date of such prepayment. 
  
 (b) Mandatory. If at any time the aggregate principal amount of all outstanding Revolving Loans, together with the aggregate amount of all Letter of Credit Liabilities, the aggregate principal amount of all outstanding Bid Rate Loans
and the aggregate principal amount of all outstanding Swingline Loans, exceeds the aggregate amount of the Commitments in effect at such time, the Borrower shall immediately pay to the Agent for the accounts of the Lenders the amount of such excess.
Such payment shall be applied to pay all amounts of principal outstanding on the Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2. and if any Letters of Credit are outstanding at such time the remainder, if any,
shall be deposited into the Collateral Account for application to any Reimbursement Obligations. If the Borrower is required to pay any outstanding LIBOR Loans or Bid Rate Loans by reason of this Section prior to the end of the applicable Interest
Period therefor, the Borrower shall pay all amounts due under Section 4.4. 
  

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 Section 2.9. Continuation. 
  
 So long as no Default or Event of Default shall exist, the Borrower may on any Business Day, with respect to any LIBOR Loan,
elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each new Interest Period selected under this Section shall commence on the last day of the immediately preceding
Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Agent a Notice of Continuation not later than 10:00 a.m. on the third Business Day prior to the date of any such Continuation. Such notice by the
Borrower of a Continuation shall be by telephone or telecopy, confirmed immediately in writing if by telephone, in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans and
portions thereof subject to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Each Notice of
Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Continuation. If
the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, or while a Default or Event of Default exists, such Loan will automatically, on the last day of the current Interest
Period therefor, Convert into a Base Rate Loan notwithstanding the first sentence of Section 2.10. or the Borrower’s failure to comply with any of the terms of such Section. 
  
 Section 2.10. Conversion. 
  
 So long as no Default or Event of Default shall exist, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to
the Agent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of
a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 10:00 a.m. on the Business Day prior to the date
of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other
similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone (confirmed immediately in writing) or telecopy in the form of a Notice of Conversion specifying
(a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into
a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. 
  
 Section 2.11. Notes. 
  
 (a) Revolving Note. The Revolving Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note of the
Borrower substantially in the form of Exhibit K (each a “Revolving Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment as originally in effect and otherwise duly completed.

  

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 (b) Bid Rate Notes. The Bid Rate Loans made by any Lender shall, in addition to this Agreement,
also be evidenced by a promissory note of the Borrower substantially in the form of Exhibit L (each a “Bid Rate Note”), payable to the order of such Lender and otherwise duly completed. 
  
 (c) Records. The date, amount, interest rate, Type and duration of
Interest Periods (if applicable) of each Loan made by each Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent
manifest error. 
  
 (d) Lost, Stolen, Destroyed or Mutilated
Notes. Upon receipt by the Borrower of (i) written notice from a Lender that a Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii) (A) in the case of loss, theft or destruction, an unsecured agreement of
indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender and cancellation of such Note, the Borrower shall, at the expense of such Lender, execute and deliver to such Lender a
new Note dated the date of such lost, stolen, destroyed or mutilated Note. 
  
 Section 2.12. Extension of Termination Date. 
  
 The Borrower shall have the right, exercisable one time, to extend the Termination Date by one year. The Borrower may exercise such right only by executing and delivering to the Agent at least 90 days but not more than one year prior to the
current Termination Date, a written request for such extension (an “Extension Request”). The Agent shall forward to each Lender a copy of the Extension Request delivered to the Agent promptly upon receipt thereof. Subject to satisfaction
of the following conditions, the Termination Date shall be extended for one year: (a) immediately prior to such extension and immediately after giving effect thereto, no Default or Event of Default shall exist, (b) the representations and
warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party would be true and correct immediately after giving effect to the requested extension of the Termination Date, except to
the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and (c) the Borrower shall have
paid the Fees payable under Section 3.6.(c). 
  
 Section 2.13.
Expiration or Maturity Date of Letters of Credit Past Termination Date. 
  
 If on the date (the “Facility Termination Date”) the Commitments are terminated (whether voluntarily, by reason of the occurrence of an Event of Default or otherwise), there are any Letters of Credit
outstanding hereunder, the Borrower shall, on the Facility Termination Date, pay to the Agent an amount of money equal to the Stated Amount of such Letter(s) of Credit for deposit into the Collateral Account. If a drawing pursuant to any such Letter
of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower authorizes the Agent to use the monies deposited in the Collateral Account to make payment to the beneficiary 

  

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with respect to such drawing or the payee with respect to such presentment. If no drawing occurs on or prior to the expiration date of such Letter of Credit,
the Agent shall withdraw the monies deposited in the Collateral Account with respect to such outstanding Letter of Credit on or before the date 15 Business Days after the expiration date of such Letter of Credit and apply such funds to the
Obligations, if any, then due and payable in the order prescribed by Section 10.4. 
  
 Section 2.14. Voluntary Reductions of the Commitment. 
  
 The Borrower shall have the right to terminate or reduce the aggregate unused amount of the Commitments (for which purpose use of the Commitments shall be deemed to include the aggregate amount of Letter of Credit
Liabilities and the aggregate principal amount of all outstanding Swingline Loans and Bid Rate Loans) at any time and from time to time without penalty or premium upon not less than 5 Business Days prior written notice to the Agent of each such
termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction and shall be irrevocable once given and effective only upon receipt by the Agent; provided, however, that if the Borrower seeks to
reduce the aggregate amount of the Commitments below $100,000,000, then the Commitments shall be reduced to zero and except as otherwise provided herein, the provisions of this Agreement shall terminate. The Agent will promptly transmit such notice
to each Lender. The Commitments, once terminated or reduced may not be increased or reinstated. 
  
 Section 2.15. Increase of Commitments. 
  
 The Borrower shall have the right at any time and from time to time during the period beginning on the Effective Date through and including the date 180 days prior to the Termination Date to request increases in the
aggregate amount of the Commitments (provided that after giving effect to any increases in the Commitments pursuant to this Section, the aggregate amount of the Commitments may not exceed $400,000,000) by providing written notice to the Agent, which
notice shall be irrevocable once given. No Lender shall be required to increase its Commitment and any new Lender becoming a party to this Agreement in connection with any such requested increase must be an Eligible Assignee. If a new Lender becomes
a party to this Agreement, or if any existing Lender agrees to increase its Commitment, such Lender shall on the date it becomes a Lender hereunder (or increases its Commitment, in the case of an existing Lender) (and as a condition thereto)
purchase from the other Lenders its Commitment Percentage (as determined after giving effect to the increase of Commitments) of any outstanding Revolving Loans, by making available to the Agent for the account of such other Lenders, in same day
funds, an amount equal to the sum of (A) the portion of the outstanding principal amount of such Revolving Loans to be purchased by such Lender plus (B) the aggregate amount of payments previously made by the other Lenders under
Section 2.4.(j) which have not been repaid plus (C) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Revolving Loans. The Borrower shall pay to the Lenders amounts payable, if
any, to such Lenders under Section 4.4. as a result of the prepayment of any such Revolving Loans. No increase of the Commitments may be effected under this Section if (x) a Default or Event of Default exists on the effective date of such
increase or (y) any representation or warranty made or deemed made by the Borrower or any other Loan Party in any Loan Document to which any such Loan Party is a party is not (or would not be) true or correct on the 

  

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effective date of such increase (except for representations or warranties which expressly relate solely to an earlier date). In connection with any increase
in the aggregate amount of the Commitments pursuant to this subsection, (a) any Lender becoming a party hereto shall execute such documents and agreements as the Agent may reasonably request and (b) the Borrower shall make appropriate
arrangements so that each new Lender, and any existing Lender increasing its Commitment, receives a new or replacement Note, as appropriate, in the amount of such Lender’s Commitment within 2 Business Days of the effectiveness of the applicable
increase in the aggregate amount of Commitments. 
  
 Section 2.16. Amount
Limitations. 
  
 Notwithstanding any other term of this
Agreement or any other Loan Document, no Lender shall be required to make a Loan and the Agent shall not be required to issue a Letter of Credit, if immediately after the making of such Loan or the issuance of such Letter of Credit: 
  
 (a) the aggregate principal amount of all outstanding Revolving Loans,
together with the aggregate principal amount of all outstanding Bid Rate Loans, the aggregate principal amount of all outstanding Swingline Loans and the aggregate amount of all Letter of Credit Liabilities, would exceed the aggregate amount of the
Commitments at such time; or 
  
 (b) the aggregate principal
amount of all outstanding Bid Rate Loans would exceed 50.0% of the aggregate amount of the Commitments at such time. 
  
 ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 
  
 Section 3.1. Payments. 
  
 Except to the extent otherwise provided herein, all payments of principal,
interest and other amounts to be made by the Borrower under this Agreement or any other Loan Document shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Agent at its Principal Office, not
later than 2:00 p.m. on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Sections 3.2. and 3.3., the
Agent, or any Lender for whose account any such payment is made, may (but shall not be obligated to) debit the amount of any such payment which is not made by such time from any special or general deposit account of the Borrower with the Agent or
such Lender, as the case may be (with notice to the Borrower, the other Lenders and the Agent). The Borrower shall, at the time of making each payment under this Agreement or any Note, specify to the Agent the amounts payable by the Borrower
hereunder to which such payment is to be applied. Each payment received by the Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender at the applicable Lending Office of such Lender no later than 5:00 p.m. on
the date of receipt. If the Agent fails to pay such amount to a Lender as provided in the previous sentence, the Agent shall pay interest on such amount until paid at a rate per annum equal to the Federal Funds Rate from time to time in effect. If
the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall be payable for the period of
such extension. 
  

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 Section 3.2. Pro Rata Treatment. 
  
 Except to the extent otherwise provided herein: (a) each borrowing from the Lenders under Section 2.1.(a), 2.3.(e)
and 2.4.(e) shall be made from the Lenders, each payment of the Fees under Section 3.6.(a), the first sentence of Section 3.6.(b) and Section 3.6.(c) shall be made for the account of the Lenders, and each termination or reduction of
the amount of the Commitments under Section 2.14. shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (b) each payment or prepayment of principal of Revolving
Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them, provided that if immediately prior to giving effect to any such payment in
respect of any Revolving Loans the outstanding principal amount of the Revolving Loans shall not be held by the Lenders pro rata in accordance with their respective Commitments in effect at the time such Loans were made, then such payment shall be
applied to the Revolving Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Revolving Loans being held by the Lenders pro rata in accordance with their respective Commitments; (c) each
payment of interest on Revolving Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders; (d) the making, Conversion and
Continuation of Revolving Loans of a particular Type (other than Conversions provided for by Section 4.6.) shall be made pro rata among the Lenders according to the amounts of their respective Commitments (in the case of making of Loans) or
their respective Loans (in the case of Conversions and Continuations of Loans) and the then current Interest Period for each Lender’s portion of each Loan of such Type shall be coterminous; (e) the Lenders’ participation in, and
payment obligations in respect of, Letters of Credit under Section 2.4., shall be pro rata in accordance with their respective Commitments; (f) the Lenders’ participation in, and payment obligations in respect of, Swingline Loans
under Section 2.3., shall be pro rata in accordance with their respective Commitments; and (g) each mandatory prepayment of principal of Bid Rate Loans by the Borrower pursuant to Section 2.8.(b) shall be made for account of the
Lenders then owed Bid Rate Loans pro rata in accordance with the respective unpaid principal amounts of the Bid Rate Loans then owing to each such Lender. All payments of principal, interest, fees and other amounts in respect of the Swingline Loans
shall be for the account of the Swingline Lender only (except to the extent any Lender shall have acquired a participating interest in any such Swingline Loan pursuant to Section 2.3.(e), in which case such payments shall be pro rata in
accordance with such participating interests). 
  
 Section 3.3. Sharing of
Payments, Etc. 
  
 If a Lender shall obtain payment of any
principal of, or interest on, any Loan made by it to the Borrower under this Agreement, or shall obtain payment on any other Obligation owing by the Borrower or a Loan Party through the exercise of any right of set-off, banker’s lien or
counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender or other payments made by the Borrower to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to the
Lenders pro rata in accordance with Section 3.2. or Section 10.4., as applicable, such Lender shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the

  

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Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall
be equitable, to the end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with Section 3.2. or
Section 10.4. To such end, all the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender
so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with respect to such participation as fully as if
such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising,
any such right with respect to any other indebtedness or obligation of the Borrower. 
  
 Section 3.4. Several Obligations. 
  
 No
Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation
to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender. 
  
 Section 3.5. Minimum Amounts. 
  
 (a) Borrowings and Conversions. Each borrowing of Base Rate Loans
shall be in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess thereof. Each borrowing and each Conversion of LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in
excess of that amount. 
  
 (b) Prepayments. Each voluntary
prepayment of Revolving Loans shall be in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess thereof (or, if less, the aggregate principal amount of Revolving Loans then outstanding). 
  
 (c) Reductions of Commitments. Each reduction of the Commitments under
Section 2.14. shall be in an aggregate minimum amount of $10,000,000 and integral multiples of $5,000,000 in excess thereof. 
  
 (d) Letters of Credit. The initial Stated Amount of each Letter of Credit shall be at least $50,000. 
  
 Section 3.6. Fees. 
  
 (a) Facility Fees. The Borrower agrees to pay to the Agent for the account of each Lender a facility fee equal to the
average daily amount of the Commitment of such Lender (whether or not utilized) times the Facility Fee for the period from and including the Agreement Date to but excluding the date such Commitment is terminated or reduced to zero or the Termination
Date, such fee to be paid in arrears on (i) the last day of March, June, September 

  

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and December in each year, (ii) the date of each reduction in the Commitments (but only on the amount of the reduction) and (iii) on the
Termination Date. 
  
 (b) Letter of Credit Fees. The
Borrower agrees to pay to the Agent for the account of each Lender a letter of credit fee at a rate per annum equal to the Applicable Margin for LIBOR Loans times the daily average Stated Amount of each Letter of Credit for the period from and
including the date of issuance of such Letter of Credit (x) through and including the date such Letter of Credit expires or is terminated or (y) to but excluding the date such Letter of Credit is drawn in full. The fees provided for in the
immediately preceding sentence shall be nonrefundable and payable in arrears on (i) the last day of March, June, September and December in each year, (ii) the Termination Date, (iii) the date the Commitments are terminated or reduced
to zero and (iv) thereafter from time to time on demand of the Agent. In addition, the Borrower shall pay to the Agent for its own account and not the account of any Lender, a fronting fee in respect of each Letter of Credit at the rate equal
to one-eighth of one percent (0.125%) per annum on the daily average Stated Amount of such Letter of Credit for the period from and including the date of issuance of such Letter of Credit (A) through and including the date such Letter of Credit
expires or is terminated or (B) to but excluding the date such Letter of Credit is drawn in full. The fee provided for in the immediately preceding sentence shall be nonrefundable and payable upon issuance of the applicable Letter of Credit.
The Borrower shall pay directly to the Agent from time to time on demand all commissions, charges, costs and expenses in the amounts customarily charged by the Agent from time to time in like circumstances with respect to the issuance of each Letter
of Credit, drawings, amendments and other transactions relating thereto. 
  
 (c) Extension Fee. If the Borrower exercises its right to extend the Termination Date in accordance with Section 2.12., the Borrower agrees to pay to the Agent for the account of each Lender a fee equal to
fifteen one hundredths of one percent (0.15%) of the amount of such Lender’s Commitment (whether or not utilized). Such fee shall be due and payable in full on the date the Agent receives the Extension Request pursuant to such Section.

  
 (d) Administrative and Other Fees. The Borrower agrees
to pay the administrative and other fees of the Agent as may be agreed to in writing by the Borrower and the Agent from time to time. 
  
 Section 3.7. Computations. 
  
 Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be computed on the
basis of a year of 360 days and the actual number of days elapsed. 
  
 Section 3.8. Usury. 
  
 In no event shall
the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such
excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower elects to have such excess sum returned to it forthwith. It is 

  

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the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in
excess of that which may be lawfully paid by the Borrower under Applicable Law. 
  
 Section 3.9. Agreement Regarding Interest and Charges. 
  
 The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in
Section 2.5.(a)(i) through (iv) and in Section 2.3.(c). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, closing fees, letter of credit fees,
underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Agent or any Lender to third parties or for damages incurred
by the Agent or any Lender, in each case in connection with the transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Agent or any such Lender for underwriting or administrative services and
costs or losses performed or incurred, and to be performed or incurred, by the Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other than charges for
the use of money shall be fully earned and nonrefundable when due. 
  
 Section 3.10. Statements of Account. 
  
 The
Agent will account to the Borrower monthly with a statement of Loans, Letters of Credit, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Agent shall be
deemed conclusive upon Borrower absent manifest error. The failure of the Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder. 
  
 Section 3.11. Defaulting Lenders. 
  
 (a) Generally. If for any reason any Lender (a “Defaulting
Lender”) shall fail or refuse to perform any of its obligations under this Agreement or any other Loan Document to which it is a party within the time period specified for performance of such obligation or, if no time period is specified, if
such failure or refusal continues for a period of two Business Days after notice from the Agent, then, in addition to the rights and remedies that may be available to the Agent or the Borrower under this Agreement or Applicable Law, such Defaulting
Lender’s right to participate in the administration of the Loans, this Agreement and the other Loan Documents, including without limitation, any right to vote in respect of, to consent to, or to direct, any action or inaction of the Agent or to
be taken into account in the calculation of the Requisite Lenders, shall be suspended during the pendency of such failure or refusal. If a Lender is a Defaulting Lender because it has failed to make timely payment to the Agent of any amount required
to be paid to the Agent hereunder (without giving effect to any notice or cure periods), in addition to other rights and remedies which the Agent or the Borrower may have under the immediately preceding provisions or otherwise, the Agent shall be
entitled (i) to collect interest from such Defaulting Lender on such delinquent payment for the period from the date on which the payment was due until the date on which the payment is made at the Federal Funds Rate, 

  

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(ii) to withhold or setoff and to apply in satisfaction of the defaulted payment and any related interest, any amounts otherwise payable to such
Defaulting Lender under this Agreement or any other Loan Document and (iii) to bring an action or suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted amount and any related interest. Any amounts
received by the Agent in respect of a Defaulting Lender’s Loans shall not be paid to such Defaulting Lender and shall be held uninvested by the Agent and either applied against the purchase price of such Loans under the following
subsection (b) or paid to such Defaulting Lender upon the Defaulting Lender’s curing of its default. 
  
 (b) Purchase or Cancellation of Defaulting Lender’s Commitment. Any Lender who is not a Defaulting Lender shall have the right, but not the
obligation, in its sole discretion, to acquire all of a Defaulting Lender’s Commitment. Any Lender desiring to exercise such right shall give written notice thereof to the Agent and the Borrower no sooner than 2 Business Days and not later than
5 Business Days after such Defaulting Lender became a Defaulting Lender. If more than one Lender exercises such right, each such Lender shall have the right to acquire an amount of such Defaulting Lender’s Commitment in proportion to the
Commitments of the other Lenders exercising such right. If after such 5th Business Day, the Lenders have not elected to purchase all of the Commitment of such Defaulting Lender, then the Borrower may, by giving written notice thereof to the Agent,
such Defaulting Lender and the other Lenders, either (i) demand that such Defaulting Lender assign its Commitment to an Eligible Assignee subject to and in accordance with the provisions of Section 12.5.(d) for the purchase price provided
for below or (ii) terminate the Commitment of such Defaulting Lender, whereupon such Defaulting Lender shall no longer be a party hereto or have any rights or obligations hereunder or under any of the other Loan Documents. No party hereto shall
have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. Upon any such purchase or assignment, the Defaulting Lender’s interest in the Loans and its rights hereunder (but not its liability in
respect thereof or under the Loan Documents or this Agreement to the extent the same relate to the period prior to the effective date of the purchase) shall terminate on the date of purchase, and the Defaulting Lender shall promptly execute all
documents reasonably requested to surrender and transfer such interest to the purchaser or assignee thereof, including an appropriate Assignment and Acceptance Agreement and, notwithstanding Section 12.5.(d), shall pay to the Agent an
assignment fee in the amount of $7,000. The purchase price for the Commitment of a Defaulting Lender shall be equal to the amount of the principal balance of the Loans outstanding and owed by the Borrower to the Defaulting Lender. Prior to payment
of such purchase price to a Defaulting Lender, the Agent shall apply against such purchase price any amounts retained by the Agent pursuant to the last sentence of the immediately preceding subsection (a). The Defaulting Lender shall be
entitled to receive amounts owed to it by the Borrower under the Loan Documents which accrued prior to the date of the default by the Defaulting Lender, to the extent the same are received by the Agent from or on behalf of the Borrower. There shall
be no recourse against any Lender or the Agent for the payment of such sums except to the extent of the receipt of payments from any other party or in respect of the Loans. 
  
 Section 3.12. Taxes. 
  
 (a) Taxes Generally. All payments by the Borrower of principal of, and interest on, the Loans and all other Obligations shall be made free and
clear of and without deduction for any 

  

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present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever
imposed by any taxing authority, but excluding (i) franchise taxes, (ii) any taxes (other than withholding taxes) that would not be imposed but for a connection between the Agent or a Lender and the jurisdiction imposing such taxes (other
than a connection arising solely by virtue of the activities of the Agent or such Lender pursuant to or in respect of this Agreement or any other Loan Document), (iii) any taxes imposed on or measured by any Lender’s assets, net income,
receipts or branch profits, and (iv) any taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges to the extent imposed as a result of the failure of the Agent or a Lender, as applicable, to provide and keep
current (to the extent legally able) any certificates, documents or other evidence required to qualify for an exemption from, or reduced rate of, any such taxes fees, duties, levies, imposts, charges, deductions, withholdings or other charges or
required by the immediately following subsection (c) to be furnished by the Agent or such Lender, as applicable (such non-excluded items being collectively called “Taxes”). If any withholding or deduction from any payment to be made
by the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will: 
  
 (i) pay directly to the relevant Governmental Authority the full amount required to be so withheld or deducted; 
  
 (ii) promptly forward to the Agent an official receipt or
other documentation satisfactory to the Agent evidencing such payment to such Governmental Authority; and 
  
 (iii) pay to the Agent for its account or the account of the applicable Lender, as the case may be, such additional amount or amounts as
is necessary to ensure that the net amount actually received by the Agent or such Lender will equal the full amount that the Agent or such Lender would have received had no such withholding or deduction been required. 
  
 (b) Tax Indemnification. If the Borrower fails to pay any Taxes when
due to the appropriate Governmental Authority or fails to remit to the Agent, for its account or the account of the respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrower shall indemnify the
Agent and the Lenders for any incremental Taxes, interest or penalties that may become payable by the Agent or any Lender as a result of any such failure. For purposes of this Section, a distribution hereunder by the Agent or any Lender to or for
the account of any Lender shall be deemed a payment by the Borrower. 
  
 (c) Tax Forms. Prior to the date that any Lender or Participant organized under the laws of a jurisdiction outside the United States of America becomes a party hereto, such Person shall deliver to the Borrower and the Agent such
certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto (including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms),
properly completed, currently effective and duly executed by such Lender or Participant establishing that payments to it hereunder and under the Notes are (i) not subject to United States Federal backup withholding tax and (ii) not subject
to United States Federal withholding tax under the Internal Revenue Code. Each such Lender or Participant shall (x)

  

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deliver further copies of such forms or other appropriate certifications on or before the date that any such forms expire or become obsolete and after the
occurrence of any event requiring a change in the most recent form delivered to the Borrower or the Agent and (y) obtain such extensions of the time for filing, and renew such forms and certifications thereof, as may be reasonably requested by
the Borrower or the Agent. The Borrower shall not be required to pay any amount pursuant to last sentence of subsection (a) above to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of
America or the Agent, if it is organized under the laws of a jurisdiction outside of the United States of America, if such Lender, Participant or the Agent, as applicable, fails to comply with the requirements of this subsection. If any such Lender
or Participant fails to deliver the above forms or other documentation, then the Agent may withhold from any payments to be made to such Lender under any of the Loan Documents such amounts as are required by the Internal Revenue Code. If any
Governmental Authority asserts that the Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Agent therefor, including
all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Agent under this Section, and costs and expenses (including all reasonable fees and disbursements of any law firm or other external counsel and the
allocated cost of internal legal services and all disbursements of internal counsel) of the Agent. The obligation of the Lenders under this Section shall survive the termination of the Commitments, repayment of all Obligations and the resignation or
replacement of the Agent. 
  
 ARTICLE IV.
YIELD PROTECTION, ETC. 
  
 Section 4.1. Additional Costs; Capital Adequacy. 
  
 (a) Additional Costs. The Borrower shall promptly pay to the Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender for any costs incurred by such
Lender that it determines are attributable to its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan
Documents in respect of any of such Loans or such obligation or the maintenance by such Lender of capital in respect of its Loans or its Commitment (such increases in costs and reductions in amounts receivable being herein called “Additional
Costs”), resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan Documents in respect of any of such Loans or its Commitment (other
than taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges which are excluded from the definition of Taxes pursuant to the first sentence of Section 3.12.(a)); or (ii) imposes or modifies any reserve,
special deposit or similar requirements (other than Regulation D of the Board of Governors of the Federal Reserve System or other reserve requirement to the extent utilized in the determination of the Adjusted Eurodollar Rate for such Loan) relating
to any extensions of credit or other assets of, or any deposits with or other liabilities of, such Lender, or any commitment of such Lender (including, without limitation, the Commitment of such Lender hereunder); or (iii) has or would have the
effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy).

  

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 (b) Lender’s Suspension of LIBOR Loans. Without limiting the effect of the provisions of the
immediately preceding subsection (a), if, by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other
liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or
(ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Agent), the obligation of such Lender to make or
Continue, or to Convert any other Type of Loans into, LIBOR Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.6. shall apply). 
  
 (c) Additional Costs in Respect of Letters of Credit. Without limiting
the obligations of the Borrower under the preceding subsections of this Section (but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore or hereafter issued by any
Governmental Authority there shall be imposed, modified or deemed applicable any tax, reserve, special deposit, capital adequacy or similar requirement against or with respect to or measured by reference to Letters of Credit and the result shall be
to increase the cost to the Agent of issuing (or any Lender of purchasing participations in) or maintaining its obligation hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by the Agent or any
Lender hereunder in respect of any Letter of Credit, then, upon demand by the Agent or such Lender, the Borrower shall pay promptly, and in any event within 3 Business Days of demand, to the Agent for its account or the account of such Lender, as
applicable, from time to time as specified by the Agent or a Lender, such additional amounts as shall be sufficient to compensate the Agent or such Lender for such increased costs or reductions in amount. 
  
 (d) Notification and Determination of Additional Costs. Each of the
Agent and each Lender agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Agent or such Lender to compensation under any of the preceding subsections of this Section as promptly as practicable; provided,
however, the failure of the Agent or any Lender to give such notice shall not release the Borrower from any of its obligations hereunder (and in the case of a Lender, to the Agent). The Agent or such Lender agrees to furnish to the Borrower (and in
the case of a Lender, to the Agent) a certificate setting forth the basis and amount of each request by the Agent or such Lender for compensation under this Section. Absent manifest error, determinations by the Agent or any Lender of the effect of
any Regulatory Change shall be conclusive, provided that such determinations are made on a reasonable basis and in good faith. 
  
 Section 4.2. Suspension of LIBOR Loans. 
  
 Anything herein to the contrary notwithstanding, if, on or prior to the determination of any Adjusted Eurodollar Rate for any Interest Period: 

 
 (a) the Agent reasonably determines (which determination
shall be conclusive) that by reason of circumstances affecting the relevant market, adequate and 

  

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reasonable means do not exist for ascertaining the Adjusted Eurodollar Rate for such Interest Period, or 
  
 (b) the Agent reasonably determines (which determination
shall be conclusive) that the Adjusted Eurodollar Rate will not adequately and fairly reflect the cost to the Lenders of making or maintaining LIBOR Loans for such Interest Period; 
  
 then the Agent shall give the Borrower and each Lender prompt notice thereof and, so long as such condition remains in effect, the Lenders
shall be under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall, on the last day of each current Interest Period for each outstanding LIBOR Loan, either repay
such Loan or Convert such Loan into a Base Rate Loan. 
  
 Section 4.3.
Illegality. 
  
 Notwithstanding any other provision of this
Agreement, if any Lender shall reasonably determine (which determination shall be conclusive and binding) that it has become unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender shall promptly
notify the Borrower thereof (with a copy to the Agent) and such Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended until such time as such Lender may again make and maintain LIBOR
Loans (in which case the provisions of Section 4.6. shall be applicable). 
  
 Section 4.4. Compensation. 
  
 The Borrower
shall pay to the Agent for the account of each Lender, upon the request of such Lender through the Agent, such amount or amounts as shall be sufficient (in the reasonable opinion of such Lender) to compensate it for any loss, cost or expense that
such Lender reasonably determines is attributable to: 
  
 (a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan or Bid Rate Loan, or Conversion of a LIBOR Loan, made by such Lender for any reason (including, without limitation, acceleration) on a date other than the last
day of the Interest Period for such Loan; or 
  
 (b) any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified in Article V. to be satisfied) to borrow a LIBOR Loan or Bid Rate Loan from such Lender
on the requested date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation. 
  
 Upon the Borrower’s request, any Lender requesting compensation under this Section shall provide the Borrower with a statement setting
forth the basis for requesting such compensation and the method for determining the amount thereof. Absent manifest error, determinations by any Lender in any such statement shall be conclusive, provided that such determinations are made on a
reasonable basis and in good faith. 
  

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 Section 4.5. Affected Lenders. 
  
 If (a) a Lender requests compensation pursuant to Section 3.12. or 4.1., and the Requisite Lenders are not
requesting compensation under such Sections, or (b) the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(b) or 4.3. but the obligation
of the Requisite Lenders shall not have been suspended under such Sections, then, so long as there does not then exist any Default or Event of Default, the Borrower may demand that such Lender (the “Affected Lender”), and upon such demand
the Affected Lender shall promptly, assign its Commitment to an Eligible Assignee subject to and in accordance with the provisions of Section 12.5.(d) for a purchase price equal to the aggregate principal balance of Loans then owing to the
Affected Lender plus any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender. Each of the Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under
this Section, but at no time shall the Agent, such Affected Lender nor any other Lender be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights
under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s obligation to
pay to any Affected Lender compensation owing to such Affected Lender pursuant to Section 3.12. or 4.1. 
  
 Section 4.6. Treatment of Affected Loans. 
  
 If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(b), 4.2. or 4.3., then such Lender’s LIBOR
Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 4.1.(b) or 4.3., on such earlier date as such Lender may
specify to the Borrower with a copy to the Agent) and, unless and until such Lender gives notice as provided below that the circumstances specified in Section 4.1. or 4.3. that gave rise to such Conversion no longer exist: 
  
 (a) to the extent that such Lender’s LIBOR Loans have
been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and 
  
 (b) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or
Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 
  

If such Lender gives notice to the Borrower (with a copy to the Agent) that the circumstances specified in Section 4.1. or 4.3. that gave rise to the Conversion
of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s
Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent 

  

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necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal
amounts, Types and Interest Periods) in accordance with their respective Commitments. 
  
 Section 4.7. Change of Lending Office. 
  
 Each Lender agrees that it will use reasonable efforts to designate an alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.12., 4.1. or 4.3. to reduce the liability
of the Borrower or avoid the results provided thereunder, so long as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending
Office located in the United States of America. 
  
 Section 4.8.
Assumptions Concerning Funding of LIBOR Loans. 
  
 Calculation of all amounts payable to a Lender under this Article IV. shall be made as though such Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable
to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in any manner it sees fit and the
foregoing assumption shall be used only for calculation of amounts payable under this Article IV. 
  
 ARTICLE V. CONDITIONS PRECEDENT 
  
 Section 5.1. Initial Conditions Precedent. 
  
 The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a
Letter of Credit, is subject to the following conditions precedent: 
  
 (a) The Agent shall have received each of the following, in form and substance satisfactory to the Agent: 
  
 (i) Counterparts of this Agreement executed by each of the parties hereto; 
  
 (ii) Revolving Notes and Bid Rate Notes executed by the Borrower, payable to each Lender (or Designated
Lender, if applicable) and complying with the applicable provisions of Section 2.11., and the Swingline Note executed by the Borrower; 
  
 (iii) The Guaranty executed by each Guarantor existing as of the Effective Date; 
  
 (iv) The certificate or articles of incorporation of the
Borrower certified by the Secretary or Assistant Secretary of the Borrower; 
  

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 (v) A good standing certificate with respect to the Borrower issued as of a recent date
by the Secretary of State of the state of its incorporation and certificates of qualification to transact business or other comparable certificates issued by the Secretary of State (and any state department of taxation, as applicable) of each state
in which the Borrower is required to be so qualified and where the failure to be so qualified could reasonably be expected to have a Material Adverse Effect; 
  

(vi) A certificate of incumbency signed by the Secretary or Assistant Secretary of the Borrower with respect to each of the officers of
the Borrower authorized to execute and deliver the Loan Documents to which the Borrower is a party and the officers of the Borrower then authorized to deliver Notices of Borrowing, Notices of Swingline Borrowings, Bid Rate Quote Requests, Bid Rate
Quote Acceptances, Notices of Continuation and Notices of Conversion and to request the issuance of Letters of Credit; 
  
 (vii) Copies, certified by the Secretary or Assistant Secretary of the Borrower, of (i) the bylaws of the Borrower and (ii) all
corporate (or comparable) action taken by the Borrower to authorize the execution, delivery and performance of the Loan Documents to which the Borrower is a party; 
  
 (viii) The articles of incorporation, articles of organization, certificate of limited partnership or other
comparable organizational instrument (if any) of each Guarantor that is not an Immaterial Subsidiary certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of such Guarantor; 
  
 (ix) A certificate of good standing or certificate of
similar meaning with respect to each Guarantor that is not an Immaterial Subsidiary issued as of a recent date by the Secretary of State of the state of formation of each such Guarantor and certificates of qualification to transact business or other
comparable certificates issued by each Secretary of State (and any state department of taxation, as applicable) of each state in which such Guarantor is required to be so qualified and where the failure to be so qualified could reasonably be
expected to have a Material Adverse Effect; 
  
 (x) A certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Guarantor that is not an Immaterial Subsidiary with respect to each of the officers of such Guarantor
authorized to execute and deliver the Loan Documents to which such Guarantor is a party; 
  
 (xi) Copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Guarantor that is
not an Immaterial Subsidiary of (i) the by-laws of such Guarantor, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable document in the
case of any other form of legal entity and (ii) all corporate, partnership, member or other necessary action taken by such Guarantor to authorize the execution, delivery and performance of the Loan Documents to which it is a party; 

 

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 (xii) An opinion of counsel to the Loan Parties (other than the Immaterial Subsidiaries),
addressed to the Agent, the Lenders and the Swingline Lender, addressing the matters set forth in Exhibit M; 
  
 (xiii) The Fees then due and payable under Section 3.6., and any other Fees payable to the Agent, the Titled Agents and the Lenders
on or prior to the Effective Date; 
  
 (xiv) A
Compliance Certificate calculated as of September 30, 2005 (giving pro forma effect to the financing contemplated by this Agreement and the use of the proceeds of the Loans to be funded on the Effective Date); and 
  
 (xv) Such other documents, agreements and instruments as the
Agent on behalf of the Lenders may reasonably request; and 
  
 (b)
In the good faith judgment of the Agent and the Lenders: 
  
 (i) There shall not have occurred or become known to the Agent or any of the Lenders any event, condition, situation or status since the date of the information contained in the financial and business projections,
budgets, pro forma data and forecasts concerning the Borrower and its Subsidiaries delivered to the Agent and the Lenders prior to the Agreement Date that has had or could reasonably be expected to result in a Material Adverse Effect; 
  
 (ii) No litigation, action, suit, investigation or other
arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (1) result in a Material Adverse Effect or (2) restrain or enjoin, impose materially burdensome conditions on, or
otherwise materially and adversely affect the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; 
  
 (iii) The Borrower and its Subsidiaries shall have received all approvals, consents and waivers, and shall
have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (1) any Applicable Law or (2) any
agreement, document or instrument to which the Borrower or any other Loan Party is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers, filings and notices the receipt, making or
giving of which would not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the Borrower or any
other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; and 
  
 (iv) There shall not have occurred or exist any other material disruption of financial or capital markets that could reasonably be
expected to materially and adversely affect the transactions contemplated by the Loan Documents. 
  

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 Section 5.2. Conditions Precedent to All Loans and Letters of Credit. 
  
 The obligations of the Lenders to make any Loans, and of the Agent to issue
Letters of Credit, are all subject to the further condition precedent that: (a) no Default or Event of Default shall exist as of the date of the making of such Loan or date of issuance of such Letter of Credit or would exist immediately after
giving effect thereto; and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct on and as of the date of the making
of such Loan or date of issuance of such Letter of Credit with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and accurate on and as of such earlier date). Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving
of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, if such Credit Event is the making of a Loan
or the issuance of a Letter of Credit, the Borrower shall be deemed to have represented to the Agent and the Lenders at the time such Loan is made or Letter of Credit issued that all conditions to the occurrence of such Credit Event contained in
Article V. have been satisfied. 
  
 Section 5.3. Conditions as
Covenants. 
  
 If the Lenders make any Loans, or the Agent
issues a Letter of Credit, prior to the satisfaction of all conditions precedent set forth in Sections 5.1. and 5.2., the Borrower shall nevertheless cause such condition or conditions to be satisfied within 5 Business Days after the date of
the making of such Loans or the issuance of such Letter of Credit. Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender to the Agent and the other Lenders that the
Borrower has satisfied the conditions precedent for initial Loans set forth in Sections 5.1. and 5.2. 
  
 ARTICLE VI. REPRESENTATIONS AND WARRANTIES 
  
 Section 6.1. Representations and Warranties. 
  
 In order to induce the Agent and each Lender to enter into this Agreement and to make Loans and issue Letters of Credit, the
Borrower represents and warrants to the Agent and each Lender as follows: 
  
 (a) Organization; Power; Qualification. Each of the Borrower, each other Loan Party and each other Subsidiary is a corporation, partnership or other legal entity, duly organized or formed, validly existing and
in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly
qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or
authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. 
  

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 (b) Ownership Structure. As of the Agreement Date Part I of Schedule 6.1.(b) is a complete
and correct list of all Subsidiaries of the Borrower setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) the type of legal entity of such Subsidiary, (iii) each Person holding any
Equity Interests in such Subsidiary, (iv) the nature of the Equity Interests held by each such Person, (v) the percentage of ownership of such Subsidiary represented by such Equity Interests, (vi) whether such Subsidiary is an
Excluded Subsidiary and (vii) whether such Subsidiary is an Immaterial Subsidiary. Except as disclosed in such Schedule, as of the Agreement Date (i) each of the Borrower and its Subsidiaries owns, free and clear of all Liens, and has the
unencumbered right to vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (ii) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully
paid and nonassessable and (iii) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the
issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, any such Person. As of the Agreement Date
Part II of Schedule 6.1.(b) correctly sets forth all Unconsolidated Affiliates of the Borrower, including the correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person
held directly or indirectly by the Borrower. 
  
 (c)
Authorization of Agreement, Etc. The Borrower has the right and power, and has taken all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder. The Borrower and each other Loan Party has the right and
power, and has taken all necessary action to authorize it, to execute, deliver and perform each of the Loan Documents to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and
thereby. The Loan Documents to which the Borrower or any other Loan Party is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable
against such Person in accordance with its respective terms except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the
enforcement of certain obligations (other than the payment of principal) contained herein or therein may be limited by equitable principles generally. 
  
 (d) Compliance of Loan Documents with Laws, Etc. The execution, delivery and performance of this Agreement, the Notes and the other Loan Documents
to which the Borrower or any other Loan Party is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of time, the giving of notice, or both:
(i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the
organizational documents of the Borrower or any other Loan Party, or any indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound; or
(iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower or any other Loan Party. 
  

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 (e) Compliance with Law; Governmental Approvals. The Borrower, each Subsidiary and each other Loan
Party is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws (including without limitation, Environmental Laws) relating to the Borrower, a Subsidiary or such other Loan Party except for
noncompliances which, and Governmental Approvals the failure to possess which, would not, individually or in the aggregate, cause a Default or Event of Default or have a Material Adverse Effect. 
  
 (f) Title to Properties. As of the Agreement Date,
Schedule 6.1.(f) sets forth all of the real property owned or leased by the Borrower, each other Loan Party and each other Subsidiary. Each such Person has good, marketable and legal title to, or a valid leasehold interest in, its respective
assets. 
  
 (g) Existing Debt. Schedule 6.1.(g) is, as
of the Agreement Date, a complete and correct listing of all Debt of the Borrower and its Subsidiaries, including without limitation, Guarantees of the Borrower and its Subsidiaries, and indicating whether such Debt is Secured Debt or Unsecured
Debt. The Borrower and its Subsidiaries have performed and are in material compliance with all of the terms of such Debt and all instruments and agreements relating thereto. 
  
 (h) Litigation. Except as set forth on Schedule 6.1.(h), there are no actions, suits, investigations or
proceedings pending (nor, to the knowledge of the Borrower, are there any actions, suits or proceedings threatened, nor to the knowledge of the Borrower is there any basis therefor) against or in any other way relating adversely to or affecting the
Borrower, any Subsidiary or any other Loan Party or any of its respective property in any court or before any arbitrator of any kind or before or by any other Governmental Authority which could reasonably be expected to have a Material Adverse
Effect. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to the Borrower, any Subsidiary or any other Loan Party which could reasonably be expected to have a Material Adverse
Effect. 
  
 (i) Taxes. All federal, state and other tax
returns of the Borrower, any Subsidiary or any other Loan Party required by Applicable Law to be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon the Borrower, any
Subsidiary and each other Loan Party and its respective properties, income, profits and assets which are due and payable have been paid, except any such nonpayment which is at the time permitted under Section 7.5. As of the Agreement Date, none
of the United States income tax returns of the Borrower, its Subsidiaries or any other Loan Party is under audit. All charges, accruals and reserves on the books of the Borrower and each of its Subsidiaries and each other Loan Party in respect of
any taxes or other governmental charges are in accordance with GAAP. 
  
 (j) Financial Statements. The Borrower has furnished to each Lender copies of (i) the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries for the fiscal year ending December 31, 2004, and
the related audited consolidated statements of 

  

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earnings, cash flows and stockholders’ equity for the fiscal year ending on such dates, with the opinion thereon of KPMG LLP, and (ii) the
unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries for the fiscal quarter ending September 30, 2005, and the related unaudited consolidated statements of earnings, cash flows and stockholders’ equity of
the Borrower and its consolidated Subsidiaries for the period of three fiscal quarters ending on such date. Such financial statements (including in each case related schedules and notes) are complete and correct and present fairly, in accordance
with GAAP, the consolidated financial position of the Borrower and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for such periods (subject, as to interim statements, to changes resulting
from normal year-end audit adjustments). Neither the Borrower nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward
anticipated losses from any unfavorable commitments, except as referred to or reflected or provided for in said financial statements. 
  
 (k) No Material Adverse Change. Since December 31, 2004, there has been no material adverse change in the business, assets, liabilities,
condition (financial or otherwise), results of operations or business prospects of the Borrower and its consolidated Subsidiaries taken as a whole. Each of the Borrower and the other Loan Parties is Solvent and the Borrower and its Subsidiaries,
taken as a whole, are Solvent. 
  
 (l) ERISA. Each member
of the ERISA Group is in compliance with its obligations under the minimum funding standards of ERISA and the Internal Revenue Code with respect to each Plan and is in compliance with the presently applicable provisions of ERISA and the Internal
Revenue Code with respect to each Plan, except in each case for noncompliances which could not reasonably be expected to have a Material Adverse Effect. As of the Agreement Date, no member of the ERISA Group has (i) sought a waiver of the
minimum funding standard under Section 412 of the Internal Revenue Code in respect of any Plan, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any
amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Internal Revenue Code or (iii) incurred any liability under Title IV of
ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA. 
  
 (m) Not Plan Assets; No Prohibited Transaction. None of the assets of the Borrower, any Subsidiary or any other Loan Party constitute “plan assets” within the meaning of ERISA, the Internal Revenue
Code and the respective regulations promulgated thereunder. The execution, delivery and performance of this Agreement and the other Loan Documents, and the borrowing and repayment of amounts hereunder, do not and will not constitute “prohibited
transactions” under ERISA or the Internal Revenue Code. 
  
 (n) Absence of Material Defaults. Neither the Borrower, any Subsidiary nor any other Loan Party is in default under its certificate or articles of incorporation, bylaws, partnership agreement or other similar organizational
documents, and no event has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which with the passage of time, the giving of notice, a determination
of 

  

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materiality, the satisfaction of any condition, or any combination of the foregoing, would constitute, a default or event of default by the Borrower, any
Subsidiary or any other Loan Party under any agreement (other than this Agreement) or judgment, decree or order to which the Borrower or any Subsidiary or other Loan Party is a party or by which the Borrower or any Subsidiary or other Loan Party or
any of their respective properties may be bound where such default or event of default could, individually or in the aggregate, have a Material Adverse Effect. 
  

(o) Environmental Laws. Each of the Borrower, its Subsidiaries and the other Loan Parties has obtained all Governmental Approvals which are
required under Environmental Laws and is in compliance with all terms and conditions of such Governmental Approvals which the failure to obtain or to comply with could reasonably be expected to have a Material Adverse Effect. Except for any of the
following matters that could not be reasonably expected to have a Material Adverse Effect, (i) the Borrower is not aware of, and has not received notice of, any past, present, or future events, conditions, circumstances, activities, practices,
incidents, actions, or plans which, with respect to the Borrower, its Subsidiaries and each other Loan Party, may interfere with or prevent compliance or continued compliance with Environmental Laws, or may give rise to any common-law or legal
liability, or otherwise form the basis of any claim, action, demand, suit, proceeding, hearing, study, or investigation, based on or related to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling or
the emission, discharge, release or threatened release into the environment, of any pollutant, contaminant, chemical, or industrial, toxic, or other Hazardous Material, and (ii) there is no civil, criminal, or administrative action, suit,
demand, claim, hearing, notice, or demand letter, notice of violation, investigation, or proceeding pending or, to the Borrower’s knowledge after due inquiry, threatened, against the Borrower, its Subsidiaries and each other Loan Party relating
in any way to Environmental Laws. 
  
 (p) Investment Company;
Public Utility Holding Company. Neither the Borrower nor any Subsidiary nor any other Loan Party is (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the
Investment Company Act of 1940, as amended, (ii) a “holding company” or a “subsidiary company” of a “holding company”, or an “affiliate” of a “holding company” or of a “subsidiary
company” of a “holding company”, within the meaning of the Public Utility Holding Company Act of 1935, as amended, or (iii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow money or
to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party. 
  
 (q) Margin Stock. Neither the Borrower, any Subsidiary nor any other Loan Party is engaged principally, or as one of its important activities, in
the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System. 

 
 (r) Affiliate Transactions. Except as permitted by
Section 9.10., neither the Borrower, any Subsidiary nor any other Loan Party is a party to or bound by any agreement or arrangement (whether oral or written) to which any Affiliate of the Borrower, any Subsidiary or any other Loan Party is a
party. 
  

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 (s) Intellectual Property. Each of the Borrower, each other Loan Party and each other Subsidiary
owns or has the right to use, under valid license agreements or otherwise, all material patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual
Property”) necessary to the conduct of its businesses as now conducted and as contemplated by the Loan Documents, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, or other proprietary
right of any other Person. The Borrower, each other Loan Party and each other Subsidiary have taken all such steps as they reasonably deem necessary to protect their respective rights under and with respect to such Intellectual Property. No material
claim has been asserted by any Person with respect to the use of any Intellectual Property by the Borrower, any other Loan Party or any other Subsidiary, or challenging or questioning the validity or effectiveness of any Intellectual Property. The
use of such Intellectual Property by the Borrower, its Subsidiaries and the other Loan Parties, does not infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the
part of the Borrower, any other Loan Party or any other Subsidiary that could reasonably be expected to have a Material Adverse Effect. 
  
 (t) Business. As of the Agreement Date, the Borrower and its Subsidiaries are engaged in the business of acquiring, owning, financing, leasing,
managing, developing and selling retail, office and industrial real property generally leased to credit-worthy tenants under net leases, together with other business activities incidental thereto. 
  
 (u) Broker’s Fees. No broker’s or finder’s fee,
commission or similar compensation will be payable with respect to the transactions contemplated hereby. No other similar fees or commissions will be payable by any Loan Party for any other services rendered to the Borrower or any of its
Subsidiaries ancillary to the transactions contemplated hereby. 
  
 (v) Accuracy and Completeness of Information. No written information, report or other papers or data (excluding financial projections and other forward looking statements) furnished to the Agent or any Lender by, on behalf of, or at
the direction of, the Borrower, any Subsidiary or any other Loan Party in connection with or relating in any way to this Agreement, contained any untrue statement of a fact material to the creditworthiness of the Borrower, any Subsidiary or any
other Loan Party or omitted to state a material fact necessary in order to make such statements contained therein, in light of the circumstances under which they were made, not misleading. All financial statements furnished to the Agent or any
Lender by, on behalf of, or at the direction of, the Borrower, any Subsidiary or any other Loan Party in connection with or relating in any way to this Agreement, present fairly, in accordance with GAAP consistently applied throughout the periods
involved, the financial position of the Persons involved as at the date thereof and the results of operations for such periods. All financial projections and other forward looking statements prepared by or on behalf of the Borrower, any Subsidiary
or any other Loan Party that have been or may hereafter be made available to the Agent or any Lender were or will be prepared in good faith based on reasonable assumptions. As of the Effective Date, no fact is known to the Borrower which has had, or
may in the future have (so far as the Borrower can reasonably foresee), a Material Adverse Effect which has not been set forth in the 

  

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financial statements referred to in Section 6.1.(j) or in such information, reports or other papers or data or otherwise disclosed in writing to the
Agent and the Lenders. 
  
 (w) REIT Status. The Borrower
qualifies as a REIT and is in compliance with all requirements and conditions imposed under the Internal Revenue Code to allow the Borrower to maintain its status as a REIT. 
  
 (x) Unencumbered Assets. As of the Agreement Date, Schedule 6.1.(x) is a correct and complete list of all
Unencumbered Assets. Each of the assets included by the Borrower in calculations of Unencumbered Asset Value satisfies all of the requirements contained in the definition of “Unencumbered Asset”. 
  
 (y) Foreign Assets Control. None of the Borrower, any Subsidiary or
any Affiliate of the Borrower: (i) is a Sanctioned Person, (ii) has any of its assets in Sanctioned Entities, or (iii) derives any of its operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned
Entities. 
  
 Section 6.2. Survival of Representations and Warranties,
Etc. 
  
 All statements contained in any certificate,
financial statement or other instrument delivered by or on behalf of the Borrower, any Subsidiary or any other Loan Party to the Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but
not limited to, any such statement made in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of the Borrower prior to the Agreement Date and
delivered to the Agent or any Lender in connection with closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower in favor of the Agent or any of the Lenders under this Agreement. All
representations and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date, the date on which any extension of the Termination Date is effectuated pursuant to
Section 2.12. and the date of the occurrence of any Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true
and accurate on and as of such earlier date) and except for changes in factual circumstances specifically permitted hereunder. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of
the Loan Documents and the making of the Loans and the issuance of the Letters of Credit. 
  

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 ARTICLE VII. AFFIRMATIVE COVENANTS 
  
 For so long as this Agreement is in effect, unless the Requisite Lenders (or,
if required pursuant to Section 12.6., all of the Lenders) shall otherwise consent in the manner provided for in Section 12.6., the Borrower shall comply with the following covenants: 
  
 Section 7.1. Preservation of Existence and Similar Matters. 
  
 Except as otherwise permitted under Section 9.7., the Borrower shall,
and shall cause each Subsidiary and each other Loan Party to, preserve and maintain its respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and
authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization and where the failure to be so authorized and qualified could reasonably be expected
to have a Material Adverse Effect. 
  
 Section 7.2. Compliance with
Applicable Law. 
  
 The Borrower shall, and shall cause each
Subsidiary and each other Loan Party to, comply with all Applicable Laws, including the obtaining of all Governmental Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect. 
  
 Section 7.3. Maintenance of Property. 
  
 In addition to the requirements of any of the other Loan Documents, the
Borrower shall, and shall cause each Subsidiary and other Loan Party to, (a) protect and preserve all of its material properties, including, but not limited to, all Intellectual Property, and maintain in good repair, working order and condition
all tangible properties, ordinary wear and tear excepted, and (b) make or cause to be made all needed and appropriate repairs, renewals, replacements and additions to such properties, so that the business carried on in connection therewith may
be properly and advantageously conducted at all times. 
  
 Section 7.4.
Insurance. 
  
 In addition to the requirements of any of the
other Loan Documents, the Borrower shall, and shall cause each Subsidiary and other Loan Party to, maintain insurance (on a full replacement cost basis) with financially sound and reputable insurance companies against such risks and in such amounts
as is customarily maintained by Persons engaged in similar businesses or as may be required by Applicable Law, and from time to time deliver to the Agent upon its request a detailed list, together with copies of all policies of the insurance then in
effect if requested, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby. Subject to the requirements of any applicable lease, the
Borrower shall, and shall cause its Subsidiaries to, apply any proceeds from such insurance coverage with respect to any Unencumbered Asset to either (i) repair or rebuild the property for which such proceeds are being received,
(ii) acquire a substantially equivalent property or (iii) repay Obligations. 
  
 Section 7.5. Payment of Taxes and Claims. 
  
 The Borrower shall, and shall cause each Subsidiary and other Loan Party to, pay and discharge when due (a) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties
belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and 

  

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rentals which, if unpaid, might become a Lien on any properties of such Person; provided, however, that this Section shall not require the payment or
discharge of any such tax, assessment, charge, levy or claim which is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of the
Borrower, such Subsidiary or such other Loan Party, as applicable, in accordance with GAAP. 
  
 Section 7.6. Visits and Inspections. 
  
 The Borrower shall, and shall cause each Subsidiary and other Loan Party to, permit representatives or agents of any Lender or the Agent, from time to time after reasonable prior notice if no Event of Default shall be
in existence, as often as may be reasonably requested, but only during normal business hours and at all times subject to the rights of tenants under their respective leases, to: (a) visit and inspect all properties of the Borrower or such
Subsidiary or other Loan Party to the extent any such right to visit or inspect is within the control of such Person; (b) inspect and make extracts from their respective books and records, including but not limited to management letters
prepared by independent accountants; and (c) discuss with its officers and employees, and its independent accountants, its business, properties, condition (financial or otherwise), results of operations and performance. If requested by the
Agent, the Borrower shall execute an authorization letter addressed to the Borrower’s accountants authorizing the Agent to discuss the financial affairs of the Borrower and any Subsidiary or any other Loan Party with its accountants;
provided, however, so long as no Default or Event of Default exists, the Borrower shall have the right to have a representative present during any such discussions. The Borrower shall reimburse the Agent and, if an Event of Default
exists, the Lenders, for their costs and expenses incurred in connection with the exercise of their rights under this Section. 
  
 Section 7.7. Use of Proceeds; Letters of Credit. 
  
 The Borrower shall use the proceeds of the Loans and the Letters of Credit for general corporate purposes only. The Borrower and the Guarantors shall not,
and shall not permit any other Loan Party or any of their respective Subsidiaries to, use any part of such proceeds or any Letter of Credit (a) to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry,
any margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock; provided, however, the
Borrower may use proceeds of the Loans and Letters of Credit to purchase the Borrower’s common stock so long as such use will not result in any of the Loans, Letters of Credit or other Obligations being considered to be “purpose
credit” directly or indirectly secured by margin stock within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System or (b) fund any operations in, finance any investments or activities in, or
make any payments to, a Sanctioned Person or Sanctioned Entity. 
  
 Section 7.8. Environmental Matters. 
  
 The
Borrower shall, and shall cause all of its Subsidiaries and the other Loan Parties to, comply with all Environmental Laws the failure with which to comply could reasonably be 

  

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expected to have a Material Adverse Effect. If the Borrower, any Subsidiary or any other Loan Party shall (a) receive notice that any violation of any
Environmental Law may have been committed or is about to be committed by such Person, (b) receive notice that any administrative or judicial complaint or order has been filed or is about to be filed against the Borrower, any Subsidiary or any
other Loan Party alleging violations of any Environmental Law or requiring the Borrower, any Subsidiary or any other Loan Party to take any action in connection with the release of Hazardous Materials or (c) receive any notice from a
Governmental Authority or private party alleging that the Borrower, any Subsidiary or any other Loan Party may be liable or responsible for costs associated with a response to or cleanup of a release of Hazardous Materials or any damages caused
thereby, and such notices, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, the Borrower shall provide the Agent and each Lender with a copy of such notice promptly, and in any event within 10
Business Days, after the receipt thereof by the Borrower, any Subsidiary or any other Loan Party. The Borrower shall, and shall cause its Subsidiaries and the other Loan Parties to, take promptly all actions necessary to prevent the imposition of
any Liens on any of their respective properties arising out of or related to any Environmental Laws. 
  
 Section 7.9. Books and Records. 
  
 The Borrower shall, and shall cause each of its Subsidiaries and the other Loan Parties to, maintain books and records pertaining to its respective business operations in such detail, form and scope as is consistent
with good business practice and in accordance with GAAP. 
  
 Section 7.10.
Further Assurances. 
  
 The Borrower shall, at the
Borrower’s cost and expense and upon request of the Agent, execute and deliver or cause to be executed and delivered, to the Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be
reasonably necessary or advisable in the reasonable opinion of the Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents. 
  
 Section 7.11. New Subsidiaries/Guarantors. 
  
 (a) Requirement to Become Guarantor. Within 30 calendar days of any Person (other than an Excluded Subsidiary)
becoming a Subsidiary after the Effective Date, the Borrower shall deliver to the Agent each of the following items, each in form and substance satisfactory to the Agent: (i) an Accession Agreement executed by such Subsidiary and,
(ii) unless such Subsidiary is an Immaterial Subsidiary, the items that would have been delivered under Sections 5.1.(a)(viii) through (xii) and (xv) if such Subsidiary had been one on the Effective Date; provided,
however, promptly (and in any event within 10 Business Days) upon any Subsidiary ceasing to qualify as an Excluded Subsidiary, such Subsidiary shall comply with the provisions of this Section. Upon the request of any Lender, the Agent shall
send to such Lender a copy of each of the foregoing items received by the Agent with respect to a Subsidiary. 
  
 (b) Release of a Guarantor. The Borrower may request in writing that the Agent release, and upon receipt of such request the Agent shall release, a
Guarantor from the Guaranty so long as: (i) such Guarantor meets, or will meet simultaneously with its release from the 

  

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Guaranty, all of the provisions of the definition of the term “Excluded Subsidiary” and none of the Guarantor’s Properties or other assets are
to be taken into account when calculating Unencumbered Asset Value; (ii) such Guarantor is not otherwise required to be a party to the Guaranty under the immediately preceding subsection (a); (iii) no Default or Event of Default shall
then be in existence or would occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.; and (iv) the Agent shall have
received such written request at least 10 Business Days prior to the requested date of release. Delivery by the Borrower to the Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding
sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request. 
  
 Section 7.12. REIT Status. 
  
 The Borrower shall at all times maintain its status as a REIT. 
  
 Section 7.13. Exchange Listing. 
  
 The Borrower shall maintain at least one class of common shares of the Borrower having trading privileges on the New York Stock Exchange or the American
Stock Exchange or which is the subject of price quotations in the over-the-counter market as reported by the National Association of Securities Dealers Automated Quotation System. 
  
 ARTICLE VIII. INFORMATION 
  
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.6.,
all of the Lenders) shall otherwise consent in the manner set forth in Section 12.6., the Borrower shall furnish to each Lender (or to the Agent if so provided below) at its Lending Office: 
  
 Section 8.1. Quarterly Financial Statements. 
  
 As soon as available and in any event within 5 days after the same is
required to be filed with the Securities and Exchange Commission (but in no event later than 45 days after the end of each of the first, second and third fiscal quarters of the Borrower), the unaudited consolidated balance sheet of the Borrower and
its Subsidiaries as at the end of such period and the related unaudited consolidated statements of earnings, and cash flows of the Borrower and its Subsidiaries for such period, setting forth in each case in comparative form the figures as of the
end of and for the corresponding periods of the previous fiscal year, all of which shall be certified by the chief executive officer or chief financial officer of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP and in
all material respects, the consolidated financial position of the Borrower and its Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments). 
  

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 Section 8.2. Year-End Statements. 
  
 As soon as available and in any event within 5 days after the same is required to be filed with the Securities and Exchange
Commission (but in no event later than 90 days after the end of each fiscal year of the Borrower), the audited consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year and the related audited consolidated
statements of earnings, stockholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, setting forth in comparative form the figures as at the end of and for the previous fiscal year, all of which shall be
certified by (a) the chief executive officer or chief financial officer of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP in all material respects, the consolidated financial position of the Borrower and its
Subsidiaries as at the date thereof and the results of operations for such period and (b) independent certified public accountants of recognized national standing acceptable to the Agent, whose certificate shall be unqualified and in scope and
substance satisfactory to the Requisite Lenders and who shall have authorized the Borrower to deliver such financial statements and certification thereof to the Agent and the Lenders pursuant to this Agreement. 
  
 Section 8.3. Compliance Certificate; Additional Information. 
  
 At the time financial statements are furnished pursuant to
Sections 8.1. and 8.2., and within 5 Business Days of the Agent’s request with respect to any other fiscal period, a certificate substantially in the form of Exhibit N (a “Compliance Certificate”) executed by the chief
financial officer of the Borrower: (a) setting forth in reasonable detail as at the end of such quarterly accounting period, fiscal year, or other fiscal period, as the case may be, the calculations required to establish whether or not the
Borrower was in compliance with the covenants contained in Sections 9.1., 9.2. and 9.4. and (b) stating that, to the best of his or her knowledge, information and belief after due inquiry, no Default or Event of Default exists, or, if such
is not the case, specifying such Default or Event of Default and its nature, when it occurred, whether it is continuing and the steps being taken by the Borrower with respect to such event, condition or failure. Together with any Compliance
Certificate delivered with financial statements furnished pursuant to Sections 8.1. and 8.2., the Borrower shall deliver reports, in form and detail satisfactory to the Agent, setting forth (a) a statement of Funds From Operations for the
fiscal quarter then ending; (b) all Capital Expenditures made during the fiscal quarter then ended; (c) a description of all Properties acquired during such fiscal quarter, including the net operating income of each such Property,
acquisition costs and related mortgage debt and such other information as the Agent may request; and (d) all Unencumbered Assets at the end of such fiscal quarter. 
  
 Section 8.4. Other Information. 
  
 (a) Management Letter Comments. Promptly upon receipt thereof, copies of all management letter comments, if any, submitted to the Borrower or its
Board of Directors by its independent public accountants; 
  
 (b)
Securities Filings. Promptly upon, and in any event within 10 Business Days of, the filing thereof, copies of all registration statements (excluding the exhibits thereto (unless requested by the Agent) and any registration statements on
Form S-8 or its equivalent), reports 

  

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on Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports which the Borrower, any Subsidiary or any other Loan Party shall file with
the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange; 
  
 (c) Shareholder Information; Press Releases. Promptly upon the mailing thereof to the shareholders of the Borrower generally, copies of all
financial statements, reports and proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Borrower, any Subsidiary or any other Loan Party; 
  
 (d) ERISA. If and when any member of the ERISA Group (i) gives or
is required to give notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the
plan administrator of any Plan has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal
liability under Title IV of ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate,
impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of
the Internal Revenue Code, a copy of such application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal
from any Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or
Benefit Arrangement which has resulted or could result in the imposition of a Lien or the posting of a bond or other security, a certificate of the chief financial officer of the Borrower setting forth details as to such occurrence and the action,
if any, which the Borrower or applicable member of the ERISA Group is required or proposes to take; 
  
 (e) Litigation. To the extent the Borrower, any other Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of
any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any other way relating adversely to, or adversely affecting, the Borrower, any
other Loan Party or any other Subsidiary or any of their respective properties, assets or businesses which could reasonably be expected to have a Material Adverse Effect, and prompt notice of the receipt of notice that any United States income tax
returns of the Borrower, any other Loan Party or any other Subsidiary are being audited; 
  
 (f) Modification of Organizational Documents. A copy of any material amendment to the certificate or articles of incorporation, bylaws, partnership agreement or other similar organizational documents of the
Borrower or any other Loan Party promptly upon, and in any event within 15 Business Days of, the effectiveness thereof; 
  

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 (g) Change of Management or Financial Condition. Prompt notice of any material change in the
executive management of the Borrower, any Subsidiary or any other Loan Party and any change in the business, assets, liabilities, condition (financial or otherwise), results of operations or business prospects of the Borrower, any Subsidiary or any
other Loan Party which has had or could reasonably be expected to have a Material Adverse Effect; 
  
 (h) Default. Notice of the occurrence of any Default or Event of Default promptly upon a Responsible Officer of the Borrower, any other Loan Party
or any other Subsidiary obtaining knowledge thereof; 
  
 (i)
Judgments. Prompt notice of any order, judgment or decree in excess of $5,000,000 having been entered against the Borrower, any Subsidiary or any other Loan Party of any of their respective properties or assets; 
  
 (j) Notice of Violations of Law. Prompt notice if the Borrower, any
Subsidiary or any other Loan Party shall receive any notification from any Governmental Authority alleging a violation of any Applicable Law, or any inquiry with respect to any matters, in either case which could reasonably be expected to have a
Material Adverse Effect; 
  
 (k) Material Asset Sales.
Prompt notice of the sale, transfer or other disposition of any assets having a book value or fair market value in excess of $50,000,000 in the aggregate of the Borrower, any Subsidiary or any other Loan Party to any Person other than the Borrower,
any Subsidiary or any other Loan Party; 
  
 (l) Ratings
Change. Notice of a change in any Credit Rating within two Business Days of the occurrence of such change; 
  
 (m) Patriot Act Information. From time to time and promptly upon each request, information identifying the Borrower as a Lender may request in
order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)); and 
  
 (n) Other Information. From time to time and promptly upon each request, such data, certificates, reports, statements, opinions of counsel,
documents or further information regarding the business, assets, liabilities, financial condition, results of operations or business prospects of the Borrower or any of its Subsidiaries as the Agent or any Lender may reasonably request. 

 

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 ARTICLE IX. NEGATIVE COVENANTS 
  
 For so long as this Agreement is in effect, unless the Requisite Lenders (or,
if required pursuant to Section 12.6., all of the Lenders) shall otherwise consent in the manner set forth in Section 12.6., the Borrower shall comply with the following covenants: 
  
 Section 9.1. Financial Covenants. 
  
 The Borrower shall not permit: 
  
 (a) Maximum Leverage Ratio. The ratio of (i) Total Liabilities to
(ii) Total Assets, to exceed 0.60 to 1.00 at any time. 
  
 (b) Minimum Fixed Charge Ratio. The ratio of (i) EBITDA for the fiscal quarter of the Borrower most recently ended to (ii) Fixed Charges for such period, to be less than 1.75 to 1.0 at any time. 
  
 (c) Unencumbered Asset Ratio. The ratio of (i) Unencumbered Asset
Value to (ii) Unsecured Debt of the Borrower and its Subsidiaries, to be less than 1.75 to 1.0 at any time. 
  
 (d) Unencumbered Interest Ratio. The ratio of (i) the sum of (A) Gross Lease Revenues attributable to Properties that are Unencumbered
Assets for the fiscal quarter of the Borrower most recently ended minus (B) an imputed management fee in the amount of 2.0% of the aggregate rents received by the Borrower and the Guarantors with respect to such Unencumbered Assets
during such period plus (C) Eligible Mortgage Income for such period to (ii) Interest Expense in respect of Unsecured Debt of the Borrower and its Subsidiaries for such period, to be less than 2.0 to 1.0 at any time. 
  
 (e) Minimum Tangible Net Worth. Tangible Net Worth at any time to be
less than (i) $715,000,000 plus (ii) 85.0% of the Net Proceeds of all Equity Issuances effected by the Borrower or any Subsidiary after September 30, 2005 (other than Equity Issuances to the Borrower or any Subsidiary). 
  
 (f) Maximum Secured Debt Ratio. The ratio of (i) Secured Debt of
the Borrower and its Subsidiaries to (ii) Total Assets, to exceed 0.30 to 1.0 at any time. 
  
 (g) Revenues from Ground Leases. The ratio (expressed as a percentage) of (i) the aggregate income of the Borrower and its Subsidiaries from
ground leases, including without limitation, all Ground Leases, for any fiscal quarter ending during the term of this Agreement to (ii) Gross Lease Revenues for such fiscal quarter, to exceed 5.0%. 
  
 Section 9.2. Restricted Payments. 
  
 The Borrower and the Guarantors will not, and will not permit any of their
respective Subsidiaries to, declare or make any Restricted Payments; provided, however, that (a) Subsidiaries of the Borrower may make Restricted Payments to the Borrower or other Subsidiaries of the Borrower; (b) the
Borrower and the UPREIT may declare or make cash distributions to their shareholders and partners, respectively, during any period of four consecutive fiscal quarters in an aggregate amount not to exceed 100% of Funds Available for Distribution for
such four quarter period; and (c) subject to the following sentence, if a Default or Event of Default exists, the Borrower and the UPREIT may only declare or make cash distributions to their shareholders and partners, respectively, during any
fiscal year in an aggregate amount not to exceed the lesser of (i) the amount otherwise permitted to be declared or 

  

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made under the immediately preceding clause (b) and (ii) the minimum amount necessary for the Borrower to remain in compliance with
Section 7.12. Notwithstanding the foregoing, if a Default or Event of Default specified in Section 10.1.(a), Section 10.1.(b), Section 10.1.(f) or Section 10.1.(g) shall exist, or if as a result of the occurrence of any
other Event of Default any of the Obligations have been accelerated pursuant to Section 10.2.(a), the Borrower and the Guarantors will not, and will not permit any of their respective Subsidiaries to, declare or make any Restricted Payments
whatsoever. 
  
 Section 9.3. Debt. 
  
 The Borrower shall not, and shall not permit any Subsidiary or any other
Loan Party to, incur, assume, or otherwise become obligated in respect of any Debt after the Agreement Date if immediately prior to the assumption, incurring or becoming obligated in respect thereof, or immediately thereafter and after giving effect
thereto, a Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1. 
  
 Section 9.4. Certain Permitted Investments. 
  
 The Borrower and the Guarantors shall not, and shall not permit any of their
Subsidiaries to, make any Investment, or otherwise own the following items, which would cause the aggregate value of such holdings of the Borrower, the Guarantors and such Subsidiaries to exceed the applicable limits set forth below: 
  
 (a) Investments in Unconsolidated Affiliates such that the aggregate book
value of such Investments determined in accordance with GAAP exceeds 15.0% of Total Assets at any time; 
  
 (b) Mortgage Receivables, including without limitation, Eligible Mortgage Notes Receivable, such that the aggregate book value of all such Mortgage
Receivables exceeds 10.0% of Total Assets; 
  
 (c) raw land, such
that the current book value of all raw land exceeds 5.0% of Total Assets; 
  
 (d) real property under construction such that the aggregate Construction Budget for all such real property exceeds 15.0% of Total Assets; 
  
 (e) Investments owned by the Borrower on or prior to September 30, 2005, in loans and interests in securitized pools of
promissory notes, mortgage loans, chattel paper, leases or similar financial assets, such that the aggregate value (determined on the basis of lower of cost or fair value) of all such Investments exceeds 5.0% of Total Assets; and 
  
 (f) Mezzanine Investments, such that the aggregate book value of all such
Mezzanine Investments exceeds 10.0% of Total Assets. 
  

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 In addition to the foregoing limitations, the aggregate value of all of the items subject to the limitations in the
preceding clauses (a), (b), (c), (e) and (f) shall not exceed 30.0% of Total Assets at any time. 
  
 Section 9.5. Conduct of Business. 
  
 The Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, engage in any type of business except as described in
Section 6.1.(t). 
  
 Section 9.6. Liens; Negative Pledges; Other
Matters. 
  
 (a) The Borrower shall not, and shall not permit
any Subsidiary or other Loan Party to, create, assume, or incur any Lien (other than Permitted Liens) upon any of its properties, assets, income or profits of any character whether now owned or hereafter acquired if immediately prior to the
creation, assumption or incurring of such Lien, or immediately thereafter, a Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants
contained in Section 9.1. 
  
 (b) The Borrower shall not, and
shall not permit any Subsidiary or other Loan Party to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary (other than an Excluded Subsidiary) to:
(i) pay dividends or make any other distribution on any of such Subsidiary’s capital stock or other equity interests owned by the Borrower or any Subsidiary; (ii) pay any Debt owed to the Borrower or any Subsidiary; (iii) make
loans or advances to the Borrower or any Subsidiary; or (iv) transfer any of its property or assets to the Borrower or any Subsidiary. 
  
 Section 9.7. Merger, Consolidation, Sales of Assets and Other Arrangements. 
  
 The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to: (i) enter into any transaction of
merger or consolidation; (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution); or (iii) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all
or any substantial part of its business or assets, whether now owned or hereafter acquired; provided, however, that: 
  
 (a) any of the actions described in the immediately preceding clauses (i) through (iii) may be taken with respect to any Subsidiary or any other
Loan Party (other than the Borrower) so long as immediately prior to the taking of such action, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence; 
  
 (b) the Borrower, each Subsidiary and each other Loan Party may sell,
transfer or dispose of assets among themselves; 
  
 (c) the
Borrower, its Subsidiaries and the other Loan Parties may lease and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of their business; and 
  

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 (d) a Person may merge with and into the Borrower, any Subsidiary or any Loan Party so long as
(i) the Borrower, such Subsidiary or such Loan Party, as applicable, is the survivor of such merger, (ii) immediately prior to such merger, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or
would be in existence, and (iii) the Borrower shall have given the Agent and the Lenders at least 10 Business Days’ prior written notice of such merger (except that such prior notice shall not be required in the case of the merger of a
Subsidiary with and into the Borrower). 
  
 If, as a result of the consummation of
any transaction described in the immediately preceding clause (a) or (b), a Person would become a Subsidiary that has assets having a book value or fair market value in excess of $50,000,000 in the aggregate and that is not an Excluded
Subsidiary, the Borrower shall not permit the consummation of such transaction unless the items described in Section 7.11.(a) are delivered to the Agent at the time of the consummation of such transaction. 
  
 Section 9.8. Fiscal Year. 
  
 The Borrower shall not change its fiscal year from that in effect as of the
Agreement Date. 
  
 Section 9.9. Modifications of Organizational
Documents. 
  
 The Borrower shall not, and shall not permit
any other Loan Party or other Subsidiary to, amend, supplement, restate or otherwise modify its articles or certificate of incorporation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational
document if such amendment, supplement, restatement or other modification could reasonably be expected to have a Material Adverse Effect. 
  
 Section 9.10. Transactions with Affiliates. 
  
 The Borrower shall not, and shall not permit any of its Subsidiaries or any other Loan Party to, permit to exist or enter into, any transaction (including
the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate, except (a) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the Borrower or any of
its Subsidiaries and upon fair and reasonable terms which are no less favorable to the Borrower or such Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate or (b) which are
approved by the independent directors of the Borrower. 
  
 Section 9.11.
ERISA Exemptions. 
  
 The Borrower shall not, and shall not
permit any Subsidiary to, permit any of its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. 
  

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 ARTICLE X. DEFAULT 
  
 Section 10.1. Events of Default. 
  
 Each of the following shall constitute an Event of Default, whatever the
reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 
  
 (a) Default in Payment of Principal. The Borrower shall fail to pay when due (whether upon demand, at maturity, by
reason of acceleration or otherwise) the principal of any of the Loans, or any Reimbursement Obligation. 
  
 (b) Default in Payment of Interest and Other Obligations. The Borrower shall fail to pay when due any interest on any of the Loans or any of the
other payment Obligations owing by the Borrower under this Agreement or any other Loan Document, or any other Loan Party shall fail to pay when due any payment Obligation owing by such other Loan Party under any Loan Document to which it is a party,
and such failure shall continue for a period of 5 Business Days. 
  
 (c) Default in Performance. (i) The Borrower shall fail to perform or observe any term, covenant, condition or agreement contained in Section 8.4.(h) or in Article IX. or (ii) the Borrower or any other Loan Party
shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section and, in the case of this clause (ii) only,
such failure shall continue for a period of 30 days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has
received written notice of such failure from the Agent. 
  
 (d)
Material Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of the Borrower or any other Loan Party under this Agreement or under any other Loan Document, or any amendment hereto or
thereto, or in any other writing or statement at any time furnished or made or deemed made by or on behalf of the Borrower or any other Loan Party to the Agent or any Lender, shall at any time prove to have been incorrect or misleading, in light of
the circumstances in which made or deemed made, in any material respect when furnished or made or deemed made. 
  
 (e) Debt Cross-Default. 
  
 (i) The Borrower, any Subsidiary or any other Loan Party shall fail to pay when due and payable, after the expiration of any applicable
notice and cure period, the principal of, or interest on, any Debt (other than the Loans) having an aggregate outstanding principal amount of $15,000,000 or more (“Material Debt”); or 
  
 (ii) (x) the maturity of any Material Debt shall have
been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Debt or (y) any Material Debt shall have been required to be prepaid or
repurchased prior to the stated maturity thereof; or 
  

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 (iii) any other event shall exist which, with or without the passage of time, the giving
of notice, or both, would permit any holder or holders of Material Debt, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material Debt or require any such Material Debt to
be prepaid or repurchased prior to its stated maturity; or 
  
 (iv) there occurs under any Swap Agreement an Early Termination Date (as defined in such Swap Agreement) resulting from (A) any event of default under such Swap Agreement as to which any Loan Party is the
Defaulting Party (as defined in such Swap Agreement) or (B) any Termination Event (as so defined) under such Swap Agreement as to which any Loan Party is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by
any Loan Party as a result thereof is $15,000,000 or more. 
  
 (f)
Voluntary Bankruptcy Proceeding. The Borrower, any other Loan Party or any Subsidiary shall: (i) commence a voluntary case under the Bankruptcy Code of 1978, as amended, or other federal bankruptcy laws (as now or hereafter in effect);
(ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest
in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection; (iv) apply
for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign;
(v) admit in writing its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any
corporate or partnership action for the purpose of effecting any of the foregoing. 
  
 (g) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower, any other Loan Party or any Subsidiary in any court of competent jurisdiction seeking: (i) relief
under the Bankruptcy Code of 1978, as amended, or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition
or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and such case or proceeding shall
continue undismissed or unstayed for a period of 60 consecutive calendar days, or an order granting the remedy or other relief requested in such case or proceeding against the Borrower, such Subsidiary or such other Loan Party (including, but
not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered. 
  
 (h) Litigation; Enforceability. The Borrower or any other Loan Party shall disavow, revoke or terminate (or attempt to terminate) any Loan Document
to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any 

  

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Governmental Authority the validity or enforceability of this Agreement, any Note or any other Loan Document or this Agreement, any Note, the Guaranty or any
other Loan Document shall cease to be in full force and effect (except as a result of the express terms thereof). 
  
 (i) Judgment. A judgment or order for the payment of money or for an injunction shall be entered against the Borrower, any Subsidiary or any other
Loan Party, by any court or other tribunal and (i) such judgment or order shall continue for a period of 60 days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either (A) the amount of such
judgment or order for which insurance has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such outstanding judgments
or orders entered against the Borrower, such Subsidiaries and such other Loan Parties, $15,000,000 or (B) in the case of an injunction or other non-monetary judgment, such judgment could reasonably be expected to have a Material Adverse Effect.

  
 (j) Attachment. A warrant, writ of attachment,
execution or similar process shall be issued against any property of the Borrower, any Subsidiary or any other Loan Party which exceeds, individually or together with all other such warrants, writs, executions and processes, $15,000,000 in amount
and such warrant, writ, execution or process shall not be discharged, vacated, stayed or bonded for a period of 60 days; provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ,
execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and substance satisfactory to the Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or
subrogation to the Obligations and waives or subordinates any Lien it may have on the assets of any Loan Party. 
  
 (k) ERISA. Any member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of $15,000,000 which it shall have
become liable to pay under Title IV of ERISA; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the ERISA Group, any plan administrator or any combination of the foregoing; or the PBGC shall
institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer, any Material Plan; or a condition shall
exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal from, or a default, within the meaning of Section 4219(c)(5) of
ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of $15,000,000. 
  
 (l) Loan Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents.

  
 (m) Change of Control. 
  
 (i) Any “person” or “group” (as such
terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is or 

  

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becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have
“beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 35.0% of the total voting power of
the then outstanding voting stock of the Borrower; or 
  
 (ii) During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12-month period constituted the Board of Directors of the Borrower (together with any new directors whose election
by such Board or whose nomination for election by the shareholders of the Borrower was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination
for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors of the Borrower then in office. 
  
 Section 10.2. Remedies Upon Event of Default. 
  
 Upon the occurrence of an Event of Default the following provisions shall apply: 
  
 (a) Acceleration; Termination of Facilities. 
  
 (i) Automatic. Upon the occurrence of an Event of Default specified in Sections 10.1.(f) or
10.1.(g), (A)(i) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, (ii) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event of
Default for deposit into the Collateral Account pursuant to Section 10.5. and (iii) all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders, the Swingline Lender and the Agent
under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the
Borrower and (B) all of the Commitments, the obligation of the Lenders to make Revolving Loans, the Swingline Commitment, the obligation of the Swingline Lender to make Swingline Loans, and the obligation of the Agent to issue Letters of Credit
hereunder, shall all immediately and automatically terminate. 
  
 (ii) Optional. If any other Event of Default shall exist, the Agent shall, at the direction of the Requisite Lenders: (A) declare (1) the principal of, and accrued interest on, the Loans and the Notes
at the time outstanding, (2) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such other Event of Default for deposit into the Collateral Account pursuant to Section 10.5. and
(3) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Agent under this Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall
immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower and (B) terminate the Commitments and the obligation of the Lenders to make Loans hereunder
and the 

  

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obligation of the Agent to issue Letters of Credit hereunder. Further, if the Agent has exercised any of the rights provided under the preceding sentence,
the Swingline Lender shall: (x) declare the principal of, and accrued interest on, the Swingline Loans and the Swingline Note at the time outstanding, and all of the other Obligations owing to the Swingline Lender, to be forthwith due and
payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower and (y) terminate the Swingline Commitment and the
obligation of the Swingline Lender to make Swingline Loans. 
  
 (b) Loan Documents. The Requisite Lenders may direct the Agent to, and the Agent if so directed shall, exercise any and all of its rights under any and all of the other Loan Documents. 
  
 (c) Applicable Law. The Requisite Lenders may direct the Agent to, and
the Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law. 
  
 (d) Appointment of Receiver. To the extent permitted by Applicable Law, the Agent and the Lenders shall be entitled to the appointment of a
receiver for the assets and properties of the Borrower and its Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party bound for its payment, to take
possession of all or any portion of the business operations of the Borrower and its Subsidiaries and to exercise such power as the court shall confer upon such receiver. 
  
 Section 10.3. Remedies Upon Default. 
  

Upon the occurrence of a Default specified in Sections 10.1.(f) or 10.1.(g), the Commitments shall immediately and automatically terminate.

  
 Section 10.4. Allocation of Proceeds. 
  
 If an Event of Default shall exist and maturity of any of the Obligations
has been accelerated, all payments received by the Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the
following order and priority: 
  
 (a) amounts due
to the Agent in respect of fees and expenses due under Section 12.2.; 
  
 (b) amounts due to the Lenders in respect of fees and expenses due under Section 12.2.; 
  
 (c) payments of interest on Swingline Loans; 
  
 (d) payments of interest on all other Loans and Reimbursement Obligations, to be applied for the ratable benefit of the Lenders;

  

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 (e) payments of principal of Swingline Loans; 
  
 (f) payments of principal of all other Loans, Reimbursement
Obligations and other Letter of Credit Liabilities, to be applied for the ratable benefit of the Lenders; provided, however, to the extent that any amounts available for distribution pursuant to this subsection are attributable to the issued but
undrawn amount of an outstanding Letter of Credit, such amounts shall be paid to the Agent for deposit into the Collateral Account; 
  
 (g) amounts due the Agent and the Lenders pursuant to Sections 11.7. and 12.9.; 
  
 (h) payments of all other amounts due and owing by the
Borrower and the other Loan Parties under any of the Loan Documents, if any, to be applied for the ratable benefit of the Lenders; and 
  
 (i) any amount remaining after application as provided above, shall be paid to the Borrower or whomever else may be legally entitled
thereto. 
  
 Section 10.5. Collateral Account. 
  
 (a) As collateral security for the prompt payment in full when due of all
Letter of Credit Liabilities and the other Obligations, the Borrower hereby pledges and grants to the Agent, for the ratable benefit of the Agent and the Lenders as provided herein, a security interest in all of its right, title and interest in and
to the Collateral Account and the balances from time to time in the Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Collateral Account shall not constitute payment of
any Letter of Credit Liabilities until applied by the Agent as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Collateral Account shall be subject to withdrawal only as provided in this Section.

  
 (b) Amounts on deposit in the Collateral Account shall be
invested and reinvested by the Agent in such Cash Equivalents as the Agent shall determine in its sole discretion. All such investments and reinvestments shall be held in the name of and be under the sole dominion and control of the Agent for the
ratable benefit of the Lenders. The Agent shall exercise reasonable care in the custody and preservation of any funds held in the Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially
equivalent to that which the Agent accords other funds deposited with the Agent, it being understood that the Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any funds
held in the Collateral Account. 
  
 (c) If a drawing pursuant to
any Letter of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower and the Lenders authorize the Agent to use the monies deposited in the Collateral Account and proceeds thereof to make payment to the beneficiary
with respect to such drawing or the payee with respect to such presentment. 
  

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 (d) If an Event of Default exists, the Requisite Lenders may, in their discretion, at any time and from
time to time, instruct the Agent to liquidate any such investments and reinvestments and apply proceeds thereof to the Obligations in accordance with Section 10.4. 
  
 (e) So long as no Default or Event of Default exists, and to the extent amounts on deposit in or credited to the Collateral
Account exceed the aggregate amount of the Letter of Credit Liabilities then due and owing, the Agent shall, from time to time, at the request of the Borrower, deliver to the Borrower within 10 Business Days after the Agent’s receipt of
such request from the Borrower, against receipt but without any recourse, warranty or representation whatsoever, such amount of the credit balances in the Collateral Account as exceeds the aggregate amount of the Letter of Credit Liabilities at such
time. 
  
 (f) The Borrower shall pay to the Agent from time to
time such fees as the Agent normally charges for similar services in connection with the Agent’s administration of the Collateral Account and investments and reinvestments of funds therein. 
  
 Section 10.6. Performance by Agent. 
  
 If the Borrower shall fail to perform any covenant, duty or agreement
contained in any of the Loan Documents, the Agent may perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower after the expiration of any cure or grace periods set forth herein. In such event, the Borrower shall, at
the request of the Agent, promptly pay any amount reasonably expended by the Agent in such performance or attempted performance to the Agent, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until
paid. Notwithstanding the foregoing, neither the Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of the Borrower under this Agreement or any other Loan Document. 
  
 Section 10.7. Rights Cumulative. 
  
 The rights and remedies of the Agent and the Lenders under this Agreement
and each of the other Loan Documents shall be cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies the Agent and the Lenders may be
selective and no failure or delay by the Agent or any of the Lenders in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of
any other power or right. 
  
 ARTICLE XI.
THE AGENT 
  
 Section 11.1.
Authorization and Action. 
  
 Each Lender hereby appoints and
authorizes the Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Agent by the terms hereof and
thereof, together with such powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Agent to enter into the Loan Documents for the 

  

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benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with
the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon
all of the Lenders. Nothing herein shall be construed to deem the Agent a trustee or fiduciary for any Lender nor to impose on the Agent duties or obligations other than those expressly provided for herein. At the request of a Lender, the Agent will
forward to such Lender copies or, where appropriate, originals of the documents delivered to the Agent pursuant to this Agreement or the other Loan Documents. The Agent will also furnish to any Lender, upon the request of such Lender, a copy of any
certificate or notice furnished to the Agent by the Borrower, any Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not already delivered to such Lender pursuant to the terms of this Agreement
or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the Obligations), the Agent 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 Requisite Lenders (or all of the Lenders if explicitly required under any
other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Agent shall not be
required to take any action which exposes the Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Agent shall not exercise any right or remedy it or
the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders have so directed the Agent to exercise such right or remedy. 
  
 Section 11.2. Agent’s Reliance, Etc. 
  
 Notwithstanding any other provisions of this Agreement or any other Loan
Documents, neither the Agent nor any of its directors, officers, agents, employees or counsel shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any other Loan Document, except for
its or their own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment. Without limiting the generality of the foregoing, the Agent: (a) may treat the payee of any Note as
the holder thereof until the Agent receives written notice of the assignment or transfer thereof signed by such payee and in form satisfactory to the Agent; (b) may consult with legal counsel (including its own counsel or counsel for the
Borrower or any other Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or
experts; (c) makes no warranty or representation to any Lender or any other Person and shall not be responsible to any Lender or any other Person for any statements, warranties or representations made by any Person in or in connection with this
Agreement or any other Loan Document; (d) 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 any of this Agreement or any other Loan Document or the
satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons or inspect the property, books or records of the Borrower or any other Person; (e) shall not be responsible to any
Lender for the 

  

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due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or
document furnished pursuant thereto or any collateral covered thereby or the perfection or priority of any Lien in favor of the Agent on behalf of the Lenders in any such collateral; and (f) shall incur no liability under or in respect of this
Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone or telecopy) believed by it to be genuine and signed, sent or given by the proper party or parties.

  
 Section 11.3. Notice of Defaults. 
  
 The Agent shall not be deemed to have knowledge or notice of the occurrence
of a Default or Event of Default unless the Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice
of default.” If any Lender (excluding the Lender which is also serving as the Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Agent such a “notice of default.” Further, if the Agent receives such
a “notice of default”, the Agent shall give prompt notice thereof to the Lenders. 
  
 Section 11.4. Wachovia as Lender. 
  
 Wachovia, as a Lender, shall have the same rights and powers under this Agreement and any other Loan Document as any other Lender and may exercise the same as though it were not the Agent; and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wachovia in each case in its individual capacity. Wachovia and its affiliates may each accept deposits from, maintain deposits or credit balances for,
invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with, the Borrower, any other Loan Party or any other affiliate thereof as if it were any other bank and
without any duty to account therefor to the other Lenders. Further, the Agent and any affiliate may accept fees and other consideration from the Borrower for services in connection with this Agreement and otherwise without having to account for the
same to the other Lenders. The Lenders acknowledge that, pursuant to such activities, Wachovia or its affiliates may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other Affiliates (including information that
may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Agent shall be under no obligation to provide such information to them. 
  
 Section 11.5. Approvals of Lenders. 
  
 All communications from the Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval (a) shall be given in
the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any,
regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written
materials and a summary of all oral information provided to the Agent by the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Agent’s recommended course of action or determination in 

  

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respect thereof. Each Lender shall reply promptly, but in any event within 10 Business Days (or such lesser or greater period as may be specifically required
under the Loan Documents) of receipt of such communication. Except as otherwise provided in this Agreement and except with respect to items requiring the unanimous consent or approval of the Lenders under Section 12.6., unless a Lender shall
give written notice to the Agent that it specifically objects to the recommendation or determination of the Agent (together with a written explanation of the reasons behind such objection) within the applicable time period for reply, such Lender
shall be deemed to have conclusively approved of or consented to such recommendation or determination. 
  
 Section 11.6. Lender Credit Decision, Etc. 
  
 Each Lender expressly acknowledges and agrees that neither the Agent nor any of its officers, directors, employees, agents, counsel, attorneys-in-fact or other affiliates has made any representations or warranties as
to the financial condition, operations, creditworthiness, solvency or other information concerning the business or affairs of the Borrower, any other Loan Party, any Subsidiary or any other Person to such Lender and that no act by the Agent
hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary, shall be deemed to constitute any such representation or warranty by the Agent to any Lender. Each Lender acknowledges that it has
made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the Agent, any other Lender or counsel to the Agent, or any of their respective
officers, directors, employees and agents, and based on the financial statements of the Borrower, the Subsidiaries or any other Affiliate thereof, and inquiries of such Persons, its independent due diligence of the business and affairs of the
Borrower, the Loan Parties, the Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed
appropriate. Each Lender also acknowledges that it will, independently and without reliance upon the Agent, any other Lender or counsel to the Agent or any of their respective officers, directors, employees and agents, and based on such review,
advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. Except for notices, reports and other documents and information expressly
required to be furnished to the Lenders by the Agent under this Agreement or any of the other Loan Documents, the Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business,
operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Agent, or any of its officers, directors, employees, agents,
attorneys-in-fact or other Affiliates. Each Lender acknowledges that the Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Agent and is not acting as counsel to such
Lender. 
  
 Section 11.7. Indemnification of Agent. 
  
 Each Lender agrees to indemnify the Agent (to the extent not reimbursed by
the Borrower and without limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s respective Commitment Percentage, from and against any and all liabilities, 

  

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obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may at any time
be imposed on, incurred by, or asserted against the Agent (in its capacity as Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by
the Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Agent’s gross negligence or
willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment or if the Agent fails to follow the written direction of the Requisite Lenders unless such failure results from the Agent following the advice
of counsel to the Agent of which advice the Lenders have received notice. Without limiting the generality of the foregoing but subject to the preceding proviso, each Lender agrees to reimburse the Agent (to the extent not reimbursed by the Borrower
and without limiting the obligation of the Borrower to do so), promptly upon demand for its ratable share of any out-of-pocket expenses (including counsel fees of the counsel(s) of the Agent’s own choosing) incurred by the Agent in connection
with the preparation, negotiation, execution, or enforcement of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Agent to enforce the terms of the Loan
Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the Agent and/or the Lenders, and any claim or suit brought against the Agent, and/or the Lenders arising under any Environmental Laws. Such
out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Agent notwithstanding any claim or assertion that the Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the
Agent that the Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans
and all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Agent for any Indemnifiable Amount following payment by any Lender to the Agent in respect of such
Indemnifiable Amount pursuant to this Section, the Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 
  
 Section 11.8. Successor Agent. 
  
 The Agent may resign at any time as Agent under the Loan Documents by giving at least 30 days’ prior written notice thereof to the Lenders and the
Borrower. The Agent may be removed as Agent under the Loan Documents for good cause by all of the Lenders (other than the Lender then acting as Agent) upon at least 30 days’ prior notice. Upon any such resignation or removal, the Requisite
Lenders (other than the Lender then acting as Agent, in the case of the removal of the Agent under the immediately preceding sentence) shall have the right to appoint a successor Agent which appointment shall, provided no Default or Event of Default
exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender and its affiliates as a successor Agent). If no
successor Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within 30 days after the resigning Agent’s giving of notice of resignation or the Lenders’
removal of the resigning Agent, then the resigning or removed Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be a Lender, if any Lender shall be willing to 

  

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serve, and otherwise shall be a commercial bank having total combined assets of at least $50,000,000,000. Upon the acceptance of any appointment as Agent
hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent and of the Swingline Lender, and the retiring Agent shall be discharged from
its duties and obligations under the Loan Documents. Such successor Agent shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the
current Agent to effectively assume the obligations of the current Agent with respect to such Letters of Credit. After any Agent’s resignation or removal hereunder as Agent, the provisions of this Article XI. shall continue to inure to its
benefit as to any actions taken or omitted to be taken by it while it was Agent under the Loan Documents. 
  
 Section 11.9. Titled Agents. 
  
 Each of the Titled Agents in each such respective capacity, assumes no responsibility or obligation hereunder, including, without limitation, for servicing, enforcement or collection of any of the Loans, nor any
duties as an agent hereunder for the Lenders. The titles of “Sole Lead Arranger”, “Book Runner,” “Syndication Agent” and “Co-Documentation Agent” are solely honorific and imply no fiduciary responsibility on
the part of the Titled Agents to the Agent, the Borrower or any Lender and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those of any other Lender or entitle the Titled Agents to any rights other
than those to which any other Lender is entitled. 
  
 ARTICLE XII. MISCELLANEOUS 
  
 Section 12.1. Notices. 
  
 Unless otherwise
provided herein, communications provided for hereunder shall be in writing and shall be mailed, telecopied or delivered as follows: 
  
 If to the Borrower: 
  
 Commercial Net Lease Realty, Inc. 
 450 S.
Orange Avenue, Suite 900 
 Orlando, Florida 32801 
 Attn: Kevin B. Habicht 

	 	Telephone:	(407) 265-7348 

	 	Telecopy:	(407) 650-1044 

  
 If to the Agent: 
  
 Wachovia Bank, National Association 
 301 S.
College St., NC0172 
 Charlotte, North Carolina 28288 
 Attn: Rex E. Rudy 

	 	Telephone:	(704) 383-6506 

	 	Telecopy:	(704) 383-6205 

  

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 If to a Lender: 
  

To such Lender’s address or telecopy number, as applicable, set forth on its signature page hereto or in the applicable Assignment and Acceptance
Agreement; 
  
 or, as to each party at such other address as shall be designated
by such party in a written notice to the other parties delivered in compliance with this Section. All such notices and other communications shall be effective (i) if mailed, when received; (ii) if telecopied, when transmitted; or
(iii) if hand delivered, when delivered. Notwithstanding the immediately preceding sentence, all notices or communications to the Agent or any Lender under Article II. shall be effective only when actually received. Neither the Agent nor
any Lender shall incur any liability to the any Loan Party (nor shall the Agent incur any liability to the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Agent or such Lender, as the case may be, believes in
good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. 
  
 Section 12.2. Expenses. 
  
 The Borrower agrees (a) to pay or reimburse the Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the
preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expenses and travel expenses relating to closing), and the consummation of the transactions contemplated
thereby, including the reasonable fees and disbursements of counsel to the Agent and costs and expenses in connection with the use of IntraLinks, Inc., SyndTrak or other similar information transmission systems in connection with the Loan Documents,
(b) to pay or reimburse the Agent, and the Lenders for all their costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents, including the reasonable fees and disbursements of their
respective counsel (including the allocated fees and expenses of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Agent pursuant to the Loan Documents, (c) to pay, and indemnify and hold harmless
the Agent, and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be
payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and
(d) to the extent not already covered by any of the preceding subsections, to pay or reimburse the Agent, and the Lenders for all their costs and expenses incurred in connection with any bankruptcy or other proceeding of the type described in
Sections 10.1.(f) or 10.1.(g), including the reasonable fees and disbursements of counsel to the Agent and any Lender, whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation
or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Agent, and/or the Lenders may pay such amounts on behalf of the Borrower and either deem the same to be Loans
outstanding hereunder or otherwise Obligations owing hereunder. 
  

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 Section 12.3. Setoff. 
  
 Subject to Section 3.3. and in addition to any rights now or hereafter granted under Applicable Law and not by way of
limitation of any such rights, the Agent, each Lender and each Participant is hereby authorized by the Borrower, at any time or from time to time while an Event of Default exists, without prior notice to the Borrower or to any other Person, any such
notice being hereby expressly waived, but in the case of a Lender or Participant subject to receipt of the prior written consent of the Agent exercised in its sole discretion, to set off and to appropriate and to apply any and all deposits (general
or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Agent, such Lender or any affiliate of the Agent or such Lender,
or such Participant, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise
become, due and payable as permitted by Section 10.2., and although such obligations shall be contingent or unmatured. 
  
 Section 12.4. Litigation; Jurisdiction; Other Matters; Waivers. 
  
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON
DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE AGENT AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN
ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF
ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 
  
 (b) EACH OF THE BORROWER, THE AGENT AND EACH LENDER HEREBY AGREES THAT ANY FEDERAL DISTRICT COURT LOCATED IN NORTH CAROLINA OR, AT THE OPTION OF THE
AGENT, ANY STATE COURT LOCATED IN CHARLOTTE, NORTH CAROLINA, SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT,
THE LOANS AND LETTERS OF CREDIT, THE NOTES OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. THE BORROWER AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING
COMMENCED IN SUCH COURTS. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND 

  

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EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE
AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
  
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES
THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT. 
  
 Section 12.5. Successors and Assigns. 
  
 (a) The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns, except that the Borrower may not assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of all Lenders
and any such assignment or other transfer to which all of the Lenders have not so consented shall be null and void. 
  
 (b) Any Lender may make, carry or transfer Loans at, to or for the account of any of its branch offices or the office of an affiliate of such Lender
except to the extent such transfer would result in increased costs to the Borrower. 
  
 (c) Any Lender may at any time grant to one or more banks or other financial institutions (each a “Participant”) participating interests in its Commitment or the Obligations owing to such Lender; provided,
however, (i) any such participating interest must be for a constant and not a varying percentage interest (ii) no Lender may grant a participating interest in its Commitment, or if the Commitments have been terminated, the aggregate
outstanding principal balance of Notes held by it, in an amount less than $5,000,000 and (iii) after giving effect to any such participation by a Lender, the amount of its Commitment, or if the Commitments have been terminated, the aggregate
outstanding principal balance of Notes held by it, in which it has not granted any participating interests much be equal to $5,000,000 and integral multiples of $1,000,000 in excess thereof. Except as otherwise provided in Section 12.3., no
Participant shall have any rights or benefits under this Agreement or any other Loan Document. In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for the performance of its
obligations hereunder, and the Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any Lender may grant
such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower hereunder including, without limitation, the right to approve any amendment, modification or
waiver of any provision of this Agreement; provided, however, such Lender may agree with the Participant that it will not, without the consent of the Participant, agree to (i) increase, or extend the term or extend the time or waive any
requirement for the reduction or 

  

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termination of, such Lender’s Commitment, (ii) extend the date fixed for the payment of principal of or interest on the Loans or portions thereof
owing to such Lender, (iii) reduce the amount of any such payment of principal, (iv) reduce the rate at which interest is payable thereon or (v) release any Guarantor (except as otherwise permitted under Section 7.11.(b)). An
assignment or other transfer which is not permitted by subsection (d) or (e) below shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection (c).
Upon request from the Agent, a Lender shall notify the Agent of the sale of any participation hereunder and, if requested by the Agent, certify to the Agent that such participation is permitted hereunder. 
  
 (d) Any Lender may with the prior written consent of the Agent and, so long
as no Default or Event of Default exists, the Borrower (which consent, in each case, shall not be unreasonably withheld), assign to one or more Eligible Assignees (each an “Assignee”) all or a portion of its Commitment and its other rights
and obligations under this Agreement and the Notes; provided, however, (i) no such consent by the Borrower shall be required in the case of any assignment to another Lender or any affiliate of such Lender or another Lender and no such consent
by the Agent shall be required in the case of any assignment by a Lender to any affiliate of such Lender; (ii) any partial assignment shall be in an amount at least equal to $5,000,000 and integral multiples of $1,000,000 in excess thereof and
after giving effect to such assignment the assigning Lender retains a Commitment, or if the Commitments have been terminated, holds Notes having an aggregate outstanding principal balance, of at least $5,000,000 and integral multiples of $1,000,000
in excess thereof; and (iii) each such assignment shall be effected by means of an Assignment and Acceptance Agreement. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount equal to
the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be deemed to be a Lender party to this Agreement as of the effective date of the Assignment and Acceptance Agreement and shall have all the rights and
obligations of a Lender with a Commitment as set forth in such Assignment and Acceptance Agreement, and the transferor Lender shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party
shall be required. Upon the consummation of any assignment pursuant to this subsection (d), the transferor Lender, the Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the Assignee and such transferor
Lender, as appropriate. In connection with any such assignment, the transferor Lender shall pay to the Agent an administrative fee for processing such assignment in the amount of $3,500. 
  
 (e) Any Lender (each, a “Designating Lender”) may at any time while the Borrower has been assigned an Investment
Grade Rating from either S&P or Moody’s designate one Designated Lender to fund Bid Rate Loans on behalf of such Designating Lender subject to the terms of this subsection (e) and the provisions in the immediately preceding
subsections (c) and (d) shall not apply to such designation. No Lender may designate more than one Designated Lender. The parties to each such designation shall execute and deliver to the Agent for its acceptance a Designation Agreement.
Upon such receipt of an appropriately completed Designation Agreement executed by a Designating Lender and a designee representing that it is a Designated Lender, the Agent will accept such Designation Agreement and give prompt notice thereof to the
Borrower, whereupon (i) the Borrower shall execute and deliver to the Designating Lender a Designated Lender Note payable to the order of the Designated Lender, (ii) from and 

  

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after the effective date specified in the Designation Agreement, the Designated Lender shall become a party to this Agreement with a right to make Bid Rate
Loans on behalf of its Designating Lender pursuant to Section 2.2. after the Borrower has accepted a Bid Rate Loan (or portion thereof) of the Designating Lender, and (iii) the Designated Lender shall not be required to make payments with
respect to any obligations in this Agreement except to the extent of excess cash flow of such Designated Lender which is not otherwise required to repay obligations of such Designated Lender which are then due and payable; provided, however, that
regardless of such designation and assumption by the Designated Lender, the Designating Lender shall be and remain obligated to the Borrower, the Agent and the Lenders for each and every of the obligations of the Designating Lender and its related
Designated Lender with respect to this Agreement, including, without limitation, any indemnification obligations under Section 11.7. and any sums otherwise payable to the Borrower by the Designated Lender. Each Designating Lender shall serve as
the administrative agent of the Designated Lender and shall on behalf of, and to the exclusion of, the Designated Lender: (i) receive any and all payments made for the benefit of the Designated Lender and (ii) give and receive all
communications and notices and take all actions hereunder, including, without limitation, votes, approvals, waivers, consents and amendments under or relating to this Agreement and the other Loan Documents. Any such notice, communication, vote,
approval, waiver, consent or amendment shall be signed by the Designating Lender as administrative agent for the Designated Lender and shall not be signed by the Designated Lender on its own behalf and shall be binding on the Designated Lender to
the same extent as if signed by the Designated Lender on its own behalf. The Borrower, the Agent and the Lenders may rely thereon without any requirement that the Designated Lender sign or acknowledge the same. No Designated Lender may assign or
transfer all or any portion of its interest hereunder or under any other Loan Document, other than assignments to the Designating Lender which originally designated such Designated Lender. The Borrower, the Lenders and the Agent each hereby agrees
that it will not institute against any Designated Lender or join any other Person in instituting against any Designated Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any federal or state bankruptcy or
similar law, until the later to occur of (x) one year and one day after the payment in full of the latest maturing commercial paper note issued by such Designated Lender and (y) the Termination Date. 
  
 (f) The Agent shall maintain at the Principal Office a copy of each
Assignment and Acceptance Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of each Lender from time to time (the “Register”). The Agent shall give
each Lender and the Borrower notice of the assignment by any Lender of its rights as contemplated by this Section. The Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all
purposes of this Agreement. The Register and copies of each Assignment and Acceptance Agreement shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice to the Agent.
Upon its receipt of an Assignment and Acceptance Agreement executed by an assigning Lender, together with each Note subject to such assignment, the Agent shall, if such Assignment and Acceptance Agreement has been completed and if the Agent receives
the processing and recording fee described in subsection (d) above, (i) accept such Assignment and Acceptance Agreement, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the
Borrower. 
  

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 (g) In addition to the assignments and participations permitted under the foregoing provisions of this
Section, any Lender may assign and pledge all or any portion of its Loans and its Notes to any Federal Reserve Bank as collateral security pursuant to Regulation A and any Operating Circular issued by such Federal Reserve Bank, and such Loans and
Notes shall be fully transferable as provided therein. No such assignment shall release the assigning Lender from its obligations hereunder. 
  
 (h) A Lender may furnish any information concerning the Borrower, any other Loan Party or any of their respective Subsidiaries in the possession of such
Lender from time to time to Assignees and Participants (including prospective Assignees and Participants) subject to compliance with Section 12.8. 
  
 (i) Anything in this Section to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder to the
Borrower, any other Loan Party or any of their respective Affiliates or Subsidiaries. 
  
 (j) Each Lender agrees that, without the prior written consent of the Borrower and the Agent, it will not make any assignment hereunder in any manner or under any circumstances that would require registration or
qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other jurisdiction. 
  
 Section 12.6. Amendments. 
  
 Except as otherwise expressly provided in this Agreement, any consent or approval required or permitted by this Agreement or any other Loan Document to be
given by the Lenders may be given, and any term of this Agreement or of any other Loan Document may be amended, and the performance or observance by the Borrower or any other Loan Party or any Subsidiary of any terms of this Agreement or such other
Loan Document or the existence of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (and, in the
case of an amendment to any Loan Document, the written consent of the Borrower). Notwithstanding the foregoing, without the prior written consent of each Lender adversely affected thereby, no amendment, waiver or consent shall, unless in writing,
and signed by all of the Lenders (or the Agent at the written direction of the Lenders), do any of the following: (i) change the Commitments of the Lenders (except for (x) any increase in the Commitments effectuated pursuant to
Section 2.15. or (y) any decrease in the Commitments effectuated pursuant to Section 2.14. or that is pro rata in accordance with the respective amounts of the Lenders’ Commitments) or subject the Lenders to any additional
obligations; (ii) reduce the principal of, or interest rates that have accrued or that will be charged on the outstanding principal amount of, any Loans or Fees or other Obligations; (iii) reduce the amount of any Fees payable hereunder;
(iv) modify the definition of the term “Termination Date” (except as contemplated under Section 2.12.) or otherwise postpone any date fixed for any payment of any principal of, or interest on, any Loans or any other Obligations
(including the waiver of any 

  

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Default or Event of Default as a result of the nonpayment of any such Obligations as and when due), or extend the expiration date of any Letter of Credit
beyond the Termination Date; (v) amend or otherwise modify the provisions of Section 3.2.; (vi) modify the definition of the term “Requisite Lenders”, or modify in any other manner the number or percentage of the Lenders
required to make any determinations or waive any rights hereunder or to modify any provision hereof, including without limitation, any modification of this Section 12.6. if such modification would have such effect; (vii) release any
Guarantor from its obligations under the Guaranty (except as otherwise permitted under Section 7.11.(b)); or (viii) amend or otherwise modify the provisions of Section 2.16.(a). Further, no amendment, waiver or consent unless in
writing and signed by the Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Agent under this Agreement or any of the other Loan Documents. Any amendment, waiver or consent relating
to Section 2.3. or the obligations of the Swingline Lender under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written consent of the Swingline Lender. No
waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein. No
course of dealing or delay or omission on the part of the Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Except as otherwise explicitly provided for herein or in any other Loan
Document, no notice to or demand upon the Borrower shall entitle the Borrower to any other or further notice or demand in similar or other circumstances. 
  
 Section 12.7. Nonliability of Agent and Lenders. 
  
 The relationship between the Borrower and the Lenders and the Agent shall be solely that of borrower and lender. Neither the Agent nor any Lender shall
have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by
the Agent or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party. Neither the Agent nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase
of the Borrower’s business or operations. 
  
 Section 12.8.
Confidentiality. 
  
 Except as otherwise provided by
Applicable Law, the Agent and each Lender shall utilize all non-public information obtained pursuant to the requirements of this Agreement which has been identified as confidential or proprietary by the Borrower in accordance with its customary
procedure for handling confidential information of this nature and in accordance with safe and sound banking practices but in any event may make disclosure: (a) to any of their respective affiliates (provided they shall agree to keep such
information confidential in accordance with the terms of this Section 12.8.); (b) as reasonably requested by any bona fide Assignee, Participant or other transferee in connection with the contemplated transfer of any Commitment or
participations therein as permitted hereunder (provided they shall agree to keep such information confidential in accordance with the terms of this Section); (c) as required or requested by any Governmental Authority or representative thereof
or pursuant to legal process or in connection with any legal proceedings; (d) to the Agent’s or such Lender’s independent auditors and other 

  

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professional advisors (provided they shall be notified of the confidential nature of the information); (e) after the happening and while an Event of
Default exists, to any other Person, in connection with the exercise by the Agent or the Lenders of rights hereunder or under any of the other Loan Documents; (f) upon Borrower’s prior consent (which consent shall not be unreasonably
withheld), to any contractual counter-parties to any swap or similar hedging agreement or to any rating agency; and (g) to the extent such information (x) becomes publicly available other than as a result of a breach of this Section or
(y) becomes available to the Agent or any Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate. Notwithstanding the foregoing, the Agent and each Lender may disclose any such confidential information, without
notice to the Borrower or any other Loan Party, to Governmental Authorities in connection with any regulatory examination of the Agent or such Lender or in accordance with the regulatory compliance policy of the Agent or such Lender. Further,
notwithstanding anything to the contrary set forth herein or in any other written or oral understanding or agreement to which the parties hereto are parties or by which they are bound, the parties hereto acknowledge and agree that (i) any
obligations of confidentiality contained herein and therein do not apply and have not applied from the commencement of discussions between the parties to the tax treatment and tax structure of the transactions contemplated by the Loan Documents (and
any related transactions or arrangements), and (ii) each party (and each of its employees, representatives, or other agents) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the
transactions contemplated by the Loan Documents and all materials of any kind (including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure, all within the meaning of Treasury Regulations
Section 1.6011-4; provided, however, that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transactions contemplated by the Loan Documents
as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the transactions contemplated by the Loan Documents; provided, further,
however, to the extent not inconsistent with the immediately preceding clause (ii), the parties hereto do not intend anything contained in this sentence to be a waiver of the privilege each has to maintain, in its sole discretion, the
confidentiality of a communication with its attorney or a confidential communication with a federally authorized tax practitioner under Section 7525 of the Internal Revenue Code relating to the transactions contemplated by the Loan Documents.

  
 Section 12.9. Indemnification. 
  
 (a) The Borrower shall and hereby agrees to indemnify, defend and hold
harmless the Agent, each of the Lenders, any affiliate of the Agent or any Lender, and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against
any and all of the following (collectively, the “Indemnified Costs”): losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement,
court costs and the reasonable fees and disbursements of counsel incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in connection therewith, but excluding losses, costs, claims, damages,
liabilities, deficiencies, judgments or expenses indemnification in respect of which is specifically covered by Section 3.12. or 4.1. or expressly excluded from the coverage of such Sections 3.12. or 4.1.) incurred by an Indemnified Party
in 

  

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connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree or other
proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated thereby; (ii) the
making of any Loans or issuance of Letters of Credit hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans or Letters of Credit; (iv) the Agent’s or any Lender’s entering into this Agreement;
(v) the fact that the Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Agent and the Lenders are creditors of the Borrower and have or are alleged to have
information regarding the financial condition, strategic plans or business operations of the Borrower and the Subsidiaries; (vii) the fact that the Agent and the Lenders are material creditors of the Borrower and are alleged to influence
directly or indirectly the business decisions or affairs of the Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the Agent or the Lenders may have under this Agreement or the other Loan
Documents; provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party for any acts or omissions of such Indemnified Party in connection with matters described in this clause (viii) that constitute gross
negligence or willful misconduct; (ix) any civil penalty or fine assessed by OFAC against, and all reasonable costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof by, the Agent or any Lender
as a result of conduct of the Borrower, any other Loan Party or any Subsidiary that violate a sanction enforced by OFAC; or (x) any violation or non-compliance by the Borrower or any Subsidiary of any Applicable Law (including any Environmental
Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity
Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Borrower or its Subsidiaries (or its respective properties) (or the Agent and/or the Lenders as successors to the Borrower) to be in
compliance with such Environmental Laws. 
  
 (b) The
Borrower’s indemnification obligations under this Section 12.9. shall apply to all Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In
this connection, this indemnification shall cover all Indemnified Costs of any Indemnified Party in connection with any deposition of any Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of
documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower or any Subsidiary, any shareholder of the Borrower or any Subsidiary (whether such shareholder(s) are
prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of the Borrower), any account debtor of the Borrower or any Subsidiary or by any Governmental Authority. If indemnification is to be sought hereunder by an
Indemnified Party, then such Indemnified Party shall notify the Borrower of the commencement of any Indemnity Proceeding; provided, however, that the failure to so notify the Borrower shall not relieve the Borrower from any liability that it may
have to such Indemnified Party pursuant to this Section 12.9. 
  
 (c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against the Borrower and/or any Subsidiary. 
  

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 (d) All out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified
Party shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an undertaking by such
Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder together with
reasonable costs of collection actually incurred, including court costs and attorneys fees. 
  
 (e) An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnity Proceeding covered by this Section and, as provided above, all Indemnified
Costs incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending against any such Indemnity Proceeding shall vitiate or in any way impair the
obligations and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified Party; provided, however, that (i) if the Borrower is required to indemnify an Indemnified Party pursuant hereto and (ii) the Borrower
has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the financial wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such
Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed). 
  
 (f) If and to the extent that the obligations of the Borrower under this
Section are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 
  
 (g) The Borrower’s obligations under this Section shall survive any
termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any other of their obligations set forth in this Agreement or any other Loan Document
to which it is a party. 
  
 Section 12.10. Termination; Survival.

  
 At such time as (a) all of the Commitments have been
terminated, (b) all Letters of Credit have terminated, (c) none of the Lenders nor the Swingline Lender is obligated any longer under this Agreement to make any Loans and (d) all Obligations (other than obligations which survive as
provided in the following sentence) have been paid and satisfied in full, this Agreement shall terminate. The indemnities to which the Agent, the Lenders and the Swingline Lender are entitled under the provisions of Sections 3.12., 4.1., 4.4.,
11.7., 12.2. and 12.9. and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 12.4., shall continue in full force and effect and shall protect the Agent, the Lenders and the Swingline Lender
(i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with
respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement. 
  

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 Section 12.11. Severability of Provisions. 
  
 Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions or affecting the validity or enforceability of such provision in any other jurisdiction.

  
 Section 12.12. GOVERNING LAW. 
  
 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF FLORIDA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  
 Section 12.13. Patriot Act. 
  
 Each Lender and the Agent hereby notify the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), it is required to obtain, verify and
record information that identifies the Borrower and the other Loan Parties, which information includes the name and address of the Borrower and the other Loan Parties and other information that will allow such Lender or the Agent, as applicable, to
identify the Borrower and the other Loan Parties in accordance with such Act. 
  
 Section 12.14. Counterparts. 
  
 This
Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all
of which counterparts together shall constitute but one and the same instrument. 
  
 Section 12.15. Obligations with Respect to Loan Parties. 
  
 The obligations of the Borrower to direct or prohibit the taking of certain actions by the other Loan Parties as specified herein shall be absolute and not subject to any defense the Borrower may have that the
Borrower does not control such Loan Parties. 
  
 Section 12.16. Limitation
of Liability. 
  
 Neither the Agent nor any Lender, nor any
affiliate, officer, director, employee, attorney, or agent of the Agent or any Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect,
incidental, or consequential damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or
any of the other Loan Documents. The Borrower hereby waives, releases, and agrees not to sue the Agent or any Lender or any of the Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive
damages in respect of any claim in connection with, arising out of, or in 

  

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any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or financed hereby.

  
 Section 12.17. Entire Agreement. 
  
 This Agreement, the Notes, and the other Loan Documents referred to herein
embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be
contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto. 
  
 Section 12.18. Construction. 
  
 The Agent, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an
opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Agent, the Borrower and each Lender. 
  
 Section 12.19. NO NOVATION. 
  
 THE PARTIES HERETO HAVE ENTERED INTO THIS AGREEMENT SOLELY TO AMEND AND
RESTATE THE TERMS OF THE EXISTING CREDIT AGREEMENT. THE PARTIES DO NOT INTEND THIS AGREEMENT NOR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND THIS AGREEMENT AND THE TRANSACTION CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY
OF THE OBLIGATIONS OWING BY BORROWER UNDER OR IN CONNECTION WITH THE EXISTING CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE EXISTING CREDIT AGREEMENT). 
  
 [Signatures on Following Pages] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Eighth Amended and Restated Credit Agreement to
be executed by their authorized officers all as of the day and year first above written. 
  

					
	 COMMERCIAL NET LEASE REALTY, INC.

		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  
 STATE OF GEORGIA 
  
 COUNTY OF FULTON

  
 BEFORE ME, a Notary Public in and for said County, personally
appeared                                 , known to me to be a person who, as
                     of Commercial Net Lease Realty, Inc., the entity which executed the foregoing Eighth Amended and Restated Credit
Agreement, signed the same, and acknowledged to me that he did so sign said instrument in the name and upon behalf of said corporation as an officer of said corporation. 
  
 IN TESTIMONY WHEREOF, I have subscribed my name, and affixed my official seal, as of December 13, 2005. 
  

	
	
	 
	 Notary Public

	
	 My Commission Expires:

	
	 [NOTARIAL SEAL]

  
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Continued on Next Page] 
  

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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent, as a Lender and as Swingline Lender

		
	By:	 	 
	 	 	 Name: Rex E. Rudy

	 	 	 Title: Director

	
	Commitment Amount:
	
	 $34,000,000.00

	
	Lending Office (all Types of Loans):
	
	 301 S. College Street, NC0172
 Charlotte, North Carolina 28288
 Attn: Rex E. Rudy
 Telephone:       (704) 383-6506
 Telecopy:         (704) 383-6205

  
 [Signatures
Continued on Next Page] 
  

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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

		
	By:	 	 
	 	 	 Name: Edwin S. Poole III

	 	 	 Title: Vice President

	
	Commitment Amount:
	
	 $30,000,000.00

	
	Lending Office (all Types of Loans):
	
	 733 Marquette Ave. 10th Floor
 Minneapolis, MN
55402
 Attn: David DeAngelis
 Telephone:       (612) 667-4773
 Telecopy:         (612) 316-1089

  
 [Signatures
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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

			
	 AMSOUTH BANK

		
	By:	 	 
	 	 	 Name: John A. Koromilas

	 	 	 Title: Vice President

	
	Commitment Amount:
	
	 $30,000,000.00

	
	Lending Office (all Types of Loans):
	
	 111 N. Orange Avenue
 Suite 1010
 Orlando, Florida 32801
 Attn: Aileen W. Leach
 Telephone:       (407) 246-8923
 Telecopy:         (407) 835-3015

  
 [Signatures
Continued on Next Page] 
  

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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

			
	 SUNTRUST BANK

		
	By:	 	 
	 	 	 Name: Blake K. Thompson

	 	 	 Title: Vice President

	
	Commitment Amount:
	
	 $30,000,000.00

	
	Lending Office (all Types of Loans):
	
	 8245 Boone Blvd.
 Suite 820
 Vienna, Virginia 22182
 Attn: Connie A. Dores
 Telephone:       (703) 902-9166
 Telecopy:         (703) 902-9245

  
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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

					
	 BANK OF AMERICA, N.A.

			
	By:	 	 	 	 
	 	 	 Name:
	 	 

					
	 	 	 Title:
	 	 
	
	Commitment Amount:
	
	 $30,000,000.00

	
	Lending Office (all Types of Loans):
	
	 901 Main Street
 TX1-492-14-05
 Dallas, Texas 75202
 Attn: Kenneth Smith
 Telephone:       (214) 209-0592
 Telecopy:         (214) 290-9673

  
 [Signatures
Continued on Next Page] 
  

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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

			
	 COMERICA INC.

		
	By:	 	 
	 	 	 Name: Leslie A. Vogel

	 	 	 Title: Vice President

	
	Commitment Amount:
	
	 $27,500,000.00

	
	Lending Office (all Types of Loans):
	
	 500 Woodward Ave.
 MC 3256
 Detroit, Michigan 48226
 Attn: Betsy Branson
 Telephone:       (313) 222-5978
 Telecopy:         (313) 222-3697

  
 [Signatures
Continued on Next Page] 
  

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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

			
	 PNC BANK, NATIONAL ASSOCIATION

		
	By:	 	 
	 	 	 Name: Ken Carl

	 	 	 Title: Vice President

	
	Commitment Amount:
	
	 $27,500,000.00

	
	Lending Office (all Types of Loans):
	
	 Firstside Center
 500 First Avenue
 Mailstop: P7-PFSC-04-Z
 Pittsburgh, Pennsylvania 15219
 Attn: April Atwater
 Telephone:       (412) 762-4766
 Telecopy:         (412) 768-4586

  
 [Signatures
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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

			
	 BRANCH BANKING AND TRUST COMPANY

		
	By:	 	 
	 	 	 Name: Michael J. Miller

	 	 	 Title: Senior Vice President – Corporate Banking

	
	Commitment Amount:
	
	 $20,000,000.00

	
	Lending Office (all Types of Loans):
	
	 255 S. Orange Avenue
 Suite 112
 Orlando, FL 32801
 Attn: Dianne Wallace
 Telephone:       (407) 563-2831
 Telecopy:         (407) 241-0304

  
 [Signatures
Continued on Next Page] 
  

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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

			
	 US BANK, NATIONAL ASSOCIATION

		
	By:	 	 
	 	 	 Name: Walter F. Whitt

	 	 	 Title: Vice President

	
	Commitment Amount:
	
	 $20,000,000.00

	
	Lending Office (all Types of Loans):
	
	 400 City Center
 Oshkosh, WI 54901
 Attn: Merle Malloy
 Telephone:       (920) 237-7962
 Telecopy:         (920) 237-7993

  
 [Signatures
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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

			
	 CITICORP NORTH AMERICA, INC.

		
	By:	 	 
	 	 	 Name: Jeanne Craig

	 	 	 Title: Vice President

	
	Commitment Amount:
	
	 $17,000,000.00

	
	Lending Office (all Types of Loans):
	
	 2 Penns Way, Suite 100
 New Castle, DE 19720
 Attn: Jessica Zimmers
 Telephone:       (302) 894-6052
 Telecopy:         (212) 994-0849

  
 [Signatures
Continued on Next Page] 
  

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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

			
	 FIFTH THIRD BANK, a Michigan Banking Corporation

		
	By:	 	 
	 	 	 Name: John Marian

	 	 	 Title: Vice President

	
	Commitment Amount:
	
	 $17,000,000.00

	
	Lending Office (all Types of Loans):
	
	 5050 Kingsley Drvie
 Cincinnati, Ohio 45227
 Attn: Jannia Braun or Laurie Sebree
 Telephone:       (513) 358-9485
 Telecopy:         (513) 358-0221

  
 [Signatures
Continued on Next Page] 
  

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 [Signature Page to Eighth
Amended and Restated Credit Agreement dated as of 
 December 13, 2005 with Commercial Net Lease Realty, Inc.] 
  

					
	 CHEVY CHASE BANK, FSB

			
	By:	 	 	 	 
	 	 	 Name:
	 	 

					
	 	 	 Title:
	 	 
	
	Commitment Amount:
	
	 $17,000,000.00

	
	Lending Office (all Types of Loans):
	
	 7501 Wisconsin Ave.
 12th Floor
 Bethesda, Maryland 20814
 Attn: J. Jordan O’Neill III
 Telephone:       (240) 497-7733
 Telecopy:         (240) 497-7714

  

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 SCHEDULE 1.1.(A) 

 SCHEDULE 1.1.(B) 
  

List of Loan Parties 
  

 - 

 SCHEDULE 6.1.(b) 
  

Ownership Structure 

 SCHEDULE 6.1.(f) 
  

Title to Properties 

 SCHEDULE 6.1.(g) 
  

Debt and Guaranties 

 SCHEDULE 6.1.(h) 
  

Litigation 

 SCHEDULE 6.1.(x) 
  

Unencumbered Assets 

 EXHIBIT A 
  
 FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT 
  
 THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT dated as of ___________, 200_ (the “Agreement”) by and among _________________________ (the
“Assignor”), _________________________ (the “Assignee”), and WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”). 
  
 WHEREAS, the Assignor is a Lender under that certain Eighth Amended and Restated Credit Agreement dated as of December 13, 2005 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under
Section 12.5. thereof (the “Lenders”), the Agent, and the other parties thereto; 
  
 WHEREAS, the Assignor desires to assign to the Assignee, among other things, all or a portion of the Assignor’s Commitment under the Credit
Agreement, all on the terms and conditions set forth herein; and 
  
 WHEREAS, the Agent consents to such assignment on the terms and conditions set forth herein; 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties
hereto hereby agree as follows: 
  
 Section 1.
Assignment. 
  
 (a) Subject to the terms and conditions of
this Agreement and in consideration of the payment to be made by the Assignee to the Assignor pursuant to Section 2 of this Agreement, effective as of
                , 200     (the “Assignment Date”), the Assignor hereby irrevocably sells, transfers and assigns to the
Assignee, without recourse, a $                 interest (such interest being the “Assigned Commitment”) in and to the Assignor’s Commitment and
all of the other rights and obligations of the Assignor under the Credit Agreement, such Assignor’s Revolving Note and the other Loan Documents (representing             % in
respect of the aggregate amount of all Lenders’ Commitments), including without limitation, a principal amount of outstanding Revolving Loans equal to $             and all
voting rights of the Assignor associated with the Assigned Commitment, all rights to receive interest on such amount of Revolving Loans and all commitment and other Fees with respect to the Assigned Commitment and other rights of the Assignor under
the Credit Agreement and the other Loan Documents with respect to the Assigned Commitment, all as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Commitment equal to the amount of the Assigned Commitment.
The Assignee, subject to the terms and conditions hereof, hereby assumes all obligations of the Assignor with respect to the Assigned Commitment as if the Assignee were an original Lender under and signatory to the Credit Agreement having a
Commitment equal to the Assigned Commitment, which obligations shall include, but shall not be limited to, the obligation of the Assignor to make Revolving Loans to the Borrower with 

  

 A-1 

 
respect to the Assigned Commitment, the obligation to pay the Agent amounts due in respect of draws under Letters of Credit as required under
Section 2.4.(i) of the Credit Agreement and the obligation to indemnify the Agent as provided therein (the foregoing enumerated obligations, together with all other similar obligations more particularly set forth in the Credit Agreement and the
other Loan Documents, collectively, the “Assigned Obligations”). [In addition, the Assignor hereby irrevocably sells, transfers and assigns to the Assignee, without recourse, a
$                 interest in and to the Assignor’s Bid Rate Note, including without limitation, a principal amount of outstanding Bid Rate Loans owing to
the Assignor in an aggregate amount equal to $                , all rights to receive interest on such amount of Bid Rate Loans and other rights of the Assignor
under the Credit Agreement and the other Loan Documents with respect to such Bid Rate Loans, all as if the Assignee had originally made such amount of Bid Rate Loans to the Borrower. The obligations assigned pursuant to the immediately preceding
sentence shall constitute Assigned Obligations hereunder.] The Assignor shall have no further duties or obligations with respect to, and shall have no further interest in, the Assigned Obligations or the Assigned Commitment from and after the
Assignment Date. 
  
 (b) The assignment by the Assignor to the
Assignee hereunder is without recourse to the Assignor. The Assignee makes and confirms to the Agent, the Assignor, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XI. of the Credit
Agreement. Not in limitation of the foregoing, the Assignee acknowledges and agrees that, except as set forth in Section 4 below, the Assignor is making no representations or warranties with respect to, and the Assignee hereby releases and
discharges the Assignor for any responsibility or liability for: (i) the present or future solvency or financial condition of the Borrower, any Subsidiary or any other Loan Party, (ii) any representations, warranties, statements or
information made or furnished by the Borrower, any Subsidiary or any other Loan Party in connection with the Credit Agreement or otherwise, (iii) the validity, efficacy, sufficiency, or enforceability of the Credit Agreement, any other Loan
Document or any other document or instrument executed in connection therewith, or the collectibility of the Assigned Obligations, (iv) the perfection, priority or validity of any Lien with respect to any collateral at any time securing the
Obligations or the Assigned Obligations under the Notes or the Credit Agreement and (v) the performance or failure to perform by the Borrower or any other Loan Party of any obligation under the Credit Agreement or any other Loan Document to
which it is a party. Further, the Assignee acknowledges that it has, independently and without reliance upon the Agent, or on any affiliate or subsidiary thereof, the Assignor or any other Lender and based on the financial statements supplied by the
Borrower and such other documents and information as it has deemed appropriate, made its own credit and legal analysis and decision to become a Lender under the Credit Agreement. The Assignee also acknowledges that it will, independently and without
reliance upon the Agent, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or
any other Loan Documents or pursuant to any other obligation. Except as expressly provided in the Credit Agreement, the Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with
any credit or other information with respect to the Borrower or any other Loan Party or to notify the Assignee of any Default or Event of Default. The Assignee has not relied on the Agent as to any legal or factual matter in connection therewith or
in connection with the transactions contemplated thereunder. 
  

 A-2 

 Section 2. Payment by Assignee. In consideration of the assignment made pursuant to
Section 1 of this Agreement, the Assignee agrees to pay to the Assignor on the Assignment Date, an amount equal to $                 representing
(i) the aggregate principal amount outstanding of the Loans owing to the Assignor under the Credit Agreement and the other Loan Documents being assigned hereby plus (ii) the aggregate amount of payments previously made by Assignor under
Section 2.4.(j) of the Credit Agreement which have not been repaid and which are being assigned hereby. 
  
 Section 3. Payments by Assignor. The Assignor agrees to pay to the Agent on the Assignment Date the administration fee, if any, payable under
the applicable provisions of the Credit Agreement. 
  
 Section 4. Representations and Warranties of Assignor. The Assignor hereby represents and warrants to the Assignee that (a) as of the Assignment Date (i) the Assignor is a Lender under the Credit Agreement having a
Commitment under the Credit Agreement [and the outstanding principal balance of Bid Rate Loans owing to the Assignor] (without reduction by any assignments thereof which have not yet become effective), equal to
$                 [and $                , respectively], and that the
Assignor is not in default of its obligations under the Credit Agreement; and (ii) the outstanding balance of Revolving Loans owing to the Assignor (without reduction by any assignments thereof which have not yet become effective) is
$                ; and (b) it is the legal and beneficial owner of the Assigned Commitment which is free and clear of any adverse claim created by the
Assignor. 
  
 Section 5. Representations, Warranties and
Agreements of Assignee. The Assignee (a) represents and warrants that it is (i) legally authorized to enter into this Agreement, (ii) an “accredited investor” (as such term is used in Regulation D of the Securities Act)
and (iii) an Eligible Assignee; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant thereto and such other documents and information (including
without limitation the Loan Documents) as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (c) appoints and authorizes the Agent to take such action as contractual representative on its behalf
and to exercise such powers under the Loan Documents as are delegated to the Agent by the terms thereof together with such powers as are reasonably incidental thereto; and (d) agrees that, if not already a Lender and to the extent of the
Assigned Commitment, it will become a party to and shall be bound by the Credit Agreement and the other Loan Documents to which the other Lenders are a party on the Assignment Date and will perform in accordance therewith all of the obligations
which are required to be performed by it as a Lender. 
  
 Section 6. Recording and Acknowledgment by the Agent. Following the execution of this Agreement, the Assignor will deliver to the Agent (a) a duly executed copy of this Agreement for acknowledgment and recording by the
Agent and (b) the Assignor’s Revolving Note [and Bid Rate Note]. Upon such acknowledgment and recording, from and after the Assignment Date, the Agent shall make all payments in respect of the interest assigned hereby (including payments
of principal, interest, Fees and other amounts) to the Assignee. The 

  

 A-3 

 
Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement for periods prior to the Assignment Date directly between
themselves. 
  
 Section 7. Addresses. The Assignee
specifies as its address for notices and its Lending Office for all Loans, the offices set forth below: 
  

							
	Notice Address:	 	 	 	 
			
	 	 	 	 	 
			
	 	 	 	 	 
				
	 	 	Telephone No.:	 	 	 	 
				
	 	 	Telecopy No.:	 	 	 	 
			
	Lending Office:	 	 	 	 
			
	 	 	 	 	 
			
	 	 	 	 	 
				
	 	 	Telephone No.:	 	 	 	 
				
	 	 	Telecopy No.:	 	 	 	 

  
 Section 8.
Payment Instructions. All payments to be made to the Assignee under this Agreement by the Assignor, and all payments to be made to the Assignee under the Credit Agreement, shall be made as provided in the Credit Agreement in accordance with
the following instructions: 
  
 ____________________________________ 
 ____________________________________ 
  
 Section 9. Effectiveness of Assignment. This Agreement, and the
assignment and assumption contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Agent, and if required under Section 12.5.(d) of the Credit Agreement, the
Borrower, and (b) the payment to the Assignor of the amounts, if any, owing by the Assignee pursuant to Section 2 hereof and (c) the payment to the Agent of the amounts, if any, owing by the Assignor pursuant to Section 3 hereof.
Upon recording and acknowledgment of this Agreement by the Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and obligations of a
Lender thereunder and (ii) the Assignor shall, to the extent provided in this Agreement, relinquish its rights (except as otherwise provided in Section 12.10. of the Credit Agreement) and be released from its obligations under the Credit
Agreement; provided, however, that if the Assignor does not assign its entire interest under the Loan Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to
its Commitment. 
  
 Section 10. Governing Law. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  

 A-4 

 Section 11. Counterparts. This Agreement may be executed in any number of counterparts each
of which, when taken together, shall constitute one and the same agreement. 
  
 Section 12. Headings. Section headings have been inserted herein for convenience only and shall not be construed to be a part hereof. 
  
 Section 13. Amendments; Waivers. This Agreement may not be amended, changed, waived or modified except by a
writing executed by the Assignee and the Assignor; provided, however, any amendment, waiver or consent which shall affect the rights or duties of the Agent under this Agreement shall not be effective unless signed by the Agent.

  
 Section 14. Entire Agreement. This Agreement
embodies the entire agreement between the Assignor and the Assignee with respect to the subject matter hereof and supersedes all other prior arrangements and understandings relating to the subject matter hereof. 
  
 Section 15. Binding Effect. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
  
 Section 16. Definitions. Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement.

  
 [Include this Section only if Borrower’s consent is
required under Section 12.5.(d) Section 17. Agreements of the Borrower. The Borrower hereby agrees that the Assignee shall be a Lender under the Credit Agreement having a Commitment equal to the Assigned Commitment. The Borrower
agrees that the Assignee shall have all of the rights and remedies of a Lender under the Credit Agreement and the other Loan Documents as if the Assignee were an original Lender under and signatory to the Credit Agreement, including, but not limited
to, the right of a Lender to receive payments of principal and interest with respect to the Assigned Obligations, and to the Revolving Loans made by the Lenders after the date hereof and to receive the commitment and other Fees payable to the
Lenders as provided in the Credit Agreement. Further, the Assignee shall be entitled to the indemnification provisions from the Borrower in favor of the Lenders as provided in the Credit Agreement and the other Loan Documents. The Borrower further
agrees, upon the execution and delivery of this Agreement, to execute in favor of the Assignee, and if applicable the Assignor, Notes as required by Section 12.5.(d) of the Credit Agreement. Upon receipt by the Assignor of the amounts due the
Assignor under Section 2, the Assignor agrees to surrender to the Borrower such Assignor’s Notes.] 
  
 [Signatures on Following Pages] 
  

 A-5 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment and Acceptance Agreement as of
the date and year first written above. 
  

					
	 ASSIGNOR:

	
	 [NAME OF ASSIGNOR]

			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
	
	 ASSIGNEE:

	
	 [NAME OF ASSIGNEE]

			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  
 Accepted as of the date first
written above. 
  

					
	 AGENT:

	
	 WACHOVIA BANK, NATIONAL
ASSOCIATION, as Agent

			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  
 [Signatures Continued
on Following Page] 
  

 A-6 

					
	 [Include signature of the Borrower only if required under Section 12.5.(d) of the Credit
Agreement]

	 Agreed and consented to as of the date first written above.

	
	 BORROWER:

	
	 COMMERCIAL NET LEASE REALTY, INC.

			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 A-7 

 EXHIBIT B 
  
 FORM OF DESIGNATION AGREEMENT 
  
 THIS DESIGNATION AGREEMENT dated as of
                    , 200     (the “Agreement”) by and among
                                        
         (the “Lender”),
                                        
             (the “Designated Lender”) and Wachovia Bank, National Association, as Agent (the “Agent”). 
  
 WHEREAS, the Lender is a Lender under that certain Eighth Amended and Restated Credit Agreement dated as of
December 13, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial institutions party
thereto and their assignees under Section 12.5. thereof (the “Lenders”), the Agent, and the other parties thereto; 
  
 WHEREAS, pursuant to Section 12.5.(e), the Lender desires to designate the Designated Lender as its “Designated Lender” under and as
defined in the Credit Agreement; and 
  
 WHEREAS, the Agent
consents to such designation on the terms and conditions set forth herein. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
  
 Section 1. Designation. Subject to the terms and conditions of
this Agreement, the Lender hereby designates the Designated Lender, and the Designated Lender hereby accepts such designation, to have a right to make Bid Rate Loans on behalf of the Lender pursuant to Section 2.2. of the Credit Agreement. Any
assignment by the Lender to the Designated Lender of rights to make a Bid Rate Loan shall only be effective at the time such Bid Rate Loan is funded by the Designated Lender. The Designated Lender, subject to the terms and conditions hereof, hereby
agrees to make such accepted Bid Rate Loans and to perform such other obligations as may be required of it as a Designated Lender under the Credit Agreement. 
  
 Section 2. Lender Not Discharged. Notwithstanding the designation of the Designated Lender hereunder, the Lender shall be and remain obligated
to the Borrower, the Agent and the Lenders for each and every of the obligations of the Lender and its related Designated Lender with respect to the Credit Agreement and the other Loan Documents, including, without limitation, any indemnification
obligations under Section 11.7. of the Credit Agreement and any sums otherwise payable to the Borrower or the Agent by the Designated Lender. 
  
 Section 3. No Representations by Lender. The Lender makes no representation or warranty and, except as set forth in Section 8 below,
assumes no responsibility pursuant to this Agreement with respect to (a) any statements, warranties or representations made in or in connection with any Loan Document or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of any Loan Document or any other instrument and document 

  

 B-1 

 
furnished pursuant thereto and (b) the financial condition of the Borrower, any Subsidiary or any other Loan Party or the performance or observance by
the Borrower or any other Loan Party of any of its respective obligations under any Loan Document to which it is a party or any other instrument or document furnished pursuant thereto. 
  
 Section 4. Representations and Covenants of Designated Lender. The Designated Lender makes and confirms to the
Agent, the Lender, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XI. of the Credit Agreement. Not in limitation of the foregoing, the Designated Lender (a) represents and warrants that
it (i) is legally authorized to enter into this Agreement; (ii) is an “accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) meets the requirements of a “Designated Lender”
contained in the definition of such term contained in the Credit Agreement; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant thereto and such other
documents and information (including without limitation the Loan Documents) as it has deemed appropriate to make its own credit and legal analysis and decision to enter into this Agreement; (c) confirms that it has, independently and without
reliance upon the Agent, or on any affiliate thereof, the Lender or any other Lender and based on such financial statements and such other documents and information, made its own credit analysis and decision to become a Designated Lender under the
Credit Agreement; (d) appoints and authorizes the Agent to take such action as contractual representative on its behalf and to exercise such powers under the Loan Documents as are delegated to the Agent by the terms thereof together with such
powers as are reasonably incidental thereto; and (e) agrees that it will become a party to and shall be bound by the Credit Agreement, the other Loan Documents to which the other Lenders are a party on the Effective Date (as defined below) and
will perform in accordance therewith all of the obligations which are required to be performed by it as a Designated Lender. The Designated Lender also acknowledges that it will, independently and without reliance upon the Agent, the Lender or any
other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any Note or pursuant to any other obligation.
The Designated Lender acknowledges and agrees that except as expressly required under the Credit Agreement, the Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Designated Lender with
any credit or other information with respect to the Borrower, any Subsidiary or any other Loan Party or to notify the Designated Lender of any Default or Event of Default. 
  
 Section 5. Appointment of Lender as Attorney-In-Fact. The Designated Lender hereby appoints the Lender as the
Designated Lender’s agent and attorney-in-fact, and grants to the Lender an irrevocable power of attorney, to receive any and all payments to be made for the benefit of the Designated Lender under the Credit Agreement, to deliver and receive
all notices and other communications under the Credit Agreement and other Loan Documents and to exercise on the Designated Lender’s behalf all rights to vote and to grant and make approvals, waivers, consents of amendments to or under the
Credit Agreement or other Loan Documents. Any document executed by the Lender on the Designated Lender’s behalf in connection with the Credit Agreement or other Loan Documents shall be binding on the Designated Lender. Each 

  

 B-2 

 
Borrower, each Agent and each of the Lenders may rely on and are beneficiaries of the preceding provisions. 
  
 Section 6. Acceptance by the Agent. Following the execution of
this Agreement by the Lender and the Designated Lender, the Lender will (i) deliver to the Agent a duly executed original of this Agreement for acceptance by the Agent and (ii) pay to the Agent the fee, if any, payable under the applicable
provisions of the Credit Agreement whereupon this Agreement shall become effective as of the date of such acceptance or such other date as may be specified on the signature page hereof (the “Effective Date”). 
  
 Section 7. Effect of Designation. Upon such acceptance and
recording by the Agent, as of the Effective Date, the Designated Lender shall be a party to the Credit Agreement with a right to make Bid Rate Loans as a Lender pursuant to Section 2.2. of the Credit Agreement and the rights and obligations of
a Lender related thereto; provided, however, that the Designated Lender shall not be required to make payments with respect to such obligations except to the extent of excess cash flow of the Designated Lender which is not otherwise
required to repay obligations of the Designated Lender which are then due and payable. Notwithstanding the foregoing, the Lender, as agent for the Designated Lender, shall be and remain obligated to the Borrowers, the Agent and the Lenders for each
and every of the obligations of the Designated Lender and the Lender with respect to the Credit Agreement. 
  
 Section 8. Indemnification of Designated Lender. The Lender unconditionally agrees to pay or reimburse the Designated Lender and save the
Designated Lender harmless against all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed or asserted by any of the parties to the
Loan Documents against the Designated Lender, in its capacity as such, in any way relating to or arising out of this Agreement or any other Loan Documents or any action taken or omitted by the Designated Lender hereunder or thereunder, provided that
the Lender shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements if the same results from the Designated Lender’s gross negligence or
willful misconduct. 
  
 Section 9. Governing Law. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  
 Section 10. Counterparts. This Agreement may be executed in any number of counterparts each of which, when taken
together, shall constitute one and the same agreement. 
  
 Section 11. Headings. Section headings have been inserted herein for convenience only and shall not be construed to be a part hereof. 
  
 Section 12. Amendments; Waivers. This Agreement may not be amended, changed, waived or modified except by a writing executed by all parties
hereto. 
  

 B-3 

 Section 13. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns. 
  
 Section 14. Definitions. Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement. 
  
 IN WITNESS WHEREOF, the parties hereto have duly executed this Designation Agreement as of the date and year first written
above. 
  

					
	 EFFECTIVE DATE:
                                        
    

	
	 LENDER:

	
	 [NAME OF LENDER]

			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
	
	 DESIGNATED LENDER:

	
	 [NAME OF DESIGNATED LENDER]

			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 Accepted as of the date first written above.

	
	 AGENT:

	
	 WACHOVIA BANK, NATIONAL
ASSOCIATION, as Agent

			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 B-4 

 EXHIBIT C 
  
 FORM OF NOTICE OF BORROWING 
  
                         ,
200   
  
 Wachovia Bank, National Association, as Agent

 One Wachovia Center 
 301 S. College St., NC0172 
 Charlotte, North Carolina 28288 
 Attention: Rex E. Rudy 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Eighth Amended and Restated Credit Agreement dated as of December 13, 2005 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under
Section 12.5. thereof (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective
meanings given them in the Credit Agreement. 
  

	 	1.	Pursuant to Section 2.1.(b) of the Credit Agreement, the Borrower hereby requests that the Lenders make Revolving Loans to the Borrower in an aggregate amount equal to
$                                . 

  

	 	2.	The Borrower requests that such Revolving Loans be made available to the Borrower on
                    , 200    . 

  

	 	3.	The Borrower hereby requests that the requested Revolving Loans all be of the following Type: 

  
 [Check one box only] 
  

	 	 ̈	Base Rate Loans 

  

	 	 ̈	LIBOR Loans, each with an initial Interest Period for a duration of: 

  

					
	 [Check one box only]
	    	 ̈	    	1 week
	 	    	 ̈	    	1 month
	 	    	 ̈	    	2 months
	 	    	 ̈	    	3 months

  

	 	4.	The proceeds of this borrowing of Revolving Loans will be used for the following purpose:
                                        
                                        
                                        
                                        
                         

                                       
                                        
                                        
                                        
                          . 
  

 C-1 

	 	5.	The Borrower requests that the proceeds of this borrowing of Revolving Loans be made available to the Borrower by
                                        
                                        .

  
 The Borrower hereby certifies to the Agent and
the Lenders that as of the date hereof and as of the date of the making of the requested Revolving Loans and after giving effect thereto, (a) no Default or Event of Default exists or shall exist, and (b) the representations and warranties
made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party are and shall be true and correct in all material respects, except to the extent that such representations and warranties expressly
relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date). In addition, the Borrower certifies to the Agent and the Lenders that all conditions to the making of the
requested Revolving Loans contained in Article V. of the Credit Agreement will have been satisfied at the time such Revolving Loans are made. 
  
 If notice of the requested borrowing of Revolving Loans was previously given by telephone, this notice is to be considered the written confirmation of
such telephone notice required by Section 2.1.(b) of the Credit Agreement. 
  
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Borrowing as of the date first written above. 
  

					
	COMMERCIAL NET LEASE REALTY, INC.
			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 C-2 

 EXHIBIT D 
  
 FORM OF NOTICE OF CONTINUATION 
  
                         ,
200   
  
 Wachovia Bank, National Association, as Agent

 One Wachovia Center 
 301 S. College St., NC0172 
 Charlotte, North Carolina 28288 
 Attention: Rex E. Rudy 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Eighth Amended and Restated Credit Agreement dated as of December 13, 2005 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under
Section 12.5. thereof (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective
meanings given them in the Credit Agreement. 
  
 Pursuant to
Section 2.9. of the Credit Agreement, the Borrower hereby requests a Continuation of a borrowing of Loans under the Credit Agreement, and in that connection sets forth below the information relating to such Continuation as required by such
Section of the Credit Agreement: 
  

	 	1.	The proposed date of such Continuation is                     ,
200    . 

  

	 	2.	The aggregate principal amount of Loans subject to the requested Continuation is
$                                        
and was originally borrowed by the Borrower on                     , 200    . 

  

	 	3.	The portion of such principal amount subject to such Continuation is
$                                        .

  

	 	4.	The current Interest Period for each of the Loans subject to such Continuation ends on
                            , 200    . 

  

	 	5.	The duration of the new Interest Period for each of such Loans or portion thereof subject to such Continuation is: 

  

					
	 [Check one box only]
	    	 ̈	    	1 week
	 	    	 ̈	    	1 month
	 	    	 ̈	    	2 months
	 	    	 ̈	    	3 months

  

 D-1 

 The Borrower hereby certifies to the Agent and the Lenders that as of the date hereof, as of the proposed
date of the requested Continuation, and after giving effect to such Continuation, no Default or Event of Default exists or will exist. 
  
 If notice of the requested Continuation was given previously by telephone, this notice is to be considered the written confirmation of such telephone
notice required by Section 2.9. of the Credit Agreement. 
  
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Continuation as of the date first written above. 
  

					
	COMMERCIAL NET LEASE REALTY, INC.
			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 D-2 

 EXHIBIT E 
  
 FORM OF NOTICE OF CONVERSION 
  
                         ,
200   
  
 Wachovia Bank, National Association, as Agent

 One Wachovia Center 
 301 S. College St., NC0172 
 Charlotte, North Carolina 28288 
 Attention: Rex E. Rudy 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Eighth Amended and Restated Credit Agreement dated as of December 13, 2005 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under
Section 12.5. thereof (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective
meanings given them in the Credit Agreement. 
  
 Pursuant to
Section 2.10. of the Credit Agreement, the Borrower hereby requests a Conversion of a borrowing of Loans of one Type into Loans of another Type under the Credit Agreement, and in that connection sets forth below the information relating to such
Conversion as required by such Section of the Credit Agreement: 
  

	 	1.	The proposed date of such Conversion is
                        , 200    . 

  

	 	2.	The Loans to be Converted pursuant hereto are currently: 

  

					
	 [Check one box only]
	    	 ̈	    	Base Rate Loans
	 	    	 ̈	    	LIBOR Loans, each with an initial Interest Period for a duration of:

  

	 	3.	The aggregate principal amount of Loans subject to the requested Conversion is
$                                        
             and was originally borrowed by the Borrower on
                    , 200    . 

  

	 	4.	The portion of such principal amount subject to such Conversion is
$                                        
    . 

  

 E-1 

	 	5.	The amount of such Loans to be so Converted is to be converted into Loans of the following Type: 

  
 [Check one box only] 
  

	 	 ̈	Base Rate Loans 

  

	 	 ̈	LIBOR Loans, each with an initial Interest Period for a duration of: 

  

					
	 [Check one box only]
	    	 ̈	    	1 week
	 	    	 ̈	    	1 month
	 	    	 ̈	    	2 months
	 	    	 ̈	    	3 months

  
 The Borrower hereby
certifies to the Agent and the Lenders that as of the date hereof and as of the date of the requested Conversion and after giving effect thereto, (a) no Default or Event of Default exists or will exist (provided the certification under this
clause (a) shall not be made in connection with a Conversion of a Loan into a Base Rate Loan), and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of
them is a party are and shall be true and correct in all material respects, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and
accurate on and as of such earlier date). 
  
 If notice of the
requested Conversion was given previously by telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.10. of the Credit Agreement. 
  
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Notice of Conversion as of the date first written above. 
  

					
	COMMERCIAL NET LEASE REALTY, INC.
			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 E-2 

 EXHIBIT F 
  
 FORM OF NOTICE OF SWINGLINE BORROWING 
  
                         ,
200     
  
 Wachovia Bank, National Association, as
Agent 
 One Wachovia Center 
 301 S. College St., NC0172

 Charlotte, North Carolina 28288 
 Attention: Rex E. Rudy

  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Eighth Amended and Restated Credit
Agreement dated as of December 13, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial
institutions party thereto and their assignees under Section 12.5. thereof (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not
otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
  

	 	1.	Pursuant to Section 2.3.(b) of the Credit Agreement, the Borrower hereby requests that the Swingline Lender make a Swingline Loan to the Borrower in an amount equal to
$                                    .

  

	 	2.	The Borrower requests that such Swingline Loan be made available to the Borrower on
                        , 200    . 

  

	 	3.	The proceeds of this Swingline Loan will be used for the following purpose:
                                        
                                        
                                     

                                       
                                        
                                      . 
  

	 	4.	The Borrower requests that the proceeds of such Swingline Loan be made available to the Borrower by
                                        
                    . 

  
 The Borrower hereby certifies to the Agent, the Swingline Lender and the Lenders that as of the date hereof, as of the date of the making of the requested
Swingline Loan, and after making such Swingline Loan, (a) no Default or Event of Default exists or will exist, and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents
to which any of them is a party are and shall be true and correct in all material respects, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties
were true and accurate on and as of such earlier date). In addition, the Borrower certifies to the Agent and the Lenders that all conditions to the making of the requested Swingline Loan contained in 

  

 F-1 

 
Article V. of the Credit Agreement will have been satisfied at the time such Swingline Loan is made. 
  
 If notice of the requested borrowing of this Swingline Loan was previously
given by telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.3.(b) of the Credit Agreement. 
  

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Swingline Borrowing as of the date first written above. 

 

					
	COMMERCIAL NET LEASE REALTY, INC.
			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 F-2 

  
 EXHIBIT G 
  
 FORM OF SWINGLINE NOTE 
  

			
	 $20,000,000
	  	December 13, 2005

  
 FOR VALUE RECEIVED,
the undersigned, COMMERCIAL NET LEASE REALTY, INC., a corporation formed under the laws of the State of Maryland (the “Borrower”), hereby promises to pay to the order of WACHOVIA BANK, NATIONAL ASSOCIATION (the “Swingline
Lender”) to its address at One Wachovia Center, 301 South College Street, Charlotte, North Carolina 28288, or at such other address as may be specified in writing by the Swingline Lender to the Borrower, the principal sum of TWENTY MILLION AND
NO/100 DOLLARS ($20,000,000) (or such lesser amount as shall equal the aggregate unpaid principal amount of Swingline Loans made by the Swingline Lender to the Borrower under the Credit Agreement), on the dates and in the principal amounts provided
in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement. 
  
 The date, amount of each Swingline Loan, and each payment made on account of the principal thereof, shall be recorded by the Swingline Lender on its books
and, prior to any transfer of this Note, endorsed by the Swingline Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Swingline Lender to make any such recordation or endorsement shall not
affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder in respect of the Swingline Loans. 
  

This Note is the Swingline Note referred to in the Eighth Amended and Restated Credit Agreement dated as of December 13, 2005 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 12.5. thereof (the “Lenders”),
Wachovia Bank, National Association, as Agent, and the other parties thereto, and evidences Swingline Loans made to the Borrower thereunder. Terms used but not otherwise defined in this Note have the respective meanings assigned to them in the
Credit Agreement. 
  
 The Credit Agreement provides for the
acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of Swingline Loans upon the terms and conditions specified therein. 
  
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA APPLICABLE TO CONTRACTS
EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  
 The
Borrower hereby waives presentment for payment, demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar notices. 
  

 G-1 

 Time is of the essence for this Note. 
  
 IN WITNESS WHEREOF, the undersigned has executed and delivered this Swingline Note under seal as of the date first written
above. 
  

					
	 COMMERCIAL NET LEASE REALTY, INC.

			
	By:	 	 	 	 
	 	 	 Name:
	 	 

					
	 	 	 Title:
	 	 

  
 STATE OF GEORGIA 
  
 COUNTY OF FULTON

  
 BEFORE ME, a Notary Public in and for said County, personally
appeared                                 , known to me to be a person who, as
                     of Commercial Net Lease Realty, Inc., the entity which executed the foregoing Swingline Note, signed the same, and
acknowledged to me that he did so sign said instrument in the name and upon behalf of said corporation as an officer of said corporation. 
  
 IN TESTIMONY WHEREOF, I have subscribed my name, and affixed my official seal, as of December 13, 2005. 
  

	
	
	 
	 Notary Public

	
	 My Commission Expires:

	
	 [NOTARIAL SEAL]

  

 G-2 

  
 SCHEDULE OF SWINGLINE LOANS

  
 This Note evidences Swingline Loans made under the
within-described Credit Agreement to the Borrower, on the dates and in the principal amounts set forth below, subject to the payments and prepayments of principal set forth below: 
  

									
	 Date of Loan

	  	Principal
Amount of
Loan

	  	Amount Paid
or Prepaid

	  	Unpaid
Principal
Amount

	  	 Notation
 Made By

  

 G-3 

  
 EXHIBIT H 
  
 FORM OF BID RATE QUOTE REQUEST 
  
                     , 200   
  

Wachovia Bank, National Association, as Agent 
 One Wachovia Center

 301 S. College St., NC0172 
 Charlotte, North Carolina 28288 
 Attention: Rex E. Rudy 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Eighth Amended and Restated Credit
Agreement dated as of December 13, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial
institutions party thereto and their assignees under Section 12.5. thereof (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not
otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
  

	 	1.	The Borrower hereby requests Bid Rate Quotes for the following proposed Bid Rate Borrowings: 

  

							
	 Borrowing Date

	  	Amount1

	  	Type2

	  	Interest Period3

	                     , 200  
	  	$                    	  	__________	  	             days

  

	 	2.	Borrower’s Credit Rating, as applicable, as of the date hereof is: 

  

	 	S&P	                     

	 	Moody’s	                     

	1	Minimum amount of $10,000,000 or larger multiple of $1,000,000. 

  

	2	Insert either Absolute Rate (for Absolute Rate Loan) or LIBOR Margin (for LIBOR Margin Loan).

  

	3	30, 60 or 90 days after the borrowing date and must end on a Business Day. 

  

 H-1 

	 	3.	The proceeds of this Bid Rate borrowing will be used for the following purpose: 

  
 ________________________________________________________________ 
  
 ________________________________________________________________.

  

	 	4.	After giving effect to the Bid Rate Borrowing requested herein, the total amount of Bid Rate Loans outstanding shall be
$                        .1 

  
 The Borrower hereby certifies to the Agent and the Lenders that as of the date hereof, as of the date of the making of the requested Bid Rate Loans, and after making such Bid Rate Loans, (a) no Default or Event of Default exists or
will exist, and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party are and shall be true and correct in all material respects, except to the
extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date). In addition, the Borrower certifies to the Agent
and the Lenders that all conditions to the making of the requested Bid Rate Loans contained in Article V. of the Credit Agreement will have been satisfied at the time such Bid Rate Loans are made. 
  
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Bid
Rate Quote Request as of the date first written above. 
  

					
	 COMMERCIAL NET LEASE REALTY, INC.

			
	By:	 	 	 	 
	 	 	 Name:
	 	 

					
	 	 	 Title:
	 	 

  

	1	Must not be in excess of one-half of the aggregate amount of all existing Commitments. 

 

 H-2 

 EXHIBIT I 
  
 FORM OF BID RATE QUOTE 
  
                     , 200   
  
 Wachovia Bank, National Association, as Agent 
 One Wachovia Center 
 301 S. College St., NC0172 
 Charlotte, North Carolina 28288 
 Attention: Rex E. Rudy 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Eighth Amended and Restated Credit Agreement dated as of December 13, 2005 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5. thereof (the
“Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit
Agreement. 
  
 In response to Borrower’s Bid Rate Quote
Request dated                     , 200  , the undersigned hereby makes the following Bid Rate Quote(s) on the following
terms: 
  

	 	1.	Quoting Lender:
                                        
                 

  

	 	2.	Person to contact at quoting Lender:
                                        
                 

  

	 	3.	The undersigned offers to make Bid Rate Loan(s) in the following principal amount(s), for the following Interest Period(s) and at the following Bid Rate(s):

  

									
	 Borrowing Date

	  	Amount1

	  	Type2

	  	Interest Period3

	  	Bid Rate

					
	                     ,200  
	  	$_____________	  	__________	  	______days	  	______%
					
	                     ,200  
	  	$_____________	  	__________	  	______days	  	______%
					
	                     ,200  
	  	$_____________	  	__________	  	______days	  	______%

	1	Minimum amount of $10,000,000 or larger multiple of $1,000,000. 

  

	2	Insert either Absolute Rate (for Absolute Rate Loan) or LIBOR Margin (for LIBOR Margin Loan).

  

	3	30, 60 or 90 days after the borrowing date and must end on a Business Day. 

  

 I-1 

 The undersigned understands and agrees that the offer(s) set forth above, subject to satisfaction of the
applicable conditions set forth in the Credit Agreement, irrevocably obligate[s] the undersigned to make the Bid Rate Loan(s) for which any offer(s) [is/are] accepted, in whole or in part. 
  

					
	 
	[Name of Quoting Lender]
			
	By:	 	 	 	 
	 	 	 Name:
	 	 

					
	 	 	 Title:
	 	 

  

 I-2 

 EXHIBIT J 
  
 FORM OF BID RATE QUOTE ACCEPTANCE 
  
                     , 200  

  
 Wachovia Bank, National Association, as Agent

 One Wachovia Center 
 301 S. College St., NC0172 
 Charlotte, North Carolina 28288 
 Attention: Rex E. Rudy 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Eighth Amended and Restated Credit Agreement dated as of December 13, 2005 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5. thereof (the
“Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit
Agreement. 
  
 Borrower hereby accepts the following offer(s) of
Bid Rate Quotes to be made available to the Borrower on                     , 200_: 
  

					
	 Quote Date

	  	Quoting Lender

	  	Amount Accepted

			
	                     ,200  
	  	__________	  	$___________
			
	                     ,200  
	  	__________	  	$___________
			
	                     ,200  
	  	__________	  	$___________

  
 The Borrower hereby
certifies to the Agent and the Lenders that as of the date hereof, as of the date of the making of the requested Bid Rate Loans, and after making such Bid Rate Loans, (a) no Default or Event of Default exists or will exist, and (b) the
representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party are and shall be true and correct in all material respects, except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date). In addition, the Borrower certifies to the Agent and the Lenders
that all conditions to the making of the requested Bid Rate Loans contained in Article V. of the Credit Agreement will have been satisfied at the time such Bid Rate Loans are made. 
  

 J-1 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Bid Rate Quote Acceptance as of
the date first written above. 
  

					
	 COMMERCIAL NET LEASE REALTY, INC.

			
	By:	 	 	 	 
	 	 	 Name:
	 	 

					
	 	 	 Title:
	 	 

  

 J-2 

 EXHIBIT K 
  
 FORM OF REVOLVING NOTE 
  

			
	 $                    
	  	                    , 200  

  
 FOR VALUE RECEIVED,
the undersigned, COMMERCIAL NET LEASE REALTY, INC., a corporation formed under the laws of the State of Maryland (the “Borrower”), hereby promises to pay to the order of
                     (the “Lender”), in care of Wachovia Bank, National Association, as Agent (the “Agent”) to Wachovia
Bank, National Association, One Wachovia Center, 301 South College Street, Charlotte, North Carolina 28288, or at such other address as may be specified in writing by the Agent to the Borrower, the principal sum of ________________ AND ____/100
DOLLARS ($____________) (or such lesser amount as shall equal the aggregate unpaid principal amount of Revolving Loans made by the Lender to the Borrower under the Credit Agreement (as herein defined)), on the dates and in the principal amounts
provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement. 
  
 The date, amount of each Revolving Loan made by the Lender to the Borrower, and each payment made on account of the
principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this Note, endorsed by the Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Lender to make any
such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder in respect of the Revolving Loans made by the Lender. 
  
 This Note is one of the Revolving Notes referred to in the Eighth Amended and
Restated Credit Agreement dated as of December 13, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and
their assignees under Section 12.5. thereof (the “Lenders”), the Agent, and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

  
 The Credit Agreement provides for the acceleration of the
maturity of this Note upon the occurrence of certain events and for prepayments of Loans upon the terms and conditions specified therein. 
  
 Except as permitted by Section 12.5.(d) of the Credit Agreement, this Note may not be assigned by the Lender to any other Person. 
  

 K-1 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA
APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  
 The Borrower hereby waives presentment for payment, demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar notices. 
  
 Time is of the essence for this Note. 
  
 IN WITNESS WHEREOF, the undersigned has executed and delivered this Revolving
Note under seal as of the date first written above. 
  

					
	 COMMERCIAL NET LEASE REALTY, INC.

			
	By:	 	 	 	 
	 	 	 Name:
	 	 

					
	 	 	 Title:
	 	 

  
 STATE OF GEORGIA 
  
 COUNTY OF FULTON

  
 BEFORE ME, a Notary Public in and for said County, personally
appeared                                 , known to me to be a person who, as
                     of Commercial Net Lease Realty, Inc., the entity which executed the foregoing Revolving Note, signed the same, and
acknowledged to me that he did so sign said instrument in the name and upon behalf of said corporation as an officer of said corporation. 
  
 IN TESTIMONY WHEREOF, I have subscribed my name, and affixed my official seal, as of
                    , 200  . 
  

	
	
	 
	 Notary Public

	
	 My Commission Expires:

	
	 [NOTARIAL SEAL]

  

 K- 2 

 SCHEDULE OF REVOLVING LOANS 
  
 This Note evidences Revolving Loans made under the within-described Credit Agreement to the Borrower, on the dates, in the
principal amounts, bearing interest at the rates and maturing on the dates set forth below, subject to the payments and prepayments of principal set forth below: 
  

													
	 Date of
 Loan

	  	 Principal
Amount of
 Loan

	  	 Interest
 Rate

	  	 Maturity
 Date of
 Loan

	  	 Amount
 Paid or
 Prepaid

	  	 Unpaid
 Principal
 Amount

	  	 Notation
 Made By

  

 K-3 

 EXHIBIT L 
  
 FORM OF BID RATE NOTE 
  
                     , 200   
  
 FOR VALUE RECEIVED, the undersigned, COMMERCIAL NET LEASE REALTY, INC., a
corporation formed under the laws of the State of Maryland (the “Borrower”), hereby promises to pay to the order of ________________ (the “Lender”), in care of Wachovia Bank, National Association, as Agent (the “Agent”)
to Wachovia Bank, National Association, One Wachovia Center, 301 South College Street, Charlotte, North Carolina 28288, or at such other address as may be specified in writing by the Agent to the Borrower, the aggregate unpaid principal amount of
Bid Rate Loans made by the Lender to the Borrower under the Credit Agreement, on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount of each such Bid Rate Loan, at such office
at the rates and on the dates provided in the Credit Agreement. 
  
 The date, amount, interest rate and maturity date of each Bid Rate Loan made by the Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer
of this Note, endorsed by the Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a
payment when due of any amount owing under the Credit Agreement or hereunder in respect of the Bid Rate Loans made by the Lender. 
  
 This Note is one of the Bid Rate Notes referred to in the Eighth Amended and Restated Credit Agreement dated as of December 13, 2005 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 12.5. thereof (the “Lenders”),
the Agent, and the other parties thereto, and evidences Bid Rate Loans made by the Lender thereunder. Terms used but not otherwise defined in this Note have the respective meanings assigned to them in the Credit Agreement. 
  
 The Credit Agreement provides for the acceleration of the maturity of this
Note upon the occurrence of certain events and for prepayments of Bid Rate Loans upon the terms and conditions specified therein. 
  
 Except as permitted by Section 12.5. of the Credit Agreement, this Note may not be assigned by the Lender to any other Person. 
  
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF FLORIDA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  
 The Borrower hereby waives presentment for payment, demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar
notices. 
  

 L-1 

 Time is of the essence for this Note. 
  
 IN WITNESS WHEREOF, the undersigned has executed and delivered this Bid Rate Note under seal as of the date first written
above. 
  

					
	 COMMERCIAL NET LEASE REALTY, INC.

			
	By:	 	 	 	 
	 	 	 Name:
	 	 

					
	 	 	 Title:
	 	 

  
 STATE OF GEORGIA 
  
 COUNTY OF FULTON

  
 BEFORE ME, a Notary Public in and for said County, personally
appeared                                 , known to me to be a person who, as
                     of Commercial Net Lease Realty, Inc., the entity which executed the foregoing Bid Rate Note, signed the same, and
acknowledged to me that he did so sign said instrument in the name and upon behalf of said corporation as an officer of said corporation. 
  
 IN TESTIMONY WHEREOF, I have subscribed my name, and affixed my official seal, as of
                    , 200  . 
  

	
	
	 
	 Notary Public

	
	 My Commission Expires:

	
	 [NOTARIAL SEAL]

  

 L-2 

 SCHEDULE OF BID RATE LOANS 
  
 This Note evidences Bid Rate Loans made under the within-described Credit Agreement to the Borrower, on the dates, in the
principal amounts, bearing interest at the rates and maturing on the dates set forth below, subject to the payments and prepayments of principal set forth below: 
  

													
	 Date of
 Loan

	  	 Principal
Amount of
 Loan

	  	 Interest
 Rate

	  	 Maturity
 Date of
 Loan

	  	 Amount
 Paid or
 Prepaid

	  	 Unpaid
 Principal
 Amount

	  	 Notation
 Made By

  

 L-3 

 EXHIBIT M 
  
 FORM OF OPINION OF COUNSEL 
  
 [To be Attached] 
  

 M-1 

 EXHIBIT N 
  
 FORM OF COMPLIANCE CERTIFICATE 
  
                     , 200  

  
 Wachovia Bank, National Association, as Agent

 One Wachovia Center 
 301 S. College St., NC0172 
 Charlotte, North Carolina 28288 
 Attention: Rex E. Rudy 
  
 Each of the Lenders Party to the Credit Agreement referred to below 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Eighth Amended and Restated Credit Agreement dated as of December 13, 2005 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under
Section 12.5. thereof (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”) and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective
meanings given them in the Credit Agreement. 
  
 Pursuant to
Section 8.3. of the Credit Agreement, the undersigned hereby certifies to the Agent and the Lenders as follows: 
  
 (1) The undersigned is the
                                        
of the Borrower. 
  
 (2) The undersigned has examined the books
and records of the Borrower and has conducted such other examinations and investigations as are reasonably necessary to provide this Compliance Certificate. 
  
 (3) No Default or Event of Default exists [if such is not the case, specify such Default or Event of Default and its nature, when it occurred and
whether it is continuing and the steps being taken by the Borrower with respect to such event, condition or failure]. 
  
 (4) The representations and warranties made or deemed made by the Borrower and the other Loan Parties in the Loan Documents to which any is a party, are
true and correct in all material respects on and as of the date hereof except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true
and accurate on and as of such earlier date). 
  

 N-1 

 (5) Attached hereto as Schedule 1 are reasonably detailed calculations establishing whether or not
the Borrower and its Subsidiaries were in compliance with the covenants contained in Sections 9.1., 9.2. and 9.4. of the Credit Agreement. 
  
 IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first above written. 
  

			
	
	 
	 Name:
	 	 
	 Title:
	 	 

  

 N-2 

 Schedule 1 
  
 [Calculations to be Attached] 
  

 N-3 

 EXHIBIT O 
  
 FORM OF GUARANTY 
  
 THIS GUARANTY dated as of December 13, 2005, executed and delivered by each of the undersigned and the other Persons from time to time party hereto
pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of (a)
WACHOVIA BANK, NATIONAL ASSOCIATION, in its capacity as Agent (the “Agent”) for the Lenders under that certain Eighth Amended and Restated Credit Agreement dated as of December 13, 2005 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5. thereof (the
“Lenders”), the Agent, and the other parties thereto, and (b) the Lenders and the Swingline Lender. 
  
 WHEREAS, pursuant to the Credit Agreement, the Agent, the Lenders and the Swingline Lender have agreed to make available to the Borrower certain financial
accommodations on the terms and conditions set forth in the Credit Agreement; 
  
 WHEREAS, the Borrower and each of the Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to
be in their mutual best interests to obtain financing from the Agent, the Lenders and the Swingline Lender through their collective efforts; 
  
 WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Agent, the Lenders and the Swingline Lender making such
financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the Agent, the Lenders and the Swingline Lender on the terms and conditions
contained herein; and 
  
 WHEREAS, each Guarantor’s execution
and delivery of this Guaranty is a condition to the Agent and the Lenders making, and continuing to make, such financial accommodations to the Borrower. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees
as follows: 
  
 Section 1. Guaranty. Each Guarantor
hereby absolutely, irrevocably and unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied
Obligations”): (a) all indebtedness and obligations owing by the Borrower to any Lender, the Swingline Lender or the Agent under or in connection with the Credit Agreement and any other Loan Document, including without limitation, the
repayment of all principal of the Revolving Loans, Bid Rate Loans, Swingline Loans and the Reimbursement Obligations, and the payment 

  

 O-1 

 
of all interest, Fees, charges, attorneys’ fees and other amounts payable to any Lender or the Agent thereunder or in connection therewith; (b) any
and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by the Lenders and the Agent in the
enforcement of any of the foregoing or any obligation of such Guarantor hereunder; and (d) all other Obligations. 
  
 Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of each
Guarantor for its own account. Accordingly, none of the Lenders, the Swingline Lender or the Agent shall be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy any of them may have
against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or
bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Lenders,
the Swingline Lender or the Agent which may secure any of the Guarantied Obligations. 
  
 Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any Applicable
Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Agent, the Lenders or the Swingline Lender with respect thereto. The liability of each Guarantor under this Guaranty shall be absolute, irrevocable
and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including
without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 
  
 (a) (i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in the time,
place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document, or any other
document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit Agreement, any
of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of
any of the foregoing; 
  
 (b) any lack of validity or
enforceability of the Credit Agreement, any of the other Loan Documents, or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 

 

 O-2 

 (c) any furnishing to the Agent, the Lenders or the Swingline Lender of any security for the Guarantied
Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral securing any of the Obligations; 
  
 (d) any settlement or compromise of any of the Guarantied Obligations, any security therefor, or any liability of any other party with respect to the
Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of any other liability of the Borrower or any other Loan Party; 
  
 (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding
relating to such Guarantor, the Borrower, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 
  
 (f) any act or failure to act by the Borrower, any other Loan Party or any
other Person which may adversely affect such Guarantor’s subrogation rights, if any, against the Borrower to recover payments made under this Guaranty; 
  
 (g) any nonperfection or impairment of any security interest or other Lien on any collateral, if any, securing in any way any of the Obligations;

  
 (h) any application of sums paid by the Borrower, any other
Guarantor or any other Person with respect to the liabilities of the Borrower to the Agent, the Lenders or the Swingline Lender, regardless of what liabilities of the Borrower remain unpaid; 
  
 (i) any defect, limitation or insufficiency in the borrowing powers of the
Borrower or in the exercise thereof; 
  
 (j) any defense, set off,
claim or counterclaim (other than indefeasible payment and performance in full) which may at any time be available to or be asserted by the Borrower, any other Loan Party or any other Person against the Agent or any Lender; 
  
 (k) any change in the corporate existence, structure or ownership of the
Borrower or any other Loan Party; 
  
 (l) any statement,
representation or warranty made or deemed made by or on behalf of the Borrower, any Guarantor or any other Loan Party under any Loan Document, or any amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or

  
 (m) any other circumstance which might otherwise constitute a
defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible payment and performance in full). 
  
 Section 4. Action with Respect to Guarantied Obligations. The Lenders and the Agent may, at any time and from time to time, without the
consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions 

  

 O-3 

 
described in Section 3 and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Guarantied Obligations, including, but not
limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any
other Loan Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Obligations; (d) release any other Loan Party or other Person liable in any manner for the payment or
collection of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against the Borrower, any other Guarantor or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied
Obligations in such order as the Lenders shall elect. 
  
 Section 5. Representations and Warranties. Each Guarantor hereby makes to the Agent, the Lenders and the Swingline Lender all of the representations and warranties made by the Borrower with respect to or in any way relating to
such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full. 
  
 Section 6. Covenants. Each Guarantor will comply with all covenants which the Borrower is to cause such Guarantor to comply with under the
terms of the Credit Agreement or any of the other Loan Documents. 
  
 Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission
or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
  
 Section 8. Inability to Accelerate Loan. If the Agent, the
Swingline Lender and/or the Lenders are prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Agent, the Swingline Lender and/or the
Lenders shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 
  
 Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the Agent, any Lender or the
Swingline Lender for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Agent, such Lender or the Swingline Lender repays all or part of said amount by reason of
(a) any judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Agent, such Lender or the Swingline Lender with any such claimant
(including the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the
cancellation of the Credit Agreement, any of the other Loan Documents, or any other instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the Agent, such Lender or the Swingline Lender for the amounts
so repaid or recovered to the same 

  

 O-4 

 
extent as if such amount had never originally been paid to the Agent, such Lender or the Swingline Lender. 
  
 Section 10. Subrogation. Upon the making by any Guarantor of any
payment hereunder for the account of the Borrower, such Guarantor shall be subrogated to the rights of the payee against the Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of
subrogation or otherwise take any action in respect of any other claim or cause of action such Guarantor may have against the Borrower arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all
of the Guarantied Obligations have been indefeasibly paid and performed in full. If any amount shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such
amount in trust for the benefit of the Agent, the Lenders and the Swingline Lender and shall forthwith pay such amount to the Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the
terms of the Credit Agreement or to be held by the Agent as collateral security for any Guarantied Obligations existing. 
  
 Section 11. Payments Free and Clear. All sums payable by each Guarantor hereunder, whether of principal, interest, Fees, expenses, premiums or
otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), and if any Guarantor is required by Applicable Law or by a Governmental Authority to make any such deduction or
withholding, such Guarantor shall pay to the Agent, the Lenders and the Swingline Lender such additional amount as will result in the receipt by the Agent, the Lenders and the Swingline Lender of the full amount payable hereunder had such deduction
or withholding not occurred or been required. 
  
 Section 12.
Set-off. In addition to any rights now or hereafter granted under any of the other Loan Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes the Agent, each Lender and each Participant,
at any time while an Event of Default exists, without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or Participant subject to receipt of the prior written
consent of the Agent exercised in its sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or
unmatured) and any other indebtedness at any time held or owing by the Agent, such Lender, or any affiliate of the Agent or such Lender, to or for the credit or the account of such Guarantor against and on account of any of the Guarantied
Obligations, although such obligations shall be contingent or unmatured. Each Guarantor agrees, to the fullest extent permitted by Applicable Law, that any Participant may exercise rights of setoff or counterclaim and other rights with respect to
its participation as fully as if such Participant were a direct creditor of such Guarantor in the amount of such participation. 
  
 Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees for the benefit of the Agent, the Lenders and the Swingline
Lender that all obligations and liabilities of the Borrower to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from the Borrower (collectively, the “Junior 

  

 O-5 

 
Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, then no Guarantor shall
accept any direct or indirect payment (in cash, property or securities, by setoff or otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in
full. 
  
 Section 14. Avoidance Provisions. It is the
intent of each Guarantor, the Agent, the Lenders and the Swingline Lender that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of
such Guarantor hereunder (or any other obligations of such Guarantor to the Agent, the Lenders and the Swingline Lender) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without
limitation, (a) Section 548 of the Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”) and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of
Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent, the Lenders and
the Swingline Lender) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the
Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance
Provisions, would not cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent, the Lenders and the Swingline Lender), to be subject to avoidance under the Avoidance Provisions. This Section is
intended solely to preserve the rights of the Agent, the Lenders and the Swingline Lender hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and
no Guarantor or any other Person shall have any right or claim under this Section as against the Agent, the Lenders and the Swingline Lender that would not otherwise be available to such Person under the Avoidance Provisions. 
  
 Section 15. Information. Each Guarantor assumes all
responsibility for being and keeping itself informed of the financial condition of the Borrower and the other Guarantors, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope
and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the Agent, the Lenders or the Swingline Lender shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or
risks. 
  
 Section 16. Governing Law. THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  

 O-6 

 SECTION 17. WAIVER OF JURY TRIAL. 
  
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR
AMONG ANY GUARANTOR, THE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS,
THE AGENT AND EACH GUARANTOR HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY OR ANY
OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG ANY GUARANTOR, THE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE. 
  
 (b) EACH OF THE GUARANTORS, THE AGENT AND EACH LENDER HEREBY AGREES THAT ANY FEDERAL DISTRICT COURT LOCATED IN NORTH
CAROLINA OR, AT THE OPTION OF THE AGENT, ANY STATE COURT LOCATED IN CHARLOTTE, NORTH CAROLINA, SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR, THE AGENT OR ANY OF THE LENDERS, PERTAINING DIRECTLY
OR INDIRECTLY TO THIS GUARANTY, THE LOANS, THE LETTERS OF CREDIT, THE NOTES OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. EACH GUARANTOR AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH
JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS
BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE AGENT OR
ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
  
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL
OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS GUARANTY. 
  

Section 18. Loan Accounts. The Agent, each Lender and the Swingline Lender may maintain books and accounts setting forth the amounts of
principal, interest and other sums paid and payable with respect to the Guarantied Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of the Guarantied Obligations or 

  

 O-7 

 
otherwise, the entries in such books and accounts shall be deemed conclusive evidence of the amounts and other matters set forth herein, absent manifest
error. The failure of the Agent, any Lender or the Swingline Lender to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder. 
  
 Section 19. Waiver of Remedies. No delay or failure on the part
of the Agent, any Lender or the Swingline Lender in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Agent, any Lender or the
Swingline Lender of any such right or remedy shall preclude any other or further exercise thereof or the exercise of any other such right or remedy. 
  
 Section 20. Termination. This Guaranty shall remain in full force and effect until indefeasible payment in full of the Guarantied Obligations
and the other Obligations and the termination or cancellation of the Credit Agreement in accordance with its terms. 
  
 Section 21. Successors and Assigns. Each reference herein to the Agent or the Lenders shall be deemed to include such Person’s respective
successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be deemed to include such
Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Lenders and the Swingline Lender may, in accordance with the applicable provisions of the Credit Agreement, assign, transfer or sell any Guarantied
Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s obligations hereunder. Each Guarantor
hereby consents to the delivery by the Agent or any Lender to any Assignee or Participant (or any prospective Assignee or Participant) of any financial or other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer
its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other transfer to which all of the Lenders have not so consented shall be null and void. 
  
 Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE
GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS
HEREUNDER. 
  
 Section 23. Amendments. This Guaranty
may not be amended except in writing signed by the Requisite Lenders (or all of the Lenders if required under the terms of the Credit Agreement), the Agent and each Guarantor. 
  
 Section 24. Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in
Dollars, in immediately available funds to the Agent at the Principal Office, not later than 2:00 p.m. on the date of demand therefor. 
  

 O-8 

 Section 25. Notices. All notices, requests and other communications hereunder shall be in
writing (including facsimile transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Agent, any Lender or the Swingline Lender at its respective address for
notices provided for in the Credit Agreement, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective
(i) if mailed, when received; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received.

  
 Section 26. Severability. In case any provision of
this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 27. Headings. Section headings used in this Guaranty are
for convenience only and shall not affect the construction of this Guaranty. 
  
 Section 28. Limitation of Liability. Neither the Agent nor any Lender, nor any affiliate, officer, director, employee, attorney, or agent of the Agent or any Lender, shall have any liability with respect
to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way
related to, this Guaranty or any of the other Loan Documents, or any of the transactions contemplated by this Guaranty, the Credit Agreement or any of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Agent
or any Lender or any of the Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty,
the Credit Agreement or any of the other Loan Documents, or any of the transactions contemplated by Credit Agreement or financed thereby. 
  
 Section 29. Definitions. (a) For the purposes of this Guaranty: 
  
 “Proceeding” means any of the following: (i) a voluntary or involuntary case concerning any Guarantor
shall be commenced under the Bankruptcy Code of 1978, as amended; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of
any Guarantor; (iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced
relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes
a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting
of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent 

  

 O-9 

 
to, approval of or acquiescence in any of the foregoing; or (x) any corporate action shall be taken by any Guarantor for the purpose of effecting any of
the foregoing. 
  
 (b) Terms not otherwise defined herein are used
herein with the respective meanings given them in the Credit Agreement. 
  
 [Signature on Next Page] 
  

 O-10 

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty as of the date and year
first written above. 
  

					
	 [GUARANTORS]

			
	By:	 	 	 	 
	 	 	 Name:
	 	 

					
	 	 	 Title:
	 	 
	
	 Address for Notices:

	
	 c/o Commercial Net Lease Realty, Inc.
 450 S. Orange Avenue, Suite 900
 Orlando, Florida 32801
 Attn: Kevin B. Habicht
 Telephone:       (407) 265-7348
 Telecopy:         (407) 650-1044

  

 O-11 

 ANNEX I 
  
 FORM OF ACCESSION AGREEMENT 
  
 THIS ACCESSION AGREEMENT dated as of ____________, 200__, executed and delivered by ______________________, a _____________ (the “New
Guarantor”), in favor of (a) WACHOVIA BANK, NATIONAL ASSOCIATION, in its capacity as Agent (the “Agent”) for the Lenders under that certain Eighth Amended and Restated Credit Agreement dated as of December 13, 2005 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Commercial Net Lease Realty, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under Section
12.5. thereof (the “Lenders”), the Agent, and the other parties thereto, and (b) the Lenders and the Swingline Lender. 
  
 WHEREAS, pursuant to the Credit Agreement, the Agent, the Lenders and the Swingline Lender have agreed to make available to the Borrower certain financial
accommodations on the terms and conditions set forth in the Credit Agreement; 
  
 WHEREAS, the Borrower, the New Guarantor, and the existing Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and
have determined it to be in their mutual best interests to obtain financing from the Agent, the Lenders and the Swingline Lender through their collective efforts; 
  
 WHEREAS, the New Guarantor acknowledges that it will receive direct and indirect benefits from the Agent, the Lenders and
the Swingline Lender making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, the New Guarantor is willing to guarantee the Borrower’s obligations to the Agent, the Lenders and the Swingline
Lender on the terms and conditions contained herein; and 
  
 WHEREAS, the New Guarantor’s execution and delivery of this Agreement is a condition to the Agent, the Lenders and the Swingline Lender continuing to make such financial accommodations to the Borrower. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the New Guarantor, the New Guarantor agrees as follows: 
  
 Section 1. Accession to Guaranty. The New Guarantor hereby agrees that it is a “Guarantor” under that certain Guaranty dated as of
December 13, 2005 (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty”), made by each Subsidiary of the Borrower a party thereto in favor of the Agent, the Lenders and the Swingline Lender and
assumes all obligations of a “Guarantor” thereunder and agrees to be bound thereby, all as if the New Guarantor had been an original signatory to the Guaranty. Without limiting the generality of the foregoing, the New Guarantor hereby:

  
 (a) irrevocably and unconditionally guarantees the due and
punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 
  

 O-12 

 (b) makes to the Agent, the Lenders and the Swingline Lender as of the date hereof each of the
representations and warranties contained in Section 5 of the Guaranty and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and 
  
 (c) consents and agrees to each provision set forth in the Guaranty. 
  
 SECTION 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  
 Section 3. Definitions. Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them
in the Credit Agreement. 
  
 [Signatures on Next Page] 

 

 O-13 

 IN WITNESS WHEREOF, the New Guarantor has caused this Accession Agreement to be duly executed and
delivered under seal by its duly authorized officers as of the date first written above. 
  

					
	 [NEW GUARANTOR]

			
	By:	 	 	 	 
	 	 	 Name:
	 	 

					
	 	 	 Title:
	 	 
	
	 Address for Notices:

	
	 c/o Commercial Net Lease Realty, Inc.
 450 S. Orange Avenue, Suite 900
 Orlando, Florida 32801
 Attn: Kevin B. Habicht
 Telephone:       (407) 265-7348
 Telecopy:         (407) 650-1044

  

					
	 Accepted:

	
	 WACHOVIA BANK, NATIONAL
ASSOCIATION, as Agent

		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 O-14Credit Agreement

 Exhibit 10.1 
  
 EXECUTION COPY 
  

  
 CREDIT AGREEMENT 
  
 dated as of 
  
 December 14, 2005 
  
 between 
  
 MORRIS COMMUNICATIONS COMPANY, LLC 
  
 MORRIS PUBLISHING GROUP, LLC 
  
 The LENDERS Party Hereto 
  
 J.P. MORGAN SECURITIES INC.,

 as Sole Lead Arranger and Sole Bookrunner 
  
 THE BANK OF NEW YORK. 
 KEYBANK NATIONAL
ASSOCIATION, 
 SUNTRUST BANK and 
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as Co-Documentation Agents 
  
 and 
  
 JPMORGAN CHASE BANK, N.A., 
 as Administrative
Agent 
  

  
 $350,000,000 
  

  

  
 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page

	ARTICLE I	  	 
		
	DEFINITIONS	  	 
			
	 SECTION 1.01.
	  	Defined Terms	  	1
	 SECTION 1.02.
	  	Classification of Loans and Borrowings	  	23
	 SECTION 1.03.
	  	Terms Generally	  	23
	 SECTION 1.04.
	  	Accounting Terms and Determinations	  	24
		
	ARTICLE II	  	 
		
	THE CREDITS	  	 
			
	 SECTION 2.01.
	  	The Commitments	  	25
	 SECTION 2.02.
	  	Loans and Borrowings	  	26
	 SECTION 2.03.
	  	Requests for Borrowings	  	27
	 SECTION 2.04.
	  	Funding of Borrowings	  	28
	 SECTION 2.05.
	  	Interest Elections	  	29
	 SECTION 2.06.
	  	Changes of Commitments	  	30
	 SECTION 2.07.
	  	Repayment of Loans; Evidence of Debt	  	32
	 SECTION 2.08.
	  	Prepayment of Loans	  	34
	 SECTION 2.09.
	  	Fees	  	37
	 SECTION 2.10.
	  	Interest	  	38
	 SECTION 2.11.
	  	Alternate Rate of Interest	  	39
	 SECTION 2.12.
	  	Increased Costs	  	39
	 SECTION 2.13.
	  	Break Funding Payments	  	40
	 SECTION 2.14.
	  	Taxes	  	41
	 SECTION 2.15.
	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	42
	 SECTION 2.16.
	  	Mitigation Obligations; Replacement of Lenders	  	44
		
	ARTICLE III	  	 
		
	REPRESENTATIONS AND WARRANTIES	  	 
			
	 SECTION 3.01.
	  	Corporate Existence	  	45
	 SECTION 3.02.
	  	Financial Condition	  	45
	 SECTION 3.03.
	  	Litigation	  	46
	 SECTION 3.04.
	  	No Breach	  	46
	 SECTION 3.05.
	  	Action	  	46
	 SECTION 3.06.
	  	Approvals	  	47
	 SECTION 3.07.
	  	Use of Credit	  	47
	 SECTION 3.08.
	  	ERISA	  	47
	 SECTION 3.09.
	  	Taxes	  	47

  

 (i) 

					
	 SECTION 3.10.
	  	Investment Company Act	  	47
	 SECTION 3.11.
	  	Public Utility Holding Company Act	  	48
	 SECTION 3.12.
	  	Material Agreements and Liens	  	48
	 SECTION 3.13.
	  	Environmental Matters	  	48
	 SECTION 3.14.
	  	Capitalization	  	50
	 SECTION 3.15.
	  	Subsidiaries and Investments, Etc.	  	51
	 SECTION 3.16.
	  	Title to Assets	  	51
	 SECTION 3.17.
	  	True and Complete Disclosure	  	52
	 SECTION 3.18.
	  	Certain Material Agreements	  	52
	 SECTION 3.19.
	  	Real Property	  	52
		
	ARTICLE IV	  	 
		
	CONDITIONS	  	 
			
	 SECTION 4.01.
	  	Effective Date	  	52
	 SECTION 4.02.
	  	Each Credit Event	  	54
		
	ARTICLE V	  	 
		
	AFFIRMATIVE COVENANTS	  	 
			
	 SECTION 5.01.
	  	Financial Statements and Other Information	  	55
	 SECTION 5.02.
	  	Notices of Material Events	  	57
	 SECTION 5.03.
	  	Existence, Etc.	  	57
	 SECTION 5.04.
	  	Insurance	  	58
	 SECTION 5.05.
	  	Interest Rate Protection Agreements	  	58
	 SECTION 5.06.
	  	Use of Proceeds	  	59
	 SECTION 5.07.
	  	Certain Obligations Respecting Restricted Subsidiaries	  	59
	 SECTION 5.08.
	  	Further Assurances	  	60
		
	ARTICLE VI	  	 
		
	NEGATIVE COVENANTS	  	 
			
	 SECTION 6.01.
	  	Prohibition of Fundamental Changes	  	61
	 SECTION 6.02.
	  	Limitation on Liens	  	66
	 SECTION 6.03.
	  	Indebtedness	  	67
	 SECTION 6.04.
	  	Investments	  	69
	 SECTION 6.05.
	  	Restricted Payments	  	70
	 SECTION 6.06.
	  	Financial Covenants	  	72
	 SECTION 6.07.
	  	Permitted Indebtedness	  	72
	 SECTION 6.08.
	  	Lines of Business	  	75
	 SECTION 6.09.
	  	Transactions with Affiliates	  	75
	 SECTION 6.10.
	  	Modifications of Certain Agreements	  	75
	 SECTION 6.11.
	  	Designations of Unrestricted Subsidiaries, Etc.	  	76

  

 (ii) 

					
	 SECTION 6.12.
	  	Designated Senior Debt	  	77
	 SECTION 6.13.
	  	Morris Finance	  	77
		
	ARTICLE VII	  	 
		
	EVENTS OF DEFAULT	  	 
		
	ARTICLE VIII	  	 
		
	THE ADMINISTRATIVE AGENT	  	 
		
	ARTICLE IX	  	 
		
	MISCELLANEOUS	  	 
			
	 SECTION 9.01.
	  	Notices	  	84
	 SECTION 9.02.
	  	Waivers; Amendments	  	85
	 SECTION 9.03.
	  	Expenses; Indemnity; Damage Waiver	  	86
	 SECTION 9.04.
	  	Successors and Assigns	  	87
	 SECTION 9.05.
	  	Survival	  	91
	 SECTION 9.06.
	  	Counterparts; Integration; Effectiveness	  	91
	 SECTION 9.07.
	  	Severability	  	91
	 SECTION 9.08.
	  	Right of Setoff	  	91
	 SECTION 9.09.
	  	Governing Law; Jurisdiction; Etc.	  	92
	 SECTION 9.10.
	  	WAIVER OF JURY TRIAL	  	92
	 SECTION 9.11.
	  	Headings	  	93
	 SECTION 9.12.
	  	Treatment of Certain Information; Confidentiality	  	93
	 SECTION 9.13.
	  	USA PATRIOT Act	  	94

  

 (iii) 

					
	 SCHEDULE I
	 	-	  	Revolving Credit Commitments
	 SCHEDULE II
	 	-	  	Material Agreements and Liens
	 SCHEDULE III
	 	-	  	Hazardous Materials
	 SCHEDULE IV
	 	-	  	Subsidiaries and Investments
	 SCHEDULE V
	 	-	  	Litigation
	 SCHEDULE VI
	 	-	  	Real Property
			
	 EXHIBIT A
	 	-	  	Form of Assignment and Assumption
	 EXHIBIT B
	 	-	  	Form of Security and Guarantee Agreement
	 EXHIBIT C
	 	-	  	Form of Pledge Agreement
	 EXHIBIT D
	 	-	  	Form of Opinion of Counsel to the Borrower
	 EXHIBIT E
	 	-	  	Form of Opinion of Special Counsel to JPMCB

  

 (iv) 

  
 CREDIT AGREEMENT dated as of
December 14, 2005, between MORRIS COMMUNICATIONS COMPANY, LLC, MORRIS PUBLISHING GROUP, LLC, THE LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 
  
 Morris Communications Company, LLC, (“MCC”), Morris Publishing Group, LLC (the
“Borrower”), the lenders named therein and JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank), as the Administrative Agent, are parties to an Amended and Restated Credit Agreement dated as of July 16, 2004 (the
“Existing Credit Agreement”). 
  
 The Borrower
has requested that the Lenders make loans to it in an aggregate principal amount not exceeding $350,000,000 (which amount may, in the circumstances hereinafter provided, be increased to $700,000,000) at any one time outstanding, and MCC has agreed
to guarantee such loans. The Lenders are prepared to make such loans upon the terms and conditions hereof, and, accordingly, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
  
 “ABR”, when used in reference to any Loan or Borrowing,
refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
  
 “Acceptable Lease Terms” means, with respect to any lease agreement covering real property sold by the Borrower or any Restricted
Subsidiary pursuant to Section 6.01(c)(vii), or distributed by the Borrower pursuant to Section 6.05(f), that such lease agreement (a) shall expire not prior to the date eight years after the Effective Date (or, if earlier, the
remaining useful life of the real property) and shall be renewable at the option of the lessee for an additional term of not less than five years after such initial expiration date, (b) requires that the lease agreement shall be recorded prior
to the grant by the respective lessor of any Lien upon such real property, and that any such Lien shall be subject to the provisions of such lease agreement, and that such Lien shall be subject to such lease agreement, (c) the rental payments
to be made under such lease agreement by MCC or the respective Restricted Subsidiary shall be not less favorable than would be applicable to a lease agreement entered into on market terms with an unaffiliated third party and shall consist of equal
consecutive monthly or quarterly payments (excluding rental payments during any renewal of such lease agreement, so long as such renewal rental payments are not in any event greater than market terms determined at the time the renewal becomes
effective), provided that such payments may from time to time be increased in accordance with increases in the Consumer Price Index published by the Bureau of Labor Statistics in the 

  

 Credit Agreement 
  
 1 

 
Department of Labor, (d) shall not contain any terms that would impose unusual burdens upon the ability of the respective lessee to use the leased
property and (e) shall not contain terms that render such lease a Guarantee of obligations of the lessor. 
  
 “Acquisition Subsidiary” means (i) any entity that is acquired pursuant to an acquisition permitted under Section 6.01(c)(iv),
or pursuant to an Investment permitted under Section 6.04(e), that becomes a Restricted Subsidiary after such acquisition or Investment and (ii) any Restricted Subsidiary formed by MCC after the date hereof for the purpose of making any
such acquisition or Investment. An “Acquisition Subsidiary” may include a Restricted Subsidiary described in the foregoing clause (ii) as well as the entity acquired by such Restricted Subsidiary described in the foregoing clause (i).

  
 “Adjusted LIBO Rate” means, for the Interest
Period for any Eurodollar Borrowing, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate for such
Interest Period. 
  
 “Administrative Agent” means
JPMCB, in its capacity as administrative agent for the Lenders hereunder. 
  
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
  
 “Affiliate” means any Person that directly or indirectly controls, or is under common control with, or is
controlled by, the Borrower and, if such Person is an individual, any member of the immediate family (including parents, spouse, children and siblings) of such individual and any trust whose principal beneficiary is such individual or one or more
members of such immediate family and any Person who is controlled by any such member or trust. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under
common control with”) means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or
otherwise), provided that, in any event, any Person that owns directly or indirectly securities having 20% or more of the voting power for the election of directors or other governing body of a corporation or 20% or more of the partnership or
other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to control such corporation or other Person. Notwithstanding the foregoing, (a) no individual (other than William S. Morris III)
shall be an Affiliate solely by reason of his or her being a director, officer or employee of MCC or any of its Restricted Subsidiaries, (b) no sibling of William S. Morris III shall be an Affiliate solely by reason of his or her being such a
sibling and (c) none of the Restricted Subsidiaries shall be Affiliates. 
  
 “Alternate Base Rate” means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate for such day plus
1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the 

  

 Credit Agreement 
  
 2 

 
Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate,
as the case may be. 
  
 “Applicable Percentage”
means, with respect to any Lender, the percentage of the total Commitments or Loans of all Classes hereunder represented by the aggregate amount of such Lender’s Commitments or Loans of all Classes hereunder. 
  
 “Applicable Rate” means, for any day, with respect to the
commitment fees payable hereunder, or with respect to any Type of Revolving Credit Loan or Tranche A Term Loan, the rate per annum set forth below under the caption “ABR” or “Eurodollar” for the applicable Class, or
“Commitment Fee”, respectively, based upon the Cash Flow Ratio as of the most recent determination date: 
  

										
	 	  	Revolving Credit Loans
and Tranche A Term Loans

	 	 	 	 
	 Cash Flow Ratio

	  	    ABR    

	 	 	    Eurodollar    

	 	 	Commitment Fee

	 
	 Greater than or equal to 5.50 to 1
	  	0.250	%	 	1.250	%	 	0.375	%
	 Less than 5.50 to 1 but greater than or equal to 5.00 to 1
	  	0.000	%	 	1.000	%	 	0.375	%
	 Less than 5.00 to 1 but greater than or equal to 4.50 to 1
	  	0.000	%	 	0.875	%	 	0.375	 
	 Less than 4.50 to 1 but greater than or equal to 4.00 to 1
	  	0.000	%	 	0.750	%	 	0.250	%
	 Less than 4.00 to 1
	  	0.000	%	 	0.675	%	 	0.250	%

  
 For purposes of the foregoing,
(i) the Cash Flow Ratio shall be determined as of the end of each fiscal quarter of MCC’s fiscal year based upon MCC’s consolidated financial statements delivered pursuant to Section 5.01(a) or (b) and (ii) each change
in the Applicable Rate resulting from a change in the Cash Flow Ratio shall be effective during the period commencing on and including the date three Business Days after delivery to the Administrative Agent of such consolidated financial statements
indicating such change and ending on the date immediately preceding the effective date of the next such change; provided that the Cash Flow Ratio shall be deemed to be in the highest category indicated above (A) at any time that an Event
of Default has occurred and is continuing and (B) if MCC fails to deliver the consolidated financial statements required to be delivered by it pursuant to Section 5.01(a) or (b), during the period from the expiration of the time for
delivery thereof until such consolidated financial statements are delivered. 
  

 Credit Agreement 
  
 3 

 The Applicable Rate for Revolving Credit Loans, Tranche A Term Loans and Commitment Fees, until the
delivery of MCC’s consolidated financial statements delivered pursuant to Section 5.01(a) or (b) for the fiscal quarter ending September 30, 2006, shall not be lower than the rates set forth above for a Cash Flow Ratio of less
than 5.50 to 1 but greater than or equal to 5.00 to 1. 
  
 “Approved Fund” shall mean, with respect to any Lender that is a fund that invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed by
the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
  
 “Asset Cash Flow” means, on any date during any fiscal year, with respect to any assets or equity interests being sold as contemplated in Section 6.01(c)(vi), the sum (determined on a
consolidated basis, if applicable, without duplication in accordance with GAAP), of the following, in each case to the extent attributable to such assets or equity interests: (a) net operating income (calculated before federal, state and local
income taxes, Interest Expense, extraordinary and unusual items, income or loss attributable to equity in Affiliates and Other Income) for the period of four fiscal quarters ending on or most recently ended prior to said date plus (b) non-cash
items, including, without limitation, depreciation and amortization (to the extent deducted in determining net operating income) for such period. 
  
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party
whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 
  
 “Bankruptcy Code” shall mean the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et
seq.), as amended and in effect from time to time and the regulations issued from time to time thereunder. 
  
 “Basic Documents” means, collectively, the Loan Documents and the Tax Consolidation Agreements. 
  
 “Board” means the Board of Governors of the Federal Reserve
System of the United States of America. 
  
 “Borrower” means Morris Publishing Group, LLC, a Georgia limited liability company. 
  
 “Borrowing” means (a) all ABR Loans of the same Class made, converted or continued on the same date or (b) all Eurodollar
Loans of the same Class that have the same Interest Period. 
  

 Credit Agreement 
  
 4 

 “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with
Section 2.03. 
  
 “Business Day” means any
day (a) that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed and (b) if such day relates to a borrowing of, a payment or prepayment of principal of or
interest on, a continuation or conversion of or into, or the Interest Period for, a Eurodollar Borrowing, or to a notice by the Borrower with respect to any such borrowing, payment, prepayment, continuation, conversion, or Interest Period, that is
also a day on which dealings in Dollar deposits are carried out in the London interbank market. 
  
 “Capital Expenditure Contributions” means (a) any equity contribution (whether constituting a contribution to the capital of MCC by
Holdings or the purchase of additional equity interests in MCC by Holdings) received in cash and designated at the time the same is made by a senior financial officer of MCC as a “Capital Expenditure Contribution” for purposes of this
Agreement or (b) any dividend to MCC from any Unrestricted Subsidiary that is designated at the time the same is made by a senior financial officer of MCC as a “Capital Expenditure Contribution” for purposes of this Agreement, which
designations shall be set forth in a notice to such effect delivered by MCC to the Administrative Agent. 
  
 “Capital Expenditures” means, for any period, expenditures (including, without limitation, the aggregate amount of Capital Lease
Obligations incurred during such period, but excluding interest capitalized during such period in respect of Indebtedness incurred to finance the acquisition or construction of fixed assets, plant and equipment) made by MCC or any of its Restricted
Subsidiaries to acquire or construct fixed assets, plant and equipment (including renewals, improvements and replacements) during such period computed in accordance with GAAP. Notwithstanding the foregoing, the following shall be excluded from
Capital Expenditures (a) any acquisition permitted under Section 6.01(c)(iv), (b) any Investment permitted under Section 6.04(e), (c) the cost of any repair or replacement of any Property that is the subject of a Casualty
Event, (d) any reinvestment of the Net Proceeds of a Disposition pursuant to Section 2.08(b)(i), and (e) any acquisition of any Property permitted hereunder that is leased by MCC or any of its Restricted Subsidiaries as of the
Effective Date. 
  
 “Capital Lease Obligations”
means, for any Person, all obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) Property to the extent such obligations are required to be classified and accounted for as a capital
lease on a balance sheet of such Person under GAAP (including Statement of Financial Accounting Standards No. 13 of the Financial Accounting Standards Board), and, for purposes of this Agreement, the amount of such obligations shall be the
capitalized amount thereof, determined in accordance with GAAP (including such Statement No. 13). 
  
 “Cash and Cash Equivalents” means, as at any date of determination thereof for MCC and its Restricted Subsidiaries (determined on a
consolidated basis without duplication in accordance with GAAP), the aggregate amount of all cash (including, without limitation, 

  

 Credit Agreement 
  
 5 

 
balances held in operating deposit accounts) and all Liquid Investments held by MCC and its Restricted Subsidiaries on such date. 
  
 “Cash Flow” means, for any period, the sum, for MCC and its
Restricted Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP), of the following: (a) net operating income for such period, calculated before federal, state and local income taxes, Interest Expense,
extraordinary and unusual items (other than any one-time charges related to start-up expenses for the shared services center and business and technology platform), income or loss attributable to equity in Affiliates and Other Income, it being
understood that the first $1,000,000 of Other Rental Income for any period shall be included in “net operating income”, plus (b) non-cash items for such period, including, without limitation, depreciation and amortization,
impairment charges with respect to goodwill and other intangibles, unrealized gains or losses on financial instruments (such as contemplated by FAS 133), non-cash financing losses on the extinguishment of debt and the non-cash portion of
post-retirement benefits (to the extent deducted in determining net operating income). MCC and its Restricted Subsidiaries shall be permitted to add back for any period ending on or prior to December 31, 2006, up to $2,500,000 of hurricane
related expenses and losses (including lost revenue). In determining “net operating income” for any period, there shall be excluded from expenses the aggregate amount of Special Deferred Compensation for such period. 
  
 Notwithstanding the foregoing, in determining Cash Flow as at any date with
respect to any period, appropriate adjustments shall be made to take into account the effect of any acquisition or Disposition during such period (or thereafter through such date) involving aggregate consideration in excess of $1,000,000, as if such
acquisition or Disposition had occurred on the first day of such period. 
  
 “Cash Flow Ratio” means, as at any date of determination thereof, the ratio of (i) Total Indebtedness as at such date to (ii) Cash Flow for the period of four fiscal quarters ending on or
most recently ended prior to such date. 
  
 “Casualty
Event” means, with respect to any property of any Person, any loss of or damage to, or any condemnation or other taking of, such property for which such Person or any of its Subsidiaries receives insurance proceeds, or proceeds of a
condemnation award or other compensation. 
  
 “Change in
Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the
date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.12(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 
  

 Credit Agreement 
  
 6 

 “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans constituting such Borrowing, are Revolving Credit Loans, Tranche A Term Loans or Incremental Term Loans and, when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment,
Tranche A Term Loan Commitment or Incremental Term Loan Commitment. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Commitment” means a Revolving Credit Commitment, Tranche A Term Loan Commitment or Incremental Term Loan Commitment, or any
combination thereof (as the context requires). 
  
 “Default” means an Event of Default or an event that with notice or lapse of time or both would become an Event of Default. 
  
 “Disposition” means any sale, assignment, transfer or other disposition of any Property (whether now owned or hereafter acquired) by MCC
or any of its Restricted Subsidiaries to any Person, including any Casualty Event, but excluding any sale, assignment, transfer or other disposition of (a) any Property sold or disposed of in the ordinary course of business and on ordinary
business terms, (b) Excluded Property and (c) any Property in an aggregate amount of less than $1,000,000. 
  
 “Dollars” or “$” refers to lawful money of the United States of America. 
  
 “Effective Date” means the date on which the conditions
specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02). 
  
 “Environmental Claim” means, with respect to any Person, (a) any written or oral notice, claim, demand or other communication (collectively, a “claim”) by any other Person
alleging or asserting such Person’s liability for investigatory costs, cleanup costs, governmental response costs, damages to natural resources or other Property, personal injuries, fines or penalties arising out of, based on or resulting from
(i) the presence, or Release into the environment, of any Hazardous Material at any location, whether or not owned by such Person, or (ii) circumstances forming the basis of any violation, or alleged violation, of any Environmental Law.
The term “Environmental Claim” shall include, without limitation, any claim by any governmental authority for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law, any
claim by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from the presence of Hazardous Materials or arising from alleged injury or threat of injury to health, safety or the
environment, and any Lien filed against any property covered by any Mortgage. 
  
 “Environmental Laws” means any and all present and future Federal, state, local and foreign laws, rules or regulations, and any orders or decrees, in each case as now or hereafter 

  

 Credit Agreement 
  
 7 

 
in effect, relating to the regulation or protection of human health, safety or the environment or to emissions, discharges, releases or threatened releases
of pollutants, contaminants, chemicals or toxic or hazardous substances or wastes into the indoor or outdoor environment, including, without limitation, ambient air, soil, surface water, ground water, wetlands, land or subsurface strata, or
otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, chemicals or toxic or hazardous substances or wastes. 
  
 “Equity Contributions” means any equity contribution
(whether constituting a contribution to the capital of MCC by Holdings or the purchase of additional equity interests in MCC by Holdings) received in cash and designated at the time the same is made by a senior financial officer of MCC as an
“Equity Contribution” for purposes of this Agreement, which designation shall be set forth in a notice to such effect delivered by MCC to the Administrative Agent. 
  
 “Equity Issuance” means (a) any issuance or sale by MCC or any of its Restricted Subsidiaries after
the Effective Date of (i) any of its capital stock, (ii) any warrants or options exercisable in respect of its capital stock (other than any warrants or options issued to directors, officers or employees of MCC or any of its Subsidiaries
pursuant to employee benefit plans established in the ordinary course of business and any capital stock of MCC issued upon the exercise of such warrants or options) or (iii) any other security or instrument representing an equity interest (or
the right to obtain any equity interest) in MCC or any of its Subsidiaries or (b) the receipt by MCC or any of its Restricted Subsidiaries after the Effective Date of any capital contribution (whether or not evidenced by any equity security
issued by the recipient of such contribution); provided that Equity Issuance shall not include (w) any reimbursement of the costs of any Special Deferred Compensation described in clause (a) of the definition of such term in this
Section, (x) the first $50,000,000 of Equity Contributions received after the date hereof, (y) the first $100,000,000 of Capital Expenditure Contributions received after the date hereof or (z) any contribution made to the capital of
MCC in order to enable the payments to be made pursuant to Section 6.05(h) or any contribution made to the capital of MCC pursuant to Section 5(b) of the Pledge Agreement. 
  
 “Equity Rights” means, with respect to any Person, any outstanding subscriptions, options, warrants,
commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional
shares of capital stock of any class, or partnership or other ownership interests of any type in, such Person. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 “ERISA Affiliate” means any trade or business (whether or
not incorporated) that, together with MCC or the Borrower, is treated as a single employer under Section 414(b) or (c) 

  

 Credit Agreement 
  
 8 

 
of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of
the Code. 
  
 “ERISA Event” means (a) any
“reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of
an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an
application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by MCC or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the
receipt by MCC or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by MCC or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by MCC or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from MCC or any ERISA
Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
  
 “Eurodollar”, when used in reference to any Loan or
Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
  
 “Event of Default” has the meaning assigned to such term in Article VII. 
  
 “Excluded Property” means, collectively, (i) any
interest in the equity capital of Mediacom, or the net proceeds of any sale thereof, or (ii) any interest in the equity capital of any Unrestricted Subsidiary (including Shivers Investments, LLC), or the net proceeds of any sale thereof.

  
 “Excluded Property Guarantee” means any
Guarantee to which the holder of such Guarantee shall have recourse solely to the Excluded Property for the payment of the underlying Indebtedness or obligations and has agreed to subordinate any claim it may have under Section 1111(b) of the
Bankruptcy Code. 
  
 “Excluded Taxes” means, with
respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the
United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch
profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the 

  

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Borrower under Section 2.16(b)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a
party to this Agreement or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 2.14(e), except to the extent that such Foreign Lender’s assignor (if any) was
entitled, at the time of assignment, to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.14(a). 
  
 “Existing Credit Agreement” has the meaning assigned to such term in the preamble to this Agreement. 
  
 “Federal Funds Effective Rate” means, for any day, the
weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) 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 that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received
by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
  
 “Fiscal Quarter” means each fiscal quarter of MCC and the Borrower, respectively. The “first” Fiscal Quarter in any fiscal year
shall be the Fiscal Quarter ending on or nearest to March 31 in such year, the “second” Fiscal Quarter in any fiscal year shall be the Fiscal Quarter ending on or nearest to June 30 in such year, the “third” Fiscal
Quarter in any fiscal year shall be the Fiscal Quarter ending on or nearest to September 30 in such year, and the “fourth” Fiscal Quarter in any fiscal year shall be the Fiscal Quarter ending on or nearest to December 31 in such
year, in each case as provided in Section 1.04(d). 
  
 “Fixed Charge Coverage Ratio” means, as at any date of determination, the ratio of (a) Cash Flow for the period of four fiscal quarters ending on or most recently ended prior to such date to (b) the sum of
(i) the amount, if any, by which the aggregate principal amount of Revolving Credit Loans outstanding hereunder at the beginning of such period shall exceed the aggregate amount of the Revolving Credit Commitments scheduled to be in effect at
the end of such period after giving effect to any reductions of such Commitments scheduled to occur during such period pursuant to Section 2.06 plus (ii) all regularly scheduled payments or regularly scheduled mandatory prepayments
of principal of any other Indebtedness made during such period (including the Term Loans and the principal component of any payments in respect of Capital Lease Obligations, but excluding (v) the final installment of principal of the Term
Loans, (w) any prepayments pursuant to Section 2.08, (x) any Indebtedness of the type described in clause (c) or (f) of the definition of such term in this Section 1.01, except to the extent MCC and its Restricted
Subsidiaries have made payments in respect of the principal thereof during such period, (y) the final installment of principal of any Indebtedness permitted hereunder that is secured by the aircraft assets of MCC and its Subsidiaries or
Swingline Indebtedness and (z) any payments on Intercompany Indebtedness) plus (iii) all Interest Expense for such period plus (iv) income taxes for such period (excluding, however, taxes attributable to Unrestricted

  

 Credit Agreement 
  
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Subsidiaries to the extent paid by such Unrestricted Subsidiaries) plus (v) Restricted Payments made in cash during such period plus
(vi) Capital Expenditures for such period, excluding (x) Capital Expenditures funded by Capital Expenditure Contributions made during the twelve month period ending on or most recently ended prior to such date (as contemplated by the
definition of such term in this Section 1.01) and (y) Capital Expenditures related to start-up expenses for the shared services center and business and technology platform, provided that (i) the aggregate amount of such charges
and expenses that may be so excluded shall not exceed $7,500,000 for any period ending on or before December 31, 2006 and (ii) no such charges and expenses may be excluded for any period ending after December 31, 2006. 
  
 “Foreign Lender” means any Lender that is organized under
the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

  
 “GAAP” means generally accepted accounting
principles applied on a basis consistent with those which, in accordance with the last sentence of Section 1.04(a), are to be used in making the calculations for purposes of determining compliance with this Agreement. 
  
 “Governmental Authority” means the government of the United
States of America, or of any other nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government. 
  
 “Guarantee” means a guarantee, an endorsement, a contingent agreement to purchase or to furnish funds for the payment or maintenance of, or otherwise to be or become contingently liable under or with
respect to, the Indebtedness, other obligations, net worth, working capital or earnings of any Person, or a guarantee of the payment of dividends or other distributions upon the stock or equity interests of any Person, or an agreement to purchase,
sell or lease (as lessee or lessor) Property, products, materials, supplies or services primarily for the purpose of enabling a debtor to make payment of such debtor’s obligations or an agreement to assure a creditor against loss, and
including, without limitation, causing a bank or other financial institution to issue a letter of credit or other similar instrument for the benefit of another Person, but excluding endorsements for collection or deposit in the ordinary course of
business. The terms “Guarantee” and “Guaranteed” used as a verb shall have a correlative meaning. 
  
 “Guarantors” means MCC and each Subsidiary Guarantor. 
  
 “Hazardous Material” means, collectively, (a) any petroleum or petroleum products, flammable
explosives, radioactive materials, friable asbestos, urea formaldehyde foam insulation, and transformers or other equipment that contain dielectric fluid containing polychlorinated biphenyls (PCB’s), (b) any chemicals or other materials or
substances which are now or hereafter become defined as or included in the definition of “hazardous substances”, 

  

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“hazardous wastes”, “hazardous materials”, “extremely hazardous wastes”, “restricted hazardous wastes”, “toxic
substances”, “toxic pollutants”, “contaminants”, “pollutants” or words of similar import under any Environmental Law and (c) any other chemical or other material or substance, exposure to which is now or
hereafter prohibited, limited or regulated under any Environmental Law. 
  
 “Holdings” means Morris Communications Holding Company, LLC, a Georgia limited liability company. 
  
 “Incremental Term”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such
Borrowing, are made pursuant to Section 2.01(c). 
  
 “Incremental Term Loan Commitment” means, with respect to each Incremental Term Loan Lender, and for any Series thereof, the commitment of such Incremental Term Loan Lender to make Incremental Term Loans of such Series, as
such commitment may be (a) reduced from time to time pursuant to Section 2.06 or 2.08(b) and (b) reduced or increased from time to time pursuant to assignments by or to such Incremental Term Loan Lender pursuant to
Section 9.04. The aggregate amount of the Incremental Loan Commitments of all Series incurred after the Effective Date, together with any Permitted Indebtedness incurred in accordance with Section 6.07(a)(A) plus the aggregate
amount of increases in Revolving Credit Commitments effected pursuant to Section 2.06(e) plus the aggregate amount of Indebtedness incurred pursuant to Section 5(b) of the Pledge Agreement after the Effective Date, shall not exceed
$350,000,000 or such higher amount to which the Required Lenders shall have consented. 
  
 “Incremental Term Loan Lender” means a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term Loan of any Series. 
  
 “Indebtedness” means, for any Person: (a) obligations
created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such
Property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of Property or services, other than (i) trade accounts payable (other than for borrowed money) arising, and accrued expenses
incurred, in the ordinary course of business and (ii) without limiting the foregoing, trade accounts payable with respect to the purchase card line of credit established by JPMCB in favor of MCC; (c) Indebtedness of others secured by a
Lien on the Property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person, excluding, if such Person is the lessee of Property (whether pursuant to an operating lease or capital lease), Liens on such
Property securing Indebtedness of the lessor; (d) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for account of such Person; (e) Capital Lease
Obligations of such Person; and (f) Indebtedness of others Guaranteed by such Person to the extent of the amount of such Indebtedness that such Person has 

  

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agreed to Guarantee. It is understood that for purposes of this Agreement, “Indebtedness” of MCC and its Restricted Subsidiaries shall not include
(a) Indebtedness of others secured by a Lien on Excluded Property to the extent the holder of such Indebtedness shall have recourse solely to the Excluded Property for the payment of the underlying Indebtedness and has agreed to subordinate any
claim it may have under Section 1111(b) of the Bankruptcy Code and (b) Excluded Property Guarantees. 
  
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
  
 “Information Memorandum” means the Confidential Information Memorandum dated November 2005 prepared by MCC
and the Borrower with respect to the transactions contemplated hereby. 
  
 “Intercompany Indebtedness” means Indebtedness of MCC to any Subsidiary Guarantor or of any Restricted Subsidiary of MCC owing to MCC or any other Restricted Subsidiary of MCC. 
  
 “Interest Coverage Ratio” means, as at any date of
determination thereof, the ratio of (a) Cash Flow for the period of four fiscal quarters ending on or most recently ended prior to such date to (b) Interest Expense for such period. 
  
 “Interest Election Request” means a request by the Borrower
to convert or continue a Borrowing in accordance with Section 2.05. 
  
 “Interest Expense” means, for any period, the sum, for Holdings (but not any Subsidiaries thereof) and MCC and its Restricted Subsidiaries (determined on a consolidated basis without duplication in
accordance with GAAP), of the following: (a) all interest in respect of Indebtedness accrued or capitalized during such period (whether or not actually paid during such period, but excluding fees, commissions, purchase price payments or other
costs in respect of any Interest Rate Protection Agreement and excluding also any Indebtedness of the type described in clause (c) or (f) of the definition of such term in this Section 1.01, except to the extent MCC and its Restricted
Subsidiaries have made payments in respect of interest thereof during such period) plus (b) the net amounts payable (or minus the net amounts receivable) under Interest Rate Protection Agreements accrued during such period
(whether or not actually paid or received during such period) plus (c) the aggregate amount of fees or commissions paid in respect of letters of credit (other than commercial letters of credit) during such period. Notwithstanding the
foregoing, “Interest Expense” shall exclude any amount paid or amortized during any period in respect of up-front fees arising in connection with the incurrence of Indebtedness. 
  
 Interest Expense as at any date for any period will be adjusted on a pro forma basis to take into account the
effect of any acquisition or Disposition during such period (or after such period through such date) involving aggregate consideration in excess of $1,000,000, as if 

  

 Credit Agreement 
  
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such acquisition or Disposition (and any related incurrence or prepayment of Indebtedness) had occurred on the first day of such period. 
  
 “Interest Payment Date” means (a) with respect to any
ABR Loan, each Quarterly Date and (b) with respect to any Eurodollar Loan, the last day of each Interest Period therefor and, in the case of any Interest Period of more than three months’ duration, each day prior to the last day of
such Interest Period that occurs at three-month intervals after the first day of such Interest Period. 
  
 “Interest Period” means, for any Eurodollar Loan or Borrowing, the period commencing on the date of such Loan or Borrowing and ending on
the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as specified in the applicable Borrowing Request or Interest Election Request; provided, that (a) if any Interest Period would end
on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next
preceding Business Day, and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on
the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Loan initially shall be the date on which such Loan is made and thereafter shall be the effective date of the most recent conversion or
continuation of such Loan, and the date of a Borrowing comprising Loans that have been converted or continued shall be the effective date of the most recent conversion or continuation of such Loans. 
  
 “Interest Rate Protection Agreement” means, for any Person,
an interest rate swap, cap or collar agreement or similar arrangement between such Person and one or more financial institutions providing for the transfer or mitigation of interest risks either generally or under specific contingencies. 

 
 “Investment” means, for any Person: (a) the
acquisition (whether for cash, Property, services or securities or otherwise) of capital stock, bonds, notes, debentures, partnership or other ownership interests or other securities of any other Person or any agreement to make any such acquisition
(including, without limitation, any “short sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such short sale); (b) the making of any deposit with, or advance, loan or other
extension of credit to, any other Person (including the purchase of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such advance, loan or
extension of credit having a term not exceeding 180 days representing the purchase price of inventory or supplies sold by such Person in the ordinary course of business); (c) the entering into of any Guarantee of, or other contingent obligation
with respect to, Indebtedness or other liability of any other Person and (without duplication) any amount committed to be advanced, loaned or extended to such Person; or (d) the entering into of any Interest Rate Protection Agreement. It is
understood that for purposes of this Agreement, “Investments” of MCC and its Restricted Subsidiaries shall not include Excluded Property Guarantees. 
  

 Credit Agreement 
  
 14 

 “JPMCB” means JPMorgan Chase Bank, N.A. 
  
 “Lenders” means, collectively, (a) the Revolving Credit
Lenders and Tranche A Term Loan Lenders listed on Schedule I, (b) the Incremental Term Loan Lenders (if any) and (c) any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such
Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 
  
 “LIBO Rate” means, for the Interest Period for any Eurodollar Borrowing, the rate appearing on Page 3750 of the Telerate Service (or on any successor or substitute page of such Service, or any
successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest
rates applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for the offering of Dollar deposits with a maturity
comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the LIBO Rate for such Interest Period shall be the rate at which Dollar deposits of $5,000,000 and for a maturity comparable to such
Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period. 
  
 “Lien” means, with respect
to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such Property. For purposes of this Agreement and the other Loan Documents, a Person shall be deemed to own subject to a Lien any
Property that it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement (other than an operating lease) relating to such Property. 
  
 “Liquid Investments” means: (a) direct obligations of
the United States of America, or of any agency thereof, or obligations guaranteed as to principal and interest by the United States of America, or of any agency thereof, in either case maturing not more than 180 days from the date of acquisition
thereof; (b) certificates of deposit issued by any Lender, or by any bank or trust Borrower organized under the laws of the United States of America or any state thereof and having capital, surplus and undivided profits of at least
$500,000,000, in each case maturing not more than 180 days from the date of acquisition thereof; (c) certificates of deposit issued by any Eligible Foreign Bank maturing not more than 180 days from the date of acquisition thereof (for purposes
hereof, “Eligible Foreign Bank” means any bank organized under the laws of any member of the Organization for Economic Cooperation and Development, the long-term debt securities of which are rated A or better by Standard &
Poor’s Ratings Group, 

  

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a Division of McGraw Hill, Inc. or A2 or better by Moody’s Investors Service, Inc.); (d) certificates of deposit issued by any bank (other than a
bank described in clause (b) or (c) above) not to exceed $1,000,000 in the aggregate at any time outstanding; and (e) commercial paper rated A-1 or better or P-1 by Standard & Poor’s Ratings Group, a Division of McGraw
Hill, Inc. or Moody’s Investors Service, Inc., respectively, maturing not more than 90 days from the date of acquisition thereof. 
  
 “Loan Documents” means, collectively, this Agreement and the Security Documents. 
  
 “Loans” means the loans made by the Lenders to the Borrower
pursuant to this Agreement. 
  
 “Margin Stock”
means “margin stock” within the meaning of Regulations T, U and X. 
  
 “Material Adverse Effect” means a material adverse effect on (a) the consolidated financial condition, operations, business or prospects of MCC and its Restricted Subsidiaries or the Newspaper
Entities taken as a whole, (b) the ability of any Obligor to perform its obligations under any of the Basic Documents to which it is a party, (c) the validity or enforceability of any of the Basic Documents, (d) the rights and
remedies of the Lenders and the Administrative Agent under any of the Basic Documents or (e) the timely payment of the principal of or interest on the Loans or other amounts payable in connection therewith. 
  
 “MCC” means Morris Communications Company, LLC, a Georgia
limited liability company. 
  
 “Mediacom” means
Mediacom Communications Corporation, a Delaware corporation. 
  
 “Morris Finance” means Morris Publishing Finance Co., a Georgia corporation. 
  
 “Mortgages” means, collectively, one or more instruments of Mortgage, Deeds of Trust, Assignment of Rents, Security Agreement and Fixture
Filing executed by an Obligor in favor of the Administrative Agent and the Lenders (or in favor of a trustee for the benefit of the Administrative Agent and the Lenders) and covering the properties and leasehold interests identified in
Schedule VI that are to be subject to the Lien of a Mortgage. 
  
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
  
 “Net Proceeds” means, with respect to any Disposition or Equity Issuance, the aggregate amount of all cash payments received by MCC and
its Restricted Subsidiaries directly 

  

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or indirectly in connection with such Disposition or Equity Issuance; provided that (i) such Net Proceeds shall be net of (x) the amount of
any legal, title and recording tax expenses, commissions and other fees and expenses paid by MCC and its Restricted Subsidiaries in connection with such Disposition or Equity Issuance and (y) any Federal, state and local income or other taxes
estimated to be payable by MCC and its Restricted Subsidiaries as a result of such Disposition or Equity Issuance (but only to the extent that such estimated taxes are in fact paid to Shivers pursuant to the Tax Consolidation Agreements when due
pursuant to the provisions thereof) and (ii) such Net Proceeds shall be net of any repayments by MCC or any of its Restricted Subsidiaries of Indebtedness to the extent that (x) such Indebtedness is secured by a Lien on the Property that
is the subject of such Disposition or Equity Issuance and (y) such Indebtedness is in fact repaid upon the consummation of the purchase of such Property. 
  

“Newspaper Entities” means, collectively, the Borrower and its Subsidiaries. 
  
 “Obligors” means, collectively, the Borrower, the Guarantors
and Holdings. 
  
 “Operating Agreement” means the
Operating Agreement dated October 26, 2001 for MCC, as modified and supplemented and in effect from time to time. 
  
 “Other Income” means, for any period, collectively, (i) Other Investment Income for such period and (ii) to the extent
exceeding $1,000,000, Other Rental Income for such period. 
  
 “Other Investment Income” means, for any period, the sum for MCC and its Restricted Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP), of the aggregate amount of cash dividends
and cash interest received by MCC and its Restricted Subsidiaries during such period in respect of Investments in preferred and common stock and notes and other debt securities (including, without limitation, Cash and Cash Equivalents) held by MCC
and its Restricted Subsidiaries. 
  
 “Other Rental
Income” means, for any period, the sum for MCC and its Restricted Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP), of all income received by MCC and its Restricted Subsidiaries during such
period in respect of the leasing or subleasing of real property owned or leased by MCC or any of its Restricted Subsidiaries. 
  
 “Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document. 
  

“Participant” has the meaning assigned to such term in Section 9.04(e). 
  
 “PBGC” means the Pension Benefit Guaranty Corporation
referred to and defined in ERISA and any successor entity performing similar functions. 
  

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 17 

 “Permitted Indebtedness” means Indebtedness of MCC and the Subsidiary Guarantors
incurred in accordance with Section 6.07(a). 
  
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
  
 “Plan” means any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
  
 “Pledge Agreement” means a Pledge Agreement substantially in the form of Exhibit C between Holdings and the Administrative Agent.

  
 “Prime Rate” means the rate of interest per
annum publicly announced from time to time by JPMCB as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being
effective. 
  
 “Principal Payment Dates” means
the Quarterly Dates falling on or nearest to March 31, June 30, September 30 and December 31 of each year, commencing with March 31, 2005, through and including the applicable Term Loan Maturity Date. 
  
 “Property” means any right or interest in or to property of
any kind whatsoever and whether tangible or intangible. 
  
 “Quarterly Dates” means the last Business Day of March, June, September and December in each year, the first of which shall be the first such day after the date hereof. 
  
 “Register” has the meaning set forth in Section 9.04.

  
 “Related Parties” means, with respect to any
specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
  
 “Release” means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge,
dispersal, leaching or migration into the indoor or outdoor environment, including, without limitation, the movement of Hazardous Materials through ambient air, soil, surface water, ground water, wetlands, land or subsurface strata. 
  
 “Required Lenders” means, at any time, Lenders having Loans
and unused Commitments representing at least a majority of the sum of the total Loans and unused Commitments at such time. References herein to the Required Lenders of any Class shall refer 

  

 Credit Agreement 
  
 18 

 
to the Lenders of such Class holding at least a majority of the sum of the total Loans and unused Commitments of such Class at such time. 
  
 “Restricted Payment” means, collectively, (a) all
distributions of MCC and its Restricted Subsidiaries (in cash, Property or obligations) on, or other payments or distributions on account of, or the setting apart of money for a sinking or other analogous fund for, or the purchase, redemption,
retirement or other acquisition of, any portion of any ownership interest in MCC or the Borrower or of any warrants, options or other rights to acquire any such ownership interest (or to make any payments to any Person, such as “phantom
stock” payments, where the amount thereof is calculated with reference to fair market or equity value of MCC or any of its Subsidiaries) and (b) any payments made by MCC or the Borrower to any holders of any equity interests in MCC or the
Borrower that are designed to reimburse such holders for the payment of any Taxes attributable to the operations of MCC and its Subsidiaries. 
  
 “Restricted Subsidiary” means any Subsidiary of MCC other than an Unrestricted Subsidiary. 
  
 “Revolving Credit”, when used in reference to any Loan or
Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are made pursuant to Section 2.01(a). 
  
 “Revolving Credit Availability Period” means the period from and including the Effective Date to but excluding the earlier of the
Revolving Credit Commitment Termination Date and the date of termination of the Revolving Credit Commitments. 
  
 “Revolving Credit Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Credit Loans
hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.06 or 2.08(b) and
(b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Revolving Credit Commitment is set forth on Schedule I, or in the Assignment
and Assumption pursuant to which such Lender shall have assumed its Revolving Credit Commitment, as applicable. The initial aggregate amount of the Lenders’ Revolving Credit Commitments is $175,000,000. 
  
 “Revolving Credit Commitment Termination Date” means the
Quarterly Date falling on or nearest to September 30, 2012. 
  
 “Revolving Credit Exposure” means, with respect to any Lender at any time, the aggregate outstanding principal amount of such Lender’s Revolving Credit Loans at such time. 
  
 “Revolving Credit Lender” means a Lender with a Revolving
Credit Commitment or, if the Revolving Credit Commitments have terminated or expired, a Lender with Revolving Credit Exposure. 
  

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 “Satisfactory Terms of Subordination” means, with respect to any Permitted Indebtedness
incurred in accordance with Section 6.07(a), that such Permitted Indebtedness is subordinated to the obligations of the Borrower to pay principal of and interest on the Loans and other obligations hereunder on terms of subordination
satisfactory to the Required Lenders, and in respect of which neither MCC nor any of its Subsidiaries is contingently or otherwise obligated other than any thereof that are Guarantors under the Security and Guarantee Agreement, and then only
pursuant to a Guarantee that is itself subordinated to the obligations of such Guarantors on terms of subordination satisfactory to the Required Lenders. 
  
 “Savannah Disposition” means the Disposition by Southeastern Newspapers Company, LLC of the Property located in the City of Savannah,
Chatham County, Georgia prior to the date hereof as permitted under the terms of the Existing Credit Agreement. 
  
 “Security and Guarantee Agreement” means a Security and Guarantee Agreement substantially in the form of Exhibit B between the Borrower,
each Guarantor and the Administrative Agent. 
  
 “Security
Documents” means, collectively, the Security and Guarantee Agreement, the Mortgages, the Pledge Agreement and all Uniform Commercial Code financing statements required by the Security and Guarantee Agreement, the Mortgages or the Pledge
Agreement to be filed with respect to the security interests in personal property and fixtures created pursuant to the Security and Guarantee Agreement, the Mortgages or the Pledge Agreement. 
  
 “Senior Cash Flow Ratio” means, as at any date of
determination thereof, the ratio of (i) Total Senior Indebtedness as at such date to (ii) Cash Flow for the period of four fiscal quarters ending on or most recently ended prior to such date. 
  
 “Series” has the meaning assigned to such term in
Section 2.01(c). 
  
 “Shivers” means Shivers
Trading & Operating Company, a Georgia corporation. 
  
 “Special Deferred Compensation” means deferred compensation paid to senior officers and other executive employees of MCC and any Subsidiary of MCC to the extent (a) paid by MCC in cash and concurrently reimbursed in
cash by Shivers or another Affiliate of MCC (not including MCC or any Restricted Subsidiary of MCC), (b) paid by MCC through the delivery of shares of Class A Common Stock of Mediacom or (c) paid in cash (or through the delivery of
shares of Class A Common Stock of Mediacom) by Shivers or another Affiliate of MCC (not including MCC or any Restricted Subsidiary of MCC), but treated as an expense of MCC and its Restricted Subsidiaries that is offset by a deemed capital
contribution to MCC and its Restricted Subsidiaries by such Affiliate. 
  

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 20 

 “Statutory Reserve Rate” means, for the Interest Period for any Eurodollar Borrowing, a
fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the arithmetic mean, taken over each day in such Interest Period, of the aggregate of the maximum reserve
percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency
liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve
requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted
automatically on and as of the effective date of any change in any reserve percentage. 
  
 “Subsidiary” means, for any Person, any corporation, limited liability company, partnership or other entity of which at least a majority of the securities or other ownership interests having by the
terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, limited liability company, partnership or other entity (irrespective of whether or not at the time
securities or other ownership interests of any other class or classes of such corporation, limited liability company, partnership or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time
directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. “Wholly Owned Subsidiary” means any such corporation, limited
liability company, partnership or other entity of which all of the equity securities or other ownership interests (other than, in the case of a corporation, directors’ qualifying shares) are so owned or controlled. 
  
 “Subsidiary Guarantors” means, collectively, (i) each
of the Subsidiaries of MCC contemplated to be signatories, as “Subsidiary Guarantors” to the Security and Guarantee Agreement (as provided in the form thereof attached as Exhibit B hereto), and (ii) each other Subsidiary of MCC that
becomes a party to the Security and Guarantee Agreement as contemplated by Section 5.09. 
  
 “Swingline Indebtedness” means Indebtedness permitted under Section 6.03(k) which has been identified in a written notice from MCC or the Borrower to the Administrative Agent as “Swingline
Indebtedness” for purposes of this Agreement and each other Loan Document. 
  
 “Tax Consolidation Agreements” means, collectively, the respective tax consolidation agreements dated as of August 7, 2003 between (a) MCC, Holdings and Shivers and (b) the Borrower,
MCC and Shivers. 
  
 “Taxes” means any and all
present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 
  

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 “Term”, when used in reference to any Loan or Borrowing, refers to whether the Class of
such Loan or Borrowing is Tranche A Term or Incremental Term, as opposed to Revolving Credit. 
  
 “Term Loan Commitments” means, collectively, the Tranche A Term Loan Commitments and the Incremental Term Loan Commitments.

  
 “Term Loan Lenders” means, collectively, the
Tranche A Term Loan Lenders and the Incremental Term Loan Lenders of any Series. 
  
 “Term Loan Maturity Date” means: (a) with respect to the Tranche A Term Loans, the Quarterly Date falling on or nearest to September 30, 2012 and (b) with respect to the
Incremental Term Loans of any Series, the maturity date for such Series specified at the time the same is established pursuant to Section 2.01(c). 
  
 “Total Indebtedness” means, as at any date, the sum of all Indebtedness at such date for Holdings (but not any Subsidiaries thereof), MCC
and its Restricted Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP). 
  
 “Total Senior Indebtedness” means, as at any date, the sum of all Indebtedness at such date of MCC and its Restricted Subsidiaries
(determined on a consolidated basis without duplication in accordance with GAAP), excluding, however, the 2003 Senior Subordinated Notes and any Permitted Indebtedness that has been issued upon Satisfactory Terms of Subordination. 
  
 “Tranche A Term”, when used in reference to any Loan or
Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are made pursuant to Section 2.01(b). 
  
 “Tranche A Term Loan Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make one or more
Tranche A Term Loans hereunder on the Effective Date, expressed as an amount representing the maximum aggregate principal amount of the Tranche A Term Loans to be made by such Lender hereunder, as such commitment may be (a) reduced
from time to time pursuant to Section 2.06 or 2.08(b) and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Tranche A
Term Loan Commitment is set forth on Schedule I, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Tranche A Term Loan Commitment, as applicable. The initial aggregate amount of the Lenders’
Tranche A Term Loan Commitments is $175,000,000. 
  
 “Tranche A Term Loan Lender” means a Lender with a Tranche A Term Loan Commitment or an outstanding Tranche A Term Loan. 
  

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 “Transactions” means the execution, delivery and performance by MCC and the Borrower of
this Agreement and the other Loan Documents, the borrowing of Loans and the use of the proceeds thereof. 
  
 “2003 Senior Subordinated Notes” means the 7% senior subordinated notes due August 1, 2013 issued on August 7, 2003 and on
September 24, 2003 in the aggregate principal amount of $300,000,000 by the Borrower pursuant to an indenture dated August 7, 2003 between the Borrower, Morris Finance, the guarantors thereunder and Wachovia Bank, National Association, as
trustee. 
  
 “Type”, when used in reference to
any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans constituting such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
  
 “Unrestricted Subsidiaries” means, collectively,
(a) each entity designated as an “Unrestricted Subsidiary” in Part C of Schedule IV hereto, (b) any entity from time to time hereafter designated as an “Unrestricted Subsidiary” in accordance with the requirements
of Section 6.11 and (c) any Subsidiary of an Unrestricted Subsidiary. 
  
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title
IV of ERISA. 
  
 SECTION 1.02. Classification of Loans and
Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Credit Loan”, “Tranche A Term Loan” or “Incremental Term Loan”) or by Type (e.g.,
an “ABR Loan”, or a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Credit Loan” or an “ABR Revolving Credit Loan”); each Series of Incremental Term Loans shall be deemed a
separate Class of Loans hereunder. In similar fashion, (i) Borrowings may be classified and referred to by Class, by Type and by Class and Type, and (ii) Commitments may be classified and referred to by Class; each Series of Incremental
Term Borrowings and Incremental Term Loan Commitments shall be deemed a separate Borrowing and Commitment hereunder. 
  
 SECTION 1.03. 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”, 

  

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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 and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
  
 SECTION 1.04. Accounting Terms and Determinations. 
  
 (a) Accounting Terms. Except as otherwise expressly provided herein, all accounting terms used herein shall be
interpreted, and all financial statements and certificates and reports as to financial matters required to be delivered to the Lenders hereunder shall (unless otherwise disclosed to the Lenders in writing at the time of delivery thereof in the
manner described in subsection (b) below) be prepared, in accordance with generally accepted accounting principles applied on a basis consistent with those used in the preparation of the latest financial statements furnished to the Lenders
hereunder (which, prior to the delivery of the first financial statements under Section 5.01, means the audited financial statements for MCC and its Subsidiaries as at December 31, 2004 referred to in Section 3.02). All calculations
made for the purposes of determining compliance with this Agreement shall (except as otherwise expressly provided herein) be made by application of generally accepted accounting principles applied on a basis consistent with those used in the
preparation of the latest annual or quarterly financial statements furnished to the Lenders pursuant to Section 5.01 (or, prior to the delivery of the first financial statements under Section 5.01, used in the preparation of the audited
financial statements for MCC and its Subsidiaries as at December 31, 2004 referred to in Section 3.02) unless 
  
 (i) MCC and the Borrower shall have objected to determining such compliance on such basis at the time of delivery of such financial
statements or 
  
 (ii) the Required Lenders
shall so object in writing within 30 days after delivery of such financial statements, 
  
 in either of which events such calculations shall be made on a basis consistent with those used in the preparation of the latest financial statements as to which such objection shall not have been made (which, if objection is made in
respect of the first financial statements delivered under Section 5.01, means said audited financial statements referred to in Section 3.02). 
  
 (b) Statements of Changes. MCC and the Borrower shall deliver to the Lenders at the same time as the delivery of any annual or quarterly financial
statements under Section 5.01 (i) a description in reasonable detail of any material variation between the application of accounting principles employed in the preparation of such statements and the application of accounting principles
employed in the preparation of the next preceding annual or quarterly financial statements as to which no objection has been made in accordance with the last sentence of subsection (a) above and (ii) reasonable estimates of the difference
between such statements arising as a consequence thereof. 
  

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 (c) Changes in Fiscal Periods. To enable the ready and consistent determination of compliance with
the covenants set forth in Sections 5 and 6, neither the Borrower nor MCC will change the last day of its fiscal year from December 31 of each year, or the last days of the first three fiscal quarters in each of its fiscal years from
March 31, June 30 and September 30 of each year, respectively, provided that, notwithstanding the foregoing, the Borrower or MCC may for accounting convenience adjust such fiscal periods to end on dates different than those
prescribed above, so long as the last day of any such fiscal period does not end on a date later than the dates prescribed above, or earlier than six days prior to the dates prescribed above. 
  
 (d) Tax Consolidation Agreements. Pursuant to the Tax Consolidation
Agreements, the Borrower, Holdings, MCC and Shivers have agreed that MCC and its Subsidiaries are not obligated to pay to Holdings or Shivers amounts in respect of Federal and State income taxes in excess of those provided therein. Whenever making
determinations under this Agreement of the amount of Federal and State income taxes payable during any period (or the amount of refunds in respect of such taxes receivable during any period) by MCC and its Restricted Subsidiaries, the amount of such
taxes payable or receivable shall be deemed to be equal to the amounts payable or receivable, as the case may be, in respect of such taxes under the Tax Consolidation Agreements without reference to whether Holdings, Shivers and their respective
Subsidiaries shall in fact pay any amounts in respect of Federal and State income taxes (or receive any amounts in respect of refunds of Federal and State income taxes) during the relevant period. 
  
 ARTICLE II 
  
 THE CREDITS 
  
 SECTION 2.01. The Commitments. 
  
 (a) Revolving Credit Loans. Subject to the terms and conditions set forth herein, each Revolving Credit Lender agrees to make Revolving Credit
Loans to the Borrower from time to time during the Revolving Credit Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Credit
Commitment or (ii) the total Revolving Credit Exposures, together with the aggregate amount of Swingline Indebtedness, exceeding the total Revolving Credit Commitments. Within the foregoing limits and subject to the terms and conditions set
forth herein, the Borrower may borrow, prepay and reborrow Revolving Credit Loans. 
  
 (b) Tranche A Term Loans. Subject to the terms and conditions set forth herein, each Tranche A Term Loan Lender agrees to make one or more Tranche A Term Loans to the Borrower on the Effective Date in
a principal amount not exceeding its Tranche A Term Loan Commitment. Amounts prepaid or repaid in respect of Tranche A Term Loans may not be reborrowed. 
  

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 (c) Incremental Term Loans. In addition to Borrowings of Revolving Credit Loans and Tranche A
Term Loans pursuant to paragraphs (a) and (b) above, at any time and from time to time prior to the Term Loan Maturity Date, the Borrower may request that one or more Persons (which may include the Lenders) offer to enter into commitments
to make term loans (each such loan being herein called an “Incremental Term Loan”) under this paragraph (c), it being understood that if such offer is to be made by any Person that is not already a Lender hereunder, the
Administrative Agent shall have consented to such Person being a Lender hereunder to the extent such consent would be required pursuant to Section 9.04(b) in the event of an assignment to such Person. In the event that one or more of such
Persons offer, in their sole discretion, to enter into such commitments, and such Persons and the Borrower agree as to the amount of such commitments that shall be allocated to the respective Persons making such offers and the fees (if any) to be
payable by the Borrower in connection therewith and the amortization and maturity date to be applicable thereto, the Borrower, such Persons and the Administrative Agent shall execute and deliver an appropriate agreement with respect thereto, and
such Persons shall become obligated to make Incremental Term Loans under this Agreement in an amount equal to the amount of their respective Incremental Loan Commitments as specified in such agreement. The Incremental Term Loans to be made pursuant
to any such agreement between the Borrower and one or more Lenders in response to any such request by the Borrower shall be deemed to be a separate “Series” of Incremental Term Loans for all purposes of this Agreement. 

 
 Anything herein to the contrary notwithstanding, (i) the minimum
aggregate principal amount of Incremental Term Loan Commitments entered into pursuant to any such request (and, accordingly, the minimum aggregate principal amount of any Series of Incremental Loans) shall be $25,000,000, (ii) the aggregate
principal amount of all Incremental Term Loan Commitments and Incremental Term Loans incurred after the Effective Date, together with (x) the aggregate amount of Permitted Indebtedness incurred in accordance with Section 6.07(a)(A) during
the period commencing on the Effective Date through the term of this Agreement, (y) the aggregate amount of increases in Revolving Credit Commitments effected pursuant to Section 2.06(e) and (z) the aggregate amount of Indebtedness
incurred pursuant to Section 5(b) of the Pledge Agreement, shall not exceed $350,000,000 or such higher amount to which the Required Lenders shall have consented, (iii) the final maturity for the Incremental Term Loans of any Series shall
not be earlier than the Term Loan Maturity Date for Tranche A Term Loans, (iv) the weighted average life to maturity (determined in a manner satisfactory to the Administrative Agent) of the Incremental Term Loans of any Series at the time
of the making thereof shall not be shorter than the then-remaining weighted average life to maturity (so determined) of the Tranche A Term Loans and (v) except for the amortization and interest rate to be applicable thereto, and any fees
to be paid in connection therewith, the Incremental Term Loans of any Series shall have the same terms as the Tranche A Term Loans. 
  
 SECTION 2.02. Loans and Borrowings. 
  
 (a) Obligations of Lenders. Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class (and, in the case of Incremental
Term Loans, of a particular Series) and Type made by the Lenders ratably in accordance with their respective 

  

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Commitments of the applicable Class (and, if applicable, of the applicable Series). The failure of any Lender to make any Loan required to be made by it
shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
  
 (b) Type of Loans. Subject to Section 2.11, each Borrowing shall
be constituted entirely of ABR Loans or of Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 
  
 (c) Minimum Amounts; Limitation on Number of Borrowings. Each Eurodollar Borrowing shall be in an aggregate amount of
$5,000,000 or a larger multiple of $1,000,000. Each ABR Borrowing shall be in an aggregate amount equal to $2,000,000 or a larger multiple of $500,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to
the entire unused balance of the total Commitments of the applicable Class (or, in the case of an Incremental Term Loan Commitment of any Series, in an aggregate amount that is equal to the entire unused balance of the total Commitments of such
Series). Borrowings of more than one Class and Type may be outstanding at the same time; provided that there shall not at any time be more than a total of fifteen Eurodollar Borrowings outstanding. 
  
 (d) Limitations on Interest Periods. Notwithstanding any other
provision of this Agreement, the Borrower shall not be entitled to request (or to elect to convert to or continue as a Eurodollar Borrowing): (i) any Revolving Credit Borrowing if the Interest Period requested therefor would end after the
Revolving Credit Commitment Termination Date; (ii) any Term Borrowing if the Interest Period requested therefor would end after the applicable Term Loan Maturity Date; (iii) any Tranche A Term Loan Borrowing if the Interest Period
requested therefor would commence before and end after any Principal Payment Date unless, after giving effect thereto, the aggregate principal amount of the Term Loans of such Class having Interest Periods that end after such Principal Payment Date
shall be equal to or less than the aggregate principal amount of the Term Loans of such Class permitted to be outstanding after giving effect to the payments of principal required to be made on such Principal Payment Date or (iv) any
Incremental Term Borrowing of any Series if the Interest Period requested therefor would commence before and end after any date for the payment of principal thereof unless, after giving effect thereto, the aggregate principal amount of the
Incremental Term Loans of such Series having Interest Periods that end after such date shall be equal to or less than the aggregate principal amount of the Incremental Term Loans of such Series permitted to be outstanding after giving effect to the
payments of principal required to be made on such date. 
  
 SECTION 2.03. Requests for Borrowings. 
  
 (a)
Notice by the Borrower. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (i) in the case of a Eurodollar Borrowing, 

  

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not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing or (ii) in the case of an
ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. 
  
 (b) Content of Borrowing Requests. Each telephonic and written Borrowing Request shall specify the following information in compliance with
Section 2.02: 
  
 (i) whether the requested
Borrowing is to be a Revolving Credit Borrowing, Tranche A Term Borrowing or Incremental Term Loan Borrowing (including, if applicable, the respective Series of Incremental Term Loans to which such Borrowing relates); 
  
 (ii) the aggregate amount of the requested Borrowing;

  
 (iii) the date of such Borrowing, which shall
be a Business Day; 
  
 (iv) whether such
Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 
  
 (v) in the case of a Eurodollar Borrowing, the Interest Period therefor, which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d); and

  
 (vi) the location and number of the
Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.04. 
  
 (c) Notice by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
  

(d) Failure to Elect. If no election as to the Type of a Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If
no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the requested Borrowing shall be made instead as an ABR Borrowing. 
  

SECTION 2.04. Funding of Borrowings. 
  
 (a) Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently 

  

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designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the
amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request. 
  
 (b) Presumption by the Administrative Agent. Unless the Administrative
Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such
Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made
its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of the
Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 
  
 SECTION 2.05. Interest Elections. 
  
 (a) Elections by the Borrower. The Loans constituting each Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have the Interest Period specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing
to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurodollar Borrowing, may elect the Interest Period therefor, all as provided in this Section. The Borrower may elect different
options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans constituting such Borrowing, and the Loans constituting each such portion shall be
considered a separate Borrowing. 
  
 (b) Notice of
Elections. To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were
requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to
the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 
  

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 (c) Content of Interest Election Requests. Each telephonic and written Interest Election Request
shall specify the following information in compliance with Section 2.02: 
  
 (i) the Borrowing to which such Interest Election Request applies (including, if applicable, the respective Series of Incremental Term Loans to which such Interest Election Request relates) and, if different options
are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) of this paragraph shall be
specified for each resulting Borrowing); 
  
 (ii)
the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
  
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 
  
 (iv) if the resulting Borrowing is a Eurodollar Borrowing,
the Interest Period therefor after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d). 
  
 (d) Notice by the Administrative Agent to the Lenders. Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
  
 (e) Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election
Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing
(i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period therefor. 

 
 SECTION 2.06. Changes of Commitments. 
  
 (a) Scheduled Termination of Commitments. Unless previously
terminated, (i) the Tranche A Term Loan Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date, (ii) the Revolving Credit Commitments shall terminate on the Revolving Credit Commitment Termination Date and
(iii) the Incremental Term Loan Commitments of each Series shall terminate on the close of business on the date specified therefor pursuant to Section 2.01(c) at the time such Series is established. 
  

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 (b) Voluntary Termination or Reduction of Commitments. The Borrower may at any time terminate, or
from time to time reduce, the Commitments of any Class (including the Commitments of any Series of Incremental Term Loans); provided that (i) each reduction of the Commitments of any Class pursuant to this Section shall be in an amount
that is $5,000,000 or a larger multiple of $1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Credit Loans in accordance with
Section 2.08, the total Revolving Credit Exposures would exceed the total Revolving Credit Commitments. 
  
 (c) Notice of Voluntary Termination or Reduction of Commitments. The Borrower shall notify the Administrative Agent of any election to terminate or
reduce the Commitments of any Class under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following
receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving
Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to
the specified effective date) if such condition is not satisfied. 
  
 (d) Effect of Termination or Reduction of Commitments. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in
accordance with their respective Commitments of such Class. 
  
 (e) Commitment Increases. The Borrower shall have the right, so long as no Default shall have occurred and be continuing, at any time prior to the Revolving Credit Commitment Termination Date, to increase the total aggregate amount
of the Revolving Credit Commitments hereunder by (x) adding a lender or lenders hereto with a Revolving Credit Commitment or Revolving Credit Commitments of up to the amount (or aggregate amount) of such increase (which lender or lenders shall
thereupon become “Lenders” hereunder) and/or (y) enabling any Lender or Lenders to increase its (or their) Revolving Credit Commitment (or Revolving Credit Commitments) up to the amount of any such increase; provided that:
(i) in no event shall any Lender’s Revolving Credit Commitment be increased without the consent of such Lender, (ii) if any Revolving Credit Loans are outstanding hereunder on the date that any such increase is to be effective, such
Revolving Credit Loans shall on or prior to the effectiveness of such increase be prepaid from the proceeds of additional Revolving Credit Loans made hereunder (reflecting such increase in Revolving Credit Commitments), which prepayment shall be
accompanied by accrued interest on the Revolving Credit Loans being prepaid and any costs incurred by any Lender in accordance with Section 2.13, (iii) any such increase shall be in a multiple of $20,000,000, (iv) in no event shall
the sum of the aggregate amount of Incremental Term Loans incurred after the Effective Date, the aggregate amount of increases in Revolving Credit Commitments pursuant to this Section and the aggregate amount of Permitted 

  

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Indebtedness incurred in accordance with Section 6.07(a)(A), together with the aggregate amount of Indebtedness incurred pursuant to Section 5(b)
of the Pledge Agreement, exceed $350,000,000 or such higher amount to which the Required Lenders shall have consented, (v) no increase in Revolving Credit Commitments contemplated by this Section shall result in any one Lender having a
Revolving Credit Commitment in an amount which equals more than 20% of the aggregate amount of the Revolving Credit Commitments hereunder, and (vi) no increase in Revolving Credit Commitments shall occur within twelve months of a reduction in
the Revolving Credit Commitments pursuant to Section 2.06(b). 
  
 SECTION 2.07. Repayment of Loans; Evidence of Debt. 
  
 (a) Repayment. The Borrower hereby unconditionally promises to pay the Loans as follows: 
  
 (i) to the Administrative Agent for account of the Revolving Credit Lenders the outstanding principal amount of the Revolving Credit Loans
on the Revolving Credit Commitment Termination Date, 
  
 (ii) to the Administrative Agent for account of the Tranche A Term Loan Lenders the outstanding principal amount of the Tranche A Term Loans on each Principal Payment Date set forth below in the aggregate principal amount set
forth opposite such Principal Payment Date (subject to adjustment pursuant to paragraph (b) of this Section): 
  

			
	 Principal Payment Date

	  	Amount ($)

	 December 31, 2007
	  	2,187,500
	 March 31, 2008
	  	2,187,500
	 June 30, 2008
	  	2,187,500
	 September 30, 2008
	  	2,187,500
		
	 December 31, 2008
	  	4,375,000
	 March 31, 2009
	  	4,375,000
	 June 30, 2009
	  	4,375,000
	 September 30, 2009
	  	4,375,000
		
	 December 31, 2009
	  	6,562,500
	 March 31, 2010
	  	6,562,500
	 June 30, 2010
	  	6,562,500
	 September 30, 2010
	  	6,562,500
		
	 December 31, 2010
	  	8,750,000
	 March 31, 2011
	  	8,750,000
	 June 30, 2011
	  	8,750,000
	 September 30, 2011
	  	8,750,000
		
	 December 31, 2011
	  	21,875,000
	 March 31, 2012
	  	21,875,000
	 June 30, 2012
	  	21,875,000
	 September 30, 2012
	  	21,875,000

  

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 32 

 (iii) to the Administrative Agent for the account of the Incremental Term Loan Lenders of
any Series the outstanding principal amount of the Incremental Term Loans of such Series in such installments on such dates and in such amounts as shall be agreed upon between the Borrower and such Incremental Term Loan Lenders at the time the
Incremental Term Loan Commitments of such Series are established pursuant to Section 2.01(c). 
  
 (b) Adjustment of Amortization Schedule. If the initial aggregate amount of the Tranche A Term Loan Commitments exceeds the aggregate principal
amount of Tranche A Term Loans that are made on the Effective Date, then the scheduled repayments of Borrowings of such Class to be made pursuant to this Section shall be reduced ratably by an aggregate amount equal to such excess. To the
extent not previously paid, all Tranche A Term Loans shall be due and payable on the Term Loan Maturity Date for Tranche A Term Loans. 
  
 (c) Manner of Payment. Prior to any repayment or prepayment of any Borrowings of any Class hereunder, the Borrower shall select the Borrowing or
Borrowings of the applicable Class to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection not later than 11:00 a.m., New York City time, three Business Days before the scheduled date of such
repayment; provided that each repayment of Borrowings of any Class shall be applied to repay any outstanding ABR Borrowings of such Class before any other Borrowings of such Class. If the Borrower fails to make a timely selection of the
Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding ABR Borrowings of the applicable Class and, second, to other Borrowings of such Class in the order of the remaining duration of their
respective Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid first). Each payment of a Borrowing shall be applied ratably to the Loans included in such Borrowing. 
  
 (d) Maintenance of Records by Lenders. Each Lender shall maintain in
accordance with its usual practice records evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time
hereunder. 
  
 (e) Maintenance of Records by the Administrative
Agent. The Administrative Agent shall maintain records in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof (and, in the case of Incremental Term Loans, the respective Series thereof) and each
Interest Period therefor, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender 

  

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hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for account of the Lenders and each Lender’s share
thereof. 
  
 (f) Effect of Entries. The entries made in the
records maintained pursuant to paragraph (d) or (e) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative
Agent to maintain such records 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. 
  
 (g) Promissory Notes. Any Lender may request that Loans of any Class made by it be evidenced by a promissory note. In
such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent.
Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein
(or, if such promissory note is a registered note, to such payee and its registered assigns). 
  
 SECTION 2.08. Prepayment of Loans. 
  
 (a) Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to the requirements of this Section. Any prepayment of the Term
Loans shall be applied to the respective Term Loans of each Class ratably in accordance with the respective outstanding principal amounts thereof and to the installments thereof ratably in accordance with the respective principal amounts thereof.

  
 (b) Mandatory Prepayments. The Borrower will prepay the
Loans, and/or the Commitments shall be subject to automatic reduction, as follows: 
  
 (i) Dispositions. No later than five Business Days after the occurrence of any Disposition, the Borrower will deliver to the
Lenders a statement, certified by a senior officer of the Borrower, in form and detail satisfactory to the Administrative Agent, of the amount of the Net Proceeds of such Disposition and, to the extent the Net Proceeds from such Disposition (when
taken together with the aggregate amount of Net Proceeds from all other such Dispositions for which a prepayment has not yet been made under this Section 2.08(b)(i)) shall exceed $5,000,000 (and to the extent that the Net Proceeds from the
Savannah Disposition are not reinvested as set forth in this Section 2.08(b)(i)), the Borrower shall prepay the Loans, and the Commitments shall be subject to automatic reduction, as follows: 
  
 (A) concurrently with the delivery of such statement, in an
aggregate amount equal to 100% of the Net Proceeds of such Dispositions so received by MCC and its Subsidiaries; and 
  

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 (B) thereafter, quarterly, on the date of the delivery by the Borrower to the Lenders
pursuant to Section 5.01 of financial statements for each quarterly fiscal period, to the extent MCC or any of its Subsidiaries shall receive Net Proceeds during such quarterly fiscal period under deferred payment arrangements or Investments
entered into or received in connection with any Disposition, an amount equal to (x) 100% of the aggregate amount of such Net Proceeds minus (y) any transaction expenses associated with such Disposition and not previously deducted in
the determination of Net Proceeds plus (or minus, as the case may be) (z) any other adjustment received (or paid) by MCC or such Subsidiary pursuant to the respective agreements, if any, giving rise to such Disposition and not
previously taken into account in the determination of the Net Proceeds of such Disposition, provided that, if prior to the date upon which the Borrower would otherwise be required to make a prepayment under this clause (B) with respect
to any quarterly fiscal period the aggregate amount of such Net Proceeds received shall aggregate an amount that will require a prepayment of $5,000,000 or more under this clause (B) with respect to such quarterly fiscal period, then the
Borrower shall immediately make a prepayment under this clause (B) in an amount equal to such required prepayment. 
  
 Prepayments of Loans and reductions of Commitments shall be effected in each case in the manner and to the extent specified in clause (iv) of this
Section 2.08(b). 
  
 Notwithstanding the
foregoing, the Borrower shall not be required to make a prepayment pursuant to this Section 2.08(b)(i) 
  
 (A) with respect to Net Proceeds arising out of Dispositions of Property or the equity capital of any Subsidiary other than the
Newspaper Entities, until such time as the aggregate Net Proceeds with respect to all Dispositions of such Property or equity capital received by MCC and its Subsidiaries after the date hereof shall exceed $50,000,000, and then only to the extent
that such Proceeds exceed $50,000,000; 
  
 (B) with respect to the Net Proceeds from any Disposition in the event that the Borrower advises the Administrative Agent (the Administrative Agent hereby agreeing to notify the Lenders upon receipt of such advice) at the time the Net
Proceeds from such Disposition are received that MCC intends to retain such Net Proceeds and reinvest the same in replacement assets pursuant to a transaction permitted hereunder, so long as: 
  
 (x) the Net Proceeds so retained from any Disposition are
in fact so reinvested within 360 days of such Disposition (it being understood that, in the event Net Proceeds from more than one Disposition are retained by MCC pending reinvestment, such Net Proceeds shall be 

  

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 35 

 
deemed to be applied in the same order in which such Dispositions occurred and, accordingly, any such Net Proceeds so retained for more than 360 days shall
be forthwith applied to the prepayment of Loans and reductions of Commitments as provided in clause (iv) of this Section 2.08(b)), provided that, if such Net Proceeds arise out of a Disposition of the assets or stock of a Newspaper
Entity, such Net Proceeds are reinvested into one or more Newspaper Entities, provided further that, the Net Proceeds so retained from any Disposition of Property of any Subsidiary other than the Newspaper Entities covered by
Section 1033 of the Code may be reinvested within the applicable period for replacement under Section 1033 of the Code; and 
  
 (y) the aggregate amount of Net Proceeds (exclusive of investment earnings thereon) so retained at any time pending reinvestment as
contemplated by this sentence shall not at any time exceed $125,000,000; or 
  
 (C) with respect to the Net Proceeds from the Savannah Disposition in the event that the Borrower reinvests the Net Proceeds within 360 days of the Savannah Disposition (it being understood that any Net Proceeds
retained for more than 360 days shall be forthwith applied to the prepayment of Loans and reductions of Commitments as provided in clause (iv) of this Section 2.08(b) and the aggregate amount of such Net Proceeds that are not reinvested
into Newspaper Entities shall not exceed $10,000,000, 
  
 Nothing
in this Section 2.08(b)(i) shall be deemed to limit the obligation of the Borrower to obtain the consent of the Required Lenders pursuant to Section 9.02(b) for any Disposition described above not otherwise permitted under this Agreement.

  
 (ii) Equity Issuance. Upon any Equity
Issuance (other than an Equity Issuance by a Restricted Subsidiary of MCC to MCC or another Restricted Subsidiary of MCC), the Borrower will deliver to the Lenders a statement, certified by a senior officer of the Borrower, in form and detail
satisfactory to the Administrative Agent, of the amount of the Net Proceeds thereof and the Borrower shall prepay the Loans, and the Commitments shall be subject to automatic reduction, in an aggregate amount equal to 100% of the Net Proceeds of
such Equity Issuance, such prepayment and reduction to be effected in each case in the manner and to the extent specified in clause (iv) of this Section 2.08(b). Notwithstanding the foregoing, the Borrower shall not be required to make a
prepayment pursuant to this Section 2.08(b) until such time as the aggregate Net Proceeds received by it with respect to all such Equity Issuances made by it after the date hereof shall exceed $5,000,000. 
  
 (iii) Change of Control. Upon the occurrence of any
“change of control” as defined under the 2003 Senior Subordinated Notes and any other Permitted Indebtedness, the Borrower shall prepay the outstanding principal amount of all Loans, and all of the Commitments shall terminate. 

 

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 (iv) Application. Prepayments and/or reductions of Commitments pursuant to this
paragraph shall be applied as follows: 
  
 first, to the prepayment of the outstanding Term Loans, ratably in accordance with the respective principal amounts thereof, and to the installments thereof ratably in accordance with the respective principal amounts thereof, and

  
 second, following the prepayment in
full of all outstanding amounts of Term Loans to the prepayment of the Revolving Credit Loans (and to the simultaneous reduction of the Revolving Credit Commitments or, to the extent the Revolving Credit Loans shall have been paid in full, the
Revolving Credit Commitments shall be automatically reduced by an amount equal to the amount of such required prepayment). 
  
 (c) Notices, Etc. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in
the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m.,
New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory
prepayment, a reasonably detailed calculation of the amount of such prepayment; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Revolving Credit Commitments as contemplated by
Section 2.06, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.06. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall
advise the relevant Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply
fully the required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by
Section 2.10 and shall be made in the manner specified in Section 2.07(c). 
  
 SECTION 2.09. Fees. 
  
 (a)
Commitment Fee. The Borrower agrees to pay to the Administrative Agent for account of each Lender a commitment fee, which shall accrue at the Applicable Rate on the average daily unused amount of the Revolving Credit Commitment of such Lender
during the period from and including the date hereof to but excluding the earlier of the date such Revolving Credit Commitment terminates and the Revolving Credit Commitment Termination Date. Accrued commitment fees shall be payable on each
Quarterly Date and on the earlier of the date 

  

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 37 

 
the Revolving Credit Commitments terminate and the Revolving Credit Commitment Termination Date, commencing on the first such date to occur after the date
hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
  
 (b) Administrative Agent Fees. The Borrower agrees to pay to the
Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
  
 (c) Payment of Fees. All fees payable hereunder shall be paid on the dates due, in immediately available funds, to
the Administrative Agent for distribution, in the case of facility fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances. 
  
 SECTION 2.10. Interest. 
  
 (a) ABR Loans. The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate
plus the Applicable Rate. 
  
 (b) Eurodollar Loans.
The Loans constituting each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period for such Borrowing plus the Applicable Rate. 
  
 (c) Default Interest. Notwithstanding the foregoing, if any principal
of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration, by mandatory prepayment or otherwise, such overdue amount shall bear interest, after as well
as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (ii) in the case of any other amount, 2% plus the rate
applicable to ABR Loans as provided in paragraph (a) of this Section. 
  
 (d) Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Credit Loans, upon termination of the Revolving
Credit Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a Revolving
Credit Loan that is an ABR Loan prior to the Revolving Credit Commitment Termination Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of
any conversion of any Eurodollar Borrowing prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective date of such conversion. 
  
 (e) Computation. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest
computed by reference to the Alternate Base Rate at times when 

  

 Credit Agreement 
  
 38 

 
-the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall
be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be
conclusive absent manifest error. 
  
 SECTION 2.11. Alternate
Rate of Interest. If prior to the commencement of the Interest Period for any Eurodollar Borrowing: 
  
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 
  
 (b) if such Borrowing is of a particular Class of Loans (including of a particular Series of Incremental Term Loans), the Administrative
Agent is advised by the Required Lenders of such Class that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their respective Loans included in such Borrowing
for such Interest Period; 
  
 then the Administrative Agent shall give notice
thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist,
(i) any Interest Election Request that requests the conversion of any Borrowing to, or the continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and such Borrowing (unless prepaid) shall be continued as, or converted to,
an ABR Borrowing and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 
  
 SECTION 2.12. Increased Costs. 
  
 (a) Increased Costs Generally. If any Change in Law shall: 
  
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of,
deposits with or for account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 
  
 (ii) impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such
Lender; 
  
 and the result of any of the foregoing shall be to increase the cost
to such Lenders of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise),
then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 
  

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 (b) Capital Requirements. If any Lender determines that any Change in Law regarding capital
requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level
below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital
adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
  
 (c) Certificates from Lenders. A certificate of a Lender setting forth
the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.
The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 (d) Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of
such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than six months prior to the date that
such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to
such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof. 
  
 SECTION 2.13. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan
other than on the last day of an Interest Period therefor (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of an Interest Period therefor, (c) the failure to borrow,
convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under Section 2.08(c) and is revoked in accordance herewith), or (d) the
assignment as a result of a request by the Borrower pursuant to Section 2.16(b) of any Eurodollar Loan other than on the last day of an Interest Period therefor, then, in any such event, the Borrower shall compensate each Lender for the loss,
cost and expense attributable to such event. In the case of a Eurodollar Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of (i) the
amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan
(or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that 

  

 Credit Agreement 
  
 40 

 
would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate for
such Interest Period, over (ii) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by
such Lender (or an affiliate of such Lender) for Dollar deposits from other banks in the eurodollar market at the commencement of such period. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive
pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 SECTION 2.14. Taxes. 
  
 (a) Payments Free of Taxes. Any and all payments by or on account of
any obligation of the Borrower hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any
Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the
Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount
deducted to the relevant Governmental Authority in accordance with applicable law. 
  
 (b) Payment of Other Taxes by the Borrower. In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
  
 (c) Indemnification by the Borrower. The Borrower shall indemnify the
Administrative Agent and each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable
under this Section) paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error. 
  
 (d)
Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
  

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 (e) Foreign Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of
withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative
Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a
reduced rate. 
  
 SECTION 2.15. Payments Generally; Pro Rata
Treatment; Sharing of Set-offs. 
  
 (a) Payments by the
Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees, or under Section 2.12, 2.13 or 2.14, or otherwise) or under any other Loan Document (except to the extent otherwise
provided therein) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative
Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 270 Park Avenue, New York, New York, except as
otherwise expressly provided in the relevant Loan Document and except payments pursuant to Sections 2.12, 2.13, 2.14 and 9.03, which shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such
payments received by it for account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next
succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder or under any other Loan Document (except to the extent otherwise provided therein)
shall be made in Dollars. 
  
 (b) Application of Insufficient
Payments. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, to pay interest and
fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, to pay principal then due hereunder, ratably among the parties entitled thereto
in accordance with the amounts of principal then due to such parties. 
  
 (c) Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing of a particular Class (including of a particular Series of Incremental Term Loans) shall be made from the relevant Lenders, each payment
of commitment fee under Section 2.09 shall be made for account of the relevant Lenders, and each termination or reduction of the amount of the Commitments of a particular Class (including of a particular Series of Incremental Term Loans) under
Section 2.06 shall be applied to the respective Commitments of such Class of the relevant Lenders, pro rata according to the amounts of their respective Commitments of such Class; (ii) each Borrowing of any Class (including of a particular
Series of Incremental Term 

  

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 42 

 
Loans) shall be allocated pro rata among the relevant Lenders according to the amounts of their respective Commitments of such Class (in the case of the
making of Loans) or their respective Loans of such Class that are to be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) each payment or prepayment by the Borrower of principal of Loans of a particular
Class (including of a particular Series of Incremental Term Loans) shall be made for account of the relevant Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans of such Class held by them; and (iv) each
payment of interest by the Borrower of interest on Loans of a particular Class (including of a particular Series of Incremental Term Loans) shall be made for account of the relevant Lenders pro rata in accordance with the amounts of interest on such
Loans then due and payable to the respective Lenders. 
  
 (d)
Sharing of Payments by Lenders. If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of
a greater proportion of the aggregate amount of its Loans and accrued interest thereon then due than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value)
participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender
as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to MCC or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower
consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim
with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
  
 (e) Presumptions of Payment. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is
due to the Administrative Agent for account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate. 
  

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 (f) Certain Deductions by the Administrative Agent. If any Lender shall fail to make any payment
required to be made by it pursuant to Section 2.04(b) or 2.15(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for
account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
  
 SECTION 2.16. Mitigation Obligations; Replacement of Lenders. 
  
 (a) Designation of a Different Lending Office. If any Lender requests compensation under Section 2.12, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.14, then such Lender shall use reasonable efforts to designate a different lending office for funding
or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section 2.12 or 2.14, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to
pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
  
 (b) Replacement of Lenders. If any Lender requests compensation under Section 2.12, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.14, or if any Lender defaults in its obligation to fund Loans hereunder, then the Borrower may, at its sole expense and effort, upon notice to
such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this
Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative
Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it
hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation
under Section 2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
  

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 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 MCC (as to itself and each of its Subsidiaries), and, to the extent applicable to the Borrower and its Subsidiaries, the Borrower (as to itself and each
of its Subsidiaries), represents and warrants to the Lenders that: 
  
 SECTION 3.01. Corporate Existence. Each of MCC and its Subsidiaries: (a) is a limited liability company, corporation, partnership or other entity duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization; (b) has all requisite corporate or other power, and has all material governmental licenses, authorizations, consents and approvals, necessary to own its assets and carry on its business as now being or as
proposed to be conducted; and (c) is qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so to qualify could have a
Material Adverse Effect. 
  
 SECTION 3.02. Financial
Condition. MCC has heretofore furnished to each of the Lenders the following: 
  
 (a) the audited consolidated balance sheet of MCC and its Subsidiaries as at December 31, 2004 and the related audited consolidated
statements of income, retained earnings and cash flows of MCC and its Subsidiaries for the fiscal year ended on said date, with the opinion thereon of Deloitte & Touche LLP; 
  
 (b) the unaudited consolidated balance sheet of MCC and its Subsidiaries as at September 30, 2005 and
the related unaudited consolidated statements of income, retained earnings and cash flows of MCC and its Subsidiaries for the three-month period ended on such date; 
  
 (c) the audited consolidated balance sheet of the Newspaper Entities as at December 31, 2004 and the
related audited consolidated statements of income, retained earnings and cash flows of the Newspaper Entities for the fiscal year ended on said date, with the opinion thereon of Deloitte & Touche LLP; and 
  
 (d) the unaudited consolidated balance sheet of the
Newspaper Entities as at September 30, 2005 and the related unaudited consolidated statements of income, retained earnings and cash flows of the Newspaper Entities for the three-month period ended on such date. 
  
 All such financial statements are complete and correct and fairly present the consolidated
financial condition of MCC and its Restricted Subsidiaries (and of the Newspaper Entities) as at said dates and the respective consolidated results of their operations for the fiscal year and three-month period ended on said dates (subject, in the
case of such financial statements as at September 30, 2005, to normal audit adjustments) all in accordance with generally accepted 

  

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accounting principles and practices applied on a consistent basis. None of MCC or any of its Restricted Subsidiaries has on the date hereof any material
contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments. Since December 31, 2004, there has been no material adverse change in the consolidated
financial condition, operations, business or prospects taken as a whole of MCC and its Restricted Subsidiaries (or of the Newspaper Entities) from that set forth in said financial statements as at said date. 
  
 SECTION 3.03. Litigation. Except as disclosed to the Lenders in
Schedule V hereto, there are no legal or arbitral proceedings, or any proceedings by or before any governmental or regulatory authority or agency, now pending or (to the knowledge of the Borrower) threatened against MCC or any of its
Subsidiaries which, if adversely determined, could have a Material Adverse Effect. 
  
 SECTION 3.04. No Breach. None of the execution and delivery of this Agreement and the other Basic Documents, the consummation of the transactions herein and therein contemplated or compliance with the terms and
provisions hereof and thereof will conflict with or result in a breach of, or require any consent (except for consents of members under operating agreements, each of which shall have been obtained on or before the Effective Date) under the charter
or by-laws of MCC or any of its Subsidiaries or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority or agency, or any agreement or instrument to which MCC or any of its Subsidiaries is a
party or by which any of them or any of their Property is bound or to which any of them is subject, or constitute a default under any such agreement or instrument, or (except for the Liens created pursuant to the Security Documents) result in the
creation or imposition of any Lien upon any Property of MCC or any of its Subsidiaries pursuant to the terms of any such agreement or instrument. 
  
 SECTION 3.05. Action. The Borrower has all necessary limited liability company and other power, authority and legal right to execute, deliver and
perform its obligations under this Agreement, the Security and Guarantee Agreement and each of the other Basic Documents to which it is a party and each Guarantor has all necessary corporate or limited liability company and other power, authority
and legal right to execute, deliver and perform its obligations under each Loan Document to which it is a party; the execution, delivery and performance by the Borrower of this Agreement, the Security and Guarantee Agreement and each of the other
Basic Documents to which it is a party, and by each Guarantor of each Loan Document to which it is a party, have been duly authorized by all necessary corporate or limited liability company and other action on its part (including, without
limitation, any required member or shareholder approvals); and this Agreement has been duly and validly executed and delivered by the Borrower and constitutes, and the Security and Guarantee Agreement and each of the other Basic Documents to which
it is a party (in the case of MCC and the Borrower) and each Loan Document to which it is a party (in the case of each Guarantor) when executed and delivered will constitute, its legal, valid and binding obligation, enforceable against the Borrower
or such Guarantor, as the case may be, in accordance with its terms, except as such enforceability 

  

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may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of
creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
  
 SECTION 3.06. Approvals. No authorizations, approvals or consents of, and no filings or registrations with, any
governmental or regulatory authority or agency, or any securities exchange, are necessary for the execution, delivery or performance by the Borrower or any Guarantor of the Basic Documents to which it is a party or for the legality, validity or
enforceability hereof or thereof, except for filings and recordings in respect of the Liens created pursuant to the Security Documents. 
  
 SECTION 3.07. Use of Credit. Neither MCC nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business
of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock. 
  
 SECTION 3.08. ERISA. No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit
obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than
$3,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards
No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $3,000,000 the fair market value of the assets of all such underfunded Plans. 
  
 SECTION 3.09. Taxes. Except for the Tax Consolidation Agreements,
there is no tax sharing, tax allocation or similar agreement in effect providing for the manner in which tax payments owing by MCC and its Subsidiaries (whether in respect of Federal or State income or other taxes) are allocated among the members of
the group. MCC and its Subsidiaries have filed (either directly, or indirectly through Shivers), all Federal and State income tax returns and all other material tax returns that are required to be filed by them and have paid (either directly, or
indirectly through Shivers) all taxes due pursuant to such returns or pursuant to any assessment received by Shivers or by MCC or any of its Subsidiaries. The charges, accruals and reserves on the books of MCC or any of its Subsidiaries in respect
of taxes and other governmental charges are, in the opinion of the Borrower, adequate. 
  
 SECTION 3.10. Investment Company Act. Neither MCC nor any of its Subsidiaries is an “investment company”, or a company “controlled” by an “investment company”, within the meaning
of the Investment Company Act of 1940, as amended. 
  

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 SECTION 3.11. Public Utility Holding Company Act. Neither MCC nor any of its Subsidiaries is a
“holding company”, or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company”, within the meaning of the Public Utility Holding Company Act of 1935, as amended.

  
 SECTION 3.12. Material Agreements and Liens.

  
 (a) Indebtedness. Part A of Schedule II hereto is
a complete and correct list, as of the date of this Agreement, of each credit agreement, loan agreement, indenture, purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness or any
extension of credit (or commitment for any extension of credit) to, or guarantee by, MCC or any of its Subsidiaries the aggregate principal or face amount of which equals or exceeds (or may equal or exceed) $100,000, and the aggregate principal or
face amount outstanding or that may become outstanding under each such arrangement is correctly described in Part A of said Schedule II. 
  
 (b) Liens. Part B of Schedule II hereto is a complete and correct list, as of the date of this Agreement, of each Lien securing Indebtedness
of any Person the aggregate principal or face amount of which equals or exceeds (or may equal or exceed) $100,000 and covering any Property of MCC or any of its Subsidiaries and the aggregate Indebtedness secured (or which may be secured) by each
such Lien and the Property covered by each such Lien is correctly described in Part B of said Schedule II. 
  
 SECTION 3.13. Environmental Matters. Each of MCC and its Subsidiaries has obtained all environmental, health and safety permits, licenses,
registrations and other authorizations required under all Environmental Laws to carry on its business as now being or as proposed to be conducted, except to the extent failure to have any such permit, license, registration or authorization would not
have a Material Adverse Effect. Each of such permits, licenses, registrations and authorizations is in full force and effect and each of MCC and its Subsidiaries is in compliance with the terms and conditions thereof, and is also in compliance with
all other limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables contained in any applicable Environmental Law or in any regulation, code, plan, order, decree, judgment, injunction, notice
or demand letter issued, entered, promulgated or approved thereunder, except to the extent failure to comply therewith would not have a Material Adverse Effect or is disclosed in Schedule III hereto. 
  
 In addition, except as set forth in Schedule III hereto: 
  
 (a) No notice, notification, demand, request for information, citation,
summons or order has been issued, no complaint has been filed, no penalty has been assessed and no investigation or review is pending or, to the best of the Borrower’s knowledge, threatened by any governmental or other entity with respect to
any alleged failure by MCC or any of its Subsidiaries to have any environmental, health or safety permit, license, registration or other 

  

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authorization required under any Environmental Law in connection with the conduct of the business of MCC or any of its Subsidiaries or with respect to any
generation, treatment, storage, recycling, transportation, discharge or disposal, or any Release or threatened Release, of any Hazardous Materials generated by MCC or any of its Subsidiaries which information, citations, summons, order, penalty or
alleged failure could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 (b) As of the date hereof, neither MCC nor any of its Subsidiaries owns, operates or leases a treatment, storage or disposal facility requiring a permit
under the Resource Conservation and Recovery Act of 1976, as amended, or under any comparable state or local statute; and, as of the date hereof: 
  
 (i) no polychlorinated biphenyls (PCB’s) are or (within the five year period preceding the date hereof) have been present at any site
or facility now or previously owned, operated or leased by MCC or any of its Subsidiaries except for PCB’s that may be present in transformers that are either (x) not owned by MCC or any of its Subsidiaries or (y) in compliance with
Environmental Law; 
  
 (ii) no friable asbestos
or asbestos-containing materials are or (within the five year period preceding the date hereof) have been present at any site or facility now or previously owned, operated or leased by MCC or any of its Subsidiaries except for friable asbestos or
asbestos-containing materials that are subject to operation and maintenance plans and would not cost in excess of $100,000 at any single facility to fully abate or remediate; 
  
 (iii) there are no underground storage tanks or surface impoundments for Hazardous Materials, active or
abandoned, at any site or facility now or (within the five year period preceding the date hereof) previously owned, operated or leased by MCC or any of its Subsidiaries which could reasonably be expected to result in costs or liabilities to MCC and
its Subsidiaries of $100,000 in the event that such underground storage tank or surface impoundment were required to be removed or remediated; 
  
 (iv) no Hazardous Materials have been Released at, on or under any site or facility now or (within the five year period preceding the date
hereof, and to the best of MCC’s knowledge at any time prior to such five year period) previously owned, operated or leased by MCC or any of its Subsidiaries in a reportable quantity established by statute, ordinance, rule, regulation or order
that could reasonably be expected to result in costs or liabilities to MCC and its Subsidiaries of $100,000 or more. 
  
 (c) Neither MCC nor any of its Subsidiaries has transported or arranged for the transportation of any Hazardous Material to any location that is listed on
the National Priorities List (“NPL”) under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”), listed for possible 

  

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inclusion on the NPL by the Environmental Protection Agency in the Comprehensive Environmental Response and Liability Information System, as provided for by
40 C.F.R. § 300.5 (“CERCLIS”), or on any similar state or local list or that is the subject of Federal, state or local enforcement actions or other investigations that could reasonably be expected to lead to Environmental
Claims against MCC or any of its Subsidiaries. 
  
 (d) Within the
five year period preceding the date hereof, no Hazardous Material generated by MCC or any of its Subsidiaries has been recycled, treated, stored, disposed of or Released by MCC or any of its Subsidiaries at any location other than those listed in
Schedule III hereto that could reasonably be expected to have a Material Adverse Effect. 
  
 (e) No oral or written notification of a Release or threatened Release of a Hazardous Material has been filed by or on behalf of MCC or any of its Subsidiaries and no site or facility now or previously owned, operated
or leased by MCC or any of its Subsidiaries is listed or proposed for listing on the NPL, CERCLIS or any similar state list of sites requiring investigation or clean-up, that, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. 
  
 (f) No Liens have arisen under or
pursuant to any Environmental Laws on any site or facility owned, operated or leased by MCC or any of its Subsidiaries and no government action has been taken or is in process that could subject any such site or facility to such Liens and neither
MCC or any of its Subsidiaries would be required to place any notice or restriction relating to the presence of Hazardous Materials at any site or facility owned by it in any deed to the real property on which such site or facility is located, in
each case that could reasonably be expected to result in Liens securing obligations of $100,000 or more. 
  
 (g) There have been no environmental investigations, studies, audits, tests, reviews or other analyses conducted by or that are in the possession of MCC
or any of its Subsidiaries in relation to any site or facility now or previously owned, operated or leased by MCC or any of its Subsidiaries which have not been made available to the Lenders and which indicate that there is a reasonable probability
of remediation costs of more than $100,000. 
  
 SECTION 3.14.
Capitalization. MCC has heretofore delivered to the Lenders a true and complete copy of the Operating Agreement. The only member of MCC on the date hereof is Holdings. As of the date hereof, there are no outstanding Equity Rights with respect
to MCC (other than Equity Rights in respect of Special Deferred Compensation to be provided by Shivers and its Affiliates, not including MCC and its Restricted Subsidiaries) and there are no outstanding obligations of MCC or any of its Subsidiaries
to repurchase, redeem, or otherwise acquire any equity interests in MCC, nor are there any outstanding obligations of MCC or any of its Subsidiaries to make payments to any Person, such as “phantom stock” payments, where the amount thereof
is calculated with reference to the fair market value or equity value of MCC or any of its Subsidiaries. 
  

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 SECTION 3.15. Subsidiaries and Investments, Etc. 
  
 (a) Subsidiaries. Set forth in Part A of Schedule IV hereto is a
complete and correct list, as of the date of this Agreement, of all of the Subsidiaries of MCC together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding ownership interests
in such Subsidiary, (iii) the nature of the ownership interests held by each such Person and the percentage of ownership of such Subsidiary represented by such ownership interests and (iv) whether such Subsidiary is a Restricted Subsidiary
or an Unrestricted Subsidiary. Except as disclosed in Part A of Schedule IV hereto, (x) each of MCC and its Subsidiaries owns, free and clear of Liens (other than Liens created pursuant to the Security Documents), and has the unencumbered
right to vote, all outstanding ownership interests in each Person shown to be held by it in Part A of Schedule IV hereto, (y) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued,
fully paid and nonassessable and (z) there are no outstanding Equity Rights with respect to such Person. 
  
 (b) Investments. Set forth in Part B of Schedule IV hereto is a complete and correct list, as of the date of this Agreement, of all
Investments (other than Cash and Cash Equivalents or Investments disclosed in Part A or Part B of said Schedule IV hereto) held by MCC or any of its Subsidiaries in any Person and, for each such Investment, (x) the identity of the Person
or Persons holding such Investment and (y) the nature of such Investment (or, in the alternative, a statement that the aggregate book value of such Investments does not exceed $1,000,000). Except as disclosed in Part B of Schedule IV
hereto, each of MCC and its Subsidiaries owns, free and clear of all Liens (other than Liens created pursuant to the Security Documents), all such Investments. 
  

(c) Absence of Restrictive Agreements. None of the Restricted Subsidiaries of MCC is, on the date of this Agreement, subject to any indenture,
agreement, instrument or other arrangement of the type described in the second paragraph of Section 5.07 other than the Newspaper Entities under the 2003 Senior Subordinated Notes. 
  
 SECTION 3.16. Title to Assets. MCC and each of its Restricted Subsidiaries owns and has on the date hereof, and will
own and have on the Effective Date, good and marketable title (subject only to Liens permitted by Section 6.02) to the Properties shown to be owned in the most recent financial statements referred to in Section 3.03 (other than Properties
disposed of in the ordinary course of business or otherwise permitted to be disposed of pursuant to Section 6.01). MCC and each of its Restricted Subsidiaries owns and has on the date hereof, and will own and have on the Effective Date, good
and marketable title to, and enjoys on the date hereof, and will enjoy on the Effective Date, peaceful and undisturbed possession of, all Properties (subject only to Liens permitted by Section 6.02) that are necessary for the operation and
conduct of its businesses. 
  

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 SECTION 3.17. True and Complete Disclosure. The information, reports, financial statements,
exhibits and schedules furnished in writing by or on behalf of MCC and its Subsidiaries to the Administrative Agent or any Lender in connection with the negotiation, preparation or delivery of this Agreement, the other Basic Documents and the
Information Memorandum or included herein or therein or delivered pursuant hereto or thereto, when taken as a whole, do not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements herein or
therein, in light of the circumstances under which they were made, not misleading. All written information furnished after the date hereof by MCC and its Subsidiaries to the Administrative Agent and the Lenders in connection with this Agreement and
the other Basic Documents and the transactions contemplated hereby and thereby will be true, complete and accurate in every material respect, or (in the case of projections) based on reasonable estimates, on the date as of which such information is
stated or certified. There is no fact known to the Borrower that could reasonably be expected to have a Material Adverse Effect that has not been disclosed herein, in the other Basic Documents or in a report, financial statement, exhibit, schedule,
disclosure letter or other writing furnished to the Lenders for use in connection with the transactions contemplated hereby or thereby. 
  
 SECTION 3.18. Certain Material Agreements. The Borrower has heretofore delivered to the Administrative Agent a complete and correct copy of the Tax
Consolidation Agreements (including any modifications or supplements thereto) as in effect on the date hereof. 
  
 SECTION 3.19. Real Property. Set forth on Schedule VI (Part 1) is a list, as of the Effective Date, of all of the real property interests held
by MCC and its Restricted Subsidiaries (excluding outdoor advertising sites relating to outdoor advertising activities), indicating in each case whether the respective property is owned or leased, the identity of the owner or lessee and the location
of the respective property, provided that such Schedule VI (Part 1) may exclude real property interests whose fair market value, in the aggregate as to MCC and all of its Restricted Subsidiaries, does not exceed $1,000,000. 
  
 ARTICLE IV 
  
 CONDITIONS 
  
 SECTION 4.01. Effective Date. The effectiveness of this Agreement and of the obligations of the Lenders to make Loans hereunder shall not become
effective until the date on which the Administrative Agent shall have received each of the following documents, each of which shall be satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form and substance
(or such condition shall have been waived in accordance with Section 9.02): 
  
 (a) Executed Counterparts. From each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or
(ii) written evidence satisfactory to the 

  

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Administrative Agent (which may include telecopy transmission of a signed signature page to this Agreement) that such party has signed a counterpart of this
Agreement. 
  
 (b) Opinion of Counsel to the
Borrower. A favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Hull, Towill, Norman, Barrett & Salley, P.C., counsel for the Borrower, substantially in the form of
Exhibit D, and covering such other matters relating to the Borrower, this Agreement or the Transactions as the Required Lenders shall reasonably request (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and
the Administrative Agent). 
  
 (c) Opinion of
Special Counsel to JPMCB. An opinion, dated the Effective Date, of Milbank, Tweed, Hadley & McCloy LLP special counsel to JPMCB, substantially in the form of Exhibit E (and JPMCB hereby instructs such counsel to deliver such
opinion to the Lenders). 
  
 (d)
Organizational Documents. Such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Obligor, and of the respective managing members
thereof (if applicable), the authorization of the Transactions and any other legal matters relating to the Obligors and any such managing member, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent
and its counsel. 
  
 (e) Officer’s
Certificate. A certificate, dated the Effective Date and signed by a senior officer of the Borrower, confirming compliance with the conditions set forth in the first sentence of Section 4.02. 
  
 (f) Security and Guarantee Agreement. The Security
and Guarantee Agreement, duly executed and delivered by the Borrower, the Guarantors and the Administrative Agent, together with the certificates and other securities and instruments, if any, identified in Annex 1 thereto that are to be
delivered on the Effective Date, in each case endorsed in blank or accompanied by undated powers executed in blank. In addition, the Borrower and each Guarantor shall have taken such other action as the Administrative Agent shall have requested in
order to perfect the security interests created pursuant to the Security and Guarantee Agreement. 
  
 (g) Pledge Agreement. The Pledge Agreement, duly executed and delivered by Holdings and the Administrative Agent, together with the
certificates, if any, identified in Section 3(a) thereof, in each case accompanied by undated powers executed in blank. In addition, Holdings shall have taken such other action as the Administrative Agent shall have requested in order to
perfect the security interests created pursuant to the Pledge Agreement. 
  

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 (h) Mortgages. Mortgages in form and substance satisfactory to the Administrative
Agent and duly executed and delivered by the respective Obligors party thereto. 
  
 (i) Evidence of Repayment of Loans under Existing Credit Agreement. The Borrower shall have repaid in full the principal of and
interest on all of the “Loans” outstanding under the Existing Credit Agreement and all other amounts owing by the Company thereunder and all commitments under the Existing Credit Agreement shall have been terminated. 
  
 (j) Other Documents. Such other documents as the
Administrative Agent or any Lender or special counsel to JPMCB may reasonably request. 
  
 Notwithstanding the foregoing, the effectiveness of this Agreement and of the obligation of each Lender to make its initial Loan hereunder is also subject to the payment by MCC and the Borrower of such fees as MCC and
the Borrower shall have agreed to pay to any Lender or the Administrative Agent in connection herewith, including the reasonable fees and expenses of Milbank, Tweed, Hadley & McCloy LLP, special counsel to JPMCB, in connection with the
negotiation, preparation, execution and delivery of this Agreement and the other Loan Documents and the Loans hereunder (to the extent that statements for such fees and expenses have been delivered to MCC and the Borrower). 
  
 The Administrative Agent shall notify the Borrower and the Lenders of the
Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived
pursuant to Section 9.02) on or prior to 3:00 p.m., New York City time, on December 14, 2005 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 
  
 SECTION 4.02. Each Credit Event. The obligation of each Lender to make
any Loan to the Borrower upon the occasion of each borrowing hereunder (including the initial borrowing) is subject to the further conditions precedent that, both immediately prior to the making of such Loan and also after giving effect thereto and
to the intended use thereof: 
  
 (a) no Default
shall have occurred and be continuing; and 
  
 (b) the representations and warranties made by MCC and the Borrower in Section 3, and by each Obligor in each of the other Loan Documents, shall be true and complete on and as of the date of the making of such Loan with the same
force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 
  
 Each notice of borrowing by the Borrower hereunder shall constitute a certification by the Borrower to the effect set forth in the preceding
sentence (both as of the date of such notice and, 

  

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unless the Borrower otherwise notifies the Administrative Agent prior to the date of such borrowing, as of the date of such borrowing). 
  
 ARTICLE V 
  
 AFFIRMATIVE COVENANTS 
  
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, MCC
covenants and agrees (and, to the extent applicable to the Borrower and its Subsidiaries, the Borrower covenants and agrees) with the Lenders that: 
  
 SECTION 5.01. Financial Statements and Other Information. MCC and the Borrower shall deliver to each of the Lenders: 
  
 (a) as soon as available and in any event within 60 days
after the end of each of the first three quarterly fiscal periods of each fiscal year of MCC, consolidated statements of income, retained earnings and cash flows of MCC and its Restricted Subsidiaries (and, separately stated, for the Borrower and
its Subsidiaries) for such period and for the period from the beginning of the respective fiscal year to the end of such period, and the related consolidated balance sheet of MCC and its Restricted Subsidiaries (and, separately stated, of the
Borrower and its Subsidiaries) as at the end of such period, setting forth in each case in comparative form the corresponding consolidated figures for MCC or the Borrower, as applicable, for the corresponding period in the preceding fiscal year
(except that, in the case of balance sheets, such comparison shall be to the last day of the prior fiscal year), accompanied by a certificate of a senior financial officer of MCC or the Borrower, as applicable, which certificate shall state that
said consolidated financial statements fairly present the consolidated financial condition and results of operations of MCC and its Restricted Subsidiaries (or of the Borrower and its Subsidiaries), in each case in accordance with generally accepted
accounting principles, consistently applied, as at the end of, and for, such period (subject to normal year-end audit adjustments); 
  
 (b) as soon as available and in any event within 106 days after the end of each fiscal year of MCC, consolidated statements of income,
retained earnings and cash flows of MCC and its Restricted Subsidiaries (and, separately stated, of the Borrower and its Subsidiaries) for such fiscal year and the related consolidated balance sheet of MCC and its Restricted Subsidiaries (and,
separately stated, of the Borrower and its Subsidiaries) as at the end of such fiscal year, setting forth in each case in comparative form the corresponding consolidated figures for MCC or the Borrower, as applicable, for the preceding fiscal year,
and accompanied in each case by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall state that said consolidated financial statements fairly present the consolidated financial condition
and results of operations of MCC and its Restricted Subsidiaries (or of 

  

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the Borrower and its Subsidiaries) as at the end of, and for, such fiscal year in accordance with generally accepted accounting principles consistently
applied, as at the end of, and for, such fiscal year; 
  
 (c) promptly upon their becoming available, copies of all registration statements and regular periodic reports, if any, which MCC or any of its Subsidiaries shall have filed with the Securities and Exchange Commission (or any governmental
agency substituted therefor) or any national securities exchange and supplied to the holders of any 2003 Senior Subordinated Notes or any other Permitted Indebtedness; 
  
 (d) promptly upon the mailing thereof to the shareholders or members of MCC generally, copies of all
financial statements, reports and proxy statements so mailed; 
  
 (e) promptly (but in any event within five Business Days) following the occurrence thereof, notice of any voluntary or involuntary bankruptcy proceeding filed by or against Shivers or Holdings; 
  
 (f) promptly (but in any event within five Business Days)
after any senior officer of MCC or the Borrower knows or has reason to believe that any Default has occurred, a notice of such Default describing the same in reasonable detail and, together with such notice or as soon thereafter as possible, a
description of the action that MCC or the Borrower has taken or proposes to take with respect thereto; and 
  
 (g) from time to time such other information regarding the financial condition, operations, business or prospects of MCC or any of its
Subsidiaries (including, without limitation, any Plan or Multiemployer Plan and any reports or other information required to be filed under ERISA) as any Lender or the Administrative Agent may reasonably request. 
  
 MCC and the Borrower will, respectively, furnish to each Lender, at the time it furnishes
each set of financial statements pursuant to paragraph (a) or (b) above, a certificate of a senior financial officer of each of MCC and the Borrower 
  

(i) to the effect that no Default has occurred and is continuing (or, if any Default has occurred and is continuing, describing
the same in reasonable detail and describing the action that MCC or the Borrower, as applicable, has taken or proposes to take with respect thereto) and 
  
 (ii) setting forth in reasonable detail (x) the computations necessary to determine whether MCC or the Borrower, as applicable,
is in compliance with Sections 2.08(b)(i), 6.02, 6.03, 6.04, 6.05 and 6.06 as of the end of the respective quarterly fiscal period or fiscal year and (y) a reconciliation to the adjustments necessary to take into account the effect of any
acquisition or Disposition during the four quarterly fiscal periods ending 

  

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with the date of such financial statements as contemplated in the definitions of “Cash Flow” and “Interest Expense” in Section 1.01,

  
 such certificate to include an itemization of the Net Proceeds of any
Disposition received during the relevant reporting period by MCC and its Subsidiaries. 
  
 SECTION 5.02. Notices of Material Events. MCC and the Borrower will, respectively, furnish to the Administrative Agent and each Lender prompt written notice of the following: 
  
 (a) the occurrence of any Default; 
  
 (b) the filing or commencement of any action, suit or
proceeding by or before any arbitrator or Governmental Authority against or affecting MCC or the Borrower or any of their Affiliates that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 
  
 (c) the occurrence of any ERISA Event that, alone or
together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of MCC and its Subsidiaries in an aggregate amount exceeding $5,000,000; 
  
 (d) the assertion of any Environmental Claim by any Person against, or with respect to the activities of,
MCC or any of its Subsidiaries and any alleged violation of or non-compliance with any Environmental Laws or any permits, licenses or authorizations, other than any Environmental Claim or alleged violation that, if adversely determined, would not
(either individually or in the aggregate) have a Material Adverse Effect; and 
  
 (e) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 
  
 Each notice delivered under this Section shall be accompanied by a statement of a senior financial officer of MCC and the Borrower setting forth the details of the event
or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
  
 SECTION 5.03. Existence, Etc. MCC will, and will cause each of its Restricted Subsidiaries to: 
  
 (a) preserve and maintain its legal existence and all of its
material rights, privileges, licenses and franchises, provided that nothing in this Section shall prohibit any transaction expressly permitted under Section 6.01, or prohibit the conversion of a Restricted Subsidiary from a corporation
or partnership into a limited liability company, so long as, after giving effect to such conversion, such Restricted Subsidiary shall have executed and delivered such instruments, and delivered such proof of corporate or other 

  

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action and opinions of counsel, as the Administrative Agent shall deem appropriate to confirm the obligations of such Restricted Subsidiary under the
Security Documents; 
  
 (b) comply with the
requirements of all applicable laws, rules, regulations and orders of governmental or regulatory authorities if failure to comply with such requirements could have a Material Adverse Effect; 
  
 (c) pay and discharge all taxes, assessments and
governmental charges or levies imposed on it or on its income or profits or on any of its Property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in
good faith and by proper proceedings and against which adequate reserves are being maintained in accordance with GAAP; 
  
 (d) maintain all of its Properties used or useful in its business in good working order and condition, ordinary wear and tear excepted;

  
 (e) keep adequate records and books of
account, in which complete entries will be made in accordance with generally accepted accounting principles consistently applied; 
  
 (f) permit representatives of any Lender or the Administrative Agent, during normal business hours, to examine, copy and make extracts
from its books and records, to inspect any of its Properties, and to discuss its business and affairs with its officers, all to the extent reasonably requested by such Lender or the Administrative Agent (as the case may be); and 
  
 (g) not commingle its funds with those of Shivers or any
other Subsidiary of Shivers (other than MCC and its Restricted Subsidiaries), or use its funds other than in the business conducted by MCC and its Restricted Subsidiaries. 
  
 SECTION 5.04. Insurance. MCC will, and will cause each of its Restricted Subsidiaries to, keep insured by financially
sound and reputable insurers all Property of a character usually insured by corporations engaged in the same or similar business similarly situated against loss or damage of the kinds and in the amounts customarily insured against by such
corporations and carry such other insurance as is usually carried by such corporations, provided that in any event, MCC shall be permitted to maintain deductibles (including through self-insurance), and maintain insurance through insurers not
meeting the standards described above, in an aggregate amount up to but not exceeding $10,000,000 with respect to any category of insurance. 
  
 SECTION 5.05. Interest Rate Protection Agreements. If on the last day of any quarterly fiscal period, the Cash Flow Ratio shall be greater than
4.00 to 1, MCC or the Borrower will, within 90 days after the date upon which the financial statements for such quarterly fiscal period are required to be delivered pursuant to Section 5.01, enter into, and thereafter maintain in 

  

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full force and effect, one or more Interest Rate Protection Agreements with one or more of the Lenders or their affiliates (and/or with a bank or other
financial institution having capital, surplus and undivided profits of at least $500,000,000), that effectively enables MCC (in a manner satisfactory to the Required Lenders) to protect itself, for the two-year period commencing on the date such
arrangements are entered into, against adverse fluctuations in the three-month London interbank offered rates as to a notional principal amount which, together with that portion of the aggregate outstanding principal amount of Indebtedness of MCC
and its Restricted Subsidiaries bearing a fixed rate of interest and any existing Interest Rate Protection Agreements or other arrangements, shall in the aggregate be at least equal to 40% of the aggregate outstanding principal amount of the
Indebtedness of MCC and its Restricted Subsidiaries. 
  
 SECTION
5.06. Use of Proceeds. The Borrower will use the proceeds of (i) the Tranche A Term Loans hereunder to refinance the “Tranche A Term Loans” and the “Tranche C Term Loans” outstanding under the Existing
Credit Agreement and other general corporate purposes of the Borrower and (ii) the Revolving Credit Loans hereunder to refinance the “Revolving Credit Loans”, the “Tranche A Term Loans” and the “Tranche C Term
Loans” outstanding under the Existing Credit Agreement, finance working capital and other general corporate purposes of MCC and its Subsidiaries and to pay for fees and expenses in connection therewith; provided that neither the
Administrative Agent nor any Lender shall have any responsibility as to the use of any of the proceeds of any Loans hereunder. 
  
 SECTION 5.07. Certain Obligations Respecting Restricted Subsidiaries. MCC will, and will cause each of its Restricted Subsidiaries to, take such
action from time to time as shall be necessary to ensure that MCC and each of its Restricted Subsidiaries at all times own (subject only to the Lien of the Security and Guarantee Agreement) at least the same percentage of the outstanding equity
interests (including stock) of each of its Restricted Subsidiaries as is owned on the date hereof. Without limiting the generality of the foregoing, none MCC nor any of its Restricted Subsidiaries shall sell, transfer or otherwise dispose of any
equity interests in any Restricted Subsidiary owned by them, nor permit any Restricted Subsidiary to issue any equity interests of any class whatsoever to any Person (other than to MCC or another Restricted Subsidiary). In the event that any such
additional equity interests shall be issued by any Restricted Subsidiary, or any other Subsidiary of MCC holding any equity interests in any Restricted Subsidiary, the Borrower agrees forthwith to deliver (or cause to be delivered) to the
Administrative Agent pursuant to the Security and Guarantee Agreement the certificates, if any, evidencing such equity interests, accompanied by undated powers executed in blank and shall take such other action as the Administrative Agent shall
request to perfect the security interest created therein pursuant to the Security and Guarantee Agreement. 
  
 MCC will not permit any of its Restricted Subsidiaries to enter into, after the date of this Agreement, any indenture, agreement, instrument or other
arrangement that, directly or indirectly, prohibits or restrains, or has the effect of prohibiting or restraining, or imposes materially adverse conditions upon, the incurrence or payment of Indebtedness, the granting of Liens (other than Liens on
Excluded Property), the declaration or payment of dividends, the 

  

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making of loans, advances or Investments or the sale, assignment, transfer or other disposition of Property (other than customary restrictions on the
assignability of contracts). 
  
 Nothing in this Section shall be
deemed to prohibit a Disposition of any Subsidiary to the extent that such Disposition is permitted under Section 6.01. 
  
 SECTION 5.08. Further Assurances. MCC will, and will cause each of its Subsidiaries to, take such action from time to time as shall reasonably be
requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement. 
  
 Without limiting the generality of the foregoing, MCC will take such action, and will cause each of its Restricted Subsidiaries to take such action, from
time to time as shall be necessary to ensure that each Restricted Subsidiary of MCC (other than the Borrower, any Subsidiary organized in any jurisdiction outside of the United States of America or any Subsidiary that, as of the Effective Date, is
not a Wholly Owned Subsidiary) is a “Subsidiary Guarantor” under the Security and Guarantee Agreement. Accordingly, in the event that any new Restricted Subsidiary meeting such conditions is formed or acquired by MCC after the date hereof,
MCC will cause such Restricted Subsidiary to become a “Subsidiary Guarantor” and a “Securing Party” under the Security and Guarantee Agreement pursuant to an instrument of assumption in form and substance satisfactory to the
Administrative Agent, and to deliver such proof of corporate action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by each Obligor pursuant to Section 4.01 hereof upon the Effective Date
or as the Administrative Agent shall have requested (and the Borrower hereby instructs such counsel to deliver such opinions to the Lenders and the Administrative Agent). 
  
 In addition, without limiting the generality of the foregoing, the Borrower will, and will cause each of the other Obligors
to, take such action from time to time (including filing appropriate Uniform Commercial Code financing statements and executing and delivering such assignments, security agreements and other instruments) as shall be reasonably requested by the
Administrative Agent to create, in favor of the Administrative Agent for the benefit of the Lenders (and any affiliate thereof that is a party to any Interest Rate Protection Agreement entered into with the Borrower), perfected security interests
and Liens in substantially all of the property of the Obligors as collateral security for its obligations hereunder and under the Security Documents; provided that any such security interest or Lien shall be subject to the relevant
requirements of the Security Documents. 
  
 If any Obligor shall
acquire any real property interest outside of the State of Florida, including improvements, after the Effective Date having a fair market value of $3,000,000 or more (or shall make improvements upon any existing real property interest outside of the
State of Florida resulting in the fair market value of such interest together with such improvements being equal to $3,000,000 or more), then (subject, in the case of any such interest that is a leasehold interest, to the delivery by the relevant
landlords of any required landlord consent and memoranda of lease for recording in the appropriate county land office) it will (or, as applicable, will cause the respective Obligor holding such real property interest to) execute 

  

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and deliver in favor of the Administrative Agent a mortgage, deed of trust or deed to secure debt (as appropriate for the jurisdiction in which such
respective real property is situated) pursuant to which such Obligor will create a Lien upon such real property interest (and improvements) in favor of the Administrative Agent for the benefit of the Lenders (and any affiliate thereof that is a
party to any Interest Rate Protection Agreement entered into with the Borrower) as collateral security for the obligations of the Obligors hereunder and under the Security Documents, and will deliver (or, or in case of landlords’ consents, will
use its best efforts to cause the relevant landlords to deliver) such opinions of counsel, landlords’ consents, and title insurance policies as the Administrative Agent shall reasonably request in connection therewith. 
  
 ARTICLE VI 
  
 NEGATIVE COVENANTS 
  
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, MCC
covenants and agrees (and, to the extent applicable to the Borrower and its Subsidiaries, the Borrower covenants and agrees) with the Lenders that: 
  
 SECTION 6.01. Prohibition of Fundamental Changes. 
  
 (a) Mergers and Acquisitions. MCC will not, nor will it permit any of its Restricted Subsidiaries to, enter into any transaction of merger or
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution). MCC will not, nor will it permit any of its Restricted Subsidiaries to, acquire any business or Property from, or capital stock of,
or be a party to any acquisition of, any Person except for purchases of inventory and other Property to be sold or used in the ordinary course of business, Investments permitted under Section 6.04(e) and Capital Expenditures permitted
hereunder. 
  
 (b) Dispositions. MCC will not, nor will it
permit any of its Restricted Subsidiaries to, convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or a substantial part of the business or Property of MCC and its Restricted Subsidiaries on a
consolidated basis, whether now owned or hereafter acquired and MCC will not permit any of the Newspaper Entities to convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or a substantial part of
the business or Property of the Newspaper Entities on a consolidated basis, whether now owned or hereafter acquired. 
  
 (c) Certain Exceptions. Notwithstanding the foregoing provisions of this Section: 
  
 (i) any Restricted Subsidiary may elect to convert from a corporation or partnership into a limited
liability company and any Restricted Subsidiary (other than any Acquisition Subsidiary at the time obligated in respect of any Indebtedness permitted under Section 6.03(h)) may be merged or consolidated with or into (x) the Borrower if the
Borrower shall be the continuing or surviving corporation or (y) MCC or any other 

  

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Restricted Subsidiary, provided, however, that a Newspaper Entity may not be merged or consolidated with or into MCC or a Restricted Subsidiary
unless the surviving entity is a Newspaper Entity; 
  
 (ii) any Restricted Subsidiary (other than a Newspaper Entity) may sell, lease, transfer or otherwise dispose of any or all of its Property (upon voluntary liquidation or otherwise), provided that any such sale, lease, transfer or
other disposition to an Affiliate shall satisfy the requirements of Section 6.09, it being understood that any such sale, lease, transfer or other disposition to an Affiliate of real property that satisfies the requirements of clause (vii)
below, shall be deemed to satisfy the requirements of Section 6.09; 
  
 (iii) any Newspaper Entity (other than any Acquisition Subsidiary obligated at the time in respect of any Indebtedness permitted under Section 6.03(h)) may sell, lease, transfer or otherwise dispose of any or all
of its Property (upon voluntary liquidation or otherwise) to any other Newspaper Entity (other than to any Acquisition Subsidiary obligated at the time in respect of any Indebtedness permitted under Section 6.03(h)); 
  
 (iv) MCC or any of its Restricted Subsidiaries may (whether
by way of purchase of assets or stock, by merger or consolidation or otherwise) make any acquisition of a business, and the related assets, of any other Person (i.e. any Person other than MCC or any of its Restricted Subsidiaries), provided
that: 
  
 (w) if MCC is a party to such
transaction, MCC shall be the continuing or surviving entity or the continuing or surviving entity shall have assumed all of the obligations of MCC hereunder pursuant to an instrument in form and substance satisfactory to the Administrative Agent
and shall have delivered such proof of corporate action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by MCC pursuant to Section 4.01 upon the Effective Date or as the Administrative
Agent shall have requested; 
  
 (x) (A) no
later than five Business Days prior to the consummation of such acquisition, the Borrower shall have delivered to the Administrative Agent drafts or executed counterparts of the respective agreements or instruments pursuant to which such acquisition
is to be consummated (together with any related management, non-compete, employment, option or other material agreements and any lease or other agreement entered into with any Affiliate of the seller) and any schedules or other material ancillary
documents to be executed or delivered in connection therewith as are sufficient to demonstrate compliance by with the requirements of this Section 6.01(c)(iv) and (B) promptly following request therefor, the Borrower shall deliver copies
of such other information or documents relating to such acquisition as any Lender or Lenders (through the Administrative Agent) shall have reasonably requested; the agreements, instruments and other documents referred to above shall provide that

  

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 (I) neither MCC nor any of its Restricted Subsidiaries shall, in connection with such
acquisition, assume any (1) Indebtedness of the seller or sellers (except Indebtedness that is permitted under Section 6.03(h)) or (2) other obligations of the seller or sellers (except for obligations incurred in the ordinary course
of business in operating the Property so acquired and reasonably necessary or desirable to the continued operation of such Property) and 
  
 (II) all Property to be acquired in connection with such acquisition shall be acquired free and clear of any and all Liens (except for
Liens that are permitted by Section 6.02); 
  
 (y) in connection with such acquisition, MCC or the relevant Restricted Subsidiary shall have undertaken environmental surveys and assessments prepared by a firm of licensed engineers (familiar with the identification of toxic and hazardous
substances) and shall have delivered copies thereof to the Administrative Agent no later than five Business Days prior to the consummation of such acquisition; such surveys and assessments shall be in form and substance satisfactory to the
Administrative Agent and the Required Lenders and shall have results satisfactory to the Administrative Agent and the Required Lenders, provided that neither the Administrative Agent nor any Lender shall have any responsibility to MCC or any
Subsidiary or any other Person arising out of or relating to the scope or results of such environmental due diligence; and 
  
 (z) no later than five Business Days prior to the consummation of such acquisition, the Borrower shall furnish to the Lenders
(1) projected pro forma consolidated balance sheets, income statements and cash flow statements (including a statement of sources and uses of funds for such acquisition showing, among other things, the source of financing for such
acquisition) of MCC and its Restricted Subsidiaries after giving effect to such acquisition for the period commencing on the date of such acquisition and ending one year after the latest Principal Payment Date and (2) a certificate of a senior
officer showing calculations in reasonable detail demonstrating that, after giving effect to such acquisition on a pro forma basis (as if such acquisition had been consummated at the beginning of the relevant periods), MCC will be in
compliance with the provisions of Section 6.06, 
  
 provided that (X) no acquisition may be made under this clause (iv) unless at the time thereof, and after giving effect thereto, no Default shall have occurred and shall be continuing, (Y) if the aggregate
consideration paid in connection with any such acquisition is less than $35,000,000, MCC shall not be required to deliver the pro forma projected financial statements referred to in subclause (z)(1) above and (Z) if the aggregate
consideration paid in connection with any such acquisition is less than 

  

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$10,000,000, the Borrower shall not be required to deliver the agreements, environmental surveys and pro forma calculations otherwise required
by the foregoing clauses (x), (y) and (z) until the date upon which the financial statements for the quarterly fiscal period in which such acquisition occurred are required to be delivered under Section 5.01 (except that if the
aggregate consideration paid in connection with such acquisition is less than $1,000,000, the Borrower shall not be required to deliver such agreements, environmental surveys and pro forma calculations unless requested by the
Administrative Agent); 
  
 (v) MCC may sell,
transfer or otherwise dispose of any Excluded Property (or of the equity interests in any Restricted Subsidiary whose only assets consist of Excluded Property), provided that no later than five Business Days prior to the consummation of such
sale, transfer or disposition, MCC shall furnish to the Lenders a certificate setting forth calculations in form and detail satisfactory to the Administrative Agent demonstrating on a pro forma basis (as if such sale, transfer or
disposition had been consummated at the beginning of the relevant periods), that MCC would have been in compliance with the provisions of Section 6.06; 
  
 (vi) the Newspaper Entities may sell, transfer or otherwise dispose of Property (including by way of an exchange of Property owned by such
Newspaper Entity for Property owned by any other Person), so long as (a) the aggregate amount of Asset Cash Flow attributable to such assets or equity interests being sold, transferred, disposed or exchanged during any single fiscal year shall
not exceed $7,500,000, or during the period commencing on the Effective Date through the term of this Agreement shall not exceed $20,000,000, (b) at the time thereof, and after giving effect thereto, no Default or Event of Default shall have
occurred and be continuing, (c) no later than five Business Days prior to the consummation of such transaction, MCC shall furnish to the Lenders a certificate of a senior officer showing calculations in reasonable detail demonstrating that,
after giving effect to such transaction on a pro forma basis (as if such acquisition had been consummated at the beginning of the relevant periods), MCC will be in compliance with the provisions of Section 6.06 and (d) to the
extent any such exchange of property constitutes an “Asset Swap” under and as defined in the indenture for the 2003 Senior Subordinated Notes, the Borrower shall have delivered to the Administrative Agent a copy of any fairness opinion
delivered pursuant to such indenture; and 
  
 (vii) MCC and its Restricted Subsidiaries may sell, transfer or otherwise dispose of real property owned by them (or of the equity interests in any Restricted Subsidiary whose only assets consist of real property) for cash, provided
that 
  
 (v) no such sale, transfer or other
disposition by a Newspaper Entity shall be to a Restricted Subsidiary that is not a Newspaper Entity, 
  
 (w) any such sale, transfer or other disposition to an Affiliate shall provide that concurrently with such transaction such Affiliate
shall enter into a lease agreement containing Acceptable Lease Terms and which is otherwise in 

  

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form and substance satisfactory to the Administrative Agent pursuant to which such real property shall be leased back to a Newspaper Entity, 
  
 (x) no later than five Business Days prior to the
consummation of such sale, transfer or disposition, MCC shall furnish to the Lenders a certificate setting forth calculations in form and detail satisfactory to the Administrative Agent demonstrating on a pro forma basis (as if such
sale, transfer or disposition had been consummated at the beginning of the relevant periods), that (A) MCC would have been in compliance with the provisions of Sections 6.06(b) and 6.06(c) and (B) MCC would have been in compliance with the
provisions of Section 6.06(a) as if such Section required a Cash Flow Ratio of 0.75 lower than the respective Cash Flow Ratio specified for the relevant periods in said Section, 
  
 (y) the aggregate amount of Capital Lease Obligations that such lease agreement gives rise to, together with
the aggregate amount of Capital Lease Obligations incurred pursuant to this clause (vii) and Section 6.05(f) in all prior lease transactions during the period commencing on the Effective Date through the term of this Agreement, shall not
exceed $25,000,000, and 
  
 (z) the aggregate
fair market value of the real property sold, transferred or otherwise disposed of pursuant to this clause (vii), together with the aggregate fair market value of the real property transferred pursuant to Section 6.05(f) during the period
commencing on the Effective Date through the term of this Agreement, shall not exceed $100,000,000; 
  
 (viii) MCC and its Restricted Subsidiaries may sell, transfer or otherwise dispose of assets relating to its outdoor advertising business;
provided that, 
  
 (y) both immediately
prior to such Disposition and, after giving effect thereto, no Default shall have occurred and be continuing; and 
  
 (z) such Disposition is an exchange, with another Person not an Affiliate of MCC or a Restricted Subsidiary of MCC, of such assets for
assets of like kind owned by such Person of equal or greater value, as determined in good faith by the Board of Directors of such Restricted Company, provided that the Borrower shall have furnished to the Administrative Agent, promptly
following request therefor, copies of such information or documents relating to such disposition as the Agent shall have reasonably requested. 
  

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 SECTION 6.02. Limitation on Liens. MCC will not, nor will it permit any of its Restricted
Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired, except: 
  
 (a) Liens created pursuant to the Security Documents; 
  
 (b) Liens in existence on the date hereof and listed in Part B of Schedule II hereto; 

 
 (c) Liens imposed by any governmental authority for
taxes, assessments or charges not yet due or which are being contested in good faith and by appropriate proceedings if, adequate reserves with respect thereto are maintained on the books of MCC or the affected Subsidiaries, as the case may be, in
accordance with GAAP; 
  
 (d) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by
appropriate proceedings and Liens securing judgments but only to the extent, for an amount and for a period not resulting in an Event of Default under paragraph (h) of Article VII; 
  
 (e) pledges or deposits under worker’s compensation, unemployment insurance and other social security
legislation; 
  
 (f) deposits to secure the
performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
  
 (g) easements, rights-of-way, restrictions and other similar
encumbrances incurred in the ordinary course of business and encumbrances consisting of zoning restrictions, easements, licenses, restrictions on the use of Property or minor imperfections in title thereto which, in the aggregate, will not result in
a Material Adverse Effect; 
  
 (h) in the case of
sign locations of MCC and its Restricted Subsidiaries, so-called amortization zoning and other restrictions imposed by state and local authorities upon the use of such locations; 
  
 (i) Liens upon Property of any Acquisition Subsidiary securing Indebtedness permitted under
Section 6.03(h), each of which Liens either (A) existed on such Property before the time such Acquisition Subsidiary was acquired and was not created in anticipation thereof, or (B) was created solely for the purpose of securing
Indebtedness representing, or incurred to finance, refinance or refund, the cost of acquiring such Acquisition Subsidiary, provided that no such Lien shall extend to or cover any Property of MCC or any Restricted Subsidiary other than such
Acquisition Subsidiary; 
  

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 (j) Liens upon real and/or tangible personal Property acquired after the date hereof (by
purchase, construction or otherwise) by MCC or any of its Restricted Subsidiaries and securing Indebtedness permitted under Section 6.03(h), each of which Liens either (A) existed on such Property before the time of its acquisition and was
not created in anticipation thereof, or (B) was created solely for the purpose of securing Indebtedness representing, or incurred to finance, refinance or refund, the cost (including the cost of construction) of such Property, provided
that (x) no such Lien shall extend to or cover any Property of MCC or such Restricted Subsidiary other than the Property so acquired and improvements thereon and (y) the principal amount of Indebtedness secured by any such Lien shall not
at the date of incurrence thereof exceed the fair market value (as determined in good faith by a senior financial officer of MCC) of such Property at the time it was acquired (by purchase, construction or otherwise); 
  
 (k) Liens arising in connection with Capital Lease
Obligations permitted under Section 6.03(l), so long as no such Lien applies to any Property other than the Property subject to the respective lease agreement that gives rise to a Capital Lease Obligation; 
  
 (l) Liens on the aircraft assets of MCC and its Subsidiaries
securing Indebtedness permitted under Section 6.03(m); 
  
 (m) additional Liens securing Indebtedness in an aggregate amount up to but not exceeding $10,000,000; 
  
 (n) Liens on Excluded Property; 
  
 (o) Liens on any Property of a Restricted Subsidiary securing Intercompany Indebtedness, so long as such Intercompany Indebtedness is
evidenced by a promissory note in form and substance satisfactory to the Administrative Agent and such promissory note is pledged to the Administrative Agent pursuant to the Security Documents; and 
  
 (p) any extension, renewal or replacement of the foregoing,
provided, however, that the Liens permitted hereunder shall not be spread to cover any additional Indebtedness or Property (other than a substitution of like Property). 
  
 SECTION 6.03. Indebtedness. MCC will not, nor will it permit any of its Restricted Subsidiaries to, create, incur or
suffer to exist any Indebtedness except: 
  
 (a)
Indebtedness to the Lenders hereunder; 
  
 (b)
Indebtedness outstanding on the date hereof and listed in Part A of Schedule II hereto; 
  
 (c) Intercompany Indebtedness; 
  

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 (d) Indebtedness in respect of the 2003 Senior Subordinated Notes in an aggregate
principal amount not exceeding $300,000,000; 
  
 (e) Permitted Indebtedness incurred by the Borrower in accordance with Section 6.07(a)(A) in an aggregate principal amount such that the sum of the aggregate amount of Incremental Term Loans incurred after the Effective Date, the
aggregate amount of increases in Revolving Credit Commitments pursuant to Section 2.06(e), the aggregate amount of Permitted Indebtedness incurred in accordance with Section 6.07(a)(A) and the aggregate amount of Indebtedness incurred
pursuant to Section 5(b) of the Pledge Agreement does not exceed $350,000,000 or such higher amount to which the Required Lenders shall have consented; 
  
 (f) Indebtedness incurred in accordance with Section 6.07(a)(B) up to an aggregate principal amount during the period commencing on
the Effective Date through the term of this Agreement not exceeding $25,000,000; 
  
 (g) Indebtedness incurred in accordance with Section 6.07(a)(C); 
  
 (h) Indebtedness (including extensions, renewals and refinancings thereof) of an Acquisition Subsidiary
incurred in connection with an acquisition permitted under Section 6.01(c)(iv), or an Investment permitted under Section 6.04(e), up to but not exceeding $50,000,000 in aggregate principal amount at any one time outstanding, so long as, if
the aggregate principal amount of such Indebtedness then outstanding is equal to or exceeds $5,000,000, the weighted average life to maturity (determined in accordance with GAAP) of such Indebtedness at the time the same is incurred or assumed (or,
as applicable, at the time the same shall be extended, renewed or refinanced) shall be longer than the remaining weighted average life to maturity (so determined and, assuming that the Revolving Credit Commitments hereunder are at all times fully
utilized) of the Loans hereunder at such time; 
  
 (i) Indebtedness of the Borrower or MCC consisting of a Guarantee of Indebtedness permitted under the foregoing clause (h), so long as neither the Borrower nor MCC becomes subject to any financial covenants or restrictive covenants pursuant
to or in connection with such Guarantee; 
  
 (j)
in addition to any Indebtedness permitted under clause (i) above, any Indebtedness of the type described in clause (f) of the definition of such term in Section 1.01 up to but not exceeding $30,000,000 in the aggregate at any one time
outstanding; 
  
 (k) Indebtedness of the Borrower
or MCC in an aggregate amount not exceeding $20,000,000; 
  

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 (l) Indebtedness in respect of Capital Lease Obligations permitted to be incurred under
Sections 6.01(c)(vii) and 6.05(f); and 
  
 (m)
additional Indebtedness of MCC or any Restricted Subsidiary to any Person other than an Affiliate up to but not exceeding $25,000,000 in aggregate principal amount at any one time outstanding, it being understood that, upon the incurrence of any
Indebtedness under this clause (m) secured by the aircraft assets of MCC and its Subsidiaries, the Borrower shall prepay Revolving Credit Loans in an amount equal to the net cash proceeds of such Indebtedness (which prepayment shall be made
without any required reduction in Revolving Credit Commitments), 
  
 provided that the aggregate principal amount of Indebtedness under the foregoing clauses (i), (j) and (m) shall not at any time exceed, in the aggregate, $50,000,000. 
  
 SECTION 6.04. Investments. MCC will not, nor will it permit any of its
Restricted Subsidiaries to, make or permit to remain outstanding any Investments except: 
  
 (a) Investments outstanding on the date hereof and identified in Part B of Schedule IV hereto; 
  
 (b) Cash and Cash Equivalents; 
  
 (c) Investments by MCC and its Restricted Subsidiaries in
Restricted Subsidiaries; 
  
 (d) Interest Rate
Protection Agreements; and 
  
 (e) additional
Investments in an aggregate amount at any time not exceeding $50,000,000, of which no more than $15,000,000 shall constitute Investments in Affiliates, provided that no additional Investment may be made under this clause (e) unless at
the time thereof, and after giving effect thereto no Default shall have occurred and shall be continuing (it being understood that any Investment permitted under this clause (e) that would also constitute an acquisition under
Section 6.01(c)(iv) shall be subject to the provisions of said Section 6.01(c)(iv)). 
  
 For purposes of clause (e) of this Section, the aggregate amount of an Investment at any time shall be deemed to be equal to (i) the aggregate amount of cash, together with the aggregate fair market value of
property, loaned, advanced, contributed, transferred or otherwise invested that gives rise to such Investment minus (ii) the aggregate amount of dividends, distributions or other payments received in cash in respect of such Investment;
the amount of an Investment shall not in any event be reduced by reason of any write-off of such Investment nor increased by any increase in the amount of earnings retained in the Person in which such Investment is made that have not been
dividended, distributed or otherwise paid out. 
  

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 SECTION 6.05. Restricted Payments. MCC will not, nor will it permit any of its Restricted
Subsidiaries to, declare or make any Restricted Payment at any time, except that, so long as at the time thereof and after giving effect thereto (and to any concurrent incurrence of any Indebtedness) no Default or Event of Default shall have
occurred and be continuing: 
  
 (a) MCC may make
Restricted Payments in cash (i) during any fiscal year, in an aggregate amount up to but not exceeding $15,000,000 and (ii) during the period commencing on the Effective Date through the term of this Agreement, in an aggregate amount up to
but not exceeding $60,000,000; 
  
 (b) MCC may
make Restricted Payments at any time in an aggregate cumulative amount during the period commencing on the Effective Date through the term of this Agreement not in excess of the lesser of (i) the aggregate Equity Contributions made in cash
after the date hereof and prior to the date of the latest such Restricted Payment and (ii) $60,000,000; 
  
 (c) MCC may at any time make Restricted Payments consisting of Excluded Property (or of the equity interests in any Restricted Subsidiary
whose only assets consist of Excluded Property), provided that, in the case of any such Restricted Payment consisting of the equity interests in any Restricted Subsidiary, no later than five Business Days prior to such distribution, the
Borrower shall furnish to the Lenders a certificate setting forth calculations in form and detail satisfactory to the Administrative Agent demonstrating on a pro forma basis, as if such distribution had occurred at the beginning of the
relevant periods, that MCC would have been in compliance with the provisions of Section 6.06; 
  
 (d) MCC may make payments to Holdings and Shivers pursuant to the Tax Consolidation Agreements; 
  
 (e) MCC may make Restricted Payments to officers and other
executive employees of MCC and its Subsidiaries to the extent constituting Special Deferred Compensation; 
  
 (f) MCC may make Restricted Payments consisting of the distribution of real property owned by MCC or a Restricted Subsidiary (or of the
equity interests in any Restricted Subsidiary whose only assets consist of real property), provided that 
  
 (w) concurrently with any such distribution, the Person acquiring such real property shall enter into a lease agreement containing
Acceptable Lease Terms and which is otherwise in form and substance satisfactory to the Administrative Agent pursuant to which such real property shall be leased back to MCC or a Restricted Subsidiary, 
  

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 (x) no later than five Business Days prior to such distribution, MCC shall furnish to the
Lenders a certificate setting forth calculations in form and detail satisfactory to the Administrative Agent demonstrating on a pro forma basis (as if such distribution and equity contribution had occurred at the beginning of the
relevant periods), that (A) MCC would have been in compliance with the provisions of Sections 6.06(b) and 6.06(c) and (B) MCC would have been in compliance with the provisions of Section 6.06(a) as if such Section required a Cash Flow
Ratio of 0.75 lower than the respective Cash Flow Ratio specified for the relevant periods in said Section, 
  
 (y) the aggregate amount of Capital Lease Obligations that such lease agreement gives rise to, together with the aggregate amount of
Capital Lease Obligations incurred pursuant to this paragraph (f) and Section 6.01(c)(vii) in all prior lease transactions during the period commencing on the Effective Date through the term of this Agreement, shall not exceed $25,000,000,
and 
  
 (z) the aggregate fair market value of
the real property transferred pursuant to this Section 6.05(f), together with the aggregate fair market value of the real property sold, transferred or otherwise disposed of pursuant to Section 6.01(c)(vii) during the period commencing on
the Effective Date through the term of this Agreement, shall not exceed $100,000,000; 
  
 (g) MCC may make Restricted Payments in respect of one or more employee compensation plans (including “phantom stock” payments
referred to in the definition of the term “Restricted Payments” in Section 1.01) maintained for employees of MCC and its Restricted Subsidiaries so long as the aggregate amount of such Restricted Payments made in any single fiscal
year shall not exceed $1,500,000 and the aggregate amount of such Restricted Payments made during the period commencing on the Effective Date through the term of this Agreement shall not exceed $10,000,000; and 
  
 (h) MCC may make Restricted Payments in cash to Holdings on
each date provided for payment of interest in respect of Indebtedness incurred pursuant to Section 5(b) of the Pledge Agreement in an aggregate amount up to but not exceeding the amount of interest payable on such date. 
  
 Nothing herein shall be deemed to prohibit the payment of dividends or other distributions in
respect of equity by any Subsidiary of MCC to MCC or to any Restricted Subsidiary of MCC. 
  

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 SECTION 6.06. Financial Covenants. 
  
 (a) Cash Flow Ratios. MCC will not permit the Cash Flow Ratio and the Senior Cash Flow Ratio to exceed the following
respective amounts at any time during the following respective periods: 
  

					
	 Period

	  	Cash
Flow Ratio

	  	Senior Cash
Flow Ratio

	 From the Effective Date through June 30, 2007
	  	6.00 to 1	  	4.00 to 1
	 At all times after June 30, 2007
	  	5.50 to 1	  	3.50 to 1

  
 (b) Fixed Charge
Coverage Ratio. MCC will not permit the Fixed Charge Coverage Ratio to be less than 1.05 to 1 at any time. 
  
 (c) Interest Coverage Ratio. MCC will not permit the Interest Coverage Ratio to be less than the following respective amounts at any time during
the following respective periods: 
  

			
	 Period

	  	Interest
Coverage
Ratio

	 From the Effective Date through June 30, 2007
	  	2.25 to 1
	 At all times after June 30, 2007
	  	2.50 to 1

  
 SECTION 6.07.
Permitted Indebtedness. 
  
 (a) Issuance. At any
time after the date of this Agreement, the Borrower may issue or incur Indebtedness as follows: 
  
 (A) subject to Section 6.03(e), MCC, the Borrower or Morris Finance may incur additional unsecured Indebtedness in one or more public
offerings or private placements of notes 
  
 (i) for which MCC, the Borrower or Morris Finance, as applicable, is directly and primarily liable, 
  
 (ii) that is issued pursuant to documentation containing terms (including, without limitation, interest, amortization, mandatory
prepayments, covenants and events of default) in form and substance satisfactory to the Required Lenders, 

  

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provided that such Indebtedness shall in any event (x) have a final maturity date that shall not be earlier than the date six months after the
latest Principal Payment Date (scheduled as of the date of incurrence of such Indebtedness) hereunder, (y) not provide for amortization prior to such final maturity date and (z) not provide for Guarantees from any Subsidiary other than a
Subsidiary Guarantor under the Security and Guarantee Agreement, 
  
 (iii) so long as at the time of issuance of such Indebtedness and after giving effect thereto and to the application of the proceeds thereof, MCC shall be in compliance with Section 6.06 (the
determination of such ratios to be calculated on a pro forma basis as if such Indebtedness were incurred, and the proceeds thereof were so applied, in each case, at the beginning of such period, and the Administrative Agent shall have
received a certificate of a senior officer to such effect setting forth in reasonable detail the computations necessary to determine such compliance) and 
  
 (iv) so long as immediately prior thereto and after giving effect to the incurrence thereof, no Default shall have occurred and be
continuing, and the Administrative Agent shall have received a certificate of a senior officer to such effect; 
  
 (B) MCC may incur additional unsecured Indebtedness by borrowing funds from Shivers or a Subsidiary of Shivers so long as 
  
 (i) such Indebtedness is issued pursuant to documentation
containing terms (including, without limitation, interest, amortization, mandatory prepayments, covenants and events of default) in form and substance satisfactory to the Administrative Agent, provided that such Indebtedness shall in any
event (x) have a final maturity date that shall not be earlier than the date six months after the latest Principal Payment Date (scheduled as of the date of incurrence of such Indebtedness) hereunder, (y) not provide for amortization prior
to such final maturity date and (z) not provide for Guarantees from any Restricted Subsidiary, 
  
 (ii) at the time of issuance of such Indebtedness and after giving effect thereto and to the application of the proceeds thereof, MCC
shall be in compliance with Section 6.06 (the determination of such ratios to be calculated on a pro forma basis as if such Indebtedness were incurred, and the proceeds thereof were so applied, in each case, at the beginning of
such period, and the Administrative Agent shall have received a certificate of a senior officer to such effect setting forth in reasonable detail the computations necessary to determine such compliance) and 
  

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 (iii) immediately prior thereto and after giving effect to the incurrence thereof,
no Default shall have occurred and be continuing, and the Administrative Agent shall have received a certificate of a senior officer to such effect; and 
  
 (C) MCC, the Borrower or Morris Finance may incur additional unsecured subordinated Indebtedness in one or more public offerings or
private placements of notes 
  
 (i) for
which MCC, the Borrower or Morris Finance is directly and primarily liable, 
  
 (ii) that is issued pursuant to documentation containing terms (including, without limitation, interest, amortization, mandatory prepayments, covenants and events of default) in form and substance satisfactory to
the Required Lenders, provided that such Indebtedness shall in any event (x) have a final maturity date that shall not be earlier than the date six months after the latest Principal Payment Date (scheduled as of the date of incurrence of
such Indebtedness) hereunder, (y) not provide for amortization prior to such final maturity date and (z) not provide for Guarantees from any Subsidiary other than a Subsidiary Guarantor under the Security and Guarantee Agreement (it being
understood that any unsecured subordinated Indebtedness having mandatory prepayments, covenants and events of default substantially the same as the 2003 Senior Subordinated Notes, and meeting the requirements set forth in the foregoing
clauses (x), (y) and (z), shall be deemed to be satisfactory to the Lenders for purposes of this clause (ii)), 
  
 (iii) so long as at the time of issuance of such Indebtedness and after giving effect thereto and to the application of the proceeds
thereof, MCC shall be in compliance with Section 6.06 (the determination of such ratios to be calculated on a pro forma basis as if such Indebtedness were incurred, and the proceeds thereof were so applied, in each case, at the beginning
of such period, and the Administrative Agent shall have received a certificate of a senior officer to such effect setting forth in reasonable detail the computations necessary to determine such compliance) and 
  
 (iv) so long as immediately prior thereto and after
giving effect to the incurrence thereof, no Default shall have occurred and be continuing, and the Administrative Agent shall have received a certificate of a senior officer to such effect. 
  
 (b) Redemption, Etc. Following the issuance thereof, MCC will not, nor
will it permit any of its Subsidiaries to, purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of, or make
any voluntary payment or prepayment of the principal of or interest on, or any other amount owing in respect of, any Permitted Indebtedness, except for 

  

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regularly scheduled payments or prepayments of principal and interest in respect thereof required pursuant to the instruments evidencing such Permitted
Indebtedness, provided that so long as at the time thereof and after giving effect thereto no Default shall have occurred and be continuing, MCC may prepay any of the Indebtedness issued in accordance with clause (B) of
paragraph (a) above. 
  
 SECTION 6.08. Lines of
Business. Neither MCC nor any of its Restricted Subsidiaries shall engage to any substantial extent in any line or lines of business activity other than the types of businesses engaged in on the date hereof by MCC and its Restricted
Subsidiaries. MCC will not, and will not permit any of its Restricted Subsidiaries (other than the Newspaper Entities) to, own any newspaper assets, or engage in the business of publishing newspapers, other than (a) as a result of acquisitions
in which the acquired entity owns newspaper assets or engages in the business of publishing newspapers but is not primarily engaged in the business of owning newspaper assets or publishing newspapers or (b) where the ownership of newspaper
assets or publishing of newspapers generates Cash Flow not exceeding $1,000,000 during any single fiscal year. 
  
 SECTION 6.09. Transactions with Affiliates. Except as expressly permitted by this Agreement, MCC will not, nor will it permit any of its Restricted
Subsidiaries to, directly or indirectly: (a) make any Investment in an Affiliate; (b) transfer, sell, lease, assign or otherwise dispose of any Property to an Affiliate; (c) merge into or consolidate with or purchase or acquire
Property from an Affiliate; or (d) enter into any other transaction directly or indirectly with or for the benefit of an Affiliate (including, without limitation, guarantees and assumptions of obligations of an Affiliate); provided that
(x) any Affiliate who is an individual may serve as a director, officer or employee of MCC or any of its Restricted Subsidiaries and receive reasonable compensation for his or her services in such capacity, (y) MCC and its Restricted
Subsidiaries may enter into transactions (other than extensions of credit by MCC or any of its Restricted Subsidiaries to an Affiliate) providing for the leasing of Property, the rendering or receipt of services or the purchase or sale of inventory
and other Property in the ordinary course of business if the monetary or business consideration arising therefrom would be substantially as advantageous to MCC and its Restricted Subsidiaries as the monetary or business consideration which would
obtain in a comparable transaction with a Person not an Affiliate and (z) MCC and the Borrower may be a party to, and make payments under, the Tax Consolidation Agreements. 
  
 SECTION 6.10. Modifications of Certain Agreements. MCC and the Borrower will not consent to any modification,
supplement or waiver of any of the provisions of the Tax Consolidation Agreements or any lease agreement entered into pursuant to Section 6.01(c)(vii) or, following the issuance thereof, any of the provisions of any instrument evidencing or
governing the 2003 Senior Subordinated Notes or any Permitted Indebtedness, without in each case the prior written consent of the Administrative Agent (with the approval of the Required Lenders). 
  

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 SECTION 6.11. Designations of Unrestricted Subsidiaries, Etc. MCC will not designate any
Subsidiary as an “Unrestricted Subsidiary” unless: 
  
 (a) such Subsidiary has no Indebtedness other than Indebtedness (i) as to which neither MCC nor any Restricted Subsidiary (A) provides credit support of any kind (including any undertaking, agreement or
instrument that would constitute Indebtedness) or (B) is directly or indirectly liable as a guarantor or otherwise, and (ii) no default with respect to which (including any rights that the holders thereof may have to take enforcement
action against an Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of MCC or any Restricted Subsidiary to declare a default on such other Indebtedness or cause the payment thereof to be
accelerated or payable prior to its stated maturity; 
  
 (b) such Subsidiary is a Person with respect to which neither MCC nor any Restricted Subsidiary has any direct or indirect obligation to maintain or preserve such Person’s financial condition or to cause such Person to achieve any
specified levels of operating results; 
  
 (c)
such Subsidiary has not Guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of MCC or any Restricted Subsidiary; 
  
 (d) at the time thereof and after giving effect thereto, no Default or Event of Default shall have occurred or be continuing; 

 
 (e) if such Subsidiary is a Newspaper Entity then, unless
each of the Lenders shall consent otherwise at the time of such designation, the aggregate assets and cash flows attributable to Newspaper Entities (including such Subsidiary) that have been designated as Unrestricted Subsidiaries (including any
Unrestricted Subsidiaries that are no longer Subsidiaries of MCC) shall not represent more than 5% of the aggregate assets and cash flow, respectively, of the Newspaper Entities (and for these purposes, the aggregate assets and cash flow of any
previously-designated Unrestricted Subsidiary shall be deemed to be equal to the aggregate assets and relevant cash flow for such Unrestricted Subsidiary at the time of such designation); and 
  
 (f) MCC shall furnish to the Lenders a certificate setting
forth calculations in form and detail satisfactory to the Administrative Agent demonstrating on a pro forma basis (as if such designation had been consummated at the beginning of the relevant periods) that the Cash Flow Ratios
described in Section 6.06(a) would not increase by more than 0.25 to 1. 
  
 Any designation of a Restricted Subsidiary as an Unrestricted Subsidiary pursuant to this Section 6.11 shall constitute an Investment in such Unrestricted Subsidiary in an amount equal to the aggregate amount of
the Investments by MCC and its Restricted Subsidiaries in such Unrestricted Subsidiary at the time of such designation. 
  

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 Any designation of a Subsidiary of MCC as an Unrestricted Subsidiary shall be evidenced to the
Administrative Agent by filing with the Administrative Agent a certified copy of a resolution of the board of directors of the Issuer giving effect to such designation and a certificate of a senior financial officer of the Borrower and MCC
certifying that such designation complied with the preceding conditions and is permitted by Section 6.11. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding conditions (other than clause (d)), it shall
immediately cease to be an Unrestricted Subsidiary for the purposes hereof and any Indebtedness of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary of the Borrower or MCC, as applicable, as of such date and, if such
Indebtedness is not permitted to be incurred as of such date under Section 6.03, the Borrower and MCC shall be in default of such covenant. 
  
 The board of directors of MCC may at any time designate an Unrestricted Subsidiary to be a Restricted Subsidiary, provided that such designation
shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if (i) after giving effect to such deemed incurrence of
Indebtedness, MCC shall be in compliance with Section 6.06 calculated on pro forma basis (as if such designation had occurred at the beginning of the relevant periods). 
  
 SECTION 6.12. Designated Senior Debt. The Borrower will not designate any Indebtedness as “Designated Senior
Debt” as defined under the 2003 Senior Subordinated Notes unless the Required Lenders have approved such designation. Notwithstanding the foregoing, the Borrower may designate one issuance or series of Permitted Indebtedness incurred in
accordance with Section 6.07(a)(A) after the Effective Date through the term of this Agreement as “Designated Senior Debt” without the consent of the Required Lenders, so long the aggregate principal amount of such issuance or series
is at least equal to $100,000,000. 
  
 SECTION 6.13. Morris
Finance. MCC will not permit Morris Finance to own any property, other than cash in an amount not exceeding $1,000 representing nominal capitalization, and will not permit Morris Finance engage in any business or other activities other than to
incur Indebtedness in respect of the 2003 Senior Subordinated Notes or other Indebtedness permitted hereunder. 
  
 ARTICLE VII 
  
 EVENTS OF DEFAULT 
  
 If any of the following
events (“Events of Default”) shall occur: 
  
 (a) The Borrower shall default in the payment when due (whether at stated maturity or upon mandatory or optional prepayment) of any principal of or interest on any Loan, or shall default for two or more days in the
payment of any fee or any other amount payable by it hereunder or under any other Loan Document; or 
  

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 (b) MCC or any of its Restricted Subsidiaries shall default in the payment when due of
any principal of or interest on any of its other Indebtedness having an aggregate principal amount of $5,000,000 or more; or any event specified in any note, agreement, indenture or other document evidencing or relating to any such Indebtedness or
any event specified in any Interest Rate Protection Agreement shall occur if the effect of such event is to cause, or (with the giving of any notice or the lapse of time or both) to permit the holder or holders of such Indebtedness (or a trustee or
agent on behalf of such holder or holders) to cause, such Indebtedness to become due, or to be prepaid in full (whether by redemption, purchase, offer to purchase or otherwise), prior to its stated maturity or to have the interest rate thereon reset
to a level so that securities evidencing such Indebtedness trade at a level specified in relation to the par value thereof or, in the case of an Interest Rate Protection Agreement, to permit the payments owing under such Interest Rate Protection
Agreement to be liquidated; or 
  
 (c) Any
representation, warranty or certification made or deemed made herein or in any other Loan Document (or in any modification or supplement hereto or thereto) by any Obligor, or any certificate furnished to any Lender or the Administrative Agent
pursuant to the provisions hereof or thereof, shall prove to have been false or misleading as of the time made, deemed made or furnished in any material respect; or 
  
 (d) The Borrower or MCC shall default in the performance of any of its obligations under any of
Sections 5.01(f), 5.05, 5.07, 5.09, 6.01, 6.02, 6.03, 6.04, 6.05, 6.06, 6.07 or 6.10; the Borrower, MCC or any Subsidiary Guarantor shall default in the performance of any of its obligations under Section 6.01 of the Security and Guarantee
Agreement; Shivers shall default in the performance of any of its obligations under the Tax Consolidation Agreements; Holdings shall default in the performance of Section 4.01 or 5 of the Pledge Agreement; or any Obligor shall default in the
performance of any of its other obligations in any other Loan Document and such default shall continue unremedied for a period of thirty days after notice thereof to the Borrower by the Administrative Agent or any Lender (through the Administrative
Agent); or 
  
 (e) The Borrower or any Guarantor
shall admit in writing its inability to, or be generally unable to, pay its debts as such debts become due; or 
  
 (f) The Borrower or any Guarantor shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee, examiner or liquidator of itself or of all or a substantial part of its Property, (ii) make a general assignment for the benefit of its creditors, (iii) commence a voluntary case under the Bankruptcy Code,
(iv) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement or winding-up, or composition or readjustment of debts, (v) fail to controvert in a
timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an 

  

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involuntary case under the Bankruptcy Code or (vi) take any corporate action for the purpose of effecting any of the foregoing; or 
  
 (g) A proceeding or case shall be commenced, without the
application or consent of the Borrower or any Guarantor, in any court of competent jurisdiction, seeking (i) its reorganization, liquidation, dissolution, arrangement or winding-up, or the composition or readjustment of its debts, (ii) the
appointment of a receiver, custodian, trustee, examiner, liquidator or the like of the Borrower or such Guarantor or of all or any substantial part of its Property, or (iii) similar relief in respect of the Borrower or such Guarantor under any
law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be
entered and continue unstayed and in effect, for a period of 60 or more days; or an order for relief against the Borrower or such Guarantor shall be entered in an involuntary case under the Bankruptcy Code; or 
  
 (h) A final judgment or judgments for the payment of money
in excess of $5,000,000 in the aggregate (exclusive of judgment amounts fully covered by insurance where the insurer has admitted liability in respect of such judgment) or in excess of $50,000,000 in the aggregate (regardless of insurance coverage)
shall be rendered by one or more courts, administrative tribunals or other bodies having jurisdiction against the Borrower or any Guarantor and the same shall not be discharged (or provision shall not be made for such discharge), or a stay of
execution thereof shall not be procured, within 30 days from the date of entry thereof and the Borrower or the relevant Guarantor shall not, within said period of 30 days, or such longer period during which execution of the same shall have been
stayed, appeal therefrom and cause the execution thereof to be stayed during such appeal; or 
  
 (i) An ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in a Material Adverse Effect; 
  
 (j) A reasonable basis shall exist for the assertion against MCC or any of its Subsidiaries of (or there shall have been asserted against
MCC or any of its Subsidiaries) claims or liabilities, whether accrued, absolute or contingent, based on or arising from the generation, storage, transport, handling or disposal of Hazardous Materials by MCC or any of its Subsidiaries or Affiliates
or any predecessor in interest of the Borrower or any of its Subsidiaries or Affiliates or relating to any site or facility owned, operated or leased by MCC or any of its Subsidiaries or Affiliates which claims or liabilities (insofar as they are
payable by MCC or any of its Subsidiaries, but after deducting any portion thereof which is reasonably expected to be paid by other creditworthy Persons jointly and severally liable therefor), in the judgment of the Required Lenders are reasonably
likely to be determined adversely to MCC or any of its Subsidiaries and the amount thereof is, singly or in the aggregate, reasonably likely to have a Material Adverse Effect; or 
  

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 (k) (i) Shivers shall cease to own at least 65% of the equity interests of Holdings
(or shall cease to own at least 65% of the aggregate voting power of Holdings), (ii) MCC shall cease to be a Wholly Owned Subsidiary of Holdings, (iii) the Borrower shall cease to be a Wholly Owned Subsidiary of MCC or (iv) Holdings
shall grant any Lien on, the respective ownership interests held by them in Holdings and MCC (other than any Lien pursuant to the Pledge Agreement); or 
  
 (l) An aggregate of at least 51% of the issued and outstanding shares of stock (of each class) of Shivers shall cease to be owned,
collectively, by (i) William S. Morris III, his spouse, his children or his grandchildren, (ii) a trust for the benefit of William S. Morris III, his spouse, his children or his grandchildren, which trust is under the control of
William S. Morris III, his spouse, his children or his grandchildren or (iii) a partnership, corporation or limited liability company which is controlled by (and the partnership interests in which are owned by) William S. Morris III, his spouse
or his children or his grandchildren or their spouses or by a trust referred to in the foregoing clause; or 
  
 (m) The Operating Agreement shall be modified without the prior consent of the Administrative Agent (with the approval of the Required
Lenders) in any manner that would adversely affect the obligations of the Borrower, or the rights of the Lenders or the Administrative Agent, hereunder or under any of the other Loan Documents; or 
  
 (n) The Liens created by the Security Documents shall at any
time not constitute a valid and perfected Lien on the collateral intended to be covered thereby (to the extent perfection by filing, registration, recordation or possession is required herein or therein) in favor of the Administrative Agent, free
and clear of all other Liens (other than Liens permitted under the respective Security Documents), excluding, however, collateral deemed by the Administrative Agent not to be material in relation to the collateral security provided as a whole by the
Security Documents, or, except for expiration in accordance with its terms, any of the Security Documents shall for whatever reason be terminated or cease to be in full force and effect, or the enforceability thereof shall be contested by the
Borrower or MCC, 
  
 then, and in every such event (other than an event with
respect to the Borrower described in clause (f) or (g) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and
payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or 

  

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other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (f)
or (g) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall
automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 
  
 ARTICLE VIII 
  
 THE ADMINISTRATIVE AGENT 
  
 Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. 
  
 The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender
as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with MCC or any Subsidiary or other
Affiliate thereof as if it were not the Administrative Agent hereunder. 
  
 The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be
subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein and in the other
Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to MCC or any of its Subsidiaries that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders or in the absence of its own gross
negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, 

  

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report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or
(v) the satisfaction of any condition set forth in Article IV or elsewhere herein or therein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  
 The Administrative Agent shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely
upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the
Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
  
 The Administrative Agent may perform any and all its duties and exercise its
rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related
Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
  
 The Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the
right, in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of
its resignation, then the retiring Administrative Agent’s resignation shall nonetheless become effective and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and (2) the Required
Lenders shall perform the duties of the Administrative Agent (and all payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly) until such time as the Required
Lenders appoint a successor agent as provided for above in this paragraph. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring (or retired) Administrative Agent and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided above in this paragraph).
The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the 

  

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Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for its benefit in respect
of any actions taken or omitted to be taken by it while it was acting as Administrative Agent. 
  
 Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to
time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
  
 Except as otherwise provided in Section 9.02(b) with respect to this
Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver under any of the Loan Documents, provided that, without the prior consent of each
Lender, the Administrative Agent shall not (except as provided herein or in the Security Documents) release all or a material portion of the collateral or otherwise terminate all or a material portion of the Liens under any Security Document
providing for collateral security, agree to additional obligations (other than Incremental Term Loans hereunder, including any increase therein to which the Required Lenders shall have consented) being secured by all or a material portion of all of
such collateral security (unless the Lien for such additional obligations shall be junior to the Lien in favor of the other obligations secured by such Security Document, in which event the Administrative Agent may consent to such junior Lien
provided that it obtains the consent of the Required Lenders thereto), alter the relative priorities of the obligations entitled to the benefits of the Liens created under the Security Documents with respect to all or a material portion of such
collateral, except that no such consent shall be required, and the Administrative Agent is hereby authorized, to release any Lien covering property that is the subject of either a disposition of property permitted hereunder or a disposition to which
the Required Lenders have consented, or is owned by a Subsidiary that is designated as an Unrestricted Subsidiary in compliance with the provisions of Section 6.11. 
  
 In addition, without the prior consent of each Lender, the Administrative Agent shall not release MCC or any Subsidiary
Guarantor that is a Newspaper Entity from its Guarantee under the Security and Guarantee Agreement, provided that if all the capital stock of any such Subsidiary Guarantor is sold to any Person that is not an Affiliate of the Borrower or MCC
pursuant to a disposition permitted hereunder or to which the Required Lenders have consented, or the respective Subsidiary is designated as an Unrestricted Subsidiary in compliance with the provisions of Section 6.11, the Guarantee of such
Subsidiary Guarantor and its Wholly Owned Subsidiaries under the Security and Guarantee Agreement may be terminated (and the Administrative Agent is hereby authorized, in such circumstances, to terminate any such Guarantee). 
  

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 No Syndication Agent or Documentation Agent, in its respective capacity as such, shall have any duties or
responsibilities under this Agreement or any other Loan Document. 
  
 ARTICLE IX 
  
 MISCELLANEOUS 
  
 SECTION 9.01. Notices. 
  
 (a) Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopy, as follows: 
  
 (i) if to MCC or the
Borrower, to MCC or the Borrower at Morris Publishing Group, LLC, 725 Broad Street, Augusta, Georgia 30901, Attention of William S. Morris IV (Telecopy No. (706) 722-7125; Telephone No. (706) 823-3333), with a copy to Morris Communications
Company, LLC, 725 Broad Street, Augusta, Georgia 30901, Attention of Craig S. Mitchell (Telecopy No. (706) 722-7125; Telephone No. (706) 823-3236); 
  

(ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 1111 Fannin, Floor 10, Houston, Texas 77002, Attention of Melanie
Pipkins, Loan and Agency Services Group (Telecopy No. (713) 750-2857; Telephone No. (713) 750-2666), with a copy to JPMorgan Chase Bank, N.A., 270 Park Avenue, 36th Floor, New York, New York 10017, Attention of Peter Thauer (Telecopy No. (212) 270-4584; Telephone No. (212) 270-6289); and 
  
 (iii) if to a Lender, to it at its address (or telecopy
number) set forth in its Administrative Questionnaire. 
  
 (b)
Electronic Notification. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing
shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications
to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 
  
 (c) Modifications to Notice Provisions. Any party hereto may change
its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto (or, in the case of any such change by a Lender, by notice to the Borrower and the 

  

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Administrative Agent). All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to
have been given on the date of receipt. 
  
 SECTION 9.02.
Waivers; Amendments. 
  
 (a) No Deemed Waivers; Remedies
Cumulative. No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and
are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed
as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 
  
 (b) Amendments. Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall 
  
 (i) increase any Commitment of any Lender without the
written consent of such Lender, 
  
 (ii) reduce
the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, 
  
 (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon,
or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, 
  
 (iv) change Section 2.15(d) without the consent of each
Lender affected thereby, or 
  
 (v) change any of
the provisions of this Section or the percentage in the definition of the term “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make
any determination or grant any consent hereunder, without the written consent of each Lender, 
  

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 provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent hereunder without the prior written consent of the Administrative Agent. 
  
 Anything in this Agreement to the contrary notwithstanding, no waiver or modification of any provision of this Agreement that has the effect (either immediately or at some later time) of enabling the Borrower to
satisfy a condition precedent to the making of a Loan of any Class shall be effective against the Lenders of such Class for purposes of the Commitments of such Class unless the Required Lenders of such Class shall have concurred with such waiver or
modification, and no waiver or modification of any provision of this Agreement or any other Loan Document that could reasonably be expected to adversely affect the Lenders of any Class in a manner that does not affect all Classes equally shall be
effective against the Lenders of such Class unless the Required Lenders of such Class shall have concurred with such waiver or modification. 
  
 For purposes of this Section, the “scheduled date of payment” of any amount shall refer to the date of payment of such amount specified in this
Agreement, and shall not refer to a date or other event specified for the mandatory or optional prepayment of such amount. In addition, whenever a waiver, amendment or modification requires the consent of a Lender “affected” thereby, such
waiver, amendment or modification shall, upon consent of such Lender, become effective as to such Lender whether or not it becomes effective as to any other Lender, so long as the Required Lenders consent to such waiver, amendment or modification as
provided above. 
  
 SECTION 9.03. Expenses; Indemnity; Damage
Waiver. 
  
 (a) Costs and Expenses. The Borrower shall
pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the
credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated
hereby or thereby shall be consummated), (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, or any Lender, in connection
with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made hereunder, including in connection with any workout,
restructuring or negotiations in respect thereof and (iii) and all costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration, recording or perfection of any security interest contemplated by any
Security Document or any other document referred to therein. 
  

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 (b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and
each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related
expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or
any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of
the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by MCC or any of its Subsidiaries or any Environmental Claim related in any way to MCC or any of its
Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses resulted from the gross negligence or willful misconduct of such Indemnitee.

  
 (c) Reimbursement by Lenders. To the extent that the
Borrower fails to pay any amount required to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case
may be, was incurred by or asserted against the Administrative Agent in its capacity as such. 
  
 (d) Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of
the proceeds thereof. 
  
 (e) Payments. All amounts due
under this Section shall be payable promptly after written demand therefor. 
  
 SECTION 9.04. Successors and Assigns. 
  
 (a) Assignments Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that
(i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and
void) 

  

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and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the affiliates, directors,
officers, employees, attorneys and agents of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) Assignments by Lenders. 
  

(i) Assignments Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign to one or more assignees all or
a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Credit Commitment, and the Loans, at the time held by it) with the prior written consent (such consent not to be unreasonably withheld or
delayed) of: 
  
 (A) the Borrower,
provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default under Section 7(a), 7(f) or 7(g) hereof shall have occurred and is
continuing, any other assignee; and 
  
 (B) the
Administrative Agent, provided that no consent of the Administrative Agent shall be required for (x) an assignment of any Term Loans or (y) an assignment of any Revolving Credit Loans or Revolving Credit Commitments to an assignee
that is a Lender with a Revolving Credit Commitment immediately prior to giving effect to such assignment. 
  
 (ii) Certain Conditions to Assignments. Assignments shall be subject to the following additional conditions: 
  
 (A) except in the case of an assignment to a Lender or an
Affiliate of a Lender, or an assignment of the entire remaining amount of the assigning Lender’s Revolving Credit Commitment (together with all Revolving Credit Loans) or Term Loans, the amount of the Revolving Credit Commitment or Term Loans
of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than U.S. $5,000,000 (or less than
$1,000,000 in the case of any assignment of Term Loans) unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default under
Section 7(a), 7(f) or 7(g) hereof has occurred and is continuing; 
  
 (B) each partial assignment of any Revolving Credit Commitment or Term Loans shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement in
respect of such Commitment (together with a proportionate part of the outstanding Revolving Credit Loans) and Term Loans; 
  

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 (C) the parties to each assignment shall execute and deliver to the Administrative Agent
an Assignment and Assumption in substantially the form of Exhibit A, together with a processing and recordation fee of U.S. $3,500; and 
  
 (D) the assignee, if it shall not already be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

  
 (iii) Effectiveness of Assignments. Subject to
acceptance and recording thereof pursuant to paragraph (c) below, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the rights
referred to in Section 9.05). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with paragraph (e) below. 
  
 (c) Maintenance of Register by the Administrative Agent. The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in New York City a copy of each
Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Revolving Credit Commitment of, and principal amount of the Loans held by, each Lender pursuant to the terms hereof from
time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as
a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. 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.

  
 (d) Acceptance of Assignments by Administrative Agent.
Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and
recordation fee referred to in paragraph (b) above and any written consent to such assignment required by said paragraph (b), the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein
in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph (d). 
  
 (e) Participations. Any Lender may, without the consent of the Borrower or the Administrative Agent, sell
participations to one or more banks or other entities (a “Participant”) 

  

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in all or a portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its
Revolving Credit Commitments and the Loans held by it); provided that (i) such Lender’s obligations under this Agreement 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 (iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement and the other Loan Documents. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan
Documents and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (f) below, the Borrower agrees that each Participant shall be entitled to the
benefits of Section 2.12, 2.13 and 2.14 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) above. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 2.15(d) as though it were a Lender, provided such Participant agrees to be subject to Section 2.15(d) as though it were a Lender hereunder. 
  
 (f) Limitations on Rights of Participants. A Participant shall not be entitled to receive any greater payment under
Section 2.12 or 2.14 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior
written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.14 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees,
for the benefit of the Borrower, to comply with Section 2.14(e) as though it were a Lender. 
  
 (g) Certain Pledges. 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 such pledge or assignment to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of
a security interest shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party hereto. 
  
 (h) Disclosure of Certain Information. A Lender may furnish any information concerning MCC or any of its Subsidiaries in the possession of such
Lender from time to time to assignees and participants (including prospective assignees and participants), subject, however, to the provisions of Section 9.12(b). 
  
 (i) No Assignments to the Borrower or Affiliates. Anything in this Section to the contrary notwithstanding, no Lender
may assign or participate any interest in any Loan held by it hereunder to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender. 
  

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 SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the
Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this
Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is
outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of
the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 
  
 SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable
to the Administrative Agent constitute the entire contract between and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear
the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page to this
Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  
 SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  
 SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to 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 Lender to or for the credit or the account of the Borrower against any of and all the
obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective 

  

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of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under
this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
  
 SECTION 9.09. Governing Law; Jurisdiction; Etc. 
  
 (a) Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
  
 (b) Submission to Jurisdiction. The Borrower hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring
any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction. 
  
 (c) Waiver of Venue. The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  
 (d) Service of Process. Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
  
 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER 

  

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AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
  
 SECTION 9.11. Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

  
 SECTION 9.12. Treatment of Certain Information;
Confidentiality. 
  
 (a) Treatment of Certain
Information. The Borrower acknowledges that from time to time financial advisory, investment banking and other services may be offered or provided to MCC or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by any
Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby authorizes each Lender to share any information delivered to such Lender by MCC and its Subsidiaries pursuant to this Agreement, or in connection with the
decision of such Lender to enter into this Agreement, to any such subsidiary or affiliate, it being understood that any such subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section as
if it were a Lender hereunder. Such authorization shall survive the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 
  
 (b) Confidentiality. Each of the Administrative Agent and the Lenders
agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other
advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested or required by
any regulatory authority, including the National Association of Insurance Commissioners, (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement,
(v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(vi) subject to an agreement containing provisions substantially the same as those of this paragraph, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement,
(vii) with the consent of the Borrower or (viii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this paragraph or (B) becomes available to the Administrative Agent or any
Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this paragraph, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any
such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower after the date hereof, such
information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in 

  

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this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information. 
  
 SECTION 9.13. USA PATRIOT Act. Each Lender hereby notifies each Obligor that pursuant to the requirements of the USA PATRIOT Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)), it may be required to obtain, verify and record information that identifies such Obligor, which information includes the names and addresses of such Obligor and other information that will
allow such Lender to identify such Obligor in accordance with said Act. 
  

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

			
	MORRIS PUBLISHING GROUP, LLC
		
	 By
	 	/S/    CRAIG S.
MITCHELL        
	 Name: 
	 	Craig S. Mitchell
	 Title: 
	 	 Senior Vice President – Finance,
 Secretary and Treasurer

	
	U.S. Federal Tax Identification No. 58-1445060

  

			
	 MORRIS COMMUNICATIONS COMPANY, LLC

		
	 By
	 	/S/    CRAIG S.
MITCHELL        
	 Name: 
	 	Craig S. Mitchell
	 Title: 
	 	 Senior Vice President – Finance,
 Secretary and Treasurer

	
	U.S. Federal Tax Identification No. 58-1445060

  

 Credit Agreement 

			
	LENDERS
	
	 JPMORGAN CHASE BANK, N.A.,
 individually and as Administrative Agent

		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title: 
	 	 

  

 Credit Agreement 

			
	THE BANK OF NEW YORK
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	KEYBANK NATIONAL ASSOCIATION
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	SUNTRUST BANK
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	BANK OF AMERICA
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	GENERAL ELECTRIC CAPITAL CORP.
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	SUMITOMO MITSUI BANKING CORPORATION
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	ALLIED IRISH BANKS, P.L.C.
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	COMERICA BANK
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	US BANK
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	 FIRST TENNESSEE BANK, NATIONAL ASSOCIATION

		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	MIZUHO
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement 

			
	WEBSTER BANK
		
	 By
	 	 /s/

	 Name: 
	 	 
	 Title:
	 	 

  

 Credit Agreement

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