Common use of Credit Rating Clause in Contracts

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest of the credit ratings (or their equivalents) then assigned to REIT’s long-term senior unsecured non-credit enhanced debt by any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x and vice versa. It is the intention of the parties that REIT shall obtain a credit rating from at least two (2) Rating Agencies in order for Borrower to be entitled to the benefit of the Credit Rating Level for such credit rating. If the credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest of the credit ratings, provided that the next highest credit rating is only one level below that of the highest credit rating. If the second highest credit rating obtained by REIT is more than one level below that of the highest credit rating obtained by REIT, the operative rating shall be the credit rating that is one level higher than the second highest of the credit ratings. In the event that REIT shall have obtained a credit rating from at least two (2) Rating Agencies and shall thereafter lose one or more credit ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such that REIT no longer has a credit rating from at least two (2) Rating Agencies, REIT shall be deemed for the purposes hereof not to have a Credit Rating. Notwithstanding anything to the contrary contained herein, if at any time two or three of the Rating Agencies shall cease performing the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agencies, then Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more substitute rating agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating Lxxxx 0 xxxxx xx the applicable Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agencies. Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that REIT has first obtained an Investment Grade Rating from at least two (2) of the Rating Agencies and elected to use such Credit Rating as the basis for the Applicable Margin:

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REITBorrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x Xxxxx’x and vice versa. It is the intention of the parties that REIT if Borrower shall only obtain a credit rating from at least two (2) one of the Rating Agencies in order for without seeking a credit rating from the other of the Rating Agencies, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit rating. If the Borrower shall have obtained a credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest rating from both of the credit ratingsRating Agencies, the higher of the two ratings shall control, provided that the next highest credit lower rating is only one level below that of the highest credit higher rating. If the second highest credit lower rating obtained by REIT is more than one level below that of the highest higher credit rating obtained by REITrating, the operative rating shall would be the credit deemed to be one rating that is one level higher lower than the second highest higher of the credit two ratings. In the event that REIT Borrower shall have obtained a credit rating from at least two (2) both of the Rating Agencies and shall thereafter lose one or more credit ratings such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such from one of the Rating Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that REIT no longer has Borrower shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (2whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, REIT Borrower shall be deemed for the purposes hereof not to have a Credit Ratingcredit rating. Notwithstanding anything to the contrary contained herein, if If at any time two or three either of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time of the other of the Rating Agencies, if one has been provided, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, . A Credit Rating Lxxxx 0 xxxxx xx that rates the applicable Borrower and REIT jointly shall for the purposes of this Agreement constitute a Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agenciesof the Borrower. Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after that the time that Agent receives written notice that REIT has first obtained an Investment Grade Rating from initial Applicable Margin shall be at least two (2) of the Rating Agencies and elected to use such Credit Rating as the basis for the Applicable MarginLevel 3:

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REIT’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x and vice versa. It is the intention of the parties that if REIT shall only obtain a credit rating from at least two (2) one of the Rating Agencies in order for without seeking a credit rating from the other of the Rating Agencies, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit rating. If the REIT shall have obtained a credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest rating from both of the credit ratingsRating Agencies, the higher of the two ratings shall control, provided that the next highest credit lower rating is only one level below that of the highest credit higher rating. If the second highest credit lower rating obtained by REIT is more than one level below that of the highest higher credit rating obtained by REITrating, the operative rating shall would be the credit deemed to be one rating that is one level higher lower than the second highest higher of the credit two ratings. In the event that REIT shall have obtained a credit rating from at least two (2) both of the Rating Agencies and shall thereafter lose one or more credit ratings such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such from one of the Rating Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that REIT no longer has shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (2whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, REIT shall be deemed for the purposes hereof not to have a Credit Ratingcredit rating. Notwithstanding anything to the contrary contained herein, if If at any time two or three either of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time of the other of the Rating Agencies, if one has been provided, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating Lxxxx 0 xxxxx xx the applicable Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agencies. Credit Rating Level. One of the following five (5) six pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that REIT has first obtained an Investment Grade Rating from at least two (2) of the Rating Agencies and elected to use such Credit Investment Grade Rating as the basis for the Applicable Margin, during any period that REIT has no Credit Rating Level, Credit Rating Level 6 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest of the credit ratings (or their equivalents) then rating assigned to REITBorrower’s or Parent’s long-term senior unsecured non-credit enhanced debt by any of the Rating AgenciesAgencies as determined pursuant to this definition. A credit rating of BBB- from S&P or Fitch is shall be equivalent to a credit rating of Baa3 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is shall be equivalent to a credit rating of Baa2 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is shall be equivalent to a credit rating of Baa1 by Mxxxx’x Xxxxx’x and vice versa. A credit rating of A- from S&P or Fitch shall be equivalent to a credit rating of A3 by Xxxxx’x and vice versa. It is the intention of the parties that REIT Borrower or Parent shall obtain a credit rating from at least two (2) Rating Agencies in order for either or both of S&P or Xxxxx’x, but may also seek an additional credit rating from Fitch, and the Borrower to shall be entitled to the benefit of the Credit Rating Level for any such credit ratingrating subject to the terms and conditions of this definition. If Borrower shall have obtained a credit rating from two or more of the credit ratings obtained by REIT are not equivalentRating Agencies, pricing shall be determined by the highest of the credit ratingsratings shall control, provided that the next highest credit rating is only one level below that of the highest credit rating. If the rating which is second from highest credit rating obtained by REIT is more than one level below that of the highest credit rating obtained by REITrating, the operative rating shall would be the credit deemed to be one rating that is one level higher than the rating which is second highest of the credit ratingsfrom highest. In the event that REIT Borrower and/or Parent shall have obtained a credit rating from at least two (2) or more of the Rating Agencies and shall thereafter lose one or more credit ratings such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies (unless if such lost rating was provided by Fitch), the operative rating would be deemed to be one rating level lower than the highest remaining rating; provided, however, that REIT no longer has a if at any time the only remaining credit rating from at least two (2) Rating Agencieshas been issued by Fitch, REIT Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit RatingRating and Credit Rating Level 5 shall apply. Notwithstanding anything In the event that Borrower and/or Parent shall have obtained a credit rating from one or more of the Rating Agencies and shall thereafter lose such ratings (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from each of the contrary contained hereinRating Agencies, if Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit Rating and Credit Rating Level 5 shall apply. If at any time two or three any of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit credit rating of the other of the Rating in effect immediately prior to such time Agencies, if one has been provided, shall continue to apply, apply (provided that if the designation of such replacement agency and such amendment are completed within thirty (30) days of such eventonly remaining credit rating has been issued by Fitch, and if Borrower and/or Parent shall be deemed for the purposes hereof not so completed within such thirty (30) day period, to have a Credit Rating Lxxxx 0 xxxxx xx the applicable and Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agencies. Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that REIT has first obtained an Investment Grade Rating from at least two (2) of the Rating Agencies and elected to use such Credit Rating as the basis for the Applicable Margin:Xxxxx 0 shall apply).

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REITBorrower’s long-term senior unsecured non-credit enhanced debt by by, subject to the terms hereof, any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x Xxxxx’x and vice versa. A credit rating of A- from S&P or Fitch is equivalent to a credit rating of A3 from Moody’s and vice versa. It is the intention of the parties that REIT if Borrower shall only obtain a credit rating from at least two (2) Rating Agencies in order for S&P or Moody’s without seeking or obtaining a credit rating from the other of S&P or Moody’s, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit ratingCredit Rating. If the credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest of the credit ratings, provided that the next highest Borrower has a credit rating is only one level below that of the highest credit rating. If the second highest from S&P or Moody’s, it may also include a credit rating obtained by REIT is more than one level below that of the highest credit rating obtained by REIT, the operative rating shall be the credit rating that is one level higher than the second highest of the credit ratingsfrom Fitch in determining its Credit Rating. In the event that REIT the only credit rating is from Fitch, Borrower shall be deemed to not have a Credit Rating. If Borrower shall have obtained a credit rating from at least two (2) more than one of the Rating Agencies, the highest of the ratings shall control. In the event, subject to the terms hereof, that Borrower shall have obtained a credit rating from more than one of the Rating Agencies and shall thereafter lose one such rating or more credit ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such that REIT no longer has only one rating from S&P or Xxxxx’x is remaining, the operative rating would be deemed to be the remaining rating. In the event that Borrower shall have obtained a credit rating from at least two one or more of the Rating Agencies and shall thereafter lose such rating or ratings (2whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from such Rating AgenciesAgencies and as a result does not have a credit rating from one or more of S&P or Moody’s, REIT Borrower shall be deemed for the purposes hereof not to have a Credit Rating. Notwithstanding anything to the contrary contained herein, if If at any time two or three any of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time of the other of S&P or Moody’s, if one has been provided, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating Lxxxx 0 xxxxx xx the applicable Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agencies. Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that REIT Borrower has first obtained an Investment Grade Rating from at least two (2) of the Rating Agencies and elected to use such Credit Investment Grade Rating as the basis for the Applicable Margin, during any period that Borrower has no Credit Rating, Credit Rating Level 5 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest of the credit ratings (or their equivalents) then assigned to REIT’s long-term senior unsecured non-credit enhanced debt by any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x and vice versa. It is the intention of the parties that REIT shall obtain a credit rating from at least two (2) Rating Agencies in order for Borrower to be entitled to the benefit of the Credit Rating Level for such credit rating. If the credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest of the credit ratings, provided that the next highest credit rating is only one level below that of the highest credit rating. If the second highest credit rating obtained by REIT is more than one level below that of the highest credit rating obtained by REIT, the operative rating shall be the credit rating that is one level higher than the second highest of the credit ratings. In the event that REIT shall have obtained a credit rating from at least two (2) Rating Agencies and shall thereafter lose one or more credit ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such that REIT no longer has a credit rating from at least two (2) Rating Agencies, REIT shall be deemed for the purposes hereof not to have a Credit Rating. Notwithstanding anything to the contrary contained herein, if at any time two or three of the Rating Agencies shall cease performing the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agencies, then Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more substitute rating agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating Lxxxx 0 xxxxx xx Level 5 shall be the applicable Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agencies. Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that REIT RXXX has first obtained an Investment Grade Rating from at least two (2) of the Rating Agencies and elected to use such Credit Rating as the basis for the Applicable Margin:

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REIT’s or Borrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x Xxxxx’x and vice versa. It is the intention of the parties that if REIT or Borrower, as applicable, shall only obtain a credit rating from at least two (2) one of the Rating Agencies in order for without seeking a credit rating from the other of the Rating Agencies, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit rating. If the REIT or Borrower, as applicable, shall have obtained a credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest rating from both of the credit ratingsRating Agencies, the higher of the two ratings shall control, provided that the next highest credit lower rating is only one level below that of the highest credit higher rating. If the second highest credit lower rating obtained by REIT is more than one level below that of the highest higher credit rating obtained by REITrating, the operative rating shall be the credit deemed to be one rating that is one level higher lower than the second highest higher of the credit two ratings. In the event that REIT or Borrower, as applicable, shall have obtained a credit rating from at least two (2) both of the Rating Agencies and shall thereafter lose one or more credit ratings such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such from one of the Rating Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that REIT no longer has or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (2whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, REIT or Borrower, as applicable, shall be deemed for the purposes hereof not to have a Credit Ratingcredit rating. Notwithstanding anything to the contrary contained herein, if If at any time two or three either of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time of the other of the Rating Agencies, if one has been provided, shall continue to apply. In the event that both the Borrower and the REIT have obtained Credit Ratings, provided then the Credit Ratings of the Borrower or the REIT, as applicable, that result in the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, most favorable Credit Rating Lxxxx 0 xxxxx xx for the Borrower shall be the applicable Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating AgenciesRating. Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after that the time that Agent receives written notice that REIT has first obtained an Investment Grade Rating from initial Applicable Margin shall be at least two (2) of the Rating Agencies and elected to use such Credit Rating as the basis for the Applicable Margin:Level 3.

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REITBorrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x Xxxxx’x and vice versa. It is the intention of the parties that REIT if Borrower shall only obtain a credit rating from at least two (2) one of the Rating Agencies in order for without seeking a credit rating from the other of the Rating Agencies, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit rating. If the Borrower shall have obtained a credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest rating from both of the credit ratingsRating Agencies, the higher of the two ratings shall control, provided that the next highest credit lower rating is only one level below that of the highest credit higher rating. If the second highest credit lower rating obtained by REIT is more than one level below that of the highest higher credit rating obtained by REITrating, the operative rating shall be the credit deemed to be one rating that is one level higher lower than the second highest higher of the credit two ratings. In the event that REIT Borrower shall have obtained a credit rating from at least two (2) both of the Rating Agencies and shall thereafter lose one or more credit ratings such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such from one of the Rating Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that REIT no longer has Borrower shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (2whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, REIT Borrower shall be deemed for the purposes hereof not to have a Credit Ratingcredit rating. Notwithstanding anything to the contrary contained herein, if If at any time two or three either of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time of the other of the Rating Agencies, if one has been provided, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, . A Credit Rating Lxxxx 0 xxxxx xx that rates the applicable Borrower and REIT jointly shall for the purposes of this Agreement constitute a Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agenciesof the Borrower. Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after that the time that Agent receives written notice that REIT has first obtained an Investment Grade Rating from initial Applicable Margin shall be at least two (2) of the Rating Agencies and elected to use such Credit Rating Level 3: Credit Rating Level 1. The Credit Rating Level which would be applicable for so long as the basis Credit Rating is greater than or equal to A by S&P or A2 by Xxxxx’x; Credit Rating Level 2. The Credit Rating Level which would be applicable for so long as the Applicable Margin:Credit Rating is greater than or equal to A- by S&P or A3 by Xxxxx’x and Credit Rating Level 1 is not applicable; Credit Rating Level 3. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB+ by S&P or Baa1 by Xxxxx’x and Credit Rating Levels 1 and 2 are not applicable; Credit Rating Level 4. The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB by S&P or Baa2 by Xxxxx’x and Credit Rating Levels 1, 2 and 3 are not applicable;

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REIT’s or Borrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x and vice versa. It is the intention of the parties that if REIT or Borrower, as applicable, shall only obtain a credit rating from at least two (2) one of the Rating Agencies in order for without seeking a credit rating from the other of the Rating Agencies, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit rating. If the REIT or Borrower, as applicable, shall have obtained a credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest rating from both of the credit ratingsRating Agencies, the higher of the two ratings shall control, provided that the next highest credit lower rating is only one level below that of the highest credit higher rating. If the second highest credit lower rating obtained by REIT is more than one level below that of the highest higher credit rating obtained by REITrating, the operative rating shall would be the credit deemed to be one rating that is one level higher lower than the second highest higher of the credit two ratings. In the event that REIT or Borrower, as applicable, shall have obtained a credit rating from at least two (2) both of the Rating Agencies and shall thereafter lose one or more credit ratings such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such from one of the Rating Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that REIT no longer has or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (2whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, REIT or Borrower, as applicable, shall be deemed for the purposes hereof not to have a Credit Ratingcredit rating. Notwithstanding anything to the contrary contained herein, if If at any time two or three either of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time of the other of the Rating Agencies, if one has been provided, shall continue to apply. In the event that both the Borrower and the REIT have obtained Credit Ratings, provided then the Credit Ratings of the Borrower or the REIT, as applicable, that result in the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, most favorable Credit Rating Lxxxx 0 xxxxx xx for the Borrower shall be the applicable Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating AgenciesRating. Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after that the time that Agent receives written notice that REIT has first obtained an Investment Grade Rating from initial Applicable Margin shall be at least two (2) of the Rating Agencies and elected to use such Credit Rating as the basis for the Applicable MarginLevel 3:

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REIT’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x Xxxxx’x and vice versa. : A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 Baal by Mxxxx’x Xxxxx’x and vice versa. It is the intention of the parties that if REIT shall only obtain a credit rating from at least two (2) one of the Rating Agencies in order for without seeking a credit rating from the other of the Rating Agencies, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit rating. If the REIT shall have obtained a credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest rating from both of the credit ratingsRating Agencies, the higher of the two ratings shall control, provided that the next highest credit lower rating is only one level below that of the highest credit higher rating. If the second highest credit lower rating obtained by REIT is more than one level below that of the highest higher credit rating obtained by REITrating, the operative rating shall be the credit deemed to be one rating that is one level higher lower than the second highest higher of the credit two ratings. In the event that REIT shall have obtained a credit rating from at least two (2) both of the Rating Agencies and shall thereafter lose one or more credit ratings such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such from one of the Rating Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that REIT no longer has shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (2whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, REIT shall be deemed for the purposes hereof not to have a Credit Ratingcredit rating. Notwithstanding anything to the contrary contained herein, if If at any time two or three either of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time of the other of the Rating Agencies, if one has been provided, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating Lxxxx 0 xxxxx xx the applicable Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agencies. Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, provided that, from and after the time that Agent receives written notice during any period that REIT has first obtained an Investment Grade Rating from at least two (2) of the Rating Agencies and elected to use such no Credit Rating as Level, Credit Rating Level 5 shall be the basis for the Applicable Margin:applicable Credit Rating Level;

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REIT’s or Borrower’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x Xxxxx’x and vice versa. It is the intention of the parties that if REIT or Borrower, as applicable, shall only obtain a credit rating from at least two (2) one of the Rating Agencies in order for without seeking a credit rating from the other of the Rating Agencies, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit rating. If the REIT or Borrower, as applicable, shall have obtained a credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest rating from both of the credit ratingsRating Agencies, the higher of the two ratings shall control, provided that the next highest credit lower rating is only one level below that of the highest credit higher rating. If the second highest credit lower rating obtained by REIT is more than one level below that of the highest higher credit rating obtained by REITrating, the operative rating shall be the credit deemed to be one rating that is one level higher lower than the second highest higher of the credit two ratings. In the event that REIT or Borrower, as applicable, shall have obtained a credit rating from at least two (2) both of the Rating Agencies and shall thereafter lose one or more credit ratings such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such from one of the Rating Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that REIT no longer has or Borrower, as applicable, shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (2whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, REIT or Borrower, as applicable, shall be deemed for the purposes hereof not to have a Credit Ratingcredit rating. Notwithstanding anything to the contrary contained herein, if If at any time two or three either of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time of the other of the Rating Agencies, if one has been provided, shall continue to apply. In the event that both the Borrower and the REIT have obtained Credit Ratings, provided that then the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating Lxxxx 0 xxxxx xx the applicable Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agencies. Credit Rating Level. One Ratings of the following five (5) pricing levelsBorrower or the REIT, as applicable, and provided, further, that, from and after that result in the time that Agent receives written notice that REIT has first obtained an Investment Grade Rating from at least two (2) of the Rating Agencies and elected to use such most favorable Credit Rating as the basis for the Applicable Margin:Borrower shall be the applicable Credit Rating.

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REIT’s long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x Xxxxx’x and vice versa. It is the intention of the parties that if REIT shall only obtain a credit rating from at least two (2) one of the Rating Agencies in order for without seeking a credit rating from the other of the Rating Agencies, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit rating. If the REIT shall have obtained a credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest rating from both of the credit ratingsRating Agencies, the higher of the two ratings shall control, provided that the next highest credit lower rating is only one level below that of the highest credit higher rating. If the second highest credit lower rating obtained by REIT is more than one level below that of the highest higher credit rating obtained by REITrating, the operative rating shall would be the credit deemed to be one rating that is one level higher lower than the second highest higher of the credit two ratings. In the event that REIT shall have obtained a credit rating from at least two (2) both of the Rating Agencies and shall thereafter lose one or more credit ratings such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such from one of the Rating Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that REIT no longer has shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (2whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, REIT shall be deemed for the purposes hereof not to have a Credit Ratingcredit rating. Notwithstanding anything to the contrary contained herein, if If at any time two or three either of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time of the other of the Rating Agencies, if one has been provided, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating Lxxxx 0 xxxxx xx the applicable Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agencies. Credit Rating Level. One of the following five (5) four pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that REIT has first obtained an Investment Grade Rating from at least two (2) of the Rating Agencies and elected to use such Credit Investment Grade Rating as the basis for the Applicable Margin, during any period that REIT has no Credit Rating Level, Credit Rating Level 4 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REITBorrower’s long-term senior unsecured non-credit enhanced debt by any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x Xxxxx’x and vice versa. A credit rating of A- from S&P or Fitch is equivalent to a credit rating of A3 from Xxxxx’x and vice versa. It is the intention of the parties that REIT if Borrower shall only obtain a credit rating from at least two (2) one of the Rating Agencies in order for without seeking a credit rating from the other Rating Agencies, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit rating. If the Borrower shall have obtained a credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest rating from more than one of the credit ratingsRating Agencies, the higher of the ratings shall control, provided that the next highest credit lower rating for such Person is only one level below that of the highest credit higher rating. If the second highest credit lower rating obtained by REIT for such Person is more than one level below that of the highest higher credit rating obtained by REITfor such Person, the operative rating shall would be the credit deemed to be one rating that is one level higher lower than the second highest higher of the credit two ratings. In the event that REIT Borrower shall have obtained a credit rating from at least two (2) any of the Rating Agencies and shall thereafter lose one such rating or more credit ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from such that REIT no longer has Rating Agencies and as a result does not have a credit rating from at least two (2) any Rating AgenciesAgency, or if the only credit rating the REIT or Borrower shall have is provided by Fitch, Borrower shall be deemed for the purposes hereof not to have a Credit Ratingcredit rating. Notwithstanding anything to the contrary contained herein, if at any time two or three none of the Rating Agencies shall cease performing perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agencies agency (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of any Rating Agency in effect immediately prior to such time time, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating Lxxxx Xxxxx 0 xxxxx xx the applicable Credit Rating Level until such time as REIT Borrower obtains a credit rating from at least two Rating Agencies. Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that REIT has first obtained an Investment Grade a Rating from at least two (2) of the Rating Agencies and elected to use such Credit Rating as the basis for the Applicable Margin:Agency.

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REITBorrower’s long-term senior unsecured non-credit enhanced debt by by, subject to the terms hereof, any of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x Moody’s and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x Moody’s and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x Moody’s and vice versa. A credit rating of A- from S&P or Fitch is equivalent to a credit rating of A3 from Moody’s and vice versa. It is the intention of the parties that REIT if Borrower shall only obtain a credit rating from at least two (2) Rating Agencies in order for S&P or Moody’s without seeking or obtaining a credit rating from the other of S&P or Moody’s, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit ratingCredit Rating. If the credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest of the credit ratings, provided that the next highest Borrower has a credit rating is only one level below that of the highest credit rating. If the second highest from S&P or Moody’s, it may also include a credit rating obtained by REIT is more than one level below that of the highest credit rating obtained by REIT, the operative rating shall be the credit rating that is one level higher than the second highest of the credit ratingsfrom Fitch in determining its Credit Rating. In the event that REIT the only credit rating is from Fitch, Borrower shall be deemed to not have a Credit Rating. If Borrower shall have obtained a credit rating from at least two (2) more than one of the Rating Agencies, the highest of the ratings shall control. In the event, subject to the terms hereof, that Borrower shall have obtained a credit rating from more than one of the Rating Agencies and shall thereafter lose one such rating or more credit ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such that REIT no longer has only one rating from S&P or Xxxxx’x is remaining, the operative rating would be deemed to be the remaining rating. In the event that Borrower shall have obtained a credit rating from at least two one or more of the Rating Agencies and shall thereafter lose such rating or ratings (2whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from such Rating AgenciesAgencies and as a result does not have a credit rating from one or more of S&P or Moody’s, REIT Borrower shall be deemed for the purposes hereof not to have a Credit Rating. Notwithstanding anything to the contrary contained herein, if If at any time two or three any of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time of the other of S&P or Moody’s, if one has been provided, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating Lxxxx 0 xxxxx xx the applicable Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agencies. Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that REIT Borrower has first obtained an Investment Grade Rating from at least two (2) of the Rating Agencies and elected to use such Credit Investment Grade Rating as the basis for the Applicable Margin, during any period that Borrower has no Credit Rating, Credit Rating Level 5 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest higher of the credit ratings (or their equivalents) then assigned to REIT’s 's long-term senior unsecured non-credit enhanced debt by any either of the Rating Agencies. A credit rating of BBB- from S&P or Fitch is equivalent to a credit rating of Baa3 from Mxxxx’x Xxxxx'x and vice versa. A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from Mxxxx’x Xxxxx'x and vice versa. A credit rating of BBB+ from S&P or Fitch is equivalent to a credit rating of Baa1 by Mxxxx’x Xxxxx'x and vice versa. It is the intention of the parties that if REIT shall only obtain a credit rating from at least two (2) one of the Rating Agencies in order for without seeking a credit rating from the other of the Rating Agencies, the Borrower to shall be entitled to the benefit of the Credit Rating Level for such credit rating. If the REIT shall have obtained a credit ratings obtained by REIT are not equivalent, pricing shall be determined by the highest rating from both of the credit ratingsRating Agencies, the higher of the two ratings shall control, provided that the next highest credit lower rating is only one level below that of the highest credit higher rating. If the second highest credit lower rating obtained by REIT is more than one level below that of the highest higher credit rating obtained by REITrating, the operative rating shall would be the credit deemed to be one rating that is one level higher lower than the second highest higher of the credit two ratings. In the event that REIT shall have obtained a credit rating from at least two (2) both of the Rating Agencies and shall thereafter lose one or more credit ratings such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) such from one of the Rating Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that REIT no longer has shall have obtained a credit rating from at least two both of the Rating Agencies and shall thereafter lose such rating (2whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, REIT shall be deemed for the purposes hereof not to have a Credit Ratingcredit rating. Notwithstanding anything to the contrary contained herein, if If at any time two or three either of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating in effect immediately prior to such time of the other of the Rating Agencies, if one has been provided, shall continue to apply, provided that the designation of such replacement agency and such amendment are completed within thirty (30) days of such event, and if not so completed within such thirty (30) day period, Credit Rating Lxxxx 0 xxxxx xx the applicable Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating Agencies. Credit Rating Level. One of the following five (5) four pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that REIT has first obtained an Investment Grade Rating from at least two (2) of the Rating Agencies and elected to use such Credit Investment Grade Rating as the basis for the Applicable Margin, during any period that REIT has no Credit Rating Level, Credit Rating Level 4 shall be the applicable Credit Rating Level:

Credit Rating. As of any date of determination, except as hereinafter provided in this definition, the highest of the credit ratings (or their equivalents) then rating assigned to REITBorrower’s or Parent’s long-term senior unsecured non-credit enhanced debt by any of the Rating AgenciesAgencies as determined pursuant to this definition. A credit rating of BBB- from S&P or Fitch is shall be equivalent to a credit rating of Baa3 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB from S&P or Fitch is shall be equivalent to a credit rating of Baa2 from Mxxxx’x Xxxxx’x and vice versa. A credit rating of BBB+ from S&P or Fitch is shall be equivalent to a credit rating of Baa1 by Mxxxx’x Xxxxx’x and vice versa. A credit rating of A- from S&P or Fitch shall be equivalent to a credit rating of A3 by Xxxxx’x and vice versa. It is the intention of the parties that REIT Borrower or Parent shall obtain a credit rating from at least two (2) Rating Agencies in order for either or both of S&P or Xxxxx’x, but may also seek an additional credit rating from Fitch, and the Borrower to shall be entitled to the benefit of the Credit Rating Level for any such credit ratingrating subject to the terms and conditions of this definition. If Borrower shall have obtained a credit rating from two or more of the credit ratings obtained by REIT are not equivalentRating Agencies, pricing shall be determined by the highest of the credit ratingsratings shall control, provided that the next highest credit rating is only one level below that of the highest credit rating. If the rating which is second from highest credit rating obtained by REIT is more than one level below that of the highest credit rating obtained by REITrating, the operative rating shall would be the credit deemed to be one rating that is one level higher than the rating which is second highest of the credit ratingsfrom highest. In the event that REIT Borrower and/or Parent shall have obtained a credit rating from at least two (2) or more of the Rating Agencies and shall thereafter lose one or more credit ratings such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from one of the Rating Agencies (unless if such lost rating was provided by Fitch), the operative rating would be deemed to be one rating level lower than the highest remaining rating; provided, however, that REIT no longer has a if at any time the only remaining credit rating from at least two (2) Rating Agencieshas been issued by Fitch, REIT Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit RatingRating and Credit Rating Level 5 shall apply. Notwithstanding anything In the event that Borrower and/or Parent shall have obtained a credit rating from one or more of the Rating Agencies and shall thereafter lose such ratings (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from each of the contrary contained hereinRating Agencies, if Borrower and/or Parent shall be deemed for the purposes hereof not to have a Credit Rating and Credit Rating Level 5 shall apply. If at any time two or three any of the Rating Agencies shall cease performing no longer perform the functions of a securities rating agency such that REIT shall be unable to maintain a credit rating from at least two of the three Rating Agenciesagency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon one or more a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit credit rating of the other of the Rating in effect immediately prior to such time Agencies, if one has been provided, shall continue to apply, apply (provided that if the designation of such replacement agency and such amendment are completed within thirty (30) days of such eventonly remaining credit rating has been issued by Fitch, and if Borrower and/or Parent shall be deemed for the purposes hereof not so completed within such thirty (30) day period, to have a Credit Rating Lxxxx 0 xxxxx xx the applicable and Credit Rating Level until such time as REIT obtains a credit rating from at least two Rating AgenciesXxxxx 0 shall apply). Credit Rating Level. One of the following five (5) pricing levels, as applicable, and provided, further, that, from and after the time that Agent receives written notice that REIT Borrower and/or Parent has first obtained an Investment Grade Rating from at least two (2) of the Rating Agencies and Borrower has elected to use such the Credit Rating of Borrower or Parent as the basis for the Applicable Margin: