Common use of Timing Considerations Clause in Contracts

Timing Considerations. The transaction is contingent upon the approval by shareholders of both companies, receipt of certain lender and other third party approvals and satisfaction of other customary closing conditions. In connection with closing, Apple Ten will terminate its advisory agreements, without any separate payments for termination. A joint proxy statement/prospectus will be filed with the Securities and Exchange Commission providing further details regarding the proposed merger and, following its effectiveness, will be mailed to shareholders of both companies. The transaction is expected to close in the third quarter of 2016.