Common use of Applicable Margin Clause in Contracts

Applicable Margin. (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 LIBOR Rate Loans and Base Rate Loans shall be 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 Gross Asset Value of Parent Borrower: Pricing Level 1 Less than 40% 1.25 % 0.00 % Pricing Level 2 Greater than or equal to 40% but less than 50% 1.40 % 0.00 % Pricing Level 3 Greater than or equal to 50% but less than 60% 1.60 % 0.00 % Pricing Level 4 Greater than or equal to 60% 1.70 % 0.15 % 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 Parent Borrower to the Agent of the Compliance Certificate at the end of a calendar quarter. In the event that 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 4 until such failure is cured within any applicable cure period, 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. (a) Prior to the occurrence of the Capital Event, On any date 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 LIBOR Rate Loans and Base Rate Loans shall be 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 REIT and its respective Subsidiaries to the Gross Asset Value of Parent BorrowerREIT and its respective Subsidiaries: Pricing Level 1 Less than 4035% 1.25 1.75 % 0.00 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 5045% 1.40 2.25 % 0.00 % Pricing Level 3 Greater than or equal to 50% but less than 60% 1.60 % 0.00 1.25 % Pricing Level 4 Greater than or equal to 6045% 1.70 but less than 55% 0.15 2.45 % 1.45 % Pricing Level 5 Greater than or equal to 55% 2.65 % 1.65 % The initial Applicable Margin shall be at Pricing Level 1. 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 Parent Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that 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 4 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. 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. (a) Prior to the occurrence of the Capital EventOn any date, 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 LIBOR Rate Loans and Base Rate Loans shall be 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 Gross Consolidated Total Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 40% 1.25 1.60 % 0.00 0.35 % Pricing Level 2 Greater than or equal to 40% but less than 5045% 1.40 1.75 % 0.00 0.50 % Pricing Level 3 Greater than or equal to 45% but less than 50% 1.90 % 0.65 % Pricing Level 4 Greater than or equal to 50% but less than 6055% 1.60 2.05 % 0.00 0.80 % Pricing Level 4 5 Greater than or equal to 6055% 1.70 2.20 % 0.15 0.95 % The initial Applicable Margin shall be at Pricing Level 1. 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 Parent the Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent 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 Revolving Credit Loans shall be at Pricing Level 4 5 until such failure is cured within any applicable cure period, or waived in writing by the 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. From and after the date of this Agreement (aand unless and until the Borrower obtains an Investment Grade Rating and elects to have the Applicable Margin determined pursuant to subparagraph (b) Prior to the occurrence of the Capital Eventbelow), the Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as follows: Notwithstanding for the foregoing, in the event that the Capital Event does not occur on or before August 7, 2008, the Applicable Margin for LIBOR Rate Revolving Credit Loans and Base Rate Term Loans shall be 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 a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Gross Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 40or equal to 35% 1.25 1.55% 0.00 0.55% 1.50% 0.50% Pricing Level 2 Greater than 35% but less than or equal to 40% but less than 501.65% 1.40 0.65% 0.00 1.60% 0.60% Pricing Level 3 Greater than or equal to 5040% but less than 60or equal to 45% 1.60 1.80% 0.00 0.80% 1.75% 0.75% Pricing Level 4 Greater than 45% but less than or equal to 6050% 1.70 1.95% 0.15 0.95% 1.90% 0.90% Pricing Level 5 Greater than 50% 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 Parent Borrower REIT to the Agent of the Compliance Certificate at required to be delivered after the end of a calendar quarterfiscal quarter occurring after the Closing Date. In the event that Parent Borrower 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 Revolving Credit Loans shall be at Pricing Level 4 5 until such failure is cured within any applicable cure period, or waived in writing by the 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. From and after the date of this Agreement (aand unless and until the REIT obtains an Investment Grade Rating from at least two (2) Prior to the occurrence of the Capital EventRating Agencies and elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for Revolving Credit LIBOR Rate Loans and Base Rate Loans shall be as follows: Notwithstanding the foregoingLoans, in the event that the Capital Event does not occur on or before August 7, 2008, the Applicable Margin for Term LIBOR Rate Loans and Loans, Revolving Credit Base Rate Loans shall be 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 a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Gross Consolidated Total Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 40% 1.25 1.45% 0.00 0.45% 1.40% 0.40% Pricing Level 2 Greater than or equal to 40% but less than 5045% 1.40 1.60% 0.00 0.60% 1.55% 0.55% Pricing Level 3 Greater than or equal to 45% but less than 50% 1.75% 0.75% 1.70% 0.70% Pricing Level 4 Greater than or equal to 50% but less than 6055% 1.60 1.90% 0.00 0.90% 1.85% 0.85% Pricing Level 4 5 Greater than or equal to 6055% 1.70 2.05% 0.15 1.05% 2.00% 1.00% The initial Applicable Margin shall be at Pricing Level 3. 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 Parent the Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent 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 Revolving Credit Loans shall be at Pricing Level 4 5 until such failure is cured within any applicable cure period, or waived in writing by the 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. (a) Prior to the occurrence of the Capital Event, On any date 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 LIBOR Rate Loans and Base Rate Loans shall be 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 REIT and its respective Subsidiaries to the Gross Asset Value of Parent BorrowerREIT and its respective Subsidiaries: Pricing Level 1 Less than 4035% 1.25 1.75 % 0.00 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 5045% 1.40 2.25 % 0.00 % Pricing Level 3 Greater than or equal to 50% but less than 60% 1.60 % 0.00 1.25 % Pricing Level 4 Greater than or equal to 6045% 1.70 but less than 55% 0.15 2.50 % 1.50 % Pricing Level 5 Greater than or equal to 55% 2.75 % 1.75 % The initial Applicable Margin shall be at Pricing Level 1. 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 Parent Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that 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 4 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. 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. (a) Prior to the occurrence of the Capital EventOn any date, 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 LIBOR Rate Loans and Base Rate Loans shall be 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 a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Gross Borrower’s Consolidated Total Adjusted Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 4045% 1.25 1.90 % 0.00 0.90 % Pricing Level 2 Greater Equal to or greater than or equal to 4045% but less than 50% 1.40 2.15 % 0.00 1.15 % Pricing Level 3 Greater Equal to or greater than or equal to 50% but less than 6055% 1.60 2.25 % 0.00 1.25 % Pricing Level 4 Greater Equal to or greater than or equal 55% 2.50 % 1.50 % The initial Applicable Margin shall be at Pricing Level [1]. The Applicable Margin for each Base Rate Loan shall be determined by reference to 60% 1.70 % 0.15 % the ratio of Consolidated Total Indebtedness to 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 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 Parent Borrower REIT to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent Borrower 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 Revolving Credit Loans shall be at Pricing Level 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. From and after the date of this Agreement (aand unless and until the Borrower obtains an Investment Grade Rating and elects to have the Applicable Margin determined pursuant to subparagraph (b) Prior to the occurrence of the Capital Eventbelow), the Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as follows: Notwithstanding for the foregoing, in the event that the Capital Event does not occur on or before August 7, 2008, the Applicable Margin for LIBOR Rate Revolving Credit Loans and Base Rate Term Loans shall be 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 a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Gross Asset Value of Parent BorrowerValue: 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 4035% 1.25 1.70% 0.00 0.70% 1.65% 0.65% Pricing Level 2 Greater Equal to or greater than 35% but less than 40% 1.75% 0.75% 1.70% 0.70% Pricing Level 3 Equal to or equal greater than 40% but less than 45% 1.95% 0.95% 1.90% 0.90% Pricing Level 4 Equal to 40or greater than 45% but less than 50% 1.40 2.10% 0.00 1.10% 2.05% 1.05% Pricing Level 3 Greater 5 Equal to or greater than or equal to 50% but less than 6055% 1.60 2.25% 0.00 1.25% 2.20% 1.20% Pricing Level 4 Greater 6 Equal to or greater than or equal 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 60% 1.70 % 0.15 % 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 Parent Borrower REIT to the Agent of the Compliance Certificate at required to be delivered after the end of a calendar quarterfiscal quarter occurring after the Closing Date. In the event that Parent Borrower 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 Revolving Credit Loans shall be at Pricing Level 4 6 until such failure is cured within any applicable cure period, or waived in writing by the 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. (a) Prior to the occurrence of the Capital Event, On any date 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 LIBOR Rate Loans and Base Rate Loans shall be 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 Company and its respective Subsidiaries to the Gross Asset Value of Parent BorrowerCompany and its respective Subsidiaries: Pricing Level 1 Less than 40or equal to 35% 1.25 2.10 % 0.00 1.10 % Pricing Level 2 Greater than or equal to 4035% but less than 50or equal to 45% 1.40 2.35 % 0.00 1.35 % Pricing Level 3 Greater than 45% but less than or equal to 50% but less than 602.60 % 1.60 % 0.00 % Pricing Level 4 Greater than or equal to 6050% 1.70 2.85 % 0.15 1.85 % The initial Applicable Margin shall be at Pricing Level 2. 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 Parent Borrower Company to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent Borrower 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 Revolving Credit Loans shall be at Pricing Level 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 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. (a) Prior to the occurrence of the Capital Event, On any date 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 LIBOR Rate Loans and Base Rate Loans shall be 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 REIT and its respective Subsidiaries to the Gross Asset Value of Parent BorrowerREIT and its respective Subsidiaries: Pricing Level 1 Less than 40or equal to 35% 2.50 % 1.25 % 0.00 % Pricing Level 2 Greater than 35% but less than 40% 2.75 % 1.50 % Pricing Level 3 Greater than or equal to 40% but less than 5045% 1.40 3.00 % 0.00 % Pricing Level 3 Greater than or equal to 50% but less than 60% 1.60 % 0.00 1.75 % Pricing Level 4 Greater than or equal to 6045% 1.70 but less than 55% 0.15 3.25 % 2.00 % Pricing Level 5 Greater than or equal to 55% 3.50 % 2.25 % The initial Applicable Margin shall be at Pricing Level 4. 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 Parent Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that 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 4 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. 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 from and after the date of this Agreement (aand unless and until the Borrower obtains an Investment Grade Rating and irrevocably elects to have the Applicable Margin determined pursuant to subparagraph (b) Prior to the occurrence of the Capital Eventbelow), 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 LIBOR Rate Loans and Base Rate Loans shall be 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 Gross Consolidated Total Adjusted Asset Value of Parent BorrowerValue: Pricing Level Ratio LIBOR Rate Loans Base Rate Loans Pricing Level 1 Less than 4045% 1.25 1.35% 0.00 0.35% Pricing Level 2 Greater than or equal to 4045% but less than 50% 1.40 1.55% 0.00 0.55% Pricing Level 3 Greater than or equal to 50% but less than 6055% 1.60 1.70% 0.00 0.70% Pricing Level 4 Greater than or equal to 55% but less than 60% 1.70 1.90% 0.15 0.90% Pricing Level 5 Greater than or equal to 60% 2.15% 1.15% The initial Applicable Margin shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, 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 Parent the Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent 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 Revolving Credit Loans shall be at Pricing Level 4 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. 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. (a) Prior to the occurrence of the Capital Event, the 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 LIBOR Rate Loans and Base Rate Loans shall be 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 a percentage per annum as set forth below based on the ratio of the applicable Leverage Ratio: Pricing Level Leverage Ratio (Consolidated Total Indebtedness of Parent Borrower to the Gross Consolidated Total Asset Value of Parent Borrower: 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 4045% 1.25 Less than 5 to 1 2.25% 0.00 1.25% Pricing Level 2 Greater ▇▇▇▇▇ ▇ Equal to or greater than or equal to 4045% but less than 5055% 1.40 % 0.00 % Pricing Level 3 Greater Equal to or greater than or equal 5 to 50% 1 but less than 605.5 to 1 2.50% 1.60 % 0.00 1.50% Pricing Level 4 Greater ▇▇▇▇▇ ▇ Equal to or greater than 55% Equal to or equal greater than 5.5 to 601 3.00% 1.70 2.00% 0.15 % 1 The grid is applicable prior to March 31, 2019. 2 This grid is applicable commencing on March 31, 2019 and continuing 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 Parent Borrower REIT to the Agent of the Compliance Certificate at after the end of a calendar fiscal quarter. In the event that Parent Borrower 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 Revolving Credit Loans shall be at Pricing Level 4 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) Prior to the occurrence of the Capital EventOn any date, the Applicable Margin for LIBOR Rate Revolving Credit Loans, Base Rate Revolving Credit Loans, LIBOR Rate Term Loans and Base Rate Term 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 LIBOR Rate Loans and Base Rate Loans shall be 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 a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Gross Consolidated Total Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 40% 1.25 1.60% 0.00 0.35% 1.55% 0.30% Pricing Level 2 Greater than or equal to 40% but less than 5045% 1.40 1.75% 0.00 0.50% 1.70% 0.45% Pricing Level 3 Greater than or equal to 45% but less than 50% 1.90% 0.65% 1.85% 0.60% Pricing Level 4 Greater than or equal to 50% but less than 6055% 1.60 2.05% 0.00 0.80% 2.00% 0.75% Pricing Level 4 5 Greater than or equal to 6055% 1.70 2.20% 0.15 0.95% 2.15% 0.90% The initial Applicable Margin shall be at Pricing Level 4. 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 Parent the Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent 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 Revolving Credit Loans shall be at Pricing Level 4 5 until such failure is cured within any applicable cure period, or waived in writing by the 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. (a) Prior to the occurrence of the Capital Event, On any date 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 LIBOR Rate Loans and Base Rate Loans shall be 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 Company and its respective Subsidiaries to the Gross Asset Value of Parent BorrowerCompany and its respective Subsidiaries: Pricing Level Ratio LIBOR Rate Loans Base Rate Loans Pricing Level 1 Less than 40or equal to 35% 1.25 1.20 % 0.00 0.20 % Pricing Level 2 Greater than 35% but less than or equal to 40% but less than 501.30 % 1.40 % 0.00 0.30 % Pricing Level 3 Greater than or equal to 5040% but less than 60or equal to 45% 1.60 1.45 % 0.00 0.45 % Pricing Level 4 Greater than 45% but less than or equal to 6050% 1.70 1.60 % 0.15 0.60 % Pricing Level 5 Greater than 50% 1.80 % 0.80 % The initial Applicable Margin shall be at Pricing Level 1. 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 Parent Borrower Company to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent Borrower 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 Revolving Credit Term Loans shall be at Pricing Level 4 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. 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. (a) Prior to the occurrence of the Capital Event, On any date 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 LIBOR Rate Loans and Base Rate Loans shall be 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 REIT and its respective Subsidiaries to the Gross Asset Value of Parent BorrowerREIT and its respective Subsidiaries: Pricing Level 1 Less than 4035% 1.25 1.75% 0.00 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 5045% 1.40 2.15% 0.00 % Pricing Level 3 Greater than or equal to 50% but less than 60% 1.60 % 0.00 1.15% Pricing Level 4 Greater than or equal to 6045% 1.70 2.25% 0.15 1.25% The initial Applicable Margin shall be at Pricing Level 1. 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 Parent Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that 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 4 until such failure is cured within any applicable cure period, or waived in writing by the 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. From and after the date of this Agreement (aand unless and until the REIT obtains an Investment Grade Rating from at least two (2) Prior to the occurrence of the Capital EventRating Agencies and elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Rate Loans and Benchmark Revolving Credit Loans, Benchmark Term Loans, Revolving Credit 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 LIBOR Rate Loans and Base Rate Loans shall be 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 a percentage per annum based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Gross Consolidated Total Asset Value of Parent Borroweras 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 40% 1.25 1.30 % 0.00 0.30 % Pricing Level 2 Greater than or equal to 40% but less than 5045% 1.40 1.45 % 0.00 0.45 % Pricing Level 3 Greater than or equal to 45% but less than 50% 1.60 % 0.60 % Pricing Level 4 Greater than or equal to 50% but less than 6055% 1.60 1.75 % 0.00 0.75 % Pricing Level 4 5 Greater than or equal to 6055% 1.70 1.90 % 0.15 0.90 % The Applicable Margin as of the Second Amendment Date shall be at Pricing Level [__]. 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 Parent the Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent 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 Revolving Credit Loans shall be at Pricing Level 4 5 until such failure is cured within any applicable cure period, or waived in writing by the 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. (a) Prior to the occurrence of the Capital EventOn any date, 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 LIBOR Rate Loans and Base Rate Loans shall be 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 a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Borrower’s Gross Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 40or equal to 35% 1.25 1.75 % 0.00 0.75 % Pricing Level 2 Greater than 35% but less than or equal to 40% but less than 501.90 % 1.40 % 0.00 0.90 % Pricing Level 3 Greater than or equal to 5040% but less than 60or equal to 45% 1.60 2.05 % 0.00 1.05 % Pricing Level 4 Greater than 45% but less than or equal to 6052.5% 1.70 2.20 % 0.15 1.20 % Pricing Level 5 Greater than 52.5% 2.40 % 1.40 % The initial Applicable Margin 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 Parent Borrower REIT to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent Borrower 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 Revolving Credit Loans shall be at Pricing Level 4 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. (a) Prior to the occurrence of the Capital EventOn any date, the Applicable Margin for LIBOR Floating Rate Loans and Base Rate Loans shall be as follows: Notwithstanding for the foregoing, in the event that the Capital Event does not occur on or before August 7, 2008, the Applicable Margin for LIBOR Rate Revolving Credit Loans and Base Rate the Term Loans shall be 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 a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Borrower’s Gross Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 40or equal to 35% 1.25 1.55% 0.00 0.55% 1.50% 0.50% Pricing Level 2 Greater than 35% but less than or equal to 40% but less than 501.65% 1.40 0.65% 0.00 1.60% 0.60% Pricing Level 3 Greater than or equal to 5040% but less than 60or equal to 45% 1.60 1.80% 0.00 0.80% 1.75% 0.75% Pricing Level 4 Greater than 45% but less than or equal to 6052.5% 1.70 1.95% 0.15 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 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 Parent Borrower REIT to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent Borrower 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 Revolving Credit Loans shall be at Pricing Level 4 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 from and after the date of this Agreement (aand unless and until the Borrower obtains an Investment Grade Rating and irrevocably elects to have the Applicable Margin determined pursuant to subparagraph (b) Prior to the occurrence of the Capital Eventbelow), 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 LIBOR Rate Loans and Base Rate Loans shall be 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 Gross Consolidated Total Adjusted Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 4045% 1.25 1.751.35 % 0.00 0.750.35 % Pricing Level 2 Greater than or equal to 4045% but less than 50% 1.40 2.001.55 % 0.00 1.000.55 % Pricing Level 3 Greater than or equal to 50% but less than 606055% 1.60 2.251.70 % 0.00 1.250.70 % Pricing Level 4 Greater than or equal to 55% but less than 60% 1.70 2.501.90 % 0.15 1.500.90 % The initial Applicable Margin shall be at Pricing Level 3. The1. At such time as this subparagraph (a) is applicable, 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 Parent the Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent 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 Revolving Credit Loans shall be at Pricing Level 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 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 from and after the date of this Agreement (aand unless and until the Borrower obtains an Investment Grade Rating and irrevocably elects to have the Applicable Margin determined pursuant to subparagraph (b) Prior to the occurrence of the Capital Eventbelow), 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 LIBOR Rate Loans and Base Rate Loans shall be 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 Gross Consolidated Total Adjusted Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 4045% 1.25 1.35 % 0.00 0.35 % Pricing Level 2 Greater than or equal to 4045% but less than 50% 1.40 1.55 % 0.00 0.55 % Pricing Level 3 Greater than or equal to 50% but less than 6055% 1.60 1.70 % 0.00 0.70 % Pricing Level 4 Greater than or equal to 55% but less than 60% 1.70 1.90 % 0.15 0.90 % Pricing Level 5 Greater than or equal to 60% 2.15 % 1.15 % The initial Applicable Margin shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, 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 Parent the Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent 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 Revolving Credit Loans shall be at Pricing Level 4 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. 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. From and after the date of this Agreement (aand 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) Prior to the occurrence of the Capital Eventbelow), 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 LIBOR Rate Loans and Base Rate Loans shall be 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 a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Gross Consolidated Total Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 40% 1.25 % 0.00 % Pricing Level 2 Greater than or equal to 4045% 1.50 % 0.50 % 1.45 % 0.45 % 2 Greater than 45% but less than 50% 1.40 % 0.00 % Pricing Level 3 Greater than or equal to 50% 1.75 % 0.75 % 1.70 % 0.70 % 3 Greater than 50% but less than 60% 1.60 % 0.00 % Pricing Level 4 Greater than or equal to 6055% 1.70 2.00 % 0.15 1.00 % 1.95 % 0.95 % 4 Greater than 55% 2.25 % 1.25 % 2.20 % 1.20 % The initial Applicable Margin shall be at Pricing Level 2. 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 Parent Borrower to the Agent of the Compliance Certificate at the end of a calendar quarter. In the event that 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 4 until such failure is cured within any applicable cure period, 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. (a) Prior to the occurrence of the Capital Event, the The Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be a percentage per annum as followsset forth below based on: Notwithstanding the foregoing, in the event that the Capital Event does not occur on or before August 7, 2008, the   Period: Applicable Margin for LIBOR Rate Loans and Applicable Margin for Base Rate Loans shall be as follows: Such increase shall be effective immediately if From March 30, 2020 through and including October 1, 2020 3.25% 2.25% From October 2, 2020 through and including April 1, 2021 3.50% 2.50% From April 2, 2021 through and including October 1, 2021 3.75% 2.75% For the Capital Event does not occur on or before August 7period from October 2, 2008. (b) On 2021 and thereafter 4.00% 3.00%  In the event that, with respect to any date following the occurrence of the Capital Event, period when the Applicable Margin for Term LIBOR Rate Loans and Term Base Rate Loans shall be as follows: (c) On any date following was determined based upon 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 Gross Asset Value of Parent Borrowerapplicable Leverage Ratio: Pricing Pricing Level 1 Less than 4045% 1.25 Less than 5 to 1 2.25% 0.00 1.25% Pricing Pricing Level 2 Greater Equal to or greater than or equal to 4045% but less than 5055% 1.40 % 0.00 % Pricing Level 3 Greater Equal to or greater than or equal 5 to 50% 1 but less than 605.5 to 1 2.50% 1.60 1.50% 0.00 Pricing Level 3 Equal to or greater than 55% Pricing Level 4 Greater Equal to or greater than or equal 5.5 to 601 3.00% 1.70 % 0.15 2.00% 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 Parent Borrower REIT to the Agent of the Compliance Certificate at after the end of a calendar fiscal quarter. In the event 102175686\V-9 102175686\V-9 US_Active\114487228114490487\V-17 that Parent Borrower 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 Revolving Credit Loans shall be at Pricing Level 4 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▇▇▇▇▇▇▇▇▇▇▇.▇▇ 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. From and after the date of this Agreement (aand unless and until the REIT obtains an Investment Grade Rating from at least two (2) Prior to the occurrence of the Capital EventRating 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 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 LIBOR Rate Loans and Base Rate Loans shall be 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 a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Gross Consolidated Total Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 40% 1.25 1.60% 0.00 0.60% Pricing Level 2 Greater than or equal to 40% but less than 5045% 1.40 1.75% 0.00 0.75% Pricing Level 3 Greater than or equal to 45% but less than 50% 1.90% 0.90% Pricing Level 4 Greater than or equal to 50% but less than 6055% 1.60 2.05% 0.00 1.05% Pricing Level 4 5 Greater than or equal to 6055% 1.70 2.20% 0.15 1.20% The initial Applicable Margin shall be at Pricing Level 4. 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 Parent the Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent 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 Revolving Credit Loans shall be at Pricing Level 4 5 until such failure is cured within any applicable cure period, or waived in writing by the 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. (a) Prior to the occurrence of the Capital EventOn any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as follows: Notwithstanding for the foregoing, in the event that the Capital Event does not occur on or before August 7, 2008, the Applicable Margin for LIBOR Rate Revolving Credit Loans and Base Rate the Term Loans shall be 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 a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Borrower’s Gross Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 40or equal to 35% 1.25 1.55 % 0.00 0.55 % 1.50 % 0.50 % Pricing Level 2 Greater than 35% but less than or equal to 40% but less than 501.65 % 1.40 0.65 % 0.00 1.60 % 0.60 % Pricing Level 3 Greater than or equal to 5040% but less than 60or equal to 45% 1.60 1.80 % 0.00 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 6052.5% 1.70 1.95 % 0.15 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 Parent Borrower REIT to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent Borrower 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 Revolving Credit Loans shall be at Pricing Level 4 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. From and after the date of this Agreement (aand unless and until the REIT obtains an Investment Grade Rating from at least two (2) Prior to the occurrence of the Capital EventRating Agencies and elects to have the Applicable Margin determined pursuant to subparagraph (b) below), the Applicable Margin for LIBOR Rate Loans and Benchmark Revolving Credit Loans, Benchmark Term Loans, Revolving Credit 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 LIBOR Rate Loans and Base Rate Loans shall be 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 a percentage per annum based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Gross Consolidated Total Asset Value of Parent Borroweras 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 40% 1.25 1.30% 0.00 0.30% Pricing Level 2 Greater than or equal to 40% but less than 5045% 1.40 1.45% 0.00 0.45% Pricing Level 3 Greater than or equal to 45% but less than 50% 1.60% 0.60% Pricing Level 4 Greater than or equal to 50% but less than 6055% 1.60 1.75% 0.00 0.75% Pricing Level 4 5 Greater than or equal to 6055% 1.70 1.90% 0.15 0.90% The initial Applicable Margin shall be at Pricing Level 3. 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 Parent the Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent 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 Revolving Credit Loans shall be at Pricing Level 4 5 until such failure is cured within any applicable cure period, or waived in writing by the 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. (a) Prior to the occurrence of the Capital Event, On any date 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 LIBOR Rate Loans and Base Rate Loans shall be 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 REIT and its respective Subsidiaries to the Gross Asset Value of Parent BorrowerREIT and its respective Subsidiaries: Pricing Level 1 Less than 4035% 1.25 1.75 % 0.00 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 5045% 1.40 2.15 % 0.00 % Pricing Level 3 Greater than or equal to 50% but less than 60% 1.60 % 0.00 1.15 % Pricing Level 4 Greater than or equal to 6045% 1.70 2.25 % 0.15 1.25 % The initial Applicable Margin shall be at Pricing Level 1. 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 Parent Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that 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 4 until such failure is cured within any applicable cure period, or waived in writing by the 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. (a) Prior to the occurrence of the Capital Event, On any date 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 LIBOR Rate Loans and Base Rate Loans shall be 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 Company and its respective Subsidiaries to the Gross Asset Value of Parent BorrowerCompany and its respective Subsidiaries: Pricing Level 1 Less than or equal to 40% 1.25 4.00 % 0.00 3.00 % Pricing Level 2 Greater than or equal to 40% but less than or equal to 50% 1.40 4.25 % 0.00 3.25 % Pricing Level 3 Greater than or equal to 50% but less than 604.50 % 1.60 3.50 % 0.00 % The initial Applicable Margin shall be at Pricing Level 4 Greater than or equal to 60% 1.70 % 0.15 % 2. 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 Parent Borrower Company to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent Borrower 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 Revolving Credit Loans shall be at Pricing Level 4 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. During the period from and including March 31, 2014 to but excluding December 31, 2015, the percentages at each Pricing Level set forth above shall decrease by 0.25%. On and after December 31, 2015, the percentages at each Pricing Level set forth above shall decrease by 0.50%. In the event that the Agent and the Borrowers 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 Borrowers 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 Borrowers 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) Prior to the occurrence of the Capital EventOn any date, 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 LIBOR Rate Loans and Base Rate Loans shall be 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 Gross Consolidated Total Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 40% 1.25 1.60 % 0.00 0.35 % Pricing Level 2 Greater than or equal to 40% but less than 5045% 1.40 1.75 % 0.00 0.50 % Pricing Level 3 Greater than or equal to 45% but less than 50% 1.90 % 0.65 % Pricing Level 4 Greater than or equal to 50% but less than 6055% 1.60 2.05 % 0.00 0.80 % Pricing Level 4 5 Greater than or equal to 6055% 1.70 2.20 % 0.15 0.95 % 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 shall be at Pricing Level 1. 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 Parent the Borrower to the Agent of the Compliance Certificate at after the end of a calendar quarter. In the event that Parent 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 Revolving Credit Loans shall be at Pricing Level 4 5 until such failure is cured within any applicable cure period, or waived in writing by the 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. From and after the Amendment Effective Date (aand 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) Prior to the occurrence of the Capital Eventbelow), 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 LIBOR Rate Loans and Base Rate Loans shall be 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 a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness of Parent Borrower to the Gross Consolidated Total Asset Value of Parent BorrowerValue: Pricing Level 1 Less than 40% 1.25 % 0.00 % Pricing Level 2 Greater than or equal to 40% 1.35% 0.35% 1.25% 0.25% 2 Greater than 40% but less than 50or equal to 45% 1.40 1.40% 0.00 0.40% Pricing Level 1.35% 0.35% 3 Greater than 45% but less than or equal to 50% 1.65% 0.65% 1.60% 0.60% 4 Greater than 50% but less than 60% 1.60 % 0.00 % Pricing Level 4 Greater than or equal to 6055% 1.70 1.90% 0.15 0.90% 1.85% 0.85% 5 Greater than 55% 2.15% 1.15% 2.10% 1.10% The Applicable Margin as of the Amendment Effective Date shall be at Pricing Level 3. 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 Parent Borrower to the Agent of the Compliance Certificate at the end of a calendar quarter. In the event that 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 4 5 until such failure is cured within any applicable cure period, 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.