Document:

Exhibit 10.1

 

 

Execution
Version

 

 

 

 

CREDIT
AGREEMENT

 

dated
as of

 

September
27, 2019

 

among

 

Postal
Realty LP,

as Borrower,

 

THE
LENDERS PARTY HERETO

 

and

 

PEOPLE’S
UNITED BANK, NATIONAL ASSOCIATION,

as Administrative Agent

 

 

 

BMO
CAPITAL MARKETS CORP.,

as
Syndication Agent

 

 

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I
 DEFINITIONS
	 	 	 
	SECTION
    1.01	Defined
    Terms	1
	SECTION
    1.02	Classification
    of Loans and Borrowings	32
	SECTION
    1.03	Terms
    Generally	32
	SECTION
    1.04	Accounting
    Terms	32
	 	 	 
	ARTICLE II

The Credits
	 
	SECTION
    2.01	Commitments	33
	SECTION
    2.02	Loans
    and Borrowings	33
	SECTION
    2.03	Requests
    for Borrowings	34
	SECTION
    2.04	Reserved	34
	SECTION
    2.05	Borrowing
    Base Properties	34
	SECTION
    2.06	Reserved	39
	SECTION
    2.07	Funding
    of Borrowings	39
	SECTION
    2.08	Interest
    Elections	40
	SECTION
    2.09	Termination,
    Reduction and Extension of Commitments	41
	SECTION
    2.10	Repayment
    of Loans; Evidence of Debt	41
	SECTION
    2.11	Prepayment
    of Loans	42
	SECTION
    2.12	Fees	43
	SECTION
    2.13	Interest	44
	SECTION
    2.14	Alternate
    Rate of Interest	45
	SECTION
    2.15	Increased
    Costs	46
	SECTION
    2.16	Break
    Funding Payments	47
	SECTION
    2.17	Payments
    Free of Taxes	48
	SECTION
    2.18	Payments
    Generally; Auto-Debit Authorization; Pro Rata Treatment; Sharing of Set-offs	51
	SECTION
    2.19	Mitigation
    Obligations; Replacement of Lenders	52
	SECTION
    2.20	Defaulting
    Lenders	53
	SECTION
    2.21	Additional
    Commitments	53
	SECTION
    2.22	Additional
    Subsidiary Guarantors	55
	SECTION
    2.23	Special
    Subsidiaries	56
	SECTION
    2.24	Foreign
    Jurisdiction Qualification Certificates	56
	 	 	 
	ARTICLE III

Representations and Warranties
	 
	SECTION
    3.01	Organization;
    Powers	56
	SECTION
    3.02	Authorization;
    Enforceability	57
	SECTION
    3.03	Governmental
    Approvals; No Conflicts	57
	SECTION
    3.04	Financial
    Condition; No Material Adverse Change	57
	SECTION
    3.05	Properties	57
	SECTION
    3.06	Litigation
    and Environmental Matters	58
	SECTION
    3.07	Compliance
    with Laws and Agreements	58
	SECTION
    3.08	Investment
    Company Status	58
	SECTION
    3.09	Taxes	58
	SECTION
    3.10	ERISA;
    Plan Assets; Prohibited Transactions	58

 

    -i-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	SECTION
    3.11	Disclosure	59
	SECTION
    3.12	Sanctions
    Laws and Regulations	59
	SECTION
    3.13	Indebtedness	59
	SECTION
    3.14	Capitalization	59
	SECTION
    3.15	Subsidiaries	59
	SECTION
    3.16	Real
    Property	59
	SECTION
    3.17	Solvency	60
	SECTION
    3.18	No
    Defaults and Events of Default	60
	SECTION
    3.19	Insurance	60
	SECTION
    3.20	Security
    Interests and Liens	60
	SECTION
    3.21	Executive
    Offices; Places of Organization	60
	SECTION
    3.22	Securities
    Act	60
	SECTION
    3.23	Brokers	60
	SECTION
    3.24	Anti-Corruption	60
	 	 	 
	ARTICLE IV

Conditions
	 
	SECTION
    4.01	Effective
    Date	60
	SECTION
    4.02	Each
    Credit Event	62
	 	 	 
	ARTICLE V

Affirmative Covenants
	 
	SECTION
    5.01	Financial
    Statements; Ratings Change and Other Information	63
	SECTION
    5.02	Notices
    of Material Events	64
	SECTION
    5.03	Existence;
    Conduct of Business	64
	SECTION
    5.04	Payment
    of Obligations	64
	SECTION
    5.05	Maintenance
    of Properties; Insurance	65
	SECTION
    5.06	Books
    and Records; Inspection Rights	65
	SECTION
    5.07	Compliance
    with Laws	65
	SECTION
    5.08	Use
    of Proceeds	66
	SECTION
    5.09	Reserved	66
	SECTION
    5.10	Further
    Assurances	66
	SECTION
    5.11	Reserved	66
	SECTION
    5.12	Environmental
    Laws	66
	SECTION
    5.13	Collateral
    Matters; Operating Account	66
	SECTION
    5.14	Accounts	67
	SECTION
    5.15	Single
    Purpose	67
	 	 	 
	ARTICLE VI

Negative Covenants
	 
	SECTION
    6.01	Indebtedness	67
	SECTION
    6.02	Liens	68
	SECTION
    6.03	Fundamental
    Changes	68
	SECTION
    6.04	Investments,
    Loans, Advances, Guarantees and Acquisitions	69
	SECTION
    6.05	Swap
    Agreements	70
	SECTION
    6.06	Restricted
    Payments	70
	SECTION
    6.07	Certain
    Financial Covenants	70
	SECTION
    6.08	Transactions
    with Affiliates	71

 

    -ii-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	SECTION
    6.09	Restrictive
    Agreements	71
	SECTION
    6.10	Sanctions
    Laws and Regulations	71
	SECTION
    6.11	Organizational
    Documents	71
	SECTION
    6.12	Fiscal
    Year	72
	SECTION
    6.13	Dispositions	72
	SECTION
    6.14	Reserved	72
	SECTION
    6.15	Accounting	72
	SECTION
    6.16	Sale
    Leasebacks	72
	SECTION
    6.17	Reserved	72
	SECTION
    6.18	Reserved	72
	SECTION
    6.19	Anti-Corruption	72
	SECTION
    6.20	ERISA	72
	 	 	 
	ARTICLE VII

Events of Default
	 	 	 
	ARTICLE VIII

The Administrative Agent
	 	 	 
	ARTICLE IX

Miscellaneous
	 	 	 
	SECTION 9.01	Notices	77
	SECTION 9.02	Waivers; Amendments	79
	SECTION 9.03	Expenses; Indemnity; Damage Waiver	80
	SECTION 9.04	Successors and Assigns	81
	SECTION 9.05	Survival	83
	SECTION 9.06	Counterparts; Integration; Effectiveness; Electronic Execution	84
	SECTION 9.07	Severability	84
	SECTION 9.08	Right of Setoff	84
	SECTION 9.09	Governing Law; Jurisdiction; Consent to Service of Process	84
	SECTION 9.10	WAIVER OF JURY TRIAL	85
	SECTION 9.11	Headings	85
	SECTION 9.12	Confidentiality	85
	SECTION 9.13	Material Non-Public Information	86
	SECTION 9.14	Joint and Several Liability	86
	SECTION 9.15	Interest Rate Limitation	86
	SECTION 9.16	USA PATRIOT Act	86
	SECTION 9.17	Certain ERISA Matters	87
	SECTION 9.18	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	88
	SECTION 9.19	Acknowledgement Regarding Any Supported QFCs	88
	SECTION 9.20	Division	89
	SECTION 9.21	Titled Agent	89

 

    -iii-

     

    

 

SCHEDULES:

 

Schedule 1.01 – Initial Subsidiary Guarantors

Schedule 2.01 – Commitments

Schedule 2.05 – Initial Borrowing Base Properties

Schedule 2.23 – Special Subsidiaries

Schedule 2.24 – Foreign Jurisdiction Operating Subsidiaries

Schedule 3.05(b) – Rent Roll

Schedule 3.05(c) – Initial Property Management Agreements

Schedule 3.06 – Disclosed Matters

Schedule 3.15 – Initial Subsidiaries

Schedule 3.16 – Initial Real Properties

Schedule 6.01 – Existing Indebtedness

Schedule 6.08 – Transactions with Affiliates

 

EXHIBITS:

 

Exhibit A – Form of Assignment and Assumption

Exhibit B – Form of Note

Exhibit C – Form of Guaranty

Exhibit D – Form of Compliance Certificate

Exhibit E – Form of Property Worksheet

Exhibit F – Form of Joinder Agreement

Exhibit G – Form of Borrowing Base Certificate

Exhibit H – Form of Pledge Agreement

Exhibit I-1 – U.S. Tax Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes

Exhibit I-2 – U.S. Tax Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Purposes

Exhibit I-3 – U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes

Exhibit I-4 – U.S. Tax Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes

Exhibit J – Form of Borrowing Request

 

    -iv-

     

    

 

CREDIT
AGREEMENT dated as of September 27, 2019 (this “Agreement”), among Postal
Realty LP, a Delaware limited partnership (the “Borrower”), the LENDERS party hereto and PEOPLE’S
UNITED BANK, NATIONAL ASSOCIATION, as Administrative Agent.

 

The
Borrower has requested that the Lenders (as hereinafter defined) extend credit to the Borrower from time to time in an aggregate
principal amount not exceeding $100,000,000 (subject to increase in accordance with Section 2.21) at any one time outstanding.
The Lenders are prepared to extend such credit 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 comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate.

 

“Accepting
Lender” has the meaning set forth in Section 2.21(c).

 

“Acquisition”
means any transaction, or series of related transactions, by which the Borrower or any Subsidiary (a) acquires any Real Property
that is to be designated as an Eligible Property or (b) directly or indirectly acquires, whether through the purchase of assets,
merger or otherwise, at least a majority of the Equity Interests in a Person that is to be designated as a Subsidiary Guarantor.

 

“Act”
has the meaning set forth in Section 9.16.

 

“Additional
Commitment Amount” has the meaning set forth in Section 2.21(a).

 

“Additional
Commitment Notice” has the meaning set forth in Section 2.21(a).

 

“Adjusted
LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum
(rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b)
the Statutory Reserve Rate.

 

“Adjusted
Revenue” has the meaning set forth in the definition of “Net Operating Income”.

 

“Administrative
Agent” means People’s United Bank, National Association in its capacity as administrative agent for the Lenders
hereunder, or any successor administrative agent appointed pursuant to Article VIII.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

“Agent
Party” has the meaning set forth in Section 9.01(d).

 

    1

     

    

 

“Agent’s
Account” means an account of the Administrative Agent designated as such from time to time in writing to the Borrower,
into which all payments shall be made hereunder.

 

“Agreement”
has the meaning set forth in the introductory paragraph hereof.

 

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect
on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO
Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day)
plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate
at approximately 11:00 a.m. London time on such day; provided that, if the LIBO Screen Rate shall be less than zero, such rate
shall be deemed to be zero for the purposes of this Agreement and provided, further, if the LIBO Screen Rate shall not be available
at such time for such Interest Period then the LIBO Rate shall be the Interpolated Rate, provided, that, if any Interpolated Rate
shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. Any change in the Alternate Base
Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and
including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Consolidated Entities from time
to time concerning or relating to bribery or corruption.

 

“Applicable
Law” means all applicable provisions of constitutions, statutes, rules, regulations and orders of any Governmental
Authority, including, to the extent having the force of law, all orders and decrees of all courts, tribunals and arbitrators.

 

“Applicable
Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s
Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Credit
Exposure of each Lender.

 

“Applicable
Rate” means, for any day, with respect to any ABR Loan or Eurocurrency Loan, as the case may be, the applicable
rate per annum set forth below under the caption “ABR Spread” or “Eurocurrency Spread”, as the case may
be, based upon the Consolidated Leverage Ratio reflected in the most recent Compliance Certificate delivered pursuant to this
Agreement.

 

	Consolidated
    Leverage Ratio:	 	ABR
    Spread	 	Eurocurrency
    Spread
	 	 	 	 	 
	>
    55%	 	1.40%	 	2.40%
	 	 	 	 	 
	<
    55% but > 50%	 	1.15%	 	2.15%
	 	 	 	 	 
	<
    50% but > 45%	 	0.90%	 	1.90%
	 	 	 	 	 
	<
    45%	 	0.70%	 	1.70%

 

For
purposes hereof, any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall
become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to
this Agreement. If a Compliance Certificate shall not be timely delivered as provided in this Agreement, until such time as such
Compliance Certificate is so delivered the Applicable Rate shall be the highest rate per annum provided for above (i.e., 1.40%
for ABR Loans and 2.40% for Eurocurrency Loans).

 

    2

     

    

 

“Approved
Eligible Property” has the meaning set forth in Section 2.05(b).

 

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

 

“Approved
Purpose” means any of the following: (a) repayment of existing Indebtedness of the Borrower Group Entities, (b) acquisitions
of Real Property (or of Equity Interests of Persons owing Real Property) by the Borrower or any Subsidiary (including deposits
and fees, costs and all expenses related thereto) and (c) working capital and other general corporate purposes, including, without
limitation, Permitted Acquisitions.

 

“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.

 

“Attributable
Indebtedness” means, on any date, in respect of any Capital Lease of any Person, the capitalized amount thereof
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

 

“Availability
Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date
and the date of termination of the Commitments.

 

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

 

“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time
which is described in the EU Bail-In Legislation Schedule.

 

“Bankruptcy
Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative
Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding
or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition
of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such
ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States
or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority
or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

 

    3

     

    

 

“Benchmark
Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected
by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement
rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market
convention for determining a rate of interest as a replacement to the Adjusted LIBO Rate for U.S. dollar-denominated syndicated
credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined
would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the Adjusted LIBO Rate with an Unadjusted Benchmark
Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment
(which may be a positive or negative value or zero), that has been selected by the Administrative Agent and the Borrower giving
due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of the Adjusted LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant
Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for
calculating or determining such spread adjustment, for the replacement of the Adjusted LIBO Rate with the applicable Unadjusted
Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative
or operational changes (including changes to the definition of “ABR,” the definition of “Alternate Base Rate”,
the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and
other administrative matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation
of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent
with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement
exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with
the administration of this Agreement).

 

“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to LIBOR:

 

		(1)	in
                                         the case of clause (1) or (2) of the definition of “Benchmark Transition Event,”
                                         the later of (a) the date of the public statement or publication of information referenced
                                         therein and (b) the date on which the administrator of the LIBO Rate permanently or indefinitely
                                         ceases to provide the LIBO Rate; or

 

		(2)	in
                                         the case of clause (3) of the definition of “Benchmark Transition Event,”
                                         the date of the public statement or publication of information referenced therein.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the LIBO Rate:

 

		(1)	a
                                         public statement or publication of information by or on behalf of the administrator of
                                         the LIBO Rate announcing that such administrator has ceased or will cease to provide
                                         the LIBO Rate, permanently or indefinitely, provided that, at the time of such statement
                                         or publication, there is no successor administrator that will continue to provide the
                                         LIBO Rate;

 

    4

     

    

 

		(2)	a
                                         public statement or publication of information by the regulatory supervisor for the administrator
                                         of the LIBO Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction
                                         over the administrator for the LIBO Rate, a resolution authority with jurisdiction over
                                         the administrator for the LIBO Rate or a court or an entity with similar insolvency or
                                         resolution authority over the administrator for the LIBO Rate, which states that the
                                         administrator of the LIBO Rate has ceased or will cease to provide the LIBO Rate permanently
                                         or indefinitely, provided that, at the time of such statement or publication, there is
                                         no successor administrator that will continue to provide the LIBO Rate; or

 

		(3)	a
                                         public statement or publication of information by the regulatory supervisor for the administrator
                                         of the LIBO Rate announcing that the LIBO Rate is no longer representative.

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable
Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of
a prospective event, the ninetieth (90th) day prior to the expected date of such event as of such public statement
or publication of information (or if the expected date of such prospective event is fewer than ninety (90) days after such statement
or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified
by the Administrative Agent or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the
case of such notice by the Required Lenders) and the Lenders.

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement,
the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement
has replaced the LIBO Rate for all purposes hereunder in accordance with Section 2.14(b) and (y) ending at the time that a Benchmark
Replacement has replaced the LIBO Rate for all purposes hereunder pursuant to Section 2.14(b).

 

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

 

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

 

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

 

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

 

“Board”
means the Board of Governors of the Federal Reserve System of the United States of America.

 

“Borrower”
has the meaning set forth in the introductory paragraph hereof.

 

“Borrower
Group Entities” means, collectively, the REIT, the Borrower and each Subsidiary; the Borrower Group Entities are
individually referred to as a “Borrower Group Entity”.

 

“Borrower
Information” has the meaning set forth in Section 1.05.

 

    5

     

    

 

“Borrowing”
means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to which
a single Interest Period is in effect.

 

“Borrowing
Base” means, as of any date of determination, an amount equal to fifty percent (50%) of the Borrowing Base Portfolio
Value.

 

“Borrowing
Base Certificate” means a certificate of a Financial Officer, in the form of Exhibit G.

 

“Borrowing
Base Entities” means, collectively, the Borrower and each Subsidiary Guarantor, in each case, while it directly
or indirectly owns all or a portion of a Borrowing Base Property; the Borrowing Base Entities are individually referred to as
a “Borrowing Base Entity”.

 

“Borrowing
Base Net Operating Income” means, for any period, the aggregate amount of Net Operating Income for each Borrowing
Base Property during such period.

 

“Borrowing
Base Portfolio Value” means, as of any date of determination, the aggregate of:

 

(a) for
any Borrowing Base Property that was acquired by a Borrowing Base Entity less than twelve (12) calendar months prior to such date,
the lesser of (i) the quotient obtained by dividing (A) the Net Operating Income of such Borrowing Base Property as of such date
by (B) the Capitalization Rate or (ii) the Net Purchase Price paid by such Borrowing Base Entity to acquire such Borrowing Base
Property; and

 

(b)
for any Borrowing Base Property that was acquired by a Borrowing Base Entity twelve (12) calendar months or more prior to such
date, the quotient obtained by dividing (i) the Net Operating Income of such Borrowing Base Property as of such date by (ii) the
Capitalization Rate.

 

Notwithstanding
the foregoing, no more than twenty-five percent (25%) of the Borrowing Base Portfolio Value shall be calculated pursuant to clause
(a)(ii) above and therefore, if such twenty-five percent (25%) is reached, the balance of the Borrowing Base Portfolio Value shall
be calculated based on Net Operating Income divided by the Capitalization Rate.

 

“Borrowing
Base Properties” means, collectively, each Real Property identified on Schedule 2.05 and each Approved Eligible
Property admitted as a Borrowing Base Property after the Effective Date pursuant to Section 2.05, in each case, that has not been
disqualified as a Borrowing Base Property pursuant to Section 2.05(d) or released as a Borrowing Base Property pursuant to Section
2.05(e); the Borrowing Base Properties are individually referred to as a “Borrowing Base Property”.

 

“Borrowing
Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03, which shall be substantially
in the form of Exhibit J or any other form approved by the Administrative Agent.

 

“Business
Day” means any day 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; provided that, when used in connection with a Eurocurrency Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market.

 

“Capital
Lease” means, with respect to any Person, the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations
are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP.

 

    6

     

    

 

“Capital
Lease Obligations” means, with respect to any Person for any period, the capitalized amount of obligations under
Capital Leases for such Person for such period as determined in accordance with GAAP; provided that any change in GAAP after the
Effective Date that would require lease obligations that would be treated as operating leases as of the Effective Date to be classified
and accounted for as capital leases or otherwise reflected on the consolidated balance sheet of the Consolidated Entities, for
the purposes of determining compliance with any covenant contained herein, such obligations shall be treated in the same manner
as operating leases are treated as of the Effective Date.

 

“Capitalization
Rate” means a rate of 8.0%.

 

“Cash”
means any assets, which are in the form of, or are readily convertible into, money, including, without limitation, cash, checks,
and other negotiable instruments, deposits with any bank or financial institution (whether demand deposits or time deposits).

 

“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, banker’s acceptances
and time deposits 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 of Economic 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 $250,000,000 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; (e) fully collateralized repurchase agreements
with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution
satisfying the criteria described in clause (b) above; and (f) investments in money market funds registered under the Investment
Company Act of 1940, as amended, which have net assets of at least $250,000,000 and at least 85% of whose assets consist of securities
and other obligations of the type described in clauses (a) through (d) above.

 

“Change
in Control” means:

 

(a) the
acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the
Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof),
other than any Spodek Group Member, of Equity Interests representing 33% or more of the aggregate ordinary voting power represented
by the issued and outstanding Equity Interests in the REIT;

 

(b) at
any point during a period of twenty-four (24) consecutive months, individuals who at the beginning of such twenty-four (24) month
period were directors of the REIT, together with any directors whose election or nomination for election to the board of directors
of the REIT (whether by the board of directors of the REIT or any shareholder of the REIT) was approved by a majority of the directors
who were either directors of the REIT at the beginning of such twenty-four (24) month period or whose election or nomination for
election was so approved, cease to constitute a majority of the board of directors of the REIT;

 

    7

     

    

 

(c) the
REIT shall cease to (i) either be the sole general partner of, or wholly own and control the general partner of, the Borrower
or (ii) own, directly or indirectly, greater than fifty percent (50%) of the Equity Interests in the Borrower;

 

(d) the
acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the
Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof),
other than the REIT or any Spodek Group Member, of Equity Interests representing 33% or more of the aggregate ordinary voting
power represented by the issued and outstanding Equity Interests in the Borrower; or

 

(e) the
Borrower shall cease to directly or indirectly own one hundred percent (100%) of the Equity Interests in any Subsidiary Guarantor
(unless concurrently therewith such Subsidiary Guarantor is released from the Guaranty in accordance with Section 2.05(e)).

 

“Change
in Law” the occurrence after the Effective Date or, with respect to any Lender, such later date on which such Lender
becomes a party to this Agreement) (a) the adoption of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation
or treaty or in the interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender (or, for
purposes of Section 2.15(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; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each
case pursuant to Basel III, shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Charges”
has the meaning set forth in Section 9.15.

 

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

 

“Collateral”
means, collectively, the Operating Account and the Equity Interests in the Subsidiary Guarantors.

 

“Commitment”
means, with respect to each Lender, the commitment of such Lender to make Loans hereunder, expressed as an amount representing
the maximum aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be (a) reduced from time
to time pursuant to Section 2.09, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant
to Section 9.04 or (c) increased from time to time pursuant to Section 2.21. The initial amount of each Lender’s Commitment
is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment,
as applicable.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

“Communications”
has the meaning set forth in Section 9.01(d).

 

    8

     

    

 

“Compliance
Certificate” means a certificate of a Financial Officer, in the form of Exhibit D.

 

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

 

“Consolidated
Debt Service Coverage Ratio” means, for any period, the ratio of (a) the Borrowing Base Net Operating Income for
such period to (b) the sum of all regularly scheduled interest payments due from the Borrower (whether paid or unpaid) on account
of the Loans during such period, annualized.

 

“Consolidated
EBITDA” means, for any period and without duplication, the net income (loss) of the Consolidated Entities for such
period plus, to the extent deducted in determining the net income (loss) in accordance with GAAP for such period, each
of the following:

 

(a) depreciation
and amortization;

 

(b) interest
expense;

 

(c) income
tax expense;

 

(d) extraordinary,
unusual or nonrecurring items, including without limitation, gains and losses from the sale of properties (but not from the sale
of properties by any taxable real estate investment trust subsidiary);

 

(e) unrealized
gains and losses resulting from hedging arrangements;

 

(f) non-cash
stock compensation costs for such period;

 

(g) fees,
costs and expenses (including, without limitation, legal fees costs and expenses) incurred in connection with the negotiation,
execution and delivery of the Loan Documents and all amendments, modifications, supplements and waivers thereto; and

 

(h) such
other items as the Administrative Agent may approve in its reasonable discretion.

 

“Consolidated
Entities” means the Borrower Group Entities and any other Persons the accounts of which are consolidated with those
of the REIT in accordance with GAAP; the Consolidated Entities are individually referred to as a “Consolidated Entity”.

 

“Consolidated
Fixed Charge Coverage Ratio” means, for any period, the ratio of (a) Consolidated EBITDA to (b) Consolidated Fixed
Charges. The Consolidated Fixed Charge Coverage Ratio shall be calculated as of the end of each calendar quarter, commencing with
the quarter ending September 30, 2019, based upon the trailing three (3) month period (for the first calendar quarter following
the Effective Date), six (6) month period (for the second calendar quarter following the Effective Date) or nine (9) month period
(for the third calendar quarter following the Effective Date), in each case annualized, and thereafter calculated as of the end
of each calendar quarter based on the trailing twelve (12) month period.

 

“Consolidated
Fixed Charges” means, for any period, the sum of (a) the interest expense of the Consolidated Entities for such
period, plus (b) all regularly scheduled principal payments made with respect to Indebtedness of the Consolidated Entities during
such period, other than any balloon, bullet or similar principal payment which repays such Indebtedness in full, plus (c) all
dividends or distributions paid by any Consolidated Entity to any Person that is not a Consolidated Entity during such period
in respect of its Disqualified Capital Stock.

 

    9

     

    

 

“Consolidated
Leverage Ratio” means, as of any date of determination, the ratio (expressed as a percentage) of (a) Consolidated
Total Indebtedness to (b) Consolidated Total Asset Value.

 

“Consolidated
Secured Indebtedness Ratio” means, as of any date of determination, the ratio (expressed as a percentage) of (a)
Consolidated Total Secured Indebtedness to (b) Consolidated Total Asset Value.

 

“Consolidated
Tangible Net Worth” means, of any date of determination, the amount by which (a) the Consolidated Total Asset Value
exceeds (b) the total liabilities of the Consolidated Entities, less general intangibles and other intangible assets, including
goodwill, patents, trademarks, copyrights, franchises, organization expenses, deferred expenses and unbilled rent receivables,
as determined in accordance with GAAP.

 

“Consolidated
Total Asset Value” means, as of any date of determination, the sum of (a) Consolidated Total Real Estate Asset Value,
(b) Cash and Cash Equivalents of the Consolidated Entities, plus, with respect to any Lease, restricted Cash used to pay tenant
improvement allowances, lease commission fees and other amounts payable pursuant to the terms of such Lease, and (c) the Consolidated
Entities’ marketable securities available for sale.

 

“Consolidated
Total Indebtedness” means, as of any date of determination, the aggregate amount of all Indebtedness of the Consolidated
Entities on such date determined on a consolidated basis.

 

“Consolidated
Total Real Estate Asset Value” means, as of any date of determination, the aggregate of:

 

(a) for
any Real Estate Asset that was acquired by a Borrower Group Entity less than twelve (12) calendar months prior to such date, the
lesser of (i) the quotient obtained by dividing (A) the Net Operating Income of such Real Estate Asset as of such date by (B)
the Capitalization Rate and (ii) the Net Purchase Price paid by such Borrower Group Entity to acquire such Real Estate Asset;
and

 

(b)
for any Real Estate Asset that was acquired by a Borrower Group Entity twelve (12) calendar months or more prior to such date,
the quotient obtained by dividing (i) the Net Operating Income of such Real Estate Asset as of such date by (ii) the Capitalization
Rate.

 

Notwithstanding
the foregoing, no more than twenty-five percent (25%) of the Consolidated Total Real Estate Asset Value shall be calculated pursuant
to clause (a)(ii) above and therefore, if such twenty-five percent (25%) is reached, the balance of the Consolidated Total Real
Estate Asset Value shall be calculated based on Net Operating Income divided by the Capitalization Rate.

 

“Consolidated
Total Secured Indebtedness” means, as of any date of determination, the aggregate amount of Consolidated Total Indebtedness
that is secured by a Lien.

 

“Consolidated
Total Unsecured Debt” means, as of any date of determination, the aggregate amount of Consolidated Total Indebtedness
that is not Consolidated Total Secured Indebtedness.

 

    10

     

    

 

“Consolidated
Unsecured Leverage Ratio” means, as of any date of determination, the ratio (expressed as a percentage) of (a) Consolidated
Total Unsecured Debt to (b) the Borrowing Base Portfolio Value.

 

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

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”
and “Controlled” have meanings correlative thereto.

 

“Covered
Entity” means any of the following:

 

		(i)	a
                                         “covered entity” as that term is defined in, and interpreted in accordance
                                         with, 12 C.F.R. § 252.82(b);

 

		(ii)	a
                                         “covered bank” as that term is defined in, and interpreted in accordance
                                         with, 12 C.F.R. § 47.3(b); or

 

		(iii)	a
                                         “covered FSI” as that term is defined in, and interpreted in accordance with,
                                         12 C.F.R. § 382.2(b).

 

“Covered
Party” has the meaning set forth in Section 9.19.

 

“Credit
Exposure” means, with respect to any Lender at any time, the aggregate principal amount of Loans of such Lender
at such time.

 

“Credit
Parties” means, collectively, the Administrative Agent and each Lender; the Credit Parties are individually referred
to as a “Credit Party”.

 

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured
or waived, become an Event of Default.

 

“Defaulting
Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or
paid, to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder,
unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result
of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the
particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made
a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement
(unless such writing or public statement indicates that such position is based on such Lender’s good faith determination
that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this
Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within
three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized
officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations as of the date
of certification) to fund prospective Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to
it and the Administrative Agent, or (d) has become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action.

 

    11

     

    

 

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

 

“Designated
Persons” means a Person (a) listed in the annex to, or otherwise subject to the provisions of, any Executive Order;
(b) named as a “Specially Designated National and Blocked Person” (“SDN”) on the most current
list published by OFAC at its official website or any replacement website or other replacement official publication of such list
(the “SDN List”) or is otherwise the subject of any Sanctions Laws and Regulations; or (c) in which
an entity or person on the SDN List has 50% or greater ownership interest or that is otherwise controlled by an SDN.

 

“Development
Property” means a Real Property currently under development or redevelopment or on which the improvements related
to the development that are necessary for the intended use of such Real Property have not been completed.

 

“Disclosed
Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.

 

“Disposition”
means the sale, conveyance, ground lease or other transfer, whether voluntary or involuntary, direct or indirect, of any legal
or beneficial interest in a Real Property or of the Equity Interests in any direct or indirect Subsidiary; provided that, for
the avoidance of doubt, neither a pledge of the Equity Interests in a Person nor the granting of a Lien on any Real Property shall
constitute a “Disposition”.

 

“Disqualification
Event” has the meaning set forth in Section 2.05(d).

 

“Disqualified
Capital Stock” means any Equity Interest which, by its terms (or by the terms of any security or other Equity Interest
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) matures or
is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof,
in whole or in part, on or prior to the date that is ninety-one (91) days following the Maturity Date (excluding any provisions
requiring redemption upon a “change of control” or similar event; provided that such “change of control”
or similar event results in the prior payment in full in cash of the Obligations (other than contingent indemnification obligations
to the extent no claim giving rise thereto has been asserted) and the termination or expiration of the Commitments), (b) is convertible
into or exchangeable for (i) debt securities or (ii) any Equity Interest referred to in (a) above, in each case, at any time on
or prior to the date that is ninety-one (91) days following the Maturity Date or (c) is entitled to receive scheduled dividends
or distributions in cash prior to the time that the Obligations (other than contingent indemnification obligations to the extent
no claim giving rise thereto has been asserted) are paid in full in cash.

 

“dollars”
or “$” refers to lawful money of the United States of America.

 

“Early
Opt-in Election” means the occurrence of:

 

		(1)	(i)
                                         a determination by the Administrative Agent or (ii) a notification by the Required Lenders
                                         to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have
                                         determined that U.S. dollar-denominated syndicated credit facilities being executed at
                                         such time, or that include language similar to that contained in Section 2.14(b) are
                                         being executed or amended, as applicable, to incorporate or adopt a new benchmark interest
                                         rate to replace the Adjusted LIBO Rate or the LIBO Rate, and

 

    12

     

    

 

		(2)	(i)
                                         the election by the Administrative Agent or (ii) the election by the Required Lenders
                                         to declare that an Early Opt-in Election has occurred and the provision, as applicable,
                                         by the Administrative Agent of written notice of such election to the Borrower and the
                                         Lenders or by the Required Lenders of written notice of such election to the Administrative
                                         Agent.

 

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

 

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

 

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

 

“Effective
Date” means September 27, 2019.

 

“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a person with the intent to sign, authenticate or accept such contract or record.

 

“Electronic
System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, DebtX and any other
Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and any
of its Related Persons or any other Person, providing for access to data protected by passcodes or other security system.

 

“Eligible
Property” means a Real Property owned by the Borrower or any Subsidiary which is a Single Purpose Entity and which
Real Property satisfies all of the following requirements:

 

(a) such
Real Property is 100% directly owned in fee simple by the Borrower or such Subsidiary, and, if owned by such Subsidiary, then
such Subsidiary is owned, directly or indirectly, 100% by the Borrower;

 

(b) the
United States Postal Service facility at such Real Property (i) has not been closed, (ii) has not been designated for closing,
whether by public announcement (including via website) or otherwise and (iii) no proceedings for closure have been initiated for
such facility at such Real Property;

 

(c) such
Real Property is located in the United States of America;

 

(d) the
owner of such Real Property (i.e., the Borrower or such Subsidiary, as the case may be) shall have the right to take the following
actions without the need to obtain the consent of any Person: (i) to create Liens on such Real Property as security for Indebtedness,
and (ii) to sell, transfer or otherwise dispose of such Real Property;

 

(e) such
Real Property is not subject to any Lien, other than Permitted Encumbrances, and the Borrower’s direct and indirect ownership
interest in such Subsidiary is not subject to any Lien, other than the Liens granted pursuant to the Pledge Agreement;

 

    13

     

    

 

(f) neither
such Real Property nor the Borrower’s direct or indirect ownership interest in such Subsidiary is subject to any Negative
Pledge except for the Negative Pledge set forth in this Agreement;

 

(g) such
Real Property is not a Development Property;

 

(h) such
Real Property is free of all structural defects, title defects or other adverse matters except for defects or matters which are
not individually or collectively material to the profitable operation of such Real Property;

 

(i) such
Real Property is not the subject of any condemnation proceeding(s) that is or are material to the profitable operation of such
Real Property;

 

(j) such
Real Property is not affected by any material casualty loss which has not been restored, repaired or replaced as required under
the terms of the Loan Documents; and

 

(k) such
Real Property is 100% occupied by a single tenant pursuant to a Postal Lease that has not terminated and is not scheduled to expire
within three (3) months after the date such Real Property would be included as a Borrowing Base Property hereunder (or, in the
case of clause (1) of Section 2.05(d), within three (3) months after the date the criteria for Eligible Property is retested as
described in such clause).

 

“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions or notices
issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters
(with respect to exposure to Hazardous Materials).

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or, except in the case of Section 9.03(b), indemnities), of any Borrower Group Entity directly or
indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened
release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant
to which liability is assumed or imposed with respect to any of the foregoing.

 

“Environmental
Report” means, with respect to a Real Property, a written review of the environmental condition of such Real Property,
performed by an environmental consultant selected by the Borrower and reasonably acceptable to the Administrative Agent and in
form substantially the same as such reviews delivered to the Administrative Agent in connection with the Real Properties initially
included in the Borrowing Base or such other form as is reasonably acceptable to the Administrative Agent.

 

“Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person.

 

“Equity
Rights” means, with respect to any Person, any subscriptions, options, warrants, commitments, preemptive rights
or agreements of any kind (including any shareholders’ or voting trust agreements) for the issuance, sale, registration
or voting of, or securities convertible into, any Equity Interests in such Person.

 

    14

     

    

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated
thereunder.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) that, together with the REIT or the Borrower,
is treated as a single employer under Section 414(b) or (c) 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 thirty (30) day notice period is waived); (b) the
failure to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302
of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA
of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the REIT,
the Borrower or any of their respective ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination
of any Plan; (e) the receipt by the REIT, the Borrower 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 the REIT, the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal
of the REIT, the Borrower or any of their respective ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt
by the REIT, the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the REIT, the Borrower
or any ERISA Affiliate of any notice, concerning the imposition upon the REIT, the Borrower or any of their respective ERISA Affiliates
of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of
Title IV of ERISA.

 

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

 

“Eurocurrency”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Adjusted LIBO Rate.

 

“Event
of Default” has the meaning set forth in Article VII.

 

“Event
of Loss” means with respect to any Real Property (a) any loss, destruction or damage of such Real Property or (b)
any actual or pending condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such Real Property,
or confiscation of such Real Property or requisition of the use of such Real Property.

 

“Excluded
Swap Obligations” means, with respect to any Guarantor, any Swap Obligation of such Guarantor if, and to the extent
that, all or a portion of the Guaranty is or becomes illegal as to such Guarantor under the Commodity Exchange Act or any rule,
regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof)
by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined
in the Commodity Exchange Act and the regulations thereunder at the time the Guaranty becomes effective against such Guarantor
with respect to such Swap Obligation; provided, for the avoidance of doubt, in determining whether any Guarantor is an
“eligible contract participant” under the Commodity Exchange Act, the keepwell agreement set forth in Section 11 of
the Guaranty shall be taken into account. If a Swap Obligation of a Guarantor arises under a Master Agreement (or Guarantee in
respect thereof) governing more than one Swap Agreement, such exclusion shall apply only to the portion of such Swap Obligation
of such Guarantor that is attributable to Swap Agreements for which the Guaranty is or becomes excluded as to such Guarantor in
accordance with the first sentence of this definition.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes,
and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding
Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than
pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except
in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender immediately
before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f)
and (d) any withholding Taxes imposed under FATCA.

 

    15

     

    

 

“Executive
Order” has the meaning set forth in the definition of “Sanctions Laws and Regulations”.

 

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

 

“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.

 

“Federal
Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

“Financial
Officer” means any chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

 

“Financial
Statements” means (a) until the first delivery of the financial statements of the Consolidated Entities pursuant
to Sections 5.01(a) or (b), (i) the consolidated balance sheet of the Consolidated Entities as at the last day of the calendar
quarter ending June 30, 2019 and the consolidated statements of income, changes in equity and of cash flows of the Consolidated
Entities for such calendar quarter, prepared in accordance with GAAP (except for the omission of notes and subject to year-end
adjustments) and (ii) Property Financial Statements for each Real Property for the calendar quarter ending June 30, 2019 and (b)
after the first delivery of the financial statements of the Consolidated Entities pursuant to Sections 5.01(a) or (b), the
most-recent financial statements furnished pursuant to Section 5.01(a) or (b).

 

    16

     

    

 

“Foreign
Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower
is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower
is resident for tax purposes.

 

“Funds
From Operations” means, for any period, the sum of the following for the REIT (determined on a consolidated basis
in accordance with GAAP): (a) net income plus (b) depreciation, amortization and non-cash stock-based compensation.

 

“GAAP”
means generally accepted accounting principles in the United States of America.

 

“Governmental
Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings
with, and reports to, all Governmental Authorities.

 

“Governmental
Authority” means the government of the United States of America, 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 (including
any supra-national bodies such as the European Union or the European Central Bank).

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit
or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements
for collection or deposit in the ordinary course of business. “Guaranteed” has the meaning correlative
thereto.

 

“Guarantors”
means, collectively, the REIT and each Subsidiary Guarantor; the Guarantors are individually referred to as a “Guarantor”.

 

“Guaranty”
means the Guaranty made by each Initial Guarantor (including the REIT and each Initial Subsidiary Guarantor) on the Effective
Date (and thereafter joined in by any Subsidiary Guarantor pursuant to a Joinder Agreement) in favor of the Administrative Agent
and the Lenders, substantially in the form of Exhibit C, as the same may be modified and in effect from time to time.

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated
biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature, in each case, which are regulated
pursuant to any Environmental Law.

 

“Impacted
Interest Period” means any Interest Period for which the LIBO Screen Rate is not available.

 

    17

     

    

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with GAAP:

 

(a) all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b) all
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties, surety bonds and similar instruments;

 

(c) all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business);

 

(d) Capital
Lease Obligations;

 

(e) all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Disqualified Capital
Stock of such Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus (without duplication and only to the extent required to be paid) accrued and unpaid dividends;

 

(f) all
Guarantees of such Person in respect of any of the foregoing of another Person;

 

(g) the
net amount of all Swap Obligations of such Person; and

 

(h) all
obligations of the kind referred to in clauses (a) through (g) above secured by (or for which the holder
of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on real property (including accounts
and contract rights relating thereto) owned by such Person, whether or not such Person has assumed or become liable for the payment
of such obligation, but limited to the lesser of (i) the fair market value of the property subject to such Lien and (ii) the
aggregate amount of the obligations so secured.

 

For
all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any other Person (including any partnership
in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership
interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that
such Person is not liable therefor. The amount of any Capital Lease Obligations on any date shall be deemed to be the amount of
Attributable Indebtedness in respect thereof as of such date. The net amount of any Swap Obligations on any date shall be deemed
to be the Swap Termination Value thereof as of such date. All Loans shall constitute Indebtedness of the Borrower.

 

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

 

“Indemnitee”
has the meaning set forth in Section 9.03(b).

 

“Ineligible
Institution” means (a) a natural person, (b) a Defaulting Lender, or (c) a Borrower Group Entity or any of its Affiliates.

 

    18

     

    

 

“Information”
has the meaning set forth in Section 9.12.

 

“Initial
Subsidiary Guarantors” means those Persons set forth on Schedule 1.01.

 

“Interest
Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section
2.08.

 

“Interest
Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December,
and the Maturity Date and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing
of which such Loan is a part, and, in the case of a Eurodollar Borrowing with an Interest Period of six months’ duration,
each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first
day of such Interest Period, and the Maturity Date.

 

“Interest
Period” means with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower
may elect; provided, that (i) 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, in the case of a Eurocurrency Borrowing only, 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
(ii) any Interest Period pertaining to a Eurocurrency Borrowing 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 Borrowing initially
shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or
continuation of such Borrowing.

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent
manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for
the longest period (for which the LIBO Screen Rate is available for the applicable currency) that is shorter than the Impacted
Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate is available for the applicable
currency) that exceeds the Impacted Interest Period, in each case, at such time.

 

“Investment”
means, for any Person: (a) any purchase or other acquisition by that Person of securities, or of a beneficial interest in securities,
issued by any other Person, (b) any purchase by that Person of a Real Property or the purchase of assets of another Person that
constitute a business unit, (c) any loan (other than loans to employees), advance (other than deposits with financial institutions
available for withdrawal on demand, prepaid expenses, accounts receivable, advances to employees and similar items made or incurred
in the ordinary course of business) or capital contribution by that Person to any other Person, including all Indebtedness to
such Person arising from a sale of property by such Person other than in the ordinary course of its business and (d) 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, lent or extended to such Person. “Investment” shall
not include any promissory notes or other consideration paid to it or by a tenant in connection with leasing activities. The amount
of any Investment shall be the original cost of such Investment, plus the cost of all additions thereto less the amount of any
return of capital or principal to the extent such return is in cash with respect to such Investment without any adjustments for
increases or decreases in value or write-ups, write-downs or write-offs with respect to such Investment.

 

    19

     

    

 

“Involuntary
Insolvency Default” means, with respect to any Person, an involuntary proceeding shall be commenced or an involuntary
petition shall be filed seeking (a) liquidation, reorganization or other relief in respect of such Person or any of its debts,
or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law
now or hereafter in effect or (b) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official
for such Person or for a substantial part of its assets.

 

“IRS”
means the United States Internal Revenue Service.

 

“Joinder
Agreement” means a Joinder Agreement substantially in the form of Exhibit F hereto, executed and delivered
by a new Subsidiary Guarantor in accordance with the provisions of Section 2.05(c)(ii), Section 2.22(a)(i) or Section 2.23(a).

 

“Leases”
means all leases and other agreements or arrangements (including, without limitation, all amendments, side letters, riders and
other agreements relating to such lease) to which a Borrower Group Entity is party as lessor providing for the use, enjoyment
or occupancy of all or a portion of any Real Property.

 

“Lenders”
means the Persons listed on Schedule 2.01 and 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, with respect to any Eurocurrency Borrowing for any Interest Period, the London interbank offered rate
as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for a period
equal in length to such Interest Period as displayed on page LIBOR01 of the Reuters screen that displays such rate (or, in the
event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays
such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected
by the Administrative Agent; in each case the “LIBO Screen Rate”) at approximately 11:00 a.m., London
time, two (2) Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall be
less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further that if the LIBO Screen
Rate shall not be available at such time for such Interest Period then the LIBO Rate shall be the Interpolated Rate; provided
that if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities.

 

“Loan
Documents” means this Agreement (including without limitation, schedules and exhibits thereto), the Notes, the Guaranty,
the Security Documents, any letter agreements with respect to fees payable to the Administrative Agent and/or the Lenders and
any agreements entered into by any Loan Party in connection therewith, including amendments, modifications or supplements thereto
or waivers thereof.

 

“Loan
Parties” means, collectively, the Borrower and each Guarantor; the Loan Parties are individually referred to as
a “Loan Party”.

 

    20

     

    

 

“Loans”
means the loans made by the Lenders to the Borrower pursuant to this Agreement.

 

“Master
Agreement” has the meaning set forth in the definition of “Swap Agreement”.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial condition of
the Borrower Group Entities taken as a whole, (b) the business, assets, operations or financial condition of the Borrowing Base
Properties taken as a whole, (c) the ability of any Loan Party to perform any of its obligations under this Agreement or the other
Loan Documents to which it is a party or (d) the rights of or benefits available to the Credit Parties under any Loan Document.

 

“Material
Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of one or more Swap Agreements,
of any one or more of the Borrower Group Entities in an aggregate principal amount exceeding $15,000,000. For purposes of determining
Material Indebtedness, the “principal amount” of the obligations of a Borrower Group Entity in respect of any Swap
Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Borrower Group
Entity would be required to pay if such Swap Agreement were terminated at such time.

 

“Maturity
Date” means September 27, 2023; provided, however, that if such date is not a Business Day, the Maturity
Date shall be the next preceding Business Day.

 

“Maximum
Dividend Payout Ratio” means, as of any date of determination, the ratio for any period (expressed as a percentage)
of (a) all Restricted Payments made during such period to (b) the aggregate amount of Funds From Operations for such period. The
Maximum Dividend Payout Ratio shall be calculated as of the end of each calendar quarter, commencing on September 30, 2019 based
upon the trailing three (3) month period (for the first calendar quarter following the Effective Date), six (6) month period (for
the second calendar quarter following the Effective Date) or nine (9) month period (for the third calendar quarter following the
Effective Date), in each case annualized, and thereafter calculated as of the end of each calendar quarter based on the trailing
twelve (12) month period.

 

“Maximum
Loan Amount” means, as of any date of determination, the lesser of (a) the aggregate of all Commitments as then
in effect and (b) the Borrowing Base.

 

“Maximum
Rate” has the meaning set forth in Section 9.15.

 

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

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Negative
Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any
Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness
of the Person owning such asset or any other Person.

 

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“Net
Operating Income” means, as of any date, with respect to any Real Property, (A) all rental and other income actually
collected and attributable to tenants in occupancy and pursuant to executed Leases with respect to such Real Property, annualized,
based on a trailing three (3) month Property Financial Statement (adjusted to (a) eliminate income from tenants in bankruptcy
unless and until such time as any such tenants emerge from bankruptcy as an operating business without having rejected their respective
Leases in such bankruptcy, (b) eliminate income from tenants in default under their respective Leases after expiration of any
applicable notice and cure periods with respect to the default in question, (c) eliminate income from tenants with Leases that
will expire within three (3) months after such date and (d) provide for vacancy and collection loss allowance equal to the greater
of (i) actual vacancy and collection loss and (ii) 2.0%) (“Adjusted Revenue”), minus (B) the sum of
(x) the amount of all expenses incurred in connection with operation of such Real Property for such period (adjusted for seasonality),
including, without limitation, amounts accrued for the payment of real estate taxes, property maintenance, and insurance premiums,
but excluding any interest expense or other debt service charges and property-related and corporate general and administrative
expenses and any non-cash charges such as depreciation or amortization of financing costs, plus (y) a capital expenditures reserve
equal to $0.15 per interior square foot of the improvements, plus (z) without duplication of the property management fee (if any)
included in the expenses referred to in clause (x) immediately above, a property management fee equal to at least three percent
(3%) of gross income (“Property Operating Expenses”). Net Operating Income shall be based on the most
recently ended calendar quarter on or prior to such date for which a duly completed Property Worksheet have been delivered by
the Borrower to Administrative Agent. Notwithstanding the foregoing:

 

		1.	for
                                         the purpose of calculating Net Operating Income for a Real Property that the Borrower
                                         does not directly or indirectly wholly own, the Net Operating Income of such Real Property
                                         shall be limited to a percentage of such Net Operating Income equal to the percentage
                                         of such Real Property owned, directly or indirectly, by the Borrower;

 

		2.	with
                                         respect to any Real Property being acquired in conjunction with an Borrowing, Net Operating
                                         Income, for the purposes of determining the Maximum Loan Amount at such time, shall be
                                         calculated as (I) projected, annualized rental and other income collectable and attributable
                                         to tenants in occupancy and paying rent, and pursuant to executed Leases (adjusted with
                                         the same conditions (a) – (d) above), minus (II) projected operating expenses on
                                         an annual basis, which shall be calculated as $0.55 per interior square foot (collectively,
                                         “Underwritten NOI”); and

 

		3.	with
                                         respect to calculating the financial covenants under Section 6.07 as of the end of a
                                         calendar quarter, Net Operating Income from any Real Property purchased during such calendar
                                         quarter for which there is not yet a trailing three (3) month operating history, shall
                                         be calculated as the lower of (i) the Underwritten NOI for such Real Property, as determined
                                         at the time of acquisition of such Real Property, and (ii) such Real Property’s
                                         Adjusted Revenue minus such Real Property’s Property Operating Expenses, annualized,
                                         for the period corresponding to the applicable Borrower Group Entity’s ownership
                                         of such Real Property (i.e., trailing 1 month, trailing 2 month, etc.).

 

“Net
Purchase Price” means, with respect to any Real Estate Asset, the aggregate purchase price for such asset (as set
forth in the settlement statement or other similar documentation for such acquisition, as certified by the Borrower to Administrative
Agent and Lenders as being a true and complete copy of such settlement statement or other similar documentation) minus
all third party closing fees, costs and expenses, and all other reasonable and documented fees, costs and expenses incurred by
any Borrower Group Entity in connection with the purchase thereof.

 

“Non-Borrowing
Base Properties” means, collectively, each Real Property owned or leased by any Borrower Group Entity other than
a Borrowing Base Property; the Non-Borrowing Base Properties are individually referred to as a “Non-Borrowing Base
Property”.

 

“Non-Recourse
Indebtedness” means any Indebtedness (a) under the terms of which the payee’s remedies upon the occurrence
of any event of default are limited to specific, identified assets of the payor which secure such Indebtedness and (b) for the
repayment of which the payor has no personal liability beyond the loss of such specified assets, except for liability for fraud,
material misrepresentation or misuse or misapplication of insurance proceeds, condemnation awards or rents, existence of Hazardous
Materials and other then customary exceptions to non-recourse provisions.

 

    22

     

    

 

“Notes”
means the promissory notes provided for in Section 2.10(e)(i) and all promissory notes delivered in substitution or exchange
therefor, in each case as the same shall be modified and in effect from time to time.

 

“Obligations”
means, collectively, (a) all obligations, liabilities and indebtedness of every nature of the Loan Parties, from time to time
owing to the Administrative Agent or any Lender under or in connection with this Agreement or any other Loan Document, including
principal, interest, fees (including fees of counsel), and expenses whether now or hereafter existing under the Loan Documents
and (b) all Specified Swap Obligations.

 

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

 

“Operating
Account” means the deposit account of the Borrower maintained at People’s United Bank, National Association,
and designated as such by the Borrower and the Administrative Agent in writing prior to the Effective Date.

 

“Organizational
Documents” means: (a) for any corporation, the certificate or articles of incorporation, the bylaws, any certificate
of determination or instrument relating to the rights of preferred shareholders of such corporation, (b) for any partnership,
the partnership agreement, any certificate of formation, and any other instrument or agreement relating to the rights between
the partners or pursuant to which such partnership is formed, (c) for any limited liability company, the operating agreement,
any articles of organization or formation, and any other instrument or agreement relating to the rights between the members, pertaining
to the manager, or pursuant to which such limited liability company is formed, and (d) for any trust, the trust agreement
and any other instrument or agreement relating to the rights between the trustors, trustees and beneficiaries, or pursuant to
which such trust is formed.

 

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

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).

 

“Owner’s
Policy” has the meaning set forth in Section 2.05(b)(i).

 

“Participant”
has the meaning set forth in Section 9.04(c).

 

“Participant
Register” has the meaning set forth in Section 9.04(c).

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

    23

     

    

 

“Permitted
Acquisition” means an Acquisition by the Borrower or any Subsidiary that meets all of the following criteria:

 

(a) no
Default and no Event of Default shall exist immediately before the consummation of such Acquisition and immediately after the
consummation of such Acquisition;

 

(b) any
Person acquired in connection with such Acquisition shall become a Subsidiary Guarantor and all actions required under Section
2.22 shall be consummated with respect to such newly-acquired Subsidiary;

 

(c) on
the date of such Acquisition, after giving pro forma effect to such Acquisition and any Indebtedness and Liens incurred in connection
therewith, the Borrower shall be in compliance with the financial covenants contained in Section 6.07;

 

(d) the
Borrower Group Entities and each newly-acquired Subsidiaries are in compliance with Section 6.03(b); and

 

(e) at
least five (5) Business Days (or such shorter period of time as the Administrative Agent may otherwise agree) prior to the consummation
of such Acquisition, the Borrower shall deliver to the Administrative Agent written notice
of such Acquisition and an officer’s certificate certifying as to compliance with the matters set forth in clauses (a) and
(c) above, together with all relevant financial information for such Person or assets to be acquired as may be reasonably requested
by the Administrative Agent.

 

“Permitted
Disposition” means any of the following:

 

(a) any
Disposition of a Borrowing Base Property after or simultaneously with its removal in accordance with Section 2.05(e);

 

(b) any
Disposition of all or any portion of a Non-Borrowing Base Property or assets with respect thereto; provided that the financial
covenants in Section 6.07 would not be violated on a pro forma basis after giving effect to any such Disposition;

 

(c) any
Disposition by Borrower or its Subsidiaries of the Equity Interests in any other Person (including any Subsidiary which is not
a Loan Party), provided that (i) the financial covenants in Section 6.07 would not be violated on a pro forma basis after giving
effect to any such Disposition and (ii) in the case of a Disposition of the Equity Interests in a Subsidiary Guarantor, such Subsidiary
Guarantor is concurrently released in accordance with Section 2.05(e);

 

(d) any
Disposition of personal property that is (i) obsolete or worn-out, (ii) being replaced by other personal property of better or
equivalent value, (iii) no longer used or useful in the business of the relevant entity, or (iv) not material to the operation
of a Real Property or the conduct of business of the Borrower Group Entity that owns such property prior to its Disposition;

 

(e) any
grant of an easement or similar right that is a Permitted Encumbrance;

 

(f) the
making of any Restricted Payment that is permitted hereunder;

 

(g) the
making of any Investment that is permitted hereunder;

 

    24

     

    

 

(h) the
lease, assignment or sublease of any real or personal property (other than, with respect to a Subsidiary Guarantor, the lease,
assignment or sublease of a Borrowing Base Property that is not a Postal Lease) that does not materially interfere with the business
of the Borrower Group Entities, taken as a whole, as determined in good faith by the Borrower and Administrative Agent;

 

(i) foreclosures
on assets or Dispositions of assets required by law, governmental regulation or any Governmental Authority provided that (i) the
financial covenants in Section 6.07 would not be violated on a pro forma basis after giving effect to any such foreclosure or
Disposition and (ii) the Borrower has complied with Section 2.05;

 

(j) the
licensing or sublicensing of intellectual property or other general intangibles in the ordinary course of business (other than
exclusive, worldwide licenses of material intellectual property owned by a Borrower Group Entity that are longer than three (3) years);

 

(k) sales,
transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell
arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

 

(l) the
lapse or abandonment of intellectual property rights in the ordinary course of business which, in the good faith determination
of Borrower, are not material to the conduct of the business of the Borrower Group Entities taken as a whole;

 

(m) the
granting of Liens not prohibited by this Agreement;

 

(n) any
surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims
of any kind;

 

(o) Permitted
Payments and other Dispositions for at least fair market value (as determined in good faith by the Borrower) of any property the
Disposition of which is necessary for the REIT to maintain its status as a “real estate investment trust” under the
Code; and

 

(p) Dispositions
(other than Dispositions of Real Property) with respect to which (i) a Borrower Group Entity receives consideration at the
time of such Disposition at least equal to the fair market value (as determined in good faith by Borrower) of the assets sold
or otherwise disposed of and (ii) at least 75% of the consideration therefor received by such Borrower Group Entity is in the
form of Cash or Cash Equivalents; provided that the financial covenants in Section 6.07 would not be violated after giving
effect to any such Disposition.

 

“Permitted
Encumbrances” means:

 

(a) Liens
securing the Obligations;

 

(b) Liens
imposed by law for Taxes, assessments or other governmental charges not yet due or which are being contested in good faith by
appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of the Person obligated to pay
such Taxes, assessments or other governmental charges in accordance with GAAP;

 

(c) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in
the ordinary course of business and securing obligations, in each case (i) that are not overdue by more than ninety (90) days
or (ii) are for sums being contested in good faith by appropriate proceedings so long as adequate reserves with respect thereto
are maintained on the books of the Person obligated to pay such obligations in accordance with GAAP;

 

    25

     

    

 

(d) the
rights of the United States Postal Service under any Postal Lease, in each case, other than rights or options to purchase, rights
of first offer to purchase or rights of first refusal to purchase;

 

(e) Liens
securing obligations in the nature of personal property financing leases for furniture, furnishings or similar assets, Capital
Lease Obligations and other purchase money obligations for fixed or capital assets; provided that (i) such Liens do not at
any time encumber any property other than the property financed by such Indebtedness, (ii) the obligations secured thereby
does not exceed the cost or fair market value of the property being acquired on the date of acquisition, and (iii) with respect
to Capital Leases, such Liens do not at any time extend to or cover any assets other than the assets subject to such Capital Leases;

 

(f) Liens
incidental to the conduct of the business of any Subsidiary that owns a Real Property including Liens arising with respect to
easements, zoning restrictions, use restrictions, rights-of-way, licenses, reservations, covenants, encroachments, building restrictions,
broker’s liens, liens arising under leases and reciprocal easement agreements, irregularities in title and other charges
or encumbrances on real property or the use of assets of any such Subsidiary which do not materially interfere with the ordinary
course of business of such Subsidiary, and that (i) do not secure any monetary obligations for borrowed money, (ii) do not violate
any terms and conditions of this Agreement, and (iii) could not reasonably be expected to result in a Material Adverse Effect;

 

(g) any
(i) interest or title of a lessor or sublessor under any lease not prohibited by this Agreement, (ii) subject to the following
clause (iii), Lien or restriction that the interest or title of such lessor or sublessor may be subject or (iii) subordination
of the interest of the lessee or sublessee under such lease to any Lien or restriction referred to in the preceding clause (ii),
so long as, in the case of an Approved Eligible Property, an Eligible Property and a Borrowing Base Property, the holder of such
Lien or restriction agrees to recognize the rights of such lessee or sublessee under such lease;

 

(h) Liens
consisting of judgment or judicial attachment Liens, provided that (x) the claims giving rise to such Liens are being diligently
contested in good faith by appropriate proceedings, (y) adequate reserves for the obligations secured by such Liens have been
established and (z) enforcement of such Liens have been stayed; and

 

(i) such
other Liens as Administrative Agent has approved in writing in Administrative Agent’s reasonable discretion.

 

“Permitted
Payments” has the meaning set forth in Section 5.13(c).

 

“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 REIT, 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.

 

“Plan
Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended
from time to time.

 

    26

     

    

 

“Pledge
Agreement” means the Pledge Agreement executed and delivered by the Borrower and UPH to the Administrative Agent
on the Effective Date substantially in the form of Exhibit H, as the same shall be modified and in effect from time to time.

 

“Pledge
Joinder” has the meaning set forth in the Pledge Agreement.

 

“Postal
Lease” means a Lease to the United States Postal Service (or any subdivision thereof) in the form of lease issued
by the United States Postal Service from time to time, provided that (i) such form does not allow for the tenant thereunder to
assign the Lease without the consent of the landlord thereunder, unless the assignor remains liable for all obligations of the
tenant under the Lease from and after the assignment of the Lease, and (ii) the tenant under the Lease pays all real estate taxes
at the property, either by direct payment to the municipality, or by reimbursing the landlord under the Lease.

 

“Prime
Rate” means the rate of interest per annum publicly announced from time to time by People’s United Bank, National
Association as its prime rate in effect at its office located at 250 Park Avenue, Suite 905, New York, New York 10177; each change
in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

 

“Property
Financial Statement” means, with respect to a Real Property for any period, management prepared unaudited revenue
and operating expense reports for such Real Property for such period; provided that with respect to the Real Properties owned
by United Post Office Investments, LLC, the Property Financial Statement shall constitute a single report for all such Real Properties,
on a consolidated basis.

 

“Property
Management Agreements” means, collectively, the management agreements entered into by the Property Manager from
time to time, as the same may be modified and in effect from time to time; the Property Management Agreements are individually
referred to a “Property Management Agreement”.

 

“Property
Manager” means Postal Realty Management TRS, LLC, a Delaware limited liability company.

 

“Property
Operating Expenses” has the meaning set forth in the definition of “Net Operating Income”.

 

“Property
Worksheet” means a property worksheet certified by a Financial Officer, in the form of Exhibit E.

 

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

 

“QFC
Credit Support” has the meaning set forth in Section 9.19.

 

    27

     

    

 

“Qualifying
Lease” means, as of any date of determination, a Postal Lease that satisfies all of the following: (a) that is in
full force and effect, (b) under which there is no ongoing material tenant or landlord default (including, but not limited to,
any monetary default), which remains uncured for forty-five (45) days (or, if such default is susceptible of remedy and the parties
are proceeding with diligence and in good faith to remedy such failure, then such forty-five (45) day cure period shall be extended
for an additional sixty (60) days), and (c) with respect to which the tenant thereunder is not Insolvent. For purpose of this
definition, a tenant is “Insolvent” if, as of the date of determination with respect to such tenant,
any of the following events or circumstances is continuing: (i) such tenant has made an assignment for the benefit of creditors;
(ii) such tenant has filed a petition in bankruptcy, has been adjudicated insolvent or bankrupt, has petitioned or applied to
any tribunal for any receiver or any trustee of it or any substantial part of its property; (iii) such tenant has commenced any
proceeding relating to it under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law of any jurisdiction;
(iv) such tenant has had commenced against it any proceeding relating to it under any reorganization, arrangement, readjustment
of debt, dissolution or liquidation law of any jurisdiction, and such proceeding has remained undismissed for a period of ninety
(90) days, or such tenant has by any act indicated its acquiescence in any such proceeding or the appointment of any receiver
of or any trustee for it or of any substantial part of its property, or has allowed any such receivership or trusteeship to continue
undischarged for a period of ninety (90) days; or (v) such tenant has taken any action to authorize any of the foregoing. Notwithstanding
the foregoing clauses to the contrary, provided that a Postal Lease is assumed in any bankruptcy proceeding, the filing of a bankruptcy
petition in and of itself shall not cause a Qualifying Lease to no longer be a Qualifying Lease.

 

“Quarterly
Date” means the third (3rd) Business Day following the last day of each calendar quarter in each year,
the first of which shall be the first such day after the Effective Date.

 

“Real
Estate Assets” means those fixed and tangible properties consisting of land, buildings and/or other improvements
owned by one of the Borrower Group Entities, but excluding all leasehold interests.

 

“Real
Property” means each of those parcels (or portions thereof) of real property owned or leased by one of the Borrower
Group Entities.

 

“Recipient”
means (a) the Administrative Agent and (b) any Lender, as applicable.

 

“Register”
has the meaning set forth in Section 9.04(b).

 

“REIT”
means Postal Realty Trust, Inc., a Maryland corporation.

 

“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.

 

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

 

“Rent
Roll” has the meaning set forth in Section 3.05(b).

 

“Required
Lenders” means, at any time, Lenders having Credit Exposures and unused Commitments representing more than fifty
percent (50%) of the sum of the total Credit Exposures and unused Commitments at such time; provided that (i) in determining
such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded and (ii) at all times
when there are two (2) or more non-Defaulting Lenders party to this Agreement that are not Affiliates of one another, the term
“Required Lenders” shall include at least two (2) non-Defaulting Lenders that are not Affiliates of one another.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including
any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination
of any such Equity Interests in the Borrower or any option, warrant or other right to acquire any such Equity Interests in the
Borrower.

 

    28

     

    

 

“S&P”
means Standard & Poor’s Financial Services LLC, a division of S&P Global Inc., and any successor thereto.

 

“Sanctions
Laws and Regulations” means (a) any sanctions, prohibitions or requirements imposed by any executive order (an “Executive
Order”) or by any sanctions program administered by OFAC and (b) any sanctions measures imposed by the United Nations
Security Council, European Union or the United Kingdom.

 

“Security
Documents” means, collectively, this Agreement, the Pledge Agreement and any other Loan Documents entered into after
the Effective Date that, by their terms, provide security for payment and performance of the Obligations.

 

“Single
Purpose Entity” means a Person, other than an individual, which (a) is formed or organized solely for the purpose
of owning one or more Real Properties, (b) does not engage in any business unrelated to clause (a) immediately above, (c) has
not and will not have any assets other than those related to its activities in accordance with clauses (a) and (b) immediately
above, (d) maintains its own separate books and records and its own accounts, in each case which are separate and apart from
the books and records and accounts of any other Person, (e) holds itself out as being a Person, separate and apart from any
other Person, (f) does not and will not commingle its funds or assets with those of any other Person, (g) conducts its
own business in its own name, (h) maintains separate financial statements and files its own tax returns (or if its tax returns
are consolidated with those of the Consolidated Entities, such returns shall clearly identify such Person as a separate legal
entity), (i) pays its own debts and liabilities when they become due out of its own funds, (j) observes all partnership,
corporate, limited liability company or trust formalities, as applicable, and does all things necessary to preserve its existence,
(k) except as expressly permitted by the Loan Documents, maintains an arm’s-length relationship with its Affiliates
and shall not enter into any Contractual Obligations with any Affiliates except as permitted under this Agreement, (l) pays
the salaries of its own employees, if any, (m) does not guarantee or otherwise obligate itself with respect to the debts
of any other Person, or hold out its credit as being available to satisfy the obligations of any other Person, except with respect
to the Guaranty and as otherwise permitted under the Loan Documents, (n) does not acquire obligations of or securities issued
by its partners, members or shareholders, (o) allocates fairly and reasonably shared expenses, including any overhead for
shared office space, (p) uses separate stationery, invoices, and checks, (q) does not and will not pledge its assets
for the benefit of any other Person (except as permitted under the Loan Documents) or make any loans or advances to any other
Person, (r) does and will correct any known misunderstanding regarding its separate identity, (s) maintains adequate
capital in light of its contemplated business operations, (t) has and will have a partnership or operating agreement, certificate
of incorporation or other organizational document which complies with the requirements set forth in this definition, (u) does
not and will not incur any Indebtedness other than the Obligations.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

“Solvent”
means, when used with respect to any Person, that at the time of determination: (a) the fair saleable value of its assets is in
excess of the total amount of its liabilities; (b) the present fair saleable value of its assets is greater than its probable
liability on its existing debts as such debts become absolute and matured; (c) it is then able and expects to be able to pay its
debts (including contingent debts and other commitments) as they mature; and (d) it has capital sufficient to carry on its business
as conducted and as proposed to be conducted.

 

“Special
Subsidiaries” means those Persons set forth on Schedule 2.23.

 

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“Specified
Swap Obligations” means, collectively, (a) all Swap Obligations of any Loan Party owing to any Lender or any Affiliate
of any Lender arising from, by virtue of, or pursuant to any Swap Agreement that relates solely to the Obligations described in
clause (a) of the definition of “Obligations” and (b) any Guarantee by any Guarantor of such Swap Obligations of a
Loan Party; provided, however, the “Specified Swap Obligations” of any Guarantor shall exclude all Excluded
Swap Obligations with respect to such Guarantor.

 

“Spodek
Group Members” means Andrew Spodek and Persons Controlled by Andrew Spodek; the Spodek Group Members are individually
referred to as a “Spodek Group Member”.

 

“Statutory
Reserve Rate” means 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 aggregate of the maximum reserve percentage (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect
to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation
D of the Board). Such reserve percentage shall include those imposed pursuant to such Regulation D. Eurocurrency 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, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other
corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests
representing at least 50% of the equity or at least 50% of the ordinary voting power or, in the case of a partnership, at least
50% of the general partnership interests are, as of such date, owned, controlled or held by the parent or one or more subsidiaries
of the parent or by the parent and one or more subsidiaries of the parent.

 

“Subsidiary”
means any subsidiary of the Borrower.

 

“Subsidiary
Guarantor” means each Subsidiary of the Borrower that is the direct or indirect owner of a Borrowing Base Property
from time to time; provided that Subsidiary Guarantors may be released as such as provided in Section 2.05(e), and Subsidiaries
shall be added as Subsidiary Guarantors pursuant to Joinder Agreements delivered pursuant to Section 2.05(c)(ii), Section 2.22(a)(i)
or Section 2.23(a).

 

“Supported
QFC” has the meaning set forth in Section 9.19.

 

“Swap
Agreement” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or
bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination
of any of the foregoing (including any options to enter into any of the foregoing), including any agreement, contract or transaction
that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act, whether or not any such
transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations,
which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International
Swaps and Derivatives Association, Inc., or any other master agreement (any such master agreement, together with any related schedules,
a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

 

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“Swap
Obligations” means any obligation to pay or perform under any Swap Agreement (or Guarantee thereof), including all
present and future indebtedness, liabilities, and obligations now or hereafter owing under such Swap Agreement (or such Guarantee).

 

“Swap
Termination Value” means, as to 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 a Lender or any Affiliate of a Lender).

 

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

 

“Tenant
Direction Notice” means, with respect to the tenant under a Lease, a direction letter, in form and substance reasonably
acceptable to the Administrative Agent, directing such tenant to deposit all payments due the landlord under such Lease directly
into the Operating Account, it being agreed that, with respect to any Postal Lease, the form of direction letter issued by the
United States Postal Service from time to time for use with such Postal Lease is an acceptable form.

 

“Term
SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental
Body.

 

“Transactions”
means the execution, delivery and performance by the Loan Parties of this Agreement, the other Loan Documents, the borrowing of
Loans and the use of the proceeds thereof.

 

“Type”
means, when used in reference to any Loan or Borrowing, whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

“Underwritten
NOI” has the meaning set forth in the definition of “Net Operating Income”.

 

“Uniform
Commercial Code” means the Uniform Commercial Code in effect from time to time in the State of New York or, if the
creation, perfection and enforcement of any security interest herein granted is governed by the laws of a state other than New
York, then, as to the matter in question, the Uniform Commercial Code in effect in that state.

 

“UPH”
means UPH Merger Sub LLC, a Delaware limited liability company.

 

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“U.S.
Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S.
Special Resolution Regimes” has the meaning set forth in Section 9.19.

 

“U.S.
Tax Compliance Certificate” has the meaning set forth in Section 2.17(f)(ii)(B)(3).

 

“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.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

 

SECTION
1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to
by Type (e.g., a “Eurocurrency Loan”). Borrowings also may be classified and referred to by Type (e.g.,
a “Eurocurrency Borrowing”).

 

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”, 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. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the
Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring
after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent
notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of
whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall
be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until
such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained
herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios
referred to herein shall be made, without giving effect to any election under Financial Accounting Standards Board Accounting
Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness
or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein.

 

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SECTION
1.05 Borrower Information Used to Determine Applicable Rate. The parties understand that the Applicable Rate set forth
herein is to be determined and/or adjusted from time to time based upon the Consolidated Leverage Ratio, which Consolidated Leverage
Ratio is determined based upon certain financial information to be provided or certified to the Administrative Agent and the Lenders
by the Borrower (the “Borrower Information”). If it is subsequently determined that any such Borrower
Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by
the Borrower) at the time it was delivered to the Administrative Agent, and if the Applicable Rate calculated for any period was
lower or higher than it should have been had the correct information been timely provided, then, the Applicable Rate for such
period shall be automatically recalculated using correct Borrower Information. In the event that the Applicable Rate calculated
for any period was lower than it should have been had the correct information been timely provided, the Borrower shall pay to
the Administrative Agent, for the account of each Lender, the additional interest due because of such recalculation within five
(5) Business Days after receipt of written notice from Administrative Agent specifying the amount of additional interest due.
In the event that the Applicable Rate calculated for any period was higher than it should have been had the correct information
been timely provided and the Borrower overpaid interest on account thereof and notified the Administrative Agent in writing of
same, the Agent shall credit the amount of such overpayment against the next payment(s) of interest coming due after receipt of
such notice. Any recalculation of interest required by this provision shall survive the termination of this Agreement, and this
provision shall not in any way limit any of the Administrative Agent’s or any Lender’s other rights under this Agreement
or any other Loan Document; provided, however, none of the Administrative Agent or any Lender shall be required to disgorge any
overpayment in interest for which the Administrative Agent receives notice from the Borrower as aforesaid after repayment of the
Obligations in full and termination or expiration of the Commitments.

 

ARTICLE
II

 

The
Credits

 

SECTION
2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans to the Borrower
from time to time during the Availability Period in Dollars in an aggregate principal amount that will not result in (a) such
Lender’s Credit Exposure exceeding such Lender’s Commitment or (b) the sum of the total Credit Exposures exceeding
the Maximum Loan Amount. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may
borrow, prepay and reborrow Loans.

 

SECTION
2.02 Loans and Borrowings. (a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same Type made
by the Lenders ratably in accordance with their respective Commitments. 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. Subject to Section
2.14, each Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may request in accordance
herewith.

 

(b) Each
Lender at its option may make any Eurocurrency Loan by causing any domestic 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.

 

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(c) At
the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount that is
not less than $500,000. At the time that any ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is not
less than $500,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance
of the Maximum Loan Amount. Borrowings of more than one Type may be outstanding at the same time; provided that there shall not
at any time be more than a total of seven (7) Eurocurrency Borrowings outstanding.

 

(d) Notwithstanding
any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any
Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

 

SECTION
2.03 Requests for Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request
not later than 10:00 a.m., New York time, three (3) Business Days before the date of the proposed Borrowing; provided,
however, in no event shall the Borrower be entitled to submit a request for a Borrowing if such Borrowing is contingent
upon a Real Property being included in the Borrowing Base until the Borrower has been notified in accordance with Section 2.05(b)
that such Real Property is an Approved Eligible Property and the Borrower has otherwise satisfied the conditions set forth in
Section 2.05(c) with respect to such Approved Eligible Property (or Administrative Agent is satisfied that such conditions will
be satisfied prior to the time such Borrowing is to be advanced in accordance with this Agreement or concurrently with the advance
of such Borrowing in accordance with this Agreement). Each such Borrowing Request may be revocable and shall be made by (x) telecopy
or e-mail, in each case with telephone confirmation or (y) hand delivery, to the Administrative Agent. Each such Borrowing Request
shall specify the following information in compliance with Section 2.02:

 

(i) the
aggregate amount of the requested Borrowing;

 

(ii) the
date of such Borrowing, which shall be a Business Day;

 

(iii) whether
such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

(iv) in
the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period”; and

 

(v) the
location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.07.

 

If
no election as to the Type of Borrowing is specified, then the requested Borrowing shall be a Eurocurrency Borrowing. If no Interest
Period is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration. 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.

 

SECTION
2.04 Reserved.

 

SECTION
2.05 Borrowing Base Properties.

 

(a) Borrowing
Base Properties. The Real Properties identified on Schedule 2.05 shall, on the Effective Date, be Borrowing Base Properties.

 

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(b) Request
to Include Additional Borrowing Base Properties. If after the Effective Date the Borrower desires that the Lenders include
any additional Eligible Property as a Borrowing Base Property, the Borrower shall so notify the Administrative Agent in writing
and deliver to the Administrative Agent the following, in form and substance reasonably satisfactory to the Administrative Agent:

 

(i) if
available, a copy of a pro forma ALTA Owner Policy of Title Insurance (“Owner’s Policy”) covering
such Eligible Property, together with copies of any Schedule A or Schedule B items set forth therein, as may be requested by the
Administrative Agent and made available by the title company issuing such Owner’s Policy;

 

(ii) if
an Owner’s Policy is unavailable, a title report for such Eligible Property evidencing that such Eligible Property is not
encumbered by any Indebtedness (unless such Indebtedness will be repaid in full in connection with a Borrowing to be made on the
date such Eligible Property is included as a Borrowing Base Property) or any other Lien other than Permitted Encumbrances;

 

(iii) copies
of the insurance certificates in respect of insurance required by Section 5.05(b) covering such Eligible Property;

 

(iv) copies
of all Organizational Documents with respect to each Subsidiary that directly or indirectly owns or will directly or indirectly
own such Eligible Property;

 

(v) a
copy of the Postal Lease for one hundred percent (100%) of the square footage of such Eligible Property and an estoppel from the
United States Postal Service to the extent requested by Administrative Agent;

 

(vi) if
available, evidence of historical operating expenses for such Eligible Property for the three (3) year period immediately preceding
the Borrower’s request to include such Eligible Property as a Borrowing Base Property;

 

(vii) UCC
search report with respect to the direct and indirect Equity Interests owned by the Borrower in the Subsidiary that will directly
own such Eligible Property; and

 

(viii) an
Environmental Report with respect to such Eligible Property prepared or updated not more than six (6) months prior to the date
such Eligible Property is included as a Borrowing Base Property.

 

If,
after receipt and review by the Administrative Agent of the foregoing documents and information, the Administrative Agent is prepared
to accept such Eligible Property (an “Approved Eligible Property”) as a Borrowing Base Property, the
Administrative Agent shall so notify the Borrower and each Lender promptly after receipt and completion of review of all of such
documents and information.

 

(c) Conditions
to Addition of an Approved Eligible Property as a Borrowing Base Property. Each of the following conditions must be satisfied
prior to any Approved Eligible Property becoming a Borrowing Base Property hereunder:

 

(i) no
Default and no Event of Default shall exist and be continuing, except to the extent that such Default would be cured by the inclusion
of such Approved Eligible Property as a Borrowing Base Property and, if applicable, the making of any prepayment or the removal
of one or more other properties as Borrowing Base Properties at or prior to the time such Approved Eligible Property becomes a
Borrowing Base Property hereunder;

 

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(ii) the
Borrower shall deliver, or caused to be delivered, to the Administrative Agent, at the Borrower’s sole expense, (A) if each
Subsidiary that will directly or indirectly own such Approved Eligible Property is not already a Subsidiary Guarantor, (1) a Joinder
Agreement duly executed by each such Subsidiary, whereby each such Subsidiary would become a Subsidiary Guarantor; (2) the
items that would have been delivered under Section 4.01(c) if such Subsidiary had been a Subsidiary Guarantor on the Effective
Date and assuming that such Approved Eligible Property is a Borrowing Base Property as of the effective date of the Joinder Agreement
executed by each such Subsidiary, and (3) all documentation and other information that the Administrative Agent or any Lender
(through the Administrative Agent) reasonably requests in order to comply with its ongoing obligations under applicable “know
your customer” and anti-money laundering rules and regulations (provided that the documentation and information required
pursuant to this clause (A)(3) shall be provided at least five (5) days prior to the date on which such Approved Eligible Property
is treated as a Borrowing Base Property), and (B) such updates to the Schedules attached hereto as would be required to reflect
the addition of such Approved Eligible Property as a Borrowing Base Property and the addition of each such Subsidiary as a Subsidiary
Guarantor;

 

(iii) unless
previously delivered pursuant to Section 2.05(b)(i), the Administrative Agent shall have received a copy of the Owner’s
Policy for such Approved Eligible Property ;

 

(iv) the
Borrower shall have provided, or caused to be provided, to the Administrative Agent certificates of insurance evidencing the insurance
policies required for such Approved Eligible Property meeting the requirements of the certificates of insurance previously approved
by the Administrative Agent for such Approved Eligible Policy, together with evidence of the payment of premiums therefor that
are then due and payable;

 

(v) the
Borrower shall have delivered to the Administrative Agent one or more legal opinions of counsel as to each Subsidiary Guarantor
that will directly or indirectly own such Approved Eligible Property, such opinion(s) of counsel to be consistent with the type
and form of legal opinion(s) delivered on the Effective Date with respect to the Subsidiary Guarantors as of the Effective Date;
provided that if such Subsidiary Guarantor is covered by such a legal opinion previously delivered to Administrative Agent and,
subsequent to the delivery of that legal opinion, has not been released from the Guaranty nor changed its jurisdiction of formation,
then a new legal opinion covering such Subsidiary Guarantor shall not be required under this Section 2.05(c)(v);

 

(vi) the
Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer certifying (A) that the conditions
set forth in this Section 2.05(c) have been satisfied; (B) that all financial and operating information delivered to the
Administrative Agent pursuant to this Agreement in connection with such Approved Eligible Property is complete and correct in
all material respects; (C) that all representations and warranties relating to a Subsidiary Guarantor and a Borrowing Base
Property set forth in this Agreement are true and correct in all material respects (or, if any such representation or warranty
is already qualified by materiality or material effect, then such representation or warranty shall be true and correct in all
respects taking into account such qualification) as to each Subsidiary that is or will be the direct or indirect owner of such
Approved Eligible Property and as to such Approved Eligible Property as of the date on which it is to be included as a Borrowing
Base Property (except that if any such representation and warranty expressly relates to an earlier date, then such representation
and warranty shall be true and correct in all material respects as of such earlier date (or, if any such representation or warranty
is already qualified by materiality or material effect, then such representation or warranty shall be true and correct in all
respects as of such earlier date taking into account such qualification)); (D) that such Approved Eligible Property complies with
all covenants set forth in the Loan Documents as of such date; and (E) if applicable, the Net Purchase Price for such Approved
Eligible Property, upon which the Administrative Agent and the Lenders shall be entitled to rely;

 

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(vii) the
Borrower shall have delivered a Compliance Certificate executed by a Financial Officer demonstrating, compliance with the financial
covenants contained in Section 6.07 as of the most recently ended calendar quarter as to which financial statements have been
delivered to the Administrative Agent and after giving effect to such request and any prepayment to be made and/or the acceptance
of any Approved Eligible Property as an additional or replacement Borrowing Base Property to be given concurrently with such request;

 

(viii) the
Subsidiary that will directly own such Approved Eligible Property shall have executed and delivered to the tenant under the Postal
Lease with respect to such Approved Eligible Property a Tenant Direction Notice, and shall have provided the Administrative Agent
with a copy of such Tenant Direction Notice;

 

(ix) to
the extent such Equity Interests are not already subject to the Pledge Agreement, the Borrower shall deliver, or caused to be
delivered, to the Administrative Agent, at the Borrower’s sole expense, (A) a supplement to the Pledge Agreement (in accordance
with Section 5.1 of the Pledge Agreement), duly executed by the Borrower or the applicable Subsidiary, pursuant to which it shall
pledge to the Administrative Agent, for the ratable benefit of the Lenders, all of its Equity Interests in such Subsidiary, (B)
a Pledge Joinder, duly executed by each Subsidiary that indirectly owns such Approved Eligible Property, pursuant to which such
Subsidiary shall pledge to the Administrative Agent, for the ratable benefit of the Lenders, all of its Equity Interests (whether
direct or indirect) in the Subsidiary that directly owns such Approved Eligible Property and (C) an issuer’s acknowledgment
to the Pledge Agreement in the form of Exhibit 1 to the Pledge Agreement, duly executed by each Subsidiary in which Equity Interests
are pledged pursuant to the immediately preceding clauses (A) and (B); and

 

(x) the
Borrower shall have paid all reasonable and documented out-of-pocket costs and expenses incurred and invoiced by the Administrative
Agent in reviewing the due diligence materials described above, and in connection with the consideration of such Approved Eligible
Property, and in documenting the addition of such Approved Eligible Property as a Borrowing Base Property.

 

Upon
the satisfaction of the foregoing conditions, such Approved Eligible Property shall become a “Borrowing Base Property”
hereunder.

 

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(d) Disqualification
of a Borrowing Base Property. Notwithstanding anything contained herein to the contrary, if (1) any Borrowing Base Property
ceases to meet the criteria for an Eligible Property, as determined by the Borrower or the Administrative Agent acting reasonably
in good faith, with such criteria being subject to retest by Administrative Agent as of each day since such Borrowing Base Property
initially qualified as a Borrowing Base Property, (2) there has occurred a material adverse change in the environmental condition
of any Borrowing Base Property since it initially qualified as a Borrowing Base Property, except for such changes that are not
individually and collectively material to the profitable operation of such Borrowing Base Property, (3) any Borrowing Base Property
fails to comply with the covenants applicable to such Real Property under the terms of this Agreement, (4) there has occurred
a material adverse effect on the ability of any Borrowing Base Entity directly or indirectly owning any Borrowing Base Property
to perform any of its obligations under the Guaranty, (5) an Involuntary Insolvency Default has occurred with respect to the Borrowing
Base Entity directly or indirectly owning any Borrowing Base Property, (6) the Borrower has knowledge that a Borrowing Base Property
has been “dark” (i.e., not being operated by the applicable tenant, whether or not the applicable tenant is paying
in full the rent and other amounts due under its Postal Lease for such Borrowing Base Property) for more than six (6) months (other
than as a result of a casualty loss for which the provisions of clause (1) above shall apply) or (7) any Borrowing Base Property
is no longer 100% occupied by a single tenant pursuant to a Postal Lease that is a Qualifying Lease (a “Disqualification
Event”), then in any such event such Borrowing Base Property shall be removed from all Borrowing Base Property related
calculations contained herein and from all financial covenants herein as a Borrowing Base Property (but such previously qualifying
Borrowing Base Property may be a Non-Borrowing Base Property or may, notwithstanding any provision of the Loan Documents to the
contrary, be transferred to a Person outside the Borrower Group Entities altogether and in any and all cases shall be released
in accordance with Section 2.05(e) below) effective as of the date such Disqualification Event occurred. As of the effective date
of such removal, any such removed Borrowing Base Property shall cease to be a “Borrowing Base Property” hereunder,
Schedule 2.05 shall be deemed to have been immediately amended to remove such Borrowing Base Property from the list of Borrowing
Base Properties and the Borrower shall be required, within ten (10) days after such effective date, to make a prepayment of the
Loans to the extent the aggregate Credit Exposure of all of the Lenders exceeds the Maximum Loan Amount after giving effect to
such removal.

 

(e) Removal
of Borrowing Base Properties from Borrowing Base; Release of Subsidiary Guarantor.

 

(i) At
any time following the Effective Date, the Borrower on one or more occasions may (x) remove, and the Administrative Agent shall
take such actions as are necessary to effectuate pursuant to this Section 2.05(e) the removal of, any Borrowing Base Property
from the Borrowing Base (such removal resulting in the applicable Borrowing Base Property becoming a Non-Borrowing Base Property
or being sold) and the release of each Subsidiary Guarantor that directly or indirectly owns such Borrowing Base Property from
the Guaranty and the release of the Equity Interests in such Subsidiary Guarantor from the Lien of the Pledge Agreement, together
with the release of such Subsidiary Guarantor from it obligations as a pledgor thereunder if such Subsidiary Guarantor indirectly
owns such Borrowing Base Property (in the case of such release, only to the extent that such Subsidiary Guarantor does not directly
or indirectly own any other Borrowing Base Property and does not directly or indirectly own any Non-Borrowing Base Property) or
(y) obtain a release of, and the Administrative Agent shall take such actions as are necessary to effectuate pursuant to this
Section 2.05(e) the release of, any Subsidiary Guarantor from its obligations under the Guaranty and its obligations as a
pledgor under the Pledge Agreement and the Equity Interests in such Subsidiary Guarantor from the Lien of the Pledge Agreement
(but only if such Subsidiary Guarantor owns (whether directly or indirectly) only one or more Non-Borrowing Base Properties and
all such Non-Borrowing Base Properties will, concurrently with such release, be encumbered by mortgage Indebtedness), in either
case, upon satisfaction of each of the following conditions:

 

(A) The
Borrower shall submit to the Administrative Agent (on behalf of the Lenders), by 12:00 noon New York time, at least five
(5) days prior to the date of the proposed removal and/or release, (x) written notice of its election to obtain such removal and/or
release (which notice shall include a certification by a Financial Officer that the proposed removal and/or release complies with
all of the conditions set forth in this Section 2.05(e)), (y) a duly completed Compliance Certificate with respect to such
removal and/or release after giving effect to such removal and/or release demonstrating compliance with the financial covenants
set forth in Section 6.07 after giving effect to such removal and/or release and (z) (1) if applicable, a release of such
Subsidiary Guarantor from its obligations under the Guaranty and (2) if applicable, a release of the Equity Interests in such
Subsidiary Guarantor from the Pledge Agreement, together with a release of such Subsidiary Guarantor from its obligations as a
pledgor under the Pledge Agreement (if any), in each case in a form reasonably acceptable to the Administrative Agent, which the
Administrative Agent shall execute and deliver to such Subsidiary Guarantor along with any original certificates evidencing Equity
Interests that have been released, in each case upon satisfaction of all conditions set forth in this Section 2.05(e);

 

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(B) After
giving effect to such release, the aggregate Credit Exposure of all of the Lenders shall not exceed the Maximum Loan Amount, or
the Borrower shall, prior to or contemporaneous with, the effectiveness of such release, make a prepayment in the amount of such
excess pursuant to Section 2.11(b);

 

(C) No
Default and no Event of Default shall have occurred and be continuing at the time of the Borrower’s request or on the date
of the proposed release or after giving effect thereto (other than a Default or an Event of Default that would be cured by effectuating
such release and making any associated prepayment); and

 

(D) The
Borrower shall pay the Administrative Agent’s reasonable and documented out-of-pocket costs and expenses in connection with
such release (including, without limitation, reasonable fees of the Administrative Agent’s attorneys).

 

(ii) Upon
a removal of a Borrowing Base Property or a release of a Subsidiary Guarantor in accordance with Section 2.05(e)(i), (A) in the
case of a removal of a Borrowing Base Property, Schedule 2.05 shall be deemed to have been immediately amended to remove such
Real Property from the list of Borrowing Base Properties, such Real Property shall no longer be considered a “Borrowing
Base Property” for purposes of this Agreement or the other Loan Documents and the income from such Real Property shall no
longer be required to be deposited directly into the Operating Account; and (B) in the case of a release of a Subsidiary Guarantor,
such Subsidiary Guarantor shall no longer be a Subsidiary Guarantor hereunder and the income from the Real Properties directly
or indirectly owned by such Subsidiary shall no longer be required to be deposited directly into the Operating Account, unless
such Real Properties subsequently become Borrowing Base Properties. It is understood and agreed that, without prejudice to the
effectiveness of such removal and/or release and any corresponding discharge of the obligations of such Subsidiary Guarantor under
the Guaranty and, if applicable, under the Pledge Agreement, no such removal or release shall affect any covenants or other provisions
of the Loan Documents that apply to the Borrower with respect to such released Subsidiary as a “Subsidiary” or “Affiliate”
of the Borrower or impair or otherwise adversely affect the Liens, security interests and other rights of the Administrative Agent
or the Lenders under the Loan Documents not being released (or as to the parties to the Loan Documents and Borrowing Base Properties
subject to the Loan Documents not being removed or released); provided that nothing in this Section 2.05(e) or elsewhere in this
Agreement shall prevent the Borrower from dissolving or otherwise terminating the existence of any such released Subsidiary.

 

SECTION
2.06 Reserved.

 

SECTION
2.07 Funding of Borrowings. (a) 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 time, to the account of the Administrative Agent most
recently 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 the Operating Account or such other account designated
by the Borrower in the applicable Borrowing Request delivered pursuant to Section 2.03.

 

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(b) 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 Section 2.07(a) 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 greater of the Federal Funds Effective Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation 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
2.08 Interest Elections.

 

(a) Each
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing,
shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods
therefor, all as provided in this Section 2.08. 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 comprising
such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.

 

(b) To
make an election pursuant to this Section 2.08, the Borrower shall notify the Administrative Agent of such election 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 Interest Election Request shall be irrevocable
and shall be made by hand delivery, e-mail or telecopy to the Administrative Agent of a written Interest Election Request in a
form reasonable acceptable to the Administrative Agent (it being agreed that any Interest Election Request in a form previously
approved by the Administrative Agent shall be reasonably acceptable) and signed by the Borrower.

 

(c) Each
Interest Election Request shall specify the following information in compliance with Section 2.02:

 

(i) the
Borrowing to which such Interest Election Request applies 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) below 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 Eurocurrency Borrowing; and

 

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(iv) if
the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”.

 

If
any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower
shall be deemed to have selected an Interest Period of one month’s duration.

 

(d) 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) If
the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of
the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing shall automatically be continued as a Eurocurrency Borrowing with an Interest Period of one month’s
duration. 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 (A) no
outstanding Borrowing by Borrower may be converted to or continued as a Eurocurrency Borrowing and (B) unless repaid, each
Eurocurrency Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period therefor.

 

SECTION
2.09 Termination, Reduction and Extension of Commitments.

 

(a) Scheduled
Termination. Unless previously terminated in accordance with the terms hereof, the Commitments shall terminate on the Maturity
Date.

 

(b) Voluntary
Termination or Reduction. The Borrower may at any time, without premium or penalty, terminate, or from time to time reduce,
the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple
of $5,000,000 and not less than $15,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving
effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the sum of the Credit Exposures would exceed
the total Commitments.

 

(c) Notice
of Voluntary Termination or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or
reduce the Commitments under Section 2.09(b) at least five (5) Business Days (or such later date as is acceptable to the Administrative
Agent in its sole discretion) 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.
Notwithstanding the foregoing, any notice of termination or reduction of the Commitments delivered in connection with any refinancing
of the Loans with the proceeds of such refinancing or of any other incurrence of Indebtedness or the occurrence of some other
identifiable event or condition, may be, if expressly so stated to be, contingent upon the consummation of such refinancing or
incurrence or occurrence of such other identifiable event or condition and may be revoked by the Borrower in the event such contingency
is not met.

 

SECTION
2.10 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the Administrative
Agent for the account of each Lender the then unpaid principal amount of each Loan on the Maturity Date.

 

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

 

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

 

(d) The
entries made in the accounts maintained pursuant to paragraph (b) or (c) 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 accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the
Loans in accordance with the terms of this Agreement.

 

(e) Promissory
Notes.

 

(i) Notes.
If requested by any Lender, the Loans made by such Lender shall be evidenced by a single promissory note of the Borrower substantially
in the form of Exhibit B, which promissory note shall be delivered by the Borrower promptly following receipt of such request.

 

(ii) Substitution,
Exchange and Subdivision of Notes. No Lender shall be entitled to have its Note substituted or exchanged for any reason, or
subdivided for promissory notes of lesser denominations, except in connection with a permitted assignment of all or any portion
of such Lender’s relevant Commitment, Loans and Note pursuant to Section 9.04 (and, if requested by any Lender in connection
with such permitted assignment, the Borrower agrees to so exchange any Note).

 

(iii) Loss,
Theft, Destruction or Mutilation of Notes. In the event of the loss, theft or destruction of any Note, upon the Borrower’s
receipt of a reasonably satisfactory indemnification agreement executed in favor of the Borrower by the holder of such Note, or
in the event of the mutilation of any Note, upon the surrender of such mutilated Note by the holder thereof to the Borrower, the
Borrower shall execute and deliver to such holder a new replacement Note in lieu of the lost, stolen, destroyed or mutilated Note.

 

SECTION
2.11 Prepayment of Loans.

 

(a) Optional
Prepayment. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part,
without premium or penalty (but subject to Section 2.16), subject to prior notice in accordance with Section 2.11(c).

 

(b) Mandatory
Prepayments. If, on any day, the aggregate Credit Exposure of all Lenders exceeds the Maximum Loan Amount as of such day for
any reason, then the Borrower shall pay such excess to the Administrative Agent, for the benefit of the Lenders, in immediately
available funds within ten (10) days after written notice from the Administrative Agent to prepay the Loans in an aggregate amount
equal to such excess.

 

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(c) Manner
of Prepayment. The Borrower shall notify the Administrative Agent by telecopy or e-mail of any prepayment hereunder not later
than 12:00 noon, New York time, three (3) Business Days before the date of prepayment. Each such notice shall be irrevocable and
shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid. Promptly following
receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.
Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance 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.
Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13. Notwithstanding the foregoing, including,
without limitation, Section 2.16, any notice of prepayment delivered in connection with any refinancing of the Loans with the
proceeds of such refinancing or of any other incurrence of Indebtedness or the occurrence of some other identifiable event or
condition, may be, if expressly so stated to be, contingent upon the consummation of such refinancing or incurrence or occurrence
of such other identifiable event or condition and may be revoked by the Borrower in the event such contingency is not met.

 

(d) Effect
on Swap Agreements. Any prepayment of a Borrowing shall be without prejudice to the Borrower’s obligations under any
Swap Agreement, which shall remain in full force and effect subject to the terms of such Swap Agreement, including provisions
that may require a reduction, modification or early termination of a swap transaction, in whole or in part, in the event of such
prepayment, and may require the Borrower to pay any fees or other amounts for such reduction, modification or early termination,
and no such fees or amounts shall be deemed a penalty hereunder or otherwise.

 

SECTION
2.12 Fees. (a) On each Quarterly Date and on the date on which the Commitments terminate, the Borrower agrees to pay
to the Administrative Agent for the pro rata account of the Lenders an unused facility fee, which shall be equal to:

 

(i) for
the period from the Effective Date through and including the calendar quarter ending March 31, 2020, the sum of (x) for the first
$100,000,000 of the Commitments, the product of (A) the daily unused amount of such Commitments during the calendar quarter immediately
preceding the calendar quarter in which such Quarterly Date occurs or during the calendar quarter in which such date on which
such Commitments terminate occurs, as the case may be, and (B) a rate per annum of 0.75% plus (y) for the portion of the Commitments
that exceeds $100,000,000, the product of (A) the daily unused amount of such Commitments during the calendar quarter immediately
preceding the calendar quarter in which such Quarterly Date occurs or during the calendar quarter in which such date on which
such Commitments terminate occurs, as the case may be, and (B) a rate per annum of 0.25%; and

 

(As
an example of the unused facility due pursuant to subsection (i) above: Assuming total Commitments of $150,000,000 and a daily
outstanding principal balance for the quarter ending March 31, 2020 of $70,000,000, the unused facility fee would be calculated
as follows:

 

		(x)	daily
                                         unused amount of the first $100,000,000 of the Commitments equals $30,000,000 (i.e. $100,000,000
                                         - $70,000,000), multiplied by 0.75%, equals $225,000 

 

plus

 

		(y)	daily
                                         unused amount of the Commitments in excess of $100,000,000 equals $50,000,000 (i.e. $50,000,000
                                         - $0), multiplied by 0.25%, equals $125,000.

 

The
sum of (x) and (y) equals a total unused facility fee of $350,000.)

 

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(ii) thereafter,
the product of (i) the daily unused amount of the Commitments during the calendar quarter immediately preceding the calendar quarter
in which such Quarterly Date occurs or during the calendar quarter in which such date on which the Commitments terminate occurs,
as the case may be, and (ii) a rate per annum of 0.25%.

 

All
unused facility 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). All fees payable pursuant to this Section 2.12(a) shall be payable quarterly
in arrears.

 

(b) All
fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent. Fees paid
shall not be refundable under any circumstances.

 

SECTION
2.13 Interest; Late Charge.

 

(a) The
Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.

 

(b) The
Loans comprising each Eurocurrency Borrowing shall bear at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing
plus the Applicable Rate.

 

(c) 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 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 (including the Applicable Rate) as provided in the preceding paragraphs of this Section or (ii) in the
case of any other amount, 2% plus the rate applicable to ABR Loans as provided in Section 2.13(a).

 

(d) Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Loans, upon
termination of the Commitments; provided that (i) interest accrued pursuant to Section 2.13(c) shall be payable on demand,
(ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability
Period), 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 Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued
interest on such Loan shall be payable on the effective date of such conversion.

 

(e) 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 shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO
Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest
error.

 

(f) If
the Borrower shall fail to make any payment due hereunder or under the terms of any Note (other than the payment of principal
due at the maturity or earlier acceleration of the Loans) within ten (10) days after the date such payment is due, then the Borrower
shall pay to Administrative Agent, for the ratable benefit for the Lenders, on demand a late charge equal to three percent (3.0%)
of such payment; provided, however, no such late charge shall apply to any payment for which sufficient funds were on deposit
in the Operating Account on the date such payment was due (or within ten (10) days after such due date) if Administrative Agent
was authorized to debit the Operating Account for such payment pursuant to Section 2.18(a) and not otherwise prohibited by Applicable
Law from debiting the Operating Account for such payment. Such ten (10) day period shall not be construed as in any way extending
the due date of any payment. The “late charge” is imposed for the purpose of defraying the expenses of the Lenders
incident to handling such defaulting payment. This charge shall be in addition to, and not in lieu of, any other amount that the
Lenders may be entitled to receive or action that Administrative Agent and/or the Lenders may be authorized to take as a result
of such late payment, including any other remedy Administrative Agent and/or the Lenders may have and any fees and charges of
any agents or attorneys which Administrative Agent and/or the Lenders may employ upon the occurrence of an Event of Default, whether
authorized herein or by Applicable Law.

 

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SECTION
2.14 Alternate Rate of Interest.

 

(a) If
prior to the commencement of any Interest Period for a Eurocurrency Borrowing:

 

(i) 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 or the LIBO Rate, as applicable (including because the LIBO Screen Rate is
not available or published on a current basis), for such Interest Period;

 

(ii) the
Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such
Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included
in such Borrowing for such Interest Period; or

 

(iii) the
Administrative Agent is advised by a Lender that it has become unlawful for such Lender to honor its obligation to make or maintain
Eurocurrency Loans hereunder;

 

then
the Administrative Agent shall give notice thereof to the Borrower by telephone or telecopy, and to the Lenders by Electronic
System, 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, (x) any Interest Election Request that requests the conversion of any
Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective (in the case of clause (iii)
above, only as to the affected Lender), (y) if any Borrowing Request requests a Eurocurrency Borrowing, such Borrowing shall be
made as an ABR Borrowing (in the case of clause (iii) above, only as to the affected Lender) and (z) if in accordance with
clause (iii) above any Lender determines that it is no longer lawful for such Lender or its applicable lending office (subject
to Section 2.19(a)) to maintain any existing Eurocurrency Loans, or to continue to charge interest rates based upon the Adjusted
LIBO Rate, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender
to continue Eurocurrency Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the
circumstances giving rise to such determination no longer exist and, in such event, all Eurocurrency Loans of such Lender shall
be converted to ABR Loans, either on the last day of the Interest Period thereof, if such Lender may lawfully continue to maintain
such Eurocurrency Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Loans.

 

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(b) Notwithstanding
anything to the contrary herein or in any other Loan Document:

 

(i) Upon
the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower
may amend this Agreement to replace the Adjusted LIBO Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark
Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has
posted such proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time,
written notice of objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to
an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative
Agent written notice that such Required Lenders accept such amendment. No replacement of the Adjusted LIBO Rate with a Benchmark
Replacement pursuant to this Section will occur prior to the applicable Benchmark Transition Start Date.

 

(ii) In
connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other
party to this Agreement.

 

(iii) The
Administrative Agent will promptly notify the Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event or
an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (B) the
implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes and (D) the
commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by
the Administrative Agent or Lenders pursuant to this Section, including any determination with respect to a tenor, rate or adjustment
or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action,
will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any
other party hereto, except, in each case, as expressly required pursuant to this Section.

 

(iv) Upon
the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request
for a Eurocurrency Borrowing of, conversion to or continuation of Eurocurrency Loans to be made, converted or continued during
any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request
for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period, the component of the Alternate Base
Rate based upon LIBOR will not be used in any determination of ABR.

 

SECTION 2.15 Increased Costs.
(a) If any Change in Law shall:

 

(i) impose,
modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement,
insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender
(except any such reserve requirement reflected in the Adjusted LIBO Rate);

 

(ii) impose
on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or
Loans made by such Lender; or

 

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

 

    46

     

    

 

and the result of any of the foregoing shall
be to increase the cost to such Lender or such other Recipient of making or maintaining any Eurocurrency 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 or such other Recipient
hereunder (whether of principal, interest or otherwise), then the Borrower shall pay to such Lender or such other Recipient, as
the case may be, such additional amount or amounts as will compensate such Lender or such other Recipient, as the case may be,
for such additional costs incurred or reduction suffered; provided that if such increased cost has not yet been incurred by such
Lender or such other Recipient (as the case may be) and will be avoided by a prepayment of the Loans, then the Borrower may prepay
the Loans in an amount that is sufficient to avoid the incurrence of such cost so long as such prepayment is made prior to the
incurrence of such cost.

 

(b) If
any Lender determines that any Change in Law regarding capital or liquidity 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 and liquidity), 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; provided that Borrower may at any time prepay the Loans in accordance with Section 2.11 (subject
to any break funding payments required to be paid in accordance with Section 2.16) in order to avoid payment of such additional
amount or amounts to such Lender.

 

(c) 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. The Borrower shall pay such
Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.

 

(d) 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 one hundred eighty (180) days 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 one hundred eighty (180)-day period referred to above shall be extended to include the period of retroactive
effect thereof.

 

SECTION 2.16 Break Funding Payments.
In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable
thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day
of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the
date specified in any request or notice delivered pursuant hereto (regardless of whether such request or notice may be revoked
under Section 2.03 or Section 2.11(c) and is revoked in accordance therewith), or (d) the assignment of any Eurocurrency Loan other
than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19,
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 Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such
Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had
such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of
such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue,
for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on
such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such
period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender
setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.16 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 ten (10) days after receipt thereof.

 

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SECTION 2.17 Payments Free of Taxes.
(a) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction
or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion
of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent,
then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified
Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17) the applicable
Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(b) Payment
of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with Applicable
Law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.

 

(c) Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this
Section 2.17, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority or such other documentation evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Administrative Agent.

 

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

 

(e) Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor,
for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative
Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under
any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to
the Administrative Agent under this paragraph (e).

 

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(f) Status
of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by
the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In
addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation
prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or
the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the
Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii) Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,

 

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

 

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

 

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

 

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

 

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

 

    49

     

    

 

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

 

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

 

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

 

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

 

(g) Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts
pursuant to this Section 2.17), it shall promptly pay to the indemnifying party an amount equal to such refund (but only to the
extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to
pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in
a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to
make available its tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying
party or any other Person.

 

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(h) Survival.
Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

(i) Defined
Terms. For purposes of this Section 2.17, the term “Applicable Law” includes FATCA.

 

SECTION 2.18 Payments Generally; Auto-Debit
Authorization; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrower shall make each payment required to be made by it
hereunder (whether of principal, interest, fees or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to
1:00 p.m., New York 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. The Borrower hereby authorizes the Administrative Agent to, and the
Administrative Agent agrees to, debit the Operating Account for all payments of principal, interest and fees under Section 2.12(a)
(or debit the Operating Account for so much of such payments as the amounts in the Operating Account are sufficient to pay) on
the date such payments are due hereunder, without further notice to the Borrower. If the amounts in the Operating Account at the
time when such payments are due hereunder are insufficient to pay in full such payments, then the Borrower shall pay to the Administrative
Agent at the Agent’s Account the amount needed to make such payments in full after giving effect to the debit to the Operating
Account by the Administrative Agent authorized hereunder. Notwithstanding the foregoing, if the Administrative Agent is prohibited
by Applicable Law from debiting the Operating Account as aforesaid for such payments when due hereunder, then Borrower shall make
such payments to the Administrative Agent at the Agent’s Account when due hereunder. All payments made pursuant to Sections
2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any
such payments received by it for the 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 amounts owing under this Agreement (including facility fees) are payable in Dollars.

 

(b) 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, towards payment of 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, on a pari passu basis, towards payment of principal then due hereunder, and the Specified Swap Obligations then
due, ratably among the parties entitled thereto in accordance with the amounts of principal and Specified Swap Obligations then
due to such parties. Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such
Guarantor or such Guarantor’s assets, but appropriate adjustments shall be made with respect to payments from other Loan
Parties to preserve the allocation to Obligations otherwise set forth above in this Section 2.18(b).

 

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(c) 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 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 the Borrower
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.

 

(d) 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 the 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 greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation.

 

(e) If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.07(b), 2.18(d) or 9.03(c), then the Administrative
Agent may, in its discretion and notwithstanding any contrary provision hereof, apply any amounts thereafter received by the Administrative
Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied
obligations are fully paid, and/or (ii) hold such amounts in a segregated account over which the Administrative Agent shall have
exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any such Section,
in the case of each of clause (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.

 

SECTION 2.19 Mitigation Obligations;
Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any
Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section
2.17, then such Lender shall use reasonable efforts to promptly 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, (i) such designation or assignment would eliminate or reduce amounts payable pursuant to Sections 2.15
or 2.17, as the case may be, in the future and (ii) such designation or assignment 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.

 

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(b) If
(i) any Lender requests compensation under Section 2.15, (ii) the Borrower is required to pay any Indemnified Taxes or additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, (iii) any Lender becomes
a Defaulting Lender or (iv) any Lender has refused to consent to any proposed amendment, modification, waiver, termination or consent
with respect to any provision of this Agreement or any other Loan Document that, pursuant to Section 9.02, requires the consent
of all Lenders or each Lender affected thereby and with respect to which Lenders constituting the Required Lenders have consented
to such proposed amendment, modification, waiver, termination or consent, then, in any such case, 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 (other than
its existing rights to payments pursuant to Sections 2.15 or 2.17) 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 (A) the
Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld,
(B) 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), (C) in the case of any such assignment resulting
from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will
result in a reduction in such compensation or payments, and (D) in the case of any such assignment resulting from a Lender’s
refusal to consent to a proposed amendment, modification, waiver, termination or consent, the assignee shall approve the proposed
amendment, modification, waiver, termination or consent. 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.

 

SECTION 2.20 Defaulting Lenders.
Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following
provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a) fees
shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.12; and

 

(b) the
Commitment and Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have
taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section
9.02); provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or
other modification requiring the consent of such Lender or each Lender affected thereby.

 

SECTION 2.21 Additional Commitments.
The Borrower shall have the right from time to time to cause the Administrative Agent to increase the total Commitments by up to
$100,000,000, subject to satisfaction of the following terms and conditions:

 

(a) Any
request for increase in the total Commitments shall be by the Borrower giving written notice (the “Additional Commitment
Notice”) to the Administrative Agent at least ten (10) Business Days prior to the date upon which the Borrower shall
desire such increase to become effective, and shall set forth (1) the requested amount of the additional commitment (the “Additional
Commitment Amount”), which Additional Commitment Amount shall be in the minimum amount of $5,000,000 and an integral
multiple of $5,000,000 in excess thereof and (2) such details with respect thereto as are reasonably requested by the Administrative
Agent.

 

(b) The
aggregate amount of the Lenders’ Commitments after giving effect to the Additional Commitment Amount shall not exceed $200,000,000.

 

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(c) Upon
receipt of the Additional Commitment Notice, the Administrative Agent shall notify the then existing Lenders of the terms of such
Additional Commitment Notice and each Lender’s pro rata share of the proposed Additional Commitment Amount. If any Lender
rejects the offer to increase its respective Commitment or accepts only a portion thereof, which each Lender may do in its sole
and absolute discretion, the Administrative Agent shall further offer the rejected shares (or rejected portions thereof) to the
Lenders that have accepted the proposed increase in their Commitments (each an “Accepting Lender”), pro rata
based on the sum of their then existing Commitments plus any additional portion of the Additional Commitment Amount which they
have previously accepted. If any Lender shall not respond to a request by the Administrative Agent pursuant to this clause (c)
within ten (10) Business Days after receipt of an offer (including any offer for a portion of the Additional Commitment Amount
rejected by another Lender), such Lender shall be deemed to have rejected such offer. The Administrative Agent shall notify the
Borrower of all acceptances and rejections with respect to the Additional Commitment Amount by the Lenders. If such acceptances
are satisfactory to the Borrower, the Commitments of the Accepting Lenders shall be increased by their respective portions of the
Additional Commitment Amount without the consent of any other Lender, subject, however, to (i) no Default and no Event of Default
being in existence at such time, (ii) the Borrower issuing substitute Notes to the Lenders whose Commitments have changed (if requested
by such Lender(s)), (iii) the Accepting Lenders paying to the Administrative Agent (on behalf of the other Lenders) the aggregate
amount determined by the Administrative Agent to be necessary so that each Accepting Lender’s pro rata share of outstanding
Loans matches the ratio of its increased Commitment to the aggregate amount of all revised Commitments after giving effect to the
Additional Commitment Amount, (iv) the Loan Parties, the Accepting Lenders and the Administrative Agent (on behalf of the Lenders)
executing such other documents evidencing such adjustments in the Commitments and the Loans as shall be reasonably acceptable to
the Loan Parties, the Accepting Lenders and the Administrative Agent, (v) the Borrower paying the Administrative Agent for the
account of each Accepting Lender such upfront fees as shall be agreed to by the Borrower and the Administrative Agent prior to
the Administrative Agent commencing its efforts under this paragraph (c), and (vi) the Borrower paying all of the Administrative
Agent’s reasonable and documented out-of-pocket expenses in connection with the foregoing.

 

(d) In
the event that the Additional Commitment Amount is not achieved pursuant to paragraph (c) above, Administrative Agent shall use
commercially reasonable efforts, with the assistance of the Borrower, to arrange for additional lenders with Commitments aggregating
up to the Additional Commitment Amount. Administrative Agent shall submit a list of additional proposed syndicate members to the
Borrower for its review and approval. If any such proposed lenders are so approved by the Borrower, such lenders shall become additional
Lenders under this Agreement in accordance with their respective Commitments without the consent of any other Lenders, subject,
however, to (i) no Default and no Event of Default being in existence at such time, (ii) the Borrower issuing Notes to the new
Lenders (if so requested by such new Lender(s)), (iii) such new Lenders paying to the Administrative Agent (on behalf of the other
Lenders) the aggregate amount determined by the Administrative Agent to be necessary so that each new Lender’s pro rata share
of outstanding Loans matches the ratio of its Commitment to the aggregate amount of all Commitments after giving effect to the
Additional Commitment Amount, (iv) the Borrower paying to the Lenders the amounts payable, if any, to such Lenders pursuant to
Section 2.16 as a result of the prepayment of any such Loans, (v) the Loan Parties, the new Lenders and the Administrative Agent
(on behalf of the Lenders) executing such other documents evidencing their addition as Lenders hereunder and the adjustment of
the Commitments and Loans as shall be reasonably acceptable to the Borrower and the Administrative Agent, (vi) the Borrower paying
the Administrative Agent for the account of each new Lender such upfront fees as shall be agreed to by the Borrower prior to Administrative
Agent commencing its efforts under this paragraph (d), and (vii) the Borrower paying all of the Administrative Agent’s reasonable
and documented out-of-pocket expenses in connection with the foregoing.

 

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(e) Notwithstanding
anything to the contrary contained in this Agreement or the other Loan Documents, each Lender hereby authorizes the Borrower and
the Administrative Agent (on behalf of the Lenders) to enter into amendments and modifications of this Agreement and the other
Loan Documents to the extent necessary to reflect the adjustment of the Commitments and the Loans contemplated by this Section.

 

SECTION 2.22 Additional Subsidiary
Guarantors. Subject to the last sentence of this Section 2.22, within forty-five (45) days after a Subsidiary which does not
own any Real Property acquires a direct or indirect ownership interest in a Real Property and within forty-five (45) days after
acquisition by the Borrower of a new Subsidiary which directly or indirectly owns a Real Property (in either case, without limiting
the requirements of Section 2.05(c) in the event the Borrower desires to add a Real Property directly or indirectly owned by such
Subsidiary as a Borrowing Base Property):

 

(a) unless
the Borrower shall have delivered evidence to the Administrative Agent that such Subsidiary either no longer directly or indirectly
owns any Real Property or all Real Property directly or indirectly owned by such Subsidiary is encumbered by Indebtedness, the
Borrower shall deliver, or cause to be delivered, to the Administrative Agent, at the Borrower’s sole expense:

 

(i) (A)
a Joinder Agreement duly executed by the Subsidiary, whereby such Subsidiary becomes a Subsidiary Guarantor; (B) the items
that would have been delivered under Section 4.01(c) if such Subsidiary had been a Subsidiary Guarantor on the Effective Date;
and (C) all documentation and other information that the Administrative Agent or any Lender (through the Administrative Agent)
reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money
laundering rules and regulations;.

 

(ii) one
or more legal opinions of counsel as to such Subsidiary, such opinion(s) of counsel to be consistent with the type and form of
legal opinion(s) delivered on the Effective Date with respect to the Subsidiary Guarantors as of the Effective Date; and

 

(iii) (A)
a supplement to the Pledge Agreement (in accordance with Section 5.1 of the Pledge Agreement), duly executed by the Borrower or
the applicable Subsidiary, pursuant to which it shall pledge to the Administrative Agent, for the ratable benefit of the Lenders,
all of its Equity Interests in the Subsidiary that directly owns such Real Property, (B) a Pledge Joinder, duly executed by such
Subsidiary if it indirectly owns Real Property, pursuant to which such Subsidiary shall pledge to the Administrative Agent, for
the ratable benefit of the Lenders, all of its Equity Interests (whether direct or indirect) in the Subsidiary that directly owns
such Real Property and (C) an issuer’s acknowledgment to the Pledge Agreement in the form of Exhibit 1 to the Pledge Agreement,
duly executed by each Subsidiary in which Equity Interests are pledged pursuant to the immediately preceding clauses (A) and (B);
and

 

(b) the
Borrower shall have paid all reasonable and documented out-of-pocket costs and expenses incurred and invoiced by the Administrative
Agent in reviewing the materials described above.

 

Notwithstanding the foregoing, if the Borrower
delivers evidence to the Administrative Agent within the forty-five (45) day time period specified above that it has obtained a
binding commitment from a third party lender to provide mortgage financing for such Real Property, then the Borrower shall be given
an additional forty-five (45) days to comply with the requirements of this Section 2.22 with respect to the Subsidiary that owns
such Real Property.

 

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SECTION 2.23 Special Subsidiaries.
Notwithstanding anything to the contrary contained in this Agreement, but without in any way limiting the requirements of Section
2.05(c) in the event the Borrower desires to add a Real Property directly or indirectly owned by a Special Subsidiary as a Borrowing
Base Property, the Borrower is not obligated to deliver, or cause to be delivered, to Administrative Agent any of the following
with respect to a Special Subsidiary prior to the thirtieth (30th) day after the Effective Date, but not later than
such thirtieth (30th) day the Borrower shall deliver, or cause to be delivered, to Administrative Agent (at the Borrower’s
sole expense) each of the following with respect to each Special Subsidiary (unless otherwise agreed to by Administrative Agent):

 

(a) (i)
a Joinder Agreement duly executed by such Special Subsidiary, whereby such Special Subsidiary becomes a Subsidiary Guarantor; (ii) the
items described under Section 4.01(c); and (iii) all documentation and other information that the Administrative Agent or
any Lender (through the Administrative Agent) reasonably requests in order to comply with its ongoing obligations under applicable
“know your customer” and anti-money laundering rules and regulations;

 

(b) one
or more legal opinions of counsel as to such Special Subsidiary, such opinion(s) of counsel to be consistent with the type and
form of legal opinion(s) delivered on the Effective Date with respect to the Subsidiary Guarantors as of the Effective Date;

 

(c) (i)
a supplement to the Pledge Agreement (in accordance with Section 5.1 of the Pledge Agreement), duly executed by the Borrower, pursuant
to which the Borrower shall pledge to the Administrative Agent, for the ratable benefit of the Lenders, all of its Equity Interests
(whether direct or indirect) in the Subsidiary that directly owns such Real Property, (ii) a Pledge Joinder, duly executed by such
Subsidiary if it indirectly owns Real Property, pursuant to which such Subsidiary shall pledge to the Administrative Agent, for
the ratable benefit of the Lenders, all of its Equity Interests (whether direct or indirect) in the Subsidiary that directly owns
such Real Property and (C) an issuer’s acknowledgment to the Pledge Agreement in the form of Exhibit 1 to the Pledge Agreement,
duly executed by each Subsidiary in which Equity Interests are pledged pursuant to the immediately preceding clauses (i) and (ii);
and

 

(d) payment
of all reasonable and documented out-of-pocket costs and expenses incurred and invoiced by the Administrative Agent in reviewing
the materials described above.

 

SECTION 2.24 Foreign Jurisdiction
Qualification Certificates. Within thirty (30) days after the Effective Date, the Borrower shall deliver to the Administrative
Agent the certificates of authority to do business (or the equivalent) listed on Schedule 2.24 attached hereto, in each case, certified
by the Secretary of State of each state in which such Subsidiary owns Real Property, as indicated on Schedule 2.24 attached hereto.

 

ARTICLE
III

Representations and Warranties

 

The Borrower represents and warrants to
the Administrative Agent and the Lenders that:

 

SECTION 3.01 Organization; Powers.
Each of the Loan Parties is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization,
has all requisite corporate, partnership or limited liability company power and authority to carry on its business as now conducted
and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

 

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SECTION 3.02 Authorization; Enforceability.
The Transactions are within the corporate, partnership or limited liability company powers of each Loan Party and have been duly
authorized by all necessary corporate, partnership or limited liability company action under their respective Organizational Documents.
This Agreement has been duly executed and delivered by the Borrower and constitutes, and each of the other Loan Documents to has
been duly executed and delivered by each Loan Party which is a party thereto, and the Loan Documents will constitute, a legal,
valid and binding obligation of the applicable Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

SECTION 3.03 Governmental Approvals;
No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action
by, any Governmental Authority, except for (i) such as have been obtained or made and are in full force and effect, (ii) filings
and recordings in respect of the Liens created pursuant to the Security Documents and (iii) filings required under the Federal
securities laws, (b) do not violate any Applicable Law or regulation or the Organizational Documents of any Loan Party or any order
of any Governmental Authority, (c) do not violate or result in a default under any material indenture, agreement or other material
instrument binding upon any Loan Party or its assets, or give rise to a right thereunder to require any payment to be made by any
Loan Party, and (d) except for the Liens created pursuant to the Security Documents, will not result in the creation or imposition
of any Lien on any asset of any Loan Party.

 

SECTION 3.04 Financial Condition;
No Material Adverse Change.

 

(a) The
Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby;
and (ii) fairly present the financial condition of the Consolidated Entities as of the date thereof and their results of operations
for each period covered thereby in accordance with GAAP consistently applied throughout the each period covered thereby.

 

(b) From
and after the date of the most recent Financial Statements, there has been no event or circumstance, either individually or in
the aggregate, that has had or would have a Material Adverse Effect.

 

SECTION 3.05 Properties.

 

(a) Property
Generally. Each of the Borrowing Base Entities has fee simple title to all its Real Property and personal property material
to its business, subject only to Permitted Encumbrances, Liens securing Indebtedness to the extent not prohibited hereunder, and
other defects in title that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

 

(b) Rent
Roll; Leases. As of the Effective Date, (i) the rent roll attached hereto as Schedule 3.05(b) (the “Rent Roll”)
is true, complete and correct as of the Effective Date and (ii) the Borrowing Base Properties are not subject to any Leases other
than the Leases described in the Rent Roll.  Each Postal Lease for each Borrowing Base Property is a Qualifying Lease. 
No Person has any possessory interest in, or right to occupy, any Borrowing Base Property except under the terms of the Postal
Lease.   No Postal Lease for any Borrowing Base Property, nor the rents payable thereunder, have been assigned or pledged
to any Person except to Administrative Agent.  As of the Effective Date, the Borrower has delivered to Administrative Agent
true, correct and complete copies of all Postal Leases in effect on the Effective Date.

 

(c) Property
Management Agreements. As of the Effective Date, the Borrower has provided Administrative Agent with a true, correct and complete
copy of the Property Management Agreements, each of which is in full force and effect. To the Borrower’s knowledge, no default
exists under any Property Management Agreement on the part of any party thereto. Schedule 3.05(c) sets forth the Property Management
Agreements in effect as of the Effective Date.

 

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(d) Intellectual
Property. To the extent applicable, each of the Loan Parties owns, or is licensed to use, all trademarks, trade names, copyrights,
patents and other intellectual property material to its business, and the use of any trademarks, trade names, copyrights, patents
and other intellectual property by any Borrower Group Entity does not infringe upon the rights of any other Person, except for
any such failures to own or license to use or infringements that, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect.

 

SECTION 3.06 Litigation and Environmental
Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against
or, to the knowledge of the Borrower, threatened in writing against or affecting any Borrower Group Entity (i) as to which there
is a reasonable possibility of an adverse determination and that could reasonably be expected, individually or in the aggregate,
to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or the Transactions.

 

(b) Except
for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect, no Borrower Group Entity (i) has failed to comply with any Environmental Law
or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become
subject to any Environmental Liability, (iii) has received written notice of any claim with respect to any Environmental Liability
or (iv) knows of any basis for any Environmental Liability.

 

(c) Since
the Effective Date, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has
resulted in a Material Adverse Effect.

 

SECTION 3.07 Compliance with Laws
and Agreements. Each of Borrower Group Entity is in compliance with all laws, regulations and orders of any Governmental Authority
applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where
the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.08 Investment Company Status.
No Borrower Group Entity is required to be registered as an “investment company” as defined in the Investment Company
Act of 1940.

 

SECTION 3.09 Taxes. Each Borrower
Group Entity has timely filed or caused to be filed all federal, state and other tax returns and reports required to have been
filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in
good faith by appropriate proceedings and for which such Borrower Group Entity has set aside on its books adequate reserves or
(b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.10 ERISA; Plan Assets; Prohibited
Transactions.

 

(a) 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.

 

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(b) No
Borrower Group Entity is an entity deemed to hold “plan assets” (within the meaning of the Plan Asset Regulations),
and neither the execution, delivery nor performance of the transactions contemplated under the Loan Documents, including the making
of any Loan hereunder, will give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the
Code that could subject the Administrative Agent and/or the Lenders, on account of any Loan or execution of the Loan Documents
hereunder, to any tax or penalty on prohibited transactions imposed under Section 4975 of the Code or Section 502(i)
of ERISA.

 

SECTION 3.11 Disclosure. No reports,
financial statements, certificates or other written information (other than projections and other forward-looking information and
information of a general economic or industry-specific nature) furnished by or on behalf of the Borrower Group Entities to the
Administrative Agent, on behalf of the Lenders, in connection with the negotiation of this Agreement or delivered hereunder (as
modified or supplemented by other information so furnished) contains any untrue statement of a material fact or omits to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that, with respect to projected financial information, the Borrower represents only that such information was prepared
in good faith based upon assumptions believed to be reasonable at the time (it being understood that any such projected financial
information are not to be viewed as facts, are subject to uncertainties and contingencies, many of which are beyond your control,
and that no assurance can be given that any such projected financial information will be realized and that actual results may differ
from such projected financial information and that such differences may be material).

 

SECTION 3.12 Sanctions Laws and Regulations.
No Loan Party or, to the knowledge of the Borrower, any of their respective directors, officers, brokers or other agents acting
or benefiting in any capacity in connection with this Agreement or any other capital raising transaction involving any Lender,
or any of its Affiliates is a Designated Person.

 

SECTION 3.13 Indebtedness. As
of the Effective Date, no Subsidiary has incurred any Indebtedness other than as permitted under Section 6.01.

 

SECTION 3.14 Capitalization;
Beneficial Ownership. The REIT is the only general partner of the Borrower. As of the Effective Date (a) the only limited
partners of the Borrower are Andrew Spodek, Spodek 2016 Family Trust, Nationwide Postal Management Holdings, Inc., Blaine Willenborg
and Texas Family GP, Inc., (b) except as set forth in the partnership agreement of the Borrower, there are no outstanding Equity
Rights with respect to Equity Interests in the Borrower and (c) there are no outstanding obligations, excluding any Equity Interests,
of any Borrower Group Entity to repurchase, redeem, or otherwise acquire any Equity Interests in any Borrower Group Entity. As
of the Closing Date, the information included in any Beneficial Ownership Certification delivered to Administrative Agent is true
and correct in all respects.

 

SECTION 3.15 Subsidiaries. As
of the Effective Date, set forth on Schedule 3.15 is a complete and correct list of each Person owning direct and indirect Equity
Interests in the Subsidiaries, together with, for each such Person, (i) the jurisdiction of organization of such Person and (ii)
the nature of the ownership interests held by each such Person and (iii) whether such Equity Interests are subject to any Lien
or Negative Pledge (other than the Lien of the Equity Pledge and the Negative Pledge set forth in this Agreement).

 

SECTION 3.16 Real Property. As
of the Effective Date, set forth on Schedule 3.16 is a list of each Real Property owned or leased by each Borrower Group Entity,
indicating in each case whether such Real Property is owned or leased, the identity of the owner or lessee and the location of
such Real Property.

 

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SECTION 3.17 Solvency. On the
Effective Date and after giving effect to the Loans occurring on the Effective Date, and the disbursement of the proceeds of such
Loans pursuant to the Borrower’s instructions, the Borrower is, individually and the Loan Parties, taken as a whole, are
Solvent.

 

SECTION 3.18 No Defaults and Events
of Default. No Default and no Event of Default has occurred and is continuing hereunder.

 

SECTION 3.19 Insurance. Each Real
Property is insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts, with
such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar
properties in localities where such Real Property is located, including, without limitation, flood insurance for any Real Property
that is located in an area that has been identified as an area having special flood hazards.

 

SECTION 3.20 Security
Interests and Liens. The Security Documents create, as security for the Obligations, valid and enforceable, perfected (assuming
that the UCC-1 financing statements required to be filed in connection with the Security Documents are filed in the applicable
filing office as provided by law and all applicable filing fees are paid), first priority security interests in and Liens on all
of the Collateral, in favor of the Administrative Agent as agent for the ratable benefit of the Lenders, and subject to no other
Liens other than Permitted Encumbrances.

 

SECTION 3.21 Executive
Offices; Places of Organization. As of the Effective Date, the principal offices, chief executive offices and principal places
of business of the Borrower Group Entities are located at 75 Columbia Avenue, Cedarhurst, New York 11516.

 

SECTION 3.22 Securities
Act. No Borrower Group Entity has issued any unregistered securities in violation of the registration requirements of Section 5
of the Securities Act of 1933 (as amended from time to time) or any other law, nor are they in violation of any rule, regulation
or requirement under such act, or the Securities Exchange Act of 1934 (as amended from time to time). No Borrower Group Entity
is required to qualify an indenture under the Trust Indenture Act of 1939 (as amended from time to time) in connection with its
execution and delivery of this Agreement or the incurrence of Indebtedness hereunder.

 

SECTION 3.23 Brokers.
No Borrower Group Entity has dealt with any broker or finder with respect to the Transactions or otherwise in connection with this
Agreement.

 

SECTION 3.24 Anti-Corruption.
Each Borrower Group Entity, each director, officer and, to the knowledge of the Borrower, employee, agent and Affiliate thereof,
is in compliance in all material respects with all Anti-Corruption Laws.

 

ARTICLE
IV

Conditions

 

SECTION 4.01 Effective Date. The
obligations of the Lenders to make Loans hereunder shall not become effective until the date on which each of the following conditions
is satisfied (or waived in accordance with Section 9.02):

 

(a) Administrative
Agent shall have received an original counterpart of each Loan Document signed on behalf of each Loan Party that is a party thereto.

 

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(b) Administrative
Agent shall have received a customary written opinion letter (addressed to the Administrative Agent and the Lenders and dated the
Effective Date) of Hunton Andrews Kurth LLP and/or such other counsel reasonably acceptable to Administrative Agent, in form and
substance acceptable to the Administrative Agent, and covering the Loan Parties.

 

(c) Administrative
Agent shall have received copies of (i) the formation documents for each Borrower Group Entity, certified by the Secretary of State
of the state of formation of such Borrower Group Entity, (ii) the other Organizational Documents for each Borrower Group Entity,
(iii) a certificate of good standing for each Borrower Group Entity, certified by the Secretary of State of the state of formation
of such Borrower Group Entity, (iv) a certificate or certificates of authority to do business for each Borrower Group Entity, certified
by the Secretary of State of each state in which such Borrower Group Entity owns Real Property and (v) the applicable resolutions
authorizing the delivery of the Loan Documents by each Loan Party, in each case, certified by the Secretary, an Assistant Secretary
or another authorized officer of such Loan Party (or if such Person is a limited partnership or limited liability company, an authorized
representative of its general partner or manager or managing member) as of the date of this Agreement as being accurate and complete,
all in form and substance satisfactory to the Administrative Agent.

 

(d) Administrative
Agent shall have received a duly completed Compliance Certificate, dated the Effective Date, confirming compliance with the conditions
set forth in Section 4.02 and the financial covenants set forth in Section 6.07 after giving effect to the Transactions to occur
on the Effective Date.

 

(e) Administrative
Agent shall have received copies of all executed Postal Leases at the Borrowing Base Properties, which Postal Leases shall be in
form and substance acceptable to Administrative Agent.

 

(f) Administrative
Agent shall have received copies of the insurance certificates evidencing the existence of all insurance required to be maintained
by the Real Properties pursuant to Section 5.05 (or waiver of any non-conforming insurance) and the designation of the Administrative
Agent as the loss payee or additional insured, as the case may be, thereunder.

 

(g) Administrative
Agent shall have completed its review of all lien, judgment, bankruptcy, litigation, tax and UCC searches, and all background checks
with respect to the Borrower Group Entities, and each of the foregoing shall be satisfactory to Administrative Agent.

 

(h) Administrative
Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent
invoiced, reimbursement or payment of all expenses required to be reimbursed or paid by the Borrower hereunder.

 

(i) Borrower
shall have delivered a Beneficial Ownership Certification in relation to Borrower.

 

(j) Administrative
Agent and its attorneys, accountants and advisors shall have completed their respective due diligence to the satisfaction of Administrative
Agent.

 

(k) Administrative
Agent shall be satisfied that the Borrower Group Entities and the Real Properties are in compliance with all laws, rules, regulations
and orders of any Governmental Authority applicable to it and that the Borrower Group Entities have obtained all licenses and approvals
required to own and operate the Real Properties.

 

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(l) Administrative
Agent shall have determined that no material adverse change shall have occurred in or affecting the business, assets, operations
or financial condition of the Loan Parties, taken as a whole.

 

(m) For
each Real Property to be included as a Borrowing Base Property as of the Effective Date, Administrative Agent shall be satisfied
that the conditions hereunder to including such Real Property as a Borrowing Base Property have been satisfied.

 

(n) Administrative
Agent shall have received a projection model for the Borrower Group Entities, including a pro forma balance sheet for the Consolidated
Entities as of the Effective Date, all in form and substance satisfactory to Administrative Agent.

 

(o) Administrative
Agent shall be satisfied with the documents governing the initial public offering for the REIT that have been delivered by the
Borrower.

 

(p) Administrative
Agent shall be satisfied that there are no actions, suits or proceedings by or before any arbitrator or Governmental Authority
pending against any Borrower Group Entity (i) as to which there is a reasonable possibility of an adverse determination and that,
if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect
(other than the Disclosed Matters) or (ii) that involve this Agreement or the Transactions.

 

SECTION 4.02 Each Credit Event.
The obligation of each Lender to make a Loan is subject to the satisfaction of the following conditions:

 

(a) the
representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects (or,
if any such representation or warranty is already qualified by materiality or material effect, then such representation or warranty
shall be true and correct in all respects taking into account such qualification) on and as of the date of such Loan (except that
if any such representation and warranty expressly relates to an earlier date, then such representation and warranty shall be true
and correct in all material respects as of such earlier date (or, if any such representation or warranty is already qualified by
materiality or material effect, then such representation or warranty shall be true and correct in all respects as of such earlier
date taking into account such qualification)), as applicable;

 

(b) at
the time of and immediately after giving effect to such Loan, no Default and no Event of Default shall have occurred and be continuing;

 

(c) the
Loans being requested will be used for an Approved Purpose; and

 

(d) Administrative
Agent shall have received (i) a duly completed Property Worksheet dated as of the date of delivery of the applicable Borrowing
Request, (ii) a supplement to the then most recent Compliance Certificate delivered to the Administrative Agent pursuant to this
Agreement, which supplement shall reasonably demonstrate, on a pro forma basis, compliance with the financial covenants set forth
in Section 6.07 and shall be executed by a Financial Officer and dated as of the date of delivery of the applicable Borrowing Request
and (iii) a duly completed Borrowing Base Certificate dated as of the date of delivery of the applicable Borrowing Request and
based on then most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to this Agreement, but updated
if and to the extent required to reflect acquisitions and dispositions of Real Properties (including any acquisition to be made
with the proceeds of such Loan) and any Loans made (including the Loan to be made contemporaneously with the delivery of such certificate)
since such Borrowing Base Certificate was delivered, which updates shall be shown in the Property Worksheet.

 

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Each making of a Loan shall be deemed to constitute
a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a), (b) and (c) of
this Section.

 

ARTICLE
V

Affirmative Covenants

 

Until the Commitments have expired or been
terminated and the Obligations (other than unasserted contingent obligations) shall have been paid in full, the Borrower covenants
and agrees with the Lenders that:

 

SECTION 5.01 Financial Statements;
Ratings Change and Other Information. The Borrower shall furnish to the Administrative Agent (for distribution to the Lenders):

 

(a) within
ninety (90) days after the end of each calendar year, commencing with the calendar year ending December 31, 2019, a consolidated
balance sheet of the Consolidated Entities as at the last day of such calendar year, and consolidated statements of income, changes
in equity and of cash flows of the Consolidated Entities for such calendar year, each prepared in accordance with GAAP, in reasonable
detail, and audited by BDO USA LLP or other independent certified public accountant of national standing or otherwise reasonably
satisfactory to the Administrative Agent, together with any management letters of BDO USA LLP or such other independent certified
public account addressed to any of the Consolidated Entities;

 

(b) within
sixty (60) days after the end of each of the first three calendar quarters of each calendar year, commencing with the calendar
quarter ending September 30, 2019, a consolidated balance sheet of the Consolidated Entities as at the last day of such calendar
quarter, and consolidated statements of income, changes in equity and of cash flows of the Consolidated Entities for such calendar
quarter, prepared in accordance with GAAP (except for the omission of notes and subject to year-end adjustments);

 

(c) within
sixty (60) days after the end of each calendar year, commencing with the calendar year ending December 31, 2019, an annual consolidated
operating budget for such calendar year with respect to all Real Properties and presented on a monthly basis, certified as true
and complete by a Financial Officer;

 

(d) within
sixty (60) days after the end of the first three calendar quarters of each calendar year, commencing with the calendar quarter
ending September 30, 2019, and within ninety (90) days after the end of each calendar year, commencing with the calendar year ending
December 31, 2019, (i) a duly completed Compliance Certificate and Borrowing Base Certificate, in each case, for the period then
ending and (ii) a duly completed Property Worksheet as of the last day of such calendar quarter or calendar year, as applicable;
and

 

(e) promptly
following any request therefor, such other information regarding the operations, business affairs and financial condition of one
or more of the Consolidated Entities (including but not limited to Property Financial Statements), or compliance with the terms
of this Agreement, or the ownership and organizational structure of the Consolidated Entities (other than ownership of the REIT)
as the Administrative Agent may reasonably request.

 

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SECTION 5.02 Notices of Material Events.
The Borrower shall furnish to the Administrative Agent (for itself and on behalf of the Lenders), upon obtaining actual knowledge
thereof, prompt written notice of the following:

 

(a) the
occurrence of any Event of Default or any Default;

 

(b) the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
any Borrower Group Entity that 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 any liability of any Borrower Group Entity;

 

(d) the
assertion in writing of a claim of any Environmental Liability by any Person against, or with respect to any activities of, any
Borrower Group Entity, and any written alleged violation of or non-compliance by or on behalf of any Borrower Group Entity with
any Environmental Laws or any permits, licenses or authorizations, other than any claim of Environmental Liability or alleged violation
that could not (both individually and in the aggregate) reasonably be expected to result in a Material Adverse Effect;

 

(e) the
acquisition or Disposition of any Real Property or the occurrence of any Disqualification Event, together with (i) a description
of such event in reasonable detail and (ii) such other materials reasonably requested by the Administrative Agent;

 

(f) the
occurrence of any Event of Loss aggregating $1,000,000 or more;

 

(g) any
material change in accounting policies or financial reporting practices by any of the Consolidated Entities;

 

(h) the
creation or acquisition of a Subsidiary;

 

(i) any
change in the information provided in any Beneficial Ownership Certification that would result in a change to the list of beneficial
owners identified in parts (c) or (d) of such certification; and

 

(j) any
event or development that has resulted 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 Financial Officer or other executive officer of 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; Conduct of
Business. The Borrower shall, and shall cause each Borrower Group Entity to, do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises
necessary for the conduct of its business except, in each case (other than in the case of the maintenance of existence of each
Loan Party), where the failure to do so could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing
shall not prohibit any merger, consolidation, liquidation or dissolution not prohibited by Section 6.03 or any disposition not
prohibited by Section 6.13.

 

SECTION 5.04 Payment of Obligations.
The Borrower shall, and shall cause each Borrower Group Entity to, pay its obligations, including Tax liabilities, that, if not
paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity
or amount thereof is being contested in good faith by appropriate proceedings, (b) such Borrower Group Entity has set aside on
its books adequate reserves with respect thereto in accordance GAAP and (c) the failure to make payment pending such contest could
not reasonably be expected to result in a Material Adverse Effect.

 

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SECTION 5.05 Maintenance of Properties;
Insurance.

 

(a) Except
to the extent required to be complied with by the tenant under a Postal Lease, the Borrower shall, and shall cause each of the
Borrower Group Entities to, keep and maintain Real Property in good working order and condition, ordinary wear and tear and casualty
losses excepted and make all necessary repairs thereto and renewals and replacements thereof, except, in each case, where the failure
to do so could not reasonably be expected to have a Material Adverse Effect.

 

(b) Except
to the extent required to be complied with by the tenant under a Postal Lease, the Borrower shall, and shall cause each Borrower
Group Entity to, insure the Real Properties with financially sound and reputable insurance companies not Affiliates of the Borrower,
in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses
and owning similar properties in localities where such Real Property is located.

 

SECTION 5.06 Books and Records; Inspection
Rights. The Borrower shall, and shall cause each of the Borrower Group Entities to, keep proper books of record and account
in which full, true and correct, in all material respects, entries are made of all dealings and transactions in relation to its
business and activities. The Borrower shall, and shall cause each of the Borrower Group Entities to, permit any representatives
designated by the Administrative Agent or any Lender (provided that, at Borrower’s request, the Administrative Agent or such
Lender must be accompanied by a representative of Borrower), upon reasonable prior notice and subject to the rights of tenants
on such properties, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss
its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as
reasonably requested; provided, that so long as no Event of Default shall have occurred and be continuing, only one such visit
per calendar year by the Administrative Agent or any Lender (or their representatives) shall be at the expense of the Borrower.
Notwithstanding anything to the contrary in this Section 5.06, no Borrower Group Entity will be required to disclose or permit
the inspection or discussion of, any document, information or other matter (i) in respect of which disclosure to the Administrative
Agent or any Lender (or their respective representatives or contractors) would be in breach of any confidentiality obligations,
fiduciary duty or law or (ii) that is subject to attorney client or similar privilege or constitutes attorney work product; provided
that in the event that a Borrower Group Entity does not provide information in reliance on the exclusions in this sentence, it
shall use its commercially reasonable efforts to communicate, to the extent permitted, the applicable information in a way that
would not violate such restrictions.

 

SECTION 5.07 Compliance with Laws.
The Borrower shall, and shall cause each of the Borrower Group Entities to comply with, or cause the applicable tenant to comply
with, all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the
failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The
Borrower shall, and shall cause the Borrower Group Entities to, obtain and maintain in full force and effect all certifications,
permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits, required for the
legal use, occupancy and operation of the Borrowing Base Properties for their intended use, except to the extent that the failure
of the same to be obtained or to remain in full force and effect does not, individually or in the aggregate, have a Material Adverse
Effect.

 

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SECTION 5.08 Use of Proceeds.
The proceeds of the Loans shall be used only for Approved Purposes. No part of the proceeds of any Loan shall be used, whether
directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations
T, U and X.

 

SECTION 5.09 Reserved.

 

SECTION 5.10 Further Assurances.
The Borrower shall, and shall cause each of the other Borrower Group Entities to, promptly upon request by the Administrative Agent
or the Required Lenders, execute any and all further documents, agreements and instruments, and take all such further actions which
may be required under any Applicable Law, or which either the Administrative Agent or the Required Lenders may reasonably request,
to effectuate the Transactions, the reasonable expenses of which shall be paid by the Borrower.

 

SECTION 5.11 Reserved.

 

SECTION 5.12 Environmental Laws.
The Borrower shall, and shall cause each of the Borrower Group Entities to, keep and maintain all Real Properties in compliance
with all Environmental Laws, except where the failure could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 5.13 Collateral Matters; Operating
Account.

 

(a) The
Borrower shall cause all of the Collateral to, in each case, be subject at all times to first priority, perfected Liens in favor
of the Administrative Agent to secure the Obligations pursuant to the terms and conditions of the Security Documents.

 

(b) [reserved]

 

(c) Within
one hundred eighty (180) days following the Effective Date (with respect to each initial Borrowing Base Property) and, thereafter,
within sixty (60) days following the addition of a Borrowing Base Property pursuant to Section 2.05, the Borrower shall cause the
tenant of each Borrowing Base Property to deposit into the Operating Account all rents and other fees payable pursuant to the applicable
Postal Lease relating to such Borrowing Base Property. To facilitate the foregoing, within the applicable time periods noted in
the immediately preceding sentence, the Borrower shall, and shall cause each other Borrowing Base Entity to, deliver Tenant Direction
Notices to tenants under Postal Leases of the Borrowing Base Properties. Without limiting the foregoing, to the extent that any
Borrower Group Entity receives revenue generated by a Borrowing Base Property, Borrower shall, or shall cause such Borrower Group
Entity (if not the Borrower) to, promptly deposit such revenue into the Operating Account. So long as no Event of Default exists,
sums on deposit in the Operating Account shall be available to the REIT for the payment of operating expenses of the Borrowing
Base Properties, for corporate general and administrative expenses and for dividends to the extent necessary for the REIT to maintain
its qualification as a “real estate investment trust” under Sections 856 through 860 of the Code, and for avoiding,
to the extent possible, the imposition of income tax under Section 857(b) of the Code and the imposition of excise tax under Section
4981 of the Code (the payment of such amounts, collectively, the “Permitted Payments”) and for any other
purpose not prohibited under the Loan Documents; provided, however, (x) during the continuance of an Event of Default (other than
a payment Event of Default or an Event of Default arising out of a Bankruptcy Event) but prior to the acceleration of the Maturity
Date by Administrative Agent in connection with its exercise of remedies hereunder or under any Loan Document, the Borrower shall
be entitled to receive disbursements of sums on deposit in the Operating Account to make Permitted Payments following delivery
to Administrative Agent of a requisition therefor, together with invoices or other reasonable backup establishing that such Permitted
Payments are then due and payable (it being agreed that following the making of such Permitted Payments with such disbursements,
at Administrative Agent’s request, the Borrower shall provide Administrative Agent with evidence reasonably satisfactory
to Administrative Agent that such disbursements were used for the purpose for which they were requisitioned) and (y) during the
continuance of a payment Event of Default, an Event of Default arising out of a Bankruptcy Event or following acceleration of the
Maturity Date by Administrative Agent in connection with its exercise of remedies hereunder or under any Loan Document, sums on
deposit in the Operating Account shall no longer be available to the REIT for any purpose and Administrative Agent shall have the
right, in its sole and absolute discretion, to apply such sums to repayment of amounts owing in respect of the Obligations or payment
of expenses in respect of the ownership and operation of any Real Property. Subject to the foregoing, following the occurrence
and during the continuance of an Event of Default, amounts on deposit in the Operating Account shall be subject to the sole dominion
and control of Administrative Agent.

 

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(d) As
security for payment and performance of the Obligations, the Borrower hereby pledges and assigns to the Administrative Agent on
behalf of the Lenders, and grants to the Administrative Agent (on behalf of the Lenders) a security interest in, all the Borrower’s
right, title and interest in and to the Operating Account and in and to all payments to or monies held in the Operating Account.
The Borrower shall not, without obtaining the prior express written consent of the Administrative Agent, further pledge, assign
or grant any security interest in the Operating Account, or permit any Lien to attach thereto, or any levy to be made thereon,
or authorize any UCC financing statements, except those naming the Administrative Agent as the secured party, to be filed with
respect thereto. This Agreement is, among other things, intended by the parties to be a security agreement for purposes of the
Uniform Commercial Code. Upon repayment in full of the Obligations and expiration or termination of the Commitments, all remaining
funds held in the Operating Account shall be promptly disbursed to the Borrower.

 

SECTION 5.14 Accounts. The Borrower
shall cause all deposit accounts of each Borrower Group Entity related to the Borrowing Base Properties, including operating, lease
security and property management accounts, to be held with People’s United Bank, National Association.

 

SECTION 5.15 Single Purpose. The
Borrower shall cause each Subsidiary Guarantor to maintain itself as a Single Purpose Entity.

 

ARTICLE
VI

Negative Covenants

 

Until the Commitments have expired or been
terminated and the Obligations (other than unasserted contingent obligations) shall have been paid in full, the Borrower covenants
and agrees with the Lenders that:

 

SECTION 6.01 Indebtedness. The
Borrower shall not, nor shall it permit any other Borrower Group Entity to, create, incur, assume or permit to exist any Indebtedness,
except:

 

(a) Indebtedness
created under the Loan Documents;

 

(b) any
Subsidiary may incur (x) Indebtedness secured by any Non-Borrowing Base Property (or, solely to the extent such Subsidiary is not
a Loan Party, the Equity Interests of such Subsidiary) or (y) unsecured Indebtedness to finance the acquisition of a Non-Borrowing
Base Property, and any refinancings thereof;

 

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(c) Guarantees
by the Borrower of Indebtedness of any Subsidiary, by the REIT of Indebtedness of the Borrower or any Subsidiary, and by any Subsidiary
of Indebtedness of the Borrower or any other Subsidiary;

 

(d) trade
payables and accrued expenses incurred in the ordinary course of business that are not outstanding for more than ninety (90) days
from the date such amounts are due and payable, provided such ninety (90) day limitation shall not apply for any such payable or
expense that is less than $10,000, individually, or otherwise being contested in good faith;

 

(e) the
Indebtedness existing as of the Effective Date that is set forth on Schedule 6.01, and any refinancings thereof;

 

(f) obligations
(contingent or otherwise) existing or arising under any Swap Agreement entered into for the purpose of mitigating risks associated
with fluctuation in interest rates (including both fixed to floating and floating to fixed contracts), foreign exchange rates or
commodity price fluctuations in a non-speculative manner;

 

(g) (i)
Capital Leases and (ii) Indebtedness secured by purchase money Liens, in an aggregate outstanding principal amount for clauses
(i) and (ii) on a combined basis not to exceed $5,000,000 at any time;

 

(h) Indebtedness
in respect of netting services, overdraft protections and otherwise in connection with deposit accounts, commercial credit cards,
stored value cards, purchasing cards and treasury management services, including any obligations pursuant to agreements to provide
cash management services, and other netting services, overdraft protections, automated clearing-house arrangements, employee credit
card programs, controlled disbursement, ACH transactions, return items, interstate depository network service, Society for Worldwide
Interbank Financial Telecommunication transfers, cash pooling and operational foreign exchange management, and in each case, similar
arrangements and otherwise in connection with cash management, including cash management arrangements among the Borrower and its
Subsidiaries;

 

(i) contractual
indemnity obligations entered into in the ordinary course of business; and

 

(j) other
additional Indebtedness (and refinancings thereof) of any Borrower Group Entity that is not a Loan Party.

 

SECTION 6.02 Liens. The Borrower
will not, and will not permit any of the Loan Parties to, create, incur, assume or permit to exist any Lien on all or any portion
of the Collateral or any proceeds therefrom, except Permitted Encumbrances.

 

SECTION 6.03 Fundamental Changes.

 

(a) The
Borrower shall not, nor shall it permit any other Borrower Group Entity to, directly or indirectly, merge, dissolve, liquidate,
consolidate with or into another Person, or effect a disposition (whether in one transaction or in a series of transactions) of
all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except (i) any Disposition
of any Real Property that is a Permitted Disposition, (ii) mergers, consolidations and combinations of any Borrower Group Entity
(other than the REIT) with another Borrower Group Entity (other than the REIT), provided that (A) if the Borrower is a party to
such transaction, then the Borrower is the surviving Person and (B) otherwise, if a Subsidiary Guarantor is a party to such transaction,
then a Subsidiary Guarantor is the surviving Person, (iii) Permitted Acquisitions and (iv) Permitted Dispositions of Equity Interests
in Subsidiaries which are not Loan Parties.

 

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(b) The
Borrower shall not, nor shall it permit any other Borrower Group Entity to, engage in any business other than businesses of the
type conducted by the Borrower Group Entities on the Effective Date and businesses reasonably related thereto, ancillary thereto
or reasonable extensions thereof.

 

(c) Except
as disclosed to the Administrative Agent in writing prior to the Effective Date with respect to the Special Subsidiaries, the Borrower
shall not effect any change in (i) the Borrower’s legal name, (ii) the location of the Borrower’s chief executive office
or principal place of business, (iii) the Borrower’s identity or organizational structure, (iv) the Borrower’s Federal
Taxpayer Identification Number or organizational identification number, if any, or (v) the Borrower’s jurisdiction of organization
(in each case, including by merging with or into any other Person, reorganizing, dissolving, liquidating, reorganizing or organizing
in any other jurisdiction), until (without limiting any of the provisions of this Agreement) (A) it shall have given the Administrative
Agent not less than thirty (30) days’ prior written notice, or such lesser notice period agreed to by the Administrative
Agent, of its intention so to do, clearly describing such change and providing such other information in connection therewith as
the Administrative Agent may reasonably request and (B) it shall promptly take all action reasonably requested by the Administrative
Agent to maintain the perfection and priority of the security interest of the Administrative Agent in the Collateral.

 

SECTION 6.04 Investments,
Loans, Advances, Guarantees and Acquisitions. The Borrower shall not, nor shall it permit any other Borrower Group Entity to,
make or permit to remain outstanding any Investments except:

 

(a) Investments
in Real Properties (including fee interests and leases), Real Estate Assets, Equity Interests of owners of Real Properties and
Real Estate Assets, and operating deposit accounts with banks in connection therewith;

 

(b) with
respect to the Borrower and/or the REIT only, marketable securities available for sale;

 

(c) Investments
in Cash and Cash Equivalents;

 

(d) Investments
in (i) another Borrower Group Entity, provided that no more than $5,000,000 of cash Investments in Borrower Group Entities under
this clause (i) that are not Loan Parties can be outstanding at any time and (ii) the Property Manager in the ordinary course of
business;

 

(e) Permitted
Acquisitions;

 

(f) Subject
to the limitations imposed by Section 6.04(d), Investments in the form of Guarantees permitted under Section 6.01;

 

(g) Investments
in the form of promissory notes held by, and owing to, a Borrower Group Entity on account of deferred purchase price obligations
owing to such Borrower Group Entity on account of a Disposition of Real Property permitted hereunder; and

 

(h) Investments
consisting of loans and advances to officers, directors and employees for business-related travel expenses, moving expenses, payroll
expenses and other similar expenses, in each case incurred in the ordinary course of business or consistent with past practices
or to fund such Person’s purchase of Equity Interests in the REIT.

 

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SECTION 6.05 Swap Agreements.
The Borrower shall not, nor shall it permit any other Borrower Group Entity to, enter into any Swap Agreement, except Swap Agreements
entered into for non-speculative purposes; provided that such Swap Agreements do not cause non-compliance with the financial covenants
set forth in Section 6.07 or cause a Borrowing Base Property to fail to meet the criteria for an Eligible Property.

 

SECTION 6.06 Restricted Payments.
The Borrower shall not, nor shall it permit any other Borrower Group Entity to, declare or make, directly or indirectly, any Restricted
Payment if there has occurred an Event of Default; provided, however, (a) in no event (including under the circumstances
described in the immediately succeeding clause (b)) shall any Borrower Group Entity declare or make, directly or indirectly, any
Restricted Payment that would violate the financial covenants set forth in Section 6.07(e); (b) if an Event of Default has occurred,
then the REIT may nevertheless declare or make, directly or indirectly, Restricted Payments to the extent necessary for the REIT
to (i) maintain its qualification as a “real estate investment trust” under Sections 856 through 860 of the Code and
(ii) avoid, to the extent possible, the imposition of income tax under Section 857(b) of the Code and the imposition of excise
tax under Section 4981 of the Code, but only so long as an acceleration of the Maturity Date by Administrative Agent in connection
with its exercise of remedies hereunder or under any Loan Document has not occurred, and, if no such acceleration has occurred,
then only if such Event of Default is not a payment Event of Default and not an Event of Default arising out of a Bankruptcy Event;
(c) any Borrower Group Entity (other than the REIT) may declare and make any Restricted Payment to any other Borrower Group Entity;
and (d) any Borrower Group Entity may pay any dividend or distribution within sixty (60) days after the date of declaration thereof,
if at the date of declaration such payment would have complied with the provisions of this Agreement.

 

SECTION 6.07 Certain Financial Covenants.
Notwithstanding anything to the contrary contained in this Agreement, the Borrower shall not permit:

 

(a) Maximum
Consolidated Secured Indebtedness Ratio. The Consolidated Secured Indebtedness Ratio to exceed forty percent (40%) as of the
last day of each calendar quarter.

 

(b) Maximum
Consolidated Leverage Ratio. The Consolidated Leverage Ratio to exceed sixty percent (60%) as of the last day of each calendar
quarter.

 

(c) Minimum
Consolidated Fixed Charge Coverage Ratio. The Consolidated Fixed Charge Coverage Ratio to be less 1.50 to 1.00 as of the last
day of each calendar quarter.

 

(d) Minimum
Consolidated Tangible Net Worth. The Consolidated Tangible Net Worth to be less than (i) as of the last day of each calendar
quarter ending September 30, 2019 and December 31, 2019, $50,000,000 and (ii) as of the last day of the calendar quarter ending
March 31, 2020 and the last day of each calendar quarter thereafter, the sum of (x) $75,000,000 plus (y) seventy-five percent (75%)
of the aggregate net proceeds received by any Borrower Group Entity in connection with any offering of Equity Interests in the
REIT after the Effective Date.

 

(e) Maximum
Dividend Payout Ratio. The Maximum Dividend Payout Ratio to exceed ninety-five percent (95%) unless, so long as no Event of
Default has occurred and is continuing, a higher Maximum Dividend Payout Ratio is necessary for the REIT to maintain its status
as a “real estate investment trust” under the Code; provided, that if the REIT issues any public Equity Interests
through an offering of Equity Interests at any time while the Obligations are unpaid or the Commitments have not been terminated
or expired, the Maximum Dividend Payout Ratio shall not be tested for both the calendar quarter in which such issuance of Equity
Interest is made and the immediately following calendar quarter.

 

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(f) Maximum
Consolidated Unsecured Leverage Ratio. The Consolidated Unsecured Leverage Ratio to exceed sixty percent (60%) as of the last
day of each calendar quarter.

 

(g) Minimum
Debt Service Coverage Ratio. The Consolidated Debt Service Coverage Ratio to be less than 1.75:1.00 as of the last day of each
calendar quarter based on the preceding three (3) month period ending on such day.

 

SECTION 6.08 Transactions with Affiliates.
Except as set forth on Schedule 6.08 attached hereto, the Borrower shall not, nor shall it permit any other Borrower Group Entity
to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets
from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business
at prices and on terms and conditions not less favorable to such Borrower Group Entity than could be obtained on an arm’s-length
basis from unrelated third parties and (b) transactions between or among the Borrowing Base Entities.

 

SECTION 6.09 Restrictive Agreements.
The Borrower shall not, nor shall it permit any other Borrower Group Entity to, directly or indirectly, enter into, incur or permit
to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon the ability of any Borrower
Group Entity to create, incur or permit to exist any Lien upon any Real Property or Equity Interests in any Borrower Group Entity;
provided that the foregoing shall not apply to (a) restrictions and conditions imposed by law or by the Loan Documents,
(b) restrictions and conditions applicable solely to a Non-Borrowing Base Property or Equity Interests in a Subsidiary that is
not a Loan Party which are contained in documents evidencing mortgage Indebtedness relating to such Non-Borrowing Base Property
that is permitted hereunder, (c) customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary
pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted
hereunder, (d) customary provisions in leases and other contracts restricting the assignment thereof and (e) provisions conditioning
a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios so long as such provision
does not generally prohibit the encumbrance of such Person’s assets or the encumbrance of specific assets.

 

SECTION 6.10 Sanctions Laws and Regulations.

 

(a) The
Borrower shall not, nor shall it permit any other Borrower Group Entity to, directly or indirectly, use the proceeds of the Loans,
or lend, contribute or otherwise make available such proceeds to any Person (i) to fund any activities or business of or with any
Designated Person, or in any country or territory, that at the time of such funding is the subject of any sanctions under any Sanctions
Laws and Regulations, or (ii) in any other manner that would result in a violation of any Sanctions Laws and Regulations by any
Borrower Group Entity.

 

(b) None
of the funds or assets of any Loan Party that are used to pay any amount due pursuant to this Agreement shall constitute funds
obtained from transactions with or relating to Designated Persons or countries which are the subject of sanctions under any Sanctions
Laws and Regulations.

 

SECTION 6.11 Organizational Documents.
Without the prior written consent of Administrative Agent, the Borrower shall not, nor shall it permit any other Borrower Group
Entity to, modify any of the terms or provisions in its Organizational Documents, except: (a) modifications necessary to clarify
existing provisions of such Organizational Documents; (b) modifications which would have no material adverse, substantive effect
on the rights or interests of the Administrative Agent and the Lenders in conjunction with the Loans or under the Loan Documents
and (c) modifications in connection with mergers, consolidations, Investments, Permitted Dispositions and other transactions not
otherwise prohibited by the other provisions of this Agreement.

 

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SECTION 6.12 Fiscal Year. None
of the Loan Parties will change its fiscal year for accounting or tax purposes from a period consisting of the twelve (12)-month
period ending on December 31 of each calendar year.

 

SECTION 6.13 Dispositions. The
Borrower shall not, nor shall it permit any other Borrower Group Entity to, allow any Disposition to occur except for Permitted
Dispositions and any merger, consolidation, sale, liquidation or dissolution not prohibited by Section 6.03. Notwithstanding anything
to contrary contained in this Agreement, no consent of the Administrative Agent or the Lenders shall be required with respect to
Permitted Dispositions and Permitted Dispositions themselves shall not constitute an Event of Default.

 

SECTION 6.14 Reserved.

 

SECTION 6.15 Accounting. The Borrower
shall not, nor shall it permit any other Borrower Group Entity to, make any material change in accounting policies or reporting
practices, except as required or permitted by GAAP, FASB, the Securities and Exchange Commission or another Governmental Authority.

 

SECTION 6.16 Sale Leasebacks.
The Borrower shall not, nor shall it permit any other Borrower Group Entity to, enter into any sale and leaseback transaction with
respect to any Real Property, other than as the purchaser-lessor at the time of the acquisition thereof.

 

SECTION 6.17 Reserved.

 

SECTION 6.18 Reserved.

 

SECTION 6.19 Anti-Corruption.
The Borrower shall not request any Borrowing, and no Borrower Group Entity shall use the proceeds of any Borrowing, in furtherance
of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person
in violation of any Anti-Corruption Laws.

 

SECTION 6.20 ERISA. Neither the
REIT nor the Borrower shall take any action, or omit to take any action, which would (a) cause the assets of any Borrower Group
Entity to constitute “plan assets” of any plan subject to Title I of ERISA for purposes of ERISA or the Code, or (b)
cause the Transactions to be a non-exempt prohibited transaction (as such term is defined in Section 4975 of the Code or Section 406
of ERISA) that could subject the Administrative Agent and/or the Lenders, on account of any Loan or execution of the Loan Documents
hereunder, to any tax or penalty on prohibited transactions imposed under Section 4975 of the Code or Section 502(i)
of ERISA.

 

ARTICLE
VII

Events of Default

 

If any of the following events (“Events
of Default”) shall occur:

 

(a) the
Borrower shall fail to pay any scheduled principal of any Loan as and when the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof or otherwise;

 

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(b) the
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause
(a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue
unremedied for a period of five (5) days;

 

(c) any
representation or warranty made or deemed made by or on behalf of the Borrower or other Loan Party in or in connection with this
Agreement or any other Loan Document or any amendment or modification hereof or waiver hereunder, or in any report, certificate,
financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification
hereof or waiver hereunder, shall prove to have been incorrect in any material respect when made or deemed made;

 

(d) the
Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect to
the existence of the Loan Parties) or 5.08 or in Article VI (other than Section 6.07);

 

(e) the
Borrower shall fail to comply with any of the financial covenants set forth in Section 6.07; provided, however, if
prepaying a portion of the outstanding principal amount of the Loans in accordance with this Agreement and/or delivering to the
Administrative Agent for the benefit of the Lenders additional collateral acceptable to the Administrative Agent would bring the
Borrower into compliance with the financial covenants set forth in Section 6.07 that the Borrower failed to comply with, such failure
shall not be an Event of Default hereunder so long as within thirty (30) days after the Borrower becomes aware of such failure,
Borrower makes such prepayment of the Loans and/or delivers such additional collateral to the Administrative Agent for the benefit
of the Lenders, in the aggregate amount reasonably determined by Administrative Agent to result in compliance with the failed financial
covenant;

 

(f) any
Loan Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document to which it is
a party (other than those specified in clause (a), (b), (c), (d) or (e) of this Article), and such failure shall continue unremedied
for a period of thirty (30) days after the Borrower becomes aware of such failure; provided that if such failure cannot be remedied
within such thirty (30)-day period and such failure is susceptible of remedy and such Loan Party is proceeding with diligence and
in good faith to remedy such failure, then such thirty (30)-day cure period shall be extended for an additional sixty (60) days;

 

(g) any
event or condition occurs that results in any Material Indebtedness (other than Non-Recourse Indebtedness) becoming due prior to
its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder
or holders of any such Material Indebtedness or any trustee or agent on its or their behalf to cause any such Material Indebtedness
to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity;

 

(h) an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of one or more Loan Parties or its debts, or of a substantial part of its assets, under any Federal, state
or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for the Borrower or any other Loan Party or for a substantial
part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order
or decree approving or ordering any of the foregoing shall be entered;

 

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(i) one
or more Loan Parties shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or
other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described
in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for the Borrower or any other Loan Party or for a substantial part of its assets, (iv) file an answer admitting
the material allegations of a petition filed against it in any such proceeding, or (v) make a general assignment for the benefit
of creditors;

 

(j) one
or more Loan Parties shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

 

(k) one
or more judgments for the payment of money in an aggregate amount in excess of $1,000,000 shall be rendered against one or more
of the Borrower Group Entities and the same shall remain undischarged for a period of sixty (60) consecutive days during which
execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any
Borrower Group Entity to enforce any such judgment;

 

(l) an
ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected
to result in a Material Adverse Effect;

 

(m) [reserved];

 

(n) [reserved];

 

(o) a
Change in Control shall occur, unless such Change in Control is approved in advance by the Lenders;

 

(p) any
Loan Party shall be terminated, dissolved or liquidated (as a matter of law or otherwise) or proceedings shall be commenced by
any Loan Party seeking its termination, dissolution or liquidation;

 

(q) any
Guarantor shall (i) rescind or revoke its obligations under any Loan Document to which it is a party, with respect to future transactions
or otherwise, or (ii) at any time fail to make a payment pursuant to the terms of, or otherwise breach the obligations of, Section
2 of the Guaranty; or

 

(r) 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 (on behalf of the Lenders), free and clear of all other Liens (other than Permitted Encumbrances),
or, except for expiration in accordance with its terms or release in accordance with the terms of the Loan Documents, 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 any Borrower Group Entity;

 

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then, and in every such event (other than
an event with respect to a Loan Party described in clause (h) or (i) 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 (other
than the Specified Swap Obligations) of the Borrower accrued hereunder, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect
to the Borrower described in clause (h) or (i) 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 or otherwise of any kind, all of which are hereby
waived by the Borrower.

 

In addition to any other rights and remedies
granted to them in the Loan Documents, the Administrative Agent on behalf of the Lenders may exercise all rights and remedies of
a secured party under the New York Uniform Commercial Code or any other Applicable Law. Without limiting the generality of the
foregoing, the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement or notice
of any kind (except any notice required by law referred to below) to or upon the Borrower or any other Loan Party or any other
Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith
collect, receive, appropriate and realize upon the Collateral, or any part thereof, or consent to the use by the Borrower or any
other Borrower Group Entity of any cash collateral arising in respect of the Collateral on such terms as the Administrative Agent
deems reasonable, and/or may forthwith sell, lease, assign give option or options to purchase or otherwise dispose of and deliver,
or acquire by credit bid on behalf of the Lenders, the Collateral or any part thereof (or contract to do any of the foregoing),
in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative
Agent or any Lender or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best,
for cash or on credit or for future delivery without assumption of any credit risk. The Administrative Agent or any Lender shall
have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to
purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Borrower Group Entity,
which right or equity is hereby waived and released. The Borrower further agrees, at the Administrative Agent’s request,
to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably
select, whether at the Borrower’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any action
taken by it pursuant to this Article VII, after deducting all reasonable costs and expenses of every kind incurred in connection
therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights
of the Administrative Agent and the Lenders hereunder, including, without limitation, reasonable and documented out-of-pocket attorneys’
fees and disbursements, to the payment in whole or in part of the obligations of the Loan Parties under the Loan Documents, in
such order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent
of any other amount required by any provision of Applicable Law, including, without limitation, Section 9-615(a)(3) of the Uniform
Commercial Code, need the Administrative Agent account for the surplus, if any, to the Borrower or any other Borrower Group Entity.
To the extent permitted by Applicable Law, the Borrower waives all claims, damages and demands it may acquire against the Administrative
Agent or any Lender arising out of the exercise by them of any rights granted to the Administrative Agent or any Lender pursuant
to this Agreement or any other Loan Document after the occurrence and during the continuation of an Event of Default. If any notice
of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper
if given at least ten (10) days before such sale or other disposition.

 

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ARTICLE
VIII

The Administrative Agent

 

Each of the Lenders hereby irrevocably appoints
the Administrative Agent as its agent 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, together with such actions and powers as are reasonably
incidental thereto.

 

The bank 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 bank and its Affiliates may accept deposits from, lend money to and generally engage
in any kind of business with the Borrower, the other Loan Parties or any of their subsidiaries 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. 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 that the Administrative Agent is required to exercise in writing
as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances
as provided in Section 9.02), and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty to
disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower Group Entities 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
such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) 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, (ii) the contents of any certificate, report or other document delivered hereunder
or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions
set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument
or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt
of items expressly required to be delivered to the Administrative Agent.

 

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 any Borrower Group Entity), 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.

 

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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.

 

Subject to the appointment and acceptance
of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by providing
thirty (30) days prior written notice to the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have
the right, with the written consent of the Borrower (not to be unreasonably withheld, conditioned or delayed) so long as no Event
of Default has occurred and is continuing, to appoint a successor. If no successor shall have been so appointed by the Required
Lenders and, to the extent required, consented to by the Borrower, and shall have accepted such appointment within thirty (30)
days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf
of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate
of any such bank. 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 Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder. After the Administrative Agent’s resignation
hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative
Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while it was acting as Administrative Agent.

 

Each Lender acknowledges and agrees that
the extensions of credit made hereunder are commercial loans and not investments in a business enterprise or securities. Each Lender
further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and
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 as a Lender, and to make,
acquire or hold Loans hereunder. Each Lender shall, independently and without reliance upon the Administrative Agent or any other
Lender and based on such documents and information (which may contain material, non-public information within the meaning of the
United States securities laws concerning the Borrower and its Affiliates) 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 related agreement or any document
furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a lender or assign or otherwise
transfer its rights, interests and obligations hereunder.

 

ARTICLE
IX

Miscellaneous

 

SECTION 9.01 Notices. (a) Except
in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below),
all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service or mailed by certified or registered mail, as follows:

 

(i) if
to the Borrower, to it at 75 Columbia Avenue, Cedarhurst, New York 11516, Attention of Jeremy Garber; with a copy to Hunton Andrews
Kurth LLP, 951 East Byrd Street, Richmond, Virginia 23219, Attention of Eric J. Nedell, Esq.;

 

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(ii) if
to the Administrative Agent, to People’s United Bank, National Association, 250 Park Avenue, Suite 905, New York, New York
10177, Attention: Jason Bishop; with a copy to People’s United Bank, National Association, Agency Services BC5- 1357, 850
Main Street, Bridgeport, Connecticut 06604, REF: Postal Realty Trust, and to Morrison & Foerster LLP, 250 West 55th
Street, New York, New York 10019, Attention: Keith M. Print, Esq.; and

 

(iii) if
to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through Electronic
Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b) Notices
and other communications to the Lenders hereunder may be delivered or furnished by using Electronic Systems 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.

 

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

 

(c) Any
party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties
hereto. 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.

 

(d) Electronic
Systems.

 

(i) The
Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available
to the Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar, DebtX or a substantially similar Electronic
System.

 

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(ii) Any
Electronic System used by the Administrative Agent is provided “as is” and “as available.” The Agent Parties
(as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions
in the Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability,
fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made
by any Agent Party in connection with the Communications or any Electronic System. In no event shall the Administrative Agent or
any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower or
the other Loan Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct
or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising
out of the Borrower’s, any other Loan Party’s or the Administrative Agent’s transmission of communications through
an Electronic System. “Communications” means, collectively, any notice, demand, communication, information,
document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated
therein which is distributed by the Administrative Agent, any Lender by means of electronic communications pursuant to this Section,
including through an Electronic System.

 

SECTION 9.02 Waivers; Amendments.
(a) 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 any Borrower
Group Entity 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) Neither
any Loan Document nor any provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Loan Party(ies) party thereto and the Required Lenders or by the Loan Party(ies) party thereto and
the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the
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 2.18(b) or (c) in a manner that would alter the pro rata
sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of this Section
or the definition of “Required Lenders” or any other provision of the Loan Documents specifying the number or percentage
of Lenders required to waive, amend or modify any rights hereunder or thereunder or make any determination or grant any consent
hereunder or thereunder, without the written consent of each Lender, (vi) release all or substantially all of the value of the
Guaranty without the written consent of each Lender, except to the extent the release of any Guarantor is permitted in accordance
with this Agreement or the Guaranty (in which case such release may be made by Administrative Agent acting alone), or (vii) release
all or any material portion of the Collateral, or all or any material portion of the Liens created by the Security Documents, without
the written consent of each Lender, except to the extent such release is permitted in accordance with this Agreement or the Security
Documents (in which case such release may be made by Administrative Agent acting alone); 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. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Borrower
and the Administrative Agent, without the consent of any Lender, may enter into any waiver, amendment or modification to cure ambiguities,
omissions, mistakes or defects in the Loan Documents.

 

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SECTION 9.03 Expenses; Indemnity;
Damage Waiver. (a) The Borrower shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative
Agent and its Affiliates, including the reasonable and documented fees, charges and disbursements of Administrative Agent, including
the reasonable and documented fees, charges and disbursements of any counsel for the Administrative Agent, in connection with the
due diligence related to the Transactions, 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 reasonable 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 all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans and (iii) and all costs, out-of-pocket
expenses, assessments and other charges (other than taxes) 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.

 

(b) 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 reasonable 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 in,
on, under, or from any Real Property, or any Environmental Liability related in any way to any Borrower Group Entity, 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 are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, bad faith
or willful misconduct of such Indemnitee. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that
represent losses, claims or damages arising from any non-Tax claim.

 

(c) 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) To
the extent permitted by Applicable Law, no party hereto shall assert, and each such party hereby waives, any claim against any
other party, 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; provided that, nothing in this clause (d) shall relieve the
Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages
asserted against such Indemnitee by a third party.

 

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(e) All
amounts due under this Section shall be payable not later than ten (10) days after written demand therefor.

 

SECTION 9.04 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 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) 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, Participants (to the extent provided
in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties 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) (i)
Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible
Institution) all or a portion of its rights and obligations under the Loan Documents (including all or a portion of its Commitment
and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:

 

(A) the
Borrower; provided that the Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto
by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; provided further
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 has occurred and is continuing, any other assignee (other than an Ineligible Institution); and

 

(B) the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment to a Lender,
an Affiliate of a Lender or an Approved Fund.

 

(ii) 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 Commitment or Loans, the amount of the Commitment or 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 $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that
no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

 

(B) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under the Loan Documents;

 

(C) any
Lender that is a party to such assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together
with a processing and recordation fee of $3,500; and

 

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(D) the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee
designates one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information
about the Borrower Group Entities and their related parties or their respective securities) will be made available and who may
receive such information in accordance with the assignee’s compliance procedures and Applicable Laws, including Federal and
state securities laws.

 

(iii) Subject
to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, 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 benefits of Sections 2.15, 2.16,
2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this Section 9.04 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 (c) of this Section.

 

(iv) The
Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices 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
Commitment of, and principal amount (and stated interest) of the Loans owing to, 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 shall 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.

 

(v) 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) of this Section and any written consent to such assignment required by paragraph (b) of this Section,
the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register;
provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by
it pursuant to Section 2.05(c), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment
and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together
with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded
in the Register as provided in this paragraph.

 

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(c) 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”), other than an Ineligible Institution, in all or a portion of such Lender’s
rights and obligations under the Loan Documents (including all or a portion of its Commitment and the Loans owing to it); provided
that (A) such Lender’s obligations under the Loan Documents shall remain unchanged; (B) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations; and (C) 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 the 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 the Loan Documents and to approve any amendment, modification or waiver of any
provision of the Loan Documents; 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. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16
and 2.17 (subject to the requirements and limitations therein, including the requirements under 2.17(f) and (g) (it being understood
that the documentation required under Section 2.17(f) shall be delivered to the participating Lender and the information and documentation
required under 2.17(g) will be delivered to the Borrower and the Administrative Agent)) to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A)
agrees to be subject to the provisions of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall
not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating
Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change
in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees,
at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions
of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to
the benefits of Section 9.09 as though it were a Lender; provided that such Participant agrees to be subject to Section
2.18(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts
(and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments,
Loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to
establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative
Agent) shall have no responsibility for maintaining a Participant Register.

 

(d) 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 without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank
or other central 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 pledgee or assignee for such Lender as a party hereto.

 

(e) Anything
in this Section to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder
to any Borrower Group Entity or any of their Affiliates without the prior consent of each Lender.

 

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 2.15, 2.16,
2.17 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.

 

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SECTION 9.06 Counterparts; Integration;
Effectiveness; Electronic Execution. (a) 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 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.

 

(b) Delivery
of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces
an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.
The words “execution,” “signed,” “signature,” “delivery,” and words of like import
in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be
deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act.

 

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 obligations 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 held by such Lender, irrespective of whether or not such Lender shall have made any demand
under this Agreement or any Swap Agreement (other than with respect to Excluded Swap Obligations) 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;
Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State
of New York.

 

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(b) The
Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court for 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) 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.

 

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 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 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 (a) 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), (b) to the extent requested
by any regulatory authority, (c) to the extent required by Applicable Laws or regulations or by any subpoena or similar legal process,
(d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or
proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement (but not to an Ineligible Institution) or (ii) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations (but not to an
Ineligible Institution), (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available
other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent or any Lender on a non-confidential
basis from a source other than the Borrower. For the purposes of this Section, “Information” means all
information received from or on behalf of the Borrower relating to the Borrower Group Entities or their respective businesses,
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 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.

 

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SECTION 9.13 Material Non-Public Information.

 

(a) EACH
LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND
CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE
SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES
LAWS.

 

(b) ALL
INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO,
OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION
ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS
TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY
RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE
LAW.

 

SECTION 9.14 Joint and Several Liability.
The Obligations constitute the joint and several obligation of the Persons making up the Borrower and the Administrative Agent
and the Lenders may at their option enforce the entire amount of the Obligations against any one or more of such Persons.

 

SECTION 9.15 Interest Rate Limitation.
Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees,
charges and other amounts which are treated as interest on such Loan under Applicable Law (collectively the “Charges”),
shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken,
received or reserved by the Lender holding such Loan in accordance with Applicable Law, the rate of interest payable in respect
of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the
extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of
the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans
or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon
at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

 

SECTION 9.16 USA PATRIOT Act.
Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required
to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower
and other information that will allow such Lender to identify the Borrower in accordance with the Act.

 

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SECTION 9.17 Certain ERISA Matters.
(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any
other Borrower Group Entity, that at least one of the following is and will be true:

 

(i) such
Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in
connection with the Loans or the Commitments;

 

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

 

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

 

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

 

(b) In
addition, unless sub-subsection (i) in the immediately preceding subsection (a) is true with respect to a Lender or such Lender
has provided another representation, warranty and covenant as provided in sub-subsection (iv) in the immediately preceding subsection
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or
any other Borrower Group Entity, that none of the Administrative Agent or any of its Affiliates is a fiduciary with respect to
the Collateral or the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).

 

    87

     

    

 

(c) The
Administrative Agent hereby informs the Lenders that it is not undertaking to provide investment advice or to give advice in a
fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the
transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect
to the Loans, the Commitments, this Agreement and any other Loan Documents, (ii) may recognize a gain if it extended the Loans
or the Commitments for an amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender
or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise,
including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency
fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees,
deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage
or other early termination fees or fees similar to the foregoing.

 

SECTION 9.18 Acknowledgement and Consent
to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution
arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees
and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

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

 

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

 

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

 

SECTION 9.19 Acknowledgement Regarding
Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements
or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC
a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power
of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States):

 

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

 

    88

     

    

 

SECTION 9.20 Division. For all
purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset,
right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person
to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized
on the first date of its existence by the holders of its Equity Interests at such time.

 

SECTION 9.21 Titled Agent. The
Syndication Agent named on the cover page to this Agreement assumes no responsibility or obligation hereunder or under any other
Loan Document, including, without limitation, for servicing, enforcement or collection of the Loans, nor any duties as an agent
under the Loan Documents. The title given to the Syndication Agent named on the cover page to this Agreement is solely honorific
and implies no fiduciary responsibility on the part of such Syndication Agent to Administrative Agent, any Lender or any Loan Party
and the use of such title does not impose on such Syndication Agent any duties or obligations or entitle such Syndication Agent
to any rights under the Loan Documents.

 

[remainder of page intentionally
left blank]

 

    89

     

    

 

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.

 

	 	BORROWER:
	 	 
	 	POSTAL REALTY LP, a Delaware limited partnership
	 	 	 	 
	 	By:	Postal Realty Trust, Inc.,
	 	 	its general partner
	 	 	 	 
	 	By:	/s/ Jeremy Garber
	 	 	Name: 	Jeremy Garber
	 	 	Title: 	President, Treasurer and Secretary

 

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	 	ADMINISTRATIVE AGENT:
	 	 
	 	PEOPLE’S UNITED BANK, NATIONAL ASSOCIATION
	 	 	 	 
	 	By:	/s/ Jason Bishop
	 	 	Name:  	Jason Bishop
	 	 	Title:	Senior Vice President

 

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	 	LENDERS:
	 	 
	 	PEOPLE’S UNITED BANK, NATIONAL ASSOCIATION
	 	 	 	 
	 	By:	/s/ Jason Bishop
	 	 	Name:  	Jason Bishop
	 	 	Title:	Senior Vice President

 

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	 	BMO HARRIS BANK N.A.
	 	 	 	 
	 	By:	/s/ Aaron Lanski
	 	 	Name: 	Aaron Lanski
	 	 	Title: 	Managing Director

 

[signatures continue on
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	 	STIFEL BANK & TRUST
	 	 	 	 
	 	By:	/s/ Joseph L. Sooter, Jr.
	 	 	Name:	Joseph L. Sooter, Jr.
	 	 	Title:	Senior Vice President

 

[end of signatures]

 

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SCHEDULE 1.01 -- INITIAL SUBSIDIARY GUARANTORS

 

1. A and J Assets LLC,
a Delaware limited liability company

 

2. Alabama Postal Holdings,
LLC, a Delaware limited liability company

 

3. Arkansas Postal
Holdings LLC, a Delaware limited liability company

 

4. Asset 20024, L.L.C.,
a Delaware limited liability company

 

5. Gary Glen Park Realty,
LLC, a Delaware limited liability company

 

6. Harbor Station,
LLC, a Delaware limited liability company

 

7. Hiler Buffalo LLC,
a Delaware limited liability company

 

8. Illinois Postal
Holdings, LLC, a Delaware limited liability company

 

9. Iowa Postal Holdings,
LLC, a Delaware limited liability company

 

10. Louisiana Postal
Holdings LLC, a Delaware limited liability company

 

11. Mass Postal Holdings
LLC, a Delaware limited liability company

 

12. Michigan Postal
Holdings LLC, a Delaware limited liability company

 

13. Missouri &
Minnesota Postal Holdings, LLC, a Delaware limited liability company

 

14. Ohio Postal Holdings,
LLC, a Delaware limited liability company

 

15. Pennsylvania Postal
Holdings, LLC, a Delaware limited liability company

 

16. Postal Holdings
LLC, a Delaware limited liability company

 

17. PPP Assets, LLC,
a Delaware limited liability company

 

18. South Carolina
Postal Holdings LLC, a Delaware limited liability company

 

19. Tennessee Postal
Holdings, LLC, a Delaware limited liability company

 

20. United Post Office
Investments, LLC, a Delaware limited liability company

 

21. UPH Merger Sub
LLC, a Delaware limited liability company

 

22. Wisconsin Postal
Holdings, LLC, a Delaware limited liability company

 

     

     

    

 

SCHEDULE 2.01 – COMMITMENTS

 

	Lender	 	Commitment	 
	People’s United Bank, National Association	 	$	55,000,000.00	 
	BMO Harris Bank N.A.	 	$	35,000,000.00	 
	Stifel Bank & Trust	 	$	10,000,000.00	 
	Total Commitments	 	$	100,000,000.00	 

 

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SCHEDULE 2.05 -- INITIAL BORROWING BASE
PROPERTIES

 

	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 
	1.	Auburn, MA - MPO	 	Mass Postal Holdings LLC	 	United States Postal Service	 	Mass Postal Holdings LLC	 	Mass Postal Holdings LLC
	 	 	 	 	 	 	 	 	 	 
	2.	Camden, OH - MPO	 	Ohio Postal Holdings, LLC	 	United States Postal Service	 	Ohio Postal Holdings, LLC	 	Ohio Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	3.	Cedar Bluff, AL - MPO	 	Alabama Postal Holdings, LLC	 	United States Postal Service	 	Alabama Postal Holdings, LLC	 	Alabama Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	4.	Chattanooga, TN - Highland Park Station	 	Tennessee Postal Holdings, LLC	 	United States Postal Service	 	Tennessee Postal Holdings, LLC	 	Tennessee Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	5.	Cincinnati, OH - Taft Branch	 	Ohio Postal Holdings, LLC	 	United States Postal Service	 	Ohio Postal Holdings, LLC	 	Ohio Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	6.	Corpus Christi, TX - Stonewall Mall Station	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	7.	Dallas, TX - A Station	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	8.	Dallas, TX - A Station-Parking	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	9.	East Weymouth, MA - MPO	 	Mass Postal Holdings LLC 	 	United States Postal Service	 	Mass Postal Holdings LLC	 	Mass Postal Holdings LLC
	 	 	 	 	 	 	 	 	 	 
	10.	Lindale, TX - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	11.	Marinette, WI - MPO	 	Wisconsin Postal Holdings, LLC 	 	United States Postal Service	 	Wisconsin Postal Holdings, LLC 	 	Wisconsin Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	12.	Maynard, MA - MPO	 	Mass Postal Holdings LLC 	 	United States Postal Service	 	Mass Postal Holdings LLC	 	Mass Postal Holdings LLC
	 	 	 	 	 	 	 	 	 	 
	13.	Milwaukee, WI - Bay View Station	 	Wisconsin Postal Holdings, LLC 	 	United States Postal Service	 	Wisconsin Postal Holdings, LLC 	 	Wisconsin Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	14.	Milwaukee, WI - Harbor
Station	 	Harbor Station, LLC 	 	United States Postal Service	 	Harbor Station, LLC 	 	Harbor Station, LLC
	 	 	 	 	 	 	 	 	 	 
	15.	Milwaukee, WI - Parklawn
Station	 	Wisconsin Postal Holdings. LLC 	 	United States Postal Service	 	Wisconsin Postal Holdings. LLC 	 	Wisconsin Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	16.	Muleshoe, TX - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 
	17.	Nescopeck, PA - MPO	 	Pennsylvania Postal Holdings, LLC	 	United States Postal Service	 	Pennsylvania Postal Holdings, LLC 	 	Pennsylvania Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	18.	North Quincy, MA - MPO (Retail)	 	Mass Postal Holdings LLC	 	United States Postal Service	 	Mass Postal Holdings LLC	 	Mass Postal Holdings LLC
	 	 	 	 	 	 	 	 	 	 
	19.	North Weymouth, MA - MPO	 	Mass Postal Holdings LLC	 	United States Postal Service	 	Mass Postal Holdings LLC	 	Mass Postal Holdings LLC
	 	 	 	 	 	 	 	 	 	 
	20.	Norwood, OH - MPO	 	Ohio Postal Holdings, LLC	 	United States Postal Service	 	Ohio Postal Holdings, LLC,	 	Ohio Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	21.	Portland, MI - MPO	 	Michigan Postal Holdings LLC 	 	United States Postal Service	 	Michigan Postal Holdings LLC 	 	Michigan Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	22.	Rittman, OH - MPO	 	Ohio Postal Holdings, LLC	 	United States Postal Service	 	Ohio Postal Holdings, LLC	 	Ohio Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	23.	San Antonio, TX - Hackberry Station	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	24.	San Antonio, TX - Highland Hills Station	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	25.	Sharon, MA - MPO	 	Mass Postal Holdings LLC	 	United States Postal Service	 	Mass Postal Holdings LLC	 	Mass Postal Holdings LLC
	 	 	 	 	 	 	 	 	 	 
	26.	Shepherd, MI - MPO	 	Michigan Postal Holdings LLC 	 	United States Postal Service	 	Michigan Postal Holdings LLC 	 	Michigan Postal Holdings LLC 
	 	 	 	 	 	 	 	 	 	 
	27.	Sinton, TX - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	28.	Stevens Point, WI - MPO	 	Wisconsin Postal Holdings, LLC 	 	United States Postal Service	 	Wisconsin Postal Holdings, LLC 	 	Wisconsin Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	29.	Williamsburg, PA - MPO	 	Pennsylvania Postal Holdings, LLC 	 	United States Postal Service	 	Pennsylvania Postal Holdings, LLC 	 	Pennsylvania Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	30.	La Grange, MO - MPO	 	Missouri & Minnesota Postal Holdings, LLC 	 	United States Postal Service	 	Missouri & Minnesota Postal Holdings, LLC 	 	Missouri & Minnesota Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	31.	Trenton, IL - MPO	 	Illinois Postal Holdings, LLC 	 	United States Postal Service	 	Illinois Postal Holdings, LLC 	 	Illinois Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	32.	Saint Ann, MO - MPO	 	Missouri & Minnesota Postal Holdings, LLC	 	United States Postal Service	 	Missouri & Minnesota Postal Holdings, LLC 	 	Missouri & Minnesota Postal Holdings, LLC

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 
	33.	Fairview OK - MPO	 	Postal Holdings LLC 	 	United States Postal Service	 	Postal Holdings LLC 	 	Postal Holdings LLC
	 	 	 	 	 	 	 	 	 	 
	34.	Detroit, MI	 	Michigan Postal Holdings LLC	 	United States Postal Service	 	Michigan Postal Holdings LLC 	 	Michigan Postal Holdings LLC 
	 	 	 	 	 	 	 	 	 	 
	35.	Woodbury, TN - MPO	 	Tennessee Postal Holdings, LLC	 	United States Postal Service	 	Tennessee Postal Holdings, LLC	 	Tennessee Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	36.	Galena, AK - MPO	 	Postal Holdings LLC 	 	United States Postal Service	 	Postal Holdings LLC 	 	Postal Holdings LLC
	 	 	 	 	 	 	 	 	 	 
	UPOI (140 Props)	 	 	 	United States Postal Service	 	 	 	 
	 	 	 	 	 	 	 	 	 
	37.	Adrian, PA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	38.	Akron, MI - MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	39.	Albany, LA - MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	40.	Amelia, LA - MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	41.	Amoret, MO - MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	42.	Arcadia, OK - MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	43.	Archer, IA - MPO	 	United Post Office Investments, Inc..	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	44.	Barton City, MI - MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	45.	Basalt, ID - MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	46.	Beach, ND - MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	47.	Blanco, OK - MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	48.	Blandon, PA - MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	49.	Boswell, PA - MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 
	50.	Briscoe, TX - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	51.	Brownfield, PA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	52.	Camp Crook, SD - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	53.	Caney, OK – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	54.	Carencro, LA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	55.	Castlewood, SD – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	56.	Cedarville, AR – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	57.	Chalk Hill, PA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	58.	Clancy, MT – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	59.	Cochranville, PA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	60.	Cortland, NE – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	61.	De Witt, MO - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	62.	Dewar, OK - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	63.	Dracut, MA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	64.	Dunlap, TN – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	65.	Eagle, WI – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	66.	Eden Valley, MN – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	67.	Exline, IA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 
	68.	Falcon, MO – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	69.	Flippin, AR - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	70.	Folsom, LA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	71.	Fountain, MI – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	72.	Foyil, OK – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	73.	Fruitland, ID - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	74.	Gallitzin, PA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	75.	Gillett, TX – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	76.	Glenmora, LA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	77.	Grand Cane, LA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	78.	Grantville, KS – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	79.	Guy, TX – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	80.	Hadley, MA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	81.	Halls, TN – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	82.	Hallsville, TX – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	83.	Hamer, ID – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	84.	Harris, MN – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	85.	Hartland, MI – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 	 
	86.	Herminie, PA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	87.	Hillsdale, OK – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	88.	Hulbert, MI – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	89.	Huntington, MA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	90.	Iroquois, SD – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	91.	Island Park, ID - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	92.	Jackson Center, PA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	93.	Julian, PA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	94.	Kansas, OK – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	95.	Ketchum, OK – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	96.	Knobel, AR – MPO	 	United Post Office Investments, Inc.	 	United States Postal Service	 	United Post Office Investments, Inc.	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	97.	Lake Andes, SD – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	98.	Lake Cormorant, MS - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	99.	Lake Nebagamon, WI – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	100.	Lake, MI – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	101.	Langley, OK – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	102.	Le Center, MN – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	103.	Liberty, MS – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 
	104.	Lincoln, AR – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	105.	Luther, OK – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	106.	Maiden Rock, WI – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	107.	Malone, FL – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	108.	Manvel, TX – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	109.	Marietta, IL – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	110.	Marvell, AR – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	111.	Maysville, NC – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	112.	Meeker, OK – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	113.	Midvale, ID – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	114.	Mill Creek, OK – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	115.	Monroe, OK – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	116.	Montello, WI – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	117.	Monterey, LA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	118.	Monteview, ID – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	119.	Mooringsport, LA – MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	120.	Morganton, GA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	121.	Morrisdale, PA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 	 
	122.	Mount Washington, KY - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	123.	New Haven, MI - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	124.	New Salem, PA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	125.	New Waverly, TX - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	126.	Newcastle, OK - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	127.	Noble, LA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	128.	Nolensville, TN - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	129.	North Waterboro, ME - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	130.	Oakland, ME - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	131.	Ola, AR - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	132.	Paris, ID - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	133.	Parsons, TN - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	134.	Pewaukee, WI - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	135.	Pilot Knob, MO - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	136.	Plainview, AR - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	137.	Powersville, MO - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	138.	Prue, OK - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 
	139.	Raymond, SD - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	140.	Richey, MT - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	141.	Ridgetop, TN - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	142.	Rozet, WY - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	143.	Saint Charles, ID - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	144.	Sand Creek, MI - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	145.	Saucier, MS - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	146.	Saxton, PA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	147.	Sheldon, ND - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	148.	Shell, WY - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	149.	Sherburn, MN - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	150.	Shirley, AR - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	151.	Slippery Rock, PA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	152.	Smokerun, PA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	153.	Snow Hill, MD - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	154.	Somers, CT - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	155.	Spavinaw, OK - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	156.	Spencer, OK - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 	 
	157.	Sprague, NE - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	158.	Storden, MN - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	159.	Strong, AR - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	160.	Stuart, OK - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	161.	Tetonia, ID - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	162.	Towner, ND - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	163.	Trego, MT - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	164.	Troy, TX - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	165.	Turtletown, TN - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	166.	Vici, OK - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	167.	Wadsworth, NV - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	168.	Warden, WA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	169.	Waskom, TX - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	170.	West, MS - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	171.	White, GA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	172.	Wilmer, AL - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	173.	Wilson, MI - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	174.	Winburne, PA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 
	175.	Woodbine, KY - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	176.	Yeagertown, PA - MPO	 	United Post Office Investments, Inc. 	 	United States Postal Service	 	United Post Office Investments, Inc. 	 	United Post Office Investments, LLC 
	 	 	 	 	 	 	 	 	 	 
	177.	Abington, MA - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	178.	Aurora, CO - Fletcher Station	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	179.	Barstow, IL - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	180.	Barton, VT - MPO	 	Asset 20024, L.L.C	 	United States Postal Service	 	Asset 20024, L.L.C	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	181.	Brockway, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	182.	Buffalo, NY - Hiler Branch	 	Hiler Buffalo LLC	 	United States Postal Service	 	Hiler Buffalo LLC	 	Hiler Buffalo LLC
	 	 	 	 	 	 	 	 	 	 
	183.	Byron, MI - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L..L.C.
	 	 	 	 	 	 	 	 	 	 
	184.	Cadwell, GA - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	185.	Carbon Cliff, IL - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	186.	Castleton on Hudson, NY - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	187.	Chester, WV - MPO	 	Hiler Buffalo LLC	 	United States Postal Service	 	Hiler Buffalo LLC	 	Hiler Buffalo LLC
	 	 	 	 	 	 	 	 	 	 
	188.	Chicago, IL - Austin Station (RMB Bldg)	 	Hiler Buffalo LLC	 	United States Postal Service	 	Hiler Buffalo LLC	 	Hiler Buffalo LLC
	 	 	 	 	 	 	 	 	 	 
	189.	Chicago, IL - Hegewisch Station	 	Hiler Buffalo LLC	 	United States Postal Service	 	Hiler Buffalo LLC	 	Hiler Buffalo LLC
	 	 	 	 	 	 	 	 	 	 
	190.	Colquitt, GA - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	191.	Deltaville, VA - MPO	 	A&J Assets LLC	 	United States Postal Service	 	A&J Assets LLC	 	A&J Assets LLC

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 	 
	192.	Dobson, NC - MPO	 	Hiler Buffalo LLC	 	United States Postal Service	 	Hiler Buffalo LLC	 	Hiler Buffalo LLC
	 	 	 	 	 	 	 	 	 	 
	193.	East Liverpool, OH - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	194.	Edina, MO - MPO	 	Hiler Buffalo LLC	 	United States Postal Service	 	Hiler Buffalo LLC	 	Hiler Buffalo LLC
	 	 	 	 	 	 	 	 	 	 
	195.	Elba, NY - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	196.	Enosburg Falls, VT - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	197.	Fabius, NY - MPO	 	A and J Assets LLC	 	United States Postal Service	 	A and J Assets LLC	 	A and J Assets LLC
	 	 	 	 	 	 	 	 	 	 
	198.	Fairlee, VT - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	199.	Frackville, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	200.	Gary, IN - Glen Park Station	 	Gary Glen Park Realty, LLC	 	United States Postal Service	 	Gary Glen Park Realty, LLC	 	Gary Glen Park Realty, LLC
	 	 	 	 	 	 	 	 	 	 
	201.	Girardville, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	202.	Glasgow, VA - MPO	 	Hiler Buffalo LLC	 	United States Postal Service	 	Hiler Buffalo LLC	 	Hiler Buffalo LLC
	 	 	 	 	 	 	 	 	 	 
	203.	Groton, VT - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	204.	Hancock, NY - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	205.	Hillsdale, IL - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	206.	Indian Rocks Beach, FL - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	207.	Knox, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	208.	Leola, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	209.	Leslie, MI - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 
	210.	Little York, IL - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	211.	Lynn Center, IL - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	212.	Marlborough, NH - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	213.	Meansville, GA - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	214.	Memphis, TN - Lamar St. Carrier Training Station	 	A and J Assets LLC	 	United States Postal Service	 	A and J Assets LLC	 	A and J Assets LLC
	 	 	 	 	 	 	 	 	 	 
	215.	Memphis, TN - Lamar Station	 	A and J Assets LLC	 	United States Postal Service	 	A and J Assets LLC	 	A and J Assets LLC
	 	 	 	 	 	 	 	 	 	 
	216.	Mount Vernon, IL - Carrier Annex	 	A and J Assets LLC	 	United States Postal Service	 	A and J Assets LLC	 	A and J Assets LLC
	 	 	 	 	 	 	 	 	 	 
	217.	New Philadelphia, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	218.	New Windsor, IL - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	219.	Oakdale, PA - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	220.	Orion, IL - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	221.	Orwigsburg, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	222.	Pompey, NY - MPO	 	A and J Assets LLC	 	United States Postal Service	 	A and J Assets LLC	 	A and J Assets LLC
	 	 	 	 	 	 	 	 	 	 
	223.	Port Henry, NY - MPO	 	Asset 20024, L.L.C. 	 	United States Postal Service	 	Asset 20024, L.L.C. 	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	224.	Poseyville, IN - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	225.	Princess Anne, MD - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 	 
	226.	Rapids City, IL - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	227.	Ringtown, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	228.	Seatonville, IL - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	229.	Shoemakersville, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	230.	South Royalton, VT - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	231.	Spring Grove, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	232.	Springport, MI - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	233.	Sundown, TX - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	234.	Tacoma, WA - MLK JR. Way Station	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	235.	Tower City, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	236.	Tulsa, OK - Northside Station	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	237.	Vanndale, AR - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	238.	Wadesville, IN - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	239.	West Sacramento, CA - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	240.	Williamstown, PA - MPO	 	PPP Assets, LLC	 	United States Postal Service	 	PPP Assets, LLC	 	PPP Assets, LLC
	 	 	 	 	 	 	 	 	 	 
	241.	Pelahatchie, MS - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	242.	Edgewood, IA - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.

 

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	Property Name	 	Landlord	 	Tenant	 	Legal Title Holder	 	Borrower/Subsidiary Owner
	 	 	 	 	 	 	 	 	 	 
	243.	Winamac, IN - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	244.	El Paso, TX – Five Points Station	 	A and J Assets LLC	 	United States Postal Service	 	A and J Assets LLC	 	A and J Assets LLC
	 	 	 	 	 	 	 	 	 	 
	245.	El Paso, TX – Five Points Additional Parking	 	A and J Assets LLC	 	United States Postal Service	 	A and J Assets LLC	 	A and J Assets LLC
	 	 	 	 	 	 	 	 	 	 
	246.	Kimball, NE - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	247.	Stinnett, TX - MPO	 	A and J Assets LLC	 	United States Postal Service	 	A and J Assets LLC	 	A and J Assets LLC
	 	 	 	 	 	 	 	 	 	 
	248.	Ralls, TX - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	249.	Deville, LA - MPO	 	Gary Glen Park Realty, LLC 	 	United States Postal Service	 	Gary Glen Park Realty, LLC 	 	Gary Glen Park Realty, LLC
	 	 	 	 	 	 	 	 	 	 
	250.	Scotland, SD - Main Office	 	Gary Glen Park Realty, LLC 	 	United States Postal Service	 	Gary Glen Park Realty, LLC 	 	Gary Glen Park Realty, LLC
	 	 	 	 	 	 	 	 	 	 
	251.	Toledo, OH - West Toledo Station	 	Ohio Postal Holdings, LLC	 	United States Postal Service	 	Ohio Postal Holdings, LLC 	 	Ohio Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	252.	Lake Charles, LA	 	Louisiana Postal Holdings LLC	 	United States Postal Service	 	Louisiana Postal Holdings LLC	 	Louisiana Postal Holdings LLC
	 	 	 	 	 	 	 	 	 	 
	253.	Little Rock, AR	 	Arkansas Postal Holdings LLC	 	United States Postal Service	 	Arkansas Postal Holdings LLC	 	Arkansas Postal Holdings LLC

 

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SCHEDULE 2.23 – SPECIAL SUBSIDIARIES

 

		1.	Indiana Postal Realty Holdings, LLC

		2.	New Mexico Postal Realty Holdings, LLC

		3.	Georgia Postal Realty Holdings, LLC

		4.	Eastern Postal Realty Holdings, LLC

		5.	Midwestern Postal Realty Holdings, LLC

		6.	Southern Postal Realty Holdings, LLC

		7.	Western Postal Realty Holdings, LLC

 

     

     

    

 

SCHEDULE 2.24 – FOREIGN JURISDICTION
OPERATING SUBSIDIARIES

 

	Subsidiary	 	Foreign Jurisdiction Qualification (for each State in which Real Property is owned)
	 	 	 
	A and J Assets LLC	 	VA, TX, NY, TN, IL
	 	 	 
	Alabama Postal Holdings, LLC	 	AL
	 	 	 
	Arkansas Postal Holdings LLC	 	AR
	 	 	 
	Asset 20024, L.L.C.	 	MA, VT, MI, OH, IA, FL, NE, NH, MS, NY, IN, TX
	 	 	 
	Gary Glen Park Realty, LLC	 	LA, IN, SD
	 	 	 
	Harbor Station, LLC	 	WI
	 	 	 
	Hiler Buffalo LLC	 	NY, WV, IL, NC, MO, IN, VA
	 	 	 
	Illinois Postal Holdings, LLC	 	IL
	 	 	 
	Iowa Postal Holdings, LLC	 	IA
	 	 	 
	Louisiana Postal Holdings LLC	 	LA
	 	 	 
	Mass Postal Holdings LLC	 	MA
	 	 	 
	Michigan Postal Holdings LLC	 	MI
	 	 	 
	Missouri & Minnesota Postal Holdings, LLC	 	MN, MO
	 	 	 
	Ohio Postal Holdings, LLC	 	OH
	 	 	 
	Pennsylvania Postal Holdings, LLC	 	PA
	 	 	 
	Postal Holdings LLC	 	OK, AK
	 	 	 
	Postal Realty LP	 	MI, NY, OK, PA, TX, WA, AR, CA, CO, GA, IL, MD
	 	 	 
	PPP Assets, LLC	 	PA, NY
	 	 	 
	South Carolina Postal Holdings LLC	 	SC
	 	 	 
	Tennessee Postal Holdings, LLC	 	TN
	 	 	 
	United Post Office Investments, LLC	 	PA, MI, LA, MO, OK, IA, ND, TX, SD, AR, MT, NE, MA, TN, WI, MN, KS, MS, FL, IL, NC, GA, KY, ME, WY, CT, NV, WA, AL
	 	 	 
	Wisconsin Postal Holdings, LLC	 	WI

 

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SCHEDULE 3.05(b) – RENT ROLL

 

	PropName	 	EffDate	 	ExpDate	 	Year	 	AnnualRent	 	 	Monthly Rent	 
	Abington, MA - MPO	 	4/1/2017	 	3/31/2027	 	2027.00	 	$	99,500.00	 	 	$	8,291.67	 
	Adrian, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,760.00	 	 	$	730.00	 
	Akron, MI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	15,015.00	 	 	$	1,251.25	 
	Albany, LA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	17,572.50	 	 	$	1,464.38	 
	Alpha, IL - MPO	 	Holdover	 	6/30/2019	 	2019.00	 	$	9,840.00	 	 	$	820.00	 
	Amelia, LA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	20,880.00	 	 	$	1,740.00	 
	Amoret, MO - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	4,417.50	 	 	$	368.13	 
	Arcadia, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	29,520.00	 	 	$	2,460.00	 
	Archer, IA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	4,417.50	 	 	$	368.13	 
	Auburn, MA - MPO	 	4/1/2015	 	3/31/2020	 	2020.00	 	$	141,872.50	 	 	$	11,822.71	 
	Aurora, CO - Fletcher Station	 	12/1/2016	 	11/30/2021	 	2021.00	 	$	102,025.00	 	 	$	8,502.08	 
	Barstow, IL - MPO	 	2/1/2016	 	1/31/2021	 	2021.00	 	$	5,376.00	 	 	$	448.00	 
	Barton City, MI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	15,015.00	 	 	$	1,251.25	 
	Barton, VT - MPO	 	11/1/2016	 	10/31/2026	 	2026.00	 	$	28,031.00	 	 	$	2,335.92	 
	Basalt, ID - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	3,945.00	 	 	$	328.75	 
	Beach, ND - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	15,015.00	 	 	$	1,251.25	 
	Blanco, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	5,437.50	 	 	$	453.13	 
	Blandon, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	12,615.00	 	 	$	1,051.25	 
	Boswell, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	19,200.00	 	 	$	1,600.00	 
	Briscoe, TX - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,002.50	 	 	$	666.88	 
	Brockway, PA - MPO	 	11/1/2017	 	10/31/2022	 	2022.00	 	$	38,000.00	 	 	$	3,166.67	 
	Brownfield, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	4,620.00	 	 	$	385.00	 
	Buffalo, NY - Hiler Branch	 	7/22/2016	 	7/21/2026	 	2026.00	 	$	64,969.00	 	 	$	5,414.08	 
	Butterfield, MN - MPO	 	12/1/2016	 	11/30/2021	 	2021.00	 	$	12,600.00	 	 	$	1,050.00	 
	Byron, MI - MPO	 	9/1/2017	 	8/31/2027	 	2027.00	 	$	13,920.00	 	 	$	1,160.00	 
	Cadwell, GA - MPO	 	2/1/2015	 	1/31/2020	 	2020.00	 	$	9,030.00	 	 	$	752.50	 
	Camden, OH - MPO	 	11/1/2015	 	10/31/2020	 	2020.00	 	$	18,090.00	 	 	$	1,507.50	 
	Camp Crook, SD - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	6,495.00	 	 	$	541.25	 
	Caney, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,002.50	 	 	$	666.88	 
	Carbon Cliff, IL - MPO	 	11/1/2011	 	10/31/2021	 	2021.00	 	$	7,176.00	 	 	$	598.00	 
	Carencro, LA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	31,365.00	 	 	$	2,613.75	 
	Castleton on Hudson, NY - MPO	 	6/1/2018	 	5/31/2023	 	2023.00	 	$	39,309.00	 	 	$	3,275.75	 
	Castlewood, SD - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,760.00	 	 	$	730.00	 
	Cedar Bluff, AL - MPO	 	3/1/2018	 	2/28/2023	 	2023.00	 	$	18,786.00	 	 	$	1,565.50	 

 

     

     

    

 

	PropName	 	EffDate	 	ExpDate	 	Year	 	AnnualRent	 	 	Monthly Rent	 
	Cedarville, AR - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,312.50	 	 	$	859.38	 
	Chalk Hill, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	6,960.00	 	 	$	580.00	 
	Chattanooga, TN - Highland Park Station	 	3/1/2017	 	2/28/2022	 	2022.00	 	$	15,711.00	 	 	$	1,309.25	 
	Chesaning, MI - MPO	 	Holdover	 	8/31/2019	 	2019.00	 	$	22,427.00	 	 	$	1,868.92	 
	Chester, WV - MPO	 	8/1/2015	 	7/31/2020	 	2020.00	 	$	35,000.00	 	 	$	2,916.67	 
	Chicago, IL - Austin Station (Rev Milton Brunson Bldg)	 	10/1/2016	 	9/30/2026	 	2026.00	 	$	103,000.00	 	 	$	8,583.33	 
	Chicago, IL - Hegewisch Station	 	1/1/2016	 	12/31/2020	 	2020.00	 	$	32,640.00	 	 	$	2,720.00	 
	Cincinnati, OH - Taft Branch	 	5/1/2016	 	4/30/2026	 	2026.00	 	$	104,000.00	 	 	$	8,666.67	 
	Clancy, MT - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	14,340.00	 	 	$	1,195.00	 
	Cochranville, PA - MPO	 	3/1/2017	 	2/28/2027	 	2027.00	 	$	17,240.00	 	 	$	1,436.67	 
	Colquitt, GA - MPO	 	1/1/2015	 	12/31/2019	 	2019.00	 	$	35,703.00	 	 	$	2,975.25	 
	Corpus Christi, TX - Stonewall Mall Station	 	5/1/2016	 	4/30/2026	 	2026.00	 	$	65,400.00	 	 	$	5,450.00	 
	Cortland, NE - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	4,620.00	 	 	$	385.00	 
	Dallas, TX - A Station	 	7/16/2015	 	7/15/2020	 	2020.00	 	$	130,695.00	 	 	$	10,891.25	 
	Dallas, TX - A Station-Parking	 	7/16/2015	 	7/15/2020	 	2020.00	 	$	14,940.00	 	 	$	1,245.00	 
	De Witt, MO - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	4,200.00	 	 	$	350.00	 
	Deltaville, VA - MPO	 	1/11/2000	 	1/10/2020	 	2020.00	 	$	61,430.70	 	 	$	5,119.23	 
	Denver, PA - MPO	 	11/1/2000	 	10/31/2020	 	2020.00	 	$	92,000.00	 	 	$	7,666.67	 
	Detroit, MI - P & DC Warehouse SP EMG	 	7/1/2019	 	6/30/2024	 	2024.00	 	$	114,004.00	 	 	$	9,500.33	 
	DEVILLE, LA - MPO	 	8/1/2016	 	7/31/2021	 	2021.00	 	$	31,752.00	 	 	$	2,646.00	 
	Dewar, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	17,400.00	 	 	$	1,450.00	 
	Dillsburg, PA - MPO	 	9/1/2015	 	8/31/2020	 	2020.00	 	$	45,620.10	 	 	$	3,801.68	 
	Dobson, NC - MPO	 	2/1/2016	 	1/31/2021	 	2021.00	 	$	31,707.00	 	 	$	2,642.25	 
	Dracut, MA - MPO	 	3/1/2017	 	2/28/2022	 	2022.00	 	$	121,612.50	 	 	$	10,134.38	 
	Dunlap, TN - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	34,725.00	 	 	$	2,893.75	 
	Eagle, WI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	19,200.00	 	 	$	1,600.00	 
	East Liverpool, OH - MPO	 	12/1/2018	 	11/30/2023	 	2023.00	 	$	149,999.00	 	 	$	12,499.92	 
	East Weymouth, MA - MPO	 	7/1/2016	 	6/30/2026	 	2026.00	 	$	94,000.00	 	 	$	7,833.33	 
	Eden Valley, MN - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,560.00	 	 	$	880.00	 
	EDGEWOOD, IA - MPO	 	6/1/2015	 	5/31/2020	 	2020.00	 	$	13,248.00	 	 	$	1,104.00	 
	Edina, MO - MPO	 	1/1/2017	 	12/31/2026	 	2026.00	 	$	25,005.00	 	 	$	2,083.75	 
	EL PASO, TX - FIVE POINTS ADDL PKG	 	8/16/2017	 	7/31/2022	 	2022.00	 	$	6,930.00	 	 	$	577.50	 
	EL PASO, TX - FIVE POINTS STATION	 	8/16/2017	 	7/31/2022	 	2022.00	 	$	45,714.00	 	 	$	3,809.50	 
	Elba, NY - MPO	 	12/1/2016	 	11/30/2026	 	2026.00	 	$	9,332.00	 	 	$	777.67	 
	Elizabeth, PA - MPO	 	Holdover	 	8/25/2019	 	2019.00	 	$	53,690.00	 	 	$	4,474.17	 

 

     

     

    

 

	PropName	 	EffDate	 	ExpDate	 	Year	 	AnnualRent	 	 	Monthly Rent	 
	Enosburg Falls, VT - MPO	 	6/1/2015	 	5/31/2020	 	2020.00	 	$	26,600.00	 	 	$	2,216.67	 
	Exline, IA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	4,800.00	 	 	$	400.00	 
	Fabius, NY - MPO	 	9/1/2015	 	8/31/2020	 	2020.00	 	$	15,780.00	 	 	$	1,315.00	 
	Fairlee, VT - MPO	 	10/1/2015	 	9/30/2020	 	2020.00	 	$	22,304.00	 	 	$	1,858.67	 
	FAIRVIEW, OK - MPO	 	1/1/2019	 	12/31/2023	 	2023.00	 	$	24,696.00	 	 	$	2,058.00	 
	Falcon, MO - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	3,847.50	 	 	$	320.63	 
	Flippin, AR - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	24,075.00	 	 	$	2,006.25	 
	Flora, IN - MPO	 	Holdover	 	8/31/2019	 	2019.00	 	$	21,612.50	 	 	$	1,801.04	 
	Folsom, LA - MPO	 	3/1/2017	 	2/28/2027	 	2027.00	 	$	38,598.00	 	 	$	3,216.50	 
	Fountain, MI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	12,615.00	 	 	$	1,051.25	 
	Foyil, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,500.00	 	 	$	875.00	 
	Frackville, PA - MPO	 	1/1/2016	 	12/31/2019	 	2019.00	 	$	36,560.76	 	 	$	3,046.73	 
	Fruitland, ID - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	39,720.00	 	 	$	3,310.00	 
	Fulda, MN - MPO	 	12/1/2016	 	11/30/2021	 	2021.00	 	$	14,351.00	 	 	$	1,195.92	 
	GALENA, AK - MPO	 	6/1/2017	 	5/31/2022	 	2022.00	 	$	11,100.00	 	 	$	925.00	 
	Gallitzin, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,560.00	 	 	$	880.00	 
	Gary, IN - Glen Park Station	 	12/1/2016	 	11/30/2026	 	2026.00	 	$	78,825.00	 	 	$	6,568.75	 
	Gillett, TX - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	7,755.00	 	 	$	646.25	 
	Girardville, PA - MPO	 	10/1/2018	 	9/30/2019	 	2019.00	 	$	25,361.04	 	 	$	2,113.42	 
	Glasgow, VA - MPO	 	8/1/2018	 	7/31/2023	 	2023.00	 	$	37,900.00	 	 	$	3,158.33	 
	Glen Rock, PA - MPO	 	4/1/2016	 	3/31/2026	 	2026.00	 	$	47,073.00	 	 	$	3,922.75	 
	Glenmora, LA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	20,707.50	 	 	$	1,725.63	 
	Grand Cane, LA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	13,740.00	 	 	$	1,145.00	 
	Grantville, KS - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	3,600.00	 	 	$	300.00	 
	Groton, VT - MPO	 	1/1/2018	 	12/31/2022	 	2022.00	 	$	13,230.00	 	 	$	1,102.50	 
	Guy, TX - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,500.00	 	 	$	875.00	 
	Hadley, MA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	31,080.00	 	 	$	2,590.00	 
	Halls, TN - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	20,707.50	 	 	$	1,725.63	 
	Hallsville, TX - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	25,200.00	 	 	$	2,100.00	 
	Hamer, ID - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	5,835.00	 	 	$	486.25	 
	Hancock, NY - MPO	 	10/17/2017	 	10/16/2022	 	2022.00	 	$	28,080.00	 	 	$	2,340.00	 
	Harris, MN - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,760.00	 	 	$	730.00	 
	Hartford, VT - MPO	 	10/1/2014	 	9/30/2019	 	2019.00	 	$	17,952.00	 	 	$	1,496.00	 
	Hartland, MI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	19,200.00	 	 	$	1,600.00	 
	Herminie, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	15,015.00	 	 	$	1,251.25	 

 

     

     

    

 

	PropName	 	EffDate	 	ExpDate	 	Year	 	AnnualRent	 	 	Monthly Rent	 
	Hillsdale, IL - MPO	 	7/1/2017	 	6/30/2027	 	2027.00	 	$	8,970.00	 	 	$	747.50	 
	Hillsdale, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	5,437.50	 	 	$	453.13	 
	Hulbert, MI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	12,615.00	 	 	$	1,051.25	 
	Huntington, MA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	13,440.00	 	 	$	1,120.00	 
	Indian Rocks Beach, FL - MPO	 	10/1/2018	 	9/30/2023	 	2023.00	 	$	88,200.00	 	 	$	7,350.00	 
	Iroquois, SD - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,760.00	 	 	$	730.00	 
	Island Park, ID - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	13,695.00	 	 	$	1,141.25	 
	Jackson Center, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,760.00	 	 	$	730.00	 
	Julian, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	6,960.00	 	 	$	580.00	 
	Kansas, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	20,880.00	 	 	$	1,740.00	 
	Ketchum, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	17,400.00	 	 	$	1,450.00	 
	KIMBALL, NE - MPO	 	9/1/2016	 	8/31/2021	 	2021.00	 	$	25,640.00	 	 	$	2,136.67	 
	Knobel, AR - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,312.50	 	 	$	859.38	 
	Knox, PA - MPO	 	12/18/2015	 	12/17/2020	 	2020.00	 	$	25,182.00	 	 	$	2,098.50	 
	LA GRANGE, MO - MPO	 	11/1/2017	 	10/31/2020	 	2020.00	 	$	15,000.00	 	 	$	1,250.00	 
	Lake Andes, SD - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	17,415.00	 	 	$	1,451.25	 
	Lake Cormorant, MS - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,500.00	 	 	$	875.00	 
	Lake Nebagamon, WI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	12,615.00	 	 	$	1,051.25	 
	Lake, MI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	21,855.00	 	 	$	1,821.25	 
	Langley, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	18,900.00	 	 	$	1,575.00	 
	Le Center, MN - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	25,200.00	 	 	$	2,100.00	 
	Leola, PA - MPO	 	3/17/2018	 	3/16/2023	 	2023.00	 	$	42,100.00	 	 	$	3,508.33	 
	Leslie, MI - MPO	 	2/1/2016	 	1/31/2021	 	2021.00	 	$	21,071.00	 	 	$	1,755.92	 
	Liberty, MS - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	27,570.00	 	 	$	2,297.50	 
	Lincoln, AR - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	34,725.00	 	 	$	2,893.75	 
	Lindale, TX - MPO	 	12/1/2018	 	11/30/2023	 	2023.00	 	$	115,273.00	 	 	$	9,606.08	 
	Little York, IL - MPO	 	9/1/2015	 	8/31/2020	 	2020.00	 	$	9,504.00	 	 	$	792.00	 
	Luther, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	29,520.00	 	 	$	2,460.00	 
	Lynn Center, IL - MPO	 	9/1/2011	 	8/31/2021	 	2021.00	 	$	6,826.00	 	 	$	568.83	 
	Maiden Rock, WI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,760.00	 	 	$	730.00	 
	Malone, FL - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	13,740.00	 	 	$	1,145.00	 
	Manvel, TX - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	33,300.00	 	 	$	2,775.00	 
	Marietta, IL - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	6,960.00	 	 	$	580.00	 
	Marinette, WI - MPO	 	2/1/2010	 	1/31/2020	 	2020.00	 	$	101,014.00	 	 	$	8,417.83	 
	Marlborough, NH - MPO	 	12/1/2016	 	11/30/2026	 	2026.00	 	$	36,551.00	 	 	$	3,045.92	 

 

     

     

    

 

	PropName	 	EffDate	 	ExpDate	 	Year	 	AnnualRent	 	 	Monthly Rent	 
	Marvell, AR - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	27,570.00	 	 	$	2,297.50	 
	Maynard, MA - MPO	 	3/1/2018	 	2/28/2023	 	2023.00	 	$	130,000.00	 	 	$	10,833.33	 
	Maysville, NC - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	24,075.00	 	 	$	2,006.25	 
	Meansville, GA - MPO	 	11/1/2015	 	10/31/2020	 	2020.00	 	$	11,737.00	 	 	$	978.08	 
	Meeker, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	29,520.00	 	 	$	2,460.00	 
	Memphis, TN - Lamar St. Carrier Training Station	 	8/1/2015	 	7/31/2020	 	2020.00	 	$	2,250.00	 	 	$	187.50	 
	Memphis, TN - Lamar Station	 	8/1/2015	 	7/31/2020	 	2020.00	 	$	55,820.40	 	 	$	4,651.70	 
	Middleburg, PA - MPO	 	9/1/2015	 	8/31/2020	 	2020.00	 	$	41,910.00	 	 	$	3,492.50	 
	Midvale, ID - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	9,705.00	 	 	$	808.75	 
	Mill Creek, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,002.50	 	 	$	666.88	 
	Milwaukee, WI - Bay View Station	 	4/1/2015	 	3/31/2020	 	2020.00	 	$	146,202.00	 	 	$	12,183.50	 
	Milwaukee, WI - Harbor Station	 	1/1/2018	 	12/31/2022	 	2022.00	 	$	87,036.00	 	 	$	7,253.00	 
	Milwaukee, WI - Parklawn Station	 	12/1/2016	 	11/30/2026	 	2026.00	 	$	130,267.00	 	 	$	10,855.58	 
	Monroe, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	5,437.50	 	 	$	453.13	 
	Montello, WI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	22,680.00	 	 	$	1,890.00	 
	Monterey, LA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	13,740.00	 	 	$	1,145.00	 
	Monteview, ID - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	5,835.00	 	 	$	486.25	 
	Mooringsport, LA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	20,707.50	 	 	$	1,725.63	 
	Morganton, GA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	17,572.50	 	 	$	1,464.38	 
	Morrisdale, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,560.00	 	 	$	880.00	 
	Mount Vernon, IL - Carrier Annex	 	10/1/2017	 	9/30/2022	 	2022.00	 	$	18,500.00	 	 	$	1,541.67	 
	Mount Washington, KY - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	35,280.00	 	 	$	2,940.00	 
	Mountain Lake, MN - MPO	 	3/1/2016	 	2/28/2021	 	2021.00	 	$	13,304.00	 	 	$	1,108.67	 
	Muleshoe, TX - MPO	 	5/1/2017	 	4/30/2022	 	2022.00	 	$	57,048.00	 	 	$	4,754.00	 
	Nescopeck, PA - MPO	 	9/1/2016	 	8/31/2021	 	2021.00	 	$	17,100.00	 	 	$	1,425.00	 
	New Haven, MI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	22,680.00	 	 	$	1,890.00	 
	New Philadelphia, PA - MPO	 	5/1/2019	 	4/30/2020	 	2020.00	 	$	29,514.72	 	 	$	2,411.34	 
	New Salem, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,560.00	 	 	$	880.00	 
	New Waverly, TX - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	33,300.00	 	 	$	2,775.00	 
	New Windsor, IL - MPO	 	12/1/2015	 	11/30/2020	 	2020.00	 	$	10,672.00	 	 	$	889.33	 
	Newcastle, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	37,492.50	 	 	$	3,124.38	 
	Noble, LA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,312.50	 	 	$	859.38	 
	Nolensville, TN - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	34,725.00	 	 	$	2,893.75	 
	North Quincy, MA - MPO (Retail)	 	7/1/2015	 	6/30/2025	 	2025.00	 	$	85,450.00	 	 	$	7,120.83	 
	North Waterboro, ME - MPO	 	3/1/2017	 	2/28/2027	 	2027.00	 	$	11,136.00	 	 	$	928.00	 

 

     

     

    

 

	PropName	 	EffDate	 	ExpDate	 	Year	 	AnnualRent	 	 	Monthly Rent	 
	North Weymouth, MA - MPO	 	5/1/2015	 	4/30/2020	 	2020.00	 	$	53,200.00	 	 	$	4,433.33	 
	Norwood, OH - MPO	 	10/16/2018	 	10/15/2023	 	2023.00	 	$	289,776.00	 	 	$	24,148.00	 
	Oakdale, PA - MPO	 	10/1/2018	 	9/30/2023	 	2023.00	 	$	30,374.00	 	 	$	2,531.17	 
	Oakland, ME - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	22,680.00	 	 	$	1,890.00	 
	Ola, AR - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	13,740.00	 	 	$	1,145.00	 
	Orion, IL - MPO	 	10/1/2015	 	9/30/2020	 	2020.00	 	$	19,200.00	 	 	$	1,600.00	 
	Orwigsburg, PA - MPO	 	10/10/2018	 	10/9/2019	 	2019.00	 	$	30,313.20	 	 	$	2,526.10	 
	Paris, ID - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,182.50	 	 	$	681.88	 
	Parsons, TN - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	31,365.00	 	 	$	2,613.75	 
	PELAHATCHIE, MS - MPO	 	9/1/2015	 	8/31/2020	 	2020.00	 	$	16,464.00	 	 	$	1,372.00	 
	Peru, IN - MPO	 	Holdover	 	8/31/2019	 	2019.00	 	$	155,169.00	 	 	$	12,930.75	 
	Pewaukee, WI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	43,650.00	 	 	$	3,637.50	 
	Pilot Knob, MO - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,077.50	 	 	$	673.13	 
	Plainview, AR - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	13,740.00	 	 	$	1,145.00	 
	Pompey, NY - MPO	 	9/1/2015	 	8/31/2020	 	2020.00	 	$	13,428.00	 	 	$	1,119.00	 
	Port Henry, NY - MPO	 	12/1/2016	 	11/30/2026	 	2026.00	 	$	22,750.00	 	 	$	1,895.83	 
	Portland, MI - MPO	 	11/1/2016	 	10/31/2026	 	2026.00	 	$	41,933.00	 	 	$	3,494.42	 
	Poseyville, IN - MPO	 	10/1/2016	 	9/30/2026	 	2026.00	 	$	14,108.00	 	 	$	1,175.67	 
	Powersville, MO - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	4,800.00	 	 	$	400.00	 
	Princess Anne, MD - MPO	 	8/1/2015	 	7/31/2020	 	2020.00	 	$	43,335.00	 	 	$	3,611.25	 
	Prue, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,500.00	 	 	$	875.00	 
	RALLS, TX - MPO	 	1/1/2018	 	12/31/2022	 	2022.00	 	$	17,754.00	 	 	$	1,479.50	 
	Rapids City, IL - MPO	 	4/1/2017	 	3/31/2027	 	2027.00	 	$	7,356.00	 	 	$	613.00	 
	Raymond, SD - MPO	 	3/1/2017	 	2/28/2027	 	2027.00	 	$	4,080.00	 	 	$	340.00	 
	Reynoldsburg, OH - MPO	 	8/1/2016	 	7/31/2021	 	2021.00	 	$	96,317.00	 	 	$	8,026.42	 
	Reynoldsville, PA - MPO	 	1/17/2015	 	1/16/2020	 	2020.00	 	$	56,163.75	 	 	$	4,680.31	 
	Richey, MT - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	12,465.00	 	 	$	1,038.75	 
	Ridgetop, TN - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	13,920.00	 	 	$	1,160.00	 
	Ringtown, PA - MPO	 	11/1/2018	 	10/31/2019	 	2019.00	 	$	34,007.64	 	 	$	2,833.97	 
	Rittman, OH - MPO	 	12/1/2016	 	11/30/2026	 	2026.00	 	$	33,271.00	 	 	$	2,772.58	 
	Rozet, WY - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	15,397.50	 	 	$	1,283.13	 
	SAINT ANN, MO - MPO	 	3/1/2019	 	2/29/2024	 	2024.00	 	$	68,357.00	 	 	$	5,696.42	 
	Saint Charles, ID - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	6,480.00	 	 	$	540.00	 
	San Antonio, TX - Hackberry Station	 	8/1/2016	 	7/31/2026	 	2026.00	 	$	82,752.00	 	 	$	6,896.00	 
	San Antonio, TX - Highland Hills Station	 	7/1/2016	 	6/30/2026	 	2026.00	 	$	85,000.00	 	 	$	7,083.33	 

 

     

     

    

 

	PropName	 	EffDate	 	ExpDate	 	Year	 	AnnualRent	 	 	Monthly Rent	 
	Sand Creek, MI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,760.00	 	 	$	730.00	 
	Saucier, MS - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	31,365.00	 	 	$	2,613.75	 
	Saxton, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	19,200.00	 	 	$	1,600.00	 
	SCOTLAND, SD - MAIN OFFICE	 	5/1/2016	 	4/30/2021	 	2021.00	 	$	12,334.00	 	 	$	1,027.83	 
	Seatonville, IL - MPO	 	2/1/2018	 	1/31/2023	 	2023.00	 	$	7,296.00	 	 	$	608.00	 
	Sharon, MA - MPO	 	7/1/2015	 	6/30/2020	 	2020.00	 	$	112,476.00	 	 	$	9,373.00	 
	Sheffield, VT - MPO	 	Holdover	 	5/31/2019	 	2019.00	 	$	8,415.00	 	 	$	701.25	 
	SHELBINA, MO - MPO	 	10/1/2014	 	9/30/2019	 	2019.00	 	$	27,277.00	 	 	$	2,273.08	 
	Sheldon, ND - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	4,710.00	 	 	$	392.50	 
	Shell, WY - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	7,410.00	 	 	$	617.50	 
	Shepherd, MI - MPO	 	2/1/2016	 	1/21/2021	 	2021.00	 	$	23,465.00	 	 	$	1,955.42	 
	Sherburn, MN - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	17,415.00	 	 	$	1,451.25	 
	Shirley, AR - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	20,707.50	 	 	$	1,725.63	 
	Shoemakersville, PA - MPO	 	4/1/2016	 	3/31/2026	 	2026.00	 	$	19,872.00	 	 	$	1,656.00	 
	Sinton, TX - MPO	 	8/1/2017	 	7/31/2022	 	2022.00	 	$	76,000.00	 	 	$	6,333.33	 
	Slippery Rock, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	31,080.00	 	 	$	2,590.00	 
	Smokerun, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	6,960.00	 	 	$	580.00	 
	Snow Hill, MD - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	16,125.00	 	 	$	1,343.75	 
	Somers, CT - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	39,112.50	 	 	$	3,259.38	 
	South Royalton, VT - MPO	 	12/1/2018	 	11/30/2023	 	2023.00	 	$	43,622.00	 	 	$	3,635.17	 
	Spavinaw, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	13,920.00	 	 	$	1,160.00	 
	Spencer, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	37,492.50	 	 	$	3,124.38	 
	Spirit Lake, IA - MPO	 	11/1/2017	 	10/31/2022	 	2022.00	 	$	51,832.00	 	 	$	4,319.33	 
	Sprague, NE - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	4,200.00	 	 	$	350.00	 
	Spring Grove, PA - MPO	 	4/1/2017	 	3/31/2027	 	2027.00	 	$	30,892.00	 	 	$	2,574.33	 
	Springport, MI - MPO	 	2/1/2017	 	1/31/2022	 	2022.00	 	$	16,160.00	 	 	$	1,346.67	 
	Stevens Point, WI - MPO	 	1/1/2017	 	12/31/2026	 	2026.00	 	$	149,995.00	 	 	$	12,499.58	 
	STINNETT, TX - MPO	 	6/1/2016	 	5/31/2021	 	2021.00	 	$	16,740.00	 	 	$	1,395.00	 
	Storden, MN - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,760.00	 	 	$	730.00	 
	Strong, AR - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	20,707.50	 	 	$	1,725.63	 
	Stuart, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	17,400.00	 	 	$	1,450.00	 
	Sundown, TX - MPO	 	8/1/2017	 	7/31/2022	 	2022.00	 	$	23,556.00	 	 	$	1,963.00	 
	Tacoma, WA - MLK JR. Way Station	 	9/1/2015	 	8/31/2020	 	2020.00	 	$	30,572.52	 	 	$	2,547.71	 
	Tetonia, ID - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	11,475.00	 	 	$	956.25	 
	TOLEDO, OH - WEST TOLEDO STA	 	2/1/2019	 	1/31/2024	 	2024.00	 	$	63,000.00	 	 	$	5,250.00	 

  

     

     

    

 

	PropName	 	EffDate	 	ExpDate	 	Year	 	AnnualRent	 	 	Monthly Rent	 
	Tower City, PA - MPO	 	8/22/2016	 	8/21/2026	 	2026.00	 	$	33,163.00	 	 	$	2,763.58	 
	Towner, ND - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	12,615.00	 	 	$	1,051.25	 
	Trego, MT - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,290.00	 	 	$	857.50	 
	TRENTON, IL - MPO	 	11/1/2016	 	10/31/2021	 	2021.00	 	$	3,338.00	 	 	$	278.17	 
	Trimont, MN - MPO	 	5/1/2016	 	4/30/2021	 	2021.00	 	$	10,750.00	 	 	$	895.83	 
	Troy, TX - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	20,880.00	 	 	$	1,740.00	 
	Tulsa, OK - Northside Station	 	1/9/2015	 	1/8/2020	 	2020.00	 	$	124,509.00	 	 	$	10,375.75	 
	Turtletown, TN - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	10,312.50	 	 	$	859.38	 
	Vanndale, AR - MPO	 	9/1/2018	 	8/31/2023	 	2023.00	 	$	6,804.00	 	 	$	567.00	 
	Vici, OK - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	25,200.00	 	 	$	2,100.00	 
	Wadesville, IN - MPO	 	2/1/2016	 	1/31/2021	 	2021.00	 	$	17,005.00	 	 	$	1,417.08	 
	Wadsworth, NV - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	16,147.50	 	 	$	1,345.63	 
	Warden, WA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	20,317.50	 	 	$	1,693.13	 
	Waskom, TX - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	33,300.00	 	 	$	2,775.00	 
	West Sacramento, CA - MPO	 	6/16/2015	 	6/15/2020	 	2020.00	 	$	102,338.50	 	 	$	8,528.21	 
	West, MS - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	13,920.00	 	 	$	1,160.00	 
	WESTMINSTER, TX - MPO	 	12/1/2014	 	11/30/2019	 	2019.00	 	$	7,655.00	 	 	$	637.92	 
	White, GA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	17,572.50	 	 	$	1,464.38	 
	Williamsburg, PA - MPO	 	4/1/2017	 	3/31/2022	 	2022.00	 	$	20,580.00	 	 	$	1,715.00	 
	Williamstown, PA - MPO	 	8/6/2018	 	8/5/2019	 	2019.00	 	$	26,475.60	 	 	$	2,206.30	 
	Wilmer, AL - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	31,365.00	 	 	$	2,613.75	 
	Wilson, MI - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	6,367.50	 	 	$	530.63	 
	WINAMAC, IN - MPO	 	1/1/2015	 	12/31/2019	 	2019.00	 	$	19,600.00	 	 	$	1,633.33	 
	Winburne, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	4,620.00	 	 	$	385.00	 
	Woodbine, KY - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,760.00	 	 	$	730.00	 
	Little Rock, AR - Customer Services	 	10/6/2014	 	10/5/2019	 	2019.00	 	$	228,361.00	 	 	$	19,030.08	 
	Lake Charles, LA - Moss Bluff Station	 	6/26/2018	 	6/25/2023	 	2023.00	 	$	125,415.00	 	 	$	10,451.25	 
	Laurens, SC - MPO	 	9/1/2015	 	8/31/2020	 	2020.00	 	$	71,744.00	 	 	$	5,978.67	 
	WOODBURY, TN - MPO	 	7/1/2016	 	6/30/2021	 	2021.00	 	$	23,300.00	 	 	$	1,941.67	 
	EAST SAINT LOUIS, IL - EDGEMONT STATION	 	5/30/2017	 	5/29/2022	 	2022.00	 	$	13,524.00	 	 	$	1,127.00	 
	MASCOUTAH, IL - MAIN OFFICE	 	11/1/2018	 	10/31/2023	 	2023.00	 	$	34,502.00	 	 	$	2,875.17	 
	SLATINGTON, PA - MAIN OFFICE	 	1/1/2018	 	12/31/2022	 	2022.00	 	$	33,000.00	 	 	$	2,750.00	 
	HASTINGS, PA - MAIN OFFICE	 	12/1/2017	 	11/30/2022	 	2022.00	 	$	20,388.00	 	 	$	1,699.00	 
	MOORE, SC - MAIN OFFICE	 	12/1/2017	 	11/30/2022	 	2022.00	 	$	28,639.00	 	 	$	2,386.58	 
	EUNICE, NM - MAIN OFFICE	 	6/1/2016	 	5/31/2021	 	2021.00	 	$	45,526.00	 	 	$	3,793.83	 

 

     

     

    

 

	PropName	 	EffDate	 	ExpDate	 	Year	 	AnnualRent	 	 	Monthly Rent	 
	BOGART, GA - MAIN OFFICE	 	2/1/2017	 	1/31/2022	 	2022.00	 	$	33,024.00	 	 	$	2,752.00	 
	OJO CALIENTE, NM - MAIN OFFICE	 	12/1/2016	 	11/30/2021	 	2021.00	 	$	21,156.00	 	 	$	1,763.00	 
	RAYMOND, IL - MAIN OFFICE	 	9/1/2017	 	8/31/2022	 	2022.00	 	$	13,629.00	 	 	$	1,135.75	 
	WAVERLY, IL - MAIN OFFICE	 	9/1/2017	 	8/31/2022	 	2022.00	 	$	15,676.00	 	 	$	1,306.33	 
	WAKARUSA, IN - MAIN OFFICE	 	4/1/2016	 	3/31/2021	 	2021.00	 	$	18,681.00	 	 	$	1,556.75	 
	NEW FLORENCE, PA - MAIN OFFICE	 	6/1/2017	 	5/31/2022	 	2022.00	 	$	21,242.00	 	 	$	1,770.17	 
	MANITOWOC, WI - MAIN OFFICE	 	4/1/2016	 	3/31/2021	 	2021.00	 	$	127,149.00	 	 	$	10,595.75	 
	Greenwood, MS - Leflore Station	 	2/8/2000	 	2/8/2020	 	2020.00	 	$	96,187.00	 	 	$	8,015.58	 
	Henderson, NC - MPO	 	9/1/2017	 	8/31/2022	 	2022.00	 	$	96,000.00	 	 	$	8,000.00	 
	Yeagertown, PA - MPO	 	3/1/1997	 	2/28/2022	 	2022.00	 	$	8,385.00	 	 	$	698.75	 

 

     

     

    

 

SCHEDULE 3.05(c) – INITIAL PROPERTY
MANAGEMENT AGREEMENTS

 

		1.	Third Party Property Management Agreement, dated as of May 17, 2019, by and among Andrew Spodek and Postal Realty Management
TRS, LLC

 

		2.	Third Party Property Management Agreement, dated as of May 17, 2019, by and among Rosalind T. Spodek and Postal Realty Management
TRS, LLC

 

     

     

    

 

SCHEDULE 3.06 -- DISCLOSED MATTERS

 

None.

 

     

     

    

 

SCHEDULE 3.15 – INITIAL SUBSIDIARIES

 

	 	 	Entity Owned	 	Record Owner	 	Jurisdiction of Record Owner	 	Ownership Interest	 	Subject to Lien or Negative Pledge
	 	 	 	 	 	 	 	 	 	 	 
	1.	 	Postal Realty LP	 	Postal Realty Trust, Inc.	 	Maryland	 	78.6%; general partner	 	No
	 	 	 	 	 	 	 	 	 	 	 
	2.	 	Postal Realty LP	 	Spodek 2016 Family Trust	 	New York	 	16.0%; limited partner	 	No
	 	 	 	 	 	 	 	 	 	 	 
	3.	 	Postal Realty LP	 	Texas Family GP Incorporated	 	Texas	 	0.0% limited partner	 	No
	 	 	 	 	 	 	 	 	 	 	 
	4.	 	Postal Realty LP	 	Nationwide Postal Management Holdings, Inc.	 	Delaware	 	3.7% limited partner	 	No
	 	 	 	 	 	 	 	 	 	 	 
	5.	 	Postal Realty LP	 	Andrew Spodek	 	N/A	 	1.7% limited partner	 	No
	 	 	 	 	 	 	 	 	 	 	 
	6.	 	Postal Realty LP	 	Blaine Willenborg	 	N/A	 	0.0% limited partner	 	No
	 	 	 	 	 	 	 	 	 	 	 
	7.	 	UPH Merger Sub LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	8.	 	Alabama Postal Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	9.	 	Harbor Station, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	10.	 	Illinois Postal Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	11.	 	Iowa Postal Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	12.	 	Mass Postal Holdings LLC 	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	13.	 	Michigan Postal Holdings LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	14.	 	Missouri & Minnesota Postal Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	15.	 	Ohio Postal Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	16.	 	Pennsylvania Postal Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	17.	 	Postal Holdings LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	18.	 	Tennessee Postal Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	19.	 	Wisconsin Postal Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	20.	 	A and J Assets LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No

 

Signature Page – Credit Agreement

 

     

     

    

 

	 	 	Entity Owned	 	Record Owner	 	Jurisdiction of Record Owner	 	Ownership Interest	 	Subject to Lien or Negative Pledge
	 	 	 	 	 	 	 	 	 	 	 
	21.	 	Asset 20024, L.L.C.	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	22.	 	Gary Glen Park Realty, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	23.	 	Hiler Buffalo LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	24.	 	PPP Assets, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	25.	 	South Carolina Postal Holdings LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	26.	 	Louisiana Postal Holdings LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	27.	 	Arkansas Postal Holdings LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	28.	 	Postal Realty Management TRS, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	29.	 	United Post Office Investments, LLC	 	UPH Merger Sub LLC	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	30.	 	Georgia Postal Realty Holdings LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	31.	 	Indiana Postal Realty Holdings LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	32.	 	New Mexico Postal Realty Holdings LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	33.	 	Eastern Postal Realty Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	34.	 	Midwestern Postal Realty Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	35.	 	Southern Postal Realty Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No
	 	 	 	 	 	 	 	 	 	 	 
	36.	 	Western Postal Realty Holdings, LLC	 	Postal Realty LP	 	Delaware	 	100%	 	No

 

Signature Page – Credit Agreement

 

     

     

    

 

SCHEDULE 3.16 – INITIAL REAL PROPERTIES

 

		1.	The properties listed on Schedule 2.05.

 

		2.	The properties listed on the chart below.

 

	Property Name	 	Landlord	 	Tenant	 	Legal Title

Holder	 	Borrower/Subsidiary

 Owner
	 	 	 	 	 	 	 	 	 
	1.	Butterfield, MN - MPO	 	Missouri & Minnesota Postal Holdings, LLC	 	United States Postal Service	 	Missouri & Minnesota Postal Holdings, LLC	 	Missouri & Minnesota Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	2.	Denver, PA - MPO	 	Pennsylvania Postal Holdings, LLC	 	United States Postal Service	 	Pennsylvania Postal Holdings, LLC	 	Pennsylvania Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	3.	Dillsburg, PA - MPO	 	Pennsylvania Postal Holdings, LLC	 	United States Postal Service	 	Pennsylvania Postal Holdings, LLC	 	Pennsylvania Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	4.	Fulda, MN - MPO	 	Missouri & Minnesota Postal Holdings, LLC	 	United States Postal Service	 	Missouri & Minnesota Postal Holdings, LLC	 	Missouri & Minnesota Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	5.	Glen Rock, PA - MPO	 	Pennsylvania Postal Holdings, LLC	 	United States Postal Service	 	Pennsylvania Postal Holdings, LLC	 	Pennsylvania Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	6.	Middleburg, PA - MPO	 	Pennsylvania Postal Holdings, LLC	 	United States Postal Service	 	Pennsylvania Postal Holdings, LLC	 	Pennsylvania Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	7.	Mountain Lake, MN - MPO	 	Missouri & Minnesota Postal Holdings, LLC	 	United States Postal Service	 	Missouri & Minnesota Postal Holdings, LLC	 	Missouri & Minnesota Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	8.	Reynoldsburg, OH - MPO	 	Ohio Postal Holdings, LLC	 	United States Postal Service	 	Ohio Postal Holdings, LLC	 	Ohio Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	9.	Reynoldsville, PA - MPO	 	Pennsylvania Postal Holdings, LLC	 	United States Postal Service	 	Pennsylvania Postal Holdings, LLC	 	Pennsylvania Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	10.	Trimont, MN - MPO	 	Missouri & Minnesota Postal Holdings, LLC	 	United States Postal Service	 	Missouri & Minnesota Postal Holdings, LLC	 	Missouri & Minnesota Postal Holdings, LLC

 

Signature Page – Credit Agreement 

 

     

     

    

 

	Property Name	 	Landlord	 	Tenant	 	Legal Title

Holder	 	Borrower/Subsidiary

 Owner
	 	 	 	 	 	 	 	 	 	 
	11.	Shelbina, MO - MPO	 	Missouri & Minnesota Postal Holdings, LLC	 	United States Postal Service	 	Missouri & Minnesota Postal Holdings, LLC	 	Missouri & Minnesota Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	12.	Westminster, TX - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	13.	Alpha, IL - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	14.	Chesaning, MI - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	15.	Elizabeth, PA - MPO	 	Postal Realty LP	 	United States Postal Service	 	Postal Realty LP	 	Postal Realty LP
	 	 	 	 	 	 	 	 	 	 
	16.	Flora, IN - MPO	 	Hiler Buffalo LLC	 	United States Postal Service	 	Hiler Buffalo LLC	 	Hiler Buffalo LLC
	 	 	 	 	 	 	 	 	 	 
	17.	Hartford, VT - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	18.	Peru, IN - MPO	 	Gary Glen Park Realty, LLC	 	United States Postal Service	 	Gary Glen Park Realty, LLC	 	Gary Glen Park Realty, LLC
	 	 	 	 	 	 	 	 	 	 
	19.	Sheffield, VT - MPO	 	Asset 20024, L.L.C.	 	United States Postal Service	 	Asset 20024, L.L.C.	 	Asset 20024, L.L.C.
	 	 	 	 	 	 	 	 	 	 
	20.	Laurens, SC – MPO	 	South Carolina Postal Holdings LLC	 	United States Postal Service	 	South Carolina Postal Holdings LLC	 	South Carolina Postal Holdings LLC
	 	 	 	 	 	 	 	 	 	 
	21.	East Saint Louis, IL – MPO	 	Illinois Postal Holdings, LLC	 	United States Postal Service	 	Illinois Postal Holdings, LLC	 	Illinois Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	22.	Mascoutah, IL – MPO	 	Illinois Postal Holdings, LLC	 	United States Postal Service	 	Illinois Postal Holdings, LLC	 	Illinois Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	23.	Slatington, PA – MPO	 	Pennsylvania Postal Holdings, LLC	 	United States Postal Service	 	Pennsylvania Postal Holdings, LLC	 	Pennsylvania Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	24.	Hastings, PA – MPO	 	Pennsylvania Postal Holdings, LLC	 	United States Postal Service	 	Pennsylvania Postal Holdings, LLC	 	Pennsylvania Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	25.	Moore, SC – MPO	 	South Carolina Postal Holdings, LLC	 	United States Postal Service	 	South Carolina Postal Holdings, LLC	 	South Carolina Postal Holdings, LLC

 

Signature Page – Credit Agreement 

 

     

     

    

 

	Property Name	 	Landlord	 	Tenant	 	Legal Title

Holder	 	Borrower/Subsidiary

 Owner
	 	 	 	 	 	 	 	 	 	 
	26.	Eunice, NM – MPO	 	New Mexico Postal Realty Holdings, LLC	 	United States Postal Service	 	New Mexico Postal Realty Holdings, LLC	 	New Mexico Postal Realty Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	27.	Bogart, GA – MPO	 	Georgia Postal Realty Holdings, LLC	 	United States Postal Service	 	Georgia Postal Realty Holdings, LLC	 	Georgia Postal Realty Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	28.	Ojo Cliente, NM – MPO	 	New Mexico Postal Realty Holdings, LLC	 	United States Postal Service	 	New Mexico Postal Realty Holdings, LLC	 	New Mexico Postal Realty Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	29.	Raymond, IL – MPO	 	Illinois Postal Holdings, LLC	 	United States Postal Service	 	Illinois Postal Holdings, LLC	 	Illinois Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	30.	Waverly, IL –  MPO	 	Illinois Postal Holdings, LLC	 	United States Postal Service	 	Illinois Postal Holdings, LLC	 	Illinois Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	31.	Wakarusa, IN – MPO	 	Indiana Postal Realty Holdings, LLC	 	United States Postal Service	 	Indiana Postal Realty Holdings, LLC	 	Indiana Postal Realty Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	32.	New Florence, PA – MPO	 	Pennsylvania Postal Holdings, LLC	 	United States Postal Service	 	Pennsylvania Postal Holdings, LLC	 	Pennsylvania Postal Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	33.	Manitowoc, WI – MPO	 	Wisconsin Postal Holdings LLC	 	United States Postal Service	 	Wisconsin Postal Holdings LLC	 	Wisconsin Postal Holdings LLC
	 	 	 	 	 	 	 	 	 	 
	34.	Greenwood, MS – MPO	 	Southern Postal Realty Holdings, LLC	 	United States Postal Service	 	Southern Postal Realty Holdings, LLC	 	Southern Postal Realty Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	35.	Henderson, NC – MPO	 	Southern Postal Realty Holdings, LLC	 	United States Postal Service	 	Southern Postal Realty Holdings, LLC	 	Southern Postal Realty Holdings, LLC
	 	 	 	 	 	 	 	 	 	 
	36.	Spirit Lake, IA – MPO	 	Iowa Postal Realty Holdings, LLC	 	United States Postal Service	 	Iowa Postal Realty Holdings, LLC	 	Iowa Postal Realty Holdings, LLC

 

Signature Page – Credit Agreement

 

     

     

    

 

SCHEDULE 6.01 – existing
indebtedness

 

	Borrowing Group Entity	 	Real Property(ies) Encumbered	 	Amount of Indebtedness	 	 	Lender
	Ohio Postal Holdings, LLC	 	Reyonldsburg, OH	 	$	915,648	 	 	Vision Bank
	Pennsylvania Postal Holdings, LLC	 	Denver, PA
 Dillsburg, PA
 Glen Rock, PA
 Middleburg, PA
 Reynoldsville, PA	 	$	1,553,317	 	 	Vision Bank
	Missouri & Minnesota Postal Holdings, LLC	 	Butterfield, MN
 Fulda, MN
 Mountain Lake, MN
 Trimont, MN
 Shelbina, MO	 	$	384,690	 	 	First Oklahoma Bank

 

     

     

    

 

SCHEDULE 6.08 – TRANSACTIONS
WITH AFFILIATES

 

None.

 

     

     

    

 

EXHIBIT A – FORM of ASSIGNMENT AND
ASSUMPTION

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (the “Assignment
and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert
name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as
amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.
The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference
and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration, the Assignor
hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor,
subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as
a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to
the amount and percentage interest identified below of all of such rights and obligations of the Assignor and (ii) to the
extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in
its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement,
any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on
or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and
obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned
Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this
Assignment and Assumption, without representation or warranty by the Assignor.

 

	1.	Assignor:	______________________________

 

	2.	Assignee:	______________________________

                                         [and is an Affiliate of [identify Lender]1]

 

	3.	Borrower:	Postal Realty LP, a Delaware limited partnership

 

	4.	Administrative Agent:	People’s United Bank, National Association

 

	5.	Credit Agreement:	The Credit Agreement dated as of September 27, 2019 among Borrower, the lenders party thereto and Administrative
Agent

 

 

 

 

 

		1	Select as applicable.

 

     

     

    

 

		6.	Assigned Interest:

 

	Aggregate Amount of

Commitment/Loans for all

Lenders	 	 	Amount of

Commitment/Loans Assigned	 	 	Percentage Assigned of

    Commitment/Loans2	 
	$	 	 	 	$	 	 	 	 	 	%

 

Effective Date: _____________ ___, 20___ [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The Assignee agrees to deliver to the Administrative Agent a
completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about the Borrower Group Entities and their related parties or or
their respective securities) will be made available and who may receive such information in accordance with the Assignee’s
compliance procedures and applicable laws, including Federal and state securities laws.

 

[remainder of page intentionally left blank]

 

 

 

 

 

		2	Set forth, to at least 9
decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

 

Signature Page – Credit Agreement

 

     

     

    

 

The terms set forth in this Assignment and Assumption are hereby
agreed to:

 

	 	ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]

 

	 	By:	               
	 	 	Name:
	 	 	Title:

 

	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]

 

	 	By:	               
	 	 	Name:
	 	 	Title:

 

[Consented to and]3 Accepted:

 

PEOPLE’S UNITED BANK, NATIONAL ASSOCIATION, as

Administrative Agent

 

	By:	 	 
	 	Title:	 
	 	Name: 	 

 

[Consented to and]4 Accepted:

 

POSTAL REALTY LP, a Delaware limited partnership

 

	By:	 	 
	 	Title:
	 	Name: 

 

 

 

 

 

		3	To be added only if the consent
of the Administrative Agent is required by the terms of the Credit Agreement.

		4	To be added only if the consent
of the Borrower is required by the terms of the Credit Agreement.

 

     

     

    

 

ANNEX 1

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1. Representations and Warranties.

 

1.1 Assignor. The Assignor (a) represents
and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear
of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Agreement or any collateral thereunder,
(iii) the financial condition of any Borrower Group Entity or any other Person obligated in respect of the Agreement or (iv) the
performance or observance by any Loan Party or any other Person of any of their respective obligations under the Agreement.

 

1.2. Assignee. The Assignee (a) represents
and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment
and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it
satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire
the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the
Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder,
(iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant
to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its
own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis
of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender,
and (v) attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of
the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance
on the Administrative 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 Agreement, and (ii) it will perform
in accordance with their terms all of the obligations which by the terms of the Agreement are required to be performed by it as
a Lender.

 

2. Payments. From and after the Effective
Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest,
fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee
for amounts which have accrued from and after the Effective Date.

 

3. General Provisions. This Assignment
and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.
This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Acceptance
and adoption of the terms of this Assignment and Assumption by the Assignee and the Assignor by Electronic Signature or delivery
of an executed counterpart of a signature page of this Assignment and Assumption by any Electronic System shall be effective as
delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

 

     

     

    

 

EXHIBIT
B – FORM OF NOTE

 

PROMISSORY NOTE

 

	$______________	__________, 20__

 

FOR VALUE RECEIVED,
POSTAL REALTY LP, a Delaware limited partnership (collectively, the “Maker”), hereby promises to pay
to __________________________ (the “Lender”), in accordance with the Credit Agreement (as hereinafter
defined), the principal sum of _______________ Dollars (or such lesser amount as shall equal the aggregate unpaid principal amount
of all Loans made to it by the Lender from time to time pursuant to the Credit Agreement), in lawful money of the United States
of America and in immediately available funds, 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 Loan, at such office, in like money and funds, for the period commencing
on the date of such Loan until such Loan shall be paid in full, at the rates per annum and on the dates provided in the Credit
Agreement.

 

This Note is one of
the Notes referred to in the Credit Agreement dated as of September 27, 2019 (as modified and supplemented and in effect from time
to time, the “Credit Agreement”) among Maker, the lenders party thereto (including the Lender) and People’s
United Bank, National Association, as Administrative Agent, and evidences Loans made by the Lender thereunder. Each initially capitalized
term used but not defined in this Note has the meaning assigned to such term 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.

 

All parties to this
Note, whether principal, surety, guarantor or endorser, hereby waive presentment for payment, demand, protest, notice of protest
and notice of dishonor.

 

Except as permitted
by Section 9.04 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 LAW OF THE STATE OF NEW YORK.

 

[remainder of page intentionally left blank]

 

     

     

    

 

IN WITNESS WHEREOF, Maker has executed this
Note as of the date first above written.

 

	 	MAKER:
	 	 
	 	POSTAL REALTY LP, a Delaware limited partnership 

 

	 	By:	      
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT C – FORM OF GUARANTY

 

[see attached]

 

     

     

    

 

EXHIBIT D – FORM OF COMPLIANCE CERTIFICATE

 

COMPLIANCE CERTIFICATE

 

_____________________, 20__

 

People’s United Bank, National Association

250 Park Avenue, Suite 905

New York, New York 10177

Attention: [_________]

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Credit Agreement dated as of September 27, 2019 (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among Postal Realty LP, a Delaware limited partnership (the “Borrower”),
each lender from time to time party thereto (the “Lenders”) and People’s United Bank, National
Association, in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).
Each initially capitalized term used herein, and not otherwise defined herein, has meaning given it in the Credit Agreement.

 

Pursuant to Section
[2.05(c)(vii)] [2.05(e)(i)(A)] [4.01(d)] [5.01(e)] of the Credit Agreement, the undersigned, as a Financial Officer of the Borrower,
acting solely in such person’s capacity as a Financial Officer of the Borrower and not in such person’s individual
capacity, hereby certifies to the Administrative Agent and the Lenders as of the date hereof that:

 

1. The
undersigned is a Financial Officer.

 

2. The
undersigned has reviewed the Loan Documents and the books and records of the Consolidated Entities and has conducted such other
examinations and investigations as are reasonably necessary to provide reasonable detail of the transactions and financial conditions
of the Consolidated Entities as provided in this Compliance Certificate.

 

3. No
Default and no Event of Default exists and no condition or event which constitutes a mandatory prepayment event has occurred. [if
such is not the case, specify the nature of such Default or Event of Default or mandatory prepayment event, when it occurred, whether
it is continuing and the steps being taken by the Borrower Group Entities with respect to such Default, Event of Default or mandatory
prepayment event].

 

4. Except
as set forth on Schedule 1 attached hereto, no change in GAAP or in the application thereof has occurred since the date of the
Financial Statements. [if such is not the case, specify the effect of such change on the financial statements]. 

 

5. The
representations and warranties of the Borrower set forth in the Credit Agreement are true and correct in all material respects
(or, if any such representation or warranty is already qualified by materiality or material effect, then such representation or
warranty is true and correct in all respects taking into account such qualification) on and as of the date hereof (except that
if any such representation and warranty expressly relates to an earlier date, then such representation and warranty shall be true
and correct in all material respects as of such earlier date (or, if any such representation or warranty is already qualified by
materiality or material effect, then such representation or warranty shall be true and correct in all respects as of such earlier
date taking into account such qualification)).

 

     

     

    

 

6. Attached
hereto as Schedule ___ is a list of the Borrowing Base Properties.

 

7. Attached
hereto as Schedule ___ is a list of the Non-Borrowing Base Properties.

 

8. [In connection
with the Borrower’s request that [_________________________] be removed as a Borrowing Base Property and/or [___________]
be released as a Subsidiary Guarantor, attached hereto as Schedule ___ are reasonably detailed calculations establishing that
after giving effect to such removal and/or release the financial covenants set forth in Section 6.07 of the Credit Agreement will
continue to be complied with.]5

 

[In connection with
the Borrower’s request that [_________________________] be included as a Borrowing Base Property, attached hereto as Schedule
__ are reasonably detailed calculations establishing that compliance with the financial covenants set forth in Section 6.07
of the Credit Agreement as of the most recently ended calendar quarter as to which financial statements have been delivered to
the Administrative Agent and after giving effect to such request and any prepayment to be made and/or the acceptance of any Approved
Eligible Property as an additional or replacement Borrowing Base Property to be given concurrently with such request.]6

 

9. As
of the date of this Compliance Certificate, no material change in accounting policies or financial reporting practices by the Consolidated
Entities has occurred since the date of the Financial Statements. [if such is not the case, specify the effect of such change
on the financial statements or identify the disclosure in the attached financial statements where addressed]

 

IN WITNESS WHEREOF,
the undersigned has executed this certificate as of the date first above written.

 

	 	 
	 	[INSERT FINANCIAL OFFICER’S NAME]

 

 

 

 

 

		5	Insert for Compliance Certificates given pursuant to Section
2.05(e)(i)(A).

		6	Insert for Compliance Certificates given pursuant to Section
2.05(c)(vii).

 

     

     

    

 

Schedule 1

 

Changes in GAAP

 

     

     

    

 

EXHIBIT E – PROPERTY WORKSHEET

 

People’s United Bank Real Estate Property Schedule

 

Company Name: Postal Realty Trust, Inc.

Date Prepared: 9/24/19

 

	Property/

    Entity	 	Entity	 	Property

    Type	 	Purchase

    Date	 	Purchase

    Price	 	Lease

    Expiration	 	Borrowing

    Base

    Eligible?	 	Reason	 	Occupancy	 	Square

    Footage	 	Quarter

    Revenue	 	Revenue

    for

    New

    Acquisitions	 	Quarter

    Expense	 	Expenses

    for

    New

    Acquisitions	 	Quarter

    NOI	 	NOI

    for

    New

    Acquisitions	 	Covenant

    Adjusted

    NOI	 	Quarterized

    for

    New

    Acquisitions	 	Cap

    Rate

    Used	 	Property

    Value

    at

    8%

    Cap

    Rate	 	Property

    Value

    Used	 	6/30/19

    Debt

    Balance	 	LTV	 	Actual

    Debt

    Service	 	%

    Owned	 	Debt

    Maturity	 	Lender	 	Principal

    Recourse
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     

     

    

 

EXHIBIT F – FORM OF JOINDER AGREEMENT

 

JOINDER AGREEMENT

 

		To:	People’s United Bank, National Association, as
Administrative Agent

 

		Re:	Postal Realty LP

 

		Date:	_________________ ___, 201__

 

Ladies and Gentlemen:

 

This Joinder Agreement
is made and delivered pursuant to Section [2.05(c)(ii)] [2.22(a)(i)] [2.23(a)] of that certain Credit Agreement dated as of
September 27, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Postal Realty LP, a Delaware limited partnership (the “Borrower”), each lender from time to time
party thereto and People’s United Bank, National Association, in its capacity as administrative agent for such lenders. Each
initially capitalized term used in this Joinder Agreement and not otherwise defined herein has the meaning assigned to such term
in the Credit Agreement.

 

The undersigned, ___________________________
[insert name of joining Guarantor], a ___________________________________________, is a Subsidiary, and hereby acknowledges
that the undersigned is a “Guarantor” for all purposes of the Guaranty, and assumes all of the liabilities, duties
and obligations of a “Guarantor” thereunder, effective from the date hereof, jointly and severally with each other
“Guarantor” thereunder. The undersigned hereby agrees it will perform all of the obligations of a “Guarantor”
under, and that it is bound in all respects by the terms of, the Guaranty to the same extent and with the same force and effect
as if the undersigned were an original signatory thereto. Additionally, and without limitation of the foregoing, the undersigned
expressly consents to, ratifies and adopts for itself, all of the waivers set forth in the Guaranty.

 

The undersigned confirms
that the representations and warranties set forth in the Guaranty are true and correct in all material respects (or, if any such
representation or warranty is already qualified by materiality or material effect, then such representation or warranty shall be
true and correct in all respects taking into account such qualification) as to the undersigned as of the date hereof (except that
if any such representation and warranty expressly relates to an earlier date, then such representation and warranty shall be true
and correct in all material respects as of such earlier date (or, if any such representation or warranty is already qualified by
materiality or material effect, then such representation or warranty shall be true and correct in all respects as of such earlier
date taking into account such qualification)). In addition to the foregoing, the undersigned confirms that the representations
and warranties that are set forth in Article III of the Credit Agreement and are applicable to the undersigned are true and
correct in all material respects (or, if any such representation or warranty is already qualified by materiality or material effect,
then such representation or warranty shall be true and correct in all respects taking into account such qualification) as to the
undersigned as of the date hereof (except that if any such representation and warranty expressly relates to an earlier date, then
such representation and warranty shall be true and correct in all material respects as of such earlier date (or, if any such representation
or warranty is already qualified by materiality or material effect, then such representation or warranty shall be true and correct
in all respects as of such earlier date taking into account such qualification)).

 

This Joinder Agreement
shall constitute a Loan Document.

 

     

     

    

 

THIS JOINDER AGREEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

This Joinder Agreement
may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall
constitute one contract. Delivery of an executed counterpart of a signature page of this Joinder Agreement by telecopy or in electronic
(i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this
Joinder Agreement.

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Joinder Agreement, as of the date first above written.

 

	 	_____________________, a ____________________________

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT G – FORM OF BORROWING BASE
CERTIFICATE

 

BORROWING BASE CERTIFICATE

 

_____________________, 20__

 

People’s United Bank, National Association

250 Park Avenue, Suite 905

New York, New York 10177

Attention: [_________]

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Credit Agreement dated as of September 27, 2019 (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among Postal Realty LP, a Delaware limited partnership (the “Borrower”),
each lender from time to time party thereto (the “Lenders”) and People’s United Bank, National
Association, in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).
Each initially capitalized term used herein, and not otherwise defined herein, has meaning given it in the Credit Agreement.

 

Pursuant to Section
[4.02(d)] [5.01(e)] of the Credit Agreement, the undersigned hereby certifies to the Administrative Agent and the Lenders that:

 

1. The
undersigned is a Financial Officer.

 

2. The
undersigned has reviewed the Loan Documents and the books and records of the Consolidated Entities and has conducted such other
examinations and investigations as are reasonably necessary to provide reasonable detail of the matters covered in this Borrowing
Base Certificate.

 

3. As
of the date of this Borrowing Base Certificate, no Default and no Event of Default exists and no condition or event which constitutes
a mandatory prepayment event has occurred. [if such is not the case, specify the nature of such Default or Event of Default
or mandatory prepayment event, when it occurred, whether it is continuing and the steps being taken by the Borrower Group Entities
with respect to such Default, Event of Default or mandatory prepayment event].

 

4. Attached
hereto as Schedule 1 is a list of the Borrowing Base Properties, which list identifies, as to each Borrowing Base Property, each
Subsidiary that directly or indirectly owns such Borrowing Base Property.

 

5. Attached
hereto as Schedule 2 is a list of the Non-Borrowing Base Properties, which list identifies, as to each Non- Borrowing Base Property,
each Subsidiary that directly or indirectly owns such Non-Borrowing Base Property.

 

6. As
of the date of this Borrowing Base Certificate, the Borrowing Base Portfolio Value is $_______________. Attached hereto as Schedule
3 are reasonably detailed calculations establishing the Borrowing Base Portfolio Value as of the most recently ended calendar quarter.

 

7. As
of the date of this Borrowing Base Certificate, the aggregate value of the Borrowing Base is $_______________, such amount representing
fifty percent (50%) of the Borrowing Base Portfolio Value.

 

[signature on the following page.]

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed this certificate as of the date first above written.

 

	 	 
	 	[INSERT FINANCIAL OFFICER’S NAME]

 

     

     

    

 

Schedule 1

 

Borrowing Base Properties

 

     

     

    

 

Schedule 2

 

Non-Borrowing Base Properties

 

     

     

    

 

Schedule 3

 

Borrowing Base Portfolio Value

 

     

     

    

 

EXHIBIT H – FORM OF PLEDGE AGREEMENT

 

[see attached]

 

     

     

    

 

EXHIBIT
I-1 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign
Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement
dated as of September 27, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Postal Realty LP, a Delaware limited partnership (the “Borrower”), each lender from time to time
party thereto and People’s United Bank, National Association, in its capacity as administrative agent for such lenders.

 

Pursuant to the provisions of Section 2.17
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as
well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within
the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section
881(c)(3)(C) of the Code.

 

The undersigned has furnished the Administrative
Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this
certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly
so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and
the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF LENDER]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date: ________ __, 20[  ]

 

     

     

    

 

EXHIBIT
I-2 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign
Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement
dated as of September 27, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Postal Realty LP, a Delaware limited partnership (the “Borrower”), each lender from time to time
party thereto and People’s United Bank, National Association, in its capacity as administrative agent for such lenders.

 

Pursuant to the provisions of Section 2.17
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation
in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,
(iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is
not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating
Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate,
the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform
such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF PARTICIPANT]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date: ________ __, 20[ ]

 

     

     

    

 

EXHIBIT
I-3 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement
dated as of September 27, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Postal Realty LP, a Delaware limited partnership (the “Borrower”), each lender from time to time
party thereto and People’s United Bank, National Association, in its capacity as administrative agent for such lenders.

 

Pursuant to the provisions of Section 2.17
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect
of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such
participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating
Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio
interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or
IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF PARTICIPANT]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date: ________ __, 20[  ]

 

     

     

    

 

EXHIBIT
I-4 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For
Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement
dated as of September 27, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Postal Realty LP, a Delaware limited partnership (the “Borrower”), each lender from time to time
party thereto and People’s United Bank, National Association, in its capacity as administrative agent for such lenders.

 

Pursuant to the provisions of Section 2.17
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s)
evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are
the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension
of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Administrative
Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is
claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by
an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned
shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF LENDER]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date: ________ __, 20[  ]

 

     

     

    

 

EXHIBIT J – FORM OF BORROWING REQUEST

 

BORROWING REQUEST

 

People’s United Bank, National Association

250 Park Avenue, Suite 905

New York, New York 10177

Attention: [_________]

 

[Date]

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Credit Agreement dated as of September 27, 2019 (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among Postal Realty LP, a Delaware limited partnership (the “Borrower”),
each lender from time to time party thereto and People’s United Bank, National Association, in its capacity as administrative
agent for such lenders. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement. This notice constitutes a Borrowing Request and the Borrower hereby gives you notice, pursuant
to Section 2.03 of the Credit Agreement, that it requests a Borrowing under the Credit Agreement, and in that connection the Borrower
specifies the following information with respect to such Borrowing:

 

		(A)	Aggregate principal amount of requested Borrowing: $_________________

 

		(B)	Aggregate principal amount of outstanding Borrowings: $_________________

 

		(C)	Date of Borrowing (which is a Business Day):________________

 

		(D)	Type of Borrowing: ____________________________________

 

		(E)	Interest Period (i.e., one, two, three or six months): _____________________

 

		(F)	Location and number of the Borrower’s account to which proceeds of the requested Borrowing are to be disbursed: [NAME
OF BANK] (Account No.: ______________)

 

The Borrower hereby
certifies that the conditions specified in paragraphs (a), (b) and (c) of Section 4.02 of the Credit Agreement have been satisfied
or waived and that, after giving effect to the Borrowing requested hereby, the total Credit Exposures shall not exceed the Maximum
Loan Amount.

 

	 	Very truly yours,
	 	 
	 	POSTAL REALTY LP, a Delaware limited partnership 

 

	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 10.2

 

 

 

 

 

 

 

 

 

 

 

 

PLEDGE
AGREEMENT

 

made
by

 

Postal
Realty LP,

as Pledgor

 

in
favor of

 

PEOPLE’S
UNITED BANK, NATIONAL ASSOCIATION,

as Administrative Agent
 

 

 

 

Dated
as of September 27, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	Article
    I DEFINITIONS AND INTERPRETATION	1
	 	 
	Section
    1.1.	Definitions	1
	Section
    1.2.	Interpretation	2
	Section
    1.3.	Resolution
    of Drafting Ambiguities	2
	 	 	 
	Article
    II GRANT OF SECURITY AND SECURED OBLIGATIONS	3
	 	 
	Section
    2.1.	Grant
    of Security Interest	3
	Section
    2.2.	Filings	3
	 	 	 
	Article
    III PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; USE OF COLLATERAL	3
	 	 
	Section
    3.1.	Collateral
    Not Certificated	3
	Section
    3.2.	Perfection
    of Security Interest in Collateral	3
	Section
    3.3.	Financing
    Statements and Other Filings; Maintenance of Perfected Security Interest	3
	Section
    3.4.	Supplements;
    Further Assurances	4
	 	 	 
	Article
    IV REPRESENTATIONS, WARRANTIES AND COVENANTS	4
	 	 
	Section
    4.1.	Title	4
	Section
    4.2.	Intentionally
    Omitted	4
	Section
    4.3.	Defense
    of Claims; Transferability of Collateral	4
	Section
    4.4.	Other
    Financing Statements	4
	Section
    4.5.	Due
    Authorization and Issuance	4
	Section
    4.6.	Consents,
    etc	4
	 	 	 
	Article
    V CERTAIN PROVISIONS CONCERNING COLLATERAL	5
	 	 
	Section
    5.1.	Pledge
    of Additional Collateral	5
	Section
    5.2.	Voting
    Rights; Distributions; etc	5
	Section
    5.3.	Defaults,
    etc	6
	Section
    5.4.	Certain
    Agreements of Pledgor as Holder of Equity Interests	6
	 	 	 
	Article
    VI TRANSFERS	6
	 	 
	Section
    6.1.	Transfers
    of Collateral	6
	 	 	 
	Article
    VII REMEDIES	6
	 	 
	Section
    7.1.	Remedies	6
	Section
    7.2.	Notice
    of Sale	7
	Section
    7.3.	Waiver
    of Certain Rights	7
	Section
    7.4.	Certain
    Sales of Collateral	7
	Section
    7.5.	No
    Waiver; Cumulative Remedies	8
	 	 	 
	Article
    VIII APPLICATION OF PROCEEDS	8
	 	 
	Section
    8.1.	Application
    of Proceeds	8
	 	 	 
	Article
    IX MISCELLANEOUS	8
	 	 
	Section
    9.1.	Concerning
    Administrative Agent	8
	Section
    9.2.	Administrative
    Agent May Perform; Administrative Agent Appointed Attorney-in-Fact	9
	Section
    9.3.	Continuing
    Security Interest; Assignment	9
	Section
    9.4.	Termination;
    Release	9
	Section
    9.5.	Modification
    in Writing	10
	Section
    9.6.	Notices	10
	Section
    9.7.	Governing
    Law, Consent to Jurisdiction and Service of Process; Waiver of Jury Trial	10
	Section
    9.8.	Severability
    of Provisions	10
	Section
    9.9.	Execution
    in Counterparts	10
	Section
    9.10.	Business
    Days	10
	Section
    9.11.	No
    Release	10

 

    -i-

     

    

 

Table
of Contents

 

SCHEDULES

 

	SCHEDULE 1	 	Pledged Interests

 

EXHIBITS

 

	EXHIBIT 1	 	Form of Issuer’s Acknowledgment
	EXHIBIT 2	 	Form of Pledge Agreement Amendment

 

    -ii-

     

    

 

PLEDGE
AGREEMENT

 

This
PLEDGE AGREEMENT dated as of September 27, 2019 (as amended, amended and restated, supplemented or otherwise modified from time
to time in accordance with the provisions hereof, this “Agreement”) made by Postal
Realty LP, a Delaware limited partnership (“Borrower”), and UPH MERGER SUB LLC, a Delaware limited liability
company, as pledgors (“UPH”; Borrower and UPH, individually and collectively, together with any other Joining
Pledgor from time to time, “Pledgor”), in favor of PEOPLE’S UNITED BANK, NATIONAL ASSOCIATION, in its
capacity as administrative agent pursuant to the Credit Agreement (as hereinafter defined), as pledgee (in such capacity and together
with its successors and permitted assigns in such capacity, the “Administrative Agent”).

 

R
E C I T A L S :

 

A.
Borrower, the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent are parties
to that certain Credit Agreement dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”).

 

B.
The Credit Agreement requires that Pledgor pledge and grant to the Administrative Agent for the benefit of the Lenders, a lien
on and security interest in, among other things, all of Pledgor’s right, title and interest in and to the Equity Interests
in the Subsidiary Guarantors party to the Guaranty from time to time.

 

C.
This Agreement is entered into by Pledgor in favor of the Administrative Agent for the benefit of the Lenders to secure the payment
and performance of all of the Secured Obligations.

 

D.
It is a condition precedent to the effectiveness of the Credit Agreement and the obligations of the Lenders to make loans under
the Credit Agreement that Pledgor execute and deliver this Agreement.

 

A
G R E M E N T :

 

NOW
THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Pledgor and the Administrative Agent hereby agree as follows:

 

Article
I

DEFINITIONS AND INTERPRETATION

 

Section
1.1. Definitions.

 

(a)
Unless otherwise defined herein or in the Credit Agreement, capitalized terms used herein that are defined in the UCC shall have
the meanings assigned to them in the UCC.

 

(b)
Terms used but not otherwise defined herein that are defined in the Credit Agreement shall have the meanings given to them in
the Credit Agreement.

 

(c)
The following terms shall have the following meanings:

 

“Administrative
Agent” shall have the meaning assigned to such term in the Preamble hereof.

 

“Agreement”
shall have the meaning assigned to such term in the Preamble hereof.

 

“Collateral”
shall have the meaning assigned to such term in Section 2.1 hereof.

 

“Credit
Agreement” shall have the meaning assigned to such term in the Recitals hereof.

 

“Distributions”
shall mean, collectively, all dividends, cash, options, warrants, rights, instruments, distributions, returns of capital or principal,
income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision,
reclassification or other like change of the Pledged Interests, from time to time received, receivable or otherwise distributed
to Pledgor in respect of or in exchange for any or all of the Pledged Interests.

 

     

     

    

 

“Filing
Office” shall have the meaning assigned to such term in the definition of “Financing Statements”.

 

“Financing
Statements” means all financing statements, continuation statements, recordings, filings or other instruments of registration
necessary or appropriate to perfect a Lien by filing in any appropriate filing or recording office (each, a “Filing Office”)
in accordance with the UCC or any other relevant applicable Law.

 

“Joining
Pledgor” means any Subsidiary Guarantor joining this Pledge Agreement as a pledgor from time to time pursuant to a Pledge
Joinder.

 

“Pledge
Amendment” shall have the meaning assigned to such term in Section 5.1 hereof.

 

“Pledged
Interests” shall mean, collectively, (a) (i) all issued and outstanding Equity Interests of each issuer set forth
on Schedule 1 attached hereto and (ii) all Equity Interests in each issuer set forth on a Pledge Amendment and (b)
all options, warrants, rights and agreements related to such Equity Interests, together with all rights, privileges, authority
and powers of Pledgor relating to such Equity Interests or under any constituent document of any such issuer, and the certificates,
instruments and agreements representing such Equity Interests and any and all interest of Pledgor in the entries on the books
of any financial intermediary pertaining to such Equity Interests. For the avoidance of doubt, the “Pledged Interests”
shall not include the Equity Interests of any Subsidiary which is not a Subsidiary Guarantor.

 

“Pledge
Joinder” means a joinder agreement, in form and substance reasonably satisfactory to the Administrative Agent, pursuant
to which a Subsidiary Guarantor joins the Pledge Agreement as a pledgor pursuant to the Credit Agreement.

 

“Pledgor”
shall have the meaning assigned to such term in the Preamble hereof.

 

“Secured
Obligations” shall mean the Obligations.

 

“Securities
Act” shall mean, collectively, the Securities Act of 1933 (as amended from time to time) and the Securities Exchange
Act of 1934 (as amended from time to time).

 

“UCC”
shall mean the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however,
that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Administrative
Agent’s and the Lenders’ security interest in any item or portion of the Collateral is governed by the Uniform Commercial
Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial
Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection
or priority and for purposes of definitions relating to such provisions.

 

Section
1.2.
Interpretation. The rules of interpretation
specified in the Credit Agreement (including Sections 1.02 through 1.04 thereof) shall be applicable to this
Agreement. In the event of any conflict or inconsistency between this Agreement and the Credit Agreement, this Agreement shall
govern in all instances.

 

Section
1.3.
Resolution of Drafting Ambiguities. Pledgor
acknowledges and agrees that it was represented by counsel in connection with the execution and delivery hereof, that it and its
counsel reviewed and participated in the preparation and negotiation hereof and that any rule of construction to the effect that
ambiguities are to be resolved against the drafting party (i.e., the Administrative Agent) shall not be employed in the interpretation
hereof.

 

    -2-

     

    

 

Article
II

GRANT OF SECURITY AND SECURED OBLIGATIONS

 

Section
2.1.
Grant of Security Interest. As collateral
security for the payment and performance in full of all the Secured Obligations, Pledgor hereby pledges and grants to the Administrative
Agent for the benefit of the Lenders, a lien on and security interest in all of the right, title and interest of Pledgor in, to
and under the following property, wherever located, and whether now existing or hereafter arising or acquired from time to time
(collectively, the “Collateral”):

 

		(i)	all
                                         Pledged Interests and Distributions;

 

		(ii)	all
                                         books and records relating to the Pledged Interests and Distributions; and

 

		(iii)	to
                                         the extent not covered by clauses (i) and (ii) of this sentence, all proceeds and
                                         products of each of the foregoing;

 

provided,
however, that in no event shall the “Collateral” include, or the security interests granted under this Section
2.1 attach to, Distributions or other Restricted Payments made to the REIT or any other parent of Borrower as permitted pursuant
to, and in accordance with, the Credit Agreement.

 

Section
2.2.
Filings. Pledgor hereby irrevocably authorizes
the Administrative Agent at any time and from time to time to file in any relevant jurisdiction any Financing Statements and amendments
thereto that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction
for the filing of any Financing Statement or amendment relating to the Collateral. Pledgor agrees to provide all necessary information
described in the immediately preceding sentence to the Administrative Agent promptly upon reasonable request by the Administrative
Agent.

 

Article
III

PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; USE OF COLLATERAL

 

Section
3.1.
Collateral Not Certificated.

 

(a)
Pledgor represents and warrants that the Collateral in existence on the date hereof shall not be represented or evidenced by a
certificate or other transferable instrument and covenants that any Collateral that may come into existence after the date hereof
shall not be represented or evidenced by a certificate or other transferable instrument.

 

(b)
Without limiting the foregoing, should any Collateral now or hereafter become represented or evidenced by a certificate or other
transferable instrument, Pledgor shall promptly deliver to the Administrative Agent such certificate or instrument, accompanied
by duly executed instruments of transfer or assignment in blank, all in form and substance reasonably satisfactory to the Administrative
Agent, such that the Administrative Agent shall have a perfected first priority security interest therein, which security interest
secures the payment and performance of the Secured Obligations. The Administrative Agent shall have the right, at any time upon
the occurrence and during the continuance of any Event of Default, to endorse, assign or otherwise transfer to or to register
in the name of the Administrative Agent or any of its nominees or endorse for negotiation any or all of the Collateral, without
any indication that such Collateral is subject to the security interest hereunder.

 

Section
3.2.
Perfection of Security Interest in Collateral.
Pledgor represents and warrants that, upon the proper filing of by or on behalf of the Administrative Agent of Financing Statements
in the applicable Filing Office(s), all filings, registrations and recordings necessary to create, preserve, protect and perfect
the Liens granted to the Administrative Agent hereby in respect of the Collateral shall have been accomplished and Administrative
Agent shall have a perfected first priority security interest in all such Collateral. Pledgor shall (i) cause each issuer of Pledged
Interests to execute and deliver to the Administrative Agent an acknowledgment of the pledge of such Pledged Interests substantially
in the form of Exhibit 1 hereto or such other form that is reasonably satisfactory to the Administrative Agent and (ii) provide
to the Administrative Agent an opinion of counsel, in form and substance reasonably satisfactory to the Administrative Agent,
confirming such pledge and perfection thereof.

 

Section
3.3.
Financing Statements and Other Filings; Maintenance
of Perfected Security Interest. Pledgor agrees that, at the sole cost and expense of Pledgor, Pledgor will maintain the security
interest created by this Agreement in the Collateral as a perfected first priority security interest.

 

    -3-

     

    

 

Section
3.4.
Supplements; Further Assurances. Pledgor
shall take such further actions, and execute and/or deliver to the Administrative Agent such additional Financing Statements,
amendments, assignments, agreements, supplements, powers and instruments, as the Administrative Agent may in its reasonable judgment
deem necessary or appropriate in order to create, perfect, preserve and protect the security interest in the Collateral as provided
herein and the rights and interests granted to the Administrative Agent hereunder, to carry into effect the purposes hereof or
better to assure and confirm the validity, enforceability and priority of the Administrative Agent’s security interest in
the Collateral or permit the Administrative Agent to exercise and enforce its rights, powers and remedies hereunder with respect
to any Collateral, including the filing of Financing Statements, under the UCC (or other similar laws) in effect in any jurisdiction
with respect to the security interest created hereby, all in form reasonably satisfactory to the Administrative Agent and in such
offices wherever required by law to perfect, continue and maintain the validity, enforceability and priority of the security interest
in the Collateral as provided herein and to preserve the other rights and interests granted to the Administrative Agent hereunder,
as against third parties, with respect to the Collateral. If an Event of Default has occurred and is continuing, the Administrative
Agent may institute and maintain, in its own name or in the name of Pledgor, such suits and proceedings as the Administrative
Agent may be advised by counsel shall be necessary or expedient to prevent any impairment of the security interest in or the perfection
thereof in the Collateral. All of the foregoing shall be at the sole cost and expense of Pledgor.

 

Article
IV

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Pledgor
represents, warrants and covenants as follows:

 

Section
4.1.
Title. Pledgor owns and has rights in
each item of Collateral, free and clear of any and all Liens except for the security interest granted to the Administrative Agent
pursuant to this Agreement and any other Liens permitted under the Credit Agreement.

 

Section
4.2.
Intentionally Omitted.

 

Section
4.3.
Defense of Claims; Transferability of Collateral.
Pledgor shall, at its own cost and expense, defend title to the Collateral and the security interest therein and Lien thereon
granted to the Administrative Agent and the priority thereof against all claims and demands of all Persons at any time claiming
any interest therein adverse to the Administrative Agent or any Lender.

 

Section
4.4.
Other Financing Statements. Pledgor has
not filed, nor authorized any third party to file, any valid or effective Financing Statement (or similar statement, instrument
of registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest of any kind in
the Collateral, except such as have been filed in favor of the Administrative Agent pursuant to this Agreement and such as have
been filed in respect of Liens otherwise permitted under the Credit Agreement. Pledgor shall not execute, authorize or permit
to be filed in any public office any Financing Statement (or similar statement, instrument of registration or public notice under
the law of any jurisdiction) relating to any Collateral other than with respect to Liens permitted under the Credit Agreement.

 

Section
4.5.
Due Authorization and Issuance. All of
the Pledged Interests existing on the date hereof have been, and to the extent any Pledged Interests are hereafter issued, such
Pledged Interests will be, upon such issuance, duly authorized, validly issued and fully paid and non-assessable to the extent
applicable.

 

Section
4.6.
Consents, etc. In the event that the Administrative
Agent desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth in this Agreement following
an Event of Default and during the continuance thereof and sdetermines it necessary to obtain any approvals or consents of any
Governmental Authority or any other Person therefor, then, upon the reasonable request of the Administrative Agent, Pledgor agrees
to use commercially reasonable efforts to assist and aid the Administrative Agent to obtain as soon as practicable any necessary
approvals or consents for the exercise of any such remedies, rights and powers.

 

    -4-

     

    

 

Article
V

CERTAIN PROVISIONS CONCERNING COLLATERAL

 

Section
5.1.
Pledge of Additional Collateral. Pledgor
shall, in respect of any Subsidiary, deliver to the Administrative Agent, as and when required by the Credit Agreement, (a) a
pledge amendment, duly executed by Pledgor, in substantially the form of Exhibit 2 hereto (each, a “Pledge
Amendment”), and the certificates and other documents required under Section 3.1(b) (if applicable) and
Section 3.2 hereof in respect of the Pledged Interests in such Subsidiary, and confirming the attachment of the Lien
hereby created on and in respect of such Pledged Interests and related Collateral and (b) a Pledge Joinder. Pledgor hereby agrees
that all Pledged Interests listed on any Pledge Amendment delivered to the Administrative Agent shall for all purposes hereunder
be considered Collateral unless and until released in accordance with the Credit Agreement.

 

Section
5.2.
Voting Rights; Distributions; etc.

 

(a)
So long as no Event of Default shall have occurred and be continuing:

 

(i)
Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral or any part
thereof for any purpose not inconsistent with the terms or purposes hereof, the Credit Agreement or any other Loan Document; provided,
however, that (i)  Pledgor shall not in any event exercise such rights in any manner which would materially impair
the Collateral or which would, in the Administrative Agent’s reasonable judgment, be expected to have a Material Adverse
Effect, (ii) without the prior written consent of the Administrative Agent, Pledgor shall not (x) vote to enable, or
take any other action to permit, any issuer of Pledged Interests to issue any additional Equity Interests or issue any Equity
Interests that are convertible into, or grant the right to purchase or exchange such Equity Interests for, any other Equity Interests
(except pursuant to a transaction expressly permitted by the Credit Agreement), (y) sell, assign, transfer, exchange, or
otherwise dispose of, or grant any option with respect to, the Collateral (except pursuant to a transaction expressly permitted
by the Credit Agreement), (z) create, incur or permit to exist any Lien (other than Liens permitted under the Credit Agreement)
or option in favor of, or any claim of any Person with respect to, any of the Collateral, or any interest therein, (iii) 
Pledgor shall not enter into any agreement or undertaking restricting the right or ability of Pledgor or the Administrative Agent
to sell, assign or transfer any of the Collateral thereof except as permitted by the Credit Agreement.

 

(ii)
Pledgor shall be entitled to receive and retain, and to utilize, distribute and/or contribute any and all Distributions, but only
if and to the extent permitted by and made in accordance with the provisions of the Credit Agreement; provided, however,
that any and all such Distributions consisting of rights or interests in the form of securities shall be delivered to the Administrative
Agent to hold as Collateral and shall, if received by Pledgor, be received in trust for the benefit of the Administrative Agent,
be segregated from the other property or funds of Pledgor and be delivered to the Administrative Agent within ten (10) Business
Days after receipt to hold as Collateral in the same form as so received (with any necessary endorsement). Notwithstanding the
foregoing, Pledgor shall not be required to pay over to the Administrative Agent or deliver to the Administrative Agent as Collateral
any proceeds of any liquidation or dissolution of the issuer of any Pledged Interests, or any distribution of capital or property
in respect of any Pledged Interests, to the extent that (i) such liquidation, dissolution or distribution, if treated as
a Disposition of the relevant issuer of Pledged Interests, would be permitted by the Credit Agreement and (ii) the proceeds
thereof are applied toward prepayment of the Loans and other Secured Obligations to the extent required by the Credit Agreement.

 

(b)
So long as no Event of Default shall have occurred and be continuing, the Administrative Agent shall be deemed without further
action or formality to have granted to Pledgor all necessary consents relating to voting rights and shall, upon written request
of Pledgor and at the sole cost and expense of Pledgor, from time to time execute and deliver (or cause to be executed and delivered)
to Pledgor all such instruments as Pledgor may reasonably request in order to permit Pledgor to exercise the voting and other
rights which it is entitled to exercise pursuant to Section 5.2(a)(i) hereof and to receive the Distributions which
it is authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof.

 

(c)
Upon the occurrence and during the continuance of any Event of Default for which Administrative Agent has given Pledgor notice,
but subject in all instances to Borrower’s and the REIT’ rights set forth in Section 6.06(b) of the Credit Agreement:

 

(i)
All rights of Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to
Section 5.2(a)(i) hereof shall immediately cease, and all such rights shall thereupon become vested in the Administrative
Agent, which shall thereupon have the sole right to exercise such voting and other consensual rights.

 

(ii)
All rights of Pledgor to receive Distributions which it would otherwise be authorized to receive and retain pursuant to Section 5.2(a)(ii)
hereof shall immediately cease and all such rights shall thereupon become vested in the Administrative Agent, which shall
thereupon have the sole right to receive and hold as Collateral such Distributions.

 

    -5-

     

    

 

(d)
Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the Administrative Agent appropriate instruments
as the Administrative Agent may reasonably request in order to permit the Administrative Agent to exercise the voting and other
rights which it may be entitled to exercise pursuant to Section 5.2(c)(i) hereof and to receive all Distributions
which it may be entitled to receive under Section 5.2(c)(ii) hereof.

 

(e)
All Distributions which are received by Pledgor contrary to the provisions of Section 5.2(a)(ii) or Section 5.2(c)(ii)
hereof shall be received in trust for the benefit of the Administrative Agent, shall be segregated from other funds of Pledgor
and shall immediately be paid over to the Administrative Agent as Collateral in the same form as so received (with any necessary
endorsement).

 

Section
5.3.
Defaults, etc. Pledgor hereby represents
and warrants that (i) Pledgor is not in default in the payment of any portion of any mandatory capital contribution, if any,
required to be made under any agreement to which Pledgor is a party relating to the Pledged Interests pledged by it, and Pledgor
is not in violation of any other provisions of any such agreement to which Pledgor is a party, or otherwise in default or violation
thereunder, which violations and defaults could reasonably be expected to result in a Material Adverse Effect, and (ii) as
of the date hereof, no Collateral is subject to any defense, offset or counterclaim, nor have any of the foregoing been asserted
or alleged against Pledgor by any Person with respect thereto.

 

Section
5.4.
Certain Agreements of Pledgor as Holder of
Equity Interests. Pledgor (i) confirms that none of the terms of any Equity Interest pledged by it pursuant to this Agreement
provides that such Equity Interest is a “Security” for purposes of the UCC, (ii) agrees that it will take no
action to cause or permit any Equity Interest pledged by it pursuant to this Agreement to become a “Security” for
purposes of the UCC, (iii) agrees that it will not, and will not permit any of its direct Subsidiaries to, issue any certificate
representing any Equity Interest pledged by it pursuant to this Agreement and (iv) agrees that if, notwithstanding the foregoing,
any Equity Interest pledged by it pursuant to this Agreement shall be or become a “Security” for purposes of the UCC,
Pledgor will, and will cause its Subsidiaries whose Equity Interests have been pledged pursuant to this Agreement to, following
the occurrence and during the continuance of an Event of Default, comply with instructions originated by the Administrative Agent
without further consent from Pledgor or such Subsidiary.

 

Article
VI

TRANSFERS

 

Section
6.1.
Transfers of Collateral. Pledgor shall
not sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral except as expressly
permitted by the Credit Agreement.

 

Article
VII

REMEDIES

 

Section
7.1.
Remedies. Upon the occurrence and during
the continuance of any Event of Default, the Administrative Agent may from time to time exercise in respect of the Collateral,
in addition to the other rights and remedies provided for herein or otherwise available to it, the following remedies:

 

(i)
Personally, or by agents or attorneys, immediately take possession of the Collateral or any part thereof, from Pledgor or any
other Person who then has possession of any part thereof with or without notice or process of law;

 

(ii)
Demand, sue for, collect or receive any money or property at any time payable or receivable in respect of the Collateral including
instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Collateral to make
any payment required by the terms of such agreement, instrument or other obligation directly to the Administrative Agent, and
in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect
thereto; provided, however, that in the event that any such payments are made directly to Pledgor, prior to receipt
by any such obligor of such instruction, Pledgor shall segregate all amounts received pursuant thereto in trust for the benefit
of the Administrative Agent and shall promptly (but in no event later than two (2) Business Days after receipt thereof) (unless
the Administrative Agent otherwise agrees to a later duration) pay such amounts to the Administrative Agent;

 

(iii)
Retain and apply the Distributions to the Secured Obligations as provided in Article VIII hereof;

 

    -6-

     

    

 

(iv)
Exercise any and all rights as beneficial and legal owner of the Collateral, including perfecting assignment of and
exercising any and all voting, consensual and other rights and powers with respect to any Collateral; and

 

(v)
Exercise all the rights and remedies of a secured party on default under the UCC, and the Administrative Agent may also in its
sole discretion, without notice except as specified in Section 7.2 hereof, sell, assign or grant a license to use
the Collateral or any part thereof in one or more parts at public or private sale, at any exchange, broker’s board or at
any of the Administrative Agent’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or
prices and upon such other terms as the Administrative Agent may deem commercially reasonable. The Administrative Agent or any
other Lender or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Collateral or
any part thereof at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase
price for all or any portion of the Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations
owed to such Person as a credit on account of the purchase price of the Collateral or any part thereof payable by such Person
at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the property sold, assigned or licensed
absolutely free from any claim or right on the part of Pledgor, and Pledgor hereby waives, to the fullest extent permitted by
law, all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of
law or statute now existing or hereafter enacted. The Administrative Agent shall not be obligated to make any sale of the Collateral
or any part thereof regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private
sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made
at the time and place to which it was so adjourned. Pledgor hereby waives, to the fullest extent permitted by law, any claims
against the Administrative Agent arising by reason of the fact that the price at which the Collateral or any part thereof may
have been sold, assigned or licensed at such a private sale was less than the price which might have been obtained at a public
sale, even if the Administrative Agent accepts the first offer received and does not offer such Collateral to more than one offeree.

 

Section
7.2.
Notice of Sale. Notwithstanding anything
herein to the contrary, the Administrative Agent shall give ten (10) days’ prior written notice (or such longer period
as required by applicable Law) to Pledgor of the time and place of any public sale of the Collateral or any part thereof or of
the time after which any private sale or other intended disposition thereof is to take place, which Pledgor agrees is reasonable
notice of such matters as required by Section 9-611 of the UCC or its equivalent in other jurisdictions.

 

Section
7.3.
Waiver of Certain Rights. Pledgor hereby
waives, to the fullest extent permitted by applicable law, notice or judicial hearing in connection with the Administrative Agent’s
taking possession or the Administrative Agent’s disposition of the Collateral or any part thereof, including any and all
prior notice and hearing for any prejudgment remedy or remedies and any such right which Pledgor would otherwise have under law,
and Pledgor hereby further waives, to the fullest extent permitted by applicable law: (i) all damages occasioned by such taking
of possession, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement
of the Administrative Agent’s rights hereunder and (iii) all rights of redemption, appraisal, valuation, stay, extension
or moratorium now or hereafter in force under any applicable law. The Administrative Agent shall not be liable for any incorrect
or improper payment made pursuant to this Article VII unless found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from the gross negligence or willful misconduct on the part of the Administrative Agent. Any sale
of, or the grant of options to purchase, or any other realization upon, any Collateral shall operate to divest all right, title,
interest, claim and demand, either at law or in equity, of Pledgor therein and thereto, and shall be a perpetual bar both at law
and in equity against Pledgor and against any and all Persons claiming or attempting to claim the Collateral so sold, optioned
or realized upon, or any part thereof, from, through or under Pledgor.

 

Section
7.4.
Certain Sales of Collateral.

 

(a)
Pledgor recognizes that, by reason of certain prohibitions contained in law, rules, regulations or orders of any Governmental
Authority, the Administrative Agent may be compelled, with respect to any sale of all or any part of the Collateral, to limit
purchasers to those who meet the requirements of such Governmental Authority. Pledgor acknowledges that any such sales may be
at prices and on terms less favorable to the Administrative Agent than those obtainable through a public sale without such restrictions,
and, notwithstanding such circumstances, agrees that any such restricted sale shall be deemed to have been made in a commercially
reasonable manner and that, except as may be required by applicable law, the Administrative Agent shall have no obligation to
engage in public sales.

 

    -7-

     

    

 

(b)
Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act, and applicable state securities laws,
the Administrative Agent may be compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers
to Persons who will agree, among other things, to acquire such Collateral for their own account, for investment and not with a
view to the distribution or resale thereof. Pledgor acknowledges that any such private sales may be at prices and on terms less
favorable to the Administrative Agent than those obtainable through a public sale without such restrictions (including a public
offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such circumstances, agrees
that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Administrative Agent
shall have no obligation to engage in public sales and no obligation to delay the sale of any Collateral for the period of time
necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act
or under applicable state securities laws, even if such issuer would agree to do so.

 

Section
7.5.
No Waiver; Cumulative Remedies. No failure
on the part of the Administrative Agent to exercise, no course of dealing with respect to, and no delay on the part of the Administrative
Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise
of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof or the exercise of any
other right, power, privilege or remedy; nor shall the Administrative Agent be required to look first to, enforce or exhaust any
other security, collateral or guaranties. All rights and remedies herein provided are cumulative and are not exclusive of any
rights or remedies provided by law or otherwise available.

 

Article
VIII

APPLICATION OF PROCEEDS

 

Section
8.1.
Application of Proceeds. The proceeds
received by the Administrative Agent in respect of any sale of, collection from or other realization upon all or any part of the
Collateral pursuant to the exercise by the Administrative Agent of its remedies shall be applied, together with any other sums
then held by the Administrative Agent pursuant to this Agreement, toward the Secured Obligations in any manner or priority the
Administrative Agent elects, subject to any applicable terms of the Credit Agreement.

 

Article
IX

MISCELLANEOUS

 

Section
9.1.
Concerning Administrative Agent.

 

(a)
The Administrative Agent has been appointed as administrative agent pursuant to the Credit Agreement. The actions of the Administrative
Agent hereunder are subject to the provisions of the Credit Agreement. The Administrative Agent shall have the right hereunder
to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action
(including the release or substitution of the Collateral), in accordance with this Agreement and the Credit Agreement. The Administrative
Agent may employ agents and attorneys-in-fact in connection herewith and shall not be liable for the negligence or misconduct
of any such agents or attorneys-in-fact selected by it in good faith. The Administrative Agent may resign and a successor Administrative
Agent may be appointed in the manner provided in the Credit Agreement. Upon the acceptance of any appointment as the Administrative
Agent by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with
all the rights, powers, privileges and duties of the retiring Administrative Agent under this Agreement, and the retiring Administrative
Agent shall thereupon be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s
resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this
Agreement while it was the Administrative Agent.

 

(b)
The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in
its possession if such Collateral is accorded treatment substantially equivalent to that which the Administrative Agent, in its
individual capacity, accords its own property consisting of similar instruments or interests, it being understood that none of
the Administrative Agent or any Lender shall have responsibility for (i) ascertaining or taking action with respect to calls,
conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not the Administrative Agent
or any Lender has or is deemed to have knowledge of such matters or (ii) taking any necessary steps to preserve rights against
any Person with respect to any Collateral.

 

    -8-

     

    

 

(c)
The Administrative Agent shall be entitled to rely upon any written notice, statement, certificate, order or other document or
any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper Person, and,
with respect to all matters pertaining to this Agreement and its duties hereunder, upon advice of counsel selected by it.

 

(d)
The Administrative Agent may rely on advice of counsel as to whether any or all Financing Statements of Pledgor need to be amended
as a result of any of the changes described in Section 4.8 hereof. If Pledgor fails to provide information to the Administrative
Agent about such changes on a timely basis, the Administrative Agent shall not be liable or responsible to any party for any failure
to maintain a perfected security interest in Pledgor’s property constituting Collateral, for which the Administrative Agent
needed to have information relating to such changes. The Administrative Agent shall have no duty to inquire about such changes
if Pledgor does not inform the Administrative Agent of such changes, the parties acknowledging and agreeing that it would not
be feasible or practical for the Administrative Agent to search for information on such changes if such information is not provided
by Pledgor.

 

Section
9.2.
Administrative Agent May Perform; Administrative
Agent Appointed Attorney-in-Fact. If Pledgor shall fail to perform any covenants contained in this Agreement, the Administrative
Agent may (but shall not be obligated to) do the same or cause it to be done or remedy any such breach to the extent that the
Administrative Agent deems necessary to protect the security interest granted hereunder in the Collateral or to protect the value
thereof, and may expend funds for such purpose. Any and all amounts so expended by the Administrative Agent shall be paid by Pledgor
in accordance with the provisions of Section 9.03 of the Credit Agreement. Neither the provisions of this Section 9.2
nor any action taken by the Administrative Agent pursuant to the provisions of this Section 9.2 shall prevent
any such failure to observe any covenant contained in this Agreement nor any breach of representation or warranty from constituting
an Event of Default. Pledgor hereby appoints the Administrative Agent its attorney-in-fact, with full power and authority in the
place and stead of Pledgor and in the name of Pledgor, or otherwise, from time to time in the Administrative Agent’s discretion
to take any action and to execute any instrument consistent with the terms of the Credit Agreement, this Agreement and the other
Loan Documents after the occurrence and during the continuation of an Event of Default which the Administrative Agent may deem
necessary or advisable to accomplish the purposes hereof (but the Administrative Agent shall not be obligated to and shall have
no liability to Pledgor or any other Person for failure to so do or take action). The foregoing grant of authority is a power
of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof.

 

Section
9.3.
Continuing Security Interest; Assignment.
This Agreement shall create a continuing security interest in the Collateral and shall (i) be binding upon Pledgor, its successors
and assigns and (ii) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of
the Administrative Agent and the Lenders and each of their respective successors, permitted transferees and permitted assigns.
No other Persons (including any other creditor of Pledgor) shall have any interest herein or any right or benefit with respect
hereto. Without limiting the generality of the foregoing clause (ii), any Lender may assign or otherwise transfer any indebtedness
held by it secured by this Agreement to any other Person, and such other Person shall thereupon become vested with all the benefits
in respect thereof granted to such Lender, herein or otherwise, subject however, to the provisions of the Credit Agreement. Pledgor
agrees that its obligations hereunder and the security interest created hereunder shall continue to be effective or be reinstated,
as applicable, if at any time payment, or any part thereof, of all or any part of the Secured Obligations is rescinded or must
otherwise be restored by Administrative Agent or any Lender upon the bankruptcy or reorganization of Pledgor or otherwise.

 

Section
9.4.
Termination; Release. Upon the expiration
or termination of the Commitments and payment in full of all Obligations, this Agreement shall automatically terminate and be
of no further force and effect. Upon termination of this Agreement, the Collateral shall be automatically released from the Lien
of this Agreement. Upon such release or any release of Collateral or any part thereof in accordance with the provisions of the
Credit Agreement (including any release following satisfaction of the conditions in Section 2.05(e) of the Credit Agreement),
the security interest in such Collateral shall automatically be released without any further action by Administrative Agent or
any other Person and the Administrative Agent shall, upon the request and at the sole cost and expense of Pledgor, (i) assign,
transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to
the fact that the Administrative Agent has not encumbered the released assets, such of the Collateral or any part thereof to be
released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise
applied pursuant to the terms hereof, and, with respect to any other Collateral, proper documents and instruments (including UCC-3
termination Financing Statements or releases) acknowledging the termination hereof or the release of such Collateral, as the case
may be and (ii) execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination
and release. Concurrently with such termination the Administrative Agent on behalf of the Lenders hereby authorizes Pledgor or
its attorneys, agents or other designees to file termination statements (including, without limitation, UCC-3 termination statements)
and other terminations or release documents to terminate the Administrative Agent’s interest in the Collateral being released,
all of which shall be in form and substance reasonably satisfactory to the Administrative Agent.

 

    -9-

     

    

 

Section
9.5.
Modification in Writing. No amendment,
modification, supplement, termination or waiver of or to any provision hereof, nor consent to any departure by Pledgor therefrom,
shall be effective unless the same shall be made in accordance with the terms of the Credit Agreement and unless in writing and
signed by the Administrative Agent and Pledgor. Any amendment, modification or supplement of or to any provision hereof, any waiver
of any provision hereof and any consent to any departure by Pledgor from the terms of any provision hereof in each case shall
be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically
required by this Agreement or any other document evidencing the Secured Obligations, no notice to or demand on Pledgor in any
case shall entitle Pledgor to any other or further notice or demand in similar or other circumstances.

 

Section
9.6.
Notices. Unless otherwise provided herein
or in the Credit Agreement, any notice or other communication herein required or permitted to be given to Pledgor or Administrative
Agent shall be given in the manner and become effective as set forth in the Credit Agreement, as to Pledgor, addressed to it at
the address of Borrower set forth in the Credit Agreement and as to the Administrative Agent, addressed to it at the address set
forth in the Credit Agreement, or in each case at such other address as shall be designated by such party in a written notice
to the other party complying as to delivery with the terms of this Section 9.6.

 

Section
9.7.
Governing Law, Consent to Jurisdiction and
Service of Process; Waiver of Jury Trial. Sections 9.09 and 9.10 of the Credit Agreement are incorporated
herein, mutatis mutandis, as if a part hereof.

 

Section
9.8.
Severability of Provisions. Any provision
hereof which is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof or affecting the validity,
legality or enforceability of such provision in any other jurisdiction.

 

Section
9.9.
Execution in Counterparts. This Agreement
and any amendments, waivers, consents or supplements hereto 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 to be an original, but all such
counterparts together shall constitute one and the same agreement. Delivery of any executed counterpart of a signature page of
this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart
of this Agreement.

 

Section
9.10.    
Business Days. In the event any time period
or any date provided in this Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed
to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be made on such Business
Day, with the same force and effect as if made on such other day.

 

Section
9.11.    
No Release. Nothing set forth in this
Agreement or any other Loan Document, nor the exercise by the Administrative Agent of any of the rights or remedies hereunder,
shall relieve Pledgor from the performance of any term, covenant, condition or agreement on Pledgor’s part to be performed
or observed under or in respect of any of the Collateral or from any liability to any Person under or in respect of any of the
Collateral or shall impose any obligation on the Administrative Agent or any Lender to perform or observe any such term, covenant,
condition or agreement on Pledgor’s part to be so performed or observed or shall impose any liability on the Administrative
Agent or any Lender for any act or omission on the part of Pledgor relating thereto or for any breach of any representation or
warranty on the part of Pledgor contained in this Agreement, the Credit Agreement or the other Loan Documents, or under or in
respect of the Collateral or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, neither
the Administrative Agent nor any Lender shall have any obligation or liability under any contracts, agreements and other documents
included in the Collateral by reason of this Agreement, nor shall the Administrative Agent or any Lender be obligated to perform
any of the obligations or duties of Pledgor thereunder or to take any action to collect or enforce any such contract, agreement
or other document included in the Collateral hereunder.

 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK.]

 

    -10-

     

    

 

IN
WITNESS WHEREOF, Pledgor and Administrative Agent have caused this Agreement to be duly executed and delivered by its duly authorized
officer as of the date first above written.

 

	 	PLEDGOR:
	 	 
	 	Postal
    Realty LP,
	 	a Delaware limited partnership
	 	 	 
	 	By:	/s/ Jeremy Garber
	 	 	Name: 	Jeremy Garber
	 	 	Title:	President, Treasurer and Secretary
	 	 	 
	 	UPH
    MERGER SUB LLC,
	 	a Delaware limited partnership
	 	 	 
	 	By:	/s/ Jeremy Garber
	 	 	Name: 	Jeremy Garber
	 	 	Title:	President, Treasurer and Secretary

 

 

 

 

 

 

 

 

 

 

 

 

[signatures
continue on following page]

 

[Signature
Page to Pledge Agreement]

 

     

     

    

 

	 	ADMNISTRATIVE
    AGENT:
	 	 
	 	PEOPLE’S
    UNITED BANK, NATIONAL ASSOCIATION, 

    as Administrative Agent
	 	 	 	 
	 	By:	/s/
    Jason Bishop
	 	 	Name: 
    	Jason Bishop 
	 	 	Title:	Senior
    Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Pledge Agreement]

 

     

     

    

 

SCHEDULE
1

 

	PLEDGOR	 	ISSUER	 	PERCENTAGE OF ALL ISSUED EQUITY INTERESTS OF ISSUER OWNED BY PLEDGOR	 
	 	 	 	 	 	 
	Borrower	 	A&J Assets LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Alabama Postal Holdings, LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Arkansas Postal Holdings LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Asset 20024, L.L.C., a New York limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Gary Glen Park Realty LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Harbor Station, LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Hiler Buffalo LLC, a Florida limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Illinois Postal Holdings, LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Iowa Postal Holdings, LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Louisiana Postal Holdings LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Mass Postal Holdings LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 
	Borrower	 	Michigan Postal Holdings LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Missouri & Minnesota Postal Holdings, LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	New Mexico Postal Realty Holdings LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Ohio Postal Holdings, LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Pennsylvania Postal Holdings, LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Postal Holdings LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	PPP Assets, LLC, a Florida limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	South Carolina Postal Holdings LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Tennessee Postal Holdings, LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	UPH	 	United Post Office Investments, LLC, a Tennessee limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	UPH Merger Sub LLC, a Delaware limited liability company	 	 	100	%
	 	 	 	 	 	 	 
	Borrower	 	Wisconsin Postal Holdings, LLC, a Delaware limited liability company	 	 	100	%

 

     

     

    

 

EXHIBIT 1

 

[Form
of]

ISSUER’S ACKNOWLEDGMENT

 

The
undersigned hereby (i) acknowledges receipt of the Pledge Agreement (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Pledge Agreement;” each initially capitalized term used but not otherwise
defined herein has the meaning assigned to such term in the Pledge Agreement), dated as of [___________ __], 2019, made by POSTAL
REALTY LP, a Delaware limited partnership, and UPH Merger Sub LLC, a Delaware limited liablity company (individually and collectively,
“Pledgor”), in favor of PEOPLE’S UNITED BANK, NATIONAL ASSOCIATION, as administrative agent (in such
capacity and together with any successors in such capacity, the “Administrative Agent”), (ii) agrees that,
following the occurrence and during the continuance of an Event of Default, it will comply with instructions of the Administrative
Agent with respect to the applicable Collateral (including all Equity Interests of the undersigned) given in accordance with the
Loan Documents without further consent by Pledgor and (iii) agrees to notify the Administrative Agent upon obtaining knowledge
of any interest in favor of any Person in the applicable Collateral that is adverse to the interest of the Administrative Agent
therein.

 

	 	[                                                         ]
	 	 
	 	 
	 	By:	                                 
	 	 	Name:
	 	 	Title:

     

     

    

 

EXHIBIT 2

 

[Form
of]

PLEDGE AGREEMENT AMENDMENT

 

This
Pledge Agreement Amendment, dated as of [              ], is delivered pursuant to Section 5.1 of the Pledge Agreement (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “Pledge Agreement;” each initially
capitalized term used but not otherwise defined herein has the meaning assigned to such terms in the Pledge Agreement), dated
as of [___________ __], 2019, made by POSTAL REALTY LP, a Delaware limited partnership, and UPH Merger Sub LLC, a Delaware limited
liability company, in favor of PEOPLE’S UNITED BANK, NATIONAL ASSOCIATION, as administrative agent. The undersigned hereby
agrees that this Pledge Agreement Amendment may be attached to the Pledge Agreement and that the Pledged Interests listed on this
Pledge Agreement Amendment shall be deemed to be and shall become part of the Collateral and shall secure all Secured Obligations.

 

Pledgor
represents and warrants that either (a) the Pledged Interests listed on this Pledge Agreement Amendment are not represented or
evidenced by a certificate or other transferable instrument or (b) it has complied with Section 3.1(b) of the Pledge Agreement.

 

	PLEDGOR	 	ISSUER	 	PERCENTAGE OF ALL ISSUED EQUITY INTERESTS OF ISSUER OWNED BY PLEDGOR	 
	       	 	       	 	 	          	 

 

 

 

 

 

 

 

 

 

 

[remainder
of page intentionally left blank]

 

     

     

    

 

	 	Postal
    Realty LP,
	 	a Delaware limited partnership
	 	 	 	 
	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	 
	 	UPH MERGER
    SUB LLC,
	 	a Delaware limited partnership
	 	 	 	 
	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 

 

	AGREED TO AND ACCEPTED:	 
	 	 
	PEOPLE’S UNITED BANK, NATIONAL
    ASSOCIATION,

    as Administrative Agent	 
	 	 
	By: 	                  	 
	 	Name:	 
	 	Title:

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