Common use of Applicable Margin Clause in Contracts

Applicable Margin. On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Asset Value: Pricing Level 1 Less than or equal to 35% 1.55 % 0.55 % 1.50 % 0.50 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 % 0.65 % 1.60 % 0.60 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 52.5% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate.

Applicable Margin. On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Adjusted Asset Value: Pricing Level 1 Less than or equal to 3545% 1.55 2.25 % 0.55 % 1.50 % 0.50 1.25 % Pricing Level 2 Greater than 35% but less than Equal to or equal to 40% 1.65 % 0.65 % 1.60 % 0.60 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater greater than 45% but less than or equal to 52.560% 1.95 2.50 % 0.95 % 1.90 % 0.90 1.50 % Pricing Level 5 Greater 3 Equal to or greater than 52.560% 2.15 3.00 % 1.15 % 2.10 % 1.10 2.00 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 12. At such time as this subparagraph (a) is applicable, the The Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Consolidated Total Adjusted Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Consolidated Total Adjusted Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 3 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, the Applicable Margin for LIBOR SOFR Rate Revolving Credit Loans, Base Rate Revolving Credit Loans, SOFR Rate Term Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Asset Value: Pricing Level Ratio Applicable Margin for SOFR Rate Revolving Credit Loans Applicable Margin for Revolving Credit Base Rate Loans Applicable Margin for SOFR Rate Term Loans Applicable Margin for Term Base Rate Loans Pricing Level 1 Less than or equal to 3555% 1.55 2.40% 0.55 1.40% 1.50 2.35% 0.50 1.35% Pricing Level 2 Greater Equal to or greater than 3555% but less than or equal to 4060% 1.65 2.65% 0.65 1.65% 1.60 2.60% 0.60 1.60% US_ACTIVE\121755035\V-6 Pricing Level Ratio Applicable Margin for SOFR Rate Revolving Credit Loans Applicable Margin for Revolving Credit Base Rate Loans Applicable Margin for SOFR Rate Term Loans Applicable Margin for Term Base Rate Loans Pricing Level 3 Greater Equal to or greater than 4060% but less than or equal to 452.90% 1.80 1.90% 0.80 2.85% 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 52.5% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 1.85% The initial Applicable Margin as of the Closing First Amendment Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the The Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR SOFR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 3 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any dateFrom and after the date of this Agreement (and unless and until the REIT obtains an Investment Grade Rating from at least two (2) of the Rating Agencies and elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for Revolving Credit LIBOR Rate Loans, Term LIBOR Rate Loans, Revolving Credit Base Rate Loans and Term Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Asset Value: Pricing Level 1 Less than or equal to 3540% 1.55 1.45% 0.55 0.45% 1.50 1.40% 0.50 0.40% Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 but less than 45% 0.65 1.60% 1.60 0.60% 0.60 1.55% 0.55% Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 but less than 50% 0.80 1.75% 1.75 0.75% 0.75 1.70% 0.70% Pricing Level 4 Greater than 45or equal to 50% but less than or equal to 52.555% 1.95 1.90% 0.95 0.90% 1.90 1.85% 0.90 0.85% Pricing Level 5 Greater than 52.5or equal to 55% 2.15 2.05% 1.15 1.05% 2.10 2.00% 1.10 1.00% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period3. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT the Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT the Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then then, without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Majority Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower in good faith determines that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, the The Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of Consolidated Leverage Ratio as set forth in the Consolidated Total Indebtedness most recent Compliance Certificate pursuant to the Borrower’s Gross Asset Value: §7.4(c): Pricing Level 1 Less than or equal to 35% 1.55 % 0.55 % 1.50 % 0.50 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 % 0.65 % 1.60 % 0.60 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater 2 Equal to or greater than 45% but less than or equal to 52.550% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater 3 Equal to or greater than 52.550% 2.15 % 1.15 but less than 55% 2.10 % 1.10 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference 4 Equal to the ratio of Consolidated Total Indebtedness or greater than 55% but less than 60% 2.25 % 1.25 % Pricing Level 5 Equal to Gross Asset Value in effect from time or greater than 60% but less than 65% 2.35 % 1.35 % Pricing Level 6 Equal to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. or greater than 65% 2.45 % 1.45 % The Applicable Margin shall not be adjusted based upon such ratioConsolidated Leverage Ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the any updated Compliance Certificate after the end of a calendar quarter. as required pursuant to §7.4(c) In the event that REIT Parent Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 6 commencing on the first (1st) Business Day following the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until such failure is cured within any applicable cure periodcured, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. The Applicable Margin in effect from the date hereof through the date of the next change in the Applicable Margin pursuant to the provisions hereof shall be determined based upon Pricing Level 3. The provisions of this definition shall be subject to §2.6(e).

Applicable Margin. On any date, the Applicable Margin for LIBOR Rate Revolving Credit Loans, Base Rate Revolving Credit Loans, LIBOR Rate Term Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Asset Value: Pricing Level Ratio Applicable Margin for Revolving Credit LIBOR Rate Loans Applicable Margin for Revolving Credit Base Rate Loans Applicable Margin for Term LIBOR Rate Loans Applicable Margin for Term Base Rate Loans Pricing Level 1 Less than or equal to 3555% 1.55 2.40% 0.55 1.40% 1.50 2.35% 0.50 1.35% Pricing Level 2 Greater Equal to or greater than 3555% but less than or equal to 4060% 1.65 2.65% 0.65 1.65% 1.60 2.60% 0.60 1.60% Pricing Level 3 Greater Equal to or greater than 4060% but less than or equal to 452.90% 1.80 1.90% 0.80 2.85% 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 52.5% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 1.85% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the The Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 3 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. (a) On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Asset Value: Pricing Level 1 Less than or equal to 35% 1.55 1.75 % 0.55 % 1.50 % 0.50 0.75 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 1.90 % 0.65 % 1.60 % 0.60 0.90 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 2.05 % 0.80 % 1.75 % 0.75 1.05 % Pricing Level 4 Greater than 45% but less than or equal to 52.5% 1.95 2.20 % 0.95 % 1.90 % 0.90 1.20 % Pricing Level 5 Greater than 52.5% 2.15 2.40 % 1.15 % 2.10 % 1.10 1.40 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. (b) From and after the date that Agent first receives written notice from REIT or Borrower that Borrower has first obtained an Investment Grade Rating, the Applicable Margin shall mean, as of any date of determination, a percentage per annum determined by reference to the Credit Rating Level as set forth below: I Credit Rating Level 1 0.95 % 0.00 % II Credit Rating ▇▇▇▇▇ ▇ 1.05 % 0.05 % III Credit Rating ▇▇▇▇▇ ▇ 1.20 % 0.20 % IV Credit Rating ▇▇▇▇▇ ▇ 1.50 % 0.50 % V Credit Rating ▇▇▇▇▇ ▇ 1.95 % 0.95 % At such time as this subparagraph (b) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the Credit Rating Level in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the Credit Rating Level in effect on the first day of such Interest Period; provided, however that no change in the Applicable Margin resulting from the application of the Credit Rating Levels or a change in the Credit Rating Level shall be effective until three (3) Business Days after the date on which the Agent receives written notice from REIT or Borrower of the application of the Credit Rating Levels or a change in such Credit Rating Level. From and after the first date that the Applicable Margin is based on Borrower’s Investment Grade Rating pursuant to this subparagraph (b), the Applicable Margin shall no longer be calculated by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value (provided that any accrued interest payable at the Applicable Margin determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value prior to such date shall be payable as provided in §2.6).

Applicable Margin. On any date, date the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of REIT and its respective Subsidiaries to the Borrower’s Gross Asset ValueValue of REIT and its respective Subsidiaries: Pricing Level 1 Less than or equal to 35% 1.55 % 0.55 % 1.50 % 0.50 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 % 0.65 % 1.60 % 0.60 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 2 Greater than or equal to 35% but less than 40% 2.00 % 1.00 % Pricing Level 3 Greater than or equal to 40% but less than 45% 2.25 % 1.25 % Pricing Level 4 Greater than or equal to 45% but less than or equal to 52.555% 1.95 2.50 % 0.95 % 1.90 % 0.90 1.50 % Pricing Level 5 Greater than 52.5or equal to 55% 2.15 2.75 % 1.15 % 2.10 % 1.10 1.75 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT, or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Revolving Credit Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Adjusted Asset Value: Pricing Level 1 Less than or equal to 35% 1.55 % 0.55 % 1.50 % 0.50 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 % 0.65 % 1.60 % 0.60 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 52.5% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater 2 Equal to or greater than 52.545% but less than 50% 2.15 % 1.15 % 2.10 Pricing Level 3 Equal to or greater than 50% 1.10 but less than 55% 2.25 % 1.25 % Pricing Level 4 Equal to or greater than 55% 2.50 % 1.50 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level [1]. At such time as this subparagraph (a) is applicable, the The Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Consolidated Total Adjusted Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Consolidated Total Adjusted Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 4 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any dateFrom and after the date of this Agreement (and unless and until the REIT obtains an Investment Grade Rating from at least two (2) of the Rating Agencies and elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Benchmark Revolving Credit Loans, Benchmark Term Loans, Revolving Credit Base Rate Loans and Term Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Asset ValueValue as set forth below with respect to Benchmark Revolving Credit Loans and Revolving Credit Base Rate Loans and as set forth in any Term Loan Commitment Amendment with respect to Benchmark Term Loans and Term Base Rate Loans: Pricing Level 1 Less than or equal to 3540% 1.55 1.30% 0.55 % 1.50 % 0.50 0.30% Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 but less than 45% 0.65 1.45% 1.60 % 0.60 0.45% Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 but less than 50% 0.80 1.60% 1.75 % 0.75 0.60% Pricing Level 4 Greater than 45or equal to 50% but less than or equal to 52.555% 1.95 1.75% 0.95 % 1.90 % 0.90 0.75% Pricing Level 5 Greater than 52.5or equal to 55% 2.15 1.90% 1.15 % 2.10 % 1.10 0.90% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period3. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT the Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT the Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then then, without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Majority Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower in good faith determines that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any dateFrom and after the date of this Agreement (and unless and until the Borrower obtains an Investment Grade Rating and elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Asset Value: PricingLevel Ratio Applicable Margin for Revolving Credit LIBOR Rate Loans Applicable Margin for Revolving Credit Base Rate Loans Applicable Margin for Term LIBOR Rate Loans Applicable Margin for Term BaseRate Loans Pricing Level 1 Less than or equal to 35% 1.55 1.70% 0.55 0.70% 1.50 1.65% 0.50 0.65% Pricing Level 2 Greater Equal to or greater than 35% but less than or equal to 40% 1.65 1.75% 0.65 0.75% 1.60 1.70% 0.60 0.70% Pricing Level 3 Greater Equal to or greater than 40% but less than or equal to 45% 1.80 1.95% 0.80 0.95% 1.75 1.90% 0.75 0.90% Pricing Level 4 Greater Equal to or greater than 45% but less than or equal to 52.550% 1.95 2.10% 0.95 1.10% 1.90 2.05% 0.90 1.05% Pricing Level 5 Greater Equal to or greater than 52.550% 2.15 but less than 55% 1.15 2.25% 2.10 1.25% 1.10 2.20% 1.20% Pricing Level 6 Equal to or greater than 55% 2.40% 1.40% 2.35% 1.35% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate required to be delivered after the end of a calendar quarterfiscal quarter occurring after the Closing Date. In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 6 until such failure is cured within any applicable cure period, or waived in writing by the Required Majority Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate.

Applicable Margin. On any date, date the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Company and its respective Subsidiaries to the Borrower’s Gross Asset ValueValue of Parent Company and its respective Subsidiaries: Pricing Level 1 Less than or equal to 35% 1.55 2.10 % 0.55 % 1.50 % 0.50 1.10 % Pricing Level 2 Greater than 35% but less than or equal to 4045% 1.65 2.35 % 0.65 % 1.60 % 0.60 1.35 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 52.550% 1.95 2.60 % 0.95 % 1.90 % 0.90 1.60 % Pricing Level 5 4 Greater than 52.550% 2.15 2.85 % 1.15 % 2.10 % 1.10 1.85 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period2. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT Parent Company to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT Parent Company shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 4 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent and the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Revolving Credit Commitments or Term Loan Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, date the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of REIT and its respective Subsidiaries to the Borrower’s Gross Asset ValueValue of REIT and its respective Subsidiaries: Pricing Level 1 Less than or equal to 35% 1.55 2.50 % 0.55 % 1.50 % 0.50 1.25 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 2.75 % 0.65 % 1.60 % 0.60 1.50 % Pricing Level 3 Greater than or equal to 40% but less than 45% 3.00 % 1.75 % Pricing Level 4 Greater than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 52.555% 1.95 3.25 % 0.95 % 1.90 % 0.90 2.00 % Pricing Level 5 Greater than 52.5or equal to 55% 2.15 3.50 % 1.15 % 2.10 % 1.10 2.25 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period4. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent and the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, date the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Company and its respective Subsidiaries to the Borrower’s Gross Asset ValueValue of Parent Company and its respective Subsidiaries: Pricing Level Ratio LIBOR Rate Loans Base Rate Loans Pricing Level 1 Less than or equal to 35% 1.55 1.20 % 0.55 % 1.50 % 0.50 0.20 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 1.30 % 0.65 % 1.60 % 0.60 0.30 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 1.45 % 0.80 % 1.75 % 0.75 0.45 % Pricing Level 4 Greater than 45% but less than or equal to 52.550% 1.95 1.60 % 0.95 % 1.90 % 0.90 0.60 % Pricing Level 5 Greater than 52.550% 2.15 1.80 % 1.15 % 2.10 % 1.10 0.80 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT Parent Company to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT Parent Company shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Term Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent and the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date(a) Prior to the occurrence of the Capital Event, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as follows: Notwithstanding the foregoing, in the event that the Capital Event does not occur on or before August 7, 2008, the Applicable Margin for the Revolving Credit LIBOR Rate Loans and the Term Base Rate Loans shall be a percentage per annum as follows: Such increase shall be effective immediately if the Capital Event does not occur on or before August 7, 2008. (b) On any date following the occurrence of the Capital Event, the Applicable Margin for Term LIBOR Rate Loans and Term Base Rate Loans shall be as follows: (c) On any date following the occurrence of the Capital Event, the Applicable Margin for Revolving Credit LIBOR Rate Loans and Revolving Credit Base Rate Loans shall be as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Borrower’s Gross Asset ValueValue of Parent Borrower: Pricing Level 1 Less than or equal to 3540% 1.55 1.25 % 0.55 % 1.50 % 0.50 0.00 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 but less than 50% 0.65 1.40 % 1.60 % 0.60 0.00 % Pricing Level 3 Greater than 40or equal to 50% but less than or equal to 4560% 1.80 1.60 % 0.80 % 1.75 % 0.75 0.00 % Pricing Level 4 Greater than 45% but less than or equal to 52.560% 1.95 1.70 % 0.95 0.15 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT Parent Borrower to the Agent of the Compliance Certificate after at the end of a calendar quarter. In the event that REIT Parent Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Revolving Credit Loans shall be at Pricing Level 5 4 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate.

Applicable Margin. On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Asset Value: Pricing Level 1 Less than or equal to 3540% 1.55 1.60 % 0.55 % 1.50 % 0.50 0.35 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 but less than 45% 0.65 1.75 % 1.60 % 0.60 0.50 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 but less than 50% 0.80 1.90 % 1.75 % 0.75 0.65 % Pricing Level 4 Greater than 45or equal to 50% but less than or equal to 52.555% 1.95 2.05 % 0.95 % 1.90 % 0.90 0.80 % Pricing Level 5 Greater than 52.5or equal to 55% 2.15 2.20 % 1.15 % 2.10 % 1.10 0.95 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT the Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT the Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then then, without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Majority Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Asset Value: Pricing Level 1 Less than or equal to 3555% 1.55 3.00% 0.55 % 1.50 % 0.50 2.00% Pricing Level 2 Greater L▇▇▇▇ ▇ Equal to or greater than 3555% but less than or equal to 4060% 1.65 3.25% 0.65 % 1.60 % 0.60 2.25% Pricing Level 3 Greater L▇▇▇▇ ▇ Equal to or greater than 4060% but less than or equal to 453.50% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 52.5% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 2.50% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the The Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 3 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, the Applicable Margin for LIBOR Floating Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Asset Value: Pricing Level 1 Less than or equal to 35% 1.55 1.55% 0.55 0.55% 1.50 1.50% 0.50 0.50% Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 1.65% 0.65 0.65% 1.60 1.60% 0.60 0.60% Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 1.80% 0.80 0.80% 1.75 1.75% 0.75 0.75% Pricing Level 4 Greater than 45% but less than or equal to 52.5% 1.95 1.95% 0.95 0.95% 1.90 1.90% 0.90 0.90% Pricing Level 5 Greater than 52.5% 2.15 2.15% 1.15 1.15% 2.10 2.10% 1.10 1.10% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Floating Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate.

Applicable Margin. On any datedate from and after the date of this Agreement (and unless and until the Borrower obtains an Investment Grade Rating and irrevocably elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Adjusted Asset Value: Pricing Level Ratio LIBOR Rate Loans Base Rate Loans Pricing Level 1 Less than or equal to 3545% 1.55 1.35% 0.55 % 1.50 % 0.50 0.35% Pricing Level 2 Greater than 35or equal to 45% but less than or equal to 4050% 1.65 1.55% 0.65 % 1.60 % 0.60 0.55% Pricing Level 3 Greater than 40or equal to 50% but less than or equal to 4555% 1.80 1.70% 0.80 % 1.75 % 0.75 0.70% Pricing Level 4 Greater than 45or equal to 55% but less than or equal to 52.560% 1.95 1.90% 0.95 % 1.90 % 0.90 0.90% Pricing Level 5 Greater than 52.5or equal to 60% 2.15 2.15% 1.15 % 2.10 % 1.10 1.15% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT the Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT the Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c7.1(c), then then, without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin pursuant to this subparagraph (a) for any period (an “Applicable Period”) than the Applicable Margin that was applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any dateFrom and after the Amendment Effective Date (and unless and until the Borrower and/or Parent obtains an Investment Grade Rating and Borrower elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Asset Value: Pricing Level 1 Less than or equal to 35% 1.55 % 0.55 % 1.50 % 0.50 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 1.35% 0.65 0.35% 1.60 1.25% 0.60 0.25% Pricing Level 3 2 Greater than 40% but less than or equal to 45% 1.80 1.40% 0.80 0.40% 1.75 1.35% 0.75 0.35% Pricing Level 4 3 Greater than 45% but less than or equal to 52.550% 1.95 1.65% 0.95 0.65% 1.90 1.60% 0.90 0.60% Pricing Level 4 Greater than 50% but less than or equal to 55% 1.90% 0.90% 1.85% 0.85% 5 Greater than 52.555% 2.15 2.15% 1.15 1.15% 2.10 2.10% 1.10 1.10% The initial Applicable Margin as of the Closing Amendment Effective Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period3. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month Business Day following the delivery by REIT Parent to the Agent of the Compliance Certificate after at the end of a calendar quarter. In the event that REIT Parent shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month Business Day following receipt of such Compliance Certificate. In the event that the Agent and Parent determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) Parent shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within five (5) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, date the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of REIT and its respective Subsidiaries to the Borrower’s Gross Asset ValueValue of REIT and its respective Subsidiaries: Pricing Level 1 Less than or equal to 35% 1.55 % 0.55 % 1.50 % 0.50 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 % 0.65 % 1.60 % 0.60 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 2 Greater than 45or equal to 35% but less than 40% 2.00 % 1.00 % Pricing Level 3 Greater than or equal to 52.540% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater but less than 52.545% 2.15 % 1.15 % 2.10 Pricing Level 4 Greater than or equal to 45% 1.10 2.25 % 1.25 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 4 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Majority Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent and the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, date the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of REIT and its respective Subsidiaries to the Borrower’s Gross Asset ValueValue of REIT and its respective Subsidiaries: Pricing Level 1 Less than or equal to 35% 1.55 % 0.55 % 1.50 % 0.50 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 % 0.65 % 1.60 % 0.60 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 2 Greater than or equal to 35% but less than 40% 2.00 % 1.00 % Pricing Level 3 Greater than or equal to 40% but less than 45% 2.25 % 1.25 % Pricing Level 4 Greater than or equal to 45% but less than or equal to 52.555% 1.95 2.45 % 0.95 % 1.90 % 0.90 1.45 % Pricing Level 5 Greater than 52.5or equal to 55% 2.15 2.65 % 1.15 % 2.10 % 1.10 1.65 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT, or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Revolving Credit Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Asset Value: Pricing Level 1 Less than or equal to 3540% 1.55 1.60 % 0.55 % 1.50 % 0.50 0.35 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 but less than 45% 0.65 1.75 % 1.60 % 0.60 0.50 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 but less than 50% 0.80 1.90 % 1.75 % 0.75 0.65 % Pricing Level 4 Greater than 45or equal to 50% but less than or equal to 52.555% 1.95 2.05 % 0.95 % 1.90 % 0.90 0.80 % Pricing Level 5 Greater than 52.5or equal to 55% 2.15 2.20 % 1.15 0.95 % 2.10 % 1.10 % Notwithstanding the foregoing, until such time that Consolidated Tangible Net Worth exceeds $350,000,000.00, as demonstrated by the quarterly Compliance Certificate and financial statements delivered to Agent and the Lenders in compliance with §7.4, then the Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be thirty-five basis points (0.35%) higher across all Pricing Levels set forth above. The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT the Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT the Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then then, without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Majority Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower in good faith determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any datedate from and after the date of this Agreement (and unless and until the Borrower obtains an Investment Grade Rating and irrevocably elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Adjusted Asset Value: Pricing Level 1 Less than or equal to 3545% 1.55 1.35 % 0.55 % 1.50 % 0.50 0.35 % Pricing Level 2 Greater than 35or equal to 45% but less than or equal to 4050% 1.65 1.55 % 0.65 % 1.60 % 0.60 0.55 % Pricing Level 3 Greater than 40or equal to 50% but less than or equal to 4555% 1.80 1.70 % 0.80 % 1.75 % 0.75 0.70 % Pricing Level 4 Greater than 45or equal to 55% but less than or equal to 52.5% 1.95 % 0.95 60% 1.90 % 0.90 % Pricing Level 5 Greater than 52.5or equal to 60% 2.15 % 1.15 % 2.10 % 1.10 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT the Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT the Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c7.1(c), then then, without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin pursuant to this subparagraph (a) for any period (an “Applicable Period”) than the Applicable Margin that was applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, the The Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the applicable Leverage Ratio: Pricing Level Leverage Ratio (Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Asset Value: ) 1 Leverage Ratio (Consolidated Total Indebtedness to EBITDA) 2 Applicable Margin for LIBOR Rate Loans Applicable Margin for Base Rate Loans Pricing Level 1 Less than or equal 45% Less than 5 to 351 2.25% 1.55 % 0.55 % 1.50 % 0.50 1.25% Pricing Level 2 Greater than 35% but less than ▇▇▇▇▇ ▇ Equal to or equal to 40% 1.65 % 0.65 % 1.60 % 0.60 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater greater than 45% but less than 55% Equal to or equal greater than 5 to 52.51 but less than 5.5 to 1 2.50% 1.95 % 0.95 % 1.90 % 0.90 1.50% Pricing Level 5 Greater ▇▇▇▇▇ ▇ Equal to or greater than 52.555% 2.15 Equal to or greater than 5.5 to 1 3.00% 1.15 2.00% 2.10 % 1.10 % 1 The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1grid is applicable prior to March 31, 2019. At such time as this subparagraph (a) 2 This grid is applicableapplicable commencing on March 31, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, 2019 and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Periodcontinuing thereafter. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate after the end of a calendar fiscal quarter. In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 3 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an "Applicable Period") than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. (a) On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Asset ValueValue as of such date: Pricing Level 1 Less than or equal to 3545% 1.55 1.4% 0.55 % 1.50 % 0.50 0.4% Pricing Level 2 Greater than 35or equal to 45% but less than or equal to 4050% 1.65 1.65% 0.65 % 1.60 % 0.60 0.65% Pricing Level 3 Greater than 40or equal to 50% but less than or equal to 4555% 1.80 1.9% 0.80 % 1.75 % 0.75 0.9% Pricing Level 4 Greater than 45% but less than or equal to 52.555% 1.95 2.15% 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 1.15% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 12. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Consolidated Total Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Consolidated Total Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first three (1st3) day of the first (1st) month following Business Days after the delivery by REIT or Borrower to the Agent of the Compliance Certificate after at the end of a calendar fiscal quarter. In the event that REIT or Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 4 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first three (1st3) day of the first (1st) month Business Days following receipt of such Compliance Certificate. (b) From and after the time that Agent first receives written notice from REIT or Borrower that REIT has first obtained an Investment Grade Rating and that REIT elects to use such Investment Grade Rating as the basis for the Applicable Margin, the Applicable Margin shall mean, as of any date of determination, a percentage per annum determined by reference to the Credit Rating Level as set forth below (provided that any accrued interest payable at the Applicable Margin determined by reference to the ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value shall be payable as provided in § 2.6): PricingLevel Credit Rating Level Applicable Margin forLIBOR Rate Loans Applicable Margin forBase Rate Loans I Credit Rating ▇▇▇▇▇ ▇ 1.1% 0.1% II Credit Rating ▇▇▇▇▇ ▇ 1.35% 0.35% III Credit Rating ▇▇▇▇▇ ▇ 1.5% 0.5% IV Credit Rating ▇▇▇▇▇ ▇ 2.05% 1.05% At such time as this subparagraph (b) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the Credit Rating Level in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the Credit Rating Level in effect on the first day of such Interest Period; provided, however that no change in the Applicable Margin resulting from the application of the Credit Rating Levels or a change in the Credit Rating Level shall be effective until three Business Days after the date on which the Agent receives written notice of the application of the Credit Rating Levels or a change in such Credit Rating Level. From and after the first time that the Applicable Margin is based on REIT's Investment Grade Rating, the Applicable Margin shall no longer be calculated by reference to the ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value.

Applicable Margin. On any dateFrom and after the date of this Agreement (and unless and until the REIT obtains an Investment Grade Rating from at least two (2) of the Rating Agencies and elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Benchmark Revolving Credit Loans, Benchmark Term Loans, Revolving Credit Base Rate Loans and Term Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Asset ValueValue as set forth below with respect to Benchmark Revolving Credit Loans and Revolving Credit Base Rate Loans and as set forth in any Term Loan Commitment Amendment with respect to Benchmark Term Loans and Term Base Rate Loans: Pricing Level 1 Less than or equal to 3540% 1.55 1.30 % 0.55 % 1.50 % 0.50 0.30 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 but less than 45% 0.65 1.45 % 0.45 % Pricing Level 3 Greater than or equal to 45% but less than 50% 1.60 % 0.60 % Pricing Level 3 4 Greater than 40or equal to 50% but less than or equal to 45% 1.80 % 0.80 55% 1.75 % 0.75 % Pricing Level 4 5 Greater than 45% but less than or equal to 52.5% 1.95 % 0.95 55% 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 % The initial Applicable Margin as of the Closing Second Amendment Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period[__]. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT the Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT the Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then then, without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Majority Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower in good faith determines that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Borrower to the Adjusted Consolidated EBITDA of Borrower’s Gross Asset Value: Pricing Level 1 Less than or equal 3.50 to 351.00 3.00 % 1.55 % 0.55 % 1.50 % 0.50 3.00 % Pricing Level 2 Greater than 35% but less than or equal to 403.50 to 1.00 3.50 % 1.65 % 0.65 % 1.60 % 0.60 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 52.5% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 3.50 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period2. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT Borrower to the Agent of the Compliance Certificate after at the end of a calendar quarter. In the event that REIT Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 2 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. If the consolidated financial statements of Borrower and its Subsidiaries are revised, restated or otherwise adjusted, and as a result thereof the Applicable Margin was calculated at a level which resulted in lower pricing for any period, the Borrower shall within five (5) Business Days of such determination pay to Agent for the account of the Lenders the amount of the excess that should have been paid for such period.

Applicable Margin. On any dateFrom and after the date of this Agreement (and unless and until the Borrower obtains an Investment Grade Rating and elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Asset Value: Pricing Level 1 Less than or equal to 35% 1.55 1.55% 0.55 0.55% 1.50 1.50% 0.50 0.50% Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 1.65% 0.65 0.65% 1.60 1.60% 0.60 0.60% Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 1.80% 0.80 0.80% 1.75 1.75% 0.75 0.75% Pricing Level 4 Greater than 45% but less than or equal to 52.550% 1.95 1.95% 0.95 0.95% 1.90 1.90% 0.90 0.90% Pricing Level 5 Greater than 52.550% 2.15 2.15% 1.15 1.15% 2.10 2.10% 1.10 1.10% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the Compliance Certificate required to be delivered after the end of a calendar quarterfiscal quarter occurring after the Closing Date. In the event that REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Majority Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate.

Applicable Margin. On any date, the Applicable Margin for LIBOR Rate Revolving Credit Loans, Base Rate Revolving Credit Loans, LIBOR Rate Term Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Asset Value: Pricing Level 1 Less than or equal to 3540% 1.55 1.60% 0.55 0.35% 1.50 1.55% 0.50 0.30% Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 but less than 45% 0.65 1.75% 1.60 0.50% 0.60 1.70% 0.45% Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 but less than 50% 0.80 1.90% 1.75 0.65% 0.75 1.85% 0.60% Pricing Level 4 Greater than 45or equal to 50% but less than or equal to 52.555% 1.95 2.05% 0.95 0.80% 1.90 2.00% 0.90 0.75% Pricing Level 5 Greater than 52.5or equal to 55% 2.15 2.20% 1.15 0.95% 2.10 2.15% 1.10 0.90% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period4. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT the Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT the Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then then, without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Majority Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower in good faith determines that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Asset Value: Pricing Level 1 Less than or equal to 3550% 1.55 2.50% 0.55 % 1.50 % 0.50 1.50% Pricing Level 2 Greater ▇▇▇▇▇ ▇ Equal to or greater than 3550% but less than or equal to 4055% 1.65 2.75% 0.65 % 1.60 % 0.60 1.75% Pricing Level 3 Greater ▇▇▇▇▇ ▇ Equal to or greater than 4055% but less than or equal to 4560% 1.80 3.00% 0.80 % 1.75 % 0.75 2.00% Pricing Level 4 Greater ▇▇▇▇▇ ▇ Equal to or greater than 4560% but less than or equal to 52.53.25% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 2.25% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by the REIT to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that the REIT shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 4 commencing on the first (1st) Business Day following such failure and continuing until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, the REIT or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period pursuant to this subparagraph (a) (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any datedate from and after the date of this Agreement (and unless and until the Borrower obtains an Investment Grade Rating and irrevocably elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Adjusted Asset Value: Pricing Level 1 Less than or equal to 3545% 1.55 1.751.35 % 0.55 % 1.50 % 0.50 0.750.35 % Pricing Level 2 Greater than 35or equal to 45% but less than or equal to 4050% 1.65 2.001.55 % 0.65 % 1.60 % 0.60 1.000.55 % Pricing Level 3 Greater than 40or equal to 50% but less than or equal to 456055% 1.80 2.251.70 % 0.80 % 1.75 % 0.75 1.250.70 % Pricing Level 4 Greater than 45or equal to 55% but less than or equal to 52.560% 1.95 2.501.90 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 1.500.90 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 13. The1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT the Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT the Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c7.1(c), then then, without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 ▇▇▇▇▇ ▇▇ until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent or the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin pursuant to this subparagraph (a) for any period (an “Applicable Period”) than the Applicable Margin that was applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, the The Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of Consolidated Leverage Ratio as set forth in the Consolidated Total Indebtedness most recent Compliance Certificate pursuant to the Borrower’s Gross Asset Value: §7.4(c): Pricing Level 1 Less than or equal to 3565% 1.55 3.00 % 0.55 % 1.50 % 0.50 2.00 % Pricing Level 2 Greater Equal to or greater than 3565% but less than or equal to 403.50 % 1.65 2.50 % 0.65 % 1.60 % 0.60 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 52.5% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratioConsolidated Leverage Ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT to the Agent of the any updated Compliance Certificate after the end of a calendar quarter. as required pursuant to §7.4(c) In the event that REIT the Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 2 commencing on the first (1st) Business Day following the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until such failure is cured within any applicable cure periodcured, or waived in writing by the Required Lenders in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. The Applicable Margin in effect from the date hereof through the date of the next change in the Applicable Margin pursuant to the provisions hereof shall be determined based upon Pricing L▇▇▇▇ ▇, unless Borrower delivers to Agent on the Closing Date a Compliance Certificate reflecting a Consolidated Leverage Ratio for which Pricing Level 1 would apply, as set forth above. The provisions of this definition shall be subject to §2.6(e).

Applicable Margin. On any dateFrom and after the date of this Agreement (and unless and until the REIT obtains an Investment Grade Rating from at least two (2) of the Rating Agencies and elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Consolidated Total Asset Value: Pricing Level 1 Less than or equal to 3540% 1.55 1.60% 0.55 % 1.50 % 0.50 0.60% Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 but less than 45% 0.65 1.75% 1.60 % 0.60 0.75% Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 but less than 50% 0.80 1.90% 1.75 % 0.75 0.90% Pricing Level 4 Greater than 45or equal to 50% but less than or equal to 52.555% 1.95 2.05% 0.95 % 1.90 % 0.90 1.05% Pricing Level 5 Greater than 52.5or equal to 55% 2.15 2.20% 1.15 % 2.10 % 1.10 1.20% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period4. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT the Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT the Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then then, without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Majority Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent, REIT or the Borrower in good faith determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (b) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (c) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

Applicable Margin. On any date, date the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of REIT and its respective Subsidiaries to the Borrower’s Gross Asset ValueValue of REIT and its respective Subsidiaries: Pricing Level 1 Less than or equal to 35% 1.55 1.75% 0.55 % 1.50 % 0.50 0.75% Pricing Level 2 Greater than or equal to 35% but less than 40% 2.00% 1.00% Pricing Level 3 Greater than or equal to 40% 1.65 but less than 45% 0.65 2.15% 1.60 % 0.60 1.15% Pricing Level 3 4 Greater than 40% but less than or equal to 45% 1.80 2.25% 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 52.5% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 1.25% The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by REIT Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 4 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders Majority Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent and the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.